<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 14): Kenanga Research has upgraded Velesto Energy Bhd to “outperform"&nbsp;at RM11.5 sen with a higher target price (TP) of 16 sen (from eight sen) and said it sees the regional and local jack-up rig market improving, with marketed utilisation reaching a high of 91% in Southeast Asia and 100% in Malaysia.</p></div>

<div class=newsTextDataWrapInner><p>In a note on Wednesday (Sept 14), the research house said it believes this offers further upside to Velesto’s current rig utilisation and charter rates.</p></div>

<div class=newsTextDataWrapInner><p>“Hence, we may start to see Velesto turning around as soon as 2HFY22.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“As such, we lowered our FY22&nbsp;loss assumption by 20%, while forecasting a turnaround to profit of RM87 million in FY23&nbsp;(versus previous loss forecast of RM49 million), as we raised both our rig utilisation and charter rate&nbsp;assumptions.</p></div>

<div class=newsTextDataWrapInner><p>“Our current forecasts are based on rig utilisation assumptions of 60%-80% and day rates of US$75,000-US$85,000.</p></div>

<div class=newsTextDataWrapInner><p>“We upgrade to 'outperform', with a TP of 16 sen.</p></div>


KUALA LUMPUR (Sept 14): Kenanga Research has upgraded Velesto Energy Bhd to “outperform" at RM11.5 sen with a higher target price (TP) of 16 sen (from eight sen) and said it sees the regional and local jack-up rig market improving, with marketed utilisation reaching a high of 91% in Southeas...

Velesto may turn around as soon as 2HFY22, says Kenanga Research

The country’s fifth-generation (5G) network adoption rate has reached nearly 36% as of mid-April, while the service coverage rate stood at 80.3% in February.

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Fast-fashion firm Shein has been drawn under the scope of flagship European Union (EU) rules designed to clamp down on illegal and harmful content online, aimed at stopping the spread of counterfeit items on the platform.

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Anglo American rejected rival miner BHP Group's £31.1 billion pound (RM186 billion) takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its future prospects.

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HOUSTON/BENGALURU (April 26): Oil giant Chevron Corp beat estimates for first-quarter profit on Friday, as higher production volumes in the US helped offset a hit from weak natural gas prices and fuel margins.

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President Xi Jinping warned America’s top diplomat that the US shouldn’t target or oppose China, as the world’s largest economies wrapped two days of talks spanning thorny disputes on trade and Beijing’s support for Russia’s war machine.

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US inflation rose moderately in March, but that is unlikely to change financial markets' expectations that the Federal Reserve will hold off cutting interest rates until September.

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Datuk Seri Anwar Ibrahim said he will be returning the allowance received as chairman of Khazanah Nasional Berhad, reiterating that he does not draw a salary for the position of prime minister that he has held since November 2022.

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Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

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<p>The Inland Revenue Board (IRB) on Friday announced that the deadline for taxpayers to submit Form E and CP8D has been extended to May 31.</p>


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<p>Berjaya Corp&nbsp;Bhd (BCorp) has denied that its founder Tan Sri&nbsp;Vincent Tan Chee Yioun participated in talks to revive a US$100 billion (RM477.60 billion)&nbsp;Forest City casino resort as reported recently.</p>


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<p>Maxis Bhd could work with another consortium partner to lower the cost of deploying the second 5G network, even after the recapitalisation of Digital Nasional Bhd (DNB), said RHB Research in a note on Friday.</p>


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<p>Analysts believe Capital A Bhd's proposed restructuring plan will help the group exit the Practice Note 17 (PN17) status and enhance its competitiveness, as well as provide benefits to AirAsia X Bhd's (AAX) shareholders in terms of free warrants and improved company valuation post restructuring.</p>


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<p>The corporate exercise to merge the AirAsia airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in Capital A Bhd, according to chief executive officer Tan Sri Tony Fernandes.</p>


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<p>Doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy agreed on Friday to acquire a 58% stake in property management company Turiya Bhd for RM52.86 million from MAA Group Bhd.</p>


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<p>Uday Kotak built his Kotak Mahindra Bank Ltd over decades to become Asia’s richest banker. After India’s regulator slapped his firm with a surprise ban, he’s facing one of his biggest tests yet — and a dip in wealth.</p>


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<p>Shares in ViTrox Corp Bhd fell to their lowest in a month, as first-quarter results disappointed investors, while analysts turned increasingly cautious on the semiconductor company’s near-term prospects.</p>

<p>ViTrox fell as much as 6% before ending the day at RM7.40, its lowest since March 26, 2024. The stock was still down a little under 3% at the closing bell after 5.29 million shares changed hands. In contrast, the country’s benchmark index FBM KLCI was 0.4% higher.</p>


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<p>Malayan Banking Bhd (Maybank) has obtained a summary judgement at the High Court here against ACE Credit (M) Sdn Bhd, ACE Corporation (M) Sdn Bhd, and the company directors Datuk Choong Chee Meng and Chang Ai Nee, for defaulting on a RM46.47 million loan given to them by the bank.</p>


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<p>Prime Minister Datuk Seri Anwar Ibrahim on Friday suggested all parties mentioned in a recent report&nbsp;alleging that the government is planning to issue&nbsp;a licence for a casino in&nbsp;Forest City, Johor, to take necessary action&nbsp;against the foreign news agency.</p>


Anwar wants action taken against Forest City casino licence news report

<p>The country’s&nbsp;fifth-generation (5G) network&nbsp;adoption rate has reached nearly 36% as of mid-April, while the service coverage rate stood at 80.3% in February.</p>


<p>KUALA LUMPUR (April 26): Gamuda Land, the property arm of Gamuda Bhd, has unveiled partners for Gardens Square, the latest commercial development at the 810-acre Gamuda Gardens in Sungai Buloh.</p>


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<p>Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).</p>


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<p>The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering &amp; Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd.</p>


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<p>Shares of AirAsia X Bhd (AAX) rose to a six-month high as investors cheered a restructuring plan that would make the company the largest low-cost carrier in Southeast Asia.</p>


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<p>The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250 billion (RM1.28 trillion) a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.</p>


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<p>MYAirline Sdn Bhd will continue to retain its nominated post holders as well as key personnel, while ensuring that its air operator’s certificate (AOC) documentation remains as current as possible.</p>


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<p>The battle for consumer attention in China's electric car market is being fought over touches of "tech luxury" that car buyers in other markets have never seen.</p>

<p>China’s upstart electric brands, and even its state-owned, legacy automakers, are racing to pack technology and features once considered premium into electric vehicles (EVs) as cheap as US$20,000 (RM95,525) — less than half the cost of an average new car in the US, now more than US$48,000.</p>


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<p>The Malaysian Anti-Corruption Commission (MACC) has given businessmen Mirzan Mahathir and Tan Sri Mokhzani Mahathir a 30-day extension from Friday to declare their assets to the anti-graft body.</p>
