Saturday, September 30th, 2017


Audi says resolves dispute with former engineer in dieselgate case

BERLIN, Sept 30 — Audi said it had resolved a legal dispute with a former engineer who sued the carmaker for wrongful dismissal and re-employment after he was fired amid investigations into the diesel emissions scandal. Volkswagen’s luxury…

Trump says to decide Fed chair in two, three weeks

WASHINGTON, Sept 30 — US President Donald Trump indicated yesterday he would select his nominee to be the next Federal Reserve chair within weeks, after meeting potential candidates. Trump said he would decide who chairs the US central bank,…

China makes targeted reserve requirement rate cut to boost lending

BEIJING, Sept 30 — China’s central bank today cut the amount of cash that some banks must hold as reserves for the first time since February 2016 in a bid to encourage more lending to struggling smaller firms and energize its lacklustre…

China central bank says will maintain prudent, neutral monetary policy

BEIJING, Sept 30 — China’s central bank today said it will maintain prudent and neutral monetary policy and use multiple monetary policy tools to keep liquidity basically stable. The People’s Bank of China will continue with interest rate…

Export value of palm oil, palm products to China rises to RM4.56b

SHAH ALAM, Sept 30 — The export value of Malaysia’s palm oil and palm-based products to China has increased 19 per cent to RM4.56 billion in the first seven months of this year compared with RM3.83 billion in the same period last year….

Ringgit to see range-bound trading against US dollar next week

KUALA LUMPUR, Sept 30 — The ringgit is expected to trade in a narrow range with a downward bias of between 4.19 and 4.22 against the US dollar next week as the greenback continues to strengthen, a dealer said. MIDF Amanah Investment Bank Bhd’s…

Uber’s Kalanick reignites power struggle, names two to board

SAN FRANCISCO: Uber Technologies Inc co-founder Travis Kalanick on Friday said he had appointed two new directors, a surprise move that publicly reignited a board battle over the role of the ousted former chief executive.

Uber investors are divided over whether Kalanick, who was pressured to step down as CEO earlier this year in the wake of several company scandals, should himself be on the board and whether he can name two other directors.

The company and new Chief Executive Dara Khosrowshahi are scrambling to portray Uber as a reformed company that is responding to concerns including sexual harassment claims and a US bribery probe.

Kalanick, still one of the largest shareholders, said in a statement he had appointed former Xerox Chief Executive Ursula Burns and former Merrill Lynch Chief Executive John Thain as directors.

“I am appointing these seats now in light of a recent board proposal to dramatically restructure the board and significantly alter the company's voting rights. It is therefore essential that the full board be in place for proper deliberation to occur, especially with such experienced board members as Ursula and John,” he said. He did not specify the proposals he opposed.

The appointments were a “complete surprise” to Uber and its board, the company said in a statement. “That is precisely why we are working to put in place world-class governance to ensure that we are building a company every employee and shareholder can be proud of,” it added.

An investor who has supported Kalanick, Yucaipa Companies managing partner Ron Burkle, praised the appointments on Friday, calling Burns and Thain “smart, high-quality people”.

Division among Uber investors exploded in public in August, when Benchmark Capital filed a lawsuit to force Kalanick off the board and rescind his ability to fill two other seats on the panel, accusing him of concealing a range of misdeeds. Yucaipa and other Uber investors defended Kalanick and asked Benchmark to divest its own shares and step down from the board.

A Delaware judge later that month stayed the Benchmark lawsuit and sent it to arbitration, pushing the dispute out of public view and delivering Kalanick a victory.

Kalanick's action on Friday could be subject to a new legal challenge. Benchmark or other Uber investors could attempt to block the appointments by asking the Delaware judge to issue a so-called “status-quo order.” The judge last month did not grant such a request.

Kalanick's lawyer at the time told the court that Kalanick had not rushed to fill the seats. The New York Times also quoted Kalanick's lawyer as telling the court Kalanick had the power to fill the seats under the pre-arbitration “status quo”.

Benchmark did not immediately respond to a request for comment. — Reuters

Bursa likely to stage mild recovery next week

KUALA LUMPUR, Sept 30 — Bursa Malaysia is likely to stage a mild recovery next week with the key index inching towards the 1,772-level on bargain hunting, said an analyst.  The Malaysian Association of Technical Analysts President, Nik Ihsan…

Johari: Govt has no plans to raise taxes in 2018 Budget

KUALA LUMPUR: The government is not planning to raise taxes in the 2018 Budget as it will burden the people currently dealing with the higher cost of living, said Second Finance Minister, Datuk Seri Johari Abdul Ghani. “We have no plan to tax the people further, I think the people are facing a lot of […]

Trump’s push for tax reform has no major impact on Malaysia

KUALA LUMPUR: US President Donald Trump’s push for a major tax revamp is neither directly correlated nor has a major impact on the Malaysian financial market, said Malaysian Association of Technical Analysts (MATA) President Nik Ihsan Raja Abdullah. He said instead, the proposed tax revamp would likely benefit US small private enterprises which accounted for […]