Latest news with #RM9.9
The Sun
14 hours ago
- Business
- The Sun
Derivatives trading boom in India
MUMBAI: Half a dozen global trading giants, from Citadel Securities and IMC Trading to Millennium and Optiver are ratcheting up their presence in India's booming derivatives markets – fuelling a hiring spree and pushing exchanges to improve technology. The firms' hiring plans, being reported for the first time, come amid expectations that large domestic consumer and investor bases will help shield India from global turmoil sparked by the trade policies of US President Donald Trump. The South Asian nation made up nearly 60% of global equity derivative trading volumes of 7.3 billion in April, the Futures Industry Association says, while its regulators say notional turnover of the contracts has grown 48 times since March 2018. For Western firms, the gold rush is too big to ignore, particularly after US trading firm Jane Street earned US$2.34 billion (RM9.9 billion) from its India trading strategy last year, some of the firms' executives said. 'We have seen competition increasing both on the trading front, where you see more players going for the same opportunities, and on the job market as well,' said Jocelyn Dentand of global high-speed trader IMC Trading. The firm plans to grow its team by more than 50% by the end of 2026 to stand at more than 150, added Dentand, the managing director of its India unit. Foreign investors turned buyers of Indian stocks in April and May, purchasing a net US$2.8 billion, as they abandoned their previous selling stance from October 2024 to March 2025, prompted by high valuations and slower growth in earnings. US-based Citadel Securities, a market-making firm founded by well known investor Kenneth Griffin, runs a leaner team of around 10 in India but has ramped up capital allocation to its operations, said a source familiar with its plans. 'In India, we're constantly looking for talent and constantly hiring,' said the source, who sought anonymity in the absence of authorisation to speak to the media and declined to give details of the plan. Hedge fund Millennium is expanding its India desk via Dubai and Singapore, said a source with direct knowledge of the matter, who also sought anonymity on the same grounds. Millennium declined to comment for the story. Citadel Securities did not respond to an email seeking comment. Netherlands-based Optiver, which launched India operations in 2024, plans to grow its team to 100 by the end of 2025, a spokesman said, up from 70 now. 'Optiver is investing ambitiously in India, with a view to expanding to 100 FTEs by year-end and scaling further in the years ahead,' the spokesman added. Amsterdam-based trading firm Da Vinci and London-based Qube Research and Technologies are also recruiting for quantitative trading roles in India, public postings for jobs show. Global trading firms are also looking to expand in India by recruiting aggressively from top domestic universities and poaching from home-grown competitors. They have hired about 300 people in India in the last two years across the trading, technology, compliance, risk, and legal functions, Hong Kong-based recruiter Aquis Search estimates. 'We foresee a good run for the next few years,' said Annpurna Bist, its head of quant and tech. Intensifying competition has driven up salaries, with even junior traders paid more than double the figure of three years ago, said Bhautik Ambani, head of AlphaGrep Investment Management, one of India's leading quant trading firms. India's top engineering schools have become the favoured hunting grounds for talent. 'We almost solely hire our traders and software engineers from Indian Institutes of Technology (IITs),' said IMC's Dentand, referring to the country's chain of prestigious engineering schools. But hiring efforts are now being widened to the universities beyond the IITs, Dentand said. The influx of global trading firms has opened up opportunities for India's two main exchanges, which are both upgrading their tech infrastructure. The National Stock Exchange of India (NSE) plans to add 2,000 co-location racks over the next two years while older stalwart the Bombay Stock Exchange (BSE) aims to scale up to 500 by the end of fiscal 2026, from none in March 2024. Such racks are servers at exchanges that cut trade execution times to microseconds. 'We are a late entrant and need to provide additional value for the unfulfilled demand from high-frequency trading firms and quant firms, amongst others, for co-location racks,' said BSE CEO Sundararaman Ramamurthy. The exchange has spent between 4.5 billion rupees and 5 billion rupees (RM221 million to RM247 million) on technology in the last two years, he said. The NSE and regulator the Securities and Exchange Board of India did not respond to queries for the report. – Reuters
Focus Malaysia
4 days ago
- Business
- Focus Malaysia
Private sector, infrastructure projects to anchor construction growth in 2025
DATA from the Department of Statistics Malaysia showed the construction sector remained on a positive trajectory for the 12th consecutive quarter, registering an increase of +23.1% year-on-year (yoy) to RM42.9 bil of work done value in quarter one (Q1) of 2025. Out of the work done, 36.6% or equivalent to RM15.7 bil was in civil engineering, primarily in the construction of roads and railways (RM7.9 bil) and construction of utility projects (RM6 bil ) activities. The value of work done for nonresidential buildings and residential buildings amounted to RM12.3 bil (28.8%) and RM9.9 bil (23.0%), respectively. Meanwhile, special trade activities contributed RM5.0 bil (11.6%), mainly in sites preparation (RM1.3 bil); electrical installation (RM1.2 bil); and plumbing, heat, and air-conditioning installation (RM1.1 bil). Nearly 63.4% of completed works value was concentrated in Selangor, Johor, the Federal Territories and Sarawak, with Selangor recording the highest construction work done value at RM11.1 bil. As of May-25, a total of 5,387 projects have been awarded in 2025, with a total value of RM76.3 bil. This is slightly lower than the same period in 2024 where 7,822 projects were awarded, with a total value of RM91.6 bil. 'Overall, we see this as a positive development despite the headwinds suffered by the construction sector in 1Q25, attributed to delays in project rollouts within the pipeline and global trade tensions. We do not expect any surprises for 2Q25,' said MIDF Research. Across the board, construction companies encountered subpar conditions in 1Q2025, with some benefiting from robust progress in infrastructure and property projects, while others faced challenges due to project completions and regulatory delays. 'Our economics team has maintained their forecasted growth for the construction sector in 2025 at +12.8%,' said MIDF. With the lack or rather delayed rollout of mega pump-priming projects under Budget 2025, the construction sector is still expected to be supported by private sector jobs with a focus on industrial buildings such as logistics warehouses, data centres, and semiconductor foundries. This will be further backed by previously awarded infrastructure projects such as the East Coast Rail Link (ECRL), RTS Link and the recently reinstated five LRT3 stations. The government aims to generate RM78 bil worth of public-private partnership (PPP) investments across 17 key initiatives by CY30, according to the PPP Master Plan 2030. Other upcoming projects that could boost the sector include, the Penang LRT (value estimated to be >RM10.3 bil), Penang International Airport expansion; the RM6.1 bil Northern Coastal Highway in Sarawak; the RM5.6 bil Sabah-Sarawak Link Road, the rollout of the MRT3 project, and the potential renewal of the KL-SG High Speed Rail project amongst others. 'We maintain our positive view on the construction sector, supported by a favourable cost environment and steady project momentum,' said MIDF. Steel bar prices have continued to ease for the second consecutive month amid a decline in global production, while cement prices remain stable due to disciplined domestic production and raw material cost control. These dynamics help cushion contractors from margin pressures. While recent geopolitical developments such as the Liberation Day tariffs and the conflicts in the Middle East have introduced some volatility, MIDF see limited impact on the sector given its domestic focus and low direct exposure to U.S. and Middle East markets. Moreover, key inputs remain reasonably priced, and sector fundamentals are supported by healthy job flows, a strong pipeline of industrial and infrastructure projects, and strengthened data centre demand. Looking ahead, the second half of 2025 is expected to show a recovery in construction sector performance, driven by improved project execution momentum despite more challenging market conditions. —June 17, 2025 Main image: National Action Plan On Business And Human Rights
The Star
03-06-2025
- Business
- The Star
Singapore's SMRT to be fined RM9.9mil for six-day train service disruption last September
Releasing the findings of its months-long investigation into the incident, LTA said degraded grease was likely to have caused a faulty part of a train's undercarriage to fall out, which precipitated the disruption on the morning of Sept 25, 2024. - Photo: Straits Times/ANN SINGAPORE (Bernama): Singapore's public transport operator SMRT will be fined S$3 million (RM9.9 million) following a six-day MRT service disruption on the East-West Line (EWL) in September last year, according to the Land Transport Authority (LTA). LTA said that in determining the penalty amount, the agency took into account that SMRT had borne the cost of repairs and had provided free bridging buses and regular bus services, as well as shuttle train services at the affected stations. "It also provided free travel to passengers alighting at Jurong East and Buona Vista stations for the six days of disruption. The total costs amounted to over S$10 million,' it said in a statement on Tuesday. The penalty will be channelled to the Public Transport Fund to help lower-income families with their public transport expenses. LTA said its investigation into the Sept 25 to 30, 2024 service disruption concluded that the likely cause was degraded grease in the axle box, which subsequently led to overheating and failure. This conclusion was supported by the presence and location of burnt rubber and metal pieces from the chevron springs found along the path of the affected train. However, the agency noted that it was not possible to establish a definitive root cause. On Sept 25, 2024, a dislodged axle box caused the wheels of the third car of a Kawasaki Heavy Industries (KHI) train to fall off the track, damaging the tracks between Dover station and Ulu Pandan Depot. The incident resulted in MRT service disruption between Jurong East and Buona Vista stations. Repair works were carried out over six days, and full services resumed on Oct 1, 2024. - Bernama
Borneo Post
18-05-2025
- Business
- Borneo Post
Sabah, Sarawak fast emerging as key digital infra hubs
Anuar Fariz Fadzil says digital clusters in East Malaysia are now gaining momentum, backed by strong support from the Madani Government, regional demand and growing investor confidence. – Photo by Ronnie Teo KUALA LUMPUR (May 18): Sabah and Sarawak are fast becoming integral to Malaysia's national digital infrastructure strategy, with major data centre developments placing East Malaysia firmly on the map for high-value digital investments. Malaysia Digital Economy Corporation (MDEC) chief executive officer Anuar Fariz Fadzil said that while Johor and Cyberjaya have long been established digital clusters Peninsular Malaysia, new locations in East Malaysia are now gaining momentum, backed by strong support from the Madani Government, regional demand and growing investor confidence. In Sabah, the upcoming Tier III Borneo Data Centre in Kota Kinabalu is expected to significantly improve regional connectivity and support cross-border data flows. Over in Sarawak, projects within the Samalaju Industrial Park and ongoing infrastructure expansion in Kuching are helping to position the state as a rising hub for data-driven industries. 'What we are seeing is a nationwide movement — from the peninsula to East Malaysia — driven by investor confidence, government facilitation and real market demand,' Anuar said. He was speaking at the Datacentre and Cloud Infra Summit (DCCI) 2025, held in Kuala Lumpur recently, where he highlighted how Malaysia's stable governance, coherent digital strategies and commitment to sustainability are drawing global tech giants to invest. Malaysia currently hosts 54 operational data centres with another 24 under construction. Global players such as ByteDance, Microsoft, Oracle and NVIDIA have already established a presence, while Google's new hyperscale data centre in Port Dickson, Negeri Sembilan — part of a US$2 billion investment — is progressing on schedule. Data centre and cloud-related projects accounted for RM9.9 billion, or over 60 per cent of total approved investments under the Malaysia Digital (MD) initiative between January and mid-April 2025. The overall total reached RM16.2 billion in the same period. 'These projects are creating meaningful, gainful employment for more Malaysians, enabling greater digitalisation for businesses and delivering long-term benefits for the rakyat and the nation as a whole,' said Anuar. He added that Malaysia's 40 per cent renewable energy target by 2035 has become a major draw for global hyperscalers seeking ESG-aligned expansion in Asia. 'We must build not just for today, but for the generations to come. That means embedding sustainability into every layer of our digital infrastructure — from site selection and energy use to operations and regulation.' As an agency under the Ministry of Digital, MDEC works closely with its sibling institutions — including MyDIGITAL Corporation, CyberSecurity Malaysia, Digital Nasional Berhad (DNB), MYNIC, the National Digital Department (JDN) and the Department of Personal Data Protection (JPDP) — to ensure alignment across cybersecurity, regulation and talent development. While challenges such as power provisioning, regulatory clarity and skilled talent remain, Anuar said East Malaysia has an important role to play in ensuring inclusive growth across the national digital landscape. 'The infrastructure we build today will determine our competitiveness tomorrow. It is essential that we move forward with purpose, clarity and shared resolve,' he said. Meanwhile, Tradepass director Praveen Venu praised the government's efforts in creating an investor-friendly climate, noting that Malaysia's digital push is increasingly resonating with global players seeking sustainable and inclusive opportunities. 'Malaysia has positioned itself exceptionally well under the Madani Government's leadership. The clarity of its digital roadmap, commitment to ESG principles and willingness to collaborate with industry are exactly what global investors look for,' he said. 'As an international company, we are proud to host DCCI 2025 in Kuala Lumpur where conversations have moved beyond growth to include sustainable, inclusive progress that benefits the entire region — including East Malaysia.'
New Straits Times
16-05-2025
- Business
- New Straits Times
Malaysia cements position as top site for data centre investments: MDEC
KUALA LUMPUR: Malaysia is rapidly cementing its position as a leading destination for data centre investments in Southeast Asia. Global technology giants pointing to stable governance, clear digital strategies and strong institutional coordination as key enablers. Malaysia Digital Economy Corporation (MDEC) chief executive officer Anuar Fariz Fadzil said investor confidence is being driven by the country's coherent policy direction, effective public-private collaboration, reliable power infrastructure, low disaster risk and commitment to long-term sustainability. "The fundamentals are in place - from institutional support to renewable energy integration. "This is why global players are choosing Malaysia as their regional base for cloud and data infrastructure," he added. Anuar spoke at the international Datacentre and Cloud Infra Summit (DCCI) 2025 at the Kuala Lumpur Convention Centre on Wednesday. Malaysia currently hosts some 54 operational data centres, with a further 24 under construction, supported by a balanced mix of domestic and international players. Global technology firms such as ByteDance, Microsoft, Oracle and Nvidia have already expanded their presence, while Google's new hyperscale data centre in Port Dickson - part of a US$2 billion investment - is progressing on schedule. Data centre and cloud infrastructure projects alone accounted for over RM9.9 billion, representing more than 60 per cent of total approved investments under the Malaysia Digital (MD) initiative from January to mid-April 2025. This forms part of RM16.2 billion in overall digital investments approved during the same period. Anuar said these investments are expected to generate thousands of high-value jobs and enhance Malaysia's position as a trusted regional hub for digital services. "These projects are creating meaningful, gainful employment for Malaysians, enabling greater digitalisation for businesses and deliver long-term benefits for the rakyat and the nation as a whole," he said. Beyond the Klang Valley, momentum is also building across the country. Johor and Cyberjaya remain leading clusters, but newer locations such as Port Dickson as well as Sabah and Sarawak are quickly emerging. In Sabah, the upcoming Tier III Borneo Data Centre in Kota Kinabalu is expected to boost regional connectivity, while in Sarawak, projects within the Samalaju Industrial Park and digital infrastructure expansion in Kuching are positioning the state as a rising data economy. "What we are seeing is a nationwide movement - from the peninsula to East Malaysia - driven by investor confidence, government facilitation and real market demand," Anuar said. He added that Malaysia's firm commitment to environmental, social and governance (ESG) principles is also a key factor in attracting responsible, long-term digital investments. The country is aiming for a 40 per cent renewable energy mix by 2035 - a target that resonates with the sustainability expectations of hyperscalers and cloud service providers. As an agency under the Digital Ministry, MDEC works closely with sibling agencies including MyDIGITAL Corporation, CyberSecurity Malaysia, Digital Nasional Bhd, MYNIC, the National Digital Department and the Department of Personal Data Protection to ensure that Malaysia's digital infrastructure development is consistently aligned with national priorities. "Our collective efforts ensure Malaysia's infrastructure strategy remains aligned with cybersecurity, regulatory and talent development goals," said Anuar. While acknowledging challenges around power readiness, land provisioning, regulatory speed and talent supply, Anuar said Malaysia's long-standing culture of partnership and adaptability will continue to be a competitive advantage. "The infrastructure we build today will determine our competitiveness tomorrow. It is essential that we move forward with purpose, clarity and shared resolve," he said. Meanwhile, event organiser Trade pass director Praveen Venu commended the government for creating a stable, investor-friendly climate that continues to attract high-value digital infrastructure projects into the region. "Malaysia has positioned itself exceptionally well under the Madani government's leadership. The clarity of its digital roadmap, commitment to ESG principles and willingness to work hand-in-hand with industry players are exactly what global investors look for," he said. "As an international company, we are proud to host DCCI 2025 in Kuala Lumpur where conversations have moved beyond growth to encompass sustainable, inclusive progress that benefits the entire region," said Praveen.
