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SC, Bank Negara speed up digitisation of stockbroking industry

KUALA LUMPUR: The Securities Commission (SC) and Bank Negara have set up the Brokerage Industry Digitisation Group (BRIDGe), a joint working group between the regulators and industry to accelerate digitisation of the stockbroking industry.

Tokyo Gas wins destination flexibility from new Malaysia LNG purchase

TOKYO: Tokyo Gas said on Wednesday it signed a heads of agreement to buy long-term liquefied natural gas (LNG) from a unit of Malaysian state oil firm Petronas with flexible destination clauses that are in line with the Japanese anti-trust body's ruling last year.

The company's President-Elect, Takashi Uchida, said in January that the company would reduce the volumes of Malaysian LNG after the current 15-year contract in which it is buying 2.6 million tonnes per year expires in March.  The company, which has been procuring LNG from Malaysia's Satu Project since 1983, would buy Malaysian LNG for up to 13 more years. Procurement volumes would be up to 500,000 tonnes per year in the first six years and up to 900,000 tonnes per year in the remaining years, it added.

Global political tensions flatten yields, roil stocks

NEW YORK: Simmering political tensions roiled stocks and bonds across the globe on Wednesday, with U.S. yield curves continuing to flatten and stock markets closing in the red as industrial companies took a beating.

The Dow Jones Industrial Average fell 248.91 points, or 1 percent, to end at 24,758.12, the S&P 500 lost 15.83 points, or 0.57 percent, to 2,749.48 and the Nasdaq Composite dropped 14.20 points, or 0.19 percent, to 7,496.81.

Financial sector stability intact, says Bank Negara

PETALING JAYA: Although the benchmark on financial stress of the banking sector is on the rise, any potential risk in the financial market will be cushioned by the favourable outlook of the economy and presence of large institutional investors, according to Bank Negara.

The central bank pointed out that the domestic financial stability was expected to remain intact despite facing external headwinds which had caused global financial market volatility.  The Financial Market Stress Index (FMSI) has been on the uptrend since August last year, with the recent reading at 10.7% as of end-February 2018 – the highest since August 2016.

UMW shares take a tumble on cash call announcement

PETALING JAYA: Shares of diversified conglomerate UMW Holdings Bhd tumbled 59 sen or 9% to RM5.90 yesterday after the Main Market company announced a cash call to part-finance the purchase of car maker Perodua.

Analysts expect the rights issue exercise, which could raise up to RM1.1bil cash, to be earnings per share (EPS) accretive for UMW, despite the dilution impact from the additional new shares.  Proceeds raised from the rights issue will be used to finance the recently proposed acquisition of 50.07% stake in MBM Resources as well as the mandatory general offer, if the acquisition materialises