Friday, August 4th, 2017

 

Toyota’s game plan features robots, M&A, self-driving cars

TOKYO, Aug 4 — Toyota Motor Corp. agreed to buy a stake in Mazda Motor Corp and jointly build a US$1.6 billion plant in the US Asia’s largest automaker will also invest more in areas like self-driving cars to stay relevant in an industry…


Asean now likely 6th largest economy globally, says PM

KUALA LUMPUR, Aug 4 — Recent estimates suggest that Asean is now the sixth largest economy globally, as opposed to the seventh between 1975 and 2016, says Prime Minister Datuk Seri Najib Razak. Najib said this rise in position also indicates…


VW executive Schmidt pleads guilty in auto emissions scandal

DETRIOT, Aug 4 — Oliver Schmidt, a Volkswagen AG compliance executive charged in the company’s emissions-cheating scandal, pleaded guilty Friday in federal court in Detroit to conspiracy and violating the US Clean Air Act. Schmidt faces up…


10 outstanding Malaysian-based Asean companies, individuals named

KUALA LUMPUR, Aug 4 — Ten outstanding Malaysian-based companies and individuals were presented with the [email protected] Achievement Awards tonight. Hosted by the Asean Business Advisory Council (Asean-BAC), Malaysia, the accolades are a testament of…


US sees strong job creation in July as unemployment falls

WASHINGTON, Aug 4 — The US economy continued to see robust job creation in July, driving the unemployment rate lower amid strong hiring in restaurants and health care, according to government data released today. The world’s largest economy…


Forest City forges strategic alliances with 21 industry players

GELANG PATAH, Aug 4 — Forest City today forged strategic alliances with 21 local and international industry players to create more opportunities for the people of Johor to be involved in the state’s economic development. Held at the Phoenix…


US trade deficit narrows as exports hit 2-1/2-year high

WASHINGTON, Aug 4 — The US trade deficit fell sharply in June as exports increased to their highest level in 2-1/2 years, a positive development for the economy. The Commerce Department said today the trade gap decreased 5.9 per cent to…


Toyota, Mazda announce tie-up over electric vehicles, US factory

TOKYO, Aug 4 — Japanese auto giant Toyota and smaller rival Mazda said today they agreed a capital tie-up to focus on joint development of electric vehicles, while building a US$1.6 billion factory in the United States which will create up to…


Nakamichi reprimanded, directors fined RM545,600

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Nakamichi Corp Bhd and its four directors for breaches of the Bursa Securities Main Market Listing Requirements (Main LR) with a fine totaling RM545,600 due to their failure to submit the company's financial statements on time.

See Thoo Chan was fined RM248,000 while Darren Solomon Low Jun Ket, Goh Tai Wai and Mak Siew Wei RM99,200 each.

Nakamichi was publicly reprimanded for committing breaches of paragraphs 9.22(1) and 9.23 read together with paragraph 9.28(1) of the Main LR where it had failed to announce and/or issue the financial statements within the timeframe of Sept 18, 2015 stipulated by Bursa Securities.

The financial statements include the quarterly reports from the financial period ended June 30, 2013 until June 30, 2015, which were only announced on Oct 30, 2015; the annual audited financial statements for the financial year ended Dec 31, 2013 and 2014, which were only announced on Dec 31, 2015 and Jan 4, 2016 respectively; and the annual reports for the financial year ended Dec 31, 2013 and 2014, which were only announced on Feb 29, 2016.

“Bursa Securities views the contraventions seriously as the timely and accurate submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Securities and necessary to aid informed investment decisions.”

Nakamichi had on May 29, 2015 announced that as Tamabina Sdn Bhd, its 51%-owned major subsidiary had been wound-up via a Court Order dated Feb 3, 2015 by the High Court of Sabah and Sarawak, the company was in the midst of preparing all the outstanding financial statements to comply with the Main LR by writing off the 51% investment in Tamabina.

Bursa Securities had on July 10, 2015 allowed Nakamichi to submit all the outstanding financial statements by Sept 18, 2015 as requested. However, Nalamichi had only submitted the financial statements after a delay of 1.5 to 5.5 months.

Nakamichi had blamed the actions of the former director/CEO and CFO who had deprived the company of its full financial records particularly the financial records of Tamabina and the external auditors for the delay.

However, the delay in submission of the financial statements by the stipulated timeframe of Sept 18, 2015 was in fact due to Nakamichi's failure to maintain/provide such accounting and other records on a timely basis.


Ringgit closes unchanged against US dollar

KUALA LUMPUR: The ringgit closed unchanged against the US dollar today on lack of catalysts, a dealer said.

At 6 pm, the local unit stood at 4.2770/2800 against the greenback, similar to Thursday's close of 4.2770/2800.

Inter-Pacific Securities Head of Research, Pong Teng Siew, said the ringgit showed signs of effects from the measures taken by Bank Negara Malaysia last year to stabilise the local unit against the greenback.

“It managed to reduce the volatility of the ringgit against the US dollar but the ringgit is locked with the trend of US dollar against other currencies. If the US dollar weakened against other currencies, the ringgit is also weakened,” he told Bernama.

The ringgit was closed mostly lower against a basket of major currencies.

It fell against the Singapore dollar to 3.1534/1570 from 3.1451/1480 on Thursday and versus the yen,  depreciated to 3.8857/8895 from 3.8667/8698 yesterday.

It strengthened against the British pound to 5.6264/6312 from 5.6606/6659 yesterday but eased against the euro to 5.0811/0864 from 5.0657/0705 previously. — Bernama