Tuesday, September 5th, 2017

 

Qatar says new port will help circumvent Arab sanctions

HAMAD PORT, Sept 5 — Qatar inaugurated a new US$7.4 billion (RM31.6 billion) port along its Gulf coast today that officials said would become a regional transport hub and help shield its economy against sanctions enforced by neighbouring Arab…


Lenovo settles charges it sold laptops with compromised user security

WASHINGTON, Sept 5 — Lenovo Inc, a major laptop maker, has agreed to pay US$3.5 million (RM14.9 million) and make changes in how it sells laptops in order to settle allegations it sold devices with pre-loaded software that compromised users’…


Evidence mounts for green bonds outperforming conventional, says HSBC

LONDON, Sept 5 — Evidence is mounting that bonds that finance environmental projects perform better than conventional ones, HSBC Holdings Plc said in a report. The UK’s largest bank said green bonds are trading closer to benchmarks than…


Facebook takes the next step to monetise WhatsApp, says WSJ

SAN FRANCISCO, Sept 5 — Facebook Inc is gearing up to make money from WhatsApp, the messaging service used by more than a billion people every day, the Wall Street Journal reported today. WhatsApp will be testing new features to make it easier…


Noble Group in talks to extend US$2b credit facility deadline

SINGAPORE, Sept 5 — — Noble Group <NOBG.SI> is in discussions with its North American lenders to extend an October deadline for a US$2 billion (RM8.53 billion) credit facility, while also taking steps to sell parts of its business to cut debt,…


US factory orders post biggest drop in nearly three years

WASHINGTON, Sept 5 – New orders for US-made goods recorded their biggest drop in nearly three years in July, but orders for capital goods were stronger than previously reported, pointing to robust business spending at the start of the third…


UK should pay for EU bank agency move after Brexit, say EU lawmakers

BRUSSELS, Sept 5 — Britain should bear the costs of the transfer of the European Union’s London-based banking agency after it leaves the bloc, the European Parliament’s committee on financial affairs said today, reigniting the spat over the…


Wall St set to open lower as N.Korea tensions rise

NEW YORK, Sept 5 — Wall Street was set to open lower today as investors remained cautious after North Korea conducted its most powerful nuclear test over the weekend. North Korea conducted its sixth nuclear test on Sunday, which it said was of…


Fed’s Brainard calls for caution in face of weak US inflation

NEW YORK, Sept 5 — Inflation is falling “well short” of target so the Federal Reserve should be cautious about raising interest rates any further until it is confident that prices are headed higher, an influential Fed policymaker said today….


Maxwell appoints legal firm in China

PETALING JAYA: Maxwell International Holdings Bhd, a Practice Note 17 (PN 17) company, has appointed Beijing Taojin Law Office, a legal firm in China, to conduct special legal due diligence on the litigations involving its subsidiaries.

In a filing with Bursa Malaysia today, Maxwell said the litigations involve its wholly owned subsidiary Jinjiang Zhenxing Shoes & Plastics Co Ltd (Zhenxing Shoes) and Hebi City Yifu Plastics Product Co Ltd, a wholly owned subsidiary of Zhenxing Shoes.

The appointment of Beijing Taojin Law Office is in addition to the earlier appointment of Messrs Dennis Nik & Wong, an independent external law firm in Malaysia.

To recap, Maxwell had on July 31, 2017 said in a filing with the stock exchange that it has been made aware of several cases against Zhenxing Shoes but was unable to confirm at that juncture.

The company appointed Messrs Dennis Nik & Wong to carry out a thorough review of the litigation cases, the liabilities and potential financial impact on Zhenxing Shoes as well as the proposed steps to be taken by Zhenxing Shoes.

Maxwell had said it would only be able to confirm and clarify the accuracy of the litigation matters upon the completion of the review by Messrs Dennis Nik & Wong and subsequent issuance of a legal opinion by the firm, which was expected to take two months.

The list of litigation cases against Zhenxing Shoes shared by Maxwell showed a total of 14 cases filed between Dec 29, 2016 and July 6, 2017 involving a total of 272.18 million yuan (RM177.73 million).

Maxwell said it will make further announcement in relation to the litigation cases upon the completion of the review of the litigation matters by Messrs Dennis Nik & Wong and Beijing Taojin Law Office.

Maxwell has until Jan 31, 2018 to submit its regularisation plan.

Its share price jumped 125% or 2.5 sen to close at 4.5 sen today with a total of 33.74 million shares traded, making it the ninth most actively traded stock today. Its market capitalisation stood at RM17.95 million.