Wednesday, November 1st, 2017

 

Garmin beats profit estimates on strong demand for outdoor gadgets

NEW YORK, Nov 1 — Garmin Ltd beat profit estimates for the eighth straight quarter and raised its full-year forecasts amid higher demand for its outdoor, marine and aviation devices, sending its shares up 5 per cent. The company has focused on…


New York Times beats profit view as digital subscribers rise

NEW YORK, Nov 1 — The New York Times Co today reported a better-than-expected quarterly profit, as it signed up more advertisers and subscribers for its digital publications, helping offset a slide in print sales. The company added about…


Wall St climbs on strong private jobs data, oil gains

NEW YORK, Nov 1 — The three major US stock indexes added to their recent record run today, as energy shares gained from a jump in oil prices and financials rose after strong private jobs data. JPMorgan and Bank of America rose about 1 per…


Stocks In Focus (2-11-2017)

KUALA LUMPUR (Nov 1): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Nov 2) may include: Berjaya Corp, Axis REIT,…


Vincent Tan back as Berjaya Corp executive chairman

PETALING JAYA: Berjaya Corporation Bhd’s (BCorp) founder and adviser Tan Sri Vincent Tan Chee Yioun (pix) has returned to the board of directors to assume the position of executive chairman with immediate effect.

Following his return, Datuk Seri Robin Tan Yeong Ching, 43, remains as CEO of the group.

Vincent Tan, who retired in 2012 after handing over the CEO position to his son in 2011, said he has continued to explore new business opportunities for the group while embarking on various charitable and social programmes and initiatives.

“As you all know, even during my retirement I have been active in looking for new business opportunities for the group. Robin has been an excellent chairman and CEO. He has strengthened the corporate organisation and best practices and the group has enjoyed steady growth and progress during his stewardship,” he said in a message to the BCorp board today.

“However, I feel that after being away for five years, it is time I return to the board to actively participate in the deliberation and decision-making at the board level in order to show my commitment and accountability to our stakeholders,” he added.

Robin Tan welcomed the return of Vincent Tan, saying it is appropriate for him to take his rightful place as executive chairman of the group.

“Tan Sri started his first business venture way back in 1972 during his early twenties with a car dealership and a construction equipment company while still pursuing his full-time occupation as a life insurance sales agent.

“With Tan Sri’s more than four decades of entrepreneurial experience and his unwavering dedication and commitment to the group, we have no doubt that he will be able to take the BCorp group of companies to even greater heights,” he added.

Aged 65, Vincent Tan announced his retirement from the board of directors of BCorp on Feb 23, 2012, citing his wish to focus on his philanthropic work.


Malaysia slips one spot in World Bank ease of doing business ranking despite higher score

KUALA LUMPUR: Malaysia slipped to 24th position this year from 23rd position last year in the World Bank Group’s ease of doing business ranking despite an improvement in its score.
In the World Bank’s Doing Business Report 2018 (DB 2018) released today, Malaysia’s Distance to Frontier (DTF) score improved by 0.96 to 78.43 this year from 77.47 last year. It is one of the 11 economies out of the top 25, to record an improvement.

The DTF score shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the slight drop in ranking despite the improved DTF score indicates that other countries have been successful in implementing deeper reforms at a much faster pace.

“We need to do more and move faster in pushing through further reforms to improve our business regulatory environment,” he said in a statement today.

The report highlighted three business reforms enacted by Malaysia over the past year in strengthening access to credit through the new Companies Act 2016 that establishes a modern collateral registry; strengthened minority investor protection by requiring greater corporate transparency; and improved infrastructure facilities at Port Klang, easing handling processes at the terminal and facilitated import and export processes.

Malaysia’s highest DTF score was for the “Getting Electricity” indicator with a score of 94.33 and ranked 8th. For the other nine indicators included in the ranking, Malaysia achieved DTF scores of at least 80 in five of them. This was for starting a business; trading across borders; dealing with construction permits; getting credit and protecting minority interests.

The World Bank also noted that Malaysia achieved the maximum score of eight for the “depth of credit information” index (under the “getting credit” indicator) for the second consecutive year and maximum score of 10 for the “extent of disclosure” index (under the “protecting minority investors” indicator).

“Malaysia retains its spot among the world’s top 25 economies on the Doing Business measures. As the government continues to strengthen the business regulatory framework, it is important to focus on the areas where small and medium firms face difficulties, such as starting a business,” World Bank country manager in Malaysia Faris Hadad-Zervos said.

Its operations analyst Dorina P. Georgieva said in the area of “Starting a Business”, Malaysia’s DTF score of 83.78 is already quite high but there is room for improvement in reducing the number of procedures and number of days required to incorporate a business.

“Paying Taxes is another area where there is room for improvement. At 188 hours, the time taken on average to prepare, file and pay taxes is still significant and Malaysia could continue to make improvements to reduce time. Malaysia ranks 73rd in this indicator.

Overall, DB 2018 ranked New Zealand as the most business friendly globally, ahead of Singapore, Denmark, South Korea and Hong Kong.

Within Asean, Malaysia was ranked second after Singapore and ahead of Thailand, Brunei and Vietnam. In the Asian region, Malaysia maintained its fourth position, behind Singapore, Hong Kong and Taiwan.

The three economies that improved the most across three or more areas measured during the data collection period (June 2, 2016 till June 1, 2017) are Brunei (ranked 56th), Thailand (26th) and Malawi (110th).


Russia’s Rosneft, Iran’s NIOC agree to team up on oil and gas projects worth US$30b

TEHRAN, Nov 1 — Russian oil producer Rosneft and the National Iranian Oil Company have agreed an outline deal to work together on a number of “strategic” projects in Iran together worth up to US$30 billion (RM126.9 billion), Rosneft’s head…


Bursa reprimands Multi Sports, fines directors

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Multi Sports Holdings Ltd and its five directors for breaches of the Main Market Listing Requirements.

Three of its directors were also fined a total of RM1.66 million. Those reprimanded and fined were executive chairman Lin Huozhi, executive director cum CEO Lin Liying and Independent non-executive director Wong Wang Lam. Independent non-executive directors Wong, Ang Wei Chuan and Bernard Tan Chin Teik resigned from the board in 2016.

The China-based sports shoes and apparel manufacturer was reprimanded for failing to issue FY15 and FY16 annual reports as well as quarterly reports from the period ended June 30, 2016 until June 30, 2017 within the stipulated time frame; to ensure that there were at least two independent directors in its board of directors; to have at least two independent directors whose principal or only place of residence is within Malaysia; make an immediate announcement of the change in the composition of the board of directors and audit committee.

Bursa Malaysia said it views the contraventions seriously as the timely and accurate disclosure of material information and submission of financial statements are fundamental obligations of listed companies.

“These obligations are of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions.”

The regulator reminded Multi Sports and its board of directors of their responsibility to maintain appropriate standards of corporate responsibility and accountability to shareholders and investors.


Bursa reprimands Multi Sports, fines 3 directors

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Multi Sports Holdings Ltd and its five directors for breaches of the Main Market Listing Requirements.

Three of its directors were also fined a total of RM1.66 million.

The China-based sports shoes and apparel manufacturer was reprimanded for failing to issue FY15 and FY16 annual reports as well as quarterly reports from the period ended June 30, 2016 until June 30, 2017 within the stipulated time frame; to ensure that there were at least two independent directors in its board of directors; to have at least two independent directors whose principal or only place of residence is within Malaysia; make an immediate announcement of the change in the composition of the board of directors and audit committee.

Bursa Malaysia said it views the contraventions seriously as the timely and accurate disclosure of material information and submission of financial statements are fundamental obligations of listed companies.

“These obligations are of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions.”

The regulator reminded Multi Sports and its board of directors of their responsibility to maintain appropriate standards of corporate responsibility and accountability to shareholders and investors.


Iron ore flips as traders see revival when China curbs ease

BEIJING, Nov 1 — Iron ore’s in very unfamiliar territory. As China presses home its campaign to curb steel production, some investors are starting to wager that after a chill in winter, a torrent of pent-up demand will spur a springtime…