Corporate News

Hextar Industries to launch Luckin Coffee in Malaysia by 1Q25

KUALA LUMPUR: Hextar Industries Bhd (HIB), via its subsidiary Global Aroma Sdn Bhd (GASB), has formed a strategic partnership with Luckin Coffee Holding Singapore Pte Ltd to bring the highly anticipated Luckin Coffee brand to Malaysia.

Markets

FBM KLCI ends lower for second straight day

KUALA LUMPUR: Bursa Malaysia ended lower on Friday as investors remained on the sidelines amid mixed trading across the region.

Energy

Oil prices set to end week over 3% lower as supply risks ease

OIL prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.

Corporate News

OSK Holdings posts 11.5% rise in 3Q24 net profit

KUALA LUMPUR: OSK Holdings Bhd, which posted an 11.5% rise in net profit in the third quarter ended Sept 30 (3Q24), remains confident in its ability to continue delivering consistent growth, supported by robust project pipelines and strategic initiatives in the mid-to long-term.

Corporate News

Bank Islam's 3Q net profit drops to RM130.4mil amid rising operating costs

KUALA LUMPUR: Bank Islam Malaysia Bhd’s (BIMB) net profit for the third quarter ended Sept 30, 2024 (3Q FY2024) decreased to RM130.437 million from RM140.541 million in the same period last year.

Markets

Asian shares rise, yen aims for best week in 4 months on BOJ hike bets

SYDNEY: Asian shares rose on Friday while the yen was aiming for its best week in four months as strong inflation data from Tokyo had traders favouring an imminent rate hike from the Bank of Japan.

Business

JB-Singapore RTS link rail system installation to begin by end-2024

JOHRO BAHRU: RTS Operations Pte Ltd (RTSO), a joint-venture company formed between Prasarana RTS Sdn Bhd and Singapore’s SMRT RTS Pte Ltd, will begin rail system installations for the Johor Bahru-Singapore Rapid Transit System (RTS) Link Project by the end of this year.

Corporate News

Leadership transition at Sapura Energy: Muhammad Zamri takes over as new GCEO

KUALA LUMPUR: Sapura Energy Bhd has announced that its chairman, Datuk Mohammad Azlan Abdullah, and group CEO, Datuk Mohd Anuar Taib, will step down in the fourth quarter of the current financial year, with internal successors set to take over.

Corporate News

Mah Sing hits RM1.85bil in property sales, on track to meet 2024 target

KUALA LUMPUR: Mah Sing Group Bhd achieved property sales of RM1.85bil in the first nine months of 2024, keeping it on course to reach its RM2.5bil sales target for the year.

Banking

Digital finance set for rapid expansion

WITH continued government emphasis and rising share-buying interest, digital finance is expected to see substantial progress in China, which will translate into more impetus for the country's real economy, said experts.

Banking

Malaysia's official reserve assets at US$117.59bil as at end-October 2024 - BNM

KUALA LUMPUR: The official reserve assets amounted to US$117.59 billion, while other foreign currency assets amounted to US$5.7 million as at end-October 2024, said Bank Negara Malaysia (BNM).

Banking

Hong Leong offers six-month payment deferment to customers affected by floods

KUALA LUMPUR: Hong Leong Bank and Hong Leong Islamic Bank are offering to defer payments for loans, financing facilities and credit cards for six months for affected flood customers.

Corporate News

RHB Bank’s net profit jumps 28.2% to RM833mil in 3Q24

KUALA LUMPUR: RHB Bank Bhd’s net profit surged 28.2% to RM833.2mil in the third quarter ended 30 September, compared with RM650mil in the same quarter last year.

Corporate News

Public Bank reports 12.4% rise in 3Q24 net profit to RM1.9bil

KUALA LUMPUR: Public Bank Bhd, which saw its net profit up 12.4% in the third quarter ended Sept 30 (3Q24), continues to see opportunities for business banking growth.

Markets

FBM KLCI settles flat at midday; Supreme Consolidated surges 34% on debut

KUALA LUMPUR: The FBM KLCI managed to recover some of its earlier losses by midday, with the index trading down by a negligible 0.01%.

Markets

S.Korean shares set to post worst month since Jan on US tariff worries

SEOUL: South Korean shares fell more than 2% on Friday and were set to end the month with their biggest drop since January on U.S. tariff worries.

Economy

China to extend tariff exemptions for some US products to 2025

BEIJING: China will extend tariff exemptions for the import of some U.S. products until Feb. 28, 2025, the Customs Tariff Commission of the State Council said on Friday.

Business

PKA: Malaysia needs more than policies for green port transformation

KUALA LUMPUR: The greening of Malaysia’s port sector needs more than policies for green port and sustainable practice transformation, said Port Klang Authority (PKA) general manager Captain Subramaniam Karuppiah.

Analyst Reports

Stronger turnaround for Capital A in 4Q24 expected

KUALA LUMPUR: Research houses are anticipating a strong turnaround for Capital A Bhd in the fourth quarter of 2024 (4Q 2024), given the seasonally stronger demand and yields, lower jet fuel price and a weakened US dollar.

Markets

Supreme Consolidated makes strong debut on ACE Market

KUALA LUMPUR: Supreme Consolidated Resources Bhd, which transferred its listing from the LEAP Market to the ACE Market today, surged 48% on its trading debut.