<div>This article first appeared in <em>The Edge Financial Daily,</em> on November 2, 2016.<br />
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<div class=newsTextDataWrapInner><p>KUALA LUMPUR: The Ministry of Finance (MoF) has granted a commercial bank licence to China Construction Bank (Malaysia) Bhd or CCB Malaysia, a wholly-owned unit of China Construction Bank Corp Ltd (CCB), according to Bank Negara Malaysia (BNM).</p></div>

<div class=newsTextDataWrapInner><p>The Edge Weekly had previously reported in August that CCB, China’s second-largest banking group, had applied for a banking licence here and was awaiting the authorities’ decision.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The licence granted, the first under the Financial Services Act 2013, is based on the prudential strength and ability of CCB Malaysia’s parent company to bring in propositions in the best interest of Malaysia, said BNM in a statement yesterday.</p></div>

<div class=newsTextDataWrapInner><p>“CCB Malaysia’s predominant focus in infrastructure project financing will add value towards Malaysia’s transformation into a high income nation.</p></div>

<div class=newsTextDataWrapInner><p>“CCB Malaysia’s presence is expected to further strengthen economic and financial linkages between the People’s Republic of China and Malaysia, and contribute towards the development of an effective and dynamic financial sector in Malaysia,” it added.</p></div>


This article first appeared in The Edge Financial Daily, on November 2, 2016.

 

KUALA LUMPUR: The Ministry of Finance (MoF) has granted a commercial bank licence to China Construction Bank (Malaysia) Bhd or CCB Malaysia, a wholly-owned unit of China Cons...

CCB’s Malaysian unit gets commercial bank licence from MoF

Sarawak Premier Tan Sri Abang Johari Tun Openg on Monday revealed that negotiations for the state government’s acquisition of MASwings Sdn Bhd had been finalised.

Speaking to reporters after the Majlis Amanat Perdana Premier Sarawak 2025, he said the signing ceremony for the sale and purchase agreement (SPA) between the Sarawak government and Malaysia Aviation Group (MAG) is set to take place in February.

Negotiations for MASwings acquisition completed, SPA to be signed in February, says Abang Johari

The Malaysian ringgit could face downward pressure due to the possibility of new US tariffs on China and uncertainties over the direction of the US Federal Reserve's (Fed) terminal rate, economists cautioned.

US interest rate cut uncertainty, China tariffs pose risks to ringgit — economists

Malaysia’s labour market, already near full employment levels, is expected to remain stable, though economists flagged that youth joblessness remains elevated.  

Steady domestic economic growth, realisation of approved investments, and record government spending are expected to spur job creation and keep the unemployment rate near 3% for this year, said the economists, including those from Kenanga Investment Bank and Maybank Investment Bank.

Malaysia's labour market to remain steady even as youth joblessness stays elevated, economists say

ABU DHABI (Jan 13): Prime Minister Datuk Seri Anwar Ibrahim commenced his second-day visit to the United Arab Emirates (UAE) on Monday by meeting three UAE sovereign wealth fund managers here.

Anwar meets top UAE sovereign wealth fund managers

In my column last month, I shared my initial views on Trump 2.0 (taxes, tariffs and taller walls) and promised to discuss the so-called Trump trades that investors have been jumping into since the US elections. For easy reference, I will use the acronym TRUMP to describe them. I will also share t...

Pitfalls & Pitch Calls: Positioning for 2025

GSK plc agreed to buy US biotech IDRx for as much as US$1.15 billion (RM5.18 billion) to gain new cancer medicines. 

The UK drugmaker will pay US$1 billion upfront for IDRx, whose lead drug for gastrointestinal tumours shows potential against mutations that currently leave patients with few treatment options, GSK said on Monday.

GSK to buy US cancer biotech IDRx for up to US$1.15 bil

India’s rupee fell past a key psychological level of 86 per dollar after strong US jobs data damped bets on further Federal Reserve interest-rate cuts and as a surge in oil prices weighed on sentiment for the net oil-importing nation.

Rupee tumbles past 86 to new record on dollar rally, oil surge

Gamuda Bhd (KL:GAMUDA) said its subsidiary has been appointed as the main contractor to deliver the first civil works package of the Penang Light Rail Transit (LRT) project worth over RM8 billion.

Gamuda gets first package worth over RM8 bil of Penang LRT project

SEOUL (Jan 13): South Korea said it planned to improve the structures housing the antennas that guide landings at its airports this year, after December's fatal crash of a Jeju Air plane, which skidded off the runway and burst into flames after hitting such a structure.

South Korea plans to overhaul airport structures after fatal Jeju Air crash

The world is bracing for a fight for natural gas supplies this year, prolonging the pain of higher bills for consumers and factories in energy-hungry Europe and putting poorer emerging countries from Asia to South America at risk of getting priced out of the market.

Europe threatens to trigger a global scramble for natural gas

<p>Prospect Medical Holdings Inc, once an active buyer of cash-strapped hospitals, filed for bankruptcy after struggling with debt piles and soaring costs.</p>


Private hospital owner Prospect Medical files for bankruptcy

<p>Malaysian stocks were broadly lower on Monday led by construction and property companies, while the country’s benchmark index fell to a five-month low.</p>

<p>Investors in Asia reacted poorly to the latest jobs data in the US that pointed to a robust economy, threatening the prospects of rate cuts by the Federal Reserve. The ringgit also depreciated along with other emerging Asian currencies under pressure from a strengthening US dollar.</p>


Malaysian stocks broadly lower as KLCI falls to five-month low, ringgit weakens

<p>Stocks slid broadly in Asia on Monday while the dollar hit 14-month peaks in the wake of an unambiguously strong payrolls report that pushed up bond yields and tested lofty equity valuations just as the earnings season gets under way.</p>


Stocks slide, dollar strong as markets wonder if Fed is done

<p>The government on Monday wants to apply for a gag and prohibitive order to refrain the public from discussing issues pertaining to a purported addendum allowing former prime minister Datuk Seri Najib Razak to serve the remainder of his prison sentence under house arrest, as it involves sensitive matters.</p>


Govt wants prohibitive and gag order on addendum

<p>City Motors Group has officially opened its 42-storey Alfa Bangsar mixed-use development located at the intersection of Jalan Maarof and Jalan Tandok in Bangsar, Kuala Lumpur, last Friday (Jan 10).</p>


City Motors Group officially opens Alfa Bangsar and Holiday Inn Kuala Lumpur Bangsar

<p>KUALA LUMPUR (Jan 13): Tun Dr Mahathir Mohamad failed in his judicial review application to challenge the Pulau Batu Puteh Royal Commission of Inquiry’s decision not to allow the presence of his lawyers during the proceedings.</p>


Court dismisses Dr M’s bid to challenge decision to not allow his lawyers to be at Batu Puteh RCI

<p>(Jan 13): The UK is planning special districts for constructing data centres and will explore dedicating nuclear energy to the sites as part of a Labour government project to boost technology growth and the ecosystem for artificial intelligence (AI).</p>


UK will explore nuclear power for new AI data centre plan

<p>Gamuda Bhd (KL:GAMUDA) said its subsidiary has been appointed as the main contractor to deliver the first civil works package of the Penang Light Rail Transit (LRT) project worth over RM8 billion.</p>


<p>KUALA LUMPUR (Jan 13): Rising production and delays in implementing biodiesel mandates in Indonesia may weaken palm oil prices beyond the first quarter of 2025, even as latest data show a 19-month low stockpile, analysts say.</p>


Rising production, Indonesia’s biodiesel delays likely to weaken CPO prices — analysts

<p>Europe’s largest pension fund sold its entire €571 million (US$585 million or RM2.63 billion) stake in Tesla Inc&nbsp;in the third quarter, partly due to disagreement with Elon Musk’s remuneration package.</p>


Europe’s largest pension fund sold Tesla stake over Musk’s pay

<p>CAPE EMS Bhd (KL:CEB), which started its Bursa Malaysia journey on a high note in 2023, has found itself in the midst of a corporate storm this year.</p>

<p>A sequence of financial missteps, margin calls and declining investor confidence has left the electronics manufacturing services (EMS) pr...

Turkeys Of The Year: Cape EMS’ dramatic fall from grace

<p>Allianz Malaysia Bhd’s (KL:ALLIANZ) earnings outlook is clouded by uncertainties over future premium increases, Maybank Investment Bank said and downgraded the country’s largest general insurer.</p>


Allianz Malaysia's earnings outlook clouded by premium uncertainties, Maybank says in downgrade to 'hold'

<p>Local institutions supported Bursa Malaysia for the 12th consecutive week, with net purchases of RM281.9 million, according to MIDF Amanah Investment Bank Bhd.</p>


MIDF: Local institutions back Bursa Malaysia for 12th straight week

<p>Malaysia’s wholesale and retail trade growth decelerated to 4.7% year-on-year in November, largely driven by sales in non-specialised and specialised stores, official data on Monday showed.</p>


Malaysia's wholesale and retail trade growth slows in November, official data show

<p>DATA centres (DCs), which have grown in importance in the age of digitalisation, took centre stage in 2024 owing to the massive foreign direct investments (FDI) into the sector and Putrajaya’s recent approval of a total DC capacity of 4gw, making Malaysia a “DC powerhouse” in the region and a pro...

Stories Of The Year: Can Malaysia capitalise on its data centre ambitions?

<p>KUALA LUMPUR (Jan 13): Former prime minister Datuk Seri Najib Razak said that he returned the purported Arab donation, because the 13th general elections were over and he didn’t need a large sum of money.</p>


1MDB-Tanore: Najib says GE13 over, no need for such large sum, returned monies

<p>Al-Salam Real Estate Investment Trust (KL:ALSREIT) will see “significant” rental growth from this year onwards thanks to higher occupancy at its most valuable property, BIMB Securities said.</p>


Al-Salam REIT to see significant rental growth in 2025 onwards, BIMB says in starting coverage with 'buy' call

<p>SINGAPORE/BANGALORE (Jan 13):&nbsp;Oil prices extended gains for a third session on Monday, with Brent rising above US$80 (RM360.63) a barrel to its highest in more than four months, as wider US sanctions are expected to affect Russian crude exports to top buyers China and India.</p>


Oil jumps as new US sanctions to curb Russian supply to China, India

<p>For years it’s seemed like nothing could stop the stock market’s inexorable march higher, as the S&amp;P 500 Index soared more than 50% from the start of 2023 to the end of 2024, adding US$18 trillion (RM81.16 trillion) in value in the process. Now, however, Wall Street is seeing what can ultimately derail this rally: treasury yields above 5%.</p>


S&P’s US$18 trillion rally threatened by psychology of 5% yields

<p>For those unsettled by the relentless rise in government bond yields in the US and across much of the world lately, the message from markets is getting clearer by the day: Get used to it.</p>
