Why are stocks falling again? The FBM KLCI lost ground today as market sentiment was weak ahead of the G20 summit later this week. The benchmark index closed 2.12 points or 0.13% lower at 1,674.49. An analyst said he believes the market would not see any big movements in the next two days, TheEdge has said. If you’re retired, a bear market doesn’t offer much reason for cheer.
The Petronas Workers’ Union in Sarawak alleged today it is “patronising, insulting and arrogant” for the Malaysian national oil corporation to expect and demand that all employee unions accept a one-size-fits-all offer. This is not a one-size fits all solution. If there was a one-size-fits-all, this would be easy.
Well well well, the Employees Provident Fund (EPF) commented that the remuneration of directors must be linked to the performance of the company, in response to questions from The Edge Financial Daily following the unexpected move by FGV Holdings Bhd’s substantial shareholders to vote against directors’ remuneration yesterday. Experience is a good school. But the fees are high.
There Are Too Many Companies Doing the Exact Same Thing! Malaysia Population 32M. E-Wallet services 40. China Population 1.5B. E-Wallet services 2. Seriously?
Mergers & Acquisitions; Shareholders of Apex Equity Holdings Bhd have given their approval for the proposed merger between its wholly-owned unit JF Apex Securities Bhd and Mercury Securities Sdn Bhd, despite an earlier condition by the Securities Commission (SC) that its largest shareholder ACE Investment Bank Ltd exits Apex. ACE has a 25.01% stake in Apex, but when the SC approved the proposed RM140 million merger, it had specifically stipulated that ACE must exit Apex and dispose of its entire shareholdings within six months of the merger completion date, TheEdge has said. I think such developments are anti-competitive, it benefits scale over choice.
Business Opportunities; Apple Inc has asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, according to a Nikkei Asian Review report on Wednesday, Reuters has said. The countries being considered include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favorites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private. Malaysia, go get them!
Aw, you leaving so soon? To change your tune. DNeX confirms talks are ongoing for sale of stake in PING Petroleum, to get ‘better than book valuations’ The first point to make is that dividend policy and share valuation take place under conditions of uncertainty.
Good news for shareholders, BJTOTO declared a fourth interim dividend payment of 4.5 sen per share amounting to RM60.6 million, bringing the total dividend distribution to RM215.5 million for the 12 months to April 30, representing 78% of the group’s profit, TheEdge has said. It’s actually fairly simple. Like all lottery games. For every lottery ticket there is a profit. When people view themselves as doing worse financially, then that motivates them to purchase lottery tickets.
Hot News : According to Bloomberg, India has imposed higher customs duties on a raft of US goods effective Sunday in response to similar measures taken by Washington, the Press Trust of India reported. The increased taxes have been imposed on products including almond, pulses and walnuts, the news agency reported, citing a late Saturday release government notice. The country would get about $217 million in additional revenue from the higher tariffs, the report said. Ha, ha, ha! No pun intended, right guys?
Please take note, proprietary day trading (PDT) and intraday short selling (IDSS) of SEM shares have been suspended for the rest of the day today, after the stock plunged more than 15% this morning. At 9.53am, SEM was down 23 sen to RM1.27 with 500 shares traded. Bursa Securities said short selling under PDT and IDSS will only be enabled at 8.30am the following trading day (June 17), TheEdge has said. Happy 7-Eleven day! Don’t forget to pick up a Slurpee on your way home LOL
It’s important to note that UK mobile operator Three on Monday said it would launch its first new-generation 5G broadband service in London in August and would roll out mobile and broadband across 25 towns and cities before the end of the year. Three, which is owned by Hutchison, said it would start its 5G network with a London home broadband service, joining BT’s EE and Vodafone in launching services in 2019. Three said its 2 billion pound 5G infrastructure investment included network improvements in major British cities and a cloud core network provided by Nokia, Reuters has said. I guess, there might not be a lot of devices ready but it’s important that the networks be ready. That’s something to think about if you’re planning to splurge on a pricey handset.
Here’s what you need to know about 150,000 tickets are still available for those travelling back from their hometowns to Kuala Lumpur by Electric Train Service (ETS) and KTM Intercity trains from Friday (June 7) until June 16, according to Bernama. I thought that was a very nice gesture indeed. But traveling within Malaysia is pretty costly, so people might stay home this holiday season for economical reasons.
Just for the record, Malaysia remains free from African Swine Fever (ASF), a disease which is fatal to pigs and wildboars, the Department of Veterinarian Services assured. Well, that is lucky. But stopping African swine fever isn’t so easy. It could enter Malaysia via people or pork products that cross the border.
Facebook Inc may be ordered to remove offensive content posted by users in the European Union and then also hunt for similar posts anywhere in the world, an adviser to the bloc’s top court said. I think we’re seeing something new here. It’s a chill on freedom of expression.
The Financial Times reported that tech giant Huawei has ordered its employees to cancel technical meetings with American contacts and has sent home numerous US employees working at its Chinese headquarters. Surprise surprise. Really is anyone really surprised that China would do this.
President Donald Trump opened another potential front in his trade war on Friday, terminating India’s designation as a developing nation and thereby eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free, Bloomberg has said. Of course, did you expect something different, India?
Japan Airlines Co Ltd (JAL) may expand a joint venture with Malaysia Airlines to cover U.S. flights and other Asian routes in the future, the Japanese carrier’s president said. The pair signed a memorandum of understanding for a JV on Malaysia-Japan flights on May 27, but JAL President Yuji Akasaka said that was only part of a deepening partnership between the two, both members of the oneworld alliance, Reuters said. I think for most things in life, the range between best and average is 30% or so. The best airplane flight, the best meal, they may be 30% better than the average one.