KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Moody’s Investors Service said it is considering a downgrade of B&M European Value Retail’s (LSE: BME) ratings, including its Ba1 corporate family rating, as the UK discount retailer prepares to launch a third-party review following the discovery of a major accounting error.
The rating agency said the review will assess the potential implications of the third-party audit on B&M’s credit profile, citing uncertainty over both the timing and outcome of the process as key reasons for placing the company’s ratings under review for a downgrade.
B&M’s decision to commission the external review comes after uncovering an accounting error involving £7 billion in overseas freight costs that had not been properly recognized in its financial records.
In conjunction with the disclosure, B&M announced the resignation of Chief Financial Officer Mike Schmidt, further intensifying investor concern over corporate governance and financial oversight.
Moody’s said it would closely monitor developments as the review proceeds, noting that the findings could materially affect the company’s financial transparency, internal controls, and leverage position.
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