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  • Ideas: Easing monetary policy, fiscal stimuli not the right move

    August 14, 2018 5:00 AM 118

    PETALING JAYA: Easing monetary policy and introducing fiscal stimuli to support consumption may not be the right way to prepare Malaysia for its first recession since 2009, said the Institute for Democracy and Economic Affairs (Ideas). Ideas senior fellow Dr Carmelo Ferlito was responding to Bank Islam Malaysia chief economist Dr Mohd Afzanizam Abdul

  • Bursa Malaysia ends lower on selling pressure

    August 13, 2018 9:48 AM 45

    KUALA LUMPUR: Bursa Malaysia ended lower today on selling pressure across-the-board as market sentiment remained volatile due to external factors, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was lower at 1,783.40, down 22.41 points, from Friday's close of 1,805.75. The index opened 2.10 points lower at 1,803.65 and moved between

  • Zecon's share price fall 6.84% on action against JKR

    August 13, 2018 3:51 AM 22

    PETALING JAYA: Zecon Bhd fell 6.84% to 35 sen this morning after the company obtained an injunction from the Kuala Lumpur High Court to restrain the Public Works Department (JKR) from making a claim or receiving RM24.75 million bank guarantee proceeds. Last Friday’s injunction comes on the heels of Zecon's announcement on Wednesday, that it had received

  • Westports shares fall following deferment of container tariff hike

    August 13, 2018 3:50 AM 21

    PETALING JAYA: Westports Holdings Bhd’s share price fell 4.47% this morning after the Port Klang Authority (PKA) postponed the second phase of the container tariff revision at Port Klang. At 11.33am, its share price was 4.47% or 17 sen lower at RM3.63 with 343,800 shares traded, making it one of the top losers this morning. Last Friday, Westports said it received

  • Colin George Harvey is new 7-Eleven CEO

    August 10, 2018 11:35 AM 32

    PETALING JAYA: Colin George Harvey has been appointed as the new CEO of 7-Eleven Malaysia Holdings Bhd effective August 10. Harvey, 48, replaces acting CEO Ho Meng, who is also the executive director of 7-Eleven Malaysia. Former CEO Gary Thomas Brown stepped down in July 2017. Prior to this appointment, Harvey served as an independent director of the board

  • Versatile Creative's forensic audit shows RM2.3m unauthorised payment approved by MD, CFO

    August 10, 2018 10:31 AM 28

    PETALING JAYA: The forensic audit report on Versatile Creative Bhd revealed financial irregularities in the form of an unauthorised payment of RM2.3 million was approved by its managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow. The group told the stock exchange that both of them could not account for the RM 2.3 million

  • Marine & General gets RM48m contract from Murphy Sarawak Oil

    August 10, 2018 9:40 AM 39

    PETALING JAYA: Marine & General Bhd's subsidiary Jasa Merin (Malaysia) Sdn Bhd has bagged a RM48 million contract from Murphy Sarawak Oil Co Ltd to provide two anchor handling tug supply vessels (60MT) to support Murphy's Sarawak production operations. The group told the stock exchange that the contract for the first vessel started on August 1 while

  • Nomura cautious on local stock market on possible macro risks, regime change

    August 10, 2018 6:55 AM 31

    KUALA LUMPUR: Nomura, which has set end-2018 FBM KLCI target at 1,830 points, remains neutral on Malaysia's stock market, citing that macro risks and regime change may weigh on the country's equity market performance this year. However, its head of Malaysia Equity Research Tushar Mohata said at a media briefing today that possible upside would be premised

  • Malaysia's IPI grows 1.1% in June, mining down 9.4%

    August 10, 2018 6:36 AM 34

    PETALING JAYA: Malaysia's Industrial Production Index (IPI) growth moderated to 1.1% in June 2018 compared with the same month a year ago, due to a contraction in mining output. According to the Department of Statistics, the growth in June was supported by an increase in the manufacturing (+4.5%) and electricity (+3%) sectors, while the mining index

  • LHAG urges gov to repeal law allowing Finance Minister to give tax exemptions

    August 9, 2018 7:34 AM 27

    KUALA LUMPUR: Tax firm Lee Hishammuddin Allen & Gledhill (LHAG) has urged the government to repeal a law which allows the Finance Minister to give exemptions to individuals and companies. LHAG partner S. Saravana Kumar said under the Section 127 (3)(a) of the Income Tax Act, the Finance Minister is allowed to give tax exemptions to individuals and companies