Taxation

Govt should institute bolder tax reforms to meet deficit target

KUALA LUMPUR: The government should institute bolder tax reforms and not just rationalise subsidies to achieve its deficit target of between 3.0 per cent and 3.5 per cent by end-2025, said RAM Ratings senior economist Woon Khai Jhek.

Forex

Ringgit ends slightly higher tracking the positive equity market

KUALA LUMPUR: The ringgit ended slightly higher against the US dollar today on mild demand, tracking the positive sentiment on the equity market despite the firmer greenback, analysts said.

Corporate News

Chin Hin triggers MGO after raising stake in Ajiya

KUALA LUMPUR: Chin Hin Group Bhd has proposed to acquire 2.11%, or 6.2 million shares in in Ajiya Bhd for RM9.51mil cash or RM1.53 per share.

Corporate News

ITMAX wins RM111.2mil smart city contract in Johor

KUALA LUMPUR: ITMAX System Bhd has secured a contract worth RM111.24mil from Iskandar Puteri City Council (MBIP) for the provision of video surveillance and smart traffic light system services.

Business

PETRONAS, MOL and MISC to jointly develop LCO2 carriers for CCS projects

KUALA LUMPUR: PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures), a wholly-owned subsidiary of PETRONAS has signed a term sheet with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Bhd.

Markets

FBM KLCI snaps losing streak, up 2.02 points

KUALA LUMPUR: The FBM KLCI snapped its four-session losing streak to finish higher on Friday as bargain hunters picked up oversold counters.

Forex

Asian FX range-bound; Indian rupee rises on JPMorgan index inclusion

EMERGING Asian stock markets rose on Friday, while most currencies traded in a narrow range as investors digested the prospects of higher-for-longer U.S. interest rates.

Banking

BOJ keeps ultra-loose policy, dovish guidance on outlook

TOKYO: The Bank of Japan maintained ultra-low interest rates on Friday and its pledge to keep supporting the economy until inflation sustainably hits its 2% target, suggesting it was in no rush to phase out its massive stimulus programme.

Banking

Bank Negara international reserves amount to US$111.5bil as at Sept 15, 2023

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to US$111.5 billion (US$1=RM4.6855) as at Sept 15, 2023 compared with  US$112.2 billion as at Aug 15, 2023.

Energy

Oil prices rise as supply concerns outweigh demand fears

SINGAPORE: Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.

Banking

Experts: China prudent about rate cuts

CHINA may turn more prudent about aggregate monetary easing measures such as interest rate cuts in the short term amid the continued strength of the US dollar, but beef up structural monetary support, experts said on Thursday.

Markets

Stocks slide as higher-for-longer sinks in; yen drops on BOJ

SINGAPORE: Stocks eyed their worst week in a month on Friday and Treasuries hit decade lows as investors hunkered down for U.S. interest rates to stay high for some time, while the yen was pinned near an 11-month trough after the Bank of Japan left short-term rates below zero.

Economy

Foreign affiliates contribute RM274.3bil value added to economy

KUALA LUMPUR: Nearly 3,000 foreign affiliates are operating in Malaysia, contributing a value added of RM274.3 billion in 2021, or 17.7 per cent of Malaysia’s economy, said the Department of Statistics Malaysia (DoSM).

Markets

SC working to facilitate company listings on Bursa Malaysia

KUALA LUMPUR: The pipeline of initial public offerings (IPO) on Bursa Malaysia remains healthy with 35 to 40 IPOs expected to be undertaken this year, said Securities Commission chairman Datuk Seri Awang Adek Hussin.

Economy

Malaysia's inflation rate unchanged at 2% in August 2023

KUALA LUMPUR: Malaysia’s inflation remained unchanged at two per cent in August 2023, similar to the growth rate recorded in July 2023, said the Department of Statistics Malaysia (DoSM).

Auto

Proton X90 debuts in Mauritius, South Africa and Brunei

KUALA LUMPUR: Proton Holdings Bhd’s first new energy vehicle (NEV), the X90 sport utility vehicle (SUV), has made its debut in three export markets, namely, Mauritius, South Africa, and Brunei, with export sales growth in international markets being one of the key pillars for the national car maker’s long-term goals.

Markets

FBM KLCI slightly negative after paring earlier losses

KUALA LUMPUR: Malaysia's benchmark stock index pared losses headed into the lunch break as regional markets proved more resilient than anticipated in light of Wall Street's overnight plunge.

Stock on the Move

EcoWorld Malaysia opens on a slight lead after results announcement

KUALA LUMPUR: The trading stock of Eco World Development Group Bhd (EcoWorld) opened one sen higher at RM1.11 a share on Friday following the release of its third-quarter earnings.

Forex

Ringgit opens slightly higher on mild demand

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar this morning due to mild demand for the domestic note.

Markets

Bursa in the red as Wall Street tumbles

KUALA LUMPUR: Bursa Malaysia is joining global equities in the red following a downturn in sentiment sparked by the US Federal Reserves hawkish tone in its recently concluded policy meeting.