Friday, September 15th, 2017

 

Report: Airbus faces large fine in corruption probe

PARIS, Sept 15 ― A newspaper said Airbus could face a “£1 billion pound-plus” fine from British and French prosecutors over corruption allegations, but people familiar with the case said it was premature to talk about a settlement in an…


Wall Street unmoved by economic data, N. Korea missile test

NEW YORK Sept 15 ― US stocks were little changed today, but the Dow eked out another record high, as investors shrugged off North Korea’s latest missile test and domestic economic data that did little to move the needle on the timing of an…


US industrial output plunges in August on Hurricane Harvey hit

WASHINGTON, Sept 15 ― Output at US factories plunged in August due to the big hit from Hurricane Harvey that shut down huge parts of the nation’s oil refining, the Federal Reserve reported today. The massive storm that hit the Gulf Coast of…


Ahmad Fuaad to end tenure as Proton CEO on Sept 30

KUALA LUMPUR: Datuk Ahmad Fuaad Kenali will end his tenure as Proton Holdings Bhd Chief Executive Officer (CEO) on Sept 30, 2017.

In a statement today, DRB-Hicom Bhd also said its Group Managing Director, Datuk Seri Syed Faisal Albar, would continue his role as overall Chairman of Proton Holdings.

It also added that Datuk Radzaif Mohamed would remain as Deputy CEO of Perusahaan Otomobil Nasional Sdn Bhd (PONSB) and Abdul Rashid Musa would continue as CEO of Proton Edar Sdn Bhd.

Ahmad Fuaad was appointed CEO of Proton Holdings on April 1, 2016, after assuming his position as DRB-Hicom's Chief Operating Officer/Senior Group Director in 2013.

Syed Faisal said under Ahmad Fuaad's watch, Proton had rolled-out four new models in the span of eight months.

“He also played a vital role in closing the national carmaker's search for a suitable
foreign strategic partner (FSP).

“The need for an FSP in Proton was one of the key priorities of DRB-Hicom at the point of our acquisition of Proton Holdings in 2012,” he said.

Meanwhile, DRB Hicom said, the corporate exercise undertaken with Zhejiang Geely Holding Group was almost completed.

Once it has been completed, it said, Geely Holding would be nominating a suitable candidate as CEO of PONSB, adding that an announcement would be made soon in relation to the composition of the board of directors, with representations from both DRB Hicom and Geely Holding.

Both DRB-Hicom and Geely Holding have been intensifying their effort to finalise their business plan for Proton Group, which would incorporate their strategies to jointly develop new models for the global market.

DRB-Hicom and Geely Holding hold 50.1% and 49.9% stake in Proton Group, respectively.

The group comprises three key entities — Proton Holdings Bhd as the holding company; Proton Holding's subsidiary, PONSB as the main production, operations, manufacturing and marketing company; and, Proton Edar as the group's main distribution outfit.

For all three entities, DRB-HICOM has one additional seat at the board of directors; matching its 50.1% stake.
— Bernama


Ringgit rebounds to end higher versus US dollar

KUALA LUMPUR: The ringgit bounced back to close higher against the US dollar on Friday, tracking the performance of emerging currencies, as more factors including US interest rate and geopolitical tensions continue to weigh on the greenback.

At 6pm, the local unit was quoted at 4.1880/1910 against the US dollar from 4.2040/2070 on Thursday.

Inter-Pacific Research Sdn Bhd Head of Research, Pong Teng Siew, said the negative sentiment lingering the dollar had sent it lower this week.

“It is more on the weakness of the dollar rather than a stronger ringgit. It is because of the odds of a December rate hike by the Federal Reserve is diminishing,” he told Bernama.

On the local front, Pong said the re-rating trend on Malaysia's credit rating had supported the local unit as well.

Malaysia's lower five-year credit-default swaps also provide a fillip to the currency.

The US dollar's weak performance was also due to the second ballistic missile launched by North Korea earlier today.

Against other major currencies, the ringgit was traded mixed.

It inched up against the Singapore dollar to 3.1128/1614 from 3.1129/1165 on Thursday and vis-a-vis the pound, it went down to 5.6873/6926 from yesterday's 5.5510/5553.

The local note improved versus the yen to 3.7648/7685 from 3.8069/8100 on Thursday and was better against the euro at 4.9988/9041 from 5.0007/0051 yesterday. — Bernama


BFood posts higher net profit in Q1

PETALING JAYA: Berjaya Food Bhd (BFood) saw its net profit in the first quarter ended July 31, 2017 grew 6.7% to RM5.3 million from RM5 million a year ago.

Revenue during the quarter grew 9.2% to RM154.39 million from RM141.37 million in the same period last year. BFood said in a statement today that the higher revenue and profit were mainly due to additional cafes operating in the current quarter.

Commenting on prospects, the group said it will be operating in a challenging environment in the remaining quarters due to weak consumer demand. However, it expects Starbucks to maintain its revenue growth momentum, and the price adjustment in the previous financial year is expected to mitigate the negative impact from the fluctuating ringgit.

“In addition, the operational and menu rationalisation of Kenny Rogers Roasters will also have a potential to yield positive results for the brand moving forward,” it said.

The board has recommended a first interim dividend of 1 sen single-tier dividend per share in respect of financial year ending April 30, 2018 payable on Oct 27, 2017. The entitlement date has been fixed on Oct 13, 2017.

BFood gained 3.38% to close at RM1.53 today with 78,800 shares traded. Its market capitalisation stood at RM575.1 million.


Ahmad Fuaad to step down as Proton CEO

KUALA LUMPUR, Sept 15 ― Datuk Ahmad Fuaad Kenali will end his tenure as Proton Holdings Bhd Chief Executive Officer (CEO) on Sept 30, 2017. In a statement today, DRB-Hicom Bhd also said its Group Managing Director, Datuk Seri Syed Faisal…


Ringgit rebounds to end higher

KUALA LUMPUR, Sept 15 ― The ringgit bounced back to close higher against the US dollar today, tracking the performance of emerging currencies, as more factors including US interest rate and geopolitical tensions continue to weigh on the…


Berjaya Corp to sell entire stake in BGREE for RM50.87m

PETALING JAYA: Berjaya Corp Bhd (BCorp) is disposing its entire 100% equity interest in Berjaya Green Resources Environmental Engineering (Foshan) Co Ltd (BGREE) to Foshan Water & Environmental Investment Co Ltd for RMB78.50 million (about RM50.87 million).

BGREE is involved in wastewater treatment, while Foshan Water & Environmental Investment is engaged in raw water development and supply, sewage treatment and other water and environmental protection related services.

BCorp said in a filing with Bursa Malaysia today that the proposed disposal will provide an opportunity for the group to realise its investment in BGREE. The group said its original cost of investment in BGREE as at April 30, 2017 is RMB47.60 million, which was incurred since 2010.

BCorp intends to use the cash proceeds from the proposed disposal for the group’s working capital, and upon completion of the proposed disposal, BGREE will cease as the subsidiary of the group.

The proposed disposal is expected to result in a pre-tax gain of about RM42.29 million. The proposed disposal is expected to be completed by first quarter of 2018.

BCorp gained 1.49% to close at 34 sen today with a total of 5.65 million shares traded. It has a market capitalisation of RM1.61 billion.


Late buying interest sees Bursa end higher

KUALA LUMPUR, Sept 15 ― Bursa Malaysia rebounded from its earlier losses to end at intra-day high today on late buying interests in selected heavyweights, among them, Genting Malaysia, Sime Darby and CIMB, dealers said. At the close, the key…