Saturday, September 30th, 2017


Proton-Geely aims to turn profitable after five years

SHAH ALAM: Proton Holdings Bhd aims to turn around its operations and expects to be profitable after five years. Chairman, Datuk Seri Syed Faisal Albar, said developing a new product consisting of designing and production, among others, would take about three years. “In the next three to four years, we hope to achieve break-even when […]

PHB undertakes mixed devt project with RM5 billion GDV

KUALA LUMPUR: Pelaburan Hartanah Bhd (PHB) is currently undertaking a mixed development project in Jalan Bangsar with a gross development value (GDV) of RM5 billion. Group managing director/chief executive officer, Datuk Kamalul Arifin Othman, said the project, to be built on 7.69 hectares, would comprise seven office and residential towers. The construction of the first […]

DRB-Hicom completes Proton sell-off for RM460 million

KUCHING: DRB-Hicom Bhd (DRB-Hicom) has announced that it has completed its proposed divestment of its stake in Proton Holdings Bhd (Proton) to Zhejiang Geely Holding Group Co Ltd ( Zhejiang Geely) for a total price of RM460.3 million. In a filing to Bursa Malaysia, the group noted that it has completed its sale of 547 […]

Malaysia’s reserves remain usable

KUALA LUMPUR: The country’s reserves as at end-August 2017 remain usable as indicated by the detailed breakdown of Malaysia’s international reserves under the International Monetary Fund’s Special Data Dissemination Standard. In a statement yesterday, Bank Negara Malaysia (BNM) said, the official reserve assets amounted to US$100.52 billion (US$1=RM4.22) as at end-August while other foreign currency […]

Geely appoints Daniel Donghui Li as Lotus chairman

KUALA LUMPUR: China’s Zhejiang Geely Holdings Group has appointed its Executive Vice-President and Chief Financial Officer Daniel Donghui Li as Chairman of British sports car maker Lotus. Zhejiang Geely, in a statement yesterday, said the appointment was made upon completion of the 51 per cent majority stake acquisition in Lotus Advance Technologies Sdn Bhd with […]

Ex-Uber CEO names two directors without consulting board

NEW YORK, Sept 30 — Former Uber Technologies Inc. Chief Executive Officer Travis Kalanick named two new directors without consulting its new leader or other existing board members, ratcheting up a Machiavellian battle for control of the…

Costs soar for renovating London’s Big Ben

LONDON, Sept 30 — The cost of renovating the British parliament’s clock tower, which houses Big Ben, has more than doubled to £61 million (RM346.2 million), authorities said yesterday. Works on the Elizabeth Tower, one of the world’s most…

AIG stripped of ‘too big to fail’ label by US regulators

WASHINGTON, Sept 30 — Insurer AIG will no longer face the stricter federal oversight of a “too big to fail” institution following a vote yesterday by a panel of top US financial regulators. The Financial Stability Oversight Council voted…

Freeport said to be at loggerheads with Indonesia over divestment

JAKARTA, Sept 30 — Freeport-McMoRan Inc , the world’s second-largest publicly traded copper company, strongly disagrees with a proposed divestment plan by the government of Indonesia, according to a company letter reviewed by Reuters…

US fines HSBC US$175m for lax forex trading oversight

WASHINGTON, Sept 30 — The US Federal Reserve fined HSBC Holdings PLC US$175 million (RM738.9 million) yesterday for “unsafe and unsound practices” in its foreign exchange trading business, the latest in a series of fines for banks that fail to…