Friday, July 6th, 2018

 

Ford slides deeper into China rut after worst ever first half vehicle sales

BEIJING, July 6 — Ford Motor’s China slump intensified, with vehicle sales tumbling 38 per cent in June and the automaker recording its worst-ever first half, as buyers shunned its aging models that are awaiting overhauls and flocked to rivals….


Wall Street stocks flat as US, China tariffs hit

NEW YORK, July 6 — Wall Street stocks were little changed early today following a solid US jobs report and the start of a long-anticipated trade war between the US and China. About 15 minutes into trading, the Dow Jones Industrial Average was down…


Oil slips below US$77, weighed down by Saudi output boost, trade tensions

LONDON, July 6 — Oil slipped below US$77 a barrel today, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions. Top exporter Saudi Arabia told Opec it raised…


US adds 213,000 jobs in June, unemployment rate jumps to 4pc

WASHINGTON, July 6 — Job creation in the world’s largest economy continued its brisk pace in June but the unemployment rate jumped as more people joined the hunt for employment, according to a government report today. The US added 213,000 new…


Go ship, Go! China roots for last US soybean cargo to land before tariffs kick in

BEIJING, July 6 — It is not often that the niche world of commodities trading enters the public conversation, but today China’s social media was rooting for a ship carrying soybeans from the United States to beat the deadline before Chinese…


Pigs, paws and pistachios: US goods face tariffs in China

BEIJING, July 6 — From pig heads to pistachios to whiskey, China’s proposed list of targeted US products for higher border taxes could take a bite out of bilateral trade between the world’s top two economies. After Washington imposed new…


Singapore announces surprise property curbs to cool market

SINGAPORE, July 6 — Singapore’s renewed clampdown on speculative property demand sent real estate stocks reeling today, as analysts predicted the end of a nascent home price rebound and the deflation of a buoyant market for collective sales. The…


Curbs on Chinese investment could hit Detroit and Silicon Valley

DETROIT, July 6 — US President Donald Trump’s threat to block Chinese investment in US companies could be trouble for a number of American automotive and technology companies using Chinese funds to develop electric and self-driving cars and…


Top Glove sues Adventa Capital over fraudulent misrepresentations in RM1.37b Aspion deal

PETALING JAYA: Top Glove Corp Bhd is suing Adventa Capital Pte Ltd for an alleged conspiracy to defraud the group as well as fraudulent misrepresentations made by Adventa Capital's directors in relation to the purchase of surgical gloves producer Aspion Sdn Bhd for RM1.37 billion.

Top Glove told Bursa Malaysia that the group and its wholly owned subsidiary Top Care Sdn Bhd have taken legal proceedings against Adventa Capital, ACPL Sdn Bhd, Low Chin Guan and Wong Chin Toh, claiming for a sum of not less than RM714.86 million.

The suits come two months after Top Glove completed the acquisition.

Top Glove alleged that Low and Wong had made fraudulent misrepresentations, which resulted in the group and Top Care agreeing to enter into the share purchase agreement dated January 1, 2018.

On July 2, the Kuala Lumpur High Court granted an ex-parte Mareva injunction restraining Adventa Capital, Low and Wong from disposing of their assets in Malaysia up to the value of RM714.86 million and ACPL up to the value of RM72.3 million until trial or further order. The inter partes hearing of the Mareva application is fixed for July 13.

On the same day, the Singapore High Court also granted an ex-parte Mareva injunction restraining Adventa Capital from disposing of its assets in Singapore or outside of Singapore (save for Malaysia) up to the value of RM714.86 million.

Top Glove said it will make the appropriate announcements to Bursa Malaysia as and when there are material developments in relation to the court's decision.

The Aspion deal was the biggest ever acquisition in Top Glove's history to propel the group to become the largest surgical glove maker globally. It was satisfied with RM1.233 billion cash while the balance via the issuance of 20.51 million new Top Glove shares.

Meanwhile, Adventa Capital has refuted the lawsuit allegations by Top Glove.

“The allegations made by Top Glove against Adventa Capital and its directors in their lawsuits have no merit and are denied. We have full confidence in our legal position and will vigorously defend ourselves against the lawsuits,” it said in a statement.

Top Glove's share price closed down 20 sen or 1.6% to RM12.10 on 4.64 million shares done.


Ringgit ends higher against US dollar after US tariffs take effect

KUALA LUMPUR, July 6 — The ringgit ended higher against the US dollar today, as the greenback weakened after the first round of US tariffs came into effect at noon today. At 6pm, the local note was quoted at 4.0380/0420 against the greenback from…