Group president and chief executive officer Datuk Zakaria Arshad said the YangambiGT1 was the first palm oil seed in Malaysia with tolerant capabilities against Ganoderma fungal attacks.
Energy
Brent crude was 0.34% lower to US$49.30 per barrel at 3.45pm.
Forex
Ringgit down 0.11% to 4.2680 versus the US dollar at 3.53pm.
Top foreign stories
Japan’s Sumitomo Metal to buy stake in Canada gold project for US$195m: Japan’s Sumitomo Metal Mining Co on Tuesday said it had agreed to take a 27.75% interest in a Canadian gold mining project from Toronto-based IAMGOLD Corp for US$195 million. — Reuters
India’s Adani backs go-ahead for US$4b Australia coal mine: India’s Adani Enterprises gave final investment approval on Tuesday for its US$4 billion Carmichael coal mine and railway in Australia’s north, shifting the focus to fund raising for the controversial project. — Reuters
China central bank pushes cash into financial system via MLFs: China’s central bank injected 498 billion yuan (US$73.27 billion) into the financial system on Tuesday, as authorities walked a tight rope between maintaining adequate liquidity conditions and keeping a tight leash on speculative lending activity. The injection was made through the People’s Bank of China’s (PBoC) medium-term lending facility (MLF) as some loans came due. — Reuters
Qatar banks dealt financing blow as Saudi-led alliance cuts ties: Qatari banks, already stretched by financing demands of the US$200 billion 2022 World Cup, took a head-on blow from its neighbours’ abrupt decision to cut economic and diplomatic ties. At risk are the foreign deposits – especially from the six-nation Gulf Cooperation Council – that have helped sustain institutions like Qatar National Bank QPSC, the region’s largest by assets, and Doha Bank QSC. — Reuters
Oil subdued on worries Middle East rift will undermine output cuts: Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below US$50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by Opec to tighten the market. Persistent gains in US production also dragged on benchmark crude prices, traders said. Brent crude was trading at US$49.53 per barrel at 0658 GMT, up 6 cents, or 0.1% from its last close. — Reuters
Top local stories
FGV suspends group president and CFO: Datuk Zakaria Arshad, the group president and CEO of Felda Global Ventures Holdings Bhd (FGV) and group chief financial officer Ahmad Tifli Mohd Talha have been suspended with immediate effect. FGV said on Tuesday both were given given leave of absence from Tuesday pending a probe of certain deals under Delima Oil Products Sdn Bhd, a subsidiary of FGV. — StarBiz
FGV’s Zakaria says he disagreed with several investments: Felda Global Ventures Holdings Bhd (FGV) group president/chief executive officer Datuk Zakaria Arshad, who is fighting against his leave of absence from the plantation company, has revealed that he did not agree to a number of investments that the company had planned for. He said among the investments he did not agree with was the one with Felda Cambridge Nanosystems Ltd, which produces nanocarbons. — StarBiz
Probe into FGV involves millions of ringgit, says chairman: The investigation into Felda Global Ventures Holdings Bhd (FGV) group president and chief executive officer Datuk Zakaria Arshad, who has been told to go on leave, allegedly involved millions of ringgit, chairman Tan Sri Mohd Isa Abdul Samad said. The probe was ongoing following the findings of four investigations conducted by PricewaterhouseCoopers which could not be made public, he said. — Bernama
Maybank launches Asean’s first FinTech ecosystem: Malayan Banking Bhd has given financial technology (Fintech) an additional boost with the launch of its regional, collaborative FinTech Sandbox – the first of its kind in Asean. The Maybank Sandbox is a complete FinTech ecosystem that provides all the essential components for free, to fast-track the growth of Fintech developers across the region, it said. — StarBiz
MRCB eyes more construction projects: Malaysian Resources Corp Bhd (MRCB) is tendering for RM6bil worth of civil engineering-related jobs to beef up its construction segment. MRCB has a current construction orderbook of some RM7bil, which can sustain the company over the next five years. — StarBiz
Microlink appoints former CJ Arifin chairman: Microlink Solutions Bhd has appointed former Chief Justice Tun Arifin Zakaria as independent non-executive chairman with immediate effect. — StarBiz
IHH Healthcare eyeing M&A in India, says CIMB Research: CIMB Equities Research believes IHH Healthcare has merger and acquisition plans in India, given that it is still relatively under-represented in that country and the company’s management views India as a high growth market. — StarBiz
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