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- A + A KUALA LUMPUR (May 24): KAF Investment Bank Bhd has appointed Rafiza Ghazali as the chief executive officer (CEO) designate in leading its Digital Islamic Bank. In a statement, the Malaysian financial services group said Rafiza will initially be joining KAF Investment Bank as part of the digital bank project team, pending the incorporation process of the digital bank entity. Deputy chief executive officer Thariq Usman Ahmad said the bank is pleased to have Rafiza to head its digital banking leadership team, given her wealth of experience in both the private and public sectors. “Her extensive foundation in banking as well as her involvement in innovation, particularly with the Malaysian financial technology community, will be a huge asset in the building of KAF's digital banking partnership platform,” he said. According to the statement, Rafiza has experience across the financial industry from Pengurusan Danaharta Nasional Bhd to RHB Investment Bank Bhd, … [Read more...] about KAF Investment Bank appoints Rafiza Ghazali as CEO designate for its Digital Islamic Bank

A local woman looks at an apartment building damaged by a Russian military strike, as Russia's attack on Ukraine continues, in the town of Vuhledar, in Donetsk region, Ukraine May 22, 2022. Picture taken May 22, 2022. - A + A KYIV/SLOVYANSK, Ukraine (May 24): Russian forces were launching an all-out assault to encircle Ukrainian troops in twin cities straddling a river in eastern Ukraine on Tuesday, a battle which could determine the success or failure of Moscow's main campaign in the east. Exactly three months after Russian President Vladimir Putin invaded Ukraine, authorities in the second-largest city Kharkiv were expected to open the underground metro, where thousands of civilians had sheltered for months under relentless bombardment. The reopening is a symbol of Ukraine's biggest military success over the past few weeks: pushing Russian forces largely out of artillery range of Kharkiv, as they did from the capital Kyiv in March. But the decisive battles … [Read more...] about Russia launches all-out assault to encircle Ukraine troops in east

Ritesh Agarwal, founder and chief executive officer of OYO Hotels & Homes, speaks at the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019. (Bloomberg filepix) - A + A (May 24): Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors, said the people, asking not to be identified because the decisions aren’t yet public. If the company picks up the process again by year end, the earliest possibility for an IPO would be in 2023, they said. The Gurgaon-headquartered company, which filed preliminary IPO documents last year, is seeking regulatory permission to update its draft prospectus with … [Read more...] about SoftBank-backed Oyo to shelve plans for IPO in 2022, sources say

- A + A KUALA LUMPUR (May 24): The Malaysian Financial Planning Council (MFPC) said that it has no intention to raise its grouses about certain cash trusts to DAP National Public Complaints Bureau chairman and member of parliament for Kepong, Lim Lip Eng, as it had already brought the issue to the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM). It was previously reported by theedgemarkets.com on Tuesday (May 24) that members of the Investor Protection Group (IPG) were to bring forward their qualms on certain cash trusts to Lim in a meeting to be held on Wednesday (May 25). However, in response to the report, the MFPC — a member of the IPG — said while it was invited to the meeting, the pre-scheduled meeting has been cancelled. The council added that it had no intentions to raise its “grouses” about certain cash trusts in the meeting. “We wish to highlight that the Council, together with the other financial planning associations (IPG) are … [Read more...] about Industry groups say cash trust issue made known to regulators

Duta Perintis is part of the Alam Suria township - A + A PETALING JAYA (May 24): IJM Land Bhd's Duta Perintis saw a take-up of 77% since its official launch in February 2021. Duta Perintis is an apartment project located within the Alam Suria township in Bandar Puncak Alam, Selangor. Nestled in a 6.92-acre land, the low-density Duta Perintis comprises 316 apartment units, spread over a 16-floor building. The units have a built-up size of 850 sq ft with 3 bedrooms and 2 bathrooms, alongside two designated parking bays. The selling price is starting from RM310,000. The project has a gross domestic value of RM100 million. Some of the facilities of the project are swimming pool, wading pool, BBQ pit, multipurpose hall, laundrette and children's playground, badminton court and gym. Launched in 2001, the 1,163-acre Alam Suria township is home to 28,000 residents today. It boasts a 11-acre central park with a wide array of facilities, such as the skate park, … [Read more...] about Duta Perintis hits 77% take-up rate

This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Aluminium, for one, has seen year-to-date gains erased on demand headwinds, especially the slowdown in China’s manufacturing activity due to Covid-19 lockdowns. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Copper prices have also contracted to a more than seven-month low of US$9,000 a tonne as at last Thursday on fears of a global economic slowdown. Attributing the fall to a strong US dollar and weak Chinese demand, Fitch Solutions expects further weakening in metal prices in the second quarter before stabilising in the second half of the year. Local analysts are not overly concerned about softer aluminium prices as they … [Read more...] about Trailing demand a temporary blip for aluminium players

- A + A LONDON (May 24): Food protectionism is on the rise in the developing world as governments try to safeguard local supplies, and the effects are threatening to spill over into richer economies. Countries are restricting exports to cope with high prices that have been exacerbated by the war in Ukraine. Malaysia just announced a ban on chicken exports, causing consternation in Singapore, which gets a third of its supplies from there. India has moved to curb wheat and sugar shipments, Indonesia has limited palm oil sales, and some other nations have issued grain quotas. The poorest countries are most vulnerable to surging food prices and shortages, but wealthier economies are not immune. For example, almost 10 million Britons cut back on food in April amid a cost-of-living crisis. US restaurants are shrinking the size of their portions, while France has pledged to issue food vouchers to some households. "Lower-income households in the UK and the US are … [Read more...] about Rising global food protectionism risks worsening inflation woes

- A + A KUALA LUMPUR (May 24): Continuous selling in selected healthcare and financial services counters pulled Bursa Malaysia to end at intraday low on Tuesday (May 24), marking its fourth consecutive day of decline, in line with negative sentiment on regional bourses, dealers said. IHH Healthcare Bhd and Public Bank Bhd were among the top losers, falling 15 sen and four sen each to RM6.40 and RM4.50, respectively, contributing a total of 3.62 points to the loss in the composite index. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 11.23 points or 0.73% to end at its lowest level for the day of 1,531.3, from Monday’s close of 1,542.53, after hitting a high of 1,547.84 in the early morning session. The benchmark index, which opened 5.31 points higher at 1,547.84, remained in the negative territory for most part of the day. Market breadth was negative with decliners outpacing advancers 696 to 247, while 406 counters were unchanged, 950 untraded, and 11 … [Read more...] about Bursa Malaysia ends at intraday low on continued selling

- A + A (May 24): The sell-off of equities will reach a bottom once the US Federal Reserve (Fed) signals the end of tightening, which may not happen until a recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial condition tightening has been sufficient and that the Fed has delivered and signalled enough tightening,” Goldman strategist Vickie Chang wrote in a note. “Monetary policy has historically stopped tightening about three months before equities bottom, and shifted to easing about two months afterwards.” US equities have slumped this year amid investor concerns that the Fed will plunge the economy into a recession with its active monetary tightening amid soaring inflation. The S&P 500 flirted with a bear market last Friday (May 20), while the Nasdaq 100 is down more than 25% in 2022 as frothy technology shares have led the sell-off on worries about higher rates … [Read more...] about Goldman strategist says stocks will bottom once Fed signals shift

- A + A KUALA LUMPUR (May 24): KNM Group Bhd has sold its entire stake in Borsig GmbH, a German-based process equipment manufacturer, to GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for €220.8 million (RM1.03 billion), but is expected to make an estimated loss of RM490.55 million from the disposal. In a bourse filing on Tuesday (May 24), the group said its wholly-owned indirect subsidiary Deutsche KNM GmbH entered into a conditional sale, purchase and transfer agreement with GSV on Monday. KNM is a multinational group with core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries. GSV is a special investment vehicle wholly-owned by Vorsprung Industries SCSp, incorporated for the acquisition of Borsig. The price tag represents an enterprise value (EV) over earnings before interest, taxes, depreciation and amortisation (ebitda) of 6.63 times, compared with … [Read more...] about KNM to sell Borsig at a loss for RM1 billion