PETALING JAYA: Foreign flows into the local bond market returned to positive territory in May amid foreign investors’ flight-to-safety demand and Bank Negara’s hawkish pivot. Nevertheless, the magnitude was only a meager RM531mil, which did not completely offset the relative net foreign outflows of RM2.2bil in April. Total cumulative foreign holdings in the local bond market grew to RM911.1mil for the first five months of 2022, following the net foreign inflows. Notwithstanding this, they were significantly lower than the cumulative net foreign inflows of RM25bil from January to May 2021, according to MARC Ratings Bhd. Total Malaysian Government Securities/Government Investment Issues (MGS and GII) outstanding expanded by 11.1% year-on-year (y-o-y) to RM947.3bil in May 2022 as there was no redemption of government bonds recorded. This is notwithstanding the reduced issuances in both the MGS (May: RM4.5bil; April: RM10bil) and GII (May: RM8bil; April: RM9.5bil) segments during … [Read more...] about Foreign flows into local bond market returns to positive territory
Foreign accrual property income
ILB Group buys PJ commercial property via share issuance
- A + A KUALA LUMPUR (June 30): ILB Group Bhd, formerly known as Integrated Logistics Bhd, is buying 1,124 sq metres of freehold commercial land with shoplots in Petaling Jaya for RM15.9 million. The acquisition will be satisfied via the issuance of 37.78 million new shares at 42.11 sen per share, said ILB in a filing with Bursa Malaysia. The group said the acquisition of the asset from Impian Nuri Sdn Bhd will give it an additional recurring income stream. This will enable the group to conserve cash resources to fund its core business, as it is still actively pursuing renewable energy projects from both public and private sectors. ILB shares closed half sen or 1.0% lower at 47.5 sen on Thursday (June 30), giving the group a market capitalisation of RM92.64 million. S Kanagaraju … [Read more...] about ILB Group buys PJ commercial property via share issuance
Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal
This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal
How To Move Out Of The US (And The Best Places To Escape)
Share to Twitter Share to Linkedin Wondering how to move out of the U.S.? You’re not alone. Between the recent Supreme Court decision on Roe V. Wade and abortion rights, gun violence and other safety concerns , racial tensions, politics, inflation and more, many Americans have had enough and are thinking about moving abroad to places like Canada , Portugal, Italy and more. Following the U.S. Supreme Court’s controversial decision to overturn Roe v. Wade on Friday, the site International Living—a leading authority for anyone looking for global retirement or relocation opportunities—witnessed a surge in traffic with people searching for a number of “move to” terms. This included terms like “moving out of the U.S.,” “I want to move out of the U.S.,” “moving out of America,” “how to leave America” and “leaving America”—with the top search volume coming under the phrase “ how to move out of the United States ,” which spiked by a staggering 4,000%. “Americans … [Read more...] about How To Move Out Of The US (And The Best Places To Escape)
Hong Kong’s broken billionaire factory shows city losing step
Bloomberg filepix for illustration purpose only - A + A HONG KONG (June 30): In 1996, the year before Hong Kong’s historic return to Chinese rule, two property tycoons from the British colony — Lee Shau Kee and Li Ka-shing — broke into the list of the world’s top 10 richest people for the first time. A quarter century later, that exclusive club no longer features anyone from the city, showing how the territory has failed to keep up with creating wealth. Despite being touted as one of the world’s freest markets, Hong Kong has barely seen any new homegrown billionaires reach the world’s top 500 in the past 25 years, barring a handful, including a son of Li’s and some mainland entrepreneurs with local citizenship running businesses outside Hong Kong. The reason, in part, is due to the special role real estate has continued to play in Hong Kong’s US$368 billion economy. Under a colonial-era policy, the government for decades has relied heavily on land auctions to … [Read more...] about Hong Kong’s broken billionaire factory shows city losing step
Is Lavrov’s Hitler remark the last straw for Israel?
A version of this story first appeared in CNN's Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region's biggest stories. Sign up here . Jerusalem (CNN) In the months since Russia invaded Ukraine , Israel has tried to maintain a delicate diplomatic balancing act . While Israel has officially condemned the invasion, accused Russia of war crimes and sent planeloads of humanitarian aid to Ukraine, it has refrained thus far from fully joining Western sanctions against Russia, mainly because of its own security concerns. In a sort of good cop, bad cop routine, Israel's Prime Minister Naftali Bennett has barely mentioned the name "Vladimir Putin" in his statements on the war in Ukraine, leaving the most direct and damning condemnations of Russia's actions to Foreign Minister Yair Lapid. But comments made by Russian Foreign Minister Sergey Lavrov have hit a raw nerve. On Sunday, Putin's top diplomat sought to justify … [Read more...] about Is Lavrov’s Hitler remark the last straw for Israel?
Amazon (AMZN) Shedding Warehouse Space as Sales Slow
Amazon.com, Inc. ( AMZN ) reportedly is seeking to vacate at least 10 million square feet of warehouse space, and perhaps as much as 30 million. When online sales surged during the height of the COVID-19 pandemic, Amazon rushed to add capacity that is now proving to be excess amid slowing sales. Amazon has estimated that excess space will contribute about $10 billion in costs during the first half of 2022. Putting that figure in perspective, Amazon's operating income was $3.7 billion in Q1 FY2022, and the company's guidance indicates that it expects Q2 FY2022 operating income to be between a loss of $1.0 billion and a profit of $3.0 billion. Key Takeaways Amazon reportedly is looking to shed at least 10 million square feet of excess warehouse space and perhaps as much as 30 million. The company apparently over-expanded during the surge of online shopping around the peak of the COVID-19 pandemic. Amazon estimates that excess space will add about $10 billion in … [Read more...] about Amazon (AMZN) Shedding Warehouse Space as Sales Slow
Thailand News Today | Govt officials slammed for wasting tax money
Government officials have been slammed by the public for wasting taxpayer money. Thai netizens have slammed government officials in the central province of Pathum Thani for wasting taxes on a pointless trip to Phang Nga and Phuket. Government officials from the Mueng ท่าโขลง District were supposed to be taking part in a working seminar to develop women’s potential in Phang Nga, and Phuket, from June 23 – 26. But the non-profit organisation, Anti-Corruption of Thailand, criticised the government on its Facebook page, saying they used the 490,000 baht trip as a holiday. The pictures posted on the non-profit organisation’s Facebook page were taken from the Facebook accounts of the seminar participants. The picture captions were cutting. One said, “Others might go to the sea to escape from love and hot weather, but we escape from work.” Another said, “Go to Phuket! Thanks to the kind sponsors,” and another, “Wonderful activities for ท่าโขลง women.” The pictures reveal … [Read more...] about Thailand News Today | Govt officials slammed for wasting tax money
RBI Financial Stability Report: Banks’ asset quality improving, GNPAs at 6-year low
Representative Image Policy support, including regulatory dispensations, helped the India’s banking sector navigate the COVID-19 pandemic and led to an improvement in asset quality in FY22, the Reserve Bank of India said in its Financial Stability Report released on June 30. The gross non-performing assets (GNPA) ratio of scheduled commercial banks declined to a six-year low of 5.9 percent in March 2022 from 7.4 per cent in March 2021, the RBI said. Net non-performing assets (NNPA) ratio also fell by 70 basis points during FY22 and stood at 1.7 percent as on March-end. Under the assumption of no further regulatory reliefs as well as without taking the potential impact of stressed asset purchases by National Assets Reconstruction Company Limited (NARCL) into account, stress tests indicate that GNPA ratio of all SCBs may improve to 5.3 percent by March 2023 from 5.9 percent in March 2022, according to the RBI. This is under the baseline scenario driven by higher expected … [Read more...] about RBI Financial Stability Report: Banks’ asset quality improving, GNPAs at 6-year low
Bursa ends at day’s low on heavy last-minute selling
- A + A KUALA LUMPUR (June 30): Bursa Malaysia erased gains made earlier on Thursday (June 30) to end at its intraday low following heavy selling in the last 10 minutes of trading, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 0.5%, or 7.26 points, to finish at 1,444.22 from Wednesday's close of 1,451.48. The benchmark index, which opened 4.02 points better at 1,455.5, moved between 1,444.22 and 1,460.3 throughout the day. Overall market breadth was negative with losers outpacing gainers 520 to 327, while 396 counters were unchanged, 1,039 untraded, and 65 others suspended. Total turnover narrowed to 2.26 billion units worth RM1.97 billion from 2.37 billion units valued at RM1.77 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices also finished broadly lower following negative cues from Wall Street overnight. The Nikkei 225 in Tokyo declined after Japan’s May … [Read more...] about Bursa ends at day’s low on heavy last-minute selling