<div>This article first appeared in <em>The Edge Financial Daily</em>, on March 31, 2017.<br />
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<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Bank Negara Malaysia (BNM) said a joint raid on illegal money services business operators in the Klang Valley seized more than RM18 million worth of currencies, gold wafers and luxury cars.</p></div>

<div class=newsTextDataWrapInner><p>In a statement yesterday, BNM said it was involved in the joint raid with the Royal Malaysia Police, Immigration Department and National Revenue Recovery Enforcement Team of the Attorney-General’s Chambers.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Fourteen premises, including three premises operated by licensed money services business operators, located in Kuala Lumpur and Selangor, were raided. To facilitate the investigation, relevant documents were seized and bank accounts were frozen.</p></div>

<div class=newsTextDataWrapInner><p>“During the raid, 12 suspects including eight foreign nationals were arrested and remanded, and 23 individuals were questioned. The joint raiding operation also resulted in the seizure of cash (ringgit and foreign currencies), gold wafers and luxury vehicles valued at more than RM18 million,” said BNM in the statement.</p></div>


This article first appeared in The Edge Financial Daily, on March 31, 2017.

 

KUALA LUMPUR: Bank Negara Malaysia (BNM) said a joint raid on illegal money services business operators in the Klang Valley seized more than RM18 million worth of currencies, g...

Bank Negara raids illegal money services outlets in Klang Valley

KUALA LUMPUR (Dec 20): Malaysia's international reserves dipped to US$118.1 billion as at Dec 13 this year, from US$118.3 billion two weeks earlier on Nov 29.

The reserves position was sufficient to finance 4.6 months of imports of goods and services and was 0.9 times of the country's t...

BNM's international reserves eases to US$118.1b as at Dec 13

A spending bill backed by Donald Trump failed in the US House of Representatives on Thursday as dozens of Republicans defied the president-elect, leaving Congress with no clear plan to avert a fast-approaching government shutdown that could disrupt Christmas travel.

Trump-backed spending deal fails in House, shutdown approaches

KUALA LUMPUR (Dec 20): Mechanical and electrical (M&E) engineering services provider CBH Engineering Holding Bhd (KL:CBH) has begun taking orders from its investors for its initial public offering (IPO) on Friday, to raise up to RM83.44 million on the ACE Market.

ACE-bound CBH Engineering starts taking orders for RM83m IPO

With less than two weeks left until a transit deal between Russia and Ukraine expires, Europe’s natural gas market is getting ready for turbulent trading after the New Year break. Instead of partying on Dec 31, traders will be refreshing their screens to check headlines and grid data for clues on a last-minute solution — if there is one.

Europe’s gas traders on edge as drama mounts over Russia flows after new year

Tasting the quirky and unique at Kg Attap

Catcha Digital Bhd (KL:CATCHA), formerly known as Rev Asia Bhd, is acquiring a 60% stake in Drive 2 Digital Sdn Bhd (D2D) for RM16.2 million, cash, marking its entry into the automotive digital media sector, with a focus on Chinese and Malay language automotive content.

Catcha Digital expands into automotive digital media by investing in Drive 2 Digital 

KUALA LUMPUR (Dec 20): Top Glove Corp Bhd (KL:TOPGLOV) returned to black with a net profit of RM5.47 million for its first quarter ended Nov 30, 2024 (1QFY2025), from a net loss of RM57.71 million in the corresponding quarter a year ago, thanks to higher sales volumes and increased foreign exchange gains.

Top Glove returns to profitability in 1Q on stronger sales

MANILA (Dec 20): The Philippine central bank is open to cutting rates at its first policy meeting in 2025, and is monitoring global policy and geopolitical developments that could stoke inflation, Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona said on Friday.

Philippine cenbank governor says open to rate cut in early 2025

Japan ramped up its warnings against currency speculation Friday after the yen slid to a five-month low following a hint from the central bank chief that he may wait longer than expected before raising interest rates.

Japan warns on yen after BOJ’s dovish message extends slide

(Dec 20): ING Groep NV has hired Kevin Sim, most recently of BNP Paribas SA, as head of its financial institutions advisory practice in Asia Pacific, as the Dutch bank seeks to beef up its investment banking team, people familiar with the matter said.

ING said to hire ex-BNP’s Sim as head of Apac financial institutions advisory practice — Bloomberg

<p>Shares of YTL Corporation Bhd (KL:YTL) and its associate YTL Power International Bhd (KL:YTLPOWR) resumed their rallies to climb to multi-month highs after the Malaysian Anti-Corruption Commission (MACC) cleared YTL Power's subsidiary of any wrongdoing in the 1BestariNet project investigations.</p>


YTL Power, YTL Corp continue to climb after MACC clearance

<p>Hong Leong Investment Bank, the independent adviser appointed to assess the RM11 per share takeover offer for Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, from the consortium led by Khazanah Nasional Bhd and the Employees Provident Fund, has concluded that the offer price is not fair but reasonable.</p>


MAHB takeover: Adviser recommends acceptance but independent directors disagree

<p>KUALA LUMPUR (Dec 20): Malaysia’s inflation rate dipped to 1.8% in November this year, compared to 1.9% in October, marking the first decline since August 2021, according to the Department of Statistics Malaysia (DOSM) on Friday.&nbsp;</p>


Inflation eases to 1.8% in November from 1.9% in October, driven by lower tech and clothing costs

<p>Southeast Asia is fast emerging as an investment hot spot for AI leaders like Nvidia Corp and Microsoft Corp, which are plowing money into cloud services and data centres. But the region’s own young tech companies are failing to capitalise on the boom.</p>


Southeast Asia has US$60b AI boom, but its own startups are missing out

<p>(Dec&nbsp;20):&nbsp;A federal judge confirmed an 18-year prison sentence for Archegos Capital Management founder Bill Hwang, rejecting arguments that he should be allowed to spend a third of that time in the comfort of his own home.</p>


Bill Hwang’s bid to reduce 18-year prison term is rejected

<p>DELAWARE/SAN FRANCISCO (Dec 19): A licence dispute between Arm Holdings and Qualcomm went before a jury on Thursday, after attorneys from both sides completed closing arguments.</p>


Jury deliberates in Arm, Qualcomm trial after closing arguments wrap

<p>KUALA LUMPUR (Dec 20): Analysts cut Aeon Credit Service (M) Bhd’s (KL:AEONCR) earnings projections due to elevated credit costs.</p>


Analysts cut Aeon Credit’s earnings, TPs, on higher credit costs

<p>(Dec&nbsp;20):&nbsp;US stocks ended a choppy session with modest losses, struggling to rebound from the selloff they suffered after the US Federal Reserve dialed back rate-cut expectations for next year.&nbsp;</p>


Stocks fail to recover from Fed-fuelled selloff

<p>KUALA LUMPUR (Dec 20): Top Glove Corp Bhd (KL:TOPGLOV) returned to black with a net profit of RM5.47 million for its first quarter ended Nov 30, 2024 (1QFY2025), from a net loss of RM57.71 million in the corresponding quarter a year ago, thanks to higher sales volumes and increased foreign exchange gains.</p>


<p>(Dec 20):&nbsp;Asian stocks traded in a tight range early Friday, after the US Federal Reserve’s hawkish pivot continued to weigh on US equities and bonds but lifted the dollar.</p>


Asian stocks fluctuate after downbeat US session

<p>Singapore-based V Medical Aesthetics Group is exploring an initial public offering in Malaysia that could value the company at as much as RM6 billion, according to people with knowledge of the matter.</p>


Singapore’s V Medical Aesthetics is said to mull IPO in Malaysia — Bloomberg

<p>KUALA LUMPUR (Dec 20): Crude palm oil (CPO) prices are expected to climb to a higher average of RM4,600 per tonne in 2025, from the projected average of RM4,200 per tonne this year, due to supply-side challenges, including weather disruptions and slow replanting progress.</p>


Crude palm oil prices set to rise further in 2025 amid supply concerns, says MARC Ratings

<p>(Dec&nbsp;20):&nbsp;A look at the day ahead in Asian markets.</p>


Seeking respite from Fed; PBOC set to hold the line

<p>theedgemalaysia.com highlighted one stock with positive momentum and two stocks with negative momentum at Bursa Malaysia's afternoon close on Friday.</p>


Stocks with momentum on Dec 20, 2024: YTL Power, Ranhill and Bertam Alliance

<p>Tencent Holdings Ltd and stocks linked to the company rallied on Friday, fuelled by investor enthusiasm over a new gifting function on its popular WeChat platform.</p>


Tencent, related stocks jump as WeChat gifting tool fuels rally

<p>Kedah-based Imperio Group has signed an agreement with Accor Group to open an ibis Styles hotel at its upcoming The Tenz integrated development in Alor Setar, Kedah. The hotel will be the first international hotel in the city.</p>


Imperio Group partners Accor Group to open first international hotel in Alor Setar

<p>KUALA TERENGGANU (Dec 20): A plantation manager lost RM205,983&nbsp;after falling victim to a non-existent investment scheme.</p>


Plantation manager loses over RM200,000 to investment scam

<p>China’s short-term bond yields slumped further to reach the psychological milestone of 1% for the first time since the global financial crisis, as traders ramped up bets on monetary easing.</p>


China one-year yield sinks to 1% for first time since 2009

<p>BlackRock Inc said it’s writing down the value of one of its flagship renewable funds after two key investments for the vehicle collapsed, and it’s enlisting executives from its recently acquired Global Infrastructure Partners business to help turn around performance.</p>


BlackRock writes down flagship renewable fund, overhauls leaders

<p>KUALA LUMPUR (Dec 20): Malaysia’s Foreign Minister Datuk Seri Mohamad Hasan is currently in Bangkok, Thailand, attending the Asean&nbsp;Troika Informal Consultation and Extended Informal Consultation sessions.</p>
