Latest news with #RM1.76
New Straits Times
16-06-2025
- Business
- New Straits Times
Energy fuels Bursa's bright spot as conflict lifts oil prices
KUALA LUMPUR: Oil and gas stocks surged in early trade as escalating hostilities between Israel and Iran entered a fourth day, stoking fears of a broader conflict in the oil-rich Middle East and sending crude prices higher. As of 10.25am, the Bursa Malaysia Energy Index outperformed all other indices, rising two per cent, or 14.83 points, to 755.59. It opened at 748.42 after ending last Friday at 740.76. It was the only sectoral index to post a gain above one per cent, firmly leading the market while broader Bursa Malaysia traded in the red. The other sectoral indices in positive territory were Plantation, up 0.48 per cent, and Transportation and Logistics, up 0.19 per cent. Among the top movers in the energy sector were Hengyuan Refining Co Bhd, which climbed 14 sen or 7.57 per cent to RM1.99, and Hibiscus Petroleum Bhd, up 10 sen or 6.02 per cent to RM1.76. Other gainers included Petron Malaysia Refining & Marketing Bhd, which added 12 sen or 3.09 per cent to RM4, Petronas Gas Bhd, up 12 sen to RM17.94, and Dialog Group Bhd, up seven sen or 4.46 per cent to RM1.64. The rally came as Brent crude oil hovered around US$75 per barrel, rebounding sharply from earlier lows following Israeli strikes on Iranian military assets last Friday. UOB, in a research note, said the market fears a potential disruption to oil flows if the conflict spreads or impacts key shipping lanes like the Strait of Hormuz. Still, it said the rally in crude may be temporary. The bank maintained its Brent forecast at US$65 for the third quarter and US$60 for the fourth, citing strong global supply buffers and rising concern over slowing demand. "The jump in Brent crude is driven by geopolitical risk, but it's still too early to call for a sustained rally. We need to see how Iran retaliates and how Saudi Arabia and OPEC+ respond," it added.
New Straits Times
28-05-2025
- Business
- New Straits Times
Sarawak collects RM4.3bil in first four months, eyes full-year target of RM14.2bil
KUCHING: Sarawak collected RM4.3 billion in revenue in the first four months of the year, or 30 per cent of its projected annual revenue of RM14.2 billion, Deputy Premier Datuk Amar Douglas Uggah told the State Legislative Assembly today. He said the state sales tax contributed RM1.76 billion of the total, while cash compensation in lieu of oil and gas rights accounted for RM1.17 billion. "A sum of RM608 million was derived from investment dividends, RM229 million from raw water royalty, and RM250 million from interest income," said Uggah, who is also the Second Minister of Finance and New Economy, during his winding-up speech in the State Assembly. He added that RM65 million came from forestry receipts, RM59 million from land premiums, RM25 million from federal grants and reimbursements, and RM137 million from land rent, mining royalties, and water sales. Uggah also told the assembly that the state sales tax on oil and gas has contributed a total of RM21.38 billion to the state coffers since 2019. He said the sales tax on oil and gas remains the major contributor to the overall state revenue. However, he said that given the challenging economic environment and ongoing geopolitical issues affecting global oil and gas markets, the state government anticipates that this year's revenue projection may be impacted.
AsiaOne
07-05-2025
- AsiaOne
Chinese student in Singapore allegedly kidnapped in KL, $628k ransom demanded from parents, Singapore News
An 18-year-old Chinese national studying in Singapore was allegedly kidnapped in Kuala Lumpur, with a ransom of $628,381 demanded from his parents. The teenager's parents had received videos on Friday (May 2) at around 11.44am showing their son being held hostage, reported China Press. At the time, his mother, surnamed Cheng, 40, and father, surnamed Ye, 43, were in Dubai for work. Cheng explained that in the videos sent to her, her son's mouth was sealed with black tape, his hands tied to a chair, while being physically abused. At one point, when the tape was removed, the boy would plead for help over the phone, urging his family to pay the ransom quickly. The perpetrators also reportedly threatened to bury him alive. The family noted that the videos featured at least two distinct voices, indicating that more than one person was involved in the staged abduction. One video even included fake blood to make the scenario appear more convincing. The couple immediately flew to Malaysia after receiving the news. The boy was later identified as Roupiao (transliteration) from Foshan City, Guangdong Province and is the only child in his family, reported the China Press. He is reportedly studying at a private institution in Singapore since last October and was living in a rented apartment near that university with five roommates. 'He has always been independent and well-behaved' The initial ransom demanded was RM300,000 (S$91,512), but an additional RM1.76 million was later added on. The kidnappers reported threatened to kill Ye and sell his organs if the parents did not pay the ransom. Cheng reportedly offered around RM60,000 but it was rejected, and she was even insulted by the kidnappers, who called her a "beggar." Cheng added that before her son's disappearance, he had been absent from school for a week. She then reached out to his classmates and learned that he had been playing online games with friends on April 29, the night before his disappearance. The boy's parents said they didn't know why their son had travelled from Singapore to Johor Bahru on April 30, where he was later reported to have been abducted, reported The Star. After a police report was filed by the parents, the Malaysian police launched an interstate operation and arrested a 23-year-old suspect from China at the Penang International Airport departure hall. The police also managed to locate the teenager in Kulim, Kedah, and rescued him. Cheng added that despite their busy schedules, they rarely contacted their son, as he was generally independent. "Although my husband and I are busy with work and there is a time difference, we rarely contact our son who is separated from us, but he has always been independent and well-behaved," she said. Shin Min Daily News reported that the teenager and his parents have since returned to China. [[nid:712200]]
