- A + A KUALA LUMPUR (Aug 9): Apple has partnered with Ambank, Maybank and Standard Chartered Malaysia to offer its mobile payment services to Malaysian customers. “Customers with Visa and Mastercard cards from banks including AmBank, Maybank and Standard Chartered Bank can now use Apple Pay, with American Express cards to be available with Apple Pay later this year,” the consumer electronic company announced on its website on Tuesday (Aug 9). "Merchants such as KFC, Maxis, Machines, McDonald’s, Mydin, Pizza Hut, Starbucks, U Mobile, Uniqlo, Village Grocer and Watsons — and apps and websites including Shopee, Sephora, Atome and Adidas — now offer customers the ability to pay with Apple Pay." Apple’s vice president of Apple Pay and Apple Wallet Jennifer Bailey said the company is delighted to bring Apple Pay to Malaysia, providing an easier, safer and more secure way to pay with iPhone, Apple Watch, iPad and Mac. “Our customers in Malaysia will benefit from using … [Read more...] about Apple jumps onto Malaysia’s mobile payment bandwagon
Malaysia 10 sen coin value
KLCC Stapled Group’s 2Q net profit rises 15% to RM165 mil, declares eight sen dividends
- A + A KUALA LUMPUR (Aug 9): KLCC Stapled Group's net profit for the second quarter ended June 30, 2022 (2QFY22) rose 14.69% to RM165.18 million, from RM144.01 million a year ago, as revenue grew 25% to RM350.31 million from RM280.17 million. The group declared interim dividends comprising 0.99 sen and 7.01 sen relating to KLCC Property Holdings Bhd and KLCC REIT respectively for 2QFY22, totalling eight sen per stapled security, to be payable on Sept 28. These brought KLCC Stapled Group's total income distribution to 16 sen for the first half of FY22. The group said in a Bursa Malaysia filing on Tuesday (Aug 9) that the improved year-on-year performance was mainly due to a better performance of its retail segment, driven by lower rental assistance and higher advertising income. In a separate statement, it stated that Suria KLCC and the retail podium of Menara 3 Petronas, which represent the retail segment, saw a 46.4% increase in revenue to RM125.2 million. The … [Read more...] about KLCC Stapled Group’s 2Q net profit rises 15% to RM165 mil, declares eight sen dividends
Malaysia’s unemployment rate down to 3.8% in June, lowest since Covid-19 pandemic struck
According to Mustapa, the number of unemployed decreased to 630,600 in June, from 637,700 people the previous month. (Photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (Aug 9): The unemployment rate continued to show a downward trend, recording 3.8% in June — the lowest since the Covid-19 pandemic hit the country — said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed. He said the number of unemployed decreased to 630,600 in June, from 637,700 people the previous month. Citing the June 2022 Malaysian Labour Force Statistics published by the Department of Statistics Malaysia on Tuesday (Aug 9), Mustapa said the country had reached full employment since April, in terms of the unemployment rate being below 4% as defined by the Organisation for Economic Co-operation and Development. Therefore, he said the position of the labour force was more stable following an increase in the number of workers of 0.2% to 16.57 million … [Read more...] about Malaysia’s unemployment rate down to 3.8% in June, lowest since Covid-19 pandemic struck
Texchem’s 2Q net profit jumps 16 times to RM6.73m, declares eight sen dividend
- A + A KUALA LUMPUR (Aug 9): Texchem Resources Bhd saw its net profit jump about 16 times to RM6.73 million in the second quarter ended June 30, 2022 (2QFY22) from RM424,000 a year earlier, thanks to recovery of restaurant division amid the country’s transition to endemicity, as well as the reopening of international borders. Earnings per share (EPS) increased to 5.70 sen from 0.35 sen the prior year, the Sushi King owner and operator told Bursa Malaysia on Tuesday (Aug 9). Besides owning and operating the Sushi King chain of restaurants, Texchem’s other main businesses include industrial, food and polymer engineering. Quarterly revenue in 2QFY22 rose 15.42% to RM301.46 million from RM261.19 million in 2QFY21, as revenue from the restaurant division rose to RM72.9 million from RM40 million. Exluding the share-based payments of RM400,000, the restaurant division achieved a profit before tax (PBT) of RM3.2 million — a turnaround from a loss before tax (LBT) of … [Read more...] about Texchem’s 2Q net profit jumps 16 times to RM6.73m, declares eight sen dividend
Malaysia and New Zealand have demonstrated how small states can work together
New Zealand Foreign Affairs Minister Nanaia Mahuta responds to queries during the Question-and-Answer session of the Foreign Policy for Small States lecture series, organised by the Institute of Diplomacy and Foreign Relations (IDFR) at the IDFR Auditorium in Kuala Lumpur on Tuesday, Aug 9, 2022. (Bernama pix) - A + A KUALA LUMPUR (Aug 9): Malaysia and New Zealand are a powerful demonstration of how small states can work together bilaterally, regionally and globally in dealing more effectively with the current global and regional geopolitical challenges, New Zealand’s Foreign Minister Nanaia Mahuta said. Both countries served together on the United Nations (UN) Security Council in 2015-16 and worked closely in another area, disarmament and arms control. “We also cooperate on international law issues, including the UN Convention on the Law of the Sea. Last year New Zealand joined others in setting out our legal position on the South China Sea, in support of … [Read more...] about Malaysia and New Zealand have demonstrated how small states can work together
PTP becomes first container terminal in Malaysia to surpass one million TEUs in a month
- A + A KUALA LUMPUR (Aug 9): The Port of Tanjung Pelepas (PTP), a joint venture between Malaysia-based MMC group and Netherlands-based APM Terminals, hit a historic milestone by becoming the first container terminal in Malaysia to surpass one million twenty-foot equivalent units (TEUs) in a month. “The milestone was recorded on July 31, 2022 at approximately 11.45pm during the loading process on MTT Cebu vessel, with the final monthly throughput volume registered at 1.00 million TEUs,” it said in a statement on Tuesday (Aug 9). Commenting on the achievement, Transport Minister Datuk Seri Dr Wee Ka Siong lauded PTP for its sterling performance in achieving the latest record, despite the current challenging business environment, especially due to rising freight costs, port congestions, the impact of the Ukraine war on global shipping, equipment and manpower shortages. “This latest record-breaking milestone and various other accomplishments set by PTP over the … [Read more...] about PTP becomes first container terminal in Malaysia to surpass one million TEUs in a month
Cradle, Microsoft Malaysia collaborate to empower startups in Malaysia
- A + A KUALA LUMPUR (Aug 9): Cradle Fund Sdn Bhd and Microsoft Malaysia will collaborate in empowering startups in Malaysia to scale innovative results at a global level. The collaboration through the signing of a memorandum of understanding (MOU) between Cradle, an agency under the Ministry of Science, Technology and Innovation (MOSTI), and Microsoft will provide access to upskilling opportunities and technical guidance for startups to improve capabilities. Besides that, the MOU will also provide startups with access to the Microsoft Mentor Network, along with free access to GitHub Enterprise and productivity boosts with Microsoft 365 and Azure cloud credits of up to US$150,000 (US$1=RM4.45) to build their products. Minister of Science, Technology and Innovation Datuk Seri Dr Adham Baba, who witnessed the signing, said the collaboration would be a catalyst for more active growth and development for startups in Malaysia. “The collaboration between Cradle and … [Read more...] about Cradle, Microsoft Malaysia collaborate to empower startups in Malaysia
Leong Hup’s unit to be fined RM157.47 mil if found to have infringed Competition Act 2010
- A + A KUALA LUMPUR (Aug 9): Leong Hup International Bhd's unit Leong Hup Feedmill Malaysia Sdn Bhd (LFM), one of the five feed millers recently issued with a proposed decision by the Malaysia Competition Commission (MyCC), said that MyCC has proposed to impose a financial penalty of RM157.47 million in the event LFM is found to have infringed the Competition Act 2010. In a filing with Bursa Malaysia on Tuesday (Aug 9), Leong Hup said that it provided the additional information for the purpose of clarity. Besides the RM157.47 million fine, Leong Hup also said that if LFM is found to have infringed the Act, MyCC proposed to direct LFM to undertake the following: i) to cease and desist from participating and engaging in the alleged anti-competitive horizontal agreement in relation to any discussion on price-related matters pertaining to chicken feed; ii) to submit monthly price-related matters to MyCC including the announcement of price adjustment to customers, a … [Read more...] about Leong Hup’s unit to be fined RM157.47 mil if found to have infringed Competition Act 2010
Bursa ends mixed
- A + A KUALA LUMPUR (Aug 9): Bursa Malaysia closed mixed on Tuesday (Aug 9) with the benchmark index ending in the positive territory backed by buying in heavyweights, in sync with the mixed performance in regional bourses. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.65 points to 1,497.68 from Monday’s close of 1,496.03. The benchmark index, which opened 2.49 points higher at 1,498.52 on Tuesday morning, fluctuated between 1,495 and 1,501.03 throughout the trading session. The broader market was negative as losers beat gainers 395 to 373, while 460 counters were unchanged, 1,039 untraded, and eight others suspended. Total turnover increased to 2.52 billion units worth RM1.26 billion from 2.19 billion units worth RM1.33 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said investors seemed reluctant to make more significant moves due to the absence of buying catalysts as the market undertone remained jittery … [Read more...] about Bursa ends mixed
Suspense over Jardine’s third attempt at CCB privatisation
This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. - A + A WILL it be third time’s the charm for Jardine Cycle & Carriage Ltd, which launched yet another unconditional takeover offer for Cycle & Carriage Bintang Bhd (CCB) on July 14? Jardine’s bid to acquire the rest of the shares in CCB that it does not already own — at an offer price of RM2.70 per share — marks its third attempt at making CCB a fully owned subsidiary. As with the first two exercises, the current offer is expected to fall short, because even though it is higher than the previous offers of RM2.20 per share followed by another at RM2.40, it is still far from the RM4.65 enterprise value (EV) that the main dissenting shareholder Datuk David Goh contends it is worth. In an exclusive interview with The Edge in July last year, Goh said that the underlying value of CCB — one of the largest Mercedes-Benz dealerships in the country — was at … [Read more...] about Suspense over Jardine’s third attempt at CCB privatisation