MarketWrap: Asian stocks steadied early on Monday, taking cues from Wall Street shares hovering around record highs, while the pound nursed losses after a poll showed a shrinking lead for Prime Minister Theresa May's party in Britain's upcoming elections. MSCI's broadest index of Asia-Pacific shares outside Japan stood little changed. - Reuters
Top foreign stories
Lenovo's struggling mobile business sets sight on high-end market: After a bruising fall from its spot as the world's third-largest mobile phone maker following its acquisition of Motorola three years ago, China's Lenovo Group Ltd is counting on a push upmarket to stop the bleeding in its smartphone business. - Reuters
China April industrial profits up 14% but slowing pace stokes economy worries: Profits earned by Chinese industrial firms rose 14% in April from a year earlier, official data showed on Saturday, slowing from March's pace and adding to concerns that the world's second-largest economy may be losing steam. Profits in April rose to 572.78 billion yuan (US$83.59 billion), the National Bureau of Statistics said on its website. - Reuters
Hong Kong property cooling moves set to fail as shadow lenders fill the gap: Hong Kong's latest attempt at cooling home prices in one of the world's most expensive property markets is expected to send buyers scouring for loans in the unregulated shadow banking industry, spreading risk across the financial sector. - Reuters
Acquisitions accelerate as tech giants seek to build AI smarts: A total of 34 artificial intelligence startups were acquired in the first quarter of this year, more than twice the amount of activity in the year-ago quarter, according to the research firm CB Insights. Tech giants seeking to reinforce their leads in artificial intelligence or make up for lost ground have been the most aggressive buyers. Alphabet Inc's Google has acquired 11 AI startups since 2012, the most of any firm, followed by Apple Inc, Facebook Inc and Intel Corp, respectively, according to CB Insights. - Reuters
Top local stories
Zukri: Islamic banking sector ripe for M&As: Outgoing Bank Islam managing director Datuk Seri Zukri Samat feels the Islamic banking sector is ripe for mergers and acquisitions (M&As), saying there just too many Islamic banks in the country. There are 16 Islamic banks in Malaysia of which two are full-fledged banks, eight are subsidiar-ies of conventional banks and the remaining, foreign banks. - StarBiz
Bank Negara issues licences to kick off fintech: Bank Negara has issued licences to four companies to operate within its “regulatory sandbox”, marking a milestone in the growth of financial technology (fintech) in Malaysia. The central bank has created a unit called the Financial Technology Enabler Group which would oversee the entry of technological innovations in financial services. - StarBiz
LTH’s project in TRX to incorporate iconic design: The Lembaga Tabung Haji’s (LTH) property development in Kuala Lumpur’s new international financial district, the Tun Razak Exchange (TRX), will boast of iconic and spectacular features. TH Properties Sdn Bhd, a subsidiary of LTH, which will carry out the real estate project in TRX, confirmed that it was in the final stage of firming up the design. - Bernama
YTL REIT buys Majestic Hotel for RM380m cash: YTL Hospitality Real Estate Investment Trust (REIT) has acquired another five-star hotel, the Majestic Hotel Kuala Lumpur, from parent company YTL Corp Bhd for RM380mil in cash. Pintar Projek Sdn Bhd, the manager of the trust, said the property would be subleased to the vendor for 15 years with an option to renew for a further 15 years. - StarBiz
GDex wants to be seen as a full-fledged courier delivery provider: GD Express Carrier Bhd (GDex) MD and CEO Teong Teck Lean wants people to see the company as a full-fledged courier delivery provider over the next three to five years. The company continues to invest in its capacity and call centres and has allocated some RM30mil this year for this purpose. - StarBiz
Bioalpha to launch new health supplements in key markets: Ace Market-listed Bioalpha Holdings Bhd aims to launch new products in its key markets, particularly Malaysia, Indonesia and China, as part of it expansion strategy. - StarBiz
Manulife back as substantial shareholder in Engtex: Manulife Holdings Bhd has re-emerged as a substantial shareholder in steel and ductile iron pipe manufacturer Engtex Group Bhd. Its unit Manulife Asset Management Services Bhd had last Wednesday bought 17.86 million shares, or 5.29%, raising its stake in Engtex to about 7.5%.- StarBiz
HSR to boost trade between Malaysia and Singapore: The Malaysia Singapore Business Council sees the upcoming KL-Singapore high-speed rail (HSR) project as “a major catalyst to boost trade relations” between the two countries. Its chairman Datuk Seri Dr Nik Norzrul Thani said the council saw opportunities to facilitate participation of businesses from both countries via the mega project. - StarBiz
Hiccups at Turkish ops not hurting IHH: Analysts are more focused on the expansion initiatives of IHH Healthcare Bhd in its Turkish operations, downplaying short-term hiccups from the foreign exchange effect as it is not are not expected to have a lasting impact on the group’s prospects. - StarBiz
Kronologi to raise funds for expansion: Enterprise data management firm Kronologi Asia Bhd plans to raise funds to meet the capital requirements of its regional expansion plans in the medium-term. CEO and chief technology officer Philip Teo said Kronologi would start the fund raising exercise in the current quarter. - StarBiz
Online traders must register with CCM: All online traders who carry out businesses via market- place or e-commerce companies must register with the Companies Commission of Malaysia (CCM) within the next six months. CEO Datuk Zahrah Abd Wahab Fenner said the move was aimed at protecting consumers and instilling confidence in them in line with the Registration of Businesses Act 1956. - Bernama
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