Tuesday, September 12th, 2017
KUALA LUMPUR, Sept 12 — Malaysia Airlines will announce a deal to buy eight widebody Boeing 787 jets during the visit of Prime Minister Datuk Seri Najib Razak to the United States, two industry sources said today. The deal, worth more than…
BEIJING, Sept 12 — North Korea is suspected of intensifying cyber-attacks to steal virtual currency in order to obtain funds and avert tightening sanctions, according to security experts. North Korean hackers have mounted attacks on at least…
BEIJING, Sept 12 — Two senior executives of a collapsed peer-to-peer lender were sentenced to life in prison and 24 others punished over what has been called China’s biggest-ever Ponzi scheme, state media reported today. The company, Ezubao,…
SINGAPORE (Sept 12): Demand for EM Asian bonds continues to be strong, with inflows surpassing 5-year highs in some markets, despite broad-based stock outflows, Rohit…
BEIJING, Sept 12 — The global economy is recovering, but could easily be derailed by policy uncertainty and the threat of protectionism, International Monetary Fund Managing Director Christine Lagarde said in Beijing today. Lagarde and the…
PETALING JAYA: Malaysian Rubber Glove Manufacturers Association (Margma) expects the price of rubber gloves to increase by up to 12% on Hurricane Irma, rising cost of natural rubber latex, the weakening US dollar and shortage of paper.
In a statement released earlier Margma President Denis Low Jau Foo said one of the key contributing factors is Hurricane Irma, which has caused the prices of Butadiene, an important material in the production of Nitrile Latex to soar, as its production has been severely affected.
Natural rubber latex prices have also been affected by speculation as the commodity is highly volatile, especially so with the pending International Tripartite Rubber Council meet of the world's top producers of natural rubber later this month.
“Usually when this happens, prices of rubber tend to increase due to anticipation of price fixing and speculation. As manufacturers, we want natural rubber prices to be stable, and for farmers to be adequately compensated for their work, and not be subjected to unreasonable speculation and profiteering,” he said.
Prices also have to be readjusted to reflect the weakening status of the US dollar and the 15% increase in packing material prices due to the shortage of paper.
Margma said as the industry watchdog it is advising its members to raise prices to better reflect rising production cost and to limit the validity date to a shorter period so as not to get caught out in the unpredictability of rubber and Butadiene prices.
With regards to the industry's performance, Low said the demand for rubber gloves in the first 6 months of 2017 have been extremely encouraging with revenue soaring by around 25% to RM8.1 billion from RM6.0 billion in the previous 6 months. Volume has also increased significantly by 15.8% on the back of 8-10% growth usually.
“We expect the second half of the year to be even better as Europe and America are buying very strongly with Asia leading the pack in terms of
consumption. We understand from our members that most of them are in an oversold capacity position with some major players in oversold up to
December,” he added.
KUALA LUMPUR: Sunway Hotels & Resorts is targeting 75% occupancy for its new hotel, Sunway Velocity Hotel in its first full year of operations.
Sunway Putra Hotel Sdn Bhd cluster director of sales and marketing TS Cheah said it is targeting 56% occupancy between September and December this year and 75% occupancy next year.
The 351-room hotel will progressively open its doors for operations on Sept 20. The mid-market hotel will be the only transit-oriented hotel within the Cheras vicinity.
The hotel's gross development cost is RM146 million and is located within the Sunway Velocity Kuala Lumpur integrated development.
The hotel is expected to attract 60% corporate guests and 40% leisure. The majority of its guests are expected to be Malaysians (60%) while the remaining 40% will be from overseas particularly Singapore and China.
PETALING JAYA: Celcom Axiata Bhd saw a 3.44% jump in profit after tax, amortisation and minority interest (patami) for the second quarter ended June 30.
Celcom registered a patami of RM331 million in the quarter under review against RM320 million a year ago.
Total revenue fell by 3.63% to RM1.62 billion from RM1.68 billion.
Service revenue on the other hand inched slightly higher by 0.81% to RM1.49 billion from RM1.48 billion, driven by the postpaid segment.
The telco, which had earlier earmarked about RM1.4 billion – RM1.5 billion for capex, has only utilised about RM400 million in the first half of the year, which was spent on its spectrum re-farming exercise.
It will deploy the remaining balance of its yearly capital expenditure(capex) allocation to improvise its network coverage .
According to its CFO Jennifer Wong, Celcom will also be spending on the “preparations” it is embarking on in relation to the roll out of the 4.5G network.
She added that, Celcom will be spending more than it did in the first half of the year, in the coming quarters.
PETALING JAYA: Willowglen MSC Bhd’s group managing director Wong Ah Chiew has mopped up a 22.2% stake in the company at a 40% discount, bringing his interest in the company up to 55%, triggering a mandatory takeover offer.
New Advent Sdn Bhd, a company controlled by Wong, plans to maintain the listing status of the company.
In a filing with Bursa Malaysia, the company announced that New Advent had purchased interests from six shareholders for the stake at RM44.6 million or 80 sen a share, in a deal signed today.
The stock, which was halted from trading in the afternoon session, closed up seven sen at RM1.39 at the end of morning trade. The stock has gained 84% year to date. It resumes trading tomorrow.
Willowglen MSC counts veteran stockbroker Tan Sri Ong Leong Huat as a substantial shareholder with a 16.14% interest.
The offer for the remaining shares Wong does not own in Willowglen MSC will remain open for 21 days from the posting of the offer document.
For the six-month period ended June 30, 2017, the company saw a 22% jump in net profit to RM9.3 million on the strength of its Singapore operations. This was on a 24% jump in revenue for the period to RM72.7 million from RM58.5 million.