Business Summary from Aug 23 to 28

In a webinar two days ago, Khairy Jamaluddin, who was appointed Health Minister yesterday, argued that lives vs livelihoods need not be a zero sum game as we open our economy.

Business Summary from Aug 23 to 28

Corporate News

S P Setia director Noraini passes away

  • S P Setia Bhd announced the demise of its director and audit committee chairman Noraini Che Dan yesterday.
  • Noraini was appointed to the board on Sept 11, 2015.
  • She has touched the lives of many and her stewardship will never be forgotten.
AirAsia rolls out ride-hailing service
  • AirAsia Group Bhd has launched its very own ride-hailing services dubbed as Airasia ride as the airline industry continues to struggle with the Covid-19 pandemic and travel bans.
  • The service is available on the application, which already offers services such as food and grocery delivery.
  • Airasia Super App CEO Amanda Woo said Airasia ride drivers would not only focus on moving people but also moving packages and food.
Coronavirus Outbreak

A much needed reset for the future

  • Inbound and outbound tourism will recover very slowly depending on the opening of borders by highly vaccinated countries.
  • Domestic tourism is the low hanging fruit that can be easily plucked for instant employment opportunities and reviving the severely-hit hotels and accommodation businesses.
  • Local spending will have a multiplier effect on small businesses along the highways and byways. Malaysian Airlines and AirAsia can start building capacity with a clear roadmap ahead.
  • In a webinar two days ago, Khairy Jamaluddin, who was appointed Health Minister yesterday, argued that lives vs livelihoods need not be a zero sum game as we open our economy.
  • Once our population is fully vaccinated, we must still practice safe SOP’s of wearing masks, sanitising our hands and keeping safe distance policies in enclosed spaces. I fully agree with him.


Penang residential sector on recovery path

  • WHILE uncertainties of the pandemic continue to loom, experts are optimistic that the Penang residential property market is already on its path towards recovery.
  • The residential sub-sector will continue to dominate the Penang property market, especially the affordable housing sector.
  • For the Penang market, Rahim & Co Research says demand may still hold up and be merely delayed from the lockdown, as developers are still actively looking to launch and develop new products into the market via digital marketing, virtual viewings and proptech mediums.

Maybank discontinues Fitch’s rating services

  • Malayan Banking Bhd has discontinued the bank’s rating services by Fitch Ratings as part of the banking group’s overall effort to streamline rating assessments by rating agencies.
  • A Maybank spokesman said on Monday the bank continues to be rated by international and domestic rating agencies, namely Moody’s Investor Services, Standard & Poor’s (S&P) as well as RAM Rating Services Bhd.
  • It was responding to a statement by Fitch on its plans to withdraw the ratings on Maybank and international ratings on PT Bank Maybank Indonesia Tbk on or about, Sept 23, that is approximately 30 days from the date of this release for commercial reasons.
Public Bank earnings rise to RM1.38bil in Q2
  • : Public Bank Bhd posted a higher net profit of RM1.38bil in the second quarter ended June 30, 2021 compared with a year ago but on a quarter-on-quarter basis, it showed a decline due to higher preemptive provisions for loan impairment.
  • The banking group said its second-quarter net profit climbed 38.4% from RM1bil a year ago.
  • Revenue rose by 3.8% year-on-year to RM4.92bil from RM4.74bil. Earnings per share were 7.13 sen compared with 5.16 sen previously.

Corporate news

Court rejects Swiss banker's appeal to reverse ban over 1MDB dealings

  • A Swiss appeals court has rejected a banker's bid to lift his three-year regulatory ban from working in the industry over failures to properly fight money-laundering linked to scandal-hit Malaysian sovereign wealth fund 1MDB.
  • In a ruling released on Monday, the Federal Administrative Court turned down the appeal by the former senior executive at Swiss bank BSI, who had argued that Swiss watchdog FINMA's ban was based on factual errors.
  • It found a lower court was justified in concluding that the now-retired banker was personally responsible for serious violations of anti-money-laundering provisions and bank procedures.
Disposals raise Sime Darby’s cash position
  • Sime Darby Bhd has earmarked its massive 8,800 acres of plantation land in Labu, Negri Sembilan, and its port asset in China Weifang in Shandong, China, for sale as part of the group's non-core asset monetisation exercise.
  • Last year, Sime Darby sold its 30% non-controlling stake in Tesco Malaysia to Thailand's C. P. Retail Development Company Ltd for RM300mil.
  • The disposals have raised Sime Darby's cash position to RM2.5bil as of June 30 compared to RM1.65bil a year earlier.


Zafrul reappointed Finance Minister, Azmin Ali MITI Minister

  • As expected by many, banker turned Finance Minister Tengku Datuk Seri Zafrul Tengku Aziz has been reappointed to helm the ministry under the newly-set up Cabinet by Prime Minister Datuk Seri Ismail Sabri Yaakob today.
  • The newly-minted Prime Minister had unveiled his Cabinet line-up at 11 am today, which includes Tengku Zafrul who was first appointed as the Finance Minister on March 9, 2020.
  • Apart from Tengku Zafrul, Datuk Seri Mohamed Azmin Ali also retained his post as the Senior Minister and International Trade and Industry Minister, while Datuk Seri Mustapa Mohamed remained as the Minister in the Prime Minister's Department (Economy).
July inflation rate climbs on higher fuel prices
  • However, the discounts were not enough to offset the impact of the increases of the petrol & diesel prices in July 2021 as compared to a year ago.
  • Chief Statistician Malaysia, Datuk Seri Dr Mohd Uzir Mahidin said the July CPI remained positive for the sixth consecutive months since February 2021 due to the lower base effect last year.
  • The CPI for January to July 2021 increased by 2.3% from the previous corresponding period.
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Noraini Che Dan , S P Setia , Zafrul , 1MDB , Sime Darby


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