Category:

News

Auto Added by WPeMatico

Najib: Apex court dismisses AG’s appeal on additional document, remits matter to KL High Court

1 week ago

written by

PUTRAJAYA — The Federal Court today unanimously dismissed the Attorney-General’s (AG) appeal regarding the purported existence of an additional document allegedly authorising former prime minister Datuk Seri Najib Tun Razak (picture) to serve the remainder of his prison sentence under house arrest.

The decision was delivered by a three-member bench comprising Chief Judge of Malaya Tan Sri Hasnah Mohammed Hashim and Federal Court Judges Datuk Zabariah Mohd Yusof and Datuk Hanipah Farikullah.

Justice Zabariah, while reading the judgment, directed that the matter be remitted to the High Court to be heard on its merits before a new judge.

On April 28, the Federal Court granted the AG leave to appeal against the Court of Appeal’s ruling concerning the alleged additional document related to Najib.

Najib, 72, is seeking a mandamus order compelling the respondents to confirm and disclose the existence of the purported document dated Jan 29, 2024.

He named the Home Minister, Commissioner-General of Prisons, Attorney-General, Pardons Board for the Federal Territories of Kuala Lumpur, Labuan and Putrajaya, Minister in the Prime Minister’s Department (Law and Institutional Reform), Director-General of the Legal Affairs Division in the Prime Minister’s Department, and the Government of Malaysia as respondents.

The former Pekan MP also sought an order that, if the additional document is proven to exist, all or any of the respondents be compelled to enforce it immediately and transfer him from Kajang Prison to his residence in Kuala Lumpur to serve the remainder of his sentence.

On July 3 last year, High Court Judge Datuk Amarjeet Singh dismissed Najib’s application for leave to commence judicial review proceedings, ruling that the four supporting affidavits submitted, including statements from UMNO president Datuk Seri Dr Ahmad Zahid Hamidi and vice president Datuk Seri Wan Rosdy Wan Ismail, constituted hearsay and were inadmissible as evidence.

Najib has been serving his sentence at Kajang Prison since Aug 23, 2022, following his conviction for misappropriating RM42 million from SRC International Sdn Bhd.

The High Court initially sentenced him to 12 years in prison and fined him RM210 million, a decision which was subsequently upheld by the Court of Appeal and the Federal Court.

However, his petition for a royal pardon on Sept 2, 2022, resulted in the Pardons Board halving his prison sentence to six years and reducing his fine to RM50 million. — BERNAMA

Tuesday, October 22, 2024

Court of Appeal sets Dec 5 for Najib’s house arrest addendum appeal hearing

Wednesday, February 22, 2023

Don’t blame the Court for your ‘misfortune’, Sithambaram tells Najib’s legal team

Thursday, April 11, 2019

Parliament debates motion on Najib breaking Felda white paper embargo

Thursday, September 5, 2019

Najib’s former officer reveals secret overseas bank accounts

Wednesday, May 8, 2019

Witness tried to obstruct SRC’s loan request by hiking rate

Tuesday, April 23, 2019

Umno leaders admit to receiving funds from Najib

The post Najib: Apex court dismisses AG’s appeal on additional document, remits matter to KL High Court appeared first on The Malaysian Reserve.

1 week ago 0 comments

News

STR a lifeline for B40

1 week ago

written by

The 3rd phase of STR is being distributed in stages to eligible recipients nationwide, aimed at easing the cost-of-living burden, particularly for low-income households
(pic: MEDIA MULIA)

RECIPIENTS of the third phase of the Rahmah Cash Contribution (STR) in Teluk Intan, Perak, who received the aid yesterday, said although the amount was small, it carried great significance, especially for the bottom 40% income group (B40).

As reported by Utusan Malaysia, while some recipients had already received the contribution directly into their bank accounts, others were still waiting for the funds to be credited. Many were seen checking their balances at automated teller machines (ATMs) in town.

One recipient, Hasan Mohd Effendi, 41, said the RM100 from the government would be used to buy daily necessities for his family.

“Maybe to some people RM100 isn’t much, but to me it means a lot. With this extra amount, I can buy more groceries for the children. The important thing is to choose essential items wisely,” he said.

The third phase of STR is being distributed in stages to eligible recipients nationwide, aimed at easing the cost-of-living burden, particularly for low-income households.

Hasan added that recipients should be grateful and view the aid in a broader context, especially if their children aged 18 and above are also eligible for STR.

“RM100 for me, and my children each get RM100 as well. They can use it for their own needs, like filling up their motorbikes. Be grateful for what we have – perhaps there will be more aid like this in the future,” he said.

Another recipient, Rozy Mat Akhir, 49, who works as a boatman for hire on Sungai Perak, said the aid greatly helped sustain his livelihood.

“I’m grateful I can buy groceries. I live alone, so the food I buy isn’t much – just enough for my own needs,” he said. — TMR

The post STR a lifeline for B40 appeared first on The Malaysian Reserve.

1 week ago 0 comments

Markets News

MGB retains Outperform, sum-of-the-parts target price stays at RM1.00

1 week ago

written by

MGB Bhd secured a high-rise construction job from CI Medini Sdn Bhd with contract value of RM185.9m. The contract involves the construction of 2 blocks of service apartment, along with a seven-storey podium car park with facilities on the eight floors, which to be completed in two phases.

This project is expected to contribute approximately 4.7% per annum on average to the Group’s earnings over the 27-month contract period. All told, we keep our earnings forecast unchanged, as this makes up a part of our FY25 job replenishment target of RM600m. We maintain our Outperform call, with an unchanged sum-of-the-parts derived target price of RM1.00. Public Investment Bank Bhd (Aug 13, 2025)

(Calls by analysts tracked by Bloomberg: 4 Buy, 0 Hold, 0 Sell; Consensus target price: RM1.04)

The post MGB retains Outperform, sum-of-the-parts target price stays at RM1.00 appeared first on The Malaysian Reserve.

1 week ago 0 comments

News

SMKA Tun Datu Mustapha staff reassigned amid student death probe

1 week ago

written by

by GLORIA HARRY BEATTY

THE Ministry of Education (MOE) will temporarily reassign the principal, the senior assistant for student affairs (PK HEM), and all wardens of SMKA Tun Datu Mustapha Limauan to the Sabah State Education Department (JPN) until the Royal Malaysia Police (PDRM) completes its investigation into the death of Zara Qairina Mahathir.

In a statement, the MOE said the decision was made following PDRM’s announcement that Bukit Aman’s Special Task Force has taken over the investigation into the case of the late 13-year-old student.

“The MOE will extend its full cooperation to the authorities to ensure that the investigation is carried out thoroughly, meticulously and conclusively. As emphasised earlier, this case is a priority for the MOE at present,” the statement said.

The ministry expressed hope that a transparent and comprehensive investigation would be conducted to ensure justice for the family and all parties involved.

On Aug 11, a team from Bukit Aman’s Criminal Investigation Department (CID), comprising nine officers and personnel, was dispatched to Sabah to take over the investigation of the case.

The deployment of the team is part of PDRM’s commitment to ensuring the investigation is carried out transparently, professionally and comprehensively.

Form One student Zara Qairina was found unconscious near a drain beneath her school dormitory at SMKA Tun Datu Mustapha Limauan, Sabah, at 3am on July 16.

She had sustained severe injuries and was admitted to Queen Elizabeth I Hospital. She died the following day.

The post SMKA Tun Datu Mustapha staff reassigned amid student death probe appeared first on The Malaysian Reserve.

1 week ago 0 comments

News Sports

KBS seeks funds for young motorsport talent, backs Malaysian MotoGP

1 week ago

written by

THE Youth and Sports Ministry (KBS) will request additional funds from the Finance Ministry to help motorsports in its mission to support local riders such as Hakim Danish Ramli.

However, Youth and Sports Minister Hannah Yeoh said she also hopes for support, particularly financial backing, from corporate companies for the national motorsport scene to ensure talented Malaysian riders like Hakim Danish continue to shine both domestically and internationally.

“As you all know, motorsport is not a cheap sport, and this investment takes time.

“So pray that we succeed in our application to secure more funds for Hakim Danish,” she said when met yesterday.

Earlier, the media reported that the 17-year-old racer required substantial funds to compete in his races this season, including the opportunity to feature as a wild card rider in the MotoGP race in Sepang.

When asked about the Malaysian MotoGP hosting contract, which is expected to end next year, Hannah said her ministry would always support the hosting of the Malaysian MotoGP and is committed to ensuring the race remains in Sepang.

“Whenever there is an extension, the Sepang International Circuit (SIC) will apply to the government, and we will prepare a Cabinet paper. There are many factors that need to be considered.

“But I do know that the government is very supportive of MotoGP, especially because it brings many visitors to SIC,” she said. — BERNAMA

The post KBS seeks funds for young motorsport talent, backs Malaysian MotoGP appeared first on The Malaysian Reserve.

1 week ago 0 comments

News Sports

Liga champions Barca aim to add steel to youthful flair

1 week ago

written by

Lamine Yamal plays during the match between FC Barcelona and Como 1907, corresponding to the Joan Gamper Trophy, at the Joan Cruyff Stadium in Barcelona, Spain (pic: AFP)

WHILE Barcelona thrilled on their way to winning La Liga last season, scoring 102 goals in the process, coach Hansi Flick accepts this season his team need to improve defensively.

With teenager Lamine Yamal and Raphinha shining in attack, the Catalan giants proved an irresistible force as they claimed a domestic treble.

However the German coach’s high-pressing defensive line sometimes left Barcelona high and dry at the back, even as it made for frequently gripping, end-to-end matches.

The team’s 7-6 Champions League semi-final aggregate defeat by Inter Milan was a prime example of the risks inherent in their set-up.

“For me, it’s not always fun, sometimes I really suffer a lot,” admitted Flick in May after Barca beat rivals Real Madrid 4-3 in a wild Clasico battle to move to the brink of the title.

“I’m really happy with what we are doing (in general), and of course, football is a game of making mistakes. Hopefully, we can make things better and make fewer mistakes.”

The coach made a pledge before the summer break.

“I know that we have to improve (defensively) and we will do it next season,” vowed Flick.

Whether Barca can maintain the same verve in attack is up for debate even before any defensive considerations.

Raphinha, 28, had the best season of his career, which will be hard to repeat, while striker Robert Lewandowski turns 37 later in August.

Yamal, who has taken former Barca great Lionel Messi’s hallowed number 10 shirt, turned 18 in July and is his team’s greatest hope in the months and years ahead.

Limited spending power

While Real Madrid have been able to spend over 172 million euros ($200 million) on new arrivals Trent Alexander-Arnold, Dean Huijsen, Alvaro Carreras and Franco Mastantuono, as well as hiring Xabi Alonso as coach, Barcelona’s poor financial state means their activity in the transfer market has been limited.

The Catalans believe their youngsters like Yamal, centre-back Pau Cubarsi, 18, and midfielder Pedri, still only 22 despite his experience, will continue to grow and improve.

They brought in Marcus Rashford on a season-long loan from Manchester United to try and revive the English attacker’s career and reap the benefits of his huge potential, giving Flick more quality to rotate with.

Barcelona did make one important permanent signing this summer in Espanyol goalkeeper Joan Garcia, improving arguably the weakest area of their team.

Wojciech Szczesny filled in admirably after coming out of retirement to replace the injured veteran Marc-Andre ter Stegen last season, but is expected to take a reserve role behind the new arrival from Barca’s city rivals.

Garcia is in line to start as Barca kick off their campaign at Mallorca on August 16.

Another hope for the champions is that the return to the Spotify Camp Nou strengthens them.

While the Olympic Stadium on the city’s Montjuic hill has proven a pleasant stand-in for the past two seasons, it lacks the atmosphere and grandeur of Barcelona’s traditional home.

The Catalans plan to return there for the fourth league game of the season after the first three are on the road, against Valencia on September 13 or 14.

However Barca’s entry date has been pushed back numerous times, initially planned for November 2024, and there could be further disruption.

Regardless, barring disaster Barca will be back there by the time they host Real Madrid in May 2026, with that game potentially decisive in the title race.

Given Flick’s side started last season as underdogs to Madrid, that they are favourites to retain the title this time around cannot be taken too seriously.

The key may be whether Flick is able to set the team up in a sturdier way without losing any of their attacking edge. — AFP

The post Liga champions Barca aim to add steel to youthful flair appeared first on The Malaysian Reserve.

1 week ago 0 comments

Markets News

Exploring the Role of Copy Trading in Modern Financial Markets

1 week ago

written by

by BAZOOM

COPY trading is a useful technique for individual investors and institutional traders to simplify their investing processes.

With copy trading, investors can take advantage of the knowledge of market experts by copying their trades and they do not have to be involved in the decision-making process. This form of trading is useful for investors, both novice and experienced, in highly volatile markets such as forex and cryptocurrencies.

As the financial landscape gets more intricate, the need for effective trading techniques is fueling the growth of copy trading as a viable solution for diversification and portfolio risk in investments.

Copy Trading Functionality

Copy trading is simply connecting a trader’s account to a copy trader’s account. With copy trading, once the pro trader executes a trade, all the investors who have connected to that pro account automatically execute the same trade. This helps to effortlessly integrate the strategies of professionals with very little work from the follower.

Investors can conveniently use the copy trading feature on platforms like MetaTrader 4 and MetaTrader 5 to select a trader based on their trading style, risk appetite and historical performance data. These platforms provide an intuitive user interface that can be navigated easily by both beginners and advanced traders.

Advantages of Copy Trading for Investors in Malaysia

For investors based in Malaysia, copy trading offers distinct benefits that cater to the increasing demand for diversification in their portfolio and the need for escalating financial sophistication.

Easier Access to Professional Market Knowledge

Copy trading enhances accessibility to the financial markets, especially for those who do not have the time or expertise to participate in active trading. It enables users to take advantage of complex market strategies without investing countless hours in research or analysis, simply by relying on the insights of expert traders.

Self-Improvement and Professional Development

Copy trading enables those who are keen to learn trading to follow seasoned professionals in the industry. Through copy trading, Malaysian investors can learn market analysis, risk assessment, strategising and many other skills, thus developing a comprehensive understanding of financial markets.

Portfolio Diversification

Having a diverse investment portfolio is an essential aspect of risk management. Investors in copy trading can manage their portfolios by copying multiple traders who operate on different markets or asset classes. This form of investment helps manage risk. Risk in one asset or a strategy can no longer be a concern because another one will be profitable.

Time Efficiency and Convenience

Active traders require constant adjustments, which in turn translates to a lot of time. This is mitigated by copy trading courtesy of automation through mirroring expert trades. Investors are free to utilise their time as they wish, as they reap the benefits offered by the experts.

Popular Copy Trading Strategies

Every type of investor has unique needs. Thus, there are copy trading strategies that serve different kinds of investors.

Full Copy Trading

In full copy trading, investors replicate every trade made by the trader they are following. This means the investor has embraced the trader’s policies and strategies and has, therefore, surrendered control of his or her investment.

Selective Copy Trading

Selective copy trading enables investors to operate with a bit more control, as they are able to choose specific trades to be copied instead of a full portfolio. This means that traders can align their own investment aims with the risk profile.

Automated strategies for copy trading

Some platforms provide features like copy trading, which automatically targets market trends as they happen. This is done in real time, which factors in the market’s current condition for better optimisation during trade execution.

Important Considerations in Copy Trading

Even though copy trading has numerous benefits for the user, a few factors should be given thoughtful consideration to avoid expensive mistakes.

Evaluating risks and market movements

When engaging in trading, market conditions should always be top of mind and the volatility of market movements is important. Even though copy trading is done on your behalf, there is always a chance your account will be at risk. The trader being copied could execute disastrous trades and all linked accounts would be impacted. It is important to have proper risk management strategies, like controlling exposures, broadening your portfolio and implementing loss limits.

Choosing the Right Trader

It is pivotal to set a trader whose specific metrics match your goals and account preferences. The platforms provide a wide range of metrics to analyse, like historical data, risk class and even frequency of trades. This data could help investors make better decisions.

Costs and Fees

Even though copy trading can be an effective trading method, investors need to be aware of the costs involved. Some platforms charge a percentage of profits or a flat fee; thus, knowing the fee structure is crucial in deciding whether the strategy will benefit the investor.

Regulatory Considerations

Given how financial regulations can change from one region to the other, it is imperative to check if the copy trading platform is adequately licensed within your region. Compliance ensures that the platform follows appropriate rules and benchmarks in the areas of safety and compliance, thereby adding some confidence to the investors.

Choosing the Best Platform for Copy Trading

To effectively copy trade, Malaysian investors need to pay attention to the reputation of the trading platform and its reliability in offering secure and efficient copy trading services. Consider those that offer comprehensive trading resources, a wide range of traders to follow and responsive support.

Also, those that offer demo accounts make it easier for novice traders to refine their strategies.

Safety and Trust While Using Copy Trading

In this era of ever-increasing digital threats, copy trading services and platforms must be vigilant and proactive when it comes to safeguarding user information and finances. It is equally important for copy trading platforms to have sufficient cybersecurity measures, such as data encryption and licensing, for the users who trust their platforms.

Risk Control When Copy Trading

Even though copy trading is a more automated form of trading, users must still implement basic levels of risk management. Key practices include:

Position Sizing: Maintain a capped maximum size for each investment to minimize losses.
Stop-Loss Orders: Manage risk by closing trades that go south at a set loss for that trade.
Portfolio Diversification: Avoid putting all your trust in a single strategy. Spreading investments prevents heavy losses.

The Increasing Importance of Copy Trading in the Financial Markets

The copy trading phenomenon is taking hold in the investment circles of both institutional and retail traders as the financial world transforms.

The rise of machine learning and AI is all but ensuring that copy trading will soon become ubiquitous as investment strategies evolve.

Such technologies enhance the capability to analyze trading opportunities in the market and execute trades far more precisely, thus presenting an even higher return on investment.

The post Exploring the Role of Copy Trading in Modern Financial Markets appeared first on The Malaysian Reserve.

1 week ago 0 comments

Money News

Ringgit rises as softer US inflation boosts rate cut expectations

1 week ago

written by

THE ringgit extended its uptrend against the US dollar on Wednesday, supported by a 0.43 per cent drop in the US Dollar Index (DXY) to 98.097 after the headline US inflation rate came in lower than expected.

At 8 am, the local note rose to 4.2115/2285 against the greenback from Tuesday’s close of 4.2290/2320.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to be well supported today, with the US dollar-ringgit (USD/MYR) expected to trade between RM4.20 and RM4.23 amid a high probability of a US interest rate cut.

He noted that the softer US inflation rate of 2.7 per cent in July was largely driven by a moderation in the Owner’s Equivalent Rent (OER) to 4.1 per cent, after holding at 4.2 per cent for two straight months.

OER accounts for about 25 per cent of the Consumer Price Index (CPI) weightage, he said.

“The US benchmark equity indices rose more than one per cent, while the yield on the two-year US Treasury note fell by four basis points to 3.73 per cent.

“This suggests that the lower-than-expected headline inflation has strengthened expectations for a US rate cut, fuelling the rally in the equities market,” he told Bernama.

At the opening, the ringgit, however, traded mostly lower against major currencies.

It fell versus the Japanese yen to 2.8502/8619 from Tuesday’s close of 2.8490/8512 and declined against the euro to 4.9182/9380 from 4.9090/9125 yesterday.

But against the British pound, the local note appreciated to 5.6876/7106 from 5.6905/6946.

The ringgit trended higher against regional peers.

It advanced against the Singapore dollar to 3.2825/2960 from 3.2867/2893 at yesterday’s close and strengthened versus the Thai baht to 12.9965/13.0570 from 13.0135/0300.

The local note also appreciated versus the Indonesian rupiah to 258.5/259.6 from 259.6/259.9 previously and rose vis-a-vis the Philippine peso to 7.38/7.41 from 7.41/7.42 — BERNAMA

The post Ringgit rises as softer US inflation boosts rate cut expectations appeared first on The Malaysian Reserve.

1 week ago 0 comments

Markets News

Bursa Malaysia opens higher tracking Wall Street rally after softer US CPI

1 week ago

written by

BURSA MALAYSIA opened higher today, mirroring Wall Street’s overnight rally after the latest US consumer price index figure came in slightly below expectations, thus paving the way for a possible Federal Reserve rate cut next month.

The US recorded a softer inflation rate of 2.7 per cent in July, below consensus estimates for headline CPI at 2.8 per cent and core CPI at 3.0 per cent for July.

At 9.17 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.30 points, or 0.15 per cent, to 1,570.20 from yesterday’s close of 1,567.90.

The benchmark index had earlier opened 1.17 points firmer at 1,569.07.

Market breadth was positive, with advancers leading gainers 286 to 107. A total of 269 counters were unchanged, 1,860 untraded and 18 suspended.

Turnover stood at 298.39 million shares worth RM112.24 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said overall trading remained lacklustre as traders were mostly sidelined ahead of more economic data and corporate earnings.

“Back home, the FBM KLCI closed firmer but off the day’s high, possibly due to profit-taking activities.

“Despite the 30 points gain over the past five days, we regard the local bourse’s valuation remains reasonable, hence expect more legs for the index towards the 1,600 level,” he told Bernama.

For today, he expects the index to trend within the 1,565-1,580 range.

Among the heavyweights, Maybank added 2.0 sen to RM9.73, CIMB perked up 6.0 sen to RM7.07, Public Bank eased 1.0 sen to RM4.39, while Tenaga Nasional and IHH Healthcare were flat at RM13.58 and RM6.82 respectively.

On the actively traded list, NexG was 1.0 sen better at 41 sen, Efficient E-Solutions gained 1.5 sen to 12.5 sen, Lotte Chemical Titan increased 2.5 sen to 56.5 sen, while Classita and TWL were flat at 9.5 sen and 2.5 sen respectively.

On the broader market, the FBM Emas Index expanded 28.13 points to 11,703.63, the FBMT 100 Index widened by 26.42 points to 11,482.60, the FBM Emas Shariah Index climbed 21.64 points to 11,687.02, the FBM ACE Index picked up 3.07 points to 4,641.21 and the FBM Mid 70 Index jumped 80.44 points to 16,681.08.

By sector, the Financial Services Index appreciated 62.95 points to 17,877.60, the Plantation Index bagged 16.16 points to 7,547.97, the Industrial Products and Services Index inched up 0.17 of a point to 160.23, and the Energy Index strengthened by 1.18 points to 739.56. — BERNAMA

The post Bursa Malaysia opens higher tracking Wall Street rally after softer US CPI appeared first on The Malaysian Reserve.

1 week ago 0 comments

News World

Sea sales top estimates as online shoppers keep spending

1 week ago

written by

A sorting facility of Sea’s SPX in Singapore. (Bloomberg)

SEA Ltd.’s soaring sales has brought it close to reclaiming its title as Southeast Asia’s most valuable company, with the stock’s 19% jump in New York on Tuesday leaving its market capitalization near that of DBS Group Holdings Ltd.

The Singapore-based e-commerce company is now valued at $103 billion, compared with $113 billion for DBS, the regional banking giant based in the same city. Sea posted sales that topped estimates on Tuesday, as more of Southeast Asia’s consumers turn to online shopping for anything from iPhones to daily groceries.

The results assuage some worries about the prospects of e-commerce arm Shopee, Sea’s biggest unit. The region’s top online retail platform is battling deep-pocketed global challengers including ByteDance Ltd.’s TikTok Shop and Alibaba Group Holding Ltd.’s Lazada. Emerging players like Shein and PDD Holdings Inc.’s Temu are also looking to break into the emerging region of 675 million people where more and more shoppers are coming online.

The results “help dismiss earlier concerns on growing competition,” Citigroup analysts led by Alicia Yap said in a note. Sea showed “encouraging improvement in user conversion, purchasing frequency, basket size, seller adoption to ads and thriving live streaming and short video content ecosystem.”

Revenue rose 38% to a record $5.26 billion in the three months through June, topping the $5 billion analysts estimated on average. Shares of Sea had their biggest gain in more than two years and closed at their highest level since early 2022.

To attract users, Sea has focused on improving customer experience by building its own in-house delivery network, called SPX Express. That effort helped boost e-commerce gross orders and gross merchandise value by almost 30% during the latest quarter. SPX now handles the majority of Shopee’s billions of parcels annually.

“We expect Sea’s strong competitive edges to continue supporting its earnings growth,” Jian Xiong Lim, an analyst at CFRA Research, said in a note. These include Sea’s “well-developed delivery network and logistics facilities.”

To boost its bottom line, Shopee has been steadily raising the commissions it charges merchants in various core markets by about a third since the start of last year. The hikes, which bring Shopee’s fees above its rivals, show that Sea is confident it can attract and retain merchants, helped by a broad user base and well-established delivery services. Shopee’s second-quarter revenue rose 34% to $3.8 billion, thanks in part to surging commissions and ad revenue.

Sea is also betting on new initiatives including digital finance to grow its dominance and convince investors of its growth potential. Its finance arm — now known as Monee — increased sales 70% last quarter to $882.8 million. Bookings at gaming division Garena rose 23%.

“In the past, cash flow from Sea’s gaming arm Garena was used to grow Shopee and Monee, but now Shopee and Monee are in healthier capital positions,” Hussaini Saifee, an analyst at Maybank Securities, said before the results. “Sea can now invest in further developing Garena which has also made a strong rebound over the last year and a half.” –BLOOMBERG

The post Sea sales top estimates as online shoppers keep spending appeared first on The Malaysian Reserve.

1 week ago 0 comments

Newer Posts

Older Posts

News

RELATED ARTICLES

Limited spending power