Latest
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Corporate News
GIIB affirms financial statements integrity amid former director's forgery charges
KUALA LUMPUR: GIIB Holdings Bhd announced that its interim financial statements for the period ended on March 31, 2023, issued on May 29, 2023, are consistent with the interim financial statements for the same period, which were approved by the board through formal processes.
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Forex
Ringgit retreats against US dollar at the close on profit-taking
KUALA LUMPUR: The ringgit closed slightly lower on Friday against the US dollar on profit-taking following recent gains, said an analyst.
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Corporate News
Mokhzani Mahathir is stepping down as chairman of Maxis
KUALA LUMPUR: Tan Sri Mokhzani Mahathir has decided to step down as chairman of the board of Maxis Bhd effective June 30.
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Corporate News
Malayan Flour Mills earmarks RM300mil capex for FY24
KUALA LUMPUR: Malayan Flour Mills Bhd (MFM) has earmarked RM300mil for capital expenditure (capex) in its financial year Dec 31, 2024 (FY24) to strengthen its growth engines.
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Corporate News
Epicon gets subcontract job worth RM50mil
KUALA LUMPUR: Epicon Bhd’s wholly-owned subsidiary, Transnational Builder Sdn Bhd has secured a RM50mil sub-contract from Axventure Sdn Bhd.
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Markets
Kawan Renergy IPO oversubscribed by 94.99 times
KUALA LUMPUR: Kawan Renergy Bhd, slated for a listing on the ACE Market of Bursa Malaysia on May 29, has seen its initial public offering (IPO) oversubscribed by 94.99 times.
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Markets
FBM KLCI extends gain to fresh 26-month high
KUALA LUMPUR: The FBM KLCI rose for the second day, putting on 0.34% to its highest in over two years.
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Corporate News
Top HSBC shareholder Ping An will retain investment in bank, source says, amid sale talk
HONG KONG: Ping An Asset Management, HSBC Holdings PLC's largest shareholder, will continue to hold its investment in the Asia-focussed lender, a source close to the Chinese fund manager said on Friday, after reports it was considering selling more shares.
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Markets
BWYS inks underwriting agreement with M&A Securities for ACE Market IPO
KUALA LUMPUR: BWYS Group Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
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Aviation
Anthony Loke: Proposed MAHB privatisation boosts efficiency
PUTRAJAYA: The proposed privatisation of Malaysia Airports Holdings Bhd (MAHB) will boost the company’s efficiency through swift strategic decision-making and facilitate its way forward, said Transport Minister Anthony Loke.
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Forex
Asian FX ease, stocks struggle for direction on US rate uncertainty
EMERGING Asian currencies edged lower on Friday, while stocks largely flitted in and out of negative territory, as hawkish comments from Federal Reserve officials clouded the timeline for potential U.S. rate cuts.
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Commodities
Gold prices head for second weekly gain on Fed rate-cut optimism
Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fuelled expectations that the Federal Reserve could cut interest rates twice this year, weighing on the dollar and Treasury yields.
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Commodities
Oil set for weekly gain on signs of improving demand
OIL prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States.
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Forex
BNM's initiatives help cushion pressure on the ringgit
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) initiatives have helped cushion the pressure on the ringgit, resulting in the local currency appreciating by 0.5 per cent on a nominal effective exchange rate (NEER) basis.
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Markets
Stocks drift on uncertainty over timing of US rate cuts
SINGAPORE: Asian stocks slipped on Friday as traders pondered the near term U.S. monetary policy path after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing.
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Business
China to cut mortgage interest rates, home down-payment ratio to boost demand
BEIJING: China will cut interest rates of mortgage loans and down-payment ratios for homebuyers to boost lacklustre property demand, according to three statements released by its central bank on Friday.
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Corporate News
Itmax secures RM105.3mil contract from DBKL
KUALA LUMPUR: ITMAX System Bhd has been awarded a RM105.3 million Variation Order (VO) from the Kuala Lumpur City Hall (DBKL).
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Telcos
Maxis posts strong 1Q net profit of RM353mil
KUALA LUMPUR: Maxis Bhd is guiding for a low single-digit increase in service revenue in 2024 while earnings before interest, tax, depreciation and amortisation (Ebitda) is expected to remain unchanged.
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Markets
Bursa Malaysia's rally pushes on amid regional profit-taking
KUALA LUMPUR: Bursa Malaysia defied the profit-taking pressure seen in regional markets by keeping to an upward trend over the course of the early session.
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Economy
Malaysia's economy grows 4.2% in 1Q, beating expectations
KUALA LUMPUR: Malaysia's gross domestic product (GDP) grew at a rate of 4.2% in the first quarter of 2024, an increase from 2.9% growth in the preceding quarter as the economy was bolstered by strong private expenditure and a positive turnaround in exports.