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Tuesday, August 16, 2016

Buy Call of GBP/USD Made a Profit of $400

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Wednesday, July 27, 2016

1MDB: Goldman Sachs faces suit over ties to Malaysian fund

Goldman Sachs has been sued by a shareholder of one of its former clients over alleged fraudulent misrepresentations that involve links to the prime minister of Malaysia.
Primus Pacific Partners, a private equity firm and the largest shareholder in Malaysian bank EON Capital, filed suit against Goldman for $510 million for fraud and breach of fiduciary duty, according to a statement released Tuesday.
Malaysia's Prime Minister Najib Razak The suit claimed that Goldman Sachs concealed a conflict of interest involving Malaysian Prime Minister Najib Razak while the investment bank was acting as financial adviser to EON, which was weighing a takeover bid by Hong Leong Bank. Talks on the deal reportedly began in 2009, but the bid was held up until 2011 as Primus fought the offer in Malaysia's courts.
One of the prime minister's brothers, Nazim Razak, was a director at Hong Leong Bank, while another brother, Nazir Razak, was chairman of CIMB Group, which advised Hong Leong Bank on the bid.

At the same time as it was advising EON, Goldman was an adviser to 1Malaysia Development Berhad, also known as 1MDB, a development fund established by the prime minister, the lawsuit noted.
Primus claimed that Goldman first called the Hong Leong bid "unfair," only to reverse course weeks later. According to the suit, the final price of the merger was "hundreds of millions of dollars below fair value," but the reversal may have furthered Goldman's role as adviser to 1MDB. The original complaint can be read here.
In a statement in response to the suit, Goldman Sachs pointed out that Primus had already failed to block the deal.
"This plaintiff previously lost its challenge in the Malaysian courts seeking to stop a transaction involving a Malaysian company, which was then approved by shareholders," the investment bank said. "We will vigorously contest this misguided additional lawsuit in New York court."
After the court decision in 2011, Dow Jones reported that Primus faced a "significant loss on its investment" in EON if the takeover by Hong Leong Bank took place.

The office of Malaysia's prime minister and 1MDB did not immediately respond to emailed requests for comment.
The suit comes as 1MDB faces international regulatory scrutiny over accusations that its funds were misappropriated. U.S. prosecutors sued last week to seize more than $1 billion in assets they said were tied to a scheme to launder money stolen from the fund.
Questions about movement of funds from 1MDB gained attention about a year ago, when The Wall Street Journal reported that in 2013 nearly $700 million had flowed from the fund to Malaysian Prime Minister Najib Razak's personal bank account.
Najib has repeatedly denied wrongdoing and, under pressure from the outcry caused by the WSJ report, said the funds were not from 1MDB but were a private donation from a Middle Eastern country he declined to name. He has denied benefiting personally from the funds.
In January, Malaysia's Attorney General Mohamed Apandi Ali said that Saudi Arabia's royal family gave Najib a $681 million gift, of which Apandi said about $600 million was later returned.
Apandi said that no criminal offense had been committed. But globally, investigations into 1MDB in locales as varied as U.S., Switzerland, Singapore and the Seychelles have continued.
This month U.S. prosecutors said they were seeking to seize more than $1 billion of assets tied to an international conspiracy to launder funds funneled away from 1MDB, marking the biggest action ever taken under the Kleptocracy Asset Recovery Initiative.
In a statement, the Department of Justice said officials at 1MDB, their relatives and other associates diverted more than $3.5 billion from the state fund and laundered it through complex transactions and shell companies with bank accounts in Singapore, Switzerland, Luxembourg and the U.S.
Some of the laundered funds allegedly flowed into production of the 2013 film "The Wolf of Wall Street," a film about a corrupt stockbroker, that was banned from playing in Malaysia for being too risqué.
The film's producer, Red Granite Pictures, was co-founded by Najib's stepson Riza Aziz. Riza was named as a "relevant individual" in the DOJ complaint, but Najib wasn't named in the U.S. prosecutor's complaint.
However, the Wall Street Journal reported, citing a person with direct knowledge of the investigation, that the complaint's 32 references to "Malaysian Official 1," who allegedly received hundreds of millions from 1MDB, were a reference to Najib.
At the time, the Najib's office said in a statement, "As the Prime Minister has always maintained, if any wrongdoing is proven, the law will be enforced without exception."
Red Granite last week said in a statement that it continued to "cooperate fully" with all investigations and that "when the facts come out, it will be clear that Riza Aziz and Red Granite did nothing wrong."
Separately this week, the New York Times reported that the Federal Reserve is preparing an enforcement action against Goldman Sachs related to confidential government information which was leaked by a Fed employee to a junior Goldman banker who was a former Fed employee.

The report noted that a Goldman spokesman said in a statement that the bank had already "reviewed our policies regarding hiring from governmental institutions and have implemented changes to make them appropriately robust."

—CNBC's Kate Kelly contributed to this report.
Link: http://www.cnbc.com/2016/07/26/1mdb-goldman-sachs-faces-lawsuit-over-ties-to-malaysian-fun.html 

Tuesday, July 26, 2016

KLCI Malaysia Market Review & Tomorrow Forecast

The FBM KLCI index lost 6.84 points or 0.41% on Tuesday. The Finance Index fell 0.18% to 14175.85 points, the Properties Index dropped 0.29% to 1161.52 points and the Plantation Index down 0.48% to 7563.36 points. The market fluctuated between a high of 1666 and low of 1660 throughout the trading session on Tuesday. The KLCI extended its mid-day losses by ending lower at 1661.42 points amid overnight losses in US market. The performance of our benchmark index was bogged down by selling in heavyweight counters such Genting, KLCC and SapuraKencana. Top 5 Stocks for Tomorrow
Market forecast for KLCI:
The FBMKLCI opened at the level of 1666 on Tuesday and closed in the red at level of 1661. The trading session on Tuesday saw a low of 1660;
The market traded within a range of 6.48 points between an intra-day high of 1666.99 and a low of 1660.51 during the session.
Market moved side ways as the two day U.S. Federal Reserve's meeting started on Tuesday along with Bank of Japan supposed to happen on coming Friday. Fed meeting had an impact on the market as traders would be cautious before entering the market and would wait for the results to be announced. Expecting less movement in the market it could breach the support level of 1657 and come down to the level of 1647.
  • Bank Islam Malaysia Bhd has inked an agreement with Perbadanan Wakaf Selangor subsidiary Urus Maju Ehsan (M) Sdn Bhd (UME) to provide RM15.5 million in financing for two waqf land development projects in Klang, Selangor.
  • Felda Global Ventures Holdings Bhd (FGV) saw its share price surge 5.06% yesterday after news of it aborting plans to acquire a stake in Indonesia's PT Eagle High Plantations Tbk.
  • YTL Corp Bhd has proposed to take its information technology unit, YTL e-Solutions Bhd, private at 55 sen per share through a voluntary share exchange offer. This will enable YTL e-Solutions shareholders to exchange their stake in the company for shares in YTL Corp.
  • Wah Seong Corp Bhd’s order book replenishment rate despite the US$18.23 million (RM73.87 million) pipe shipping and related services contract win.
  • Hong Kong stocks rallied Tuesday thanks to a surge in casino shares, while investors await key central bank meetings in the United States and Japan. Hang Seng Index rose 0.62 per cent, or 136.29 points, to end at 22,129.73.
  • Tokyo shares slumped for a third session Tuesday as a yen rally and worries about a global oil supply glut hit sentiment ahead of US and Japanese central bank meetings. Nikkei 225 index dropped 1.43 per cent, or 237.25 points, to close at 16,383.04
  • Wall Street opened slightly lower on Monday as investors braced for another set of corporate earnings and awaited the Federal Reserve's monetary policy meeting.
  • Gold inched up early Tuesday as the dollar slipped and equities eased ahead of central bank meetings in the United States and Japan this week.
  • The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent, below the previous session's high of 97.569, its loftiest peak since March.
  • Oil were down again on Monday as investor concerns about a supply glut showed no sign of letting up.
  • Crude lost US$1.06 sinking to US$43.13, its lowest level in three months.
  • Brent crude hit its lowest price since May, sinking 97 cents to US$44.72.

Friday, July 8, 2016

Weekly Wrap of KLCI And Forecast for Week Ahead

Overall week it was observed low volume in the market as we had only two and a half trading days. As we had two festive days in the week traders avoided to enter the market and hold positions. Week constituted one bullish and 2 bearish days. Market ended with a closing of 1644 and in the red.
Forecast for week ahead:
After one bullish closing we had two bearish closing days in the entire week, we observed a bullish candle on the last trading day. In the final session of the week market closed at the level of 1644. Volume has been on the lower side throughout the week because of the two festive days. In the coming market is expected to make a rounding bottom pattern and if it completes the pattern , it is expected to test the resistance level of 1663 and if it breaches this level it is expected to go up and test the second level of 1675. On the other side if it breached the support level of 1637 it is expected to go further down to the level of 1617.
Sup 1
Sup 2
Sup 3
Res 1
Res 2
Res 3

Technical indicators:
RSI for this week is 45.524 with CCI at -43.181 Besides, difference line of MACD -11.723.
Counter-Specific News:
  • AmInvestment Bank Bhd bagged the “Project Finance House of the Year” and “Best Transport Deal” awards for the second consecutive year at The Asset Triple A Asia Infrastructure Awards 2016.
  • Maybank IB Research said the potential sale of Hong Leong Assurance (HLA) and Hong Leong MSIG Takaful (HLMT) could raise about RM3.2 billion for Hong Leong Financial Group (HLFG), said.
  • Mah Sing Group Bhd will be launching the final tower of Lakeville Residence here on July 16 and 17, which will bring the RM1.5 billion development to its targeted completion by 2020.
  • Tropicana Corp Bhd’s disposal of land in Gelang Patah will reduce the group’s exposure in Johor and lock in a net gain of RM55.5 million, said Affin Hwang Capital.
Global factors and World Indices:
  • Hong Kong stocks fell on Friday, tracking losses in Shanghai shares, on fears of further weakness in the yuan and worries that Britain's decision to leave the European Union could destabilise one of China's biggest export markets. Hang Seng Index fell 0.7 per cent to 20,564.17 points.
  • Tokyo stocks closed in the red Friday, their fourth straight loss as an early rally fizzled. Nikkei 225 index slumped 1.11 per cent, or 169.26 points, to end at 15,106.98.
  • Asian markets fell Friday morning, at the end to a volatile week dominated by the fallout from Britain's European Union exit, with investors now turning their attention to the release of US jobs data.
  • The US dollar gained on the euro but slipped against the yen Thursday as investors waited to see if the coming US June jobs report shows a rebound from May's sharp downturn.
  • Oil prices dived Thursday after US inventories fell less than expected last week, adding to market concerns about abundant global supplies.
  • Crude tumbled US$2.29 to US$45.14 a barrel, its lowest price in nearly two months.
  • Brent finished at US$46.40 a barrel, down a hefty US$2.40 from Wednesday's settlement.
  • Gold headed for the longest run of weekly gains in two years, bolstered by the uncertainty surrounding the UK's vote to leave the European Union, with investors turning their attention to a monthly US jobs report.

Wednesday, July 6, 2016

Malaysia Market: Companies That May Be In Focus On Friday

Based on corporate announcements and news flow today, companies that may be in focus on Friday (July 8) could include: Bertam, Guocoland, TH Heavy, Melewar, Halex, Goldis and ML Global. 

Bertam Alliance Bhd is selling two parcels of freehold land at Batu 9, Cheras, with a collective land size of 47,930 sq m (11.8 acres) to a unit of Guocoland (Malaysia) Bhd, for RM128 million.
Bertam announced to Bursa Malaysia today that it expects to recognise a RM79.84 million disposal gain arising from the land deal.
The sale was effected through Bertam's unit MV Properties Sdn Bhd, which inked a sale and purchase agreement with Tujuan Optima Sdn Bhd, Guocoland's subsidiary.
The land's audited net book value (NBV) was RM42.96 million as at Dec 31, 2015 (FY15). It was valued at RM125.11 million, as appraised by independent valuer DTZ Nawawi Tie Leung Property Consultants Sdn Bhd, on March 19, 2016.
The proceeds will be utilised for borrowings repayments and working capital. Upon that, the group should have zero gearing and enjoy an interest cost savings of about RM7.3 million a year based on the effective rate of 6% to 8.6% per annum.
The company has accumulated losses of RM38.51 million, while total borrowings stood at RM103.87 million as at Dec 31, 2015 (FY15).
Meanwhile, Guocoland intends to fund the deal fully by cash via internally generated funds and/or bank borrowings.
Guocoland does not need to seek approval from its shareholders for the land purchase. But Bertam need shareholders' approval for the sale.
TH Heavy Engineering Bhd (THHE) was slapped with two winding-up petitions from its creditors for a collective sum of US$8.88 million (RM35.6 million) in relation to the supply of equipment and work done at the floating production, storage and offloading (FPSO) Layang project.
In separate bourse filings today, THHE said the first petition was by MIB Orwell Offshore Ltd and was presented on June 30 to the Kuala Lumpur (KL) High Court. A copy of the petition was served to THHE on July 4.
It said the petitioner is claiming US$7.61 million for the supply of equipment and machinery for the FPSO Layang project, and the case management for the petition has been fixed on July 20.
The second petition is by MIB Italiana SPA and was presented to the KL High Court on July 1; a copy of it was also served to THHE on July 4.
THHE said the second petitioner is claiming US$1.27 million for the supply and installation of quick release hook and mooring hawser for the same project. Case management for this petition has been set on July 15.
THHE said it has sought necessary legal advice on both matters with a view of defeating the petitions altogether, adding that the petitions would not have any additional financial and operational impact on the group.
Melewar Industrial Group Bhd has decided to drop its appeal against MyCC's finding that Megasteel Sdn Bhd did not abuse its dominant position or practise anti-competition margin squeeze in the cold rolled coil market.
Megasteel's lawyers have been informed today that Melewar had, on June 21, withdrawn the appeal with no objection from MyCC, which stands for the Malaysian Competition Commission, according to a bourse filing by Melewar's parent company, Lion Corp Bhd.
Lion Corp, which owns 79.89% of Megasteel, said following Melewar's withdrawal, the case against Megasteel is now 'closed' and that MyCC's finding of non-infringement of the Competition Act 2010 by Megasteel is 'final'.
Halex Holdings Bhd's executive director and chief executing officer (CEO) Chan Yee Keen has decided not to renew his employment contract upon expiry of the contract on Sept 30.
According to its filing with Bursa Malaysia today, Halex said Chan, 45, had informed that he would like to pursue his own personal interests after fulfilling his contract with the company.
He was appointed as the group's executive director and CEO on Oct 1, 2015.
"The board meanwhile would be taking steps to engage a replacement and an appropriate announcement would be made in due course," it said.
Goldis Bhd has declared a first interim dividend of two sen per share for the financial year ending Dec 31, 2016, to be paid out on Aug 12.
The company announced to Bursa Malaysia that the ex-date for the dividend will be on July 22.
"Holders of Redeemable Convertible Cumulative Preference Shares (RCPS) are reminded to lodge with the registrar of the company, Tricor Investor & Issuing House Services Sdn Bhd, their conversion forms by 5pm on or before July 14, 2016, in order to be entitled to the first interim dividend," the filing read.
ML Global Bhd has redesignated its non-independent director Tan Sri Lim Hock San as its managing director (MD), replacing Beh Hang Kong who was redesignated as executive director, effective today.
The boardroom changes came after LBS Bina Group Bhd, an entity controlled by Lim, gained control of ML Global with an equity stake of 50.92%.
Beh has been MD at ML Global since Jan 16, 2008. He has been appointed as executive director at Yong Tai Bhd since Jan 15, 2016.
Meanwhile, ML Global also redesignated its non-independent director Datuk Wira Lim Hock Guan as its executive director.

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