MONEY MASTER

KUALA LUMPUR, Oct 30 (Bernama) -- Bursa Malaysia mirrored regional jitters to end lower as the US election nears with polls indicating a closely contested race. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.20 points or 0.82 per cent to 1,601.88 from yesterday’s close of 1,615.08.  The benchmark index opened 0.18 of-a-point lower at 1,614.90 and moved between 1,601.45 and 1,615.36 throughout the session. On the broader market, decliners thumped gainers 671 to 363, while 474 counters were unchanged, 984 untraded, and 123 suspended. Turnover improved to 2.52 billion units valued at RM2.96 billion versus 2.48 billion units valued at RM2.26 billion yesterday. Rakuten Trade Sdn Bhd’s equity research vice president Thong Pak Leng said although there was positive corporate news from tech giants in the US, it wasn’t enough to provide clear di...

IGB REIT’s impressive 22% surge this year has prompted analysts to downgrade the REIT to a 'hold' rating, despite slightly higher fair value targets for the Mid Valley Megamall and The Gardens Mall operator. AmInvest and Maybank Investment Bank (Maybank IB) highlighted that IGB REIT’s valuation now appears stretched compared to peers like Sunway REIT and Pavilion REIT. The unit price of IGB REIT, currently trading at nearly two times net asset value (NAV) , contrasts with competitors hovering just over one time NAV. “We see limited upside potential after the stock’s strong rally," Maybank IB said, noting that they had not factored in potential new assets into their forecasts. Both firms anticipate IGB REIT’s next growth catalyst will be the acquisition of Mid Valley Southkey Mall in Johor Bahru , a fully occupied property expected to see rental renewals in 2025. AmInvest raised its fair value to RM2.28 from RM2.11 , citing lower cost of capital assumptions, while Mayba...

The Ministry of Finance (MOF) is still refining the mechanism for the targeted RON95 fuel subsidy, which is expected to be implemented by mid-2025. According to Muhammad Kamil Abd Munim, the Political Secretary to the Finance Minister, the MOF is actively engaging with stakeholders to ensure that the subsidy program is implemented smoothly without causing confusion or anxiety among the public. During an appearance on Bernama TV’s Ruang Bicara program, Muhammad Kamil emphasized the importance of carefully examining the details of the subsidy to protect the welfare of deserving groups, ensuring they continue to receive the financial support they need. The proposed targeted subsidy was announced by Prime Minister Datuk Seri Anwar Ibrahim in the 2025 Budget, with the aim of saving up to RM8 billion, as 40% of the RON95 subsidy currently benefits foreigners and wealthy individuals. The government remains committed to maintaining subsidies for the majority of Malaysians, similar to the appr...

Symphony Life Bhd : Former CFO Ng Ying Yiing and former group adviser Datuk David Goh were charged in the Sessions Court for using RM2.57 million in company funds to purchase shares in Cycle and Carriage Bintang Bhd without board approval. The Industrial Court ruled that Symphony Life's CEO Chin Jit Pying authorized the purchase. Frontken Corp Bhd : Frontken reported a 32% surge in net profit to RM35.32 million for 3QFY2024, driven by strong semiconductor demand and increased utilization at its Taiwan facility. Revenue also rose by 8.08% to RM144.31 million. Unisem (M) Bhd : The semiconductor device manufacturer saw a 48% y-o-y increase in net profit for 3QFY2024, reaching RM26.75 million due to higher sales volume and foreign exchange gains. The company declared a two-sen dividend. LPI Capital Bhd : LPI Capital's net profit for 3QFY2024 rose by 27% to RM123.94 million, benefiting from higher investment returns and lower reinsurance expenses. Infoline Tec Group Bhd : Infoline r...

Axis Real Estate Investment Trust (Axis REIT) has successfully raised RM449.73 million through a private placement exercise aimed at supporting its strategy to pursue high-quality, yield-accretive acquisitions and enhancing its existing portfolio. The issue price was set at RM1.71 per unit , representing a 5.1% discount to the volume-weighted average market price of RM1.802 per unit . This private placement is Axis REIT's largest to date and highlights strong market confidence in its growth initiatives. In line with the enlarged unit capital resulting from the placement, Axis REIT has declared an advance fourth interim distribution of 1.10 sen per unit for income earned from Oct 1 to Nov 12, payable on Nov 29 . Leong Kit May, CEO and executive director of Axis REIT Managers Bhd, expressed that the success of this placement underscores strong market confidence in the REIT's growth strategy and commitment to reducing its financing ratio to allow for future portfolio expansion...

The listed unit of China Baowu Steel Group , the world’s largest steel producer, remains profitable even as much of the sector faces financial struggles. Baoshan Iron & Steel Co. reported a 65% drop in third-quarter net income to 1.34 billion yuan ($188 million), yet it continues to outperform the broader industry, which has been hit hard by China's prolonged real estate downturn and sluggish demand. Despite the sector's challenges, Baoshan noted in its earnings report that it "ranks first in the industry" in profitability. Smaller competitors like Hesteel Co. and Angang Steel Co. are set to release their earnings soon, with the industry as a whole dealing with a potential fourth consecutive year of declining steel consumption. Amid these challenges, Baowu's outlook is cautiously optimistic. The company anticipates market stabilization and improving demand, driven by recent government stimulus efforts. While domestic demand remains weak, Baowu has relied on...

  The Nasdaq Composite reached a new record high, boosted by strong performances from major tech companies. Notably, Alphabet Inc. (Google’s parent company) saw a 3.5% rise in after-hours trading after reporting better-than-expected earnings. Meanwhile, the S&P 500 posted a modest gain of 0.2%, but the Dow Jones Industrial Average slipped by 0.4%. The Nasdaq's rise comes as tech giants, with a combined market value of over $12 trillion, release their quarterly earnings throughout the week. In other market highlights, Advanced Micro Devices Inc. (AMD) dropped 6% due to a lackluster revenue forecast, while Reddit Inc. and Visa Inc. exceeded sales and earnings expectations, respectively. McDonald’s Corp missed sales expectations, citing weaker performance in markets like France, China, and the UK. Meanwhile, Royal Caribbean Cruises Ltd. raised its earnings outlook for the fourth time this year, reflecting strong demand. Additionally, Bitcoin surged, approaching its recor...

Oil prices continued their decline for a second consecutive day, as signs of potential diplomatic progress in Israel's conflict with Lebanon overshadowed expectations for a massive stimulus package from China. West Texas Intermediate (WTI) dropped 0.3%, settling near $67 per barrel after Israeli Prime Minister Benjamin Netanyahu announced plans for a meeting focused on a diplomatic resolution to the Lebanon conflict. Earlier in the day, WTI had risen by as much as 1.7% on reports that China was considering 10 trillion yuan (about $1.4 trillion) in fiscal stimulus. Meanwhile, Brent crude prices fell 0.4%, settling around $71 per barrel . The recent decline comes as the geopolitical war premium on crude has eased, particularly with Israel signaling openness to a temporary truce in Gaza. This shift has brought attention back to market fundamentals, as the oil market enters a critical period that includes a tight US presidential election and the planned unwinding of voluntary pr...

  Gold surged to a fresh record on Wednesday, climbing to $2,775.47 an ounce during early Asian trading, surpassing its previous peak as investors react to the latest US economic data and brace for potential market disruption ahead of the US presidential election . The rise follows a report showing US job openings have dropped to their lowest level since early 2021, conflicting with earlier data that suggested strength in the US labor market. This shift led traders to scale back expectations of aggressive rate cuts by the Federal Reserve. Higher interest rates typically dampen the appeal of gold, but ongoing uncertainties are keeping demand strong. Ahead of the Fed's next policy meeting on Nov. 6-7, markets are closely watching upcoming US inflation and payroll data for further clues on the central bank’s next moves. While policymakers are expected to cut rates by a quarter percentage point , economic resilience and labor market disruptions from recent hurricanes will also be k...

Investors are turning to cash, India, China's markets, and Singapore dollars as they brace for the impact of the upcoming US presidential election on global financial flows. As Asia is highly sensitive to changes in US trade policies, many money managers are steering clear of risky bets and focusing on reducing exposure to vulnerable sectors, such as Japanese manufacturers and Hong Kong stocks . Jon Withaar of Pictet Asset Management highlights China as a stable market with domestic drivers that may be less affected by global movements, while Nick Ferres of Vantage Point Asset Management is staying cautious, maintaining short positions on the yen and focusing on Japanese stocks . With Republican candidate Donald Trump currently leading in betting odds, investors anticipate inflationary pressures and rising interest rates under a potential Trump administration. Meanwhile, India's strong domestic growth and limited exposure to global trade risks make its markets appealing. ...

  The Bank of Japan (BOJ) is expected to keep its benchmark interest rate unchanged at 0.25% during its upcoming meeting, as political uncertainty following Japan’s election and the upcoming US presidential election create elevated risks. Governor Kazuo Ueda and the BOJ board are likely to adopt a wait-and-see approach given the instability, according to economists surveyed by Bloomberg. The recent Liberal Democratic Party (LDP) election loss and ongoing global uncertainties have reduced the likelihood of a rate hike this year. However, some experts still anticipate a possible move by January 2025 , with 53% expecting action as early as December. The yen 's weakness, coupled with inflation staying above the BOJ’s 2% target , has led to speculation about potential rate increases to address imported inflation. However, political instability has raised the threshold for such a move in the near term. The BOJ will also release its quarterly economic projections , with attention o...

Asian stocks made modest gains following mixed earnings from Wall Street tech companies, as traders brace for next week's US election and the Federal Reserve’s rate decision. Japan's stocks rose, while Australia and South Korea saw slight declines. US stock futures showed gains after the S&P 500 closed up by 0.2%, and the Nasdaq Composite hit a record high. Despite Alphabet Inc. climbing over 5% after beating earnings expectations, Advanced Micro Devices Inc. dropped 7% due to a weak revenue forecast. Treasury yields edged lower, and the US dollar slipped after three days of gains. Gold hit a fresh record, and Bitcoin remained near its all-time high. Traders in Asia are preparing for key market moves following the Bank of Japan's decision on Thursday and a potential fiscal stimulus announcement from China at a top legislative meeting on November 4-8. Asia's regional equity benchmark is set for its worst monthly performance in a year. Investors are a...

Elon Musk’s AI startup, xAI , is seeking new funding at a $40 billion (RM175.12 billion) valuation, according to sources familiar with the matter. This comes just months after a previous funding round raised $6 billion for the company. The discussions are in the early stages, and details could still change, according to the source. xAI had a valuation of $24 billion after its last funding round in May, meaning the new deal could significantly boost its valuation, placing it among the most valuable startups in the US. The Wall Street Journal also reported on these talks. During a virtual appearance at the Future Investment Initiative conference in Riyadh, Musk shared that xAI aims to double its access to compute , a crucial resource for advancing AI. He also mentioned that xAI’s Memphis facility is already the largest data center of its kind. Musk, a co-founder of OpenAI , left the company and has been critical of its approach to AI, positioning xAI to compete directly with Open...

Indian food delivery giant Swiggy has set a price range of 371 to 390 rupees per share for its highly anticipated US$1.35 billion (RM5.92 billion) domestic initial public offering (IPO) , according to a newspaper advertisement released on Wednesday. This IPO is set to be the second-largest in India this year, following Hyundai India’s US$3.3 billion IPO earlier in the month.

US Treasury Secretary Janet Yellen has raised concerns about the rising issue of fraud in the US banking system, calling it a huge and growing problem . Speaking at an event hosted by the American Bankers Association , Yellen emphasized that fraud is being seen nationwide , including a significant rise in fraudulent activities related to government checks . To combat this issue, the Treasury Department is increasingly utilizing artificial intelligence (AI) , which Yellen says has made a dramatic difference in detecting and addressing fraudulent activities within the banking system. The use of AI represents an important step forward as the department works to better identify and deal with fraud that is becoming more sophisticated and widespread. The adoption of AI technologies in financial regulation reflects ongoing efforts to modernize how fraud is tackled across the system, ensuring that institutions can better protect themselves and their customers.

Visa Inc. has teamed up with Coinbase Global Inc. to allow customers with eligible Visa debit cards to make real-time deposits into their Coinbase accounts, marking a significant development in the crypto space. This partnership enables instant fund transfers for users in the US and the European Union , allowing customers to take advantage of 24/7 trading opportunities , according to a statement released on Tuesday. Eligible Visa debit card holders can now use their cards to purchase cryptocurrencies on Coinbase and cash out directly to their bank accounts, providing greater flexibility for crypto traders. The collaboration between Visa, which already powers the Coinbase debit card , and Coinbase aims to streamline the connection between traditional payment systems and the digital-asset sector . The crypto industry has historically faced difficulties in integrating with traditional banking due to concerns over market volatility and industry scandals. However, as crypto regul...

The European Union (EU) has decided to move forward with higher tariffs on electric vehicles (EVs) from China, intensifying trade tensions between the two economic powers. The new tariffs will peak at 45% , with the levies depending on the manufacturer and ranging from 8% to 35% on top of the existing 10% rate. The tariffs will come into effect later this week. This decision follows months of negotiations and threats of Chinese retaliation , with Beijing warning of potential consequences, including tariffs on European goods. China has already hinted at retaliatory measures, including possible actions against dairy, pork , and large-engine cars from Europe. Chinese automakers, especially BYD Co. , have rapidly grown in the global EV market, raising concerns among European carmakers such as Mercedes-Benz and BMW about potential damage to their sales in China. Volkswagen is already considering closing several factories in Germany due to the pressures in the market. The EU's...

  Samsung Electronics Co. has seen its market value plummet by $122 billion as it grapples with challenges in the AI and semiconductor sectors, leading to the biggest decline of any chipmaker worldwide. Once poised to capitalize on the AI boom, Samsung’s stock has tumbled 32% since its peak in July 2024, as concerns grow over its inability to keep up with competitors like SK Hynix Inc. in AI memory and Taiwan Semiconductor Manufacturing Co. (TSMC) in outsourced chipmaking. Foreign investors have dumped about $10.7 billion worth of Samsung shares since the end of July, further eroding the company's valuation. Samsung’s delays in high-bandwidth memory (HBM) chip production , crucial for AI processors, have allowed SK Hynix and Micron Technology Inc. to surge ahead in the race for AI chip dominance. Samsung’s struggles extend beyond AI, as its semiconductor business —traditionally a major profit driver—faces deep challenges. The company issued a rare apology earlier this mon...

Blackstone Inc has raised about US$22 billion (RM96.21 billion) in capital for a new direct lending fund aimed at institutional investors, according to a statement. This fund features a hybrid structure between drawdown funds —where investors commit to locking up capital for a set period—and evergreen funds , which allow investors to buy in and out periodically. The fund focuses on large-cap and middle-market lending transactions. This latest fund adds to Blackstone’s well-known Blackstone Private Credit Fund (BCRED) , a US$62 billion business development company that targets retail investors. Blackstone’s credit business also handles funds from insurance companies , pensions , and sovereign wealth funds . Private credit firms are in a race to amass significant capital to remain competitive and make larger deals. For instance, Ares Management Corp recently raised US$34 billion for its own direct lending fund, while Goldman Sachs has increased its fundraising goals in response ...

McDonald's reported a sharper-than-expected 1.5% drop in global sales for the third quarter, its steepest decline in four years. The burger chain's struggles stem from muted demand across key markets, including the US and Europe , compounded by the fallout from a deadly E. coli outbreak in the US. The company’s shares were down 2.4% before the market opened, despite beating profit expectations. The E. coli outbreak, linked to slivered onions in Quarter Pounders , led McDonald's to temporarily halt serving the burger in 20% of its US restaurants . The outbreak has caused 75 infections and one death, further dampening US sales recovery efforts. Customer visits in the US dropped sharply in late October, raising concerns about the near-term impact of the outbreak on sales. International markets also saw a 2.1% decline , particularly in France , the UK , and China , as consumers cut back on spending. Additionally, the Middle East conflict and boycotts over McDonald...

The US goods trade deficit widened sharply in September , growing by 14.9% to reach US$108.2 billion (RM472.9 billion) , according to the Commerce Department's Bureau of Economic Analysis . The increase was driven by a surge in imports , while exports declined, highlighting continued pressure on economic growth . This marks the third consecutive quarter where trade has negatively impacted gross domestic product (GDP) . The widening trade gap suggests that the US trade balance remains a drag on the economy. The government's advance GDP estimate for the July-September quarter is set to be released on Wednesday, with economists predicting a 3.0% annualized growth rate , matching the pace seen in the second quarter.

Crocs Inc. saw its shares drop by as much as 16% in US premarket trading after the shoemaker reduced its sales growth expectations and warned of significant declines in its casual HeyDude brand. Despite the crucial back-to-school shopping period , Crocs reported flat sales growth in the third quarter. The company now expects 2024 sales growth of just 3% , the low end of its previous guidance range of 3% to 5% . Weighing down revenues is the HeyDude brand, with full-year sales expected to fall by 14.5% compared to last year, a steeper decline than the previous guidance of 8% to 10% . Crocs CEO Andrew Rees acknowledged the difficulties facing the brand, stating, “ HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.” Crocs had experienced a resurgence in popularity over the past few years, following endorsements from celebrities like Justin Bieber and Post Malone , wh...

GSK plc has announced the acquisition of an experimental lupus drug from Chinese biotech company Chimagen Biosciences in a deal worth up to US$850 million (RM3.7 billion) . This agreement enhances GSK's immunology pipeline , adding to its existing lupus treatment portfolio. As part of the deal, GSK will pay US$300 million upfront , with Chimagen eligible for US$550 million in success-based milestone payments. While the drug is currently in early clinical trials for leukemia and lymphoma , GSK plans to begin clinical trials for lupus in 2025 . The British drugmaker already markets Benlysta , a blockbuster treatment for systemic lupus erythematosus and lupus nephritis , and is optimistic about the potential of the acquired drug to further address these autoimmune diseases . Pharmaceutical companies are increasingly turning to China for innovative medicines. GSK recently secured a multi-billion-dollar deal for its shingles vaccine in China and signed a licensing agreement wi...

SoftBank Group CEO Masayoshi Son reaffirmed his belief in the imminent arrival of artificial super intelligence (ASI) , predicting that it will surpass human intelligence by 10,000 times and emerge by 2035 . Speaking at a conference in Riyadh, Saudi Arabia , Son emphasized that realizing ASI would require investments totaling hundreds of billions of dollars . Son, who made his fortune betting on the rise of mobile internet and e-commerce , described the future ASI as a transformative technology. He noted that US$900 trillion in cumulative capital expenditure would be needed for data centers and chips , underscoring his belief that Nvidia , a major chip maker, remains undervalued based on its potential role in this future. Despite his optimism about future technologies, Son’s record as an investor has been mixed. SoftBank's Vision Fund , launched in 2017, revolutionized venture capital but many of its high-growth startup investments have experienced significant losses. As of ...

Wall Street’s top executives gathered at Saudi Arabia’s Future Investment Initiative this week, where they expressed optimism about the US economy but voiced concerns about Europe’s slower growth . Among the attendees were Citigroup’s Jane Fraser , BlackRock’s Larry Fink , and Goldman Sachs’ David Solomon , who have become regular participants at the kingdom’s annual event. “The US economy is doing quite well, it has been very resilient,” said Solomon, noting his expectation for a “soft landing” in the US, marking a stark contrast to the previous years when fears of a recession dominated discussions. The International Monetary Fund (IMF) recently upgraded the US growth forecast to 2.8% for 2024 , while the eurozone is expected to grow by just 0.8% , and the UK by 1.1% . Despite the upbeat outlook for the US, many executives cautioned that market expectations for further Federal Reserve rate cuts could be overestimated. None of the top executives at the event, including leaders...

Thousands of German workers from the electrical engineering and metal industries , including employees at major companies like Porsche , BMW , and Mercedes , launched nationwide strikes on Tuesday to demand higher wages . This comes amid growing concerns about the future of Germany's industrial sector as it grapples with high costs , weak exports , and increasing competition from abroad. The strikes, organized by the IG Metall union , have added pressure to a business environment already struggling with declining competitiveness. Companies like Volkswagen are considering drastic measures, including the possible closure of three factories , mass layoffs , and 10% wage cuts . This would mark the first time in Volkswagen's 87-year history that it closes plants in Germany. Germany’s economic challenges have also intensified political instability, putting pressure on Chancellor Olaf Scholz's coalition government . Scholz is meeting with business leaders, including Volkswagen C...

The ongoing transformation of Germany's car industry toward electric vehicles (EVs) could result in the loss of 186,000 jobs by 2035 , according to a study commissioned by the VDA auto industry association . The report revealed that 46,000 jobs have already been lost between 2019 and 2023, primarily due to the shift to EVs. The study, conducted by research institute Prognos , points to several factors contributing to the loss of competitiveness in Germany's car industry, including the high cost of electricity , tax rates , and increasing regulatory red tape . The job losses are further exacerbated by recent developments at Volkswagen , which is threatening to shut down at least three factories , lay off tens of thousands of employees , and reduce operations at its remaining plants, as noted by the company's works council. The VDA emphasized the need for competitive political and economic conditions in Germany to retain as much added value and employment as possible wi...

KUALA LUMPUR, Oct 29 (Bernama) -- Bursa Malaysia finished higher today on bargain hunting, after six days of losses, as investors sought opportunities in large-cap stocks with compelling valuations following the recent global equity sell-off. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.61 points, or 0.29 per cent, to 1,615.08 from yesterday's close of 1,610.47.  The benchmark index opened 1.90 points firmer at 1,612.37 and moved between 1,609.70 and 1,619.05 during the session. Sentiment in the broader market was tepid, with decliners slightly beating gainers 497 to 490 while 511 counters were unchanged, 982 untraded, and 123 suspended. Turnover improved to 2.48 billion units valued at RM2.26 billion versus 2.45 billion units valued at RM2.21 billion yesterday. UOB Kay Hian Wealth Advisors head of investment re...

A recent Bloomberg survey reveals that the wealth of American investors is poised to grow, regardless of whether Donald Trump or Kamala Harris wins the upcoming November 5 election . The survey suggests that stocks are expected to perform well under both candidates, though Trump is viewed as more favorable for Bitcoin and gold , while a Harris presidency could provide a slight relief in housing costs . According to the Bloomberg Markets Live Pulse survey , 38% of respondents believe stock market gains will accelerate under Trump, compared to 13% who anticipate the same under Harris. Still, nearly half of investors expect the stock market to continue its strong performance under the Democratic candidate, with 59% predicting similar results under Trump. Historical data shows that US elections tend to have a limited long-term effect on the markets. Analysts at Deutsche Bank AG , led by Jim Reid , note that 13 of the last 15 US presidents saw annualized stock returns of between 10...

Manchester United has parted ways with manager Erik ten Hag following a disappointing start to the season, leaving the club languishing in 14th place in the Premier League . The decision comes after Ten Hag's side managed just three wins in their opening nine league games, with four defeats, including heavy losses to Liverpool and Tottenham . A 2-1 defeat to West Ham on Sunday proved to be his final game in charge. Ten Hag, who joined United from Ajax in 2022, had won the League Cup in 2023 and the FA Cup earlier this year. However, the team has struggled to show signs of progress, and the Dutchman paid the price for United's poor start to the campaign, leaving them 12 points behind league leaders Manchester City . " Erik ten Hag has left his role as Manchester United men’s first-team manager ," the club said in a statement, expressing gratitude for his contributions and wishing him well for the future. Ruud van Nistelrooy , one of Ten Hag's assistants and ...

Citigroup Inc. , the only major US bank with a significant presence in Lebanon, has relocated some of its staff to Turkey as the conflict between Hezbollah and Israel intensifies. The move comes in response to escalating military clashes, including Israeli air strikes in Beirut , where Citigroup’s office is located. While Citigroup continues to service its clients in Lebanon, over 20 employees remain in the country. The bank, which prides itself on maintaining operations in volatile markets, took precautionary measures to ensure the safety of its staff, according to sources familiar with the matter. "The safety and well-being of our people remains our top priority," a Citigroup spokesperson said in an email, adding that the company is closely monitoring the situation and has resources in place to support its employees and their families. Citigroup has a long history in Lebanon, dating back to the 1950s , although it temporarily withdrew in 1987 due to the civil war. The b...

Arohan Financial Services Ltd, a microfinance institution focused on providing loans to underserved women , is postponing its initial public offering (IPO) after Indian regulators ordered a group of shadow lenders to halt new loans. The Reserve Bank of India (RBI) took action earlier this month, citing concerns over high interest rates and non-compliance with rules related to borrower assessments. Arohan, based in Kolkata, had planned to file for an IPO to raise US$200 million (RM872 million) but has now delayed those plans following the RBI’s directive. The shadow bank offers loans to groups of three to five women at 24.25% interest rates , with loan amounts ranging from 25,000 rupees (US$297) to 100,000 rupees , over a period of 24-30 months . The RBI found that Arohan and three other shadow lenders— Asirvad Micro Finance Ltd , DMI Finance Pvt Ltd , and Navi Finserv Ltd —violated rules related to household income assessments and borrowers' ability to repay. Navi Finserv, ba...

Volkswagen AG, Europe’s largest automaker, is planning to shut down at least three factories in Germany as part of a sweeping cost-reduction effort , according to the company’s top labor leader, Daniela Cavallo . These cuts are aimed at making the company more competitive amid declining demand in Europe and increased competition from Chinese automakers like BYD . In addition to the closures, VW plans to implement universal pay cuts of 10% for employees at the main VW brand and reduce the scale of operations at all other remaining sites in Germany. The measures will include reducing products, quantities, shifts , and entire assembly lines , Cavallo said during a speech to VW workers in Wolfsburg. “This is starvation, a weakening in installments,” she added, expressing concern that these cost-cutting moves would significantly affect the workforce. Cavallo also warned that this could threaten “tens of thousands” of jobs in Germany, with particular impact on the Osnabrück factory, as P...

Bharti Airtel Ltd reported lower-than-expected profits for the quarter ended September 30, despite benefiting from tariff hikes introduced in July. The company's net income rose nearly threefold to 35.9 billion rupees (RM1.85 billion) , compared to the same period last year, but fell short of analysts' estimates of 43.98 billion rupees , according to a filing on Monday. The shortfall was primarily due to a one-time charge of 8.54 billion rupees , which also coincided with a loss of subscribers during the quarter. The company, India's second-largest wireless carrier, saw revenue increase by 12% to 414.73 billion rupees , slightly exceeding analyst expectations. However, total costs also rose by 12%, reaching 196.3 billion rupees . Bharti Airtel's average revenue per user (ARPU) in India rose by 10% to 233 rupees , although it remains below the 300-rupee target that the company has been pushing for as the minimum necessary for financial sustainability in the teleco...

Sinopec, the world’s largest refiner by capacity, reported a 52.1% year-on-year decline in net profit for the third quarter, falling to 8.54 billion yuan (US$1.2 billion or RM5.2 billion) . The sharp decline in profits was primarily attributed to lower oil prices and weaker refining margins . The company’s third-quarter revenue dropped 9.8% from the previous year, reaching 790.4 billion yuan , according to a stock market filing on Monday. While Sinopec struggled with lower earnings, its domestic peer, CNOOC , saw a 9% increase in quarterly profit, amounting to 36.93 billion yuan , driven by higher output that compensated for lower prices. From January to September , Sinopec processed 190.69 million metric tonnes of crude oil , marking a 1.6% decline year-on-year. The output of refined fuels also fell by 0.8% to 116.6 million tonnes during the same period. Diesel production dropped 10.7% , while gasoline output rose 4.1% and jet fuel production increased 10.5% . Despite the c...

McDonald’s Corp has announced the return of its popular Quarter Pounders to restaurant menus across the US this week, following an E. coli outbreak that sickened dozens and resulted in one death. The burgers will be served without onions , which have been identified as the likely source of the contamination. The fast-food giant temporarily removed Quarter Pounders from about 20% of its 13,000 US locations as part of an investigation into the outbreak. However, McDonald’s confirmed that its beef patties were not the cause, after multiple tests conducted by the Colorado Department of Agriculture found no traces of E. coli in samples from both fresh and frozen beef. “The issue appears to be contained to a particular ingredient and geography,” McDonald’s stated, assuring customers that any contaminated products have been removed from the supply chain. Taylor Farms , the supplier of the slivered onions, has also recalled several batches of the product. McDonald’s US President Joe Erlin...

KUALA LUMPUR, Oct 28 (Bernama) -- Bursa Malaysia ended lower on Monday as a data-heavy week heightened caution amid ongoing concerns about the US election, the interest rate outlook and the crisis in the Middle East. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 7.83 points, or 0.48 per cent, to 1,610.47, from Friday’s close of 1,618.30. The benchmark index opened 4.04 points higher at 1,622.34 and fluctuated between the day’s low of 1,609.87 and high of 1,630.39 during the session. The market breadth was negative, with decliners outnumbering advancers 782 to 294 while 484 counters remained unchanged, 942 were untraded, and 30 were suspended. Turnover dipped to 2.45 billion units valued at RM2.21 billion versus 2.47 billion units valued at RM2.14 billion last Friday.   Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that ...

Chinese automakers are making aggressive moves into Europe's luxury car market , offering vehicles with high-tech features like digital dashboards, leather interiors, and champagne coolers , often at half the price of their European counterparts. While Porsche and Mercedes continue to dominate the luxury segment with their brand allure and heritage, Chinese manufacturers , led by companies like BYD and Xiaomi , are rapidly gaining ground. Having tripled their market share in China's high-end segment in just two years, these manufacturers are now eyeing Europe. Xiaomi's SU7 sports car has even garnered praise from Ford CEO Jim Farley , who has been driving it for the past six months. Despite the allure, Chinese automakers are facing challenges, including tariffs on Chinese-made electric vehicles (EVs) set to be imposed by the European Union (EU) this week. These tariffs come after eight rounds of negotiations with Beijing failed to resolve key trade disputes. The pus...

Global markets kicked off the week with mixed moves as crude oil prices tumbled and US equity futures rose, with traders reassured by Israel’s targeted strikes on Iran that avoided key oil facilities. This development has eased immediate geopolitical fears, sending Brent crude prices down by more than 5% at one point. US futures for the S&P 500 and Nasdaq 100 climbed, signaling a potential rebound for Wall Street following the S&P 500’s first weekly decline in seven weeks. European stock futures also gained, while Treasury yields jumped, with the 10-year yield hitting 4.28% , the highest level in over three months. In currency markets, the yen dropped to its weakest level in three months after a snap election in Japan, while China’s stocks slipped following disappointing industrial profit data in September, raising concerns about economic momentum. Meanwhile, this week is expected to be pivotal, with corporate earnings reports from five of the Magnificent Seven tec...

The European Central Bank (ECB) is facing increasing internal divergence as officials debate the next steps in interest rate cuts , quantitative tightening (QT) , and the ongoing battle with inflation. While the ECB has largely succeeded in steering the euro-zone economy toward its 2% inflation target, the path forward is becoming less clear as policymakers differ on how to proceed. Tensions surfaced last week during discussions in Washington, where policymakers shared differing views on rate cuts , inflation risks , and how to communicate the ECB’s strategy. This comes ahead of the crucial December meeting, where the ECB is expected to make decisions that could impact the broader economic outlook. Policymakers will soon review key data, including inflation figures for October and a report on Germany’s recession, which will provide a clearer picture of the euro zone’s economic health. Financial markets are currently pricing in about 35 basis points of rate cuts for December, leavi...