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International News 2023-04-12 23:33:56

Poll: Singapore’s Q1 GDP likely slowed, complicating central bank’s task

SINGAPORE, April 12 — Singapore’s economy is likely to have expanded at a slower pace in the first quarter, posing a challenge for the central bank as it seeks to balance containing persistent inflation with efforts to shore up weakening growth.

Preliminary data due on Friday is seen showing gross domestic product (GDP) expanded 0.6 per cent in January to March from a year ago, according to the median forecast of 19 economists in a Reuters poll, due to the weaker external demand.

The city-state’s economy expanded 2.1 per cent year-on-year in the fourth...

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International News 2023-04-12 23:31:11

Ringgit snaps three-day losing streak to end higher

KUALA LUMPUR, April 12 —The ringgit snapped a three-day losing streak to end higher against the US dollar today as the greenback retreated ahead of the release of the United States (US) Consumer Price Index (CPI) data later today, analysts said.

At 6 pm, the local note rose to 4.4065/4120 versus the greenback from yesterday’s closing rate of 4.4160/4210.

SPI Asset Management managing director Stephen Innes said the ringgit had made some headway today as the broader US dollar weakened with all eyes on tonight’s US CPI data.

“But with inve...

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International News 2023-04-12 23:29:57

MAHB sets issue price for dividend reinvestment plan shares at RM6.06 per share

KUALA LUMPUR, April 12 ― Malaysia Airports Holdings Bhd (MAHB) announced that the issue price of its new ordinary shares, according to the dividend reinvestment plan (DRP), was fixed today at RM6.06 per share.

In a filing with Bursa Malaysia today, MAHB said the issue price was fixed based on the five-day volume weighted average market price (VWAP) of MAHB shares of RM6.7631 up to and including April 11, 2023, being the last trading day before the price-fixing date.

It said that this was considered after adjusting the final dividend for the financial year ended December...

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International News 2023-04-10 22:20:12

Short-term interbank rates end stable on Bank Negara operations

KUALA LUMPUR, April 10 — Short-term interbank rates closed steady today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.

Liquidity in the conventional system rose to RM38.70 billion from RM35.48 billion while Islamic funds’ liquidity dropped to RM27.81 billion from RM32.15 billion this morning.

Earlier, the central bank conducted a conventional money market tender, a Commodity Murabahah Programme (CMP) tender, two Qard tenders, and three reverse repo tenders.

It also announced the availability o...

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International News 2023-04-10 22:18:14

Maybank introduces security add-on ‘kill switch’ to block credit, charge card fraud

KUALA LUMPUR, April 10 — Malayan Banking Bhd (Maybank) has introduced a security add-on “kill switch’ solution in addition to the Maybank2u (M2U) access deactivation feature which was launched in January this year.

In a statement today, Maybank said that the new security add-on will allow customers to swiftly and conveniently temporarily block the usage of their credit and charge cards should they suspect a compromise on their cards.

Its group chief executive officer, community financial services Datuk John Chong said that Maybank wants to stand by its...

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International News 2023-04-10 22:16:22

Kenanga maintains neutral call on seaports, logistics amid mixed micro, macro trend

KUALA LUMPUR, April 10 — Kenanga Investment Bank has maintained its neutral call on seaports and logistics amid the global economic uncertainty.

Kenanga said the World Trade Organisation projected global merchandise trade volumes to grow by one per cent this year compared with an expansion of 3.5 per cent chalked up last year.

“Also, consumer confidence and spending globally are likely to take a beating on sustained elevated inflation, rising interest rates and the slowing global economy,” it said in a research note today.

Kenanga said these i...

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International News 2023-04-09 22:47:39

CCA to provide clearer regulatory framework for consumer credit biz, better consumer protection

KUALA LUMPUR, April 9 — The Consumer Credit Bill, targeted for tabling in Parliament in the fourth quarter of 2023, will strengthen the protection for consumers while supporting the development of a consumer credit industry that effectively serves the needs of individuals and small businesses.

The Consumer Credit Act (CCA) will regulate and supervise the non-bank credit providers and credit service providers which are currently unregulated by any ministry or agency—in particular, businesses carrying out Buy Now Pay Later activities, leasing and factoring services; debt...

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International News 2023-04-09 22:45:59

Khazanah divesting entire stake in IMS, sale brings economic benefits to Malaysia

KUALA LUMPUR, April 9 — Khazanah Nasional Bhd’s wholly-owned special purpose vehicle, Granatum Ventures Sdn Bhd, has entered into a definitive share sale agreement to divest its 100 per cent stake in Iskandar Malaysia Studios Sdn Bhd (IMS) to Studio Management Services Sdn Bhd (SMS) to attract foreign investment as well as bringing economic and social benefits into Malaysia.

In a statement today, it said SMS is a consortium led by IMS’s current Malaysian management team in partnership with Singapore’s GHY Culture & Media Holding Co Ltd and its subsidiar...

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International News 2023-04-08 23:48:20

Bursa Malaysia seen range-bound with upward bias next week

KUALA LUMPUR, April 8 — Bursa Malaysia is likely to trade range-bound with upward bias next week, driven by continuous bargain hunting, a dealer said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) index is expected to trade in the range of 1,420-1,440.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local bourse market undertone would likely improve, supported by a resurgence of foreign buying, the improving local economy as well as undemanding valuations of the FBM KLCI.

“From a technical point of view, we see the immediate s...

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International News 2023-04-08 23:47:14

Ringgit to experience technical correction, trading at 4.40-4.41 vs US dollar next week

KUALA LUMPUR, April 8 — The ringgit is expected to experience some technical correction in the coming days, trading in the range of 4.40 to 4.41 against the US dollar, an economist said.

Bank Muamalat Malaysia Bhd chief economist and social finance Mohd Afzanizam Abdul Rashid said the ringgit is already at an overbought position from the technical chart, implying that some correction is quite likely in the near term.

In the meantime, the Non-Farm Payroll (NFP) employment report is expected to show a lower reading, suggesting that the US Federal Reserve (Fed) will p...

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