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New Straits Times
26-05-2025
- New Straits Times
[UPDATED] Customs seizes RM1.64mil worth of smuggled scrap metal in Port Klang
KLANG: Over 272.6 tonnes of smuggled scrap metal worth RM1.64 million have been seized by the Customs Department. It also thwarted four other smuggling attempts involving illicit beer, electrical appliances, rice, and chewing tobacco, valued at an additional RM1.87 million. Customs Department assistant director general (enforcement) Raizam Setapa @ Mustafa said that a total of 14 shipping containers were detained last month at the West Port Free Zone. "Inspections revealed the contents were declared as copper alloy, alternators, used car parts, and aluminium flakes originating from the US, Europe, and Asia," she told reporters at Wisma Kastam, Pulau Indah, today. She said that scrap metal was subject to an import permit issued by Sirim, as it is prohibited under Schedule 4 of the Customs Order (Prohibition on Imports) 2023. "Our investigations found that the scrap metal was brought in by various importers without the necessary documentation. "We believe these importers intended to use the scrap metal for recycling activities," she added, adding that the shipments were initially flagged for further inspection to determine whether the contents were e-waste or scrap metal. Subsequent analysis confirmed that the shipments contained scrap metal, not e-waste. Meanwhile, Raizam said that 51,138 tins of illicit beer worth RM978,319 were seized on May 6 following an inspection of a container at North Port. "Checks showed the shipment came from a neighbouring country and was falsely declared as chairs. "We believe the beer was smuggled into Malaysia to be sold on the black market," she said. Raizam said that her officers foiled three other smuggling attempts in April involving rice worth RM304,640, chewing tobacco worth RM65,785, and washing machines and dryers worth RM521,400. "Inspections revealed these goods were smuggled via four shipping containers and falsely declared as foodstuffs, pan masala, and women's sandals to avoid detection," she said. All five cases are currently under investigation under Section 135(1)(a) of the Customs Act 1967 for false declaration. If convicted, offenders may be fined not less than 10 times the value of the goods or RM100,000, whichever is greater, and not more than 20 times the value of the goods or RM500,000, whichever is greater, or be imprisoned for not less than six months and not more than five years, or both. Those with information on smuggling activities are urged to contact the Customs Department Hotline at 1800 88 8855 or visit the nearest Customs Department office. Informants' identities will be kept strictly confidential.
New Straits Times
26-05-2025
- New Straits Times
Customs seizes smuggled scrap metal worth RM1.64 million in Port Klang
KLANG: The Customs Department has seized over 272.6 tonnes of smuggled scrap metal worth RM1.64 million after seizing 14 shipping containers at the West Port Free Zone here last month. They also thwarted four other smuggling attempts involving illicit beer, electrical appliances, rice, and chewing tobacco worth an additional RM1.87 million. Customs Department Assistant Director General (Enforcement) Raizam Setapa @ Mustafa, speaking at a press conference at Wisma Kastam in Pulau Indah here today, said checks revealed that the contents were declared as copper alloy, alternators, used car parts and aluminium flakes. The materials, she said, originated from America, Europe and Asia.
New Straits Times
26-05-2025
- Business
- New Straits Times
AmBank posts 7.1pct higher net profit to RM2.0bil for FY25, paying 30.2 sen dividend
KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) closed its financial year ended March 31 2025 (FY25) with a 7.1 per cent net profit growth year-on-year to RM2.0 billion from RM1.87 billion previously. This was on the back of a higher net income of RM4.93 billion from RM4.65 billion in FY24, said AmBank Group in a statement today. The group posted a net profit of RM513.93 million in the final quarter, up from RM476.54 million a year ago. Its revenue during the fourth quarter (Q4) rose to RM1.28 billion from RM1.17 billion in Q4FY24, while earnings per share climbed to 15.55 sen from 14.41 sen previously. AmBank Group chief executive officer Jamie Ling said: "We are pleased to report a strong close to the first year of our WT29 strategy. "With our capital position solid, we increased our total cash dividend to RM1.0 billion. This reflects our confidence as we continue to build our businesses from a position of strength," he added. The group proposed a final dividend of 19.9 sen per share for the fourth quarter (Q4) of FY25. Together with the interim dividend of 10.3 sen per share declared in Q2, total dividends for FY25 amounted to 30.2 sen per share, up 34 per cent YoY with a dividend payout ratio of 50 per cent AmBank's net interest income grew 8.0 per cent YoY to RM3.57 billion, with a 15-basis point expansion in net interest margin to 1.94 per cent. Its non-interest income grew 1.3 per cent YoY to RM1.36 billion with continuing operations income up 5.3 per cent YoY. AmBank said a broad-based growth in fee income was achieved across business banking, retail wealth management, funds, stockbroking, private banking and equity capital markets and from insurance. This was partially offset by lower trading gains from group treasury and markets. The group's total gross loans, advances and financing grew 3.5 per cent YoY to RM138.9 billion (FY24: RM134.1 billion) mainly driven by business banking (up RM5.4 billion or 12.4 per cent YoY) and wholesale banking (up RM1.3 billion or 6.8 per cent YoY). This was partially offset by lower loans growth in retail banking (down RM1.4 billion or 2.1 per cent YoY). Its total customer deposits fell 0.6 per cent YoY to RM141.5 billion, while total expenses increased 7.1 per cent YoY to RM2.2 billion, with cost-to-income ratio of 44.6 per cent. The group's net impairment charges dropped to RM143.9 million (FY24: RM769.7 million), on the back of improved expected credit loss calculations for loans classified as Stage 3 (or ECL S3) flow rates and writeback of forward-looking provision. In the corresponding period in FY24, forward looking charges as well as a one-off credit impairment overlay and intangible assets impairment charges were recorded. That year, the group recorded a one-off charge of RM520.2 million (RM402.5 million, net of corporate tax) comprising additional credit impairment overlay of RM328.2 million, impairment of intangible assets of RM111.9 million and RM80.0 million for restructuring expenses. On its prospects, Ling said the geopolitical tensions have heightened following the US reciprocal tariffs. This has caused significant volatilities in the financial markets globally. While trade negotiations are ongoing between the US and other nations, it remains uncertain how quickly these negotiations can be concluded, he added. "Coupled with new conflicts emerging in South Asia, these combined uncertainties will inevitably impact business and consumer confidence, translating into potentially slower economic growth. "Against this economic backdrop, the group will continue to proactively manage our risk profiles and capitalise on the opportunities we see," Ling said.
Malaysian Reserve
22-05-2025
- Business
- Malaysian Reserve
FBM KLCI extends losing streak for 4th straight session
KUALA LUMPUR — The FBM KLCI has extended its decline for a fourth consecutive session on Wednesday, underscoring a deepening risk-off sentiment across Malaysia's equity market, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.07 points, or 0.26 per cent, to 1,544.80 from Tuesday's close of 1,548.87. The benchmark index opened 4.07 points higher at 1,552.94 and fluctuated between 1,542.47 and 1,553.84 throughout the trading session. In the broader market, losers thumped gainers 649 to 342, while 464 counters were unchanged, 963 untraded, and seven suspended. Turnover increased to 3.27 billion units worth RM2.16 billion against 2.61 billion units worth RM1.98 billion on Tuesday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that foreign investors remained net sellers on both Monday and Tuesday, amplifying the sell-off as external macroeconomic and geopolitical headwinds continue to dominate investor positioning. 'Market sentiment remains fragile as global investors weigh persistent political and fiscal uncertainty in the United States,' he told Bernama. Despite resilient domestic fundamentals—evidenced by strong export figures released yesterday—the local market performance remains largely dictated by exogenous variables. Until greater clarity emerges on the US fiscal path and monetary policy trajectory, market volatility is likely to persist, warranting a cautious but opportunistic approach, he added. Among heavyweights, IHH Healthcare added 1.0 sen to RM6.96, CelcomDigi rose 2.0 sen to RM3.90, Hong Leong Bank advanced 10 sen to RM20, Press Metal Aluminium climbed 9.0 sen to RM5.05, MISC was flat at RM7.66, while Maybank, Tenaga Nasional and CIMB all fell 4.0 sen to RM10, RM14.10 and RM7.0, respectively. For active stocks, Harvest Miracle and MYEG perked up half-a-sen each to 18.5 sen and 90 sen, respectively, Tanco increased 1.0 sen to 96.5 sen, Sarawak Cable shed 5.0 sen to 3.0 sen, Inari Amertron slipped 15 sen to RM1.87, and Nationgate went down 4.0 sen to RM1.57. On the index board, the FBM Emas Index shed 41.23 points to 11,525.68, the FBMT 100 Index slid 34.20 points to 11,282.77, the FBM Emas Shariah Index went down 17.23 points to 11,445.65, the FBM 70 Index lost 67.47 points to 16,345.90, and the FBM ACE Index shaved off 27.49 points to 4,626.05. Across sectors, the Financial Services Index tumbled 100.05 points to 18,215.87, the Industrial Products and Services Index eased 1.41 points to 155.05, the Energy Index slipped 1.81 points to 712.96, while the Plantation Index rose by 48.85 points to 7,329.78. The Main Market volume expanded to 1.33 billion units valued at RM1.87 billion from Tuesday's 1.17 billion units valued at RM1.75 billion. Warrants turnover advanced to 1.62 billion units worth RM191.45 million from 1.07 billion units worth RM128.67 million yesterday. The ACE Market volume declined to 327.86 million units worth RM96.64 million from 363.69 million units worth RM102.09 million previously. Consumer products and services counters accounted for 208.40 million shares traded on the Main Market, industrial products and services (281.74 million), construction (110.26 million), technology (190.91 million), SPAC (nil), financial services (69.37 million), property (146.26 million), plantation (17.55 million), REITs (9.50 million), closed/fund (nil), energy (139.13 million), healthcare (37.16 million), telecommunications and media (35.97 million), transportation and logistics (26.06million), utilities (5383 million), and business trusts (300). — BERNAMA
