Monday, August 27th, 2018


Trump says he’ll end Nafta after reaching new deal with Mexico

MEXICO CITY, Aug 27 — President Donald Trump said he would terminate the North American Free Trade Agreement and sign a new trade accord with Mexico, potentially leaving Canada out of the bloc. Trump announced the agreement with Mexico in a…

Workers protest shutdown of tire maker Pirelli’s Venezuela plant

VALENCIA, Aug 27 — About 100 workers protested outside tire manufacturer Pirelli’s Venezuela plant today after finding the gates locked, ten days after the country announced a broad set of reforms including a massive hike in the minimum wage….

US blocks WTO judge reappointment as dispute settlement crisis looms

GENEVA, Aug 27 — The United States told the World Trade Organisation today it would block the reappointment of one of the WTO’s four remaining appeals judges next month, confirming trade experts’ fears of a crisis in the system for settling…

Blackstone is said to decide against raising offer for LaSalle

NEW YORK, Aug 27 — Blackstone Group LP doesn’t plan to raise its offer for LaSalle Hotel Properties, according to a person with knowledge of the matter, paving the way for the luxury-hotel company to complete a deal with competing suitor…

Vida’s LaVida Coin venture draws SC scrutiny

PETALING JAYA: An attempt by controversial cosmetics entrepreneur Datuk Seri Dr Hasmida Othman – better known as Datuk Seri Vida – to issue LaVida Coin has been flagged by the Securities Commission of Malaysia (SC).

In a short statement issued today, the SC said it is reviewing all information on a white paper for the initial coin offering of LaVida Coin to determine if any laws were broken.

The SC advises investors to exercise due diligence and be cautious of the risks of participating in any investment schemes, in particular schemes involving cryptocurrencies and digital tokens.

According to the white paper, the expected US$1.5 billion (RM6.15 billion) to be raised from the issuance of LaVida Coin is meant to fund three projects, including a new payment gateway named LaVida Pay.

Besides LaVida Pay (US$100 million), there are also plans for a new online entertainment channel with an entrepreneurial focus (US$1 billion) and a non-profit-making construction project to build a Muslim community hub, centred on a new mosque (US$400 million).

LaVida Coin is currently in the “pre-mine stage” which runs for six months from August 2018 to February 2019. Once completed, the LaVida Coin blockchain will be open to cryptocurrency miners.

Pre-sale of LaVida Coin, which began on Aug 20, 2018, is currently in the first stage, whereby one LaVida Coin or LVC is valued at US$0.66. The first stage ends in 54 days (from Aug 27).

The second stage, which starts on Oct 20, 2018, will see the value increase to US$0.86 per LVC.

Based on a timeline published on the website, LaVida Pay will be released in October while the development of the entertainment channel will begin in December. The launch of the channel TV is expected in July 2019.

The white paper states that the entertainment channel will use blockchain technology for data storage while the payment gateway will use blockchain for storing financial records securely and the mosque complex could potentially allow cryptocurrency to be used for real-world purchases.

“Furthermore, the launch of LaVida Coin that will be embedded within the LaVida blockchain opens up investment possibilities for pre-mine investors and cryptocurrency miners going forward. The latter enables LaVida Coin to be inducted into the cryptocurrency landscape as a valid coin, with its own proof of works value and exchange rate.

“The funding campaign will be offered to private investors as a way to procure a stake in what we hope will be a profitable and sustainable new business. Multiple revenue streams will be unlocked, as well as a number of investment avenues opened up, including the mining of the new cryptocurrency,” it added.

Daiman Development major shareholders offer to take company private at RM3 a share

PETALING JAYA: Property developer Daiman Development Bhd has received an offer from its major shareholders Tay Kia Hong & Sons Sdn Bhd and Daiman Holdings Sdn Bhd to privatise the group by way of a selective capital reduction and repayment exercise (SCR) at RM3 per share.

Daiman Development told Bursa Malaysia that the board (save for the interested directors, namely, Tay Thiam Song, Tay Tian Liang, Tay Thiam Yew and Tay Hui Fong) will deliberate on the proposed SCR and decide on the next course of action.

“Accordingly, a further announcement will be made in due course after the board's deliberation.”

The SCR involves a total capital repayment of RM295.48 million or RM3 per share, which represents a 38.3% premium to its last traded price of RM2.17. Trading in the stock was suspended today pending the material announcement.

Daiman Development noted that the SCR offer price will not be reduced by the proposed 5 sen dividend in respect of the financial year ended June 30, 2018.

Given that the capital reduction is higher than the group's existing issued share capital, a bonus issue is proposed to increase its share capital up to a level which is sufficient for the capital reduction to facilitate the proposed SCR.

On the rationale for the proposed SCR, Daiman Development said the group may be required to defer its property launches and that the gestation period for its property development projects would be longer.

“As a result, the carrying cost for the group could potentially be higher and there is no certainty that the company can continue declaring and paying consistent dividends like those in the past,” it said.
In addition, the group said the trading liquidity of its shares has been very low with an average daily trading volume of 32,218 for the past three years.

Noble Group shareholders back rescue plan as Brough to exit

SINGAPORE, Aug 27 — Noble Group Ltd’s shareholders have endured years of torment as a default, billions in losses, and allegations of improper accounting pushed the commodity trader to the brink. After a 90-minute meeting today, they backed the…

US, Mexico said to agree to Nafta deal as Canada awaits talks

MEXICO CITY, Aug 27 — President Donald Trump has signed off on a bilateral agreement with Mexico to revamp the North American Free Trade Agreement, and an announcement is expected later today, according to two people familiar with the matter. “A…

Mudajaya hits new milestone for India power plant project

KUALA LUMPUR, Aug 27 — Mudajaya Group Bhd has announced the successful commissioning and commercial operation of the third unit of its power plant project in India. In a filing with Bursa Malaysia, it said it had received a letter of notification…

S&P, Nasdaq hit records as Wall St rises on Nafta optimism

NEW YORK, Aug 27 — US stocks posted strong gains today, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, as news that the United States and Mexico were closing in on a trade deal added to optimism about the economy. A Mexican…