Ringgit drops to 9-year low
The Malaysian Ringgit (RM) has dropped to a 9-year low to trade at RM3.7630 against the US dollar, which was strengthened on better US nonfarm payrolls data. Consequently, the KLCI opened lower and remained in the red, declining as much as 18.32 points or 1.05% to reach a low of 1,727.01 as at mid-morning. The previous low of the ringgit was at RM3.7795 on Dec 30, 2014. (The Edge Financial Daily)
*nonfarm payroll = a compiled name for goods, construction and manufacturing companies in the US. It does not include farm workers, private household employees, or non-profit organization employees.
1MDB: RM3.6bil loan fully repaid
Debt-laden state investment fund 1Malaysia Development Bhd (1MDB) announced yesterday that it has repaid a US$975 million (RM3.6 billion) loan to a syndicate of international banks led by Deutsche Bank AG. The move was made to reflect 1MDB’s commitment to reducing its debts, but did not stop other shareholders from demanding their money back earlier due to doubts over the loan’s collateral. (The Edge Markets)
South Korea reports 8 more MERS cases, 7th death
The South Korea health ministry reported 8 new Middle East Respiratory Syndrome (MERS) cases today, bringing the total to 95. One patient has died, becoming the seventh fatality in the outbreak. Three of the new cases came from the same hospital, and all 95 infected cases took place in health care facilities, according to the ministry. South Korea now has the highest number of MERS infections after Saudi Arabia. (Reuters)
Flight passengers from Busan, South Korea, receive a temperature check upon their arrival at Hong Kong Airport in Hong Kong, China June 5, 2015. REUTERS/Bobby Yip
Felda buys Golden Land plantation and subsidiaries for RM655m
Felda Global Ventures Holdings Bhd (FGV) is expanding its land bank in Malaysia and Indonesia by acquiring an oil palm plantation land in Beluran, Sabah along with 4 subsidiaries from Golden Land Bhd for RM665 million. The acquisitions represent a strategic investment by the group and is expected to increase future earnings and shareholders value. (The Edge Markets)
Emas Kiara banking on property to grow
Diversified group Emas Kiara Industries Bhd is banking on property development to grow its business, and expects to complete the RM45mil acquisition of MB Max Sdn Bhd for the Pinnacle Tower project in Johor Baru. The company plans to dispose of wholly-owned subsidiaries Noblecorp Lands Sdn Bhd and Emas Kiara Sdn Bhd for RM38mil and RM9mil respectively to fund the purchase. The group’s LED lighting sales jumped 271% in FY2014 due to government contracts for street lighting in the Klang Valley. (The Star Online)
Mountain guides to receive emergency training and equipment
In light of the recent Sabah earthquake, Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan has said that mountain guides in Mount Kinabalu will be given earthquake emergency training and suitable equipments for safety exercises. This is important as they are experienced in the topography of the area, and will be the first to respond and carry out search and rescue work when a disaster occurs. (Astro Awani)
TSR wins RM81mil development deal in Putrajaya
TSR Capital Bhd’s unit TSR Bina Sdn Bhd will be building 151 double-storey terrace houses in Precinct 12, Putrajaya. The proposed construction of houses and associated works will cost RM81 million, and is expected to be completed by June 2018. (The Star Online)
Kota Mas to expand into education and property
Koperasi Telekom Malaysia Bhd (Kota Mas) has announced that it will be exploring new sectors such as education and property to increase its earnings. The company is currently offering to acquire a college offering diploma programmes, and has set up a joint-venture company to handle training courses. (The Malay Mail Online)
Malaysians dominate SEA Games diving pool
The Malaysian contingent added 7 gold medals on Monday at the SEA Games 2015 from diving (two), wushu (two) and one each from swimming, snooker and petanque. Malaysia has won 15 gold, 19 silver and 23 bronze medals in the SEA Games so far, rising to 4th in the medal rankings. (Astro Awani)
