GrabPay to ensure system stability for undisrupted user experience
BUTTERWORTH: Southeast Asia's leading super app Grab aims to ensure the system stability of its e-wallet app, GrabPay, as well as transparency for its users to enjoy a seamless and undisrupted cashless experience. GrabPay managing director Ooi Huey Tyng said that GrabPay had received over hundreds of thousands of requests to receive RM30 in e-wallet balance as part of the e-Tunai Rakyat campaign. She said one out of four users making the requests were first-time GrabPay users. “Since the launch of the initiative on Jan 15, we are excited to share that our new GrabPay users have increased by six times, including Grab cash-based ...
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To defuse palm row, Davos diplomacy likely between India, Malaysia
KUALA LUMPUR/NEW DELHI: Trade ministers from India and Malaysia are likely to meet on the sidelines of the World Economic Forum’s annual meeting in Davos next week amid a palm oil spat between the two countries, said a Malaysian government spokesman. Hindu-majority India has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against its recent policies which critics say discriminate against Muslims. Malaysia, a Muslim-majority nation, is the second biggest producer and exporter of palm oil and India’s restrictions on the refined variety of the commodity imposed last week have been seen as a retaliation for Mahathir’s criticism ...
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Winning the palm oil perception war
KUALA LUMPUR: A picture of an orangutan clinging to its life with the backdrop of a burning forest covered in smoke and linking it to oil palm and deforestation has had its fair share in determining the golden crop's reputation globally. However, is it the whole truth or a game of perception by some quarters in cherry-picking what they want the world to believe in? In fact, the cultivation of soybean to date is still a major driver of deforestation in the Amazon basin, to a point it is quickly endangering the animals who call it home. The findings were made by various research houses including Yale school ...
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Buying momentum on Bursa expected to pick up next week
/ Mainstream
KUALA LUMPUR: Buying momentum on Bursa Malaysia is expected to pick up next week on positive external developments following the de-escalation of trade war between the United States (US) and China. A market analyst said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI), which stayed below the 1,600 psychological level last week due to continuous global pressure, would likely rebound should market concerns subside. “The US-Iran tension remains on a soft ground, despite no escalation; oil price remains below US$65 per barrel; a quiet week for energy stocks; commodities are also on soft ground due to tension with India; and the US-China trade tension subsides which would be good ...
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KLTM expected to continue its uptrend
/ Geopolitical, KLTM, LME, Mainstream, metal, Tin
KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) is expected to continue its uptrend next week as traders are optimistic of better external geopolitical environment, with the tin price to range at between US$17,500 and US$18,000 a tonne. Nevertheless, a dealer said there was a possibility that the market could undergo a technical correction next week if geopolitical strain were to emerge. “Positive developments surrounding the signing of US-China ‘Phase One’ trade deal and the US Senate’s approval of a new trade deal between the country and its North American neighbours, Mexico and Canada, would propel global markets,” he told Bernama. During the week ...
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Shares set fresh records, lifted by US housing data
/ Brent crude, China, Greenback, Nasdaq, Others, US gold futures
NEW YORK: Key world equity indexes scaled new highs on Friday (Jan 17), boosted by a surge in US housing starts to levels last seen in 2006, while the greenback rose to a one-week high against the euro on expectations of solid economic growth. Optimism over corporate earnings and indications of resilience in China’s economy also lifted equities and pushed government debt yields higher. US housing starts jumped 16.9% to a seasonally adjusted annual rate of 1.608 million units in December, a 13-year high that suggested the industry has recovered and can now help further the longest US economic expansion ...
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Wall Street's trillion-dollar club dwarfs Europe Inc
/ Alibaba, Amazon, Apple, Baidu, Facebook, Google, Netflix, Others, Tencent
LONDON: With Google parent Alphabet becoming the latest entrant to Wall Street’s trillion-dollar club, Europe’s blue-chip companies are dwarfed by comparison — the most valuable firm from the “old continent”, Nestle, is worth just a third of that. Alphabet surged past the US$1 tri mark late on Thursday (Jan 16), joining Apple, Microsoft and Amazon, which had breached that level in 2018 before giving up some of those gains. Add Facebook (current worth: US$630 bil) and you get a group with a combined market cap of US$5.2 tri, more than the combined US$4.6 tri value of the STOXX 50 European index. Comparing ...
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US to look at 500,000 Tesla cars due to sudden acceleration
/ Aacceleration, electric cars, Others, Software, Tesla Model S
WASHINGTON: The National Highway Traffic Safety Administration (NHTSA) said Friday  (Jan 17) it will review a petition asking the agency to formally investigate and recall 500,000 Tesla Inc vehicles over sudden unintended acceleration reports. The petition covers 2012 through 2019 model year Tesla Model S, 2016 through 2019 Tesla Model X, and 2018 through 2019 Tesla Model 3 vehicles, the agency said. The petition cites “127 consumer complaints to NHTSA involving 123 unique vehicles. The reports include 110 crashes and 52 injuries,” the agency added. Late Friday, NHTSA released a redacted version of the lengthy petition that said “Tesla vehicles ...
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Human tissue processing centre to be operational with two years
PETALING JAYA: Intran Technologies Sdn Bhd, in collaboration with Netherlands medical devices company Leader Biomedical Europe Holding B.V., plans to set up a human tissue processing facility in the country within the next 18 to 24 months. Intran Technologies managing director Padmanabhan Mahalingam said the manufacturing facility, including the infrastructure, equipment and operational capital, is expected to cost about RM11 mil The facility would be located at an existing building with the current options being in the vicinity of the University of Malaya or any other suitable place in the Klang Valley, he said. “Leader Biomedical and Koperasi Pusat Perubatan Universiti Malaya Bhd (KPPUMB) have committed RM1 million each. We ...
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With market at record highs, eyes on rem chipmakersports
NEW YORK: Reports from Netflix, Intel and Texas Instruments next week may hint at what is to come in the December quarterly earnings season, with some investors wary of possible danger signs that could knock Wall Street after its latest surge to record highs. The S&P 500 has gotten off to a strong start in January, up 3% so far this year, fueled by a truce in the US-China trade war, low interest rates and signs the economy remains healthy. Analysts on average expect reports to show S&P 500 earnings per share fell 0.8% in the fourth quarter, with technology ...
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INSKEN coaching programme's participants rake in RM8.89 mil
PETALING JAYA: Entrepreneurs participating in Institut Keusahawanan Negara Bhd's (INSKEN) Business Coaching & Business Enhancement Programme 2019 managed to boost their sales by 24% to RM8.89 mil after joining the programme. Deputy Entrepreneur Development Minister Datuk Dr Mohd Hatta Md Ramli said the coaching programme was a success, with more than half of its 288 participants registering 20-100% higher sales last year. "The programme produced excellent results as 62% of the participants of INSKEN Business Coaching (IBC) and 51% of participants of Business Enhancement Programme (BEP) increased their sales by 20% to 100%. “In addition, 251 new jobs were created during the programme's duration,” he said in his ...
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Sime Darby geared to handle India curbs - executive
/ Featured, Mainstream
KUALA LUMPUR: Malaysia's Sime Darby, the world's largest oil palm planter by land size, could export more crude palm oil (CPO) to India and divert refined oil to other markets after India placed curbs on refined imports, an executive said on Friday. India, the world's biggest buyer of edible oils, last week changed rules to effectively, say traders, ban imports of refined palm oil from Malaysia, the world's second-biggest producer and exporter of palm oil after Indonesia. The step came after repeated objections by India's Hindu nationalist government to criticism from Mahathir Mohamad, the prime minister of Muslim-majority Malaysia, of ...
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PLUS remaining with current owners 'best decision' - Dr M
/ Featured, Mainstream, Politics
KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad today said allowing PLUS Malaysia Bhd, the country’s biggest highway concessionaire, to remain with present owners Khazanah Nasional Bhd and the Employees Provident Fund (EPF) is the "best decision.” The decision was made by the cabinet after studying the proposals made by the different bidders, including Maju Holdings, he said. “The best decision was to allow the highway to remain with its owners,” he told a media conference after chairing a meeting of the Supreme Leadership Council of Bersatu here . Dr Mahathir said this when asked by reporters on Maju Holdings ...
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World Bank cuts Thailand 2020 GDP growth outlook to 2.7%
/ Others
BANGKOK: The World Bank on Friday cut its estimate for Thailand's economic growth to 2.7% this year, but that is faster than last year's pace as private consumption recovers and investment increases due to the launch of large infrastructure projects. The bank had expected the economy to expand 2.9% this year in its economic report on Thailand in October. It estimated 2019 growth at 2.5%, a five-year low, due to declining exports and weakness in domestic demand, it said in a statement. The economy expanded 4.1% in 2018. Southeast Asia's second-largest economy is heavily reliant on exports, which have been ...
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Asian palm oil buyers lag behind in global green push - survey
/ Others
KUALA LUMPUR: A survey of major palm oil buyers on their pledges to help curb deforestation shows that a quarter, mostly based in Asia, have yet to make commitments to purchase sustainable supplies, green group WWF said on Friday. The scorecard, now running for a decade, looked at 173 big buyers of the vegetable oil, including retailers, consumer goods firms and food companies, in the US, Canada, Europe, Australia, Singapore, Indonesia and Malaysia. Each company was assessed according to its pledge to source sustainable palm oil and deforestation polices in its supply chains, among other things. Italian confectioner Ferrero, maker ...
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Vietnam's largest mobile carrier to launch commercial 5G services in June
/ Others
HANOI: Vietnam's largest telecommunication company, Viettel, will launch commercial 5G mobile services from June, the company said on Friday. The military-run company said in a statement it would use 5G network equipment and software it developed itself, adding that it has become the sixth firm the world to produce 5G network equipment after Ericsson, Nokia, Huawei, Samsung Electronics and ZTE. The statement came after Viettel conducted its first trial video call on its 5G network the same day. Viettel said it would develop both civilian and military services based on its 5G platform. - Jan 17, 2020 Reuters ...
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Southeast Asia stocks: Gain as solid China data fuels risk appetite
/ Others
SOUTHEAST Asian stock markets climbed on Friday, with Philippine shares leading the pack, as encouraging data from China whipped up risk appetite. China, Southeast Asia's largest trading partner, grew by 6% in the fourth quarter, in line with market expectations, suggesting the world's second-largest economy was stabilising. Data also showed that December's industrial output grew 6.9% from a year earlier, the strongest pace in nine months, while retail sales rose 8.0%. Fixed-asset investment for the full year jumped 5.4%. "The latest slew of economic data suggests that the global economy is stabilising and poised for a recovery amid de-escalating US-China ...
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Chinese cities get creative in steadying cooling property markets
/ Others, Property
BEIJING: Property agent Yuan Bin thought he must have misheard when news broke on Nov 11 - China's equivalent of Black Friday - that the Shenzhen government was cancelling a capital gains tax on some apartments in the southern boomtown. Shenzhen, which has seen the heaviest level of speculation in China's property market, led a nationwide crackdown on speculative buying in early 2016 to cool overheated prices. "I thought to myself: 'This can't be real'," said Yuan, who has been selling property for six years. Yuan made 50 calls that day, he said, and three clients agreed to buy that ...
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Indonesia to tackle investment red tape with job creation bill
/ Others
JAKARTA: Indonesia's government plans to submit a bill to parliament on Monday designed to replace dozens of overlapping laws viewed as a barrier to investment, a senior official said on Friday. With growth in Southeast Asia's biggest economy having been stuck at around 5% for several years, President Joko Widodo has said the new legislation is vital to boost investment and create jobs. The bill will cover 79 laws, comprising over 1,200 clauses, and aims to streamline businesses permits, investment requirements and labour laws, said Susiwijono Moegiarso, secretary of the Coordinating Ministry of Economic Affairs. Widodo, who started his second ...
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Malaysia's 5G a step closer to reality
/ Lifestyle, Mainstream
KUALA LUMPUR: Malaysia’s 5G technology plan is a step closer to becoming a reality, with all eyes on the launch of the 5G Demonstration Project (5GDP) in Langkawi this Sunday by Prime Minister Tun Dr Mahathir Mohamad. The next day, a final report by the National 5G Task Force will be submitted to Communications and Multimedia Minister Gobind Singh Deo at the 5G Malaysia International Conference being eld on the island in conjunction with the launch. Malaysia is set to spearhead the 5G implementation in Asean, giving the country an edge in the race to implement Internet of Things (IoT) ...
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Soaring above others
/ Firefly, Izra Izuddin, Lifestyle, Mainstream, People
Firefly’s Vice President of Marketing and Communications, Izra Izzuddin, opens up about her career, aspirations and her journey with the airline. Izra Izzuddin is currently the Vice President of Marketing & Communications at FlyFirefly Sdn Bhd, commercially known as Firefly. The 39-year-old Penangite is responsible for Firefly’s Marketing, Branding, Advertising, PR, Social Media, Digital Marketing, Media Buy, Events and  Ancillary Revenue activities across the network regions. Her efforts would include initiations, creations, development, partnerships, sponsorships and Corporate Social Responsibility serving the market and stakeholders’ needs. She places a key priority on further developing Firefly’s market demand via activations, market trends, ...
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Burger King Malaysia to open 50 more outlets in 2020 and 2021
/ Enterprise, Mainstream
PETALING JAYA: Cosmo Restaurants Sdn Bhd, a franchisee of Burger King Corporation, has set aside RM65 mil for 50 new outlets in Malaysia over the next two years. CEO Ng Lee Tieng said the outlets would be located in the central, southern and northern regions. While acknowledging the uptrend in online food purchasing, the company still believes in serving walk-in customers. "Consumers seek to enjoy a night out with family and friends at a restaurant that doubles as an event, that also serves real food put together in record time," she told reporters at the opening of Burger King’s 100th ...
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Ringgit ends higher against US Dollar
/ Mainstream
KUALA LUMPUR: The ringgit extended yesterday's gains to close higher versus the US dollar as positive development following the US-China partial trade deal resulted in more investors shifting towards riskier assets, a dealer said. At 6pm, the ringgit was up at 4.0520/0560 against the greenback compared to 4.0610/0660 at Thursday's close. The dealer said investors were now looking to data releases around the globe for direction in the near term. He said Asian stocks and currencies were mixed today despite global investors being given positive signals on the world’s two largest economies. US retail sales climbed 0.3% in December while ...
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Telenor: Thumbs up for Malaysia's 5G move
/ Mainstream
SHAH ALAM: Telenor Research, the research arm of Norway-based Telenor Group, said there is no reason for Malaysia not to compete in the 5G technology race as the deployment presents an opportunity for the country to boost its industrialisation. Telenor Research head Bjorn Taale Sandberg said as 5G would provide a faster, safer and more efficient connection, it could offer an opportunity for a country to be a solution provider in different fields or industries. “5G ... is an opportunity for a country to participate in creating solutions in many different fields. “If you are early, you can take your ...
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Consumer sector poised for better year - Maybank IB
/ income+, Mainstream
KUALA LUMPUR: The consumer sector is poised for a better year in financial year 2020 (FY20) and is expected to post a 6.9% earnings growth based on steady domestic demand. Maybank Investment Bank Research in a note today said while domestic consumer demand was projected to remain stable this year, however year-on-year growth could slow on the back of a slight decrease in gross domestic product growth to 4.4% and lower private consumption growth of 7%. “This could hinder any potential improvement in consumer sentiment particularly if the ringgit continues to weaken. “That said, higher disposable income from the minimum ...
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Perisai Petroleum appeal dismissed, to be delisted
/ Featured, Mainstream
PERISAI Petroleum Teknologi Bhd, via a bourse filing, has announced that the company will be delisted from the Main Market of Bursa Malaysia after its appeal for an extension of time was dismissed. The company said it was told today that its appeal for a further six months until June 30 to submit a new regularisation plan has been dismissed. The delisting will be effective Wednesday, Jan 22, when the company will continue to exist as an unlisted entity. The company will still be able to continue its operations and businesses and proceed with its corporate restructuring, and its shareholders ...
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CPO Futures end lower as export tax hiked
/ Mainstream
KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended the week lower amid bearish sentiment over an increase in export tax to 6% for February, which may curb short-term demand. Palm oil trader David Ng, citing the Malaysian Palm Oil Board, noted this was up from the 5% export tax for January, which in turn followed a period of tax-free exemption from May to December 2019 in line with the government's aim then to boost palm oil exports and expand into new markets. “We locate support at RM2,780 and resistance at RM2,900 per tonne,” he said ...
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Oil ends week steady as China growth offsets trade deal optimism
/ Others
LONDON: Oil prices edged higher on Friday but were set to end the week broadly steady as sluggish economic growth in China, the world's biggest crude importer, raised concerns about fuel demand and countered optimism from the signing of a China-US trade deal. The world's second-largest economy grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday. "A well-expected fourth-quarter China GDP rate (6%) provided little clue for oil price trading on Friday morning, and mounting downward economic pressure will perhaps limit oil's upside in the mid- to long-term," said Margaret Yang, market analyst ...
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SoftBank offers to invest up to RM160 bil in new Indonesian capital
/ Others
JAKARTA: SoftBank has offered to invest up to US$40 bil (RM162.54 bil) in the new capital city Indonesia plans to build on Borneo island, a minister said on Friday, though the Japanese tech conglomerate said no figure had been suggested yet. Indonesian President Joko Widodo announced in August plans to move the administrative capital to East Kalimantan province to relieve Jakarta from "a heavy burden" due to overcrowding and pollution. Indonesia has previously put the cost of moving the capital at US$33 bil, but Luhut Pandjaitan, Indonesia's coordinating minister for maritime affairs and investment, said Softbank Group Corp had offered ...
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China posts weakest growth in 29 years but ends 2019 on better note
/ Featured, Others
BEIJING: China’s economic growth cooled to its weakest in nearly 30 years in 2019 amid a bruising trade war with the US, and more stimulus is expected this year as Beijing tries to boost sluggish investment and demand. But data on Friday also showed the world’s second-largest economy ended the rough year on a somewhat firmer note as a trade truce revived business confidence and earlier growth boosting measures finally appeared to be taking hold. As expected, China’s growth slowed to 6.1% last year, from 6.6% in 2018, data from the National Bureau of Statistics showed. Though still strong by ...
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BNP Paribas: Malaysia GDP to grow at a slightly slower pace in 2020
BNP Paribas expects Malaysia’s gross domestic product (GDP) in 2020 to grow at a slightly slower pace though the balance of contribution will shift toward the external sector and away from the consumer. The external environment was not kind to Malaysia in 2019 as global growth slowed, the electronics cycle was in a slump and there was a trade war between the US and China. This near-perfect storm put Malaysia’s export growth for the year at flat to negative, with the 11-month clip at -2%. “It is a credit to the economy’s resilience, mainly the consumers that growth for 2019 ...
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Geard for the future
/ Lifestyle, Nalin Jain, People, Volvo
The new managing director of Volvo Car Malaysia, Nalin Jain, is excited about the journey ahead. Being in a new country is not something Nalin Jain is unaccustomed to. The Managing Director of Volvo Car Malaysia, has lived in the United States and Germany and even spent some time on our shores. “The first time I travelled was for my education to the US way back in 1994. I lived in Buffalo, New York and got my first Master’s degree then (in Engineering from State University),” he shared with Pursuit, during a private interview at his upmarket condo in Bukit ...
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Don’t bet on Axiata just yet
AXIATA Group Bhd is back in the news over chatter that it is again the subject of a possible merger with Telenor Group ASA.  As the business grapevine is always turned on, the market recently got served something juicy.  Newswire Bloomberg published an article on Jan 17 stating that Axiata’s major shareholder Khazanah Nasional Bhd and Telenor ASA, the parent company of Bursa-listed Digi.Com Bhd, have restarted talks on a “potential deal”. Supposedly Khazanah and Telenor are in “the early stages” of exploring a number of possibilities including “Telenor buying part of the wealth fund’s (Khazanah) stake in Axiata,” said ...
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Urgent reform needed as medical insurance premiums rise
NEWS that medical insurance premiums will be increased by up to 30% this year should be seen as a clear warning unless some form of urgent reform is undertaken within the private healthcare sector, said Galen Centre for Health & Social Policy. In its release on Jan 17, the centre says the cost of healthcare will continue to move beyond the reach of the average Malaysian. "Alarmingly, Malaysia's healthcare system is increasingly resembling what is experienced in the United States rather than the UK's National Health Service after which it was modelled.  “Already Malaysia is the only country in Southeast Asia ...
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20 tech trends that will define 2020
TELENOR Research has identified 20 tech trends that will define 2020, as consumers and users grow more tech-savvy and environmentally-conscious. Companies are also expected to examine how and where technologies including artificial intelligence (AI), machine learning, the Internet of Things (IoT), and new network innovations work best and most securely connect them with the people and things that matter most. “Many of the trends we spotlight for this year show innovation charging ahead faster than ever, enabled by more access and more demand, as well as by revolutionary new tech platforms and sociopolitical forces,” says head of Telenor Research Bjørn ...
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Bursa Malaysia closes firmer on positive sentiment
/ Bursa Malaysia, FBM KLCI, Mainstream
KUALA LUMPUR: Bursa Malaysia closed firmer for the third consecutive day today, tracking the performance of its regional peers, as positive market sentiment fuelled investors’ appetite for riskier assets. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.93 points to an intraday high of 1,595.81 compared with 1,587.88 at Thursday's close. Despite a lower opening of 1,586.96 in early trade, the key index moved into positive territory most of the time, backed by buying support, especially in the telecommunication stocks. Axiata lifted the composite index by 3.885 points by rising 24 sen to RM4.60 on news that Telenor ...
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Country Garden plans mass production of construction robots
/ Country Garden, Others, robots
HONG KONG: China's largest property developer by sales Country Garden is planning to start mass production of construction robots next year to cut costs and raise efficiency, it said on Friday. The group, which started investing in robotics research and development in 2018, said it aims to have at least one robot at each of its sites across the nation. Construction robots are autonomous devices used to repair and build structures, which developers hope can cut costs and improve site safety. Country Garden's decision to speed up its robotics development came after safety concerns following a series of incidents at ...
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Subsale property market grew by 13.3% in 2019 
THE subsale residential property market has seen an overall increase of 13.3% year-on-year (yoy) in 2019, according to iProperty.com Malaysia Sdn Bhd’s 2019 Portal Demand Analytics. The analytics provided a view of the current demand trends using iProperty.com.my’s user visits and property listings data in the Malaysian subsale residential property market with a special focus on Kuala Lumpur, Selangor, Penang and Johor.  REA Group Asia customer data solutions general manager Premendran Pathmanathan said  the growth in user visits on iProperty.com.my continued to outpace the growth in listings for three property types: terrace house, condominium and serviced residence.  “This was mainly ...
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Six-fold jump in new GrabPay users
GRAB, Southeast Asia’s leading super app, has seen a six-fold surge in new users for GrabPay following the launch of the government’s e-Tunai Rakyat initiative to encourage the adoption of digital economy. “When we launched GrabPay a year ago, we viewed the cashless culture beyond a one-time push but a long-term change in user’s payment habits, with the vision to be the rakyat’s e-wallet. “We are encouraged by the interest from the public when the government first announced the initiative last year. As such, we have been fortifying our platform to ensure that upon the launch of the initiative, our platform ...
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PLUS to lower toll rates from Feb 1, no hikes until 2058
PUTRAJAYA: The toll charges for private vehicle users using the PLUS Malaysia Bhd operated highways will be reduced by 18% effective Feb 1 and there will be no toll hikes until 2058. The Prime Minister’s Office (PMO) in a statement today said the important decisions pertaining to PLUS, as well as Khazanah Nasional Bhd and the Employees Provident Fund (EPF) to remain as its shareholders, and the reduction in toll rates, were made at the Cabinet meeting on Jan 15. In line with this decision, the concession period for all PLUS highways has been extended by 20 years from 2038 ...
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Nippon Express consolidates three group firms in Italy
KUALA LUMPUR: Three Nippon Express Group companies in Italy, namely Nippon Express Italia Srl, Franco Vago SpA and Traconf Srl were merged to form Nippon Express Italia SpA on Jan 1. The merger aims to accelerate and maximise synergy in sales and operations in one fell swoop and achieve dramatic growth, inclusive of existing Nippon Express Italia Srl, to step up efforts in the high-fashion sector. According to a statement, it also aims to make the new company a leading provider of logistics services to the fashion logistics sector. The merger also makes Nippon Express Italia SpA the largest Nippon ...
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Lynas: Malaysian approval for local ops challenged in lawsuit
/ Featured, Lynas, Mainstream
AUSTRALIA’S Lynas Corp Ltd said on Friday that three individuals had filed a court case in Malaysia challenging the local government's decision to renew the rare earths miner's operating licence last year. The Malaysian prime minister, 27 other ministers and Cabinet members, the Atomic Energy Licensing Board and the company were among those named as respondents in the lawsuit, Lynas said. The judicial review proceedings question the processes followed by the government in reaching its August decision to allow the miner to continue operating in the country. For months, concerns had persisted about the storage of radioactive waste produced during ...
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Teraju's new leadership to build initiatives in line with SPV 2030
KUALA LUMPUR: The Bumiputera Agenda Steering Unit (Teraju) intends to build initiatives in accordance with the Shared Prosperity Vision 2030 (SPV 2030) in intensifying Bumiputera economic participation. Its new CEO Md Silmi Abd Rahman said the unit was looking at creating opportunities in the high-technology, high-value and high-impact sectors. “Among the sectors that we are eyeing are sustainable technology, digital, aerospace, technologies and trends like Internet of Things, robotics, virtual reality and artificial intelligence,” he said in a statement on Jan 17. Teraju, a strategic unit under the Ministry of Economic Affairs, appointed former International Trade and Industry Minister Datuk Seri Mustapa Mohamed as its chairman ...
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Temasek, Trustbridge target majority stake in WeWork China
/ Others, Temasek, Trustbridge, WeWork China
BEIJING/HONG KONG: Temasek Holdings and Trustbridge Partners have held talks with WeWork China over increasing their stake in the China branch of the troubled co-working startup to take majority ownership, three people familiar with the matter told Reuters. The plan values WeWork China at around US$1 bil (RM4.1 bil), two of the people said. The proposal was submitted to WeWork's major stakeholder, Japanese technology conglomerate SoftBank Group Corp, at the end of last year, said one of the people, who asked not to be identified as the discussions are private. Singapore state investor Temasek and Shanghai-based private equity firm Trustbridge ...
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MRT2 reaches 70% completion, says Guan Eng
PUTRAJAYA: Construction of the Mass Rapid Transit (MRT) project for the Sungai Buloh-Serdang-Putrajaya (SSP) line, also known as the MRT2, has reached 70% completion, says Finance Minister Lim Guan Eng. He said the MRT2 would be fully operational in 2022 and begin operations the following year. “The operation date for the first phase of MRT2 between Kwasa Damansara station and Kampung Baru will remain the same in July 2021, while the second phase between Kampung Batu and Putrajaya Sentral is January 2023,” he said. Lim said this during a press conference after witnessing the signing of a Supplemental Agreement to the Project Delivery ...
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e-Tunai: RM18.8 mil spent in less than 48 hours
PUTRAJAYA: Within less than 48 hours since the commencement of the e-Tunai Rakyat programme, RM18.8 mil has been spent, said Finance Minister Lim Guan Eng. The programme saw an impressive uptake by Malaysians, receiving 784,000 applications as of 10 o'clock last night (Jan 16), of which 672,000 had been approved. “I hope that all Malaysians will take advantage of this programme, as this is a present from the Pakatan Harapan government,” he said. Lim said this to the media after witnessing the signing of a supplemental agreement to the project delivery partner (PDP) agreement between Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and MMC Gamuda ...
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Bursa ends morning session firmer
/ Axiata, Bursa Malaysia, FBM KLCI, Mainstream
KUALA LUMPUR: Bursa Malaysia ended the morning session on a firm note with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) trying to re-test the 1,600 points level, spurred by continuous buying support in the index linked-counters led by Axiata. At lunch break, the index stood at 1,593.71, up 5.83 points from 1,587.88 recorded on Thursday’s close. The index moved between 1,586.76 and 1,595.26 in the morning session. Axiata lifted the composite index by 4.209 points after rising 26 sen to RM4.62 with 15.42 million shares changing hands. – Jan 17, 2020, Bernama ...
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Axiata up on potential stake acquisition by Telenor
KUALA LUMPUR: The shares of Axiata Group Bhd rose 31 sen to RM4.67 as at 11.07am today (Jan 17) following news of a possible move by Telenor ASA to acquire stakes in the company. A total of 8.07 million shares changed hands, making it the most actively traded stock among the index-linked counters this morning. Telenor ASA, a Norwegian multinational telecommunications company, was reported to be in talks with sovereign fund Khazanah Nasional Bhd, seeking to revive plans to buy a stake in Axiata, a plan that was scrapped four months ago. – Jan 17, 2020, Bernama ...
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Malaysians to be Prasarana, MAHB CEO
PUTRAJAYA: Both Prasarana Malaysia Bhd as well as Malaysia Airports Holdings Bhd (MAHB) will have a local as their top executive, said Transport Minister Anthony Loke. He said Prasarana and MAHB’s board of directors would submit the list of potential candidates for the posts to the Transport Ministry (MoT). "These two (companies) are important strategic assets to MoT and as far as the government is concerned, I'm sure the two chief executive officers will be locals," he told reporters after attending a signing ceremony of a supplementary agreement for the MRT Sungai Buloh-Serdang-Putrajaya Line. Also present was Finance Minister Lim Guan Eng. On Jan 7, it was reported ...
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Facebook sued in US federal court for alleged anticompetitive conduct
/ Facebook, Others
SAN FRANCISCO: Four companies sued Facebook Inc in US federal court on Thursday for alleged anticompetitive conduct, saying the social network inappropriately revoked developer access to its platform in order to harm prospective competitors. The plaintiffs sought class-action status and unspecified damages, according to a filing at the US District Court for the Northern District of California. "Facebook faced an existential threat from mobile apps, and while it could have responded by competing on the merits, it instead chose to use its might to intentionally eliminate its competition," said Yavar Bathaee, a partner at law firm Pierce Bainbridge and co-lead ...
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