Tuesday, August 23rd, 2016

 

Shangri-la’s 2Q net profit rises 1.87%, pays 3 sen dividend

Shangri-la’s 2Q net profit rises 1.87%, pays 3 sen dividend

KUALA LUMPUR (Aug 23): Shangri-la Hotels (M) Bhd saw its net profit for the second quarter ended June 30, 2016 (2QFY16) rise 1.87% to RM16.11 million, from RM15.81 million in 2QFY15, driven largely by stronger performance from the group’s resorts in Sabah and Penang.

Revenue increased by a similar 1.85% to RM111.57 million, from RM109.54 million.

Shangri-la declared an interim single tier dividend of 3 sen per share, which go ex on Oct 24 and payable on Nov 17.

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Source: The Edge Markets


Legal dispute between Tajudin and Axiata’s TRI ends

Legal dispute between Tajudin and Axiata's TRI ends

KUALA LUMPUR (Aug 23): The legal dispute between Tan Sri Tajudin Ramli and his brother Datuk Bistamam Ramli with Axiata Group Bhd’s wholly-owned subsidiary Technology Resources Industries Bhd (TRI), has come to an end.

In a filing with Bursa Malaysia today, Axiata said the Federal Court had on Aug 22, dismissed the leave application made by Tajudin who is the former chairman of Malaysian Airline System Bhd, and Bistamam, to appeal against the decision made by the Court of Appeal on Jan 18.

Source: The Edge Markets


S&P 500 set for record, dollar falls on Fed bets amid mixed data

NEW YORK, Aug 23 — US stocks rose toward a record, while the dollar fell after mixed economic data in the world’s largest economy bolstered speculation the Federal Reserve will be in no rush to raise interest rates soon. Oil rallied. The S&P… Source: The Malay Mail Online


US new home sales race to near nine-year high; supply dwindles

WASHINGTON, Aug 23 — New US single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook. The Commerce Department said today new home… Source: The Malay Mail Online


Watta inks distributorship agreement with LG to sell mobile phones

KUALA LUMPUR (Aug 23): Watta Holding Bhd has secured the distributorship rights to sell LG Electronics’ feature and smart mobile phones for a one-year period.

Its subsidiary, Watta Energy (M) Sdn Bhd (WESB), inked a distributorship agreement with LG Electronics Singapore Pte Ltd (LGE) for the appointment of WESB as LGE’s Malaysian distributor for the sale of the said phones.

In a bourse filing today, Watta said WESB may resell the products to sub-distributors, resellers and/or end users, directly.

Source: The Edge Markets


Heveaboard’s 2Q net profit slips 5.5% with higher income tax expense

Heveaboard’s 2Q net profit slips 5.5% with higher income tax expense

KUALA LUMPUR (Aug 23): Heveaboard Bhd’s net profit for the second quarter of financial year ended June 30, 2016 (2QFY16) slipped 5.5% to RM15.16 million, from RM16.04 million in the corresponding quarter a year ago, due to higher income tax expense.

In its quarterly results filing, Heveaboard said the tax expense was incurred at the Ready-to Assemble (RTA) sector, as its tax incentive on allowance in increased export (AIE), to offset against taxable statutory income, has been exhausted.

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Source: The Edge Markets


Hedge funds eye Japan stocks again after mauling by yen bets

LONDON, Aug 23 — Japan-focused hedge funds may be ready to start nibbling at Tokyo shares again after suffering losses earlier this year by betting on a weaker yen. Though the outlook for the yen remains as murky as ever ahead of Bank of Japan… Source: The Malay Mail Online


China’s richest man set to seal two billion-dollar U.S. film deals

China's richest man set to seal two billion-dollar U.S. film deals

BEIJING (Aug 23): Real estate and entertainment conglomerate Dalian Wanda Group Co expects to seal two billion-dollar film-related deals in the United States this year, chairman Wang Jianlin said on Tuesday, as China’s richest man steps up his push into Hollywood.

After completing the acquisition of two non-production film companies — each worth above US$1 billion — Dalian Wanda’s next target would be a so-called “Big Six” movie studio, Wang told Reuters in an exclusive interview.

Source: The Edge Markets


India’s Idea Cellular denies report on merger talks with Vodafone

India's Idea Cellular denies report on merger talks with Vodafone

MUMBAI (Aug 23): India’s No. 3 mobile phone carrier, Idea Cellular, strongly denied a news report on Tuesday that it was in exploratory talks about a merger with larger rival Vodafone India.

A spokeswoman for Idea’s parent, conglomerate Aditya Birla, called the CNBC TV18 report of talks between Idea and Vodafone “baseless and absolutely false”.

“This is absolutely untrue and preposterous,” she said in an email. “There is no such intent.”

Source: The Edge Markets


AirAsia X reports third consecutive profitable quarter

AirAsia X reports third consecutive profitable quarter

KUALA LUMPUR (Aug 23): AirAsia X Bhd (AAX), the long-haul arm of low-cost carrier group AirAsia Bhd, reported a net profit of RM1.02 million for the second quarter ended June 30, 2016 (2QFY16), against a net loss of RM132.94 million a year ago, thanks to higher revenue and lower fuel costs.

In its quarterly financial report to Bursa Malaysia today, AAX said its revenue grew 35.2% to RM883.16 million in 2QFY16, from RM653.03 million last year.

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Source: The Edge Markets