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2023-08-02 09:35 | Report Abuse
Ada movement this morning, ~3mil shares dah disapu
2023-08-02 09:32 | Report Abuse
Some might acquire picorp for its valuable Biz networks in Indonesia & Saudi Arabia
2023-08-02 09:31 | Report Abuse
Some wanted to penentrate into Arab Saudi and Indonesia Market, they could leverage on picorp networks in those countries
2023-08-02 09:29 | Report Abuse
Oldtown , oversea, and many more family controlled companies cashed out due to disability of second generation
2023-08-02 09:28 | Report Abuse
Founder sells his stake due to no growth in revenue for 10 years++ before he dies probably.
Give money to his children to run private Biz probably
Observe the movement in share price n volume
2023-08-01 10:12 | Report Abuse
However, Malacca Securities Research expects the positive trend on the key index to continue as foreign funds extend their buying interest in local stocks.
As for the lower liners, the research firm expects the consolidation phase ot continue with any weakness to be supported by quick bargain-hunting activities.
2023-08-01 09:16 | Report Abuse
Adakah pengasas haji tak jujur selama 10 tahun++ dengan redirect Biz kpd sykt peribadinya dan bukan picorp pulak ataupun anak2nya tak berguna, 10 years+, jualanpun dah stagnant?
2023-08-01 08:28 | Report Abuse
Pengasas haji Dan keluarganya tak fokus pada picorp. Jualan pun tak bertumbuh. Jika focus korang pada Biz peribadi dan anak2 tak berguna, jualkan picorp saja, usah menipu pemegang2 syer minoriti, sial!
2023-07-31 17:16 | Report Abuse
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have launched its sustainable finance programme, known as sustainability-linked facilities (SLFs), with an of RM3 billion from 2023 through 2030 in a move to support small and medium-sized enterprises (SMEs) in their sustainability journey.
The programme aims to address the challenges SMEs face in meeting global sustainability standards and accessing incentives typically reserved for larger corporations.
SLFs have gained popularity as a transition finance mechanism in recent years however, the implementation has yet to be improved by the bespoke and costly nature of verification requirements.
CIMB's SLF programme seeks to change that by providing SMEs with a holistic, cost-effective solution for measuring and verifying their sustainability targets.
CIMB group deputy chief executive officer, group commercial banking Ahmad Shazli Kamarulzaman said this opens up access to traditionally available incentives to larger corporates.
One key advantage of the CIMB SLF programme is its alignment with the loan market association's sustainability-linked loan principles, a globally recognised standard.
"This ensures that the programme adheres to high standards of sustainability and credibility," he said in a statement today.
Beyond reducing negative environmental impacts, the sustainable finance programme strives to enhance SMEs' business resilience and enable continued access to export markets.
By improving their sustainability performance, SMEs can adapt to rapid market and regulatory developments, such as the EU carbon border adjustment mechanism, upcoming local regulations, and the global economy's transition towards sustainable supply chains.
CIMB's dedication to advancing sustainability aspirations for businesses is evident in the success of its SLF for corporate clients, launched in 2020.
The SLF for corporate clients saw remarkable growth in interest and acceptance, with its value increasing by more than threefold in 2022, reaching RM1.2 billion, compared to RM367 million in 2021.
With the introduction of the SLF programme for SMEs, CIMB aims to empower a broader spectrum of businesses to embrace sustainability, enabling them to thrive in a changing market landscape and contribute positively to the environment and society.
2023-07-31 16:54 | Report Abuse
With the recent push for better corporate governance, more foreign investors are entering the Japanese equity market
2023-07-31 16:53 | Report Abuse
The perpaduan govt should push for reform like the Japanese govt.
Corporate reforms are quickly gaining traction. The Tokyo Stock Exchange (TSE) has now joined the likes of Japan’s Liberal Democratic Party in pushing for better corporate governance. In particular, the stock exchange is now pressuring companies with low PB ratios to more efficiently use capital or potentially be delisted. This has sparked a drastic shift in corporate behavior over the past few months as many companies have responded with buybacks and improvement measures.
We see the push by TSE for corporate reform as a reinforcement of policymakers’ long-term desire to encourage greater participation by local and foreign investors by boosting shareholder value. We expect corporate reform momentum to intensify moving forward, supporting the case for Japanese equities.
2023-07-31 15:04 | Report Abuse
> 10 years ago , revenue per quarter pun rm20mil++, Kini pun sama. Pengasas dah nyanyuk macam atok kerala dan anak tak berguna, jualkan semua, :)
2023-07-31 14:23 | Report Abuse
KUALA LUMPUR: Maybank Investment Bank Bhd has praised the Madani Economy's focus on pressing issues such as governance, education, and corruption.
Its head of equity research, Anand Pathmakanthan said that the Madani Economy concept does not just talk about growth, but it also emphasises income distribution.
"By having a more equitable income distribution for workers and wages, in particular, is beneficial to everyone.
"That is what a healthy economy is based on because then you have a much more consumption-driven economy," he said during the second half of 2023 (2H2023) retail equity market outlook webinar on Saturday.
Pathmakanthan also said that countries like Indonesia and the Philippines are attractive to foreign investors because these countries have big internal consumption.
"We can generate that consumption story in Malaysia if there is a more equal distribution of returns between capital and labour.
"I think the government has got that right in terms of focusing on fixing that," he said.
With the operationalisation of the framework, hopefully, we can reach that 5.5 to 6.0 per cent gross domestic product (GDP) target which the modality framework is targeting, Pathmakanthan added.
– BERNAMA
2023-07-31 12:36 | Report Abuse
ESG INVESTING –THE WAY TO GO!
2023-07-31 08:56 | Report Abuse
Post pandemic, its services are important n in demand. Sudden surge anytime
2023-07-30 21:34 | Report Abuse
Can fund managers make the difference for companies to be green?
https://www.scmp.com/business/article/3229255/climate-change-do-fund-managers-make-difference-spurring-companies-be-green
2023-07-30 20:26 | Report Abuse
2023-07-28 08:58 | Report Abuse
KUALA LUMPUR: The government will pump in more than RM5 billion to kick off its Madani Economy Framework to enhance the economy and improve national competitiveness.
The framework has lofty ambitions of positioning Malaysia as one of the top 30 major economies around the globe within 10 years.
Others benchmarks include placing the country in the top 12 of the Global Competitiveness Index, increasing participation among women in the country's workforce to 60 per cent, placing the country in the top 25 nations in the world in the Corruption Perception Index, boosting the nation's fiscal strength with fiscal deficit of three per cent or lower and positioning Malaysia in the top 25 of the Human Development Index.
Prime Minister Datuk Seri Anwar Ibrahim said the framework aims at restructuring the economy to make Malaysia as Asia's leading economy, which in return would benefit the people.
Among the major assistance provided is the allocation of RM1 billion to payout RM100 e-cash to about 10 milliion Malaysians who earn and annual income of RM100,000 and lower.
Anwar said the government alongside government-linked investment companies will invest an additional RM1 billion in efforts to support the growth of start ups and technopreneurs in the country. The government will ensure funds are allocated for every phase in these companies, said the prime minister. The water issue in Kelantan and Sabah will be addressed via short term solutions that would incur the government an additional RM800 million.
Anwar said some parts of the states do not have access to consistent and quality water supply. "Besides that, the government will expedite the development of flood mitigation projects in Kelantan, Pahang, Selangor and Johor to protect the communities from flood disaster.
"The government is committed in ensuring everyone has access to basic infrastructure such as water or electricity and those in rural areas deserve world-class services," he said.
The prime minister noted as at 2022, 97 per cent of Malaysians have access to treated water supply. Furthermore, the government announced an additional allocation of RM400 million for micro financing under SME Corporation Malaysia, National Entrepreneurial Group Economic Fund's (Tekun), Majlis Amanah Rakyat (MARA) and Bumiputera Agenda Steering Unit (Teraju). This fund is aimed at providing entreprenuerial opportunities, trainings and financing for the marginal groups including women and youth. Another new major funding assistance announced under Madani Economy Framework was financing worth RM200 million under Agrobank to facilitate the application of technology in farming. The prime minister added the country could record a six per cent growth if everyone "initiates change". "If we are complacent with the current condition, the economy will only chart growth between four and five per cent. "However if we work hard and embrace change, we could reach 5.5 per cent and in fact I belueve it is not impossible for us to grow six per cent," he said.
Anwar noted that Malaysia needs to emulate other countries that have succesfully rebuilt their economies after a slump.
"Malaysia needs to learn from countries that had previously fall behind but was quick to rebound and move forward. "We need to be the leader in regional economy," he added.
2023-07-28 08:25 | Report Abuse
MALAYSIA menyasarkan untuk berada dalam senarai 30 ekonomi terbesar dunia dalam jangka masa sederhana yang mahu dicapai sebelum 10 tahun, kata Datuk Seri Anwar Ibrahim.
Ia adalah antara tujuh penanda aras sebagai sasaran jangka sederhana yang mahu dicapai dalam penstrukturan semula ekonomi negara menerusi kerangka Ekonomi Madani: Memperkasa Rakyat yang dilancarkan semalam.
Selain sasaran itu, kerangka ekonomi berkenaan turut menetapkan Indeks Daya Saing Global di tangga ke-12 teratas dunia; peratusan pendapatan buruh mencapai 45 peratus daripada jumlah keseluruhan pendapatan; kadar penyertaan wanita dalam tenaga buruh mencapai 60 peratus; Indeks Pembangunan Manusia di tangga 25 teratas dunia.; Indeks Persepsi Rasuah di tangga 25 teratas dunia dan kemampanan fiskal dengan defisit fiskal mencapai tiga peratus atau lebih rendah.
Perdana Menteri yakin Malaysia mampu mencapai sasaran besar itu dengan meneladani negara yang pernah berdepan kejatuhan, namun tangkas dan bangkit semula ke hadapan.
"Mahu tidak mahu, kita mesti menjadi jaguh ekonomi serantau. Kita perlu punyai minda global dan mengutama pengantarabangsaan ekonomi.
"Dengan demikian, kita mampu mencapai sasaran yang ditetapkan untuk muncul sebagai 30 ekonomi terbesar di dunia dalam jangka masa sederhana.
"Jika kita hanya berpuas hati dengan keadaan sekarang, ekonomi akan terus mencatat pertumbuhan antara empat hingga lim peratus, namun jika kita berusaha gigih dan melaksana pembaharuan, kita mampu mencapai 5.5 peratus, malah saya percaya adalah tidak mustahil untuk kita menghasilkan pertumbuhan enam peratus," katanya ketika berucap dalam Majlis Peluncuran Ekonomi Madani: Memperkasa Rakyat di sini, semalam.
Hadir sama, Timbalan Perdana Menteri, Datuk Seri Dr Ahmad Zahid Hamidi; Timbalan Menteri Kewangan I, Datuk Seri Ahmad Maslan; Ketua Setiausaha Negara, Tan Sri Mohd Zuki Ali dan barisan menteri yang lain.
Mengulas lanjut Anwar berkata, untuk merealisasikan sasaran besar berkenaan, negara perlu membentuk integrasi ekonomi yang lebih besar dengan negara jiran lebih-lebih lagi dunia sedang berdepan dengan kekangan rantaian bekalan.
Katanya, kita perlu melahirkan lebih banyak syarikat tempatan yang berdaya saing tinggi untuk menembusi pasaran rantau Asean.
"Usaha kita sekarang perlu melangkaui perjanjian perdagangan bebas. Misalnya melalui diplomasi perdagangan dan pengaturan strategik yang boleh mengembangkan integrasi pasaran bilateral dan multilateral serta memudahkan pergerakan barang, modal, modal insan dan perkongsian teknologi dengan negara jiran.
"Selama ini, kita tertumpu kepada aktiviti sektor utama seperti elektrikal dan elektronik (E&E) dan kimia secara keseluruhan. Melangkah ke depan, misi baharu perindustrian di bawah Pelan Induk Perindustrian Baharu 2030 (NIMP) akan menumpukan aktiviti dengan nilai tambah tinggi atau kecanggihan ekonomi.
"Misalnya, kluster di Pulau Pinang perlu menumpukan kepada aktiviti E&E bernilai tinggi seperti Integrated Circuit (IC) design. Sektor kimia pula, perusahaan petrokimia serta oleokimia perlu memberi tumpuan kepada aktiviti pembuatan kimia khusus.
"Kerajaan akan memperkenalkan insentif cukai berasaskan pencapaian bagi mendukung dan memberi ganjaran kepada syarikat yang menumpukan aktiviti berdampak tinggi," katanya.
Perdana Menteri menambah, Ekonomi Madani: Memperkasa Rakyat juga akan menjadi induk kepada beberapa lagi dasar khusus yang akan diumumkan kelak antaranya Pelan Hala Tuju Peralihan Tenaga Nasional, Pelan Induk Perindustrian Baharu 2030 dan Kajian Separuh Penggal Rancangan Malaysia Ke-12.
Beliau berkata, Ekonomi Madani menetapkan sasaran jangka pendek yang sudahpun digerakkan bagi menangani isu segera yang mengesankan rakyat.
2023-07-27 17:23 | Report Abuse
SYDNEY: Asian shares jumped to five month highs on Thursday amid optimism the U.S. tightening cycle was over and the economy was heading for a soft landing, boosting the outlook for global growth and risk appetite generally.
Investors are now waiting for European Central Bank later in the day, which is also seen approaching the end of its tightening campaign, and the Bank of Japan on Friday, which is expected to maintain the ultra loose monetary policy.
The upbeat mood is set to extend to Europe, with EUROSTOXX 50 futures up 0.4% and FTSE futures rising 0.3%.
Nasdaq futures advanced 0.6%, helped by a 6.8% jump in Meta Platforms in after-hours trading. Facebook's parent company reported a strong rise in advertising revenue, topping Wall Street targets.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% to the highest in five months. Japan's Nikkei also advanced 0.7% to a three-week top.
Hong Kong's Hang Seng index rallied 1.4%, driven by a 4.9% surge in Chinese property stocks, as they extend a rebound from Monday when a top Politburo meeting fuelled hopes that more support to a battered sector is on the way.
Overnight, the U.S. Federal Reserve delivered a quarter-point rate hike as widely expected. Chair Jerome Powell in his press conference said the Fed no longer expects a recession.
"Even though the Fed has left the door open for an additional rate hike before the end of the year, we believe that we've now reached peak cycle - the Fed tightening cycle is done," said David Chao, a global market strategist at Invesco.
"We expect an increasing global risk appetite as markets continue to positively re-price recession risks, and ultimately look forward to and discount an economic recovery that could begin to unfold late this year."
Futures only imply a slim chance - about 20% - that the central bank could surprise with a quarter-point increase in September. They also moved to price in sizeable rate cuts of 125 basis points by the end of next year.
On Wall Street, stocks ended little changed after the Fed hike, with the tech-heavy Nasdaq closing lower, dragged down by mostly technology stocks.
The European Central Bank is widely expected to raise interest rates by a quarter-point on Thursday, but markets sense the end is also in sight, with at most one more hike expected after this week. However, the slow retreat in inflation could pile pressure on policymakers to keep rates higher and for longer.
Another major risk event this week is the Bank of Japan meeting on Friday amid jitters of more tweaks to its ultra loose monetary policy. The majority view is policymakers would hold steady, according to a Reuters poll.
The yen climbed to as high as 139.35 per dollar but last hovered near the 140 level. Overnight dollar/yen implied volatility jumped to 36.3%, the highest since March.
The U.S. dollar continued to be pressured in Asia, off 0.3% against a basket of major currencies. Both the risk-sensitive Australian dollar and New Zealand dollar were up 0.8%.
Treasury yields were mostly steady on Thursday. The yield on 10-year Treasury notes held at 3.8610%, after a drop of 6 basis points overnight, while the rate-sensitive two-year was little changed at 4.8329%, having also eased 7 bps.
Elsewhere, oil prices were higher. Brent crude futures were up 0.9% at $83.69 per barrel and U.S. West Texas Intermediate crude futures rose 1% to $79.59.
Gold prices edged up 0.2% to $1,976.18 per ounce. - Reuters
2023-07-27 17:22 | Report Abuse
Kuala Lumpur: Syarikat berkaitan kerajaan (GLC) dan syarikat pelaburan berkaitan kerajaan (GLIC) dijangka memacu pelaburan langsung domestik (DDI) dan menyokong pembangunan vendor tempatan dalam sektor strategik, seperti elektrik dan elektronik (E&E), ekonomi digital dan aeroangkasa.
Menteri Pelaburan, Perdagangan dan Industri Datuk Seri Tengku Zafrul Aziz berkata kementeriannya berbesar hati kerana DDI akan menjadi salah satu daripada petunjuk prestasi utama (KPI) kerana apa yang memberi keyakinan terhadap dasar pelaburan negara adalah pelabur domestik.
Ekonomi MADANI: Rangka Kerja Pemerkasaan Rakyat yang dilancarkan hari ini akan menangani pembaharuan struktur yang diperlukan untuk menghentikan kitaran ekonomi berbahaya negara iaitu kos tinggi, gaji rendah, untung rendah dan nilai kurang kompetitif, beberapa isu ini diburukkan lagi oleh pandemik.
"Kerajaan akan memberi tumpuan untuk menggalakkan kedua-dua DDI dan pelaburan langsung asing (FDI) dalam membangunkan Malaysia sebagai ekonomi terkemuka di Asia dan memastikan wujud limpahan ekonomi yang positif kepada rakyat," katanya pada majlis menandatangani kerjasama strategik antara Citaglobal Bhd dan MASDAR di sini, hari ini.
Beberapa inisiatif utama yang diumumkan di bawah Ekonomi MADANI yang secara langsung di bawah bidang kuasa Menteri Pelaburan, Perdagangan dan Industri (MITI) ialah penubuhan zon kewangan khas di Johor untuk menarik pelabur global dan pekerja berpengetahuan untuk menetap di Malaysia.
Kedua, peruntukan awal RM100 juta untuk menaik taraf infrastruktur industri sedia ada menjadi lebih hijau (mesra alam) serta meningkatkan pembangunan modal insan bagi memenuhi keperluan pelabur, kawasan sasaran termasuk sektor petrokimia di Kerteh, Terengganu, pusat data di Sedenak, Johor dan industri getah hiliran di Kuala Nerang, Kedah.
Ketiga, Pulau Pinang akan digalakkan untuk bergerak melangkaui pemasangan semikonduktor penyumberan luar dan penyedia perkhidmatan ujian (OSAT) bernilai lebih rendah dan memberi lebih tumpuan kepada industri semikonduktor bernilai tinggi seperti reka bentuk litar bersepadu (IC).
Empat, kerajaan akan memperuntukkan RM1 bilion untuk membiayai, memupuk dan mengantarabangsakan syarikat pemula niaga dan perusahaan kecil dan sederhana (PKS) tempatan untuk merangsang pertumbuhan eksport, sebanyak RM1 bilion ini akan dipadankan oleh dana swasta untuk menyokong syarikat pemula niaga tempatan dan mempromosikan usahawan teknologi.
"Kelima, kerajaan juga akan melaksanakan dasar perindustrian berfokuskan negeri untuk mengurangkan jurang pembangunan antara negeri maju dan kurang membangun seperti mengukuhkan industri hiliran minyak dan gas (O&G) di Sabah dan Terengganu atau meningkatkan aktiviti nilai tambah dalam sektor elektrik dan elektronik (E&E) di Kulim dan Bayan Lepas.
"Terdapat juga pelepasan cukai untuk firma yang mewujudkan pekerjaan berpendapatan tinggi di negara ini, serta semakan semula insentif pelaburan sedia ada untuk memastikan situasi menang-menang lebih baik untuk rakyat/perniagaan dan pelabur kita."
Semua langkah ini dan banyak lagi bertujuan untuk menjadikan Malaysia antara 12 ekonomi teratas di dunia daripada segi daya saing dan kemudahan pelabur menjalankan perniagaan serta disenaraikan dalam 30 ekonomi teratas di dunia dalam jangka sederhana dan panjang," katanya.
2023-07-27 17:21 | Report Abuse
Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz
KUALA LUMPUR: Government-Linked Companies (GLCs) and Government-Linked Investment Companies (GLICs) are expected to drive domestic direct investments (DDIs) and support the development of local vendors in strategic sectors, such as electrical and electronics (E&E), digital economy and aerospace.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said his ministry is pleased that DDI will become one of the Key Performance Indicators (KPIs) because "nothing spells confidence in our investment policies better than our own domestic investors ploughing their money back into their country.”
The Madani Economy: Rakyat Empowerment Framework launched today will address the structural reforms required to stop the country’s dangerous economic cycle of high cost, low salary, low profit and less competitive value. Admittedly several of these issues were made worse by the pandemic.
"The government will focus on encouraging both DDI and foreign direct investment (FDI) in developing Malaysia as a leading economy in Asia and ensuring that there will be positive economic spillover to the people,” he said at the strategic collaboration signing ceremony between Citaglobal Bhd and MASDAR here today.
Some of the key initiatives announced under the Madani Economy that are directly under MITI’s purview are the establishment of a special financial zone in Johor to attract global investors and knowledge workers to reside in Malaysia.
Second, a RM100 million initial allocation for upgrading existing industrial infrastructure to be ‘greener’ as well as enhancing human capital development to meet investors’ needs. Target areas include the petrochemical sector in Kerteh, Terengganu, data centres in Sedenak, Johor and the downstream rubber industry in Kuala Nerang, Kedah.
Third, Penang will be nurtured to move beyond lower value Outsourced Semiconductor Assembly and Test (OSAT) and to focus more on high-value semiconductor industries such as IC design.
Four, the government will allocate RM1 billion to finance, cultivate and internationalise startups and local SMEs to spur export growth. This RM1 billion will be matched by private funds to support local startups and promote technopreneurs.
"Five, the government will also implement state-focused industrial policies to reduce the development gap between developed and underdeveloped states, such as strengthening the O&G downstream industry in Sabah and Terengganu; or increasing value-added activities in the E&E sector in Kulim and Bayan Lepas.
"There will also be tax breaks for firms creating high-income jobs in this country, as well as a review of existing investment incentives to ensure a better win-win situation for both our people/businesses and investors.”
All these measures, and more, aim to make Malaysia among the top 12 economies in the world in terms of competitiveness and investors’ ease of doing business, as well as to be in the top-30 economies globally in the medium to longer-term,” he said. - Bernama
2023-07-27 11:16 | Report Abuse
KUALA LUMPUR: Prominent economist Anthony Dass believes that Malaysia's economy has "somewhat come out of the woods”, thanks to the clear governance, better confidence from domestic consumers and businesses, and improving engagement with foreign investors and the local business community by Prime Minister Datuk Seri Anwar Ibrahim.
Dass said the cost of living and the ease of doing business had improved slightly.
He said a higher online spending base of RM141.80 was recorded in May 2023 versus a trough of RM77.50 in April 2020, while a decline in the unemployment rate to 3.5 per cent was registered in May 2023 as compared to a peak of 5.3 per cent in May 2020.
Additionally, business loan availability in May 2023 stood at 113 points (base of 100 points in January 2020) as compared to 101.6 points registered in December 2020, he said.
He said the ringgit had also strengthened against the US dollar to the current level of around 4.55 and about 4.24 at end-January 2023 compared to the levels between 4.67 and 4.78 before the 15th General Election held on Nov 19, 2022.
"Now, foreign workers issues are also better," Dass told Bernama when asked to comment on Malaysia's economic outlook after the International Monetary Fund (IMF) revised their projection upward for the 2023 gross domestic product (GDP) growth to three per cent on Tuesday.
The IMF in its latest World Economic Outlook report projected global real GDP growth of three per cent in 2023, up 0.2 percentage point from its April forecast, but left its outlook for 2024 unchanged, also at three per cent.
2023-07-27 10:43 | Report Abuse
good to privatise and direct nego with the indons and arabs if they wanted to takeover :)
2023-07-27 10:09 | Report Abuse
MGO at 20sen , mungkin :)
2023-07-27 08:47 | Report Abuse
Yes, it is possible for Progressive Impact Corporation Berhad (PICORP) to be taken over. As a public listed company, PICORP is subject to the takeover provisions of the Malaysian Securities Commission (SC). These provisions allow a person or group to acquire a controlling interest in PICORP by making a takeover offer to the shareholders.
There are a number of factors that could make PICORP a target for a takeover. These include:
The company's strong financial performance. PICORP has been profitable for many years and has a healthy balance sheet.
The company's leading market position in the Malaysian environmental market. PICORP has a market share of approximately 20% in the instruments and monitoring systems and laboratory testing services segment.
The company's expansion plans into new markets. PICORP is currently expanding its operations into Indonesia and Saudi Arabia.
If a takeover offer were to be made for PICORP, the shareholders would need to decide whether to accept the offer or not. The offer price would be a key factor in their decision. Other factors that they would consider include the future prospects of the company and the strategic fit of the acquirer.
Overall, it is possible for PICORP to be taken over. However, whether or not a takeover offer is made, and whether or not it is successful, would depend on a number of factors.
2023-07-27 08:20 | Report Abuse
INVESTKL berjaya menarik masuk RM2.48 bilion pelaburan komited pada separuh pertama 2023 yang membawa kepada penciptaan lebih 6,800 peluang pekerjaan eksekutif untuk rakyat Malaysia.
Pelaburan itu diperoleh di tengah-tengah cabaran global semasa, sekali gus menunjukkan bahawa cadangan Greater Kuala Lumpur (Greater KL) sebagai destinasi pelaburan utama sudah mantap, lengkap dengan infrastruktur digital yang teguh, kemudahan menjalankan perniagaan, ekosistem yang dipacu oleh aktiviti teknologi inovatif dan persekitaran yang memupuk bakat.
Menteri Pelaburan, Perdagangan dan Industri (MITI), Tengku Datuk Seri Zafrul Abdul Aziz berkata, Malaysia komited kepada dasar yang bertujuan untuk mewujudkan ekosistem perniagaan bernilai tinggi untuk menarik pelaburan strategik, serta merealisasikan pertumbuhan jangka panjang yang mampan dan inklusif ke dalam negara.
"Kejayaan berterusan InvestKL dalam mendapatkan pelaburan berkualiti untuk kawasan Greater KL adalah bukti landskap perniagaan Malaysia yang kondusif yang seterusnya telah membangunkan daya saing dan daya tahan Malaysia di peringkat global.
"Disokong oleh dasar yang kukuh mengenai industri, pelaburan dan eksport, MITI bersama-sama dengan agensinya seperti InvestKL, akan terus meningkatkan kemudahan negara dalam menjalankan perniagaan dan kemudahan pelaburan, di samping menjamin prospek perniagaan domestik dan meningkatkan taraf hidup rakyat Malaysia ke arah pertumbuhan ekonomi yang lebih luas dan inklusif," katanya dalam kenyataan.
2023-07-26 19:27 | Report Abuse
Progressive Impact Corporation Berhad (PICORP) is a Malaysian environmental solutions provider that has been operating since 1984. The company has a strong track record of growth and innovation, and is well-positioned for continued success in the years to come.
Here are some of the potential growth drivers for PICORP in 2023 and beyond:
Growing demand for environmental solutions. The global environmental market is expected to grow at a CAGR of 7.2% from 2021 to 2028. This growth is being driven by a number of factors, including increasing awareness of environmental issues, government regulations, and technological advancements.
Expansion into new markets. PICORP has already established a strong presence in Malaysia, and is now looking to expand into new markets in Southeast Asia and beyond. The company has a number of strategic partnerships in place that will help it to achieve this goal.
New product development. PICORP is constantly investing in research and development, and is developing new products and services that meet the needs of its customers. This focus on innovation will help the company to stay ahead of the competition and maintain its market share.
Overall, PICORP is well-positioned for continued growth in 2023 and beyond. The company has a strong track record, a focus on innovation, and a growing market. If the company can continue to execute on its plans, it is likely to achieve its growth goals.
Here are some specific examples of how PICORP is expanding its business and developing new products:
The company has recently opened a new office in Indonesia, which will help it to expand its reach into that market.
PICORP is also developing a new line of water treatment products that will help it to address the growing demand for water purification solutions.
The company is also working on a new pest control product that will be more effective and environmentally friendly than existing products.
These are just a few examples of the ways that PICORP is positioning itself for growth in the years to come. If the company can continue to execute on its plans, it is likely to achieve its growth goals.
2023-07-26 19:17 | Report Abuse
H: Pelabur asing sokong pemulihan mantap bursa
FBM KLCI teruskan trajektori menaik mengukuh atas 1,400 mata
Oleh Mahanum Abdul Aziz
mahanum_aziz@bh.com.my
Langkah pengurus dana asing yang mula mempelbagai portfolio pelaburan masing-masing menyokong pemulihan indeks FBM KLCI untuk kembali kukuh didagangkan di atas paras 1,400 mata pada masa ini, demikian menurut penganalisis.
Indeks penanda aras Bursa Malaysia itu meningkat lebih empat peratus untuk kembali mengukuh atas paras 1,400 mata berbanding 1,376.68 yang dicatatkan pada 30 Jun lalu.
Pada sesi dagangan semalam, indeks FBM KLCI meneruskan trajektori menaiknya untuk hari kelima berturut-turut, apabila meningkat 0.87 peratus atau 12.50 mata kepada 1,449.29.
Bagaimanapun, prestasi pasaran saham tempatan setakat tahun ini mencatatkan penurunan sebanyak 3.09 peratus.
Naib Presiden Penyelidikan Ekuiti Rakuten Trade Sdn Bhd, Thong Pak Leng, dalam satu nota penyelidikan berkata, indeks FBM KLCI mencatatkan satu lagi hari yang positif berikutan pengumpulan meluas dalam kaunter saham mewah.
"Kami percaya keadaan ini akan berterusan memandangkan kepelbagaian portfolio oleh beberapa dana asing mungkin telah memulakan peningkatan yang baik baru-baru ini di rantau ASEAN," katanya.
Pelabur asing baru-baru ini kembali memberikan tumpuan kepada saham tempatan selepas menjadi penjual bersih di Bursa Malaysia selama 12 minggu berturut-turut.
Mereka meneruskan aktiviti belian di Bursa Malaysia minggu lalu dengan membeli saham bernilai RM179 juta berbanding RM570.9 juta dicatatkan minggu sebelumnya.
Bagaimanapun, secara terkumpul pelabur asing melakukan jualan bersih bernilai RM3.7 bilion setakat tahun ini.
Pelabur runcit dan institusi tempatan pula masing menjadi pembeli bersih saham-saham di Bursa Malaysia setakat tahun ini yang masing-masing berjumlah RM3.53 bilion dan RM165.8 juta
Sementara itu, RHB Research berkata, pasaran saham tempatan mungkin terus tidak menentu hingga hari Pilihan Raya Negeri (PRN).
Ia berkata, kejelasan politik dan makroekonomi lebih nyata akan menjadi faktor pendorong kepada pasaran saham tempatan.
"Pada pendapatan harga (P/E) 13.9 kali bagi unjuran tahun kewangan 2024, penilaian tidak begitu tinggi, namun perolehan korporat rapuh dan kelemahan nilai mata wang ringgit berbanding dolar Amerika Syarikat (AS) menjadi risiko utama.
"Namun, keadaan pasaran yang sementara lemah ini harus dilihat sebagai peluang keemasan untuk membina kedudukan ekuiti secara beransur-ansur," katanya.
RHB Research juga memberikan saranan wajaran tinggi terhadap sektor perbankan, minyak dan gas, utiliti, bahan asas, institusi kewangan bukan bank, penjagaan kesihatan, pembinaan dan hartanah.
Mengenai sasaran FBM KLCI akhir 2023, ia menjangkakan indeks penanda aras itu pada paras 1,500 mata.
2023-07-26 15:17 | Report Abuse
10-20sen by year-end , enjoy the ride
2023-07-26 15:16 | Report Abuse
Lepas prn, Big jump, umum dapat projek baru lagi 1 lompatan. Sabar ya
2023-07-26 11:49 | Report Abuse
Infrastructure projects tak terhingga, semua perlukan serves picorp. +++ ya!
2023-07-25 16:05 | Report Abuse
Once the 10sen threshold dah pecah, fly like crazy :)
2023-07-25 15:53 | Report Abuse
KUALA LUMPUR: Bursa Malaysia's rally picked up over the morning session as regional sentiment jumped on Beijing's promises to prop up its slowing economy.
At 12.30pm, the benchmark FBM KLCI was up 9.76 to 1,434.45. There were 486 gainers to 334 decliners as the overall market was bolstered by the improved sentiment.
Trading volume was 2.32 billion shares valued at RM1.12bil.
China yuan's strengthened by 0.5% to 7.1513 against the US dollar following news of the government's support while Malaysia's ringgit tracked the gains by 0.1% to 4.5635 against the greenback.
On Bursa Malaysia, bank counters led the rally with Maybank up six sen to RM8.98, Public Bank gaining five sne to RM4.03, CIMB rising eight sen to RM5.43 and Hong Leong Bank climbing 26 sen to RM19.20.
Commodities plays were also on the climb as PETRONAS Chemicals added 13 sne to RM6.63 and Press Metal jumped nine sen to RM4.90.
In plantations, Kuala Lumpur Kepong rose 18 sen to RM23.50, Sime Darby Plantation added two sen to RM4.59 and IOI gained seven sen to RM4.14.
Among top actives on the market, Classita was down 2.5 sen to 12.5 sen, MYMBN rose 6.5 sen to 27.5 sen and Hong Seng gained 0.5 sen to nine sen.
China's main index rose 1.9% to 3,223 on Beijing stimulus plans while Hong Kong's Haang Seng climbed 3.2% to 19,258.
Japan's Nikkei however fell 0.4% to 32,562 and South Korea's Kospi rose 0.15% to 2,632.
2023-07-25 15:50 | Report Abuse
SINGAPORE: Asian shares jumped and the yuan rose on Tuesday as investors cheered China's pledge to step up support for its sputtering economy, with the heaviest buying in Hong Kong's beaten-down property sector while the dollar dipped against key rivals.
MSCI's broadest index of Asia-Pacific shares outside Japan snapped a six-day losing streak with a 1.5% gain. Japan's Nikkei fell 0.4%.
In China, the Shanghai Composite Index rose 1.9% and the Hang Seng leapt 3% with property stocks that had been diving on debt repayment worries bouncing back.
Country Garden jumped 14% and was the top-traded stock in Hong Kong while its onshore-traded debt recovered to slightly less distressed levels. Shares in its services arm and rival Longfor rose by more than 20%.
China's top leaders pledged on Monday to step up help for the economy amid a tortuous post-COVID recovery and signalled there would be more to come for the property industry.
"Perhaps the biggest move was the pledge to 'adjust and optimise property policies,' which opens the door for further property easing," said Citi analysts.
"The Chinese economy could muddle through the second half amid such a policy setting."
An index of mainland developers jumped 11% on Tuesday and was headed for its best day in eight months.
In the currency market, the Chinese yuan strengthened about 0.5% to 7.1526 per dollar, helped by state banks selling dollars onshore and offshore early in Asia.
The move set the tone across other pairs and the dollar index, which measures the U.S. currency against six major rivals, eased 0.1% to 101.31.
The China-sensitive Australian dollar rose 0.4% to $0.6767. The kiwi added 0.2% to $0.6215.
A big session of earnings lies ahead, along with the release of the euro zone bank lending survey on Tuesday before the Federal Reserve takes centre stage on Wednesday.
Unilever, LVMH and EssilorLuxottica report in London and Paris.
Microsoft, Google parent Alphabet, Visa , General Electric, chipmaker Texas Instruments are among the heavyweights in the U.S.
Markets anticipate 25-basis-point rate hikes from both the Fed and the European Central Bank this week but beyond that pricing diverges from policymakers' rhetoric, meaning a great deal of focus will fall on their tone and outlook.
The euro scraped off a two-week low hit overnight after a survey showed European business activity shrank much more than expected in July, reigniting recession worries. It last bought $1.1070.
The Japanese yen added 0.07% to 141.39 per dollar and investors seem in two minds over whether the Bank of Japan, which sets policy on Friday, might tweak its stance on pinning government bond yields near zero.
In the energy market, U.S. crude rose 0.3% to $78.98 per barrel and Brent was at $82.96, also up 0.3% on the day.
Spot gold added 0.3% to $1,961 an ounce.
U.S. wheat futures hit a five-month high on Tuesday, stretching gains following Russia's attacks on Ukrainian ports and grain infrastructure that sparked concerns about long-term global supplies and food security. - Reuters
2023-07-25 15:47 | Report Abuse
KUALA LUMPUR: MIDF Research anticipates that the government will cut retail fuel prices, particularly the RON95 and diesel, to ensure price stability and ease living cost pressure in Malaysia.
If the government cuts the RON95 price by 10 sen to RM1.95 per litre next month, Malaysia’s headline inflation is likely to ease to 2.9 per cent for 2023 as non-food inflation moderates further towards 1.3 per cent, while transport price experiences deeper contraction of -1.7 per cent, it said in a note today.
By year-end, the 10 sen cut will bring the monthly headline inflation rate lower to +1.9 per cent year-on-year (y-o-y), it said, adding that this also means that the government would have an additional RM4.31 billion in fiscal expenditure, which can be utilised for other objectives.
"On top of that, the government will have even better fiscal space, given that fiscal debt-to-gross domestic product (GDP) ratio has fallen to 59.3 per cent in the first quarter of 2023, and including contingent liabilities, the latest figure is 76.1 per cent,” MIDF Research said.
According to the consumer price index (CPI) weightage, transport cost is the third largest burden after food as well as housing and utilities.
"Considering the continuous elevated food inflation and downward income pressure, we anticipate the government to opt for slashing retail fuel prices, particularly RON95 and diesel in the near term.
"Structurally, being a net food importer and aggravated by depreciated ringgit, it will be hard for the government to contain food inflation,” the research house said.
During the first half of this year (1H 2023), the Brent crude oil price averaged at US$79.2 (US$1=RM4.57) per barrel, slightly lower than government’s estimate of US$80 per barrel.
As such, MIDF Research estimated the non-subsidised market price for RON95 to be RM3.10 per litre.
In 2022, the RON95 price differential against market price widened to RM1.86 per litre.
"Thanks to normalising global oil price, the fuel price differential is estimated to be much lower at RM1.05 per litre this year. With the lower price differential, we believe the total subsidy expenditure will be lower than last year.
"From 2011 to 2013, the RON95 price differential was more than RM2.00 per litre as the global oil price hovered above US$100 per barrel, while the retail price of RON95 was kept at RM1.90-1.95 per litre,” it said.
In the 1H 2023, food prices surged by 6.2 per cent y-o-y (2022: 5.9 per cent), while non-food prices increased by 1.7 per cent y-o-y (2022: 2.2 per cent).
"We believe that the continuous depreciation of the ringgit is among the contributing factors to the high food inflation in Malaysia.
"Moreover, the elevated food inflation indicates that food prices are stickier (on the upside) amid robust domestic spending,” said MIDF Research.
Meanwhile, CGS-CIMB said the recent dismantling of the Black Sea grain corridor -- where the agreement to allow exports of food and fertiliser from both Ukraine and Russia to the global market has not been renewed -- may have an adverse effect on food inflation, leading to higher price volatility.
Although the spike in global commodity prices is still well below the recent historical peak reached in 2022, this warrants close monitoring, it said.
Back home, it said government intervention in items such as chicken price and electricity should contain inflation in the near term.
"The government has decided to continue subsidising chicken and eggs in 2H 2023, and electricity tariffs for domestic users were also extended in 2H3, easing the risk of domestic-driven inflation.
"As such, we maintain our CPI forecast at 2.8 per cent y-o-y in 2023,” it said.
Malaysia’s CPI registered a slower growth rate of 2.4 per cent y-o-y in June (+2.8 per cent in May), marking the lowest level observed since April 2022, and in line with market projections.
The core inflation rate, which excludes volatile and administered price items, increased at a slower rate of +3.1 per cent y-o-y in June (+3.5 per cent in May). - Bernama
2023-07-25 15:46 | Report Abuse
Awang Adek also said Malaysia must also increase its environmental, social and corporate governance (ESG) products and sustainability financing to attract investors that prioritise ESG.
Although Malaysia is ahead of many regional peers in terms of sustainability disclosures by private limited companies, he said it is now time to work seriously towards adopting the International Sustainability Standards Board (ISSB) standards, which are expected to be effective next year.
"Given the active development of renewable energy domestically and the introduction of a carbon market by Bursa Malaysia, we should aspire to be a regional leader in ESG products and ESG-related services,” he said.
He added that pushing for stronger growth in the private market should also be a priority, as its growth through venture capital, private equity, equity crowdfunding and peer-to-peer financing has been phenomenal.
"This must continue to be encouraged to assist small and medium enterprises' access to suitable financing for growth and expansion," he said.
Meanwhile, Awang Adek said the SC's newly-launched capital market graduate programme, InvestED could help bridge the gap between demand and supply, ensuring a more future-ready workforce that could contribute to growth and stability.
He noted that collaboration between key stakeholders would be crucial to solving capital market challenges.
"The ICMR can take the lead to 'intermediate' and build stronger research links with universities, thus it is encouraging that the ICMR ran a Call for Papers initiative, focused on identifying capital market opportunities in Malaysia and in the region," he added. - Bernama
2023-07-25 15:44 | Report Abuse
More works for picorp.
JAKARTA: Petroliam Nasional Bhd’s (Petronas) subsidiary Petronas Masela Sdn Bhd has inked a sale and purchase agreement (SPA) with Shell Upstream Overseas Services (I) Ltd to acquire a 15 per cent participating interest in the production sharing contract of the Masela Block (Masela PSC) in Indonesia.
The acquisition was part of a joint bidding between Petronas Masela and its Indonesian partner, PT Pertamina Hulu Energi (PHE), in which both entities would acquire Shell’s entire 35 per cent participating interest in the Masela PSC, it said in a statement.
Both parties had signed the SPA pertaining to the Masela PSC which is located in the deep waters of the west Arafura Sea, Eastern Indonesia today.
Petronas said that PHE would take up 20 per cent participating interest, while the operator of the Masela Block Inpex Masela Ltd would hold the remaining 65 per cent share.
"The transaction is currently pending completion subject to regulatory approval and fulfilment of conditions precedent,” it said.
The signing of the agreement was held during the 47th Indonesian Petroleum Association Convention and Exhibition here.
Petronas was represented by its president and group chief executive officer Tan Sri Tengku Muhammad Taufik and its executive vice president and chief executive officer of upstream Datuk Adif Zulkifli, while Shell was represented by its director of finance for acquisition, divestment and NBD Asia Soo Kuo Tong.
"Our participation underscores the commitment to supporting Indonesia’s production target to achieve one million barrels of oil per day and 12 billion standard cubic feet per day of gas by 2030,” said Tengku Muhammad Taufik.
Petronas said the project would also allow the group to contribute its technical expertise and strengthen its global liquefied natural gas portfolio to meet the growing demand for lower-carbon energy from Indonesia and across the region.
The global energy group is presently a joint venture partner in six PSCs located both onshore and offshore in Sumatra, the Natuna Sea, East Java, as well as in East Indonesia.
It is also the operator of the Ketapang PSC, North Ketapang PSC and North Madura II PSC, located offshore in East Java. - Bernama
2023-07-25 15:44 | Report Abuse
Petronas adalah pelanggan picorp :)
JAKARTA: PETRONAS melalui anak syarikatnya, PETRONAS Masela Sdn Bhd (PETRONAS Masela) semalam menandatangani perjanjian jual beli (SPA) dengan Shell Upstream Overseas Services (I) Limited (Shell) untuk
memperoleh 15 peratus kepentingan penyertaan dalam Kontrak Perkongsian Pengeluaran Blok Masela (Masela PSC), yang terletak di perairan dalam Laut Arafura Barat, Indonesia Timur.
Pengambilalihan itu adalah hasil kerjasama bidaan bersama antara PETRONAS Masela dan rakan kongsinya, PT Pertamina Hulu Energi (PHE), apabila kedua-dua entiti akan memperoleh keseluruhan 35 peratus kepentingan penyertaan Shell dalam Masela PSC.
PHE menandatangani SPA dengan Shell untuk memperoleh 20 peratus kepentingan penyertaan. INPEX Masela Ltd (INPEX), pengendali Blok Masela, memegang baki 65 peratus kepentingan penyertaan.
Presiden dan Ketua Pegawai Eksekutif (CEO) Kumpulan PETRONAS, Tan Sri Tengku Muhammad Taufik Tengku Aziz, berkata pemerolehan itu menandakan peristiwa penting dalam pengembangan portfolio PETRONAS di Indonesia.
Katanya, PETRONAS teruja untuk menyertai Blok Masela yang juga salah satu projek strategik utama di Indonesia.
"Penyertaan kami menggariskan komitmen dalam menyokong sasaran pengeluaran Indonesia untuk mencapai siejuta tong minyak sehari dan 12 bilion kaki padu standard sehari gas menjelang 2030.
"Projek ini juga memberi peluang kepada PETRONAS untuk menyumbang kepakaran teknikal kami dalam pembangunan dan pengewangan blok itu, dan akan mengukuhkan lagi portfolio LNG global kami ke arah memenuhi permintaan yang semakin meningkat untuk tenaga rendah karbon dari Indonesia dan seluruh rantau.
"Kami berharap dapat bekerjasama rapat dengan rakan kongsi kami PHE, INPEX dan SKK Migas ke arah membuka potensi penuh aset ini, sambil mengekalkan tumpuan kukuh kami terhadap penjagaan alam sekitar dan pengayaan masyarakat setempat," katanya dalam satu kenyataan.
Majlis memeterai SPA itu diadakan semasa Pameran & Konvensyen Persatuan Petroleum Indonesia (IPA) ke-47 di Tangerang, hari ini.
PETRONAS diwakili Tengku Muhammad Taufik serta Naib Presiden Eksekutif dan Ketua Pegawai Eksekutif Huluan, Datuk Adif Zulkifli manakala Shell diwakili oleh Pengarah Kewangan bagi Pengambilalihan, Pelupusan dan NBD Asia, Soo Kuo Tong.
PETRONAS ketika ini adalah rakan kongsi usaha sama di enam PSC terletak di pesisir dan luar pesisir Sumatera, Laut Natuna, Jawa Barat dan Indonesia Timur serta menjadi operator bagi PSC Ketapang, PSC Ketapang Utara dan PSC Madura Utara II, terletak di luar pesisir Jawa Timur.
2023-07-25 15:43 | Report Abuse
Oil n gas companies need picorp :)
A 3D-printed oil pump jack is placed on dollar banknotes in this illustration picture. — Reuters
OIL prices edged higher for a third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment.
Brent futures gained 25 cents, or 0.3%, to $82.99 a barrel by 0633 GMT, while U.S. West Texas Intermediate (WTI) crude rose 27 cents, also 0.3%, to $79.01. Both benchmarks settled over 2% higher the previous day at their highest closing levels since April.
The crude benchmarks have already climbed for four weeks in a row with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known as OPEC+. Some analysts say it could rise further in the short term.
"Energy traders are growing confident that global central bank tightening will soon come to an end, which should provide some support for global growth," said Edward Moya, an analyst at OANDA.
In China, the world's second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
Still, bearish data in the euro zone and United States underlined weakness across the global economy.
In the euro zone, business activity shrank much more than expected in July as demand in the bloc's dominant services industry declined while factory output fell at the fastest pace since COVID-19 first took hold, a survey showed.
In the U.S., business activity slowed to a five-month low in July, dragged down by decelerating service-sector growth, a closely watched survey showed, but falling input prices and slower hiring indicate the Federal Reserve could be making progress on important fronts in its bid to reduce inflation.
Investors have priced in quarter-point hikes from the Fed and European Central Bank (ECB) this week, so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate increases.
Later on Tuesday, industry data on U.S. crude inventories is expected. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21. - Reuters
2023-07-25 15:42 | Report Abuse
An employee counts 100 Chinese yuan banknotes at a bank in Hefei, Anhui province. — Reuters
SINGAPORE: The yuan strengthened on Tuesday after China's top leaders pledged to step up policy support for the country's flailing economy, while the euro briefly hit a two-week low as a worsening business downturn muddied the euro zone rate outlook.
The yuan surged more than 0.5% in both the onshore and offshore markets in Asia trade as investors cheered comments at the closely watched Politburo meeting, though many were still seeking out specific details on greater stimulus measures.
The offshore yuan last bought 7.1540 per dollar, while the onshore yuan stood at 7.1535 per dollar.
"Overall, the sheer range of issues that the meeting touched upon goes beyond what the markets had anticipated," said Tommy Xie, head of Greater China research at OCBC.
"While the sweeping breadth of the topics was appreciated, the execution and depth of these policies will be the real test."
Also propping the yuan were China's major state-owned banks selling U.S. dollars to buy yuan in both onshore and offshore spot markets on Tuesday, sources told Reuters.
The positive sentiment from China also lifted the Australian dollar, which is often used as a liquid proxy for the yuan.
The Aussie was last 0.3% higher at $0.6760, while the New Zealand dollar rose 0.1% to $0.6210.
Elsewhere, the euro gained 0.12% to $1.1075, after slumping to a two-week low of $1.1059 earlier in the session, on the back of a survey on Monday which showed euro zone business activity shrank much more than expected in July.
That reignited recession fears and caused the single currency to slide more than 0.5% in the previous session, as traders trimmed their expectations of future rate hikes by the European Central Bank following this week's likely 25-basis-point increase.
"The extension of the weakness in the manufacturing sector as well as services, and Germany, in particular, being a lot weaker than expected ... that's putting some question marks around the rhetoric that we should expect from the ECB on Thursday," said Rodrigo Catril, senior currency strategist at National Australia Bank.
Sterling gained 0.12% to $1.2840, while the U.S. dollar index fell 0.14% to 101.27.
Britain's flash PMI survey out on Monday showed its private sector growing at the weakest pace in six months in July, while a separate survey pointed to U.S. business activity slowing to a five-month low this month.
The Federal Reserve also meets this week and is expected to raise rates by 25 bps, with a majority of economists polled by Reuters expecting that to mark the last increase of the central bank's current tightening cycle.
"While the Fed meeting (in July) is likely to be uncontroversial in terms of the decision on interest rates, the Fed's statement and the press conference will be extremely relevant for markets," said Guillermo Felices, global investment strategist at PGIM Fixed Income.
"Incoming activity data has been stronger than expected in June and July," he said. "The Fed will have to explain what they make of the resilient U.S. economy."
In Asia, the yen remained under pressure at 141.40 per dollar, struggling to recover from its heavy losses on Friday on a Reuters report that the Bank of Japan (BOJ) is leaning towards keeping its yield control policy unchanged at this week's policy meeting.
"(BOJ) Governor Ueda has held his cards close to his chest, seemingly unpersuaded by the recent run up in Japanese prices and especially workers' wages, and he has dropped few hints about an impending YCC tweak," said Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management.
"However, we feel the time is ripe to undertake a YCC tweak... A YCC tweak is not full-scale pivot to policy tightening, but it sets the stage for reduced policy divergence. As such it would result in an abatement of pressure on the yen." - Reuters
Company Info: [PICORP] Chairman Appointment - SYED HISHAM BIN SYED WAZIR on 30-May-2023
2023-08-02 09:35 | Report Abuse
If sudden jump few sen, mesti ada news