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Malaysian professionals most dissatisfied with pay across Asia
EMPLOYEES in Malaysia are the most dissatisfied with their current compensation packages in the region, says the latest Asia Salary Guide report by recruitment experts Hays. The salary and hiring insights are based on survey responses from close to 6,000 working professionals located in the five Hays operating markets in Asia; namely China, Hong Kong SAR, Japan, Singapore and Malaysia. Mismatched expectations The report showed 46% of employees in Malaysia were dissatisfied or very dissatisfied with their current compensation packages, the highest number to say so in Asia. Additionally, Malaysia reported the highest number of employees in Asia who asked ...
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MIDF upgrades Pharmaniaga to buy
/ Featured, Mainstream, Pharmaniaga
KUALA LUMPUR: MIDF Research has upgraded Pharmaniaga Bhd to buy as it expects the pharmaceutical company to post strong sales growth which could contribute to improve earnings and cash position going forward. In November 2019, the government had extended Pharmaniaga’s services for the provision of medicines and medical supplies to the Health Ministry until the end of 2021. It provided them with a new contract to continue providing logistics and distribution services for the ministry to over 148 government hospitals and 1,700 clinics nationwide until the end of 2024. “Nonetheless, with the new contract arrangement, the group was significantly impacted ...
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AirAsia X postpones 4Q results announcement, investors' brief
By Emmanuel Samarathisa AIRASIA X Bhd (AAX) has postponed releasing its fourth-quarter results for the year ended Dec 31 (4Q19) from Feb 20 to Feb 27, as well as the customary investors’ briefing, according to a memo sighted by FocusM. Listed companies with a December year-end have until Feb 28 to report their full-year results.   The discount long-haul carrier did not specify why it sought the postponement. But the “revised schedule” sees results being released on the same day as the government’s economic stimulus package to mitigate any impact brought about by the Covid-19 outbreak. It is also understood that ...
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NAP 2020 to focus on next-generation vehicles
/ Featured, Mainstream
By Xavier Kong THE National Automotive Policy (NAP) 2020 will be focused on next-generation vehicles, mobility as a service, and the Fourth Industrial Revolution, with ties to the advancement of the automotive and aftermarket industry as a whole. This was revealed at the launch of the latest iteration of the NAP today, graced by Prime Minister Tun Dr Mahathir Mohamad at Menara MITI. "The automotive industry goes beyond mere car manufacturing. It complements other industries and industrial sectors. The technologies needed in a car open new opportunities for other sectors, making it one of the most important and strategic contributing ...
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Ringgit continues downtrend trend on stronger greenback
/ Mainstream
KUALA LUMPUR: The ringgit continued its downtrend today, as the US dollar strengthened on the back of positive economic growth data and a steady Federal Open Market Committee’s (FOMC) minutes. An analyst said besides the stronger greenback, the ringgit is expected to trade weaker clouded by uncertainties about the power transition issue as well as the ongoing COVID-19 outbreak. As at 9.04am, the local unit weakened to 4.1870/1930 against the greenback from yesterday's close of 4.1800/1840. "Due to weaker external demand, the favourites for ringgit has declined. Without a strong local economic support to attract investors, the ringgit is expected to trade in a volaotile with downtrend bias in ...
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Anwar says economy will be his top priority as PM
PARTI Keadilan Rakyat (PKR) president and prime-minister-in-waiting Datuk Seri Anwar Ibrahim has said that the economy will be his top priority when he is appointed as PM. He was speaking yesterday (Feb 20) at a symposium organised by HELP University where he delivered a speech entitled Construct of a Nation: As I See It. “Malaysia’s economy has been stagnant for the last 10 years and I will make the economy the focus of attention during my tenureship as PM,” said Anwar. He said the people were suffering and bread-and-butter issues were foremost on the minds of the rakyat currently. Prime ...
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The Dalai Lama: 10 facts about Tibet's spiritual leader
NEW DELHI: Tibetans mark the 80th anniversary of the enthronement of their spiritual leader, the Dalai Lama, on Saturday. Ahead of the celebrations, here are ten facts about Tibet’s spiritual leader: 1. Born in 1935 as Lhamo Thondup, the current Dalai Lama was proclaimed as the reincarnation of his predecessor at the age of two, when he is said to have identified several of his possessions. 2. After a three-month journey from his home village he was enthroned on Feb. 22, 1940, at a ceremony in Lhasa, capital of the autonomous Tibet region that is now part of China. 3 ...
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Short-term rates to remain stable on BNM's operations
KUALA LUMPUR:  Short-term rates are expected to remain stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system. Today's liquidity is estimated at RM23.50 bil in the conventional system and RM14.22 bil in Islamic funds. It will also conduct one Islamic range maturity auction (iRMA) Qard tender worth RM3.60 bil for seven to 21 days, one commodity murabahah programme (CMP) worth RM500 mil for 31 days and one Bank Negara Interbank Bills worth RM500 mil for 29 days. At 4pm, the BNM will conduct up to RM22.5 bil for conventional overnight tender and RM10.2 bil for Murabahah overnight tender. - Feb ...
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KL shares open lower alongside weakness in global markets
/ Bursa Malaysia, Corporate, FBMKLCI, Mainstream, Opening
KUALA LUMPUR: Shares on Bursa Malaysia were lower at the opening today (Feb 21),  alongside with other global equity markets on renewed volatility particularly from the Wall Street. At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 5.57 points to 1,529.41 from Thursday's close of 1,534.98, after opening 5.97 points weaker at 1,529.01 this morning. Losers led gainers by 172 to 95 on the broader market, with 185 counters unchanged, 1,540 untraded and 22 others suspended. Malacca Securities Sdn Bhd said global equities remain choppy and it extends to the Malaysian equities. However, the research house opined the pullback on Malaysian equities will be mild and selective as investors continue to monitor on the country’s stimulus ...
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AIMS Group projects a positive outlook for 2020
/ AIMS Group, data centres, expansion Thailand, Mainstream, Vietnam
KUALA LUMPUR: Southeast Asia’s leading carrier-neutral data centre services provider, AIMS Group (AIMS), is projecting a positive outlook for this year, with the expansion of its regional and local footprint primarily in Thailand and Vietnam. In a statement yesterday, the group said it wanted to expand locally, given the clear need of purpose-built data centres for companies that require high power usage and large floor space to safeguard their mission-critical data and other Information Technology (IT) infrastructure needs. It said, the government’s digital transformation initiatives to attract more foreign direct investment (FDI), could further elevate the country to become a sustainable and prosperous digital ...
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Tailored to your needs
/ Fashion, Lifestyle, Tailored Jewel
Tailored Jewel unveiled their first service hub to fulfilled shoppers needs for jewelleries. A simple gesture from your loved one makes your relationship more special and Tailored Jewel is here to help by customising jewellery for any special occasion. The online jeweller established in 2012 is always ready to provide accessible, high-quality jewellery. Now it offers an extensive range of services, including jewellery repair and routine services at their first Service Hub in Atria Mall, Petaling Jaya. “We’re thrilled that our Service Hub has become a reality. While all our pieces are available online, we brought this hub to life ...
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China reports uptick in new coronavirus cases though downward trend holds
/ China, Coronavirus, Global Times, Hubei province, Japan, Others
BEIJING: China’s Hubei province reported an uptick in new cases of coronavirus on today (Feb 21), reversing three days of declines, although the numbers still confirmed a downward trend which the World Health Organisation (WHO) has called encouraging. The province at the centre of the global health emergency said it had counted 411 new cases as of Feb 20, up from 349 a day earlier but still the lowest since Jan 26. The death toll in Hubei rose by 115 to 2,144, mostly in the provincial capital of Wuhan, a city of 11 million which remains under virtual lockdown. Chinese ...
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Sears snags new financial lifeline as losses continue
WASHINGTON: US department store operator Sears has reached a deal for a fresh financial lifeline totaling roughly US$100 mil from hedge fund Brigade Capital Management LP, as it tries to stabilise after bankruptcy, people familiar with the matter said on yesterday (Feb 20). Sears’ billionaire owner Eddie Lampert rescued the retailer from liquidation in a US$5.2 bil takeover during bankruptcy proceedings a year ago. The company’s unabated need for new funding underscores Lampert’s challenges in turning it around. Sears reached an agreement with Brigade for the US$100 mil financing in recent weeks, according to the sources, who spoke on the ...
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SunCon targets RM2 bil in new orders for FY20: Group MD
KUALA LUMPUR: Sunway Construction Group Bhd (SunCon) is targeting RM2 bil in new orders for the financial year ending Dec 31, 2020 (FY20). Group managing director Chung Soo Kiong said this would surpass last year’s RM1.8 bil in new orders, which exceeded the initial target of RM1.5 bil. “We are confident of securing projects in Myanmar and India by the second half of this year,” he said in a statement yesterday. He said SunCon’s plan for geographical diversification would focus on Asean and India, leveraging on its extensive experience as well as local knowledge from experienced local partners. “In Myanmar, SunCon has partnered with the construction division of Capital ...
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Airbus investing up to 1 billion euros in A220 passenger jet programme
/ Airbus, Others, tariffs, Top, United States
MONTREAL : Airbus SE plans to invest between 500 million euros and 1 billion euros (US$539 mil-US$1.08 bil) this year on its A220 passenger jet programme, Chief Executive Guillaume Faury said on Thursday (Feb 20) at the company’s A220 factory in Mirabel, just outside Montreal. Earlier in February, Airbus raised its stake in the A220 programme - known as Airbus Canada - to 75% from 50.1% after teaming up with the government of the Canadian province of Quebec to buy Bombardier’s 33.5% stake. With the deal, Bombardier exited the civil aviation industry and bolstered the European planemaker’s position in its ...
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Smart farming, aerospace and the digital economy can inject dynamism: Azmin
KUALA LUMPUR: Smart farming, aerospace and the digital economy  can play a big role in injecting new dynamism in the bid to become a high-income economy, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali. He said the three sectors can also create a wider range of job opportunities and raise living standards of everyone in our society in the effort to face the challenges of Industry 4.0. “Twenty-one industry experts in smart farming, aerospace and the digital economy have provided their inputs for immediate attention by the government in its efforts to explore and galvanise the economic potential in these three sectors,” he said in ...
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MPC to develop a behavioural insights module
PUTRAJAYA:  Malaysia Productivity Corporation (MPC) will develop a behavioural insights (BI) module that policymakers can use as a guide when drafting and framing laws and regulations. MPC director-general Datuk Abdul Latif Abu Seman said the BI approach is about formulating laws and regulations based on studies on human behaviour and hinges on persuasion and encouragement rather than punishment. “For example, income taxpayers.. with BI we can sit and discuss and offer incentives such as a discount or a 10% rebate. This approach indirectly encourages the individual to pay the tax. “So, regulations or laws based on BI will indirectly bring about positive changes in people. We don’t use the law to force but to change ...
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HSBC targets the globally mobile with US$1.4 tril wealth business
/ Others
LONDON: HSBC plans to invest heavily in its newly combined retail and private banking business as it targets internationally minded customers in markets such as China, the United States and Singapore, the unit's Chief Executive Charlie Nunn said. Nunn, a former McKinsey consultant who joined HSBC in 2011, was one of the biggest winners in the banking group's latest management reshuffle, taking control of a division with US$1.4 tril (RM5.85 tril) in clients' assets. The plan is to grow in the three major markets where HSBC has scale, namely Britain, Hong Kong and Mexico, focusing on mortgages, wealth and insurance ...
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Southeast Asia shares: Thailand, Singapore drop as virus cases outside China jump
/ Others
SHARES in the coronavirus-hit economies of Singapore and Thailand lost footing on Thursday as a sharp jump in infections outside mainland China overshadowed Beijing's widely-anticipated interest rate cut. While China on Thursday reported a sharp drop in new virus cases, infections in South Korea jumped, two deaths were recorded in Japan and research showed that the pathogen was more contagious than previously believed. Thai shares fell 1% to a more than three-year low, with Airports of Thailand, the top drag on the index, slumping 4.8% after flagging a 5% decline in its full-year revenue due to the impact of the virus. Last week, ...
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EU privacy body warns of privacy risks in Google, Fitbit deal
/ Featured, Others
BRUSSELS: Alphabet Inc-owned Google's US$2.1 bil (RM8.78 bil) bid for fitness trackers company Fitbit could pose privacy risks, the European Data Protection Board (EDPB) warned on Thursday, adding its voice to other critics of the deal. Google announced the deal in November last year, as it seeks to compete with Apple and Samsung in the crowded market for fitness trackers and smart watches. Fitbit, whose fitness trackers and other devices monitor users' daily steps, calories burned and distance travelled, would give the US tech giant access to a trove of health data gathered from Fitbit devices. Such access is worrying, ...
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Vietnam eases border trade restrictions with China to help virus-hit businesses
/ Others
HANOI/LANG SON: Vietnam has eased restrictions on cross-border trade with China to prop up economic activities hit by Covid-19, the Ministry of Industry and Trade said on Thursday. China is Vietnam's largest trading partner and the Southeast Asian country's manufacturing sector relies on it for materials and equipment. China is also Vietnam's key market for farm produce. Vietnam early this month stopped issuing visas for Chinese tourists and partially closed the borders to prevent the spread of the virus that has killed more than 2,100 people in China. Authorities in the northern province of Lang Son on Thursday reopened Tan ...
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Qantas shares jump after it unveils coronavirus strategy, share buyback
/ Others
SYDNEY: Qantas Airways Ltd said on Thursday it will ground the equivalent of 18 planes, freeze recruitment and ask its 30,000 staff to use up annual leave as it grapples with falling demand from Asia due to the coronavirus epidemic. Shares in the Australian airline jumped 7% after it also reported flat half-year earnings, raised its interim dividend and announced a A$150 mil (RM416.39 mil) share buyback. Qantas reported underlying pre-tax profit, its most closely watched measure, of A$771 mil in the six months ended Dec 31, down 0.5% from A$775 mil a year earlier in a weaker domestic market ...
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India trade group slams refined palm oil import licence issuance
/ Mainstream
NEW DELHI: An Indian trade group representing vegetable oil importers on Thursday slammed the government for issuing licences to import refined palm oil, saying this is not in line with the "stated objective" of last month's order restricting RBD palmolein imports. Referring to media reports that the Ministry of Commerce's Directorate General of Foreign Trade (DGFT) has issued permits to import 1.1 million tonnes of RBD palmolein, the Mumbai-based Solvent Extractors' Association (SEA) of India asked for a review of "the rationale for issuing such licences which are at variance with our country's stated objective" of supporting local refining. "We ...
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China-Asean committed to mitigating development impact of Covid-19
/ Mainstream
VIENTIANE: Asean and China are committed to reducing the impact of the Covid-19 outbreak on the economic and social development of all affected nations, according to their foreign ministers today. The foreign ministers of Asean and China said they would maintain people-to-people exchanges and trade and investment activities, apart from resuming and enhancing exchanges and cooperation in the region based on the progress in the prevention and control of the epidemic. “Enterprises affected by the epidemic, especially micro, small- and medium-sized enterprises, will receive the appropriate support, including through promotion of digital economy like (that) underlined by the Asean-China Year ...
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New appointment and a slump in 4Q profit, revenue at BAT Malaysia
/ BAT, British American Tobacco, Featured, Mainstream
BRITISH American Tobacco (Malaysia) Bhd announced in a Bursa filing that it has appointed Jonathan Darlow Reed as its managing director from April 1. He was previously a director of the company. Reed will replace the current managing director Hendrik Stoel, who has opted for early retirement at 51 with effective March 31. The company has appointed Reed as non-independent and non-executive director effective Feb 20. Meanwhile, BAT Malaysia recorded a slide in quarterly net profit from US$114.84 mil (RM480.26 mil) to US$93.86 mil for the fourth quarter ended Dec 31, 2019. Quarterly revenue fell to US$662.45mil, the company said ...
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YTL Power records lower earnings, profit in 2Q20
/ Featured, Mainstream
KUALA LUMPUR: YTL Power International Bhd’s net profit eased to RM70.26 mil in the second quarter ended Dec 31, 2019 (2Q20) from RM71.77 mil in the same period a year earlier. Revenue for the quarter declined to RM2.80 bil from RM2.93 bil year-on-year, while earnings per share fell to 0.92 sen from 0.94 sen. Moving forward, the company expects its power generation business to perform satisfactorily as it operates under a power purchase agreement, while its telecommunication business is well-positioned to grow its subscriber base with innovative, competitive and affordable products and services. “The group remains committed to delivering high-quality, ...
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Rohas unit bags RM192 mil contracts in Bangladesh
/ Featured, Mainstream
KUALA LUMPUR: Rohas Tecnic Bhd's subsidiary HG Power Transmission Sdn Bhd has bagged two contracts from Power Grid Company of Bangladesh Ltd worth RM192 mil. In a filing with Bursa Malaysia, it said the first contract valued at RM126 mil involves the design, supply, installation, testing and commissioning of 230 kilowatt (kV) and 132 kV transmission lines on a turnkey basis. “The contractual completion period is 30 months,” it added. The second contract, worth RM66 mil, entails the design, supply, installation, testing and commissioning of 132 kV transmission lines on a turnkey basis, with a tenure of 24 months. The ...
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Ringgit down 200 basis points to 4.18 against US dollar
/ Mainstream
KUALA LUMPUR: The ringgit continued to lose ground against the firming US dollar following positive data in the US housing market and a steady Federal Open Market Committee (FOMC) meeting minutes. At 6 pm, the local note lost 200 basis points (bps) to 4.1800/1840 against the greenback from Wednesday's close of 4.1600/1620. This is the lowest level last seen since Nov 26, 2019 when the local unit finished at 4.1810/1850 versus the US dollar. In a note today, Oanda senior market analyst for Asia Pacific Jeffrey Halley said the US dollar had made steady progress against regional currencies. Meanwhile, AxiCorp's ...
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Sarawak side of Pan Borneo Highway to be ready by August 2022 - Minister
/ Featured, Mainstream
KUCHING: The Sarawak portion of the Pan Borneo Highway (PBH) is expected to be completed at the latest by August 2022, Works Minister Baru Bian said today. The date was arrived at based on the latest inputs from the Sarawak Public Works Department (PWD) and all the work package contractors (WPCs) which showed that the project was already behind schedule before the ministry took over, he added. “These facts must be put on the table for all to know. We don’t want to be accused after this that the project had been delayed after we took over,” he told the media ...
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B2O biodiesel programme for transport sector to go nationwide in June
/ Mainstream
KUALA LUMPUR: The National B20 Biodiesel Programme for the transport sector, which is already underway in Langkawi and Labuan, will be expanded nationwide in June 2021, Primary Industries Minister Teresa Kok Suh Sim said today. She said the programme, which involves blending 20% palm methyl esters with 80% diesel, would also be extended to Sarawak in April and Sabah in August. The implementation entails collaboration between the Ministry and the Malaysian Palm Oil Board (MPOB) with five local authorities, of which the Subang Jaya Municipal Council, Ampang Jaya Municipal Council and Shah Alam City Council have already conducted B20 field ...
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You can now buy a home with TnG eWallet
FOR the first time ever, Malaysians can pay for the purchase of their home via eWallet. MCT Bhd, a subsidiary of the Philippines property developer Ayala Land Inc, recently announced that it is introducing a cashless payment facility via Touch ‘n Go eWallet to potential home buyers. MCT CEO Teh Heng Chong announced the introduction of eWallet as a payment method at the unveiling of the refurbished sales gallery of the Lakefront development in Cyberjaya recently. “We are improving our overall processes and systems as we aim to enhance customer experience when purchasing a property,” said MCT director of sales ...
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Malaysia's labour productivity up 1.5% in 2019 final quarter
/ Mainstream
PUTRAJAYA: Malaysia's labour productivity in the fourth quarter of 2019 (4Q19), as measured by value added per hours worked, rose 1.5% compared to a growth of 2.6% in 3Q19), the Department of Statistics Malaysia said today. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in terms of labour productivity level, value added per hour worked in 4Q19 was RM42 per hour (3Q19: RM41 per hour). During this quarter, Malaysia’s economy posted a growth of 3.6% (3Q19: 4.4%) while hours worked increased 2.1% after registering an increase of 1.7% in the previous quarter. Overall for 2019, Malaysia’s labour productivity by ...
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Petrol pump operator Five to debut in March
A NEW petrol pump operator Five Petroleum Sdn Bhd is set to debut in March, according to a China Press report.  The company, a wholly-owned subsidiary of Pahang-based Seng Group Sdn Bhd, is looking to set up petrol stations across the country under the eponymous Five brand.  This marks Seng Group’s independent break into the petrol retail business after operating as dealers and representatives of Esso, Mobil and BHPetrol stations.  According to a memo sighted by FocusM, Seng Group received the licence to operate Five from the Domestic Trade and Consumer Affairs Ministry on Jan 15.   According to company filings, Five ...
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Forever 21 snapped up by mall owners, Authentic Brands
/ Forever 21, Others
FOREVER 21 has a new lease on life after Simon Property Group Inc, Brookfield Property Partners LP and Authentic Brands Group agreed to acquire the bankrupt teen fashion retailer. Brand management company Authentic Brands said on Wednesday it and mall owner Simon Property would own 37.5% each of the retailer, while Brookfield Property would buy 25% of the intellectual property and operating businesses. Financial terms of the deal were not disclosed. Forever 21, which has 593 stores in 57 countries, will continue to operate in US and international markets, Authentic Brands said. Forever 21 filed for Chapter 11 bankruptcy protection ...
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A tale of two inns
Hilton continues to expand its award-winning brand of hotels to two unique locations. If you’re an avid traveller in need of focused service accommodation, look no further than Hilton Garden Inn, Hilton’s award-winning brand of hotels. Its latest – Hilton Garden Inn Jalan Tuanku Abdul Rahman South – was recently opened in Chow Kit, Kuala Lumpur. Hilton Garden Inn South has 267 well equipped guest rooms, where guests can enjoy a peaceful night’s sleep on the signature Slumberland Beds and pamper themselves with Crabtree & Evelyn bath amenities in the walk-in shower. Most rooms offer magnificent views of the iconic ...
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Bursa Malaysia remains in positive territory at close
/ Mainstream
KUALA LUMPUR: Bursa Malaysia remained in positive territory Thursday, lifted by buying in selected heavyweights in the utilities, finance and plantation-related counters. Tenaga, Public Bank, CIMB and Sime Darby Plantation contributed 4.074 points to the composite index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.82 point to 1,534.98 from Wednesday's close of 1,534.16. After opening 2.93 points higher at 1,537.10 this morning, the local index moved between 1,531.15 and 1,540.18 throughout the day. However, on the scoreboard, losers beat gainers 436 to 405 while 410 counters were unchanged, 731 untraded and 40 others suspended. Turnover ...
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Ride-sharing firm Socar Malaysia gets a RM75 mil capital injection
/ Mainstream
KUALA LUMPUR, Feb 20 (Bernama) -- Car-sharing startup SOCAR Mobility Malaysia - the first overseas venture of the South Korean outfit - has received fresh capital injection amounting to US$18 mil (RM75.28 mil) from two South Korean companies, Eugene Private Equity Co Ltd and KH Energy Co Ltd. CEO Leon Foong said today the investment is a clear indication of both companies’ confidence in the current model of car-sharing, the people running the business and the company’s future expansion into other countries. With the sales pitch being 'Your other car, Anytime, Anywhere!' SOCAR brands itself as Malaysia’s leading car-sharing network, providing ...
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MGM Resorts says was victim of data breach last year
/ MGM Resorts, Others
US casino operator MGM Resorts International said on Thursday it was the victim of a data breach last year after an earlier report claimed that details of over 10.6 million hotel guests had been compromised. "Last summer, we discovered unauthorised access to a cloud server that contained a limited amount of information for certain previous guests of MGM Resorts," a company spokesman said in an emailed statement. No financial, payment card or password data was involved in the incident and the guests affected were notified, the statement said. The majority of information exposed related to the names of guests and ...
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Volvo and Sime Darby tie up for 3S centre
SWEDISH carmaker Volvo Car Malaysia (VCM) saw its ties with local partner Sime Darby Swedish Auto further cemented with the official opening of a Volvo 3S (sales, services, and spare parts) centre at Sime Darby Motors City in Ara Damansara, Petaling Jaya. VCM managing director Nalin Jain said the Swedish automaker has been continuously looking to expand its presence nationwide with a like-minded partner, having ensured a solid footprint on Malaysian soil since 1966. “Building off our accomplishments in 2018 and further growth in 2019, Volvo is set to have a great 2020. The partnership we have with premium dealers ...
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AirAsia, AirAsia X minorities should call for EGMs 
AIRASIA Group Bhd and AirAsia X Bhd minorities should call for EGMs to establish a forensic audit and to protect their interests and ensure investigations are done independently following reports that directors had approved sponsorships of over RM1 bil. An easy way to check if directors gave approval for AirAsia group CEO Tan Sri Tony Fernandes to get up to US$250 mil in sponsorships is to examine the annual report of the relevant year for related party transactions which have to be reported. We did and could not find anything about this sponsorship approval in the AirAsia annual report for ...
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Maxis' 4Q net profit higher at RM355 mil, full-year gain marginally lower
/ Featured, Mainstream
KUALA LUMPUR: Maxis Bhd posted a higher net profit of RM355 mil for the fourth quarter ended Dec 31, 2019 (4Q19) from RM266 mil in the same period last year. It was mainly driven by strong postpaid growth, high and stable mobile average revenue per user (ARPU), as well as consistent growth in fibre subscriptions in both consumer and enterprise, Maxis said in a statement today. In a filing with Bursa Malaysia today, the communications and internet service provider said its revenue improved to RM2.59 bil from RM2.44 bil previously in the same quarter. For the financial year ended Dec ...
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Bank Indonesia cuts key rate by 25 bps to cushion virus impact
/ Bank Indonesia, Featured, Others
JAKARTA: Indonesia's central bank cut its benchmark interest rate on Thursday, resuming last year's monetary easing to help cushion the impact of the coronavirus outbreak on Southeast Asia's largest economy. Bank Indonesia (BI) trimmed the seven-day reverse repurchase rate by 25 basis points (bps) to 4.75%, the first cut in 2020 and a fifth in the current easing cycle that began in May. The move was expected by 16 of 28 analysts in a Reuters poll, while the rest had predicted BI would stay on hold. BI also cut its overnight deposit facility and lending facility rates by the same ...
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Lenovo 3Q net profit jumps 11% as shipments rise
/ Lenovo, Others
SHANGHAI: Chinese personal computer maker Lenovo Group Ltd reported a 11% jump in third-quarter net profit on Thursday, slightly beating analysts' estimates, due to higher shipments. Lenovo's net profit in the quarter ended December rose to US$258 mil (RM1.08 bil), compared with an average US$223 mil estimate of seven analysts, according to Refinitiv data. Revenue rose to US$14.1 bil from US$14 bil in the same quarter last year, compared to an average US$13.6 bil estimate of 10 analysts. - Feb 20, 2020, Reuters ...
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Petronas picks advisors to help vendors list on Bursa Malaysia
/ Mainstream
KUALA LUMPUR: Petronas has roped in six investment banks and corporate finance advisors to advise its vendors in the oil & gas services and equipment (OGSE) in Malaysia on becoming listed companies. Firms that intend to pursue initial public offerings (IPOs) can approach KAF Investment Bank Bhd, Kenanga Investment Bank Bhd, MIDF Amanah Investment Bank Bhd, DWA Advisory Sdn Bhd, MainStreet Advisers Sdn Bhd and Wyncorp Advisory Sdn Bhd. The initiative is part of the ‘Petronas Lestari: Road To Bursa’ programme launched in May 2019 in collaboration with Bursa Malaysia. The programme encourages the listing of potential OGSE vendors on ...
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Cambodia orders women not look sexy on Facebook
/ Cambodia, Facebook, Featured, Others, women
PHNOM PENH: A crackdown in Cambodia on women who wear provocative clothing while selling goods via Facebook live streams was slammed by women's rights groups on Wednesday as dangerous and baseless. Prime Minister Hun Sen said low cut tops were an affront to Cambodian culture and ordered authorities to track down Facebook vendors who wear them to sell items like clothes and beauty products - a popular trend in the conservative country. "Go to their places and order them to stop live-streaming until they change to proper clothes," the prime minister told the government's Cambodian National Council for Women on ...
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Tanjung Offshore JV bags contract from Petronas Carigali
/ Mainstream, Petronas Carigali, Tanjung Offshore
KUALA LUMPUR: T7 Global Bhd’s wholly-owned subsidiary Tanjung Offshore Services Sdn Bhd and its consortium partner VME Process Systems Malaysia Sdn Bhd have secured a contract offshore Sarawak from Petronas Carigali Sdn Bhd. The contract entailed the provision of leasing, operating and maintenance of a mobile offshore production unit for Bayan Redevelopment Project Gas Phase 2. “The effective date of the contract is Feb 1, 2020 and the acceptance date is 27 months from the effective date. The time charter period is 10 years from the acceptance date,” said T7 Global in a filing to Bursa Malaysia today. - Feb ...
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Urusharta Jamaah denies shutdown of TH hotels
URUSHARTA Jamaah Sdn Bhd (UJ) “strongly denies” allegations that the Ministry of Finance (MoF) or its minister Lim Guan Eng has irresponsibly shut down TH hotels and dismissed the affected staff. UJ said in a media statement dated Feb 20 the viral social media posts maligning the Minister of Finance, including one which carried a death threat, were being made against someone who is not involved in the decision-making for the restructuring exercise. “The Minister of Finance was not involved in the decision-making for the above restructuring exercise or any decision that pertains to UJ. He did not even attend any ...
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Rakuten sets buy call on InNature on its new business strategy
/ Featured, InNature, Mainstream, Rakuten
KUALA LUMPUR: Rakuten Trade Research has set a buy call on Main-Market debutante InNature Bhd following the company's new business strategy to drive sales growth. The company that is best known for its retail brand “The Body Shop” is leveraging its network in Malaysia to drive same-store sales growth via an omni-channel strategy. “At present, more than 85% of the sales are derived from Malaysia and another 15% from Vietnam. The Body Shop is well-positioned in the ‘masstige’ market serving mass market with affordable premium products supported by a strong customer base both in Malaysia and Vietnam,” it said in ...
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Google plans to move UK users' accounts outside EU jurisdiction
/ European Union, Google, Others, United Kingdom
SAN FRANCISCO: Google is planning to move its British users' accounts out of the control of European Union privacy regulators, placing them under US jurisdiction instead, the company confirmed late on Wednesday. Reuters had reported the plans earlier on Wednesday, citing people familiar with them. The shift, prompted by Britain's exit from the EU, will leave the sensitive personal information of tens of millions with less protection and within easier reach of British law enforcement. Alphabet Inc's Google intends to require its British users to acknowledge new terms of service including the new jurisdiction, according to people familiar with the ...
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China cuts benchmark lending rate to prop up virus-hit economy
/ benchmark, China, Others
SHANGHAI: China cut the benchmark lending rate on Thursday, as widely expected, as the authorities move to lower financing costs for businesses and support an economy jolted by a severe coronavirus outbreak. The epidemic has disrupted global supply chains and caused widespread disruption to businesses and factory activity in China, prompting authorities to deliver a steady stream of policy measures over recent weeks to cushion the blow to growth. The one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing. The five-year LPR was lowered by 5 basis points to ...
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