Maybank gets BNM approval to acquire asset management firms
KUALA LUMPUR: Bank Negara Malaysia has approved Malayan Banking Bhd’s proposed acquisition of Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL) for RM51 million. In its filing with Bursa Malaysia, Maybank said the central bank has approved of its application to acquire the two fund management companies owned by Permodalan Nasional Bhd (PNB). […]
Bullish oil signals proliferate as OPEC cuts get even deeper
KUWAIT: Crude has surged to a three-year high, the stockpile surplus is all but gone and OPEC’s choke-hold on its own production is only getting tighter. As oil ministers gather in Saudi Arabia, the $80 a barrel the kingdom desires is inching closer. “The petro-nations seem willing to over-tighten the market, with the current price […]
Insurance Australia Group set to sell Thai, Malaysian businesses
HONG KONG/SINGAPORE: Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG, Australia’s biggest general insurer by market share, has ventures in Malaysia, Thailand, Vietnam and Indonesia […]
Malaysia's economy to grow the fastest in the region after Philippine in Q1
KUALA LUMPUR: Economists predict Malaysia’s economy to grow the fastest in Southeast Asia region after The Philippines in the first quarter of this year. Malaysia is expected to register 5.6 per cent growth in gross domestic product (GDP) for the quarter, higher than emerging economies’ GDP growth expectation at 5.4 per cent. In the forecast, the […]
Malaysian Airbnb hosts welcomed 1.5 million guests in 2017
KUALA LUMPUR: Malaysian Airbnb host welcomed 1.5 million guest last year , representing a 137 per cent year-over-year (YoY) growth in guest arrivals. This also represented the highest YoY growth rate in Southeast Asia. “Our strong numbers in 2017 reflect an increasing desire for local and authentic travel within Malaysia, among both foreign and domestic […]
Bank Negara's international reserves at US$110b as of April 13
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to US$110 billion as at April 13, 2018 compared with US$107.8 billion as at March 30, 2018. In a statement today, the central bank said, the reserves position was sufficient to finance 7.7 months of retained imports and was 1.1 times the short-term external debt. The […]
Hematogenix to invest US$15m in cancer research
PUTRAJAYA: American medical researcher Hematogenix Laboratory Services plans to invest US$15 million to set up a central laboratory on oncology in Malaysia. President and chief executive officer Dr Hytham Al-Masri said the company is looking at an initial investment of US$15 million to set up a central laboratory on oncology, most probably in Cyberjaya. “We […]
CIMB Thai Q1 profit up 39.3pct to 168.9m baht
KUALA LUMPUR: CIMB Thai Bank PCL, a 94.11 per cent-owned subsidiary of CIMB Group Holdings Bhd, recorded a 39.3 per cent year-on-year increase in consolidated net profit to 168.9 million baht (RM1=8.03 baht) for the first quarter ended March 31, 2018. In a statement today, it said, the improvement was mainly attributed to an 8.1 […]
Top Glove proposes 1-for-1 bonus issue
KUALA LUMPUR: Top Glove Corp Bhd has proposed to undertake a one-for-one bonus issue at an entitlement date to be determined later. In a statement here, the rubber glove manufacturer said, the exercise would see up to 1.28 billion bonus shares issued to the shareholders, whose names appeared in its record of depositors on the […]
Applications open for Asia-Pacific FinTech Innovation Lab 2018
KUALA LUMPUR: Applications have opened for Accenture’s annual FinTech Innovation Lab Asia-Pacific, a 12-week programme that helps early- and growth-stage fintech companies accelerate product and business development by gaining exposure to top financial institution executives. In a statement, Accenture said applications can be made at http://www.fintechinnovationlab.com/asia-pacific/ through May 11. Accenture’s Lab marks its fifth year […]
