Latest
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Banking
OPR to remain at 3% due to manageable inflation pressure - RHB Investment
KUALA LUMPUR: The overnight policy rate (OPR) is expected to remain unchanged at three per cent throughout 2024 due to manageable inflation pressures and stable economic prospects, said RHB Investment Bank Bhd (RHB IB).
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Corporate News
eConfirm Global officially launched
KUALA LUMPUR: eConfirm Global, a revolutionary platform designed to be the first step in digitalising the audit confirmation process across multiple regions, has been officially launched.
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Forex
Ringgit extends gains vs US dollar at close
KUALA LUMPUR: The ringgit extended its gains to end stronger against the US dollar today amid rising expectations for an interest rate cut in the United States (US), an analyst said.
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Corporate News
Systech partners with Pinetop for AI-powered data centres
KUALA LUMPUR: Systech Bhd’s wholly owned subsidiary SysAIU Sdn Bhd has signed a collaboration agreement with Pinetop Technology Venture Sdn Bhd, to establish advanced artificial intelligence (AI) data centers in Malaysia.
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Energy
PETRONAS posts commendable results, to keep energy transition strategy intact
KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) will keep its focus on ensuring energy security and fostering continued collaboration with stakeholders to safeguard Malaysia’s interests and support nation-building efforts.
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Corporate News
CN ASIA and JHEEE partner to explore wind energy in Malaysia
KUALA LUMPUR: CN ASIA Corp Bhd has signed a framework agreement with Jianghe Electromechanical Equipment Engineering Co Ltd (JHEEE) to explore and invest in Malaysia’s wind energy sector.
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Corporate News
Kerjaya Prospek Property’s CEO resigns to pursue personal interests
KUALA LUMPUR: Kerjaya Prospek Property Bhd’s chief executive officer (CEO) Lee Sor Phaik has resigned from her position according to a bourse filing on Thursday.
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Corporate News
PPB Group expects stronger ringgit to reduce raw material cost, spur consumer spending
KUALA LUMPUR: Diversified conglomerate PPB Group Bhd sees the appreciation of the ringgit against the US dollar as a positive development for its operations, as this is expected to lower the cost of raw materials and increase consumer spending.
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Markets
FBM KLCI falls for fourth straight day, down 5.42 points
KUALA LUMPUR: The FBM KLCI closed in the red, marking its fourth consecutive session in negative territory, as concerns over the growth outlook in the US weighed on sentiment.
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Energy
Singapore to import more low-carbon power from Indonesia, minister says
JAKARTA: Singapore will issue conditional approvals to import 1.4 gigawatts (GW) of electricity from two power projects in Indonesia, in addition to a previously agreed 2 GW of imports, senior minister Teo Chee Hean said in Indonesia on Thursday.
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Markets
Bursa Malaysia suspends short-selling of D & O's shares
KUALA LUMPUR: The intraday short selling (IDSS) of D & O Green Technologies Bhd’s shares has been suspended for the rest of the day after its last done price dropped more than 15% or 15 sen from its reference price.
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Corporate News
China's Midea Group to launch at least US$3bil share offering in Hong Kong, sources say
SYDNEY/HONG KONG: Chinese home appliance maker Midea Group plans to launch a share offering in Hong Kong to raise at least $3 billion as early as Monday, said two sources, in the city's largest deal in more than a year.
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Energy
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
OIL prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.
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Markets
AmInvestment Bank raises FBM KLCI target to 1,660 for end-2024
KUALA LUMPUR: AmInvestment Bank Bhd has raised its base-case end-2024 FTSE Bursa Malaysia KLCI (FBM KLCI) target to 1,660 from 1,635 earlier, supported by robust foreign equity flows and stronger ringgit prospects.
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Banking
Bank Negara holds OPR at 3.0% to support economic growth
KUALA LUMPUR: Bank Negara kept the overnight policy rate (OPR) unchanged at 3% after concluding its two-day Monetary Policy Committee (MPC) meeting, a decision widely anticipated by economists.
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Energy
OPEC+ supply outlook, demand slowdown and geopolitics to be in focus at APPEC
OIL markets have been on a roller coaster ride recently and delegates at APPEC (Asia Pacific Petroleum Conference) would seek to gain insights on whether mounting geopolitical tensions can overshadow concerns around slowing demand as well as rising supplies, to keep prices supported.
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Corporate News
MyCC slaps fines on seven companies for bid-rigging cartel
PETALING JAYA: The Malaysia Competition Commission (MyCC) has fined seven companies a combined sum of RM446,092.95 for participating in a bid-rigging cartel involving tenders from the Defence Ministry (Mindef) between 2017 and 2020.
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Markets
Stocks recover some ground after global sell-off; currencies up
EMERGING Asian stocks gained some ground on Thursday after a steep sell-off in the previous session, as traders raised their bets of an outsized rate cut by the Federal Reserve on lingering concerns over the growth outlook in the United States.
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Aviation
Malaysia launches aviation decarbonisation drive targeting net zero emissions by 2050
KUALA LUMPUR: Malaysia is targeting net zero emissions in its aviation sector by 2050 through the launch of a decarbonisation plan, its transport ministry said on Thursday.
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Corporate News
Binastra unit secures RM283.3mil building job in KL
KUALA LUMPUR: Binastra Corporation Bhd's (formerly known as Comintel Corporation Bhd) unit has received a RM283.3mil contract for the main building works of a major residential development in Taman Desa, Kuala Lumpur.