Genneva Malaysia liabilities 10 times over its own assets, BNM not approved to return investors money


Gold dealer Genneva Malaysia’s liabilities was more than 10 times the quantity of their own assets not withstanding sold the gold at as much as 25 for every penny more than the gold market cost, confirming that their operation was unsustainable after some time, Bank Negara Malaysia clarified as of late.

The national bank moreover specified preparatory examinations uncovered that the association had depended significantly on money from crisp gold purchasers to guarantee that it remains beneficial, which developed to confirm stresses that the organization had abused various saving money and additionally monetary enactment, that incorporate tolerating stores without conveying gold in return, distorting itself as a gold venture organization, also showing deluding depictions on their association after a few people held up objections with the law implementation authorities.

“Beginning criminological bookkeeping has revealed huge misfortunes being experienced by the firm in 2012 while the association has liabilities going over 10 times its benefits,” BNM clarified in a common articulation with the specialists, the Domestic Trade, Co-agent and in addition Consumerism Ministry and the Companies Commission of Malaysia ( CCM ).

“In such manner, the income for the firm to keep up their business has depended particularly on the money gathered from new buyers,” Bank Negara expressed.

It incorporated that this sort of a wander was not enduring, fundamentally in light of the fact that demonstrated by seized reports that uncovered the firm presently couldn’t seem to discharge the more than 4 ,000kg of gold to more than 8,000 paid purchasers. It additionally said the information indicated Genneva Malaysia had not paid out around RM80 million to customers who had exchanged their valuable metals to the firm for the guaranteed money paybacks. Genneva has certain 60,000 clients together with a month to month turnover of RM2 billion, as stressed by its merchants talked with a month ago, however the organization’s site states 50,000 clients and a turnover of RM3 billion . Bank Negara Governor Tan Sri Zeti Akhtar Aziz has likewise expressed the national bank was optimizing examinations concerning the flawed gold exchanging organization to guarantee that its purchasers would not be held sitting tight for a really long time . Genneva , Pageantry Gold Bhd , Caesar Gold Sdn Bhd , Worldwide Far East Bhd and Bestino Group Bhd are among 25 people and organizations offering unlicensed exercises which have been added to a speculator ready rundown by the national bank a year prior, expanded twofold the figure from 2010 and the most astounding on record as far back as 2003. Genneva Malaysia’s ledgers alongside resources esteemed at RM99 .8 million in real money and in addition 126kg in gold bullion were seized and bolted up as confirmation Bank Negara since October 1, following doubt that the association professedly broke a clothing rundown of managing an account and budgetary laws and controls for example illicit store taking, illegal tax avoidance, tax avoidance additionally making utilization of operators without permit, after a few people stopped grumblings with the specialists.

Prior today, Deputy Finance Minister Datuk Donald Lim educated the affected gold dealers to petition for a court arrange as an approach to get back their cash from accounts associated with connected in unlawful speculation programs as BNM does not have any lawful expert to the resume speculators’ hard money from accounts it got solidified. “Such money and gold are required for the examinations which will exclusively be taken care of at the direction of the courts,” the national bank announced, affirming the delegate pastor’s remarks to the senate.


Hong Kong stocks dipped on Tuesday

41989118.1 (41989891) - 21_03_2017 - HONGKONG-MARKETS_HSHARES_0

*Stocks to watch:*

PETRONAS to award maintenance, construction & modification (MCM) jobs, worth RM6 billion. It might be split into 6 packages for a 5-year duration. Companies can now replenish their order books.

Market Report For Tuesday 19/09/2017

Blue chips closed mostly lower on Tuesday on profit taking especially of CIMB Group and IHH Healthcare and Genting Malaysia as investors ahead of the outcome of the US Fderal Reserve meeting this week.

At 5pm, the KLCI was down seven points or 0.39% to 1,776.66. Turnover was 2.01 billion shares valued at RM1.92bil. There were 309 gainers, 485 losers and 453 counters unchanged.
The ringgit shed 0.07% to the US dollar to 4.1915 and fell 0.45% to the euro at 5.0244. It rose 0.52% to the pound sterling to 5.6530 and eked out a gain of 0.08% to the Singapore dollar at 3.1089.

Crude palm oil fell RM25 to RM2,780 per tonne. Among the plantations, KL Kepong lost 10 sen to RM24.50, IOI Corp fell three sen to RM4.65, PPB Group two sen to RM16.68 and Sime Darby one sen to RM9.18.


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Malaysian palm oil futures fell on Thursday

Malaysian palm oil futures fell on Thursday from 6-1/2 month highs, snapping three sessions of increases because of bearish cost figures from a key industry investigator. The benchmark palm oil contract for November conveyance on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,867 ringgit ($681.97).
Prior in the session, it hit 2,896 ringgit, its most noteworthy since March 6.Exchanging volumes remained at 59,275 bunches of 25 tons each. A Kuala Lumpur-based fates broker indicated driving industry examiner James Fry’s bearish remarks about palm costs at the Globoil India meeting on Thursday.

“Market is additionally hearing that other industry examiners are likewise not all that bullish about palm’s value viewpoint in the close term. There is no impetus for palm to ascend towards the 3,000 ringgit check as basics are very frail,” the broker said. He included that palm’s ascent had likewise prompted some benefit taking. Broil told the gathering that palm costs were probably going to fall almost 17 percent from flow levels, to beneath 2,400 ringgit for every ton, by November or December as abroad hunger for the item flounders over the winter. Places, for example, China and Europe ordinarily decrease their admission of palm oil in winter a long time as the tropical item cements in chilly temperatures. Broil said the current rally in palm prospects following reports of a drop in unrefined palm oil yield in Malaysia was “nonsensical” as a diminishment underway because of national occasions would be made up later.Prior in the session, the prospects contract followed a rally in Dalian Commodity Exchange’s January palm olein which moved as much as 1.6 percent.In other related oils, the Chicago Board of Trade (CBOT) soybean oil contract ascended as much as 0.1 percent.

Japanese Yen Steady Despite Massive Machine Orders Beat

Japanese Yen Steady Despite Massive Machine Orders Beat


  • Japan’s machine orders blew figures to pieces, rising 8% on the month when the business sectors had searched for a 4.1% pick up
  • The on-year information were less noteworthy, however even there the fall was less at that point anticipated
  • A US Dollar-centered Yen Showed little response

The Japanese Yen advertise stayed concentrated on the US Dollar Monday and scarcely enlisted a solid arrangement of machine arrange information.
July’s requests surged by 8% on the month, as indicated by official figures, practically twofold the 4.1% increase anticipated. On the year orders fell by 7.5%, a shade superior to anything the 7.8% slide figure. This unpredictable information arrangement is utilized by financial specialists to try assessing Japanese capital consumption levels in the vicinity of six and nine months from the information of discharge.

In any case, USD/JPY scarcely proceeded onward the information, staying close to its lows for the year. What’s more, notwithstanding when the US Dollar is not under extraordinary coercion Japanese numbers tend not to inconvenience the match much. They are seen as having minimal shot of modifying the Bank of Japan’s money related strategy. As per BoJ critique, the present, ultra-free settings will stay set up until the point that customer value swelling reasonably nears 2%. It is presently at 0.4%.

Japanese Yen Steady Despite Massive Machine Orders Beat

On its day by day outline USD/JPY is at a basic crossroads. After long debilitating to break beneath its 2017 low of 108.14 the combine at long last did as such on Friday, staying underneath that level at the nearby.

Japanese Yen Steady Despite Massive Machine Orders Beat

With exchange increase in Asia for the main full, weekday session since that fall, regardless of whether bulls would now be able to safeguard that line will be to a great degree fascinating. Underneath it, the whole ascent up from November,2016′s lows will go under expanding danger.



Malaysian banks propping for effect of new bookkeeping standard

With the appropriation of the new International Reporting Standard 9 (IFRS 9) one year from now – or MFRS 9 as the Malaysian comparable is known – the sums banks need to set aside for expected credit liabilities or arrangements could hop as high as half, which could hurt income, weigh on capital proportions and possibly influence profit payouts.



This may likewise bring about credits getting more costly for borrowers, composed The Edge Malaysia right hand manager Adeline Paul Raj in the production’s main story ‘Banks prop for MFRS 9 Impact’ for the seven day stretch of Sept 11-Sept 17. As banks manage the higher provisioning, they may reprice or rebuild advances – making it more costly for borrowers with more dangerous credit profiles, said Elaine Ng Yee Ling, an accomplice and driving master on MFRS 9 at PwC.

She additionally said for each bank, the degree of the effect will be extraordinary. “Regardless of the possibility that the expansion in arrangements comes in at the higher end of the 20% to half range, Malaysian banks are great promoted, so it won’t be a prompt concern. The main thing here is the effect on gainfulness accordingly. That is the fundamental concern,” she told the week by week. The assessed 20%-half range in arrangement increment on the primary day of MFRS 9 selection (known as Day One effect), proposes that the bounce for Malaysian banks might be higher than their Europe partners. The greater part of banks there anticipate that arrangements will go up by as much as 18% after IFRS 9 is presented, as indicated by the European Banking Authority two months back.



Malaysia’s total trade to surpass RM1.5 trillion

The Malaysian Government is sure that the nation’s trade will outperform the RM1.5 trillion check this year, driven by the worldwide interest for electrical and hardware (E&E) items. Worldwide Trade and Industry Minister II Datuk Seri Ong Ka Chuan said Malaysia’s total exchange this year outperformed RM1 trillion in only seven months – an assume that is typically achieved facilitate in the year.


“The E&E segment is still extremely lively and the pattern is developing more grounded,” he said at an instructions on the Central i-City shopping center here, today.

“The interest for E&E… indeed, even one year from now, will keep on being dynamic and we don’t see it backing off. This year, we can outperform RM1.5 trillion minimalistically.”

Malaysia’s exchange outperformed the one trillion stamp in January-July 2017, with an estimation of RM1.008 trillion, extending by 22.7% from the comparing time frame in 2016. Information from the Statistics Department demonstrated that the nation’s fares in July extended 30.9% year-on-year (y-o-y), driven by outer interest for E&E and oil based commodities, and shipments of melted flammable gas. This was an increasing speed from the 10% y-o-y development enrolled in June, and surpassed the agreement gauge of 15 financial specialists surveyed by Bloomberg for a 23% y-o-y send out development in July.


Daily News Update Malaysia (KLCI|FBM) 6 September 2017

6 September 2017, Wednesday


Bursa Malaysia:

FBM KLCI ended in the negative territory after a gap-up move towards 1,786 level upon the opening bell. On the broader market, most of the China-linked counters such as CSL, MAXWELL and CNOUHUA were traded actively.

US Market :
U.S. equities fell on Tuesday, the first trading day of the week, as tension between North Korea and the West sent jitters down Wall Street. North Korea successfully tested a hydrogen bomb that can be mounted onto an intercontinental ballistic missile. This was North Korea’s sixth nuclear test since 2006 and its most powerful to date.

Europe Market :
European markets came under pressure by the end of Tuesday’s trade, as a weak performance from Wall Street and geopolitical concerns weighed on investor sentiment.

Precious Metal Gold :
Gold rose slightly on Tuesday as prices remain underpinned by safe-haven demand because of continued concern over North Korea’s nuclear posturing.

Crude Oil :

Oil and gasoline prices snapped back to levels seen before Hurricane Harvey disrupted about a quarter of U.S. refining capacity, but another incoming storm could cut fuel demand and weigh on prices, analysts said on Tuesday.

Indices & Commodities :
DJIA: 21,753.31 (-234.25)
S&P500: 2,457.85 (-18.70)
NASDAQ: 6,375.57 (-59.76)
DAX: 12,123.71 (+21.50)
FTSE: 7,372.92 (-38.55)
EuroStoxx50: 3,422.63 (-7.79)
Comex Gold: 1,344.5 (+14.1)
Comex Copper: 3.1280 (+.0100)
WTI Crude Oil: 48.66 (+1.37)
Brent Crude Oil: 53.38 (+.63)

Economic Events :
9.30AM – AUD GDP (QoQ) (Q2)
10.00PM – USD ISM Non-Manufacturing PMI (Aug)
10.00PM – CAD BoC Interest Rate Decision

FX & Bonds :
USD/MYR – 4.260
EUR/USD – 1.192
GBP/MYR – 5.556
AUD/MYR – 3.410
SGD/MYR – 3.147
Msia 10 yr Bond Yield ? 3.87%

5/9/2017 Bursa Trade Stat :
Retail (20.07%) – net SELL 4.5mil
Institution (46.02%) – net SELL 98.57mil
Foreign (33.91%) – net BUY 103.07mil
Total traded value 2177.58mil

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24th Forex Live Update !!

NZ July exchange adjust amazements to the upside – Westpac


New Zealand’s exchange adjust astonished to the upside with an overflow of $85 million for the long stretch of July, notes Shyamal Maharaj, Economist at Westpac.

Key Quotes

“New Zealand’s stock exchange astonished to the upside in July with $85m overflow, over our gauge of a $200m shortage. This is the principal surplus we have found in July since 2012. This saw the yearly shortage dropping back to $3.2b, supported by a 17% ascent in trades. The ascent in sends out finished the previous year returned on the of a 51% surge in dairy trades (up $426m), the biggest ascent in any month since March 2014.”

“In occasionally balanced terms, sends out rose by 6.7%, after a direct ascent in June 2017. Dairy and meat sends out kept on posting increases throughout the month and show solidness in the general request condition, particularly with the ascent of fares to China.”

“Imports ascended by 2% in July, following a 3.7% decrease in June on a regularly balanced premise. Vehicle imports keep on being a key driver.”


Bursa Malaysia News Update 22 August 2017

22 August 2017, Tuesday


US Market :

U.S. equities closed mostly higher on Monday but a decline in tech and financials kept a lid on gains. Technology has been the best-performing sector this year, advancing more than 20 percent in that time period. Financials, meanwhile, have spiked nearly 5 percent over the past three months after a slow start to 2017.

Europe Market:

European markets closed lower on Monday amid persistent geopolitical uncertainty, though mining stocks helped to limit losses. Falls followed a fragile Asian session which saw investors move away from riskier assets amid joint U.S. and South Korean military drills.

Precious Metal Gold :

Gold rose on Monday as tensions over North Korea fueled safe-haven demand, while doubts about U.S. President Donald Trump’s ability to enact pro-business policies pushed U.S. bond yields to near two-month lows and weakened the dollar.

Crude Oil :

Oil prices fell more than 2 percent on Monday, pulling back from last week’s rally fueled by signs that the global market is starting to rebalance from chronic oversupply.

Indices & Commodities :

DJIA: 21,703.75 (+29.24)

S&P500: 2,428.37 (+2.82)

NASDAQ: 6,213.13 (-3.40)

DAX: 12,065.99 (-99.20)

FTSE: 7,318.88 (-5.10)

EuroStoxx50: 3,421.58 (-24.45)

Comex Gold: 1,296.7 (+5.1)

Comex Copper: 2.9805 (+.0410)

WTI Crude Oil: 47.53 (-1.13)

Brent Crude Oil: 51.66 (-1.06)

Economic Events :

5.00PM – EUR German ZEW Economic Sentiment (Aug), German ZEW Current Conditions (Aug)

5.00PM – EUR ZEW Economic Sentiment

6.00PM – GBP CBI Industrial Trends Orders (Aug)

8.00PM – EUR ECB’s Constancio Speaks

8.30PM – CAD Core Retail Sales (MoM) (Jun), Retail Sales (MoM) (Jun)

FX & Bonds : 

USD/MYR – 4.287

EUR/USD – 1.180

GBP/MYR – 5.528

AUD/MYR – 3.402

SGD/MYR – 3.150

Msia 10 yr Bond Yield ? 3.97%


In conjunction with the National Day and Hari Raya Aidiladha celebrations, Bursa Malaysia Berhad and its subsidiaries will be closed on the following dates:

 Thursday, 31st August 2017

Friday, 1st September 2017

Bursa Malaysia and its subsidiaries will resume operations on Monday, 4th September 2017.

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Forex today: risk sentiment affected by Barcelona 'Terror Attack'

Forex today: chance assessment influenced by Barcelona ‘Fear Attack’

Forex today unfortunately saw and exchanged upon the stunning monstrosities that happened on the vigorously populated traveler segment of Barcelona, Las Ramblas, where a contracted van pushed through several blameless individuals killing no less than 13 and leaving numerous more honest harmed.

US Treasuries and the yen were the primary sponsors while the DXY matched back early increases earned by promising information on the day. US stocks were getting hammered on the back of the assaults and alongside facilitate political worries in the Trump organization.

For information, there was a slight miss in US mechanical generation that came in at 0.2% in July versus 0.3% expected, however vitally, the assembling overviews were certain. US week by week starting cases were 232,000, an abatement of 12,000 from the earlier week. We additionally had Fed speakers Kaplan and Kashkari, neither of which could offer much in the method for bullish viewpoints for the US economy and Kaplan was especially timid.

A speedy look at the score board, the euro was down – 0.31% at 1.1729, USD/JPY – 0.63% at 109.50, GBP/USD – 0.16% at 1.2870, USD/CHF – 0.33% at 0.9626. Wares were blended with gold higher by 0.30% at $1,288.25 and WTI was down – 0.26%. Copper was higher +0.24%. AUD/USD was down – 0.43%, USD/CAD +0.41% and the Kiwi – 0.36%.



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