By ILAN BEN ZION JERUSALEM (AP) — Israeli troops killed three Palestinian militants and wounded dozens in a shootout that erupted during an arrest raid in the city of Nablus in the occupied West Bank on Tuesday. The shootout came a day after a cease-fire ended three days of fighting between Israel and the Palestinian Islamic Jihad militant group in the Gaza Strip. Israeli police said security forces encircled the home of Ibrahim al-Nabulsi, who they say was wanted for a string of shootings in the West Bank earlier this year. They confirmed that al-Nabulsi and another Palestinian militant were killed in a shootout at the scene, and that troops found arms and explosives in his home. The Israeli military said that troops came under attack from Palestinians throwing rocks and explosives, and that soldiers responded with live fire. It confirmed Palestinians were shot, but did not elaborate on their condition. The Palestinian Health Ministry said three people were killed — … [Read more...] about Palestinians: Israeli troops kill 3 militants in West Bank
Quek's Hong Leong Bank stake seen as attractive despite premium valuation - A + A Tan Sri Quek Leng Chan (Photo by Bloomberg) KUALA LUMPUR (Aug 10): Hong Leong Bank Bhd chairman Tan Sri Quek Leng Chan's reported attempt to pare down his controlling stake in the bank may not be an easy task, given the size of his shareholding and the premium valuation, whose share price is hovering near the historic high of RM21.20 it reached in May. Hong Leong Bank, with a market capitalisation of RM45.26 billion, is a screaming buy among analysts tracking the banking stock because of its attractive return-on-equity (ROE) and asset quality. There is not a single sell call on Hong Leong Bank. Nonetheless, this raises the question whether its rivals will pay a premium for it? Quek controls 62% of Hong Leong Bank via Hong Leong Financial Group Bhd (HLFG), which is way above the 10% limit that any individual is allowed to hold in a financial institution, according to the … [Read more...] about Hong Leong Bank seen as attractive but are there any buyers?
Joey Salceda MANILA, Philippines — Albay Rep. Joey Salceda has called on the Bangko Sentral ng Pilipinas (BSP) to regulate the high fees charged by banks for digital fund transfers using Instapay, PesoNet, and other interbank systems. Calling prevailing high bank transfer fees a form of “avarice,” or extreme greed for wealth or material gain, the House ways and means committee chair on Tuesday cited data from the BSP showing that interbank transfer fees using PesoNet reached as high as P2,100 per transaction, with P550 being the highest charged by a purely local bank, while InstaPay fees amounted to as much as P35 per transaction. PesoNet is used for fund transfers involving bigger amounts, while InstaPay, which has a daily limit of P50,000, is commonly used by ordinary consumers for everyday transactions such as paying groceries or electricity and water bills involving as little as a few hundred pesos. InstaPay and PesoNet are private entities operated by a consortium of … [Read more...] about BSP cap sought on digital transfer fees charged by banks
MANILA, Philippines — Makati City Rep. Luis Campos Jr. urged the Bangko Sentral ng Pilipinas (BSP) Friday to name the banks that have already submitted applications to raise their automated teller machine (ATM) fees, following the lifting of a six-year freeze. Campos issued the statement after BSP Deputy Governor Chuchi Fonacier refused to identify the “below 10” banks that have already petitioned to raise their ATM transaction charges. The congressman argued that “the banks are bound to be identified anyway, considering that both the House and the Senate are poised to launch separate inquiries.” READ: ATM fee hike looms; House inquiry sought | Lawmaker seeks inquiry into looming ATM fee hike The BSP, Campos said, has a Financial Consumer Protection Department that could release the names of the applicant banks. Bill regulating ATM fees Bayan Muna Reps. Carlos Zarate, Eufemia Cullamat and Ferdinand Gaite, meanwhile have filed a bill seeking to regulate ATM … [Read more...] about BSP urged to name banks asking for higher ATM transaction fees
- 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
- A + A (Aug 9): China’s top auditor is conducting a review of the US$3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting. In an unscheduled move, the National Audit Office — which previously led an examination of bank exposures to Jack Ma’s Ant Group Co — has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability, according to people familiar with the matter. The firms are being asked to report on their risky loans to developers and any plans to dispose of them, the people said, asking not to be named as they’re not authorised to speak publicly. The audit office is expected to submit its conclusions to policy makers in Beijing, who may decide on the future reforms of the sector, the people said. While it is unclear what regulatory action the scrutiny will spur, the move illustrates … [Read more...] about China orders surprise audit of US$3 trillion trust industry
Heavy fighting was reported on Tuesday in frontline towns near the eastern city of Donetsk, where Ukrainian officials said Russian troops were launching waves of attacks as they tried to seize control of the industrialised Donbas region. - A + A KYIV (Aug 9): Russia unleashed ground forces, air strikes and artillery as it pressed ahead with a grinding offensive designed to complete its capture of eastern Ukraine, but Kyiv said its troops were putting up fierce resistance and holding the line. Heavy fighting was reported on Tuesday in frontline towns near the eastern city of Donetsk, where Ukrainian officials said Russian troops were launching waves of attacks as they tried to seize control of the industrialised Donbas region. "The situation in the region is tense — shelling is constant throughout the front line ... The enemy is also using air strikes a great deal," Pavlo Kyrylenko, governor of the Donetsk region, one of two that makes up Donbas, told Ukrainian … [Read more...] about Moscow steps up assault in eastern Ukraine as Kyiv calls for ‘ban’ on Russians
- A + A KUALA LUMPUR (Aug 9): Lagenda Properties Bhd on Tuesday (Aug 9) announced it is acquiring a 422-acre land in Perak for RM92.4 million cash. Taraf Nusantara Sdn Bhd — a wholly owned subsidiary of Blossom Eastland Sdn Bhd, which is in turn wholly owned by Lagenda — entered into a conditional sale and purchase agreement with Ladang Awana Sdn Bhd in relation to the proposed acquisition. The exercise involves 42 block titles of development and agricultural land, all located within Mukim Durian Sebatang, in the Hilir Perak district of Perak. In a Bursa Malaysia filing, Lagenda said the land is adjoining Lagenda Teluk Intan, a master planned ongoing affordable township development by the group, and is strategically located about 4km off West Coast Expressway (WCE) to its west. Geographically, the Teluk Intan town centre is located approximately 7km due north of Lagenda Teluk Intan. “The proposed acquisition is undertaken to acquire the subject lands which are … [Read more...] about Lagenda Properties to acquire 422-acre land in Perak for RM92m cash
- 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
Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. In a case of how cheer for the economy may not be so for markets, investors in US stocks fretted over excellent jobs data. US businesses added 5,28,000 jobs in July, beating most estimates by an embarrassing margin. US 2-year treasuries rose after the report, as the market priced in a more certain likelihood of another 75-basis point rate hike by the US Fed. But the S&P 500 slipped, as investors pondered over what too strong an economy could mean for interest rates. Those fears did not carry over to India, however, with the stock market rising by a strong 0.8 percent at 1.15pm. The RBI’s 50 basis point hike in the repo rate last week and its determination to stay in ‘withdrawal of accommodation’ mode is … [Read more...] about Moneycontrol Pro Panorama | Are US and Indian markets decoupling?