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Islamic finance body approves regulations for gold-based products

Islamic finance body approves regulations for gold-based products

BAHRAIN: The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said yesterday it had approved a syariah standard for gold-based products, a move aimed at expanding the use of bullion in Islamic finance. Traditionally, gold has been treated as a currency in Islamic finance, which has confined its use to spot transactions, but […]

November 28, 2016 | By | Reply More
Pestech says FY17 revenue growth target of 20% achievable

Pestech says FY17 revenue growth target of 20% achievable

SHAH ALAM: Integrated electric power technology provider Pestech International Bhd is looking at 20% growth in revenue for the financial year ending June 30, 2017 (FY17), on the back of a strong order book of RM950 million. “Our current order book will last until 2018. So it (the 20% growth) is not something that we […]

November 28, 2016 | By | Reply More
Hire purchase the top reason for bankruptcy

Hire purchase the top reason for bankruptcy

PETALING JAYA: Contrary to what people may think, the top reason for bankruptcy in the country is most often caused by car loans, or hire purchase, given that a car is a depreciating asset, said Credit Counselling and Debt Management Agency (AKPK) financial education manager Nirmala Supramaniam. She said the mistake that most people make […]

November 28, 2016 | By | Reply More
Lack of financial literacy behind Malaysians' money woes

Lack of financial literacy behind Malaysians' money woes

PETALING JAYA: Malaysia may be the first country in the world to regulate financial planning, but Financial Planning Association of Malaysia (FPAM) CEO Linnet Lee opined that lack of financial literacy is the main culprit behind Malaysians financial woes. She said for children, introduction to the value of money and savings should be encouraged; for teenagers, […]

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Lower sales, writedown impact Carlsberg Q3 earnings

Lower sales, writedown impact Carlsberg Q3 earnings

PETALING JAYA: Carlsberg Brewery Malaysia Bhd’s net profit fell 30% to RM43.61 million for the third quarter ended Sept 30, 2016 from RM62.50 million in the same period last year, impacted by the loss of sales and writedown of assets from associate company Lion Brewery (Ceylon) Ltd, Sri Lanka (LBCL) due to the disastrous floods […]

November 28, 2016 | By | Reply More
Barakah Offshore back in the black in Q3 from a year ago

Barakah Offshore back in the black in Q3 from a year ago

PETALING JAYA: Oil and gas services provider Barakah Offshore Petroleum Bhd posted a net profit of RM1.97 million in the third quarter ended Sept 30, 2016 (Q3FY16), a turnaround from a net loss of RM15.44 million in the same period last year, on benefits from a cost-reduction exercise. In a filing with Bursa Malaysia yesterday, […]

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No choice but to face ringgit volatility: Johari

No choice but to face ringgit volatility: Johari

KUALA LUMPUR: Malaysia has no option but to face the current volatility of the ringgit while focusing on enhancing its economic fundamentals, said Second Finance Minister Datuk Johari Abdul Ghani. He said although Malaysia had previously pegged its currency during the 1997 economic crisis, such a move, made by the former prime minister Tun Dr […]

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TPC Plus emerges from PN17 status

TPC Plus emerges from PN17 status

PETALING JAYA: Egg production company TPC Plus Bhd will be declassified as a Practice Note 17 (PN17) company effective today. In a filing with Bursa Malaysia yesterday, TPC Plus said it has regularised its financial condition and level of operations and no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the […]

November 28, 2016 | By | Reply More
Financial stress – when not having enough becomes a problem

Financial stress – when not having enough becomes a problem

KUALA LUMPUR: Malaysia may be one of the few countries in the world which is still seeing good growth when it comes to gross domestic product (GDP), but with household debt standing at 89.1% of GDP and almost four out of five Malaysians having no savings in case of loss of income, every working adult […]

November 28, 2016 | By | Reply More
TH Plantations Q3 earnings boosted by higher prices

TH Plantations Q3 earnings boosted by higher prices

KUALA LUMPUR: TH Plantations Bhd (THP) reported a more than threefold jump in third quarter Sept 30, 2016 net profit of RM19.18 million, compared with the same period last year, mainly attributed to higher revenue, driven by higher average sale prices. It saw RM170.31 million in revenue, a 28% jump from RM133.49 million a year […]

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