Tuesday, June 19, 2012
Bursa closes firmer despite choppy global market
KUALA LUMPUR, June 19 – Share prices on Bursa Malaysia closed firmer today, bolstered by buying interest in bluechip stocks despite the retreat on most regional markets, dealers said.
Gains in consumer and banking stocks pushed the FTSE Bursa Malaysia KLCI (FBM KLCI) to cross the important 1,590 level and closed 12.25 points higher at 1,594.98.
The barometer index, which opened at 1,581.27, fluctuated between 1,581.27 and 1,594.98 throughout the day.
A dealer said although most regional markets were lower on recurring concern that the eurozone crisis is far from over, European and US equities trended higher on positive sentiment over the Spanish debt auction, and a meeting of the US Federal Reserve later today.
Wednesday, January 18, 2012
RM50m micro-credit fund for the business-savvy
KUALA LUMPUR: MCA has launched a RM50 million micro-credit fund for Malaysian youths to kick start their own businesses.
1MCA Microcredit Fund for Youth is targeted at young Malaysians aged between 21 and 45 years and will give out maximum loans of RM20,000. Successful applicants will have to repay the loan within five years at an annual seven per cent interest rate.
MCA president Datuk Seri Dr Chua Soi Lek said priority would be given to MCA and non-governmental organisations' members as well as single parents.
Application forms can be downloaded from the MCA website at www.mca.org.my.
Dr Chua said successful applicants would be taught business know-hows free of charge.
Read more: RM50m micro-credit fund for the business-savvy - General - New Straits Times http://www.nst.com.my/local/general/rm50m-micro-credit-fund-for-the-business-savvy-1.33778#ixzz1jo9FTWuG
Read more: RM50m micro-credit fund for the business-savvy - General - New Straits Times http://www.nst.com.my/local/general/rm50m-micro-credit-fund-for-the-business-savvy-1.33778#ixzz1jo96IyTq
1MCA Microcredit Fund for Youth is targeted at young Malaysians aged between 21 and 45 years and will give out maximum loans of RM20,000. Successful applicants will have to repay the loan within five years at an annual seven per cent interest rate.
MCA president Datuk Seri Dr Chua Soi Lek said priority would be given to MCA and non-governmental organisations' members as well as single parents.
Application forms can be downloaded from the MCA website at www.mca.org.my.
Dr Chua said successful applicants would be taught business know-hows free of charge.
Read more: RM50m micro-credit fund for the business-savvy - General - New Straits Times http://www.nst.com.my/local/general/rm50m-micro-credit-fund-for-the-business-savvy-1.33778#ixzz1jo9FTWuG
Read more: RM50m micro-credit fund for the business-savvy - General - New Straits Times http://www.nst.com.my/local/general/rm50m-micro-credit-fund-for-the-business-savvy-1.33778#ixzz1jo96IyTq
Monday, October 31, 2011
Ministry Mulls Sterner Action On Private Universities
KUALA LUMPUR, Oct 31 (Bernama) -- The Higher Education Ministry is making amendments to the Private Institution of Higher Learning (IPTS) Act to allow for sterner action, including higher fines, on private universities for various offences.
Its minister, Datuk Seri Mohamed Khaled Nordin said, the amendments are expected to be presented in Parliament next year.
He said appropriate action will be taken against IPTS should they be found to administer examinations to foreign students who did not attend classes.
"The university will also be prohibited from taking in foreign students for the subsequent intake," said Mohamed Khaled when wrapping up a debate on the Supply Bill 2012 relating to the ministry, at the Dewan Rakyat today.
He said the Home Ministry has already retracted approvals for foreign student intake from six IPTS so far this year.
"Among the reasons for the retraction is failure to effectively manage international students," said Mohamed Khaled.
He said private universities with foreign student intake approval from the ministry are required to issue quarterly reports on their foreign students, which includes attendance.
He said this monitoring will be jointly conducted by the Malaysian Immigration Department.
Meanwhile, in response to a question from Azan Ismail (PKR-Indera Mahkota) on National Higher Education Fund Corporation (PTPTN) loan repayment through salary deduction, he said they expect to implement this method only by 2013.
He said the rumour that the Inland Revenue Board (IRB) began deducting salaries of PTPTN loan borrowers was not true.
"No salary deductions have been made so far," he clarified.
Mohamed Khaled said if the method is implemented it may only be compulsory for new borrowers, while others will resume paying through existing methods.
-- BERNAMA
Its minister, Datuk Seri Mohamed Khaled Nordin said, the amendments are expected to be presented in Parliament next year.
He said appropriate action will be taken against IPTS should they be found to administer examinations to foreign students who did not attend classes.
"The university will also be prohibited from taking in foreign students for the subsequent intake," said Mohamed Khaled when wrapping up a debate on the Supply Bill 2012 relating to the ministry, at the Dewan Rakyat today.
He said the Home Ministry has already retracted approvals for foreign student intake from six IPTS so far this year.
"Among the reasons for the retraction is failure to effectively manage international students," said Mohamed Khaled.
He said private universities with foreign student intake approval from the ministry are required to issue quarterly reports on their foreign students, which includes attendance.
He said this monitoring will be jointly conducted by the Malaysian Immigration Department.
Meanwhile, in response to a question from Azan Ismail (PKR-Indera Mahkota) on National Higher Education Fund Corporation (PTPTN) loan repayment through salary deduction, he said they expect to implement this method only by 2013.
He said the rumour that the Inland Revenue Board (IRB) began deducting salaries of PTPTN loan borrowers was not true.
"No salary deductions have been made so far," he clarified.
Mohamed Khaled said if the method is implemented it may only be compulsory for new borrowers, while others will resume paying through existing methods.
-- BERNAMA
Sunday, July 10, 2011
Banks eye bigger share in SME market
THE small and medium enterprise (SME) business is becoming an important portfolio for banks although there are hurdles which many face in expanding their market share in this business.
In terms of its importance and market size, SMEs at the moment contributes about 32% of the country’s gross domestic product and makes up 59% of total employment. In totality, this segment accounts for 99% of business establishments and contributes 19% of Malaysia’s exports.
Judging from these figures, it explains why banks are eyeing to have a bigger market share for the SME business. Some of the challenges faced by banks in the SME business include the ability to roll out simple and convenient products, the difficulties in reaching out effectively to the SMEs due to their highly dispersed population and in providing a full range of banking services apart from loans.
OCBC Bank (M) Bhd emerging business head Wong Chee Seng says the SME sector continues to be an important part of the bank’s business and will remain so in terms of growth. For this year, he adds the bank has “upped the momentum” and open up more avenues for SMEs to gain financing and enjoy better financial services. These include the participation in various government-initiated lending programmes and the rolling out of more channels for SMEs to perform their banking needs.
OCBC Bank is one of the few foreign banks to be named the Top SMI Supporter by the Credit Guarantee Corporation (CGC), he says, adding that it understands the SME’s nature of business and risk profile despite the diversity of their business.
Wongs says the bank expects improvement this year in terms of revenue growth and loans outstanding for the SME sector compared with last year with more than double-digit growth. Net profit for this sector is also expected to increase by double digit over last year due to improving loans portfolio quality, he notes.
In Malaysia, OCBC has over 200 customer-facing managers in its branches nationwide and they possess in-depth knowledge and skills to deal with various types of SMEs and their respective local and international financing needs.
He says the dedicated Business Banking Centres and Business Banking Commercial Service Centres are other channels which can connect the SMEs to the bank’s suite of business banking products and services.
Wongs says the bank is committed to delivering simple, fast and convenient products and services to assist SMEs in growing their businesses domestically and globally.
In terms of its importance and market size, SMEs at the moment contributes about 32% of the country’s gross domestic product and makes up 59% of total employment. In totality, this segment accounts for 99% of business establishments and contributes 19% of Malaysia’s exports.
Judging from these figures, it explains why banks are eyeing to have a bigger market share for the SME business. Some of the challenges faced by banks in the SME business include the ability to roll out simple and convenient products, the difficulties in reaching out effectively to the SMEs due to their highly dispersed population and in providing a full range of banking services apart from loans.
OCBC Bank (M) Bhd emerging business head Wong Chee Seng says the SME sector continues to be an important part of the bank’s business and will remain so in terms of growth. For this year, he adds the bank has “upped the momentum” and open up more avenues for SMEs to gain financing and enjoy better financial services. These include the participation in various government-initiated lending programmes and the rolling out of more channels for SMEs to perform their banking needs.
OCBC Bank is one of the few foreign banks to be named the Top SMI Supporter by the Credit Guarantee Corporation (CGC), he says, adding that it understands the SME’s nature of business and risk profile despite the diversity of their business.
Wongs says the bank expects improvement this year in terms of revenue growth and loans outstanding for the SME sector compared with last year with more than double-digit growth. Net profit for this sector is also expected to increase by double digit over last year due to improving loans portfolio quality, he notes.
In Malaysia, OCBC has over 200 customer-facing managers in its branches nationwide and they possess in-depth knowledge and skills to deal with various types of SMEs and their respective local and international financing needs.
He says the dedicated Business Banking Centres and Business Banking Commercial Service Centres are other channels which can connect the SMEs to the bank’s suite of business banking products and services.
Wongs says the bank is committed to delivering simple, fast and convenient products and services to assist SMEs in growing their businesses domestically and globally.
Sunday, June 26, 2011
Recron Inks US$190 Million Syndicated Term Loan Deal
KUALA LUMPUR, June 24 (Bernama) -- Recron (M) Sdn Bhd, an integrated polyester and textile company, has signed an agreement for US$190 million (RM570 million) syndicated term loan with six banks, including Citibank Bhd and HSBC Bank Malaysia Bhd.
The rest are Barclays Bank plc, Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank Ltd, according to a statement from the company.
Recron is part of the Reliance Group, India's largest private sector enterprise, with businesses in the energy and materials value chain.
The Malaysian unit has state-of-the-art manufacturing sites in Nilai and Melaka, with 90 per cent of its products exported to more than 60 countries.
It has a turnover of RM3.2 billion last year, and earned foreign exchange to the tune of US$895 million for the country, the statement said.
-- BERNAMA
The rest are Barclays Bank plc, Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank Ltd, according to a statement from the company.
Recron is part of the Reliance Group, India's largest private sector enterprise, with businesses in the energy and materials value chain.
The Malaysian unit has state-of-the-art manufacturing sites in Nilai and Melaka, with 90 per cent of its products exported to more than 60 countries.
It has a turnover of RM3.2 billion last year, and earned foreign exchange to the tune of US$895 million for the country, the statement said.
-- BERNAMA
Tuesday, May 31, 2011
New Power Tariff Not An Excuse To Increase Prices - Muhyiddin
PUTRAJAYA, May 31 (Bernama) -- Deputy Prime Minister Tan Sri Muhyiddin Yassin Tuesday reminded traders and businesses not to increase prices of goods following the new electricity tariff effective Wednesday.
Describing the tariff hike as reasonable and one that would not burden the people, he said it should not be an excuse for manufacturers, retailers and traders to gain extra profit.
"There shouldn't be an increase in the prices of consumer goods. The industrial sector and some businesses may be affected, and it's only a seven per cent increase," he told reporters after launching the 10th anniversary celebration of the Energy Commission of Malaysia and opening the Diamond Building here.
Muhyiddin ordered the Domestic Trade, Cooperatives and Consumerism Ministry to closely monitor the prices of basic necessities towards ensuring that they were not increased indiscriminately.
The deputy prime minister said the government had made a careful study and factored in the interest of all people before announcing the tariff revision.
Muhyiddin said the government had looked in depth possible implications of the new power rate on the cost of living, inflation rate and prices of goods.
The deputy prime minister said he was heartened by the attitude of certain traders who were receptive to the electricity tariff hike.
The government yesterday announced that from tomorrow, consumers would pay 33.54 sen per kilowatt hour (kWh) for electricity from 31.31 sen, an increase of 2.23 sen per kWh or 7.12 per cent.
However, the new rate will not affect 75 per cent of domestic users whose consumption is less than 300 kWh per month.
Describing the tariff hike as reasonable and one that would not burden the people, he said it should not be an excuse for manufacturers, retailers and traders to gain extra profit.
"There shouldn't be an increase in the prices of consumer goods. The industrial sector and some businesses may be affected, and it's only a seven per cent increase," he told reporters after launching the 10th anniversary celebration of the Energy Commission of Malaysia and opening the Diamond Building here.
Muhyiddin ordered the Domestic Trade, Cooperatives and Consumerism Ministry to closely monitor the prices of basic necessities towards ensuring that they were not increased indiscriminately.
The deputy prime minister said the government had made a careful study and factored in the interest of all people before announcing the tariff revision.
Muhyiddin said the government had looked in depth possible implications of the new power rate on the cost of living, inflation rate and prices of goods.
The deputy prime minister said he was heartened by the attitude of certain traders who were receptive to the electricity tariff hike.
The government yesterday announced that from tomorrow, consumers would pay 33.54 sen per kilowatt hour (kWh) for electricity from 31.31 sen, an increase of 2.23 sen per kWh or 7.12 per cent.
However, the new rate will not affect 75 per cent of domestic users whose consumption is less than 300 kWh per month.
Thursday, May 26, 2011
CIMB Net Profit Rises 9.4%
KUALA LUMPUR—CIMB Group Holdings Bhd., Malaysia's second-largest lender by assets after Maybank, said first-quarter net profit rose on lower loan loss provisions even as it reported lower net interest and non-interest income.
The lender, which has sizable operations in Indonesia and Thailand, also said Wednesday that it is indefinitely postponing its plans for a dual listing on the Stock Exchange of Thailand due to regulatory problems.
The Bursa Malaysian-listed firm, which first announced its intention to pursue a Thai listing in November, said the regulatory issues include the tax treatment of investors in foreign companies traded on the Thai exchange.
CIMB said in a stock exchange filing that net profit for the January-to-March quarter rose 9.4% to 916.5 million ringgit ($299.5 million) from 838.1 million ringgit a year earlier.
"We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at [Indonesia unit] CIMB Niaga," CIMB Group Chief Executive Nazir Razak said in a statement.
The lender, which has sizable operations in Indonesia and Thailand, also said Wednesday that it is indefinitely postponing its plans for a dual listing on the Stock Exchange of Thailand due to regulatory problems.
The Bursa Malaysian-listed firm, which first announced its intention to pursue a Thai listing in November, said the regulatory issues include the tax treatment of investors in foreign companies traded on the Thai exchange.
CIMB said in a stock exchange filing that net profit for the January-to-March quarter rose 9.4% to 916.5 million ringgit ($299.5 million) from 838.1 million ringgit a year earlier.
"We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at [Indonesia unit] CIMB Niaga," CIMB Group Chief Executive Nazir Razak said in a statement.
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