finance Archives - Page 3 of 4

LTAT Commits to Boustead Plantations Acquisition at RM1.55 per Share

12Nov

By Webmaster IKON MalaysiaNo Comments

Finance

LTAT Commits to Boustead Plantations Acquisition at RM1.55 per Share

Lembaga Tabung Angkatan Tentera (LTAT) has officially fulfilled its commitment to acquire Boustead Plantations Bhd (BPlant) shares, solidifying the deal after a prior arrangement with Kuala Lumpur Kepong Bhd (KLK). In a recent exchange filing, BPlant confirmed the receipt of LTAT's unconditional mandatory takeover offer at RM1.55 per share. The agreement stems from LTAT's entry into an unconditional share sale agreement with Boustead Holdings Bhd (BHB) on November 10. LTAT is set to acquire 739,199,966 BPlant shares, representing a 33% stake, for a cash consideration of RM1.146 billion, equivalent to RM1.55 per BPlant share. Following the completion of this transaction, LTAT's shareholding in BPlant will surge to 43.59%, a significant increase from the initial 10.59%. This trigg...

Former ‘Crypto King’ Sam Bankman-Fried Found Guilty of Fraud and Money Laundering

4Nov

By Webmaster IKON MalaysiaNo Comments

Finance

Former ‘Crypto King’ Sam Bankman-Fried Found Guilty of Fraud and Money Laundering

Once hailed as the 'King of Crypto', Sam Bankman-Fried, the former head of major crypto exchange FTX, has been convicted of fraud and money laundering in a New York trial. This marks a dramatic downfall for the 31-year-old, who now faces the prospect of spending decades behind bars. Bankman-Fried's arrest came after FTX, once valued at $32 billion, declared bankruptcy last year with $8 billion in customer funds unaccounted for. US attorney Damian Williams stated, "Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history - a multibillion-dollar scheme designed to make him the king of crypto." The jury found Bankman-Fried guilty on seven counts of fraud and money laundering, accusing him of deceiving investors and embezzling billions from FTX, leadi...

UnionPay Cardholders Can Easily Pay at all QR Merchants in Malaysia Now

31Oct

By Webmaster IKON MalaysiaNo Comments

Business, Fashion

UnionPay Cardholders Can Easily Pay at all QR Merchants in Malaysia Now

Now, all QR merchants in Malaysia can service consumers with UnionPay, building on the collaboration between UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia's national payments network. This cross-border QR code linkage enables the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App Network Payment Platform at the QR merchants in Malaysia. As the designated operator of DuitNow QR, Malaysia's national QR code standard, PayNet works with all QR merchants in the country totaling over one million, which can service UnionPay cardholders without any adaptation of the systems or the QR code. Besides, newly-enrolled QR merchants in Malaysia will suppor...

24Oct

By Webmaster IKON MalaysiaNo Comments

Finance, Politics

The U.S. budget deficit increases by 23%, surpassing $2 trillion due to rising expenses in Social Security and healthcare

In fiscal year 2023, the U.S. government has reported a substantial budget deficit of $1.695 trillion, marking a significant 23% increase from the previous year. This deficit growth is attributed to a drop in revenues and a surge in expenses related to Social Security, Medicare, and interest payments on federal debt. The Treasury Department's announcement reveals that this deficit is the largest since the pandemic-fueled $2.78 trillion gap in 2021. It signals a return to rising deficits after two consecutive years of decline during President Joe Biden's initial two years in office. The emergence of this budget deficit coincides with President Biden's request to Congress for $100 billion in new foreign aid and security spending. This request includes $60 billion allocated to supp...

Credit card losses are increasing at a rapid rate since the Great Financial Crisis

23Oct

By Webmaster IKON MalaysiaNo Comments

Finance

Credit card losses are increasing at a rapid rate since the Great Financial Crisis

Credit card companies are experiencing the most significant increase in losses in nearly three decades, second only to the Great Financial Crisis, as reported by Goldman Sachs. The decline in credit card losses hit its lowest point in September 2021. While the initial upturn in losses was likely due to the reversal of stimulus-related effects, they have been steadily surging since the first quarter of 2022. This surge represents a rate of increase not witnessed since the 2008 recession. Goldman Sachs predicts that this trend is far from reaching its conclusion. Losses are currently at 3.63%, marking a 1.5 percentage point increase from their lowest point. Goldman anticipates a further 1.3 percentage point rise to 4.93%. These developments coincide with a record high of over $1 t...

Strong growth in use of e-payment thanks to cooperation from stakeholders, BNM assistant governor says

17Oct

By Webmaster IKON MalaysiaNo Comments

Finance

Strong growth in use of e-payment thanks to cooperation from stakeholders, BNM assistant governor says

Malaysia has achieved strong growth in the use of e-payment due to cooperation and commitment from the public and private sectors, as well as urban and rural communities, said Bank Negara Malaysia (BNM). Assistant governor Abd Rahman Abu Bakar said e-payment transactions grew to 9.5 billion last year, compared to 7.2 billion in 2021. In a statement on Saturday, he said that on average, each Malaysian made 291 e-payment transactions in 2022, up from 222 transactions in 2021. "For example, there were over 100,000 QR code registrations in the first three months of the year, with overall registrations totalling 1.7 million as at the first quarter of 2023. .“I hope this growth can be increased with commitment from the industry to continue helping micro- and small traders adapt ...

Gov to return RM20b of Tabung Haji assets

3Oct

By Webmaster IKON MalaysiaNo Comments

Finance, News

Gov to return RM20b of Tabung Haji assets

According to Prime Minister Datuk Seri Anwar Ibrahim, the government will restore to the pilgrim fund Lembaga Tabung Haji (TH) assets worth RM19.9 billion that were deposited in a special purpose vehicle (SPV) of the Ministry of Finance (MOF), Urusharta Jamaah Sdn Bhd (UJSB). The decision, according to Anwar, who is also the finance minister, was taken because MOF is now happy with TH's management, governance, and continued financial performance, particularly after it overcame earlier roadblocks. He further stated that the restoration of TH's assets disproves certain parties' assertion that TH's assets held under the SPV had already been transferred to non-Muslim ownership, which is completely false. "After careful consideration, I have stated from the beginning, since assumi...

Wise, Malaysia’s first non-bank to accept Apple Pay and Google Pay

21Sep

By Webmaster IKON MalaysiaNo Comments

Finance, Innovation/ Technology

Wise, Malaysia’s first non-bank to accept Apple Pay and Google Pay

Wise, an online money transfer service, now allows Malaysian clients to add their card to Apple Pay or Google Pay on their iOS or Android devices. Wise says that it is the first non-bank to do so in Malaysia. Users must launch the Wise app and select the card tab to view all of their available cards. Then they can choose the card they want to add and hit "Add to Apple Wallet" or "Add to G Pay." They will subsequently be able to use them to pay in-store, online, or in-app, as well as on local and foreign public transportation. Customers can add up to three digital cards to Apple Pay or Google Pay in addition to the actual card. These digital cards can be frozen after each purchase and have unique card details for an additional degree of security. Customers can store and spe...