Tuesday, August 21st, 2018


US sanctions Russian ships for North Korea trade amid tensions

WASHINGTON, Aug 21 — The US sanctioned owners of six Russian ships over claims they are helping transfer refined petroleum products to North Korean vessels in violation of international prohibitions, as tensions with both Moscow and Pyongyang…

Venezuela adds to chaos with one of biggest currency devaluations ever

CARACAS, Aug 21 — Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 per cent plunge that will test the capacity of an already beleaguered population to stomach even more…

US stocks push higher as US delays auto tariff move

NEW YORK, Aug 21 — Wall Street stocks rose in early trading today, with the S&P 500 pushing near a record, as the US signalled it could delay a closely-watched decision to impose new tariffs on autos. About 15 minutes into trading, the Dow…

Tesla investors brace for news as Morgan Stanley removes rating

NEW YORK, Aug 21 — Tesla Inc’s drama took a new turn when Morgan Stanley removed its rating and price target on the stock, a turnabout from analyst Adam Jonas’s long-time bullishness on the electric-car maker. Less than a week ago, Goldman…

Oil gains before supply data while US taps strategic reserves

LONDON, Aug 21 — Oil rose in low trading volumes before weekly crude inventory data in the US, where the government is proceeding with further sales of crude from its strategic reserves. Futures in New York added 1.2 per cent. The US government…

Zambia prepares to take to the skies after 24 year gap

LUSAKA (Zambia), Aug 21 — Zambia is to relaunch its national airline after 24 years without a flag carrier following a deal with Ethiopian Airlines that will see US$30 million invested in the new venture. The announcement, made yesterday, marks…

Sunway Bhd’s Q2 net profit marginally up

PETALING JAYA: Sunway Bhd’s second quarter net profit was marginally higher at RM199.44 million for the quarter ended June 30, 2018, compared with RM196.05 million for the quarter ended June 30, 2017 with lower share of minority interest profit for some local property development projects.

The group profit after tax and minority interest (patmi) would have been higher by 16.2% if not for the adoption of MFRS 15, which requires it to recognise the development profits upon its completion.

Property development, quarry and others segments all saw decreases in profit, while property investment, construction,and trading and manufacturing segment saw increases in profits.

Property development posted a 38% fall in profit before tax due to lower progress billings from local development projects, while profit before tax for its others segment was 30.8% lower primarily due to the performance of its treasury operations and building materials segment.

This was on a 4% jump in revenue to RM1.29 billion for the quarter under review, compared with RM1.24 billion for the same quarter in 2017.

Net profit for the six month period was 6% higher at RM321.36 million, compared with RM302.94 million. This was on revenue of RM2.60 billion, compared with RM2.33 billion for the same period in 2017.

The group, which would have seen 15.4% higher group patmi for the first half of 2018 if not for the adoption of MFRS 15, believes the current government's commitment and efforts in improving governance, accountability and transparency, will boost domestic consumer and business confidence, which will in turn augur well for the group’s diverse yet complementary businesses.

Sunway’s Q2 net profit declines to RM215.8m

KUALA LUMPUR, Aug 21 — Sunway Bhd’s net profit for the second quarter ended June 30, 2018 declined to RM215.76 million from RM232.01 million recorded in the same period last year. Revenue, however, rose to RM1.28 billion from RM1.24 billion…

Versatile Creative’s MD and group CFO dismissed

PETALING JAYA: Versatile Creative Bhd has dismissed its managing director Datuk Wong Kong Choong @ Leong Kong Choong and chief financial officer Tan Quok Eow for failing to satisfactorily answer for an unauthorised payment of RM2.3 million.

The Board of directors told the stock exchange that the dismissal comes into effect immediately as the two had failed to satisfactorily answer the allegations made against them in the show-cause letters that were issued to them on August 13.

To recap, Versatile Creative said in a filing dated August 10 that a forensic audit report by Crowe Malaysia revealed that Wong and Tan could not account for an unauthorised payment of RM2.3 million.

In separate filings with the stock exchange, the group also announced the appointment of two executive directors and two non-Independent executive directors.

Air Selangor cuts Gamuda, Taliworks bulk water supply rate in new agreement

PETALING JAYA: Gamuda Bhd and Taliworks Corp Bhd have been informed by Air Selangor of a cut in the bulk water supply rate for the third phase and first phase of the Sungai Selangor Water Treatment Plant (SSP) by 2 sen/m3 and 5 sen/m3, respectively.

Both Gamuda and Taliworks are required to revert with acceptance of the offer no later than 5pm on August 27.

In a filing with Bursa Malaysia, Gamuda said its 80%-owned Gamuda Water Sdn Bhd had received a letter of offer dated August 21, 2018 from Air Selangor setting out the termination of the existing operations and maintenance agreement (OMA) of SSP3 with Splash as well as the settlement of the outstanding Gamuda Water's receivable from Splash.

Gamuda Water and Air Selangor will execute a new SSP3 OMA, which will commence on the operational date until December 31, 2029.

The bulk water supply rate is set at 44 sen/m3 from the operational date till end-2018; 46 sen/m3 from 2019 to 2022; 47 sen/m3 for 2023; and 53 sen/m3 from 2024 to 2029.

For Taliworks, the bulk water supply rate under the new OMA will be a rate equal to a 5 sen/m3 reduction to the existing rate under the SSP1 OMA from the operational date to end-2029, being the expiry date of the existing SSP1 OMA and a final rate of 52.5 sen/m3 for the seven-year extension from 2030 to 2036.

A letter received by wholly-owned subsidiary Sungai Harmoni Sdn Bhd dated August 21, 2018, spelt out key terms of settlement between Air Selangor, Splash and Sungai Harmoni relating to Sungai Harmoni's outstanding receivables arising from the existing operations and maintenance of the SSP1 as well as key terms in respect of the new OMA between Air Selangor and Sungai Harmoni.

Under the termination and settlement agreements, Splash will pay to Gamuda Water and Taliworks, as full and final settlement of all amounts owing by Splash to Gamuda Water and Taliworks under the SSP OMA, an amount equal to 90% of the outstanding fee.

Gamuda and Taliworks said their board of directors are currently reviewing the terms contained in the offer and will make the appropriate announcement in due course after going through due process internally.