Friday, November 30th, 2018


Don’t undermine EU trade stance, Merkel ally warns German car chiefs

BERLIN, Nov 30 — A top ally of Chancellor Angela Merkel warned German car bosses today not to undermine the European Union’s united negotiating stance on US trade tariffs when they meet senior officials in Washington next week. Annegret…

US stocks flat ahead of US-China G-20 meeting

NEW YORK, Nov 30 — Wall Street stocks treaded water in early trading today as markets waited for signs of a breakthrough in the US-China trade dispute at the Group of 20 summit. About 15 minutes into trading, the Dow Jones Industrial Average was…

Oil toils after worst month in a decade, Deutsche sinks DAX

LONDON, Nov 30 — Oil toiled at a more than one-year low after its worst month in a decade today, while most major markets were keeping moves tight ahead of a weekend meeting between US and Chinese presidents Donald Trump and Xi Jinping. Europe’s…

US, Canada, Mexico sign trade deal after last-minute brinkmanship

BUENOS AIRES, Nov 30 — The leaders of Mexico, Canada and the United States signed a North American trade pact today after brinkmanship over the final details of the deal continued through the eve of the signing. They agreed on a deal in principle…

Boustead posts lower profit of RM7.3m

KUALA LUMPUR, Nov 30 — Boustead Holdings Bhd (BHB) posted a lower net profit of RM7.3 million in the third quarter (Q3) ended Sept 30, 2018, as the year-earlier profit of RM310.6 million had included a RM554.9 million gain from the sale of…

Genting slips into the red in Q3

KUALA LUMPUR, Nov 30 — Genting Bhd slipped into the red with a net loss of RM275.80 million in the third quarter ended Sept 30, 2018 (Q3 2018), compared with a net profit of RM190.04 million in the same period last year. Revenue, however, rose to…

ECB launches real-time payments in challenge to tech giants

FRASCATI (Italy), Nov 30 — The European Central Bank today rolled out the first pan-eurozone instant payment service, hoping to become a dominant player in a field crowded by US and Asian tech giants. The so-called TIPS system will allow consumers…

Siemens to propel Penang into smart city by 2030, says CEO

GEORGE TOWN, Nov 30 — Siemens Malaysia Sdn Bhd has introduced its fourth industrial revolution (Industry 4.0) automation and digitalisation initiative to spur the growth of key vertical markets to propel Penang as a smart city by 2030. Industry…

Macron, Abe to discuss Renault-Nissan at G20 as feud brews

TOKYO, Nov 30 — French President Emmanuel Macron will discuss the Renault-Nissan alliance’s future with Japan’s prime minister at the G20 summit in Argentina today, seeking to defuse a brewing diplomatic row over the balance of power inside…

FGV commences legal proceedings against ex-chairman and ex-CEO

PETALING JAYA: FGV Holdings Bhd has commenced legal proceedings in the Kuala Lumpur High Court against its former chairman Tan Sri Mohd Isa Abdul Samad and former group president and CEO Datuk Mohd Emir Mavani Abdullah, claiming for over RM7.69 million in reliefs.

The suit concerns primarily the acquisition by the company of two luxury condominium units located at the Troika at 19, Persiaran KLCC, Kuala Lumpur at prices significantly above market value and without proper due diligence, and the wrongful and/or unauthorised use and possession of the Troika Units by the defendants.

The suit also pertains to the acquisition by the company of a number of cars and their misuse by Emir, as well as misuse of petrol benefit by Emir.

The company said it brought this action for loss suffered from their failure to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence.

The company is seeking RM2.92 million jointly and severally against Isa and Emir in relation to the acquisition of Troika Units and RM1.62 million jointly and severally against Isa and Emir in relation to the defendants’ use and possession of the Troika Units.

It is also seeking RM3.14 million against Emir in relation to the pool cars; RM10,837 against Emir in relation to his petrol benefit; as well as general damages to be assessed; aggravated damages and exemplary damages.

In addition, the company is seeking interest at the rate of 5% per annum on damages awarded starting from the date of the filing of the suit until the date of full and final settlement; costs; and interest at the rate of 5% per annum on the amount of costs awarded starting from the date when the costs was awarded until the date of full and final settlement.

FGV does not expect the suit to have any material operational and financial impact.

In a separate statement, FGV said it has frozen all new recruitment of workers from external contractors across its operations with immediate effect.

The recruitment freeze is in relation to the decision by the Complaints Panel (CP) of the Roundtable on Sustainable Palm Oil (RSPO) issued on Nov 28, 2018.

FGV said this freeze will only be lifted when the company is satisfied that contractors are strictly adhering to all FGV’s internal policies, guidelines and standard operating procedures.

“With respect to the finding that the company had outsourced its foreign workers to external contractors, FGV has immediately commenced investigations to look into this matter. As has been rightly stated by the RSPO CP, such practices are illegal and FGV takes a very serious view of this finding,“ it said.

FGV said it will respond directly to the RSPO CP, and commits to progressive updates which will be published on its website. It will also revise with immediate effect, the benefits enjoyed by its plantation workers and absorb the costs of basic necessities, including food supplies given to its workers.

“The welfare of all our employees is of paramount importance to FGV and to me personally. Our plantation workers are the backbone of FGV and their contributions are invaluable. We must and will treat all our employees fairly and equally, regardless of nationality,” FGV chairman and interim CEO Datuk Wira Azhar Abdul Hamid said.

To avoid displacing existing workers who are already contracted to FGV through third parties, the company has pledged to negotiate with relevant stakeholders to directly employ these workers where possible.

FGV said these negotiations will involve their current employers and the government.

Of the other findings by the RSPO CP, FGV said the company is taking immediate measures to address all the issues raised.