Friday, June 8th, 2018


‘Respect your own red lines’ Barnier tells ‘paradoxical’ UK ministers

BRUSSELS, June 8 — Britain does not respect its own red lines in talks with the European Union about the country’s withdrawal from the bloc, the EU’s chief negotiator Michel Barnier said today, responding to comments by British foreign…

‘More questions than answers’ in UK Brexit offer, says Barnier

BRUSSELS, June 8 — EU Brexit negotiator Michel Barnier said today a British proposal for avoiding border problems with Ireland after Brexit “raises more questions than answers” but was still welcome progress toward solutions. A day after…

US stocks dip as trade tensions surround G7

NEW YORK, June 8 — Wall Street stocks dipped early today ahead of a Group of Seven summit expected to highlight the growing gulf between the United States and other major powers on trade. About 20 minutes into trading, the Dow Jones Industrial…

EU response to US tariffs could spark ‘one-upsmanship,’ says Bettel

LUXEMBOURG, June 8 — The EU response to US metal tariffs risks triggering a spiral of “one-upsmanship” that could endanger Europe’s and the world’s economic recovery, Luxembourg Prime Minister Xavier Bettel warned. In an interview with…

Iran slams US for seeking Saudi oil output hike, says Opec won’t comply

LONDON, June 8 — Iran said today a US request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports was “crazy and astonishing” and said Opec would not heed the appeal, setting the stage for a tough Opec meeting…

Apple shares, suppliers fall after iPhone order cut report

LONDON, June 8 — Apple Inc shares and Europe-based suppliers declined after a report that the technology giant has warned its supply chain of a drop of around 20 per cent in new iPhone component orders. Apple fell 2.1 per cent in US pre-market…

Trump says ‘looking forward’ to resolving trade disputes at G7

WASHINGTON, June 8 — President Donald Trump said today he wants to use the G7 summit to resolve what he called unfair trade deals with US allies. “Looking forward to straightening out unfair Trade Deals with the G-7 countries. If it doesn’t…

UOA REIT sells Wisma UOA Pantai to CIMB Bank for RM120m

PETALING JAYA: UOA Real Estate Investment Trust (UOA REIT) is disposing of Wisma UOA Pantai to CIMB Bank Bhd for RM120 million.

UOA REIT said the net capital gain arising from the disposal is estimated to be RM541,000 after taking into account all related expenses, according to its filing with Bursa Malaysia. The disposal proceeds will be utilised to reduce existing bank borrowings.

As the building was operating at a low occupancy rate, it said the disposal is in line with the objective of maximising returns to UOA REIT unitholders. As at April 2018, its occupancy rate only stood at 19%.

The almost 11-year-old building has a built up area of 294,535 square feet with an unaudited net book value of RM117.5 million.

UOA REIT shares closed unchanged at RM1.43 with 5,000 shares changing hands.

Malaysia Airlines expects improvement in performance this year

KUALA LUMPUR, June 8 ― Malaysia Airlines expects an improvement in performance in the later part of the year and is working hard to deliver sustained profitability in 2019. In a statement, Malaysia Airlines Group (MAG) Chief Executive Officer…

Auditor issues disclaimer of opinion on Multi Sports’ FY17 financial statements

PETALING JAYA: Multi Sports Holdings Ltd's external auditor Messrs RT LLP has expressed an audit disclaimer of opinion in the company's latest audited financial statements for the financial year ended Dec 31, 2017 (FY17).

RT LLP said Multi Sports was not able to ascertain whether it could continue as a going concern for at least 12 months due to minimal assets.

Multi Sports incurred a net loss of S$347,000 during FY17 and as of the date its current liabilities exceed its current assets by S$3.44 million.

RT LLP noted that the company was reliant on funds from certain shareholders for its investigations, regularisation and administrative activities and to meet its obligations from creditors.

The auditor added that it was unable to determine whether the opening balances for the subsidiaries in China as at Dec 31, 2016 are fairly stated.

Trading in Multi Sports has been suspended since May 2016. The Practice Note 17 (PN17) company has about five months to submit its regularisation plan to the relevant authorities for approval.