Notable filings

For the Hari Raya Haji-shortened week between June 17 and 21, notable filings on changes in shareholding at companies listed on Bursa Malaysia included that at Datasonic Group Bhd (KL:DSONIC). Its former executive deputy chairman and CEO Datuk Abu Hani...

Insider Moves: Datasonic Group Bhd, OCK Group Bhd, Matrix Concepts Holdings Bhd, GHL Systems Bhd

EAGER to score political brownie points, several parliamentarians could not wait to get a word in edgewise as Finance Minister II Datuk Seri Amir Hamzah Azizan presented data and facts to back up Putrajaya’s decision to retarget diesel subsidies when the Dewan Rakyat reconvened last week.

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The State of the Nation: Consider the facts on diesel subsidy retargeting minus the emotions 

GOING by the line of questioning at Axiata Group Bhd’s (KL:AXIATA) recent annual general meeting (AGM), it seems that the multibillion-ringgit losses booked in 2023 when exiting its Nepal investment was the last straw for impatient shareholders, who have received less than their desired “20 sen p...

Cover Story: Why resilient units in the region remain key to Axiata’s dividend aim

ONCE considered a promising fifth addition to the rich or industrialised Asian tiger economy in the early 1990s alongside Singapore, South Korea, Taiwan and Hong Kong, Malaysia — now what some critics call a thirty-something-year-old tiger cub” — may well be looking at the last leg of its maratho...

The State of the Nation: Co-coiner of ‘middle-income trap’ tells high-income aspirants: ‘No pain, no gain’

THERE were several instances during the Sasana Symposium 2024 (SS2024) in Kuala Lumpur last week when hundreds of participants in the packed auditorium laughed or applauded. Many in the audience, after all, were people familiar with Malaysia’s fiscal position and political backdrop either as tech...

The State of the Nation: Making sure necessary reforms happen while there is still hope for better days

WITH Bank Negara Malaysia’s use of currency forwards to manage short-term pressures on the ringgit making headlines last week, its scheduled disclosures on the reserves this week should garner more attention than usual.

The State of the Nation: Spotlight on Bank Negara’s record-high forward liabilities as ringgit gains strength

ITMAX System Bhd

Target price: RM2.65 BUY

Brokers Digest: Local Equities - ITMAX System Bhd, Kimlun Corp Bhd, IHH Healthcare Bhd, Datasonic Group Bhd

SOCIAL activist Kuan Chee Heng, better known as “Uncle Kentang (Malay for potato)” among the people he serves, probably had most people taking mental notes of two things he said at the International Social Well­being Conference 2024 (ISWC 2024) in Kuala Lumpur last week.

First being how...

The State Of The Nation: Heart-wrenching old-age reality bites from lack of planning, social safety nets

PUTRAJAYA needs to take the “realistic approach” in tackling issues that are cropping up as a result of population ageing, Prime Minister Datuk Seri Anwar Ibrahim said in his opening speech at the International Social Wellbeing Conference 2024 (ISWC2024) in Kuala Lumpur on June 4, noting that Mal...

The State Of The Nation: Race against time to find funds for universal pension, retirement reforms 

IN discussing recently the debt burden caused by student loans in Malaysia, Khazanah Research Institute (KRI) raised eyebrows when recommending that more graduates should be induced to work abroad. The logic is simple: Overseas employment expands opportunities for graduates caught by the limitati...

The State Of The Nation: Reforms key to uphill task of turning ‘brain drain’ into ‘brain gain’

Malaysia's bold decision to commission a nationwide 5G network has resulted in it becoming a global showcase in terms of performance, affordability, reach and speedy rollout; all aspects that serve as drivers towards its goal of becoming a leading digital nation.

Advancing Digital Malaysia with 5G

Finance ministers and central bankers from the Group of 20 (G20) meet this week to seek consensus on economic policy ahead of the US election, with plans to avoid discussion of the wars in Ukraine and Gaza to prevent them from dominating the talks.

G20 finance ministers meet to seek consensus before US election

Hungary and Slovakia asked the European Union (EU) to help convince Ukraine to reinstate the transit of a major Russian oil supplier to eastern Europe.

Budapest and Bratislava are ready to take Ukraine to court to resolve the issue absent an agreement, Hungarian Foreign Minister Peter Szijjarto said after a gathering of EU foreign ministers in Brussels on Monday. Kyiv last month hardened sanctions against Lukoil PJSC, effectively prohibiting the firm from using Ukraine as a transit country for its crude.

Hungary, Slovakia seeking EU help as Ukraine targets Lukoil

Shipping and logistics player Harbour-Link Group Bhd was recognised as the best overall performer among Bursa Malaysia’s listed companies with a market capitalisation of under RM1 billion at The Edge Malaysia Centurion Club Corporate Awards 2024 on Monday night, as it took home the grand Centurion of The Year award.

Harbour-Link named Centurion of The Year at The Edge’s 2024 awards to honour the best under RM1b

US Secret Service director Kimberly Cheatle admitted to Congress on Monday that she and her agency failed when a would-be assassin wounded Republican presidential candidate Donald Trump at a July 13 campaign rally in Pennsylvania this week.

US Secret Service director on Trump shooting admits to security lapse

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday

MAHB, RCE Capital, Crescendo, United U-Li, Eversendai, Grand Central, YX Precious Metals 

Finance Minister II Datuk Seri Amir Hamzah Azizan has urged Malaysian companies to invest in growth, sustainability and innovation to bolster Malaysia's economic trajectory and bid to rise up the value chain.

Corporates have key role to play in Malaysia's economic, social transformation — Amir Hamzah

Delta Air Lines Inc apologised for cancelling thousands of flights during the busiest travel weekend of the summer as many of its systems failed following a catastrophic CrowdStrike Holdings Inc IT outage.

Delta CEO sorry as flight cancellations extend into Monday

Wall Street rose on Monday, regaining some ground after the previous week's declines as investors assessed the odds of a second term for Republican nominee Donald Trump in the November election after President Joe Biden withdrew from the race.

Wall Street picks up after sell-off as investors weigh Biden exit effect

Verizon Communications Inc reported operating revenue that missed analysts’ estimates as fewer people upgraded wireless equipment.

Total operating revenue was US$32.8 billion (RM153.64 billion), up less than 1% from a year ago, while analysts were looking for US$33.1 billion on average. The shares fell as much as 7% Monday morning in New York, the most in just over a year.

Verizon revenue misses estimates on lower equipment upgrades

NCT Group of Companies (NCT Group) announced the topping out of the remaining two towers of its Grand Ion Majestic (GIM) mixed development located in Genting Highlands, Pahang.&nbsp;

With a gross development value of RM1.6 billion, GIM features three towers with a total of 1,885 serviced apartments and hotel rooms, as well as a retail space of 17,800 sq ft.&nbsp;

NCT Group tops out Grand Ion Majestic in Genting Highlands

KUALA LUMPUR (July 22): Protasco Bhd (KL:PRTASCO) will dispose of its 100% stake in Ikram Education Sdn Bhd, which owns the Infrastructure University Kuala Lumpur (IUKL), to Hong Kong-based Star Teenagers International Group Ltd (STI) for RM30 million.

Protasco to sell university unit Ikram Education for RM30m

Here is a brief recap of some business news and corporate announcements that made the headlines on Monday

Malaysia Airports Holdings Bhd (KL:AIRPORT) has signed a Memorandum of Understanding (MoU) with Menteri Besar Selangor Incorporated (MBI) to advance the development and marketing of Zone 3 and Zone 4 at Sultan Abdul Aziz Shah Airport in Subang (Subang Airport).

Malaysia Airports, Menteri Besar Selangor Incorporated ink MOU to develop Subang Airport's Zones 3 and 4

Nvidia is working on a version of its new flagship AI chips for the China market that would be compatible with current US export controls, four sources familiar with the matter said.

Nvidia preparing version of new flagship AI chip for Chinese market — Reuters

KUALA LUMPUR (July 22): Consumer finance company RCE Capital Bhd (KL:RCECAP) proposed a one-for-one bonus issue on Monday, involving the issuance of 764.9 million new bonus shares.&nbsp;

RCE Capital proposes one-for-one bonus issue

Grand Central Enterprises Bhd (KL:GCE), which operates hotels under the Grand Continental brand, said on Monday it has received a buyout offer worth RM90.62 million from its major shareholders as part of a delisting plan.

Grand Central Enterprises gets delisting proposal, exit offer at 46 sen per share

The Securities Commission Malaysia (SC) on Monday warned the public of investment scams involving deepfakes of prominent people and names of reputable companies on Facebook.

SC warns of investment scams with deepfake videos on Facebook

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI down 0.88% to 1,622.07 on July 22, 2024

Crescendo Corp Bhd (KL:CRESNDO) has proposed the subdivision of every one of its shares into three shares&nbsp; to improve the trading liquidity of the property developer's shares.&nbsp;

Crescendo proposes three-to-one share split

KUALA LUMPUR (July 22): Meta on Monday apologised to Radio Televisyen Malaysia (RTM), the Johor State Sports Council and others impacted by RTM's Facebook content regarding the installation of Sultan Ibrahim of Johor as the 17th King of Malaysia at Istana Negara on Saturday, which went viral....

Meta apologises for Facebook translation error during Sultan Ibrahim's installation as king

The ringgit has emerged as the top-performing currency in the Asian region compared to the US dollar as a result of the implementation of coordinated actions by the government and Bank Negara Malaysia (BNM) since Feb 26, 2024, said the Ministry of Finance (MOF).

MOF: Coordinated efforts culminated in ringgit becoming Asia’s top-performing currency

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Shipping and logistics player Harbour-Link Group Bhd was recognised as the best overall performer among Bursa Malaysia’s listed companies with a market capitalisation of under RM1 billion at The Edge Malaysia Centurion Club Corporate Awards 2024 on Monday night, as it took home the grand Centurion of The Year award.

President Xi Jinping unveiled sweeping plans to bolster the finances of China’s indebted local governments, as the ruling Communist Party announced a long-term blueprint for the world’s second-largest economy that offered few major surprises.

Xi vows to rewire China’s finances, help indebted regions

GEORGE TOWN (July 22): Penang remains Malaysia’s top exporter for the period from January to May 2024, with a value of RM177.99 billion, said Malaysia External&nbsp;Trade Development Corporation (Matrade) chairman Datuk Seri Reezal Merican Naina Merican.&nbsp;

Penang remains country’s top exporter from January-May 2024 with RM177.99b in value — Matrade

Warren Buffett's Berkshire Hathaway reduced its stake in BYD to below 5%, in what could be the final time Berkshire discloses stock sales in China's largest producer of electric vehicles.

Berkshire Hathaway cuts stake in China's BYD to below 5%

Payments Network Malaysia (PayNet) has launched Program Akar, a new programme to address the urgent need for digitally skilled workers in the financial services industry. 
&nbsp; 
The cloud skills initiative supported by Amazon Web Services’ AWS re/Start is to equip next-generation talent with essential digital skills and will be delivered through World Education Placement Services (WEPS) Sdn Bhd.

PayNet launches cloud skills programme to improve digital talent gap in financial services

Cable support system provider United U-Li Corp Bhd (KL:ULICORP) has declared a third interim dividend of two sen per share for the financial year ending Dec 31, 2024 (FY2024).

The dividend’s ex-date is Aug 5, and it is payable on Aug 28, according to the group filing with Bursa Malaysia on Monday.

United U-Li declares third interim dividend for FY2024

Philippine President Ferdinand Marcos Jr has outlawed online casinos catering to Chinese gamblers, responding to calls to shut down an industry that he said stoked crimes including money laundering.

Cindy Yeap

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