Direct net credit suisse

- A + A KUALA LUMPUR (May 19): Poultry farmer TPC Plus Bhd's external auditor Crowe Malaysia PLT has expressed an unmodified audit opinion with material uncertainty regarding its ability to continue as a going concern on the group's audited financial statements for the financial year ended Dec 31, 2021 (FY21). In a bourse filing on Thursday (May 19), Crowe Malaysia drew attention to the group's net loss of RM28.45 million for FY21. It also noted that the group's current liabilities exceeded its current assets by RM29.06 million at end-December 2021. "These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern," it added. In response, TPC Plus' management believes that with the existing credit facilities granted by the financial institutions, the recovery of egg selling prices as well as the subsidies of eggs to be received from the government, the group will be able to … [Read more...] about TPC Plus’ auditor flags material uncertainty over ability to continue as going concern

When you sign up for an ad-supported streaming service, the trade-off may seem straightforward: In exchange for watching commercials, you’ll pay lower prices (or perhaps nothing at all) . advertisement advertisement But by sitting through commercial breaks, you’re giving up more than just a few minutes of your time per hour. Smart TVs and streaming devices represent a treasure trove of data for marketers, who can learn a lot about you based on what you watch. By associating your streaming TV accounts with broader marketing profiles, advertisers can see if they’ve influenced your behavior on other devices and could potentially use that activity to further influence the ads on your TV. Ad tech experts say the data they get from streaming TV users is supercharging what’s already a booming business. The Interactive Advertising Bureau expects streaming TV ad spending to hit $21.2 billion this year, up from from $15.2 billion in 2021, AdWeek reports , … [Read more...] about How ad-supported streaming will be used to track you

FILE PHOTO: Service members of Ukrainian forces who have surrendered after weeks holed up at Azovstal steel works are seen inside a bus, which arrived under escort of the pro-Russian military at a detention facility in the course of Ukraine-Russia conflict in the settlement of Olenivka in the Donetsk Region, Ukraine May 17, 2022. REUTERS/Alexander Ermochenko MARIUPOL, Ukraine — Moscow said nearly 700 more Ukrainian fighters had surrendered in Russian-held Mariupol as it shored up a key gain in the south, while the United States became the latest Western country to reopen its embassy in Kyiv. Ukraine has ordered its garrison in Mariupol to stand down, but the ultimate outcome of Europe’s bloodiest battle for decades remains unresolved. Top commanders of Ukrainian fighters who had made their last stand at the Azovstal steelworks in the port city were still inside the plant, according to the leader of pro-Russian separatists in control of the area, Denis Pushilin was quoted by … [Read more...] about More Ukraine fighters surrender in Mariupol, Russia says; US reopens Kyiv embassy

- A + A MANILA (May 19): The Philippine central bank raised interest rates for the first time since 2018 on Thursday, joining peers around world in a rush to stem intensifying inflationary pressures that could derail the domestic economy's recovery. The central bank also said the strong rebound in domestic economic activity and labour market conditions during the first quarter "provides scope for (the central bank) to continue rolling back its pandemic-induced interventions", signalling further tightening could be expected. The Bangko Sentral ng Pilipinas (BSP) lifted the overnight reverse repurchase facility rate by 25 basis points to 2.25%, as expected by the majority of 17 economists in a May 12-16 Reuters poll. The rates on the overnight deposit and lending facilities were likewise raised by 25 bps to 1.75% and 2.75%, respectively. The BSP slashed interest rates by a cumulative 200 basis points in 2020 to help revive an economy that had plunged into recession … [Read more...] about Philippines kicks off tightening cycle with first rate hike since 2018

Wan Razly as seen speaking at a press conference in conjunction with the official collaboration of AFFIN x MYTHEO on Thursday (May 19). (Photo by Kenny Yap/The Edge) - A + A KUALA LUMPUR (May 19): Affin Bank Bhd expects its loan growth to expand to 12% compared with 11% last year amidst a challenging economic and operating environment, according to the banking group’s president and chief executive officer Datuk Wan Razly Abdullah Wan Ali. Speaking at a Thursday (May 19) press conference in conjunction with the official collaboration of AFFIN x MYTHEO, Wan Razly said the bank had recorded good loan growth for the first quarter. However, he does not rule out the loan growth tapering off as things will become more expensive for borrowers and they would want to borrow less as they try to minimise their cost with the anticipation of overnight policy rate (OPR) hikes. “For us, we always look for ways to optimise our net interest margin (NIM) with the biggest … [Read more...] about Affin Bank optimistic on loan growth despite its expectation for another potential OPR hike this year

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A DATUK Ahmad Nazim Abdul Rahman, who joined Lembaga Tabung Angkatan Tentera (LTAT) last June, is its third CEO in two years. With his experience as CEO of Pelaburan Mara Bhd, he seems comfortable discussing investment and asset allocation strategies. But given the short stints of his predecessors, the question remains whether he will stay on long enough at the retirement fund to carry out the reforms that have been put in place. Following are excerpts of The Edge’s interview with Nazim. The Edge: LTAT’s main task is to give good dividends to its members. Since 2018, that has come down quite a bit. Are we going to go back and see the good days of 12% to 15%? Datuk Ahmad Nazim Abdul Rahman : It would not be sustainable to go back to that teen-per cent dividend returns. I’m happy to mention we recently announced a dividend of 4.1%, and that is the highest … [Read more...] about Cover Story: Rehabilitating a RM10 billion portfolio

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A BECAUSE military spending has always been shrouded in secrecy, companies involved in the industry are used as conduits to channel kickbacks that go undetected. It is no different with Lembaga Tabung Angkatan Tentera (LTAT) and its subsidiary Boustead Holdings Bhd (BHB), two companies that are major beneficiaries of Malaysia’s defence spending. The defence business is carried out via Boustead Heavy Industries Corporation Bhd (BHIC), in which BHB has a 65% stake. LTAT directly owns 8.16% of BHIC. In the last 15 years, more often than not, the Boustead Group and LTAT were in the limelight for facilitating deals seen largely as not “commercially driven”. From procurement of submarines to land and traffic surveillance systems, LTAT and BHB have been used as vehicles to buy assets at inflated prices. Mainly, the assets are linked to connected individuals. One … [Read more...] about Cover Story: A litany of controversial deals

- A + A LONDON (May 19): Heavy falls in European and Asian stock markets followed Wall Street's worst day since mid-2020 on Thursday, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting. Bond markets rallied in the dive for safety and on bets that interest rate rises may get recalibrated, but it was the gloom striking down equities after Wednesday's US$25 billion wipeout in US retailer Target's shares that dominated the action. Europe opened down 1.8%, led by a 2.2% fall in its retail sector, while scarlet red US futures and some sharp overnight drops in China tech firms put 1½-year lows back in focus for MSCI all-country world. "Target and Walmart coming out with disappointing numbers has really, really spooked people," said Close Brothers Asset Management's Chief Investment Officer Robert Alster. "We are going to see a raft of downgrades to US GDP (forecasts) now... it really looks like we are running into … [Read more...] about Shares slump as retailer warnings fuel stagflation fears

- A + A LONDON (May 19): Britain's pound inched up against the dollar on Thursday, but stayed clear of recent two-week highs as soaring inflation combined with a murky growth outlook prevented a stronger rebound. At 0850 GMT, sterling was up 0.4% at $1.2395. However, the currency stayed off highs of $1.25 seen earlier this week, having tumbled on Wednesday after data showed UK inflation rising to a 40-year record and concerns flared about a sharp economic slowdown given the pain inflicted on consumers. "The key debate we’re having, and the Bank of England is having, is to what extent should they be responding to the pick-up in inflation and to what extent the rise in inflation is putting downward pressure on future growth, so limiting the need to tighten policy," said RBC Capital Markets chief currency strategist Adam Cole. "We're kind of on a bit of a knife edge at the moment over which one dominates." An easing in the safe-haven dollar aided the pound's … [Read more...] about Britain’s pound inches up, but growth fears dominate

- A + A SHENZHEN (May 19): Chinese smartphone maker Xiaomi Corp reported a fall in first-quarter (1Q) revenue as Covid-19 controls and lockdowns bit into demand in China while broader economic headwinds affected sales overseas. Revenue in the quarter ending March 31 dropped to 73.35 billion yuan (US$10.85 billion) from 76.88 billion yuan and fell short of the 74.3 billion yuan expected by analysts, Refinitiv data showed. Smartphone shipments fell 22.1% to 38.5 million units in the quarter, Xiaomi said in a statement on Thursday. Adjusted net profit fell to 2.85 billion yuan from 6.09 billion yuan a year earlier. The company, which generates the vast majority of its revenue from selling mobile handsets, said smartphone revenue fell to 45.8 billion yuan in the quarter. … [Read more...] about Xiaomi’s 1Q revenue falls 4.6% due to Covid-19, supply chain disruptions