Saturday, August 6th, 2016

 

Lao trade official rejects IMF view that currency too strong

VIENTIANE, Aug 6 — Laos’ currency is not over-valued, a trade ministry official said today, rejecting an IMF assessment that the kip was too strong for a country with a large current account deficit. The Asian Development Bank expects the external deficit to widen to 20 per cent of GDP in 2017 from 17 per cent in 2016, a level considered dangerous for economic stability. The International Monetary Fund said in its last country report, in 2015, that balance of payments trends in Laos suggested the currency was 10-20 perRead More


Lufthansa, pilots’ union extend pay talks

FRANKFURT, Aug 6 — German carrier Lufthansa and pilots’ union Vereinigung Cockpit (VC) have extended talks again over pay and retirement terms to try to resolve a long-running dispute that has led to more than a dozen strikes. “Due to the high complexity and the scale, an agreement on all the issues could still not be reached, despite extended talks,” the pilots’ union said in a statement today, adding negotiations would resume at the beginning of next week. The carrier is trying to cut costs at its main brand inRead More


Duria eyes RM20m profit from durian exports to China

TAIPING, Aug 6 — Durian processing and export company, Duria Manufacturing Sdn Bhd, aims to rake in a profit of RM20 million with the export of frozen durian to China. Its Chief Executive Officer, Wong Woei Ming, said this involved the export of 5,000 metric tonnes (MT) compared with 3,000 MT and a profit of RM12 million last year. He said the key export destinations were China, Australia, UK, Canada, Hong Kong and the US. “The factory here processes 100 MT of durians a day. The fruits are bought fromRead More


Bristol-Myers investors feel the harsh downside of cancer bet

NEW YORK, Aug 6 — For almost four years,  Bristol-Myers Squibb Co. investors have profited handsomely thanks to the company’s sharp focus on cancer. Yesterday, they felt the other side of that concentrated bet. The drop in the shares yesterday — the worst in more than 16 years — had as much to do with the failure of Bristol-Myers’s drug Opdivo in a clinical trial for lung cancer as it did with investors’ now-shaken confidence in the New York-based company’s ability to be the breakaway leader in the field. It’sRead More


Airbnb files to raise US$850m at US$30b valuation

SAN FRANCISCO, Aug 6 — The home-sharing company Airbnb Inc. is raising US$850 million (RM3.43 billion), according to a disclosure filed with the state of Delaware. The equity round values the San Francisco-based company at US$30 billion, people told Bloomberg in June. The private stock market company Equidate provided Airbnb’s July 28 filing. A spokesman for Airbnb declined to comment. The filing doesn’t disclose who is making the investment. Airbnb has been restrained about how much capital it takes on compared with ride-sharing company Uber Technologies Inc., which has raisedRead More


Airbnb files to eaise US$850m at US$30b valuation

SAN FRANCISCO, Aug 6 — The home-sharing company Airbnb Inc. is raising US$850 million (RM3.43 billion), according to a disclosure filed with the state of Delaware. The equity round values the San Francisco-based company at US$30 billion, people told Bloomberg in June. The private stock market company Equidate provided Airbnb’s July 28 filing. A spokesman for Airbnb declined to comment. The filing doesn’t disclose who is making the investment. Airbnb has been restrained about how much capital it takes on compared with ride-sharing company Uber Technologies Inc., which has raisedRead More


Mah Sing to invest RM5b to build Bandar Baru Meridin East project

JOHOR BARU, Aug 6 — Mah Sing Group will invest RM5 billion to build the 1,3130-hectare Bandar Baru Meridin East in Kong Kong, Pasir Gudang here. The five-phase project, which is expected to take 15 to 20 years to complete, aims to meet the needs of the rakyat. Johor Menteri Besar, Datuk Seri Mohamed Khaled Nordin, said the project, which is being implemented in eastern Johor, will help improve the people’s lives. “We take into account various aspects when developing the area, including environmental, housing prices offered and the transportationRead More


Apple said to buy AI startup Turi for about US$200m

SAN FRANCISCO, Aug 6 — Apple Inc. acquired artificial intelligence startup Turi Inc. for about US$200 million (RM807.8 million), according to people familiar with the situation, in the latest deal by the iPhone maker to accumulate advanced computing capabilities for its products and services. Turi helps developers create and manage software and services that use a form of AI called machine learning. It also has systems that let companies to build recommendation engines, detect fraud, analyse customer usage patterns and better target potential users, according to the Seattle-based startup’s website.Read More


US locks in hot-rolled steel dumping duties on seven countries

WASHINGTON, Aug 6 — The US Commerce Department today set final anti-dumping duties on hot-rolled flat steel from Japan, South Korea, Turkey, Britain, Brazil, the Netherlands and Australia yesterday, locking in import taxes of 3.7 per cent to about 34.3 per cent for five years. The ruling, which could still be overturned by the US International Trade Commission, is the latest in a series of US actions aimed at fighting a glut of steel imports as China’s economy slows and demand remains weak elsewhere. The department also imposed final anti-subsidyRead More


Nissan in talks with Panasonic, others to sell battery operations

TOKYO, Aug 6 — Nissan Motor Co is in talks with Panasonic Corp and overseas companies including Chinese firms over the possible sale of its controlling stake in a car battery manufacturing venture, sources said. Two people with knowledge of the matter said on Saturday that the Japanese automaker wants to sell its 51 per cent stake in Automotive Energy Supply Corporation, which makes lithium-ion batteries for electric vehicles. The company is jointly owned by NEC Corp. The Nikkei daily yesterday reported that Nissan was looking to sell the companyRead More