The Star Online: Business
The Star Online: Business |
- Censof, Time Engineering slip in early trade
- Blue chips take a breather, Narra hits limit-up again
- JPMorgan to spend $4 bln on compliance and risk controls
| Censof, Time Engineering slip in early trade Posted: KUALA LUMPUR: Shares of Censof Holdings Bhd and Time Engineering fell in early Friday trade as investors sold on news that Khazanah Nasional had sold its 45.03% stake in Time to Censof. At 9.14am, Censof was down 0.5 sen to 48 sen with 4.39 million shares done but its warrants rose 0.5 sen to 21 sen with 4.25 million units traded. Time Engineering fell 1.5 sen to 26.5 sen. There were 2.96 million shares done at prices ranging from 26.5 sen to 27.5 sen. The FBM KLCI fell 6.89 points to 1,765.51. Turnover was 133.64 million shares done valued at RM54.41mil Losers beat gainers 123 to 79 while 137 counters were unchanged. Censof, a low-profile information technology (IT) solutions provider, paid 20 sen per share for the Time Engineering stake, which was a 40% discount to Time Engineering's last traded price of 28 sen. Khazanah said the decision was made following an extensive tender process it had initiated to select a new shareholder that would be able to develop Time Engineering to its next phase of growth. |
| Blue chips take a breather, Narra hits limit-up again Posted: KUALA LUMPUR: Malaysia's key FBM KLCI fell in early Friday trade as investors decided to take profit after four straight days of gains while Narra Industries hit limit-up. At 9.02am, the KLCI was down 3.65 points to 1,768.75. Turnover was 46.04 million shares valued at RM19.97mil. There were 72 gainers, 56 losers and 95 counters unchanged. Reuters reported Asian shares slipped on Friday and the dollar held to overnight losses against the yen as investors fretted not whether but by how much the U.S. Federal Reserve will cut its monthly stimulus at next week's monetary meeting. The Fed is expected to reduce its US$85 billion a month bond-buying programme at its two-day policy meeting ending on Sept 18. But recent weaker-than-expected data, including jobs growth in August and consumer spending and durable goods orders in July, intensifies uncertainty about the extent of reduction. At Bursa Malaysia, Petronas Gas fell 34 sen to RM20.90 while MISC shed nine sen to RM5.05 and Tenaga slipped seven sen to RM8.94. Genting Malaysia lost six sen to RM4.34. United Plantations fell the most, down 50 sen to RM26.50 while KL Kepong shed 10 sen to RM22 and FGV eight sen to RM4.21 after Dorab Mistry, director at Godrej International, said palm oil may extend its decline. Narra Industries jumped 30 sen to RM1.30, the second time to hit limit-up after it resumed trading on Thursday. However, Hong Leong Industries lost 10 sen to RM5.60, giving back part of its gains of 30 sen from Thursday. AmBank rose nine sen to RM7.66 and Hong Leong Bank eight sen higher at RM14.16. |
| JPMorgan to spend $4 bln on compliance and risk controls Posted: NEW YORK: JPMorgan Chase & Co plans to spend an additional $4 billion and commit 5,000 extra employees to fix risk and compliance issues after a slew of investigations by regulatory authorities, the Wall Street Journal reported on Thursday. JPMorgan will spend $1.5 billion on managing risk and complying with regulations, and plans to add $2.5 billion to its litigation reserves in the second half of the year, the Journal reported. The bank will also increase its risk-control staff by 30 percent, the WSJ said, citing people familiar with the matter. "Fixing our controls issues is job No. 1," the Journal quoted Chief Executive Officer James Dimon as saying in an interview. "This is a huge investment of people, time and money ... but it will make us stronger in the long run." JPMorgan has been facing scrutiny from U.S. regulators about issues ranging from losing $6 billion on complex derivatives bets known as the "Whale" trades last year to its hiring practices in China. - Reuters |
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