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Malaysian banks’ 2018 net profit growth cut

PETALING JAYA: CGSCIMB has revised downwards its 2018 net profit growth for banks to 7.5% from 8.9% previously, following a less-than-stellar earnings performance by the sector in the second quarter.

“Malaysian banks’ second-quarter net profit was below our expectations as two banks, namely, Public Bank Bhd and Affin Bank Bhd, missed our forecasts, compared with only one bank (AMMB Holdings Bhd) that outperformed our expectations.  “The deviation from our forecast came mainly from lower-than-expected topline growth and the unexpected surge in Affin’s LLP.”  While loan growth improved in 2Q18, CGSCIMB is projecting a slowdown in 4Q18.

700,000 workers needed in automotive sector

KULA LUMPUR: DRB-Hicom University of Automotive Malaysia (DHU), is gearing up to meet the brisk demand for manpower in the automotive sector which will require some 700,000 workers in the next two years.

This high demand of 700,000 is in view of the penchant demand for cars, growth of the country's auto ecosystem and for Malaysia to emerge as a regional automotive hub, vice-chancellor Prof Datuk Omar Osman(pic) said yesterday.

DHU gearing up to meet brisk demand for auto manpower

KUALA LUMPUR: DRB HICOM University of Automotive Malaysia (DHU), is gearing up to meet the brisk demand for manpower in the automotive sector which will require some 700,000 workers in the next two years.

India’s top digital payments firm bets on local expertise

INDIA’S top digital payments firm, Paytm, is betting on its local expertise and a deep pool of backers to fuel business growth and fight off global rivals in a rapidly growing market, its chief executive said last Tuesday.

Lehman's carcass has handed huge profits to distressed funds

NEW YORK: It was a bold move: buy at Lehman Brothers’s darkest hour. But a decade after Lehman’s collapse, a handful of hedge funds that bought up the bank’s debt for pennies on the dollar have made even more money than seemed possible.

More than US$124.6bil has flowed to Lehman creditors, and a further US$1.4bil may yet be coming. At least US$92.2bil has gone to those last in line: unsecured creditors. Some of the largest and earliest buyers, according to people familiar with the case, were distressed debt hedge funds Elliott Management Corp, Paulson & Co, Baupost Group LLC, and Varde Partners.

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