Friday, December 7th, 2018


US stocks mostly up after jobs data, Opec cut

NEW YORK, Dec 7 — Wall Street stocks were mostly higher early today after US employment data showed slowing jobs growth as petroleum-linked shares jumped on an Opec supply cut. About 15 minutes into trading, the Dow Jones Industrial Average was up…

SEB, Shells MDS exploring future of hydrogen economy in Sarawak

KUCHING: Sarawak Energy Bhd and Shell MDS (Malaysia) Sdn Bhd have signed a Memorandum of Understanding (MoU) on working together to assess potential opportunities in lower-cost hydrogen production technology via electrolysis. The MoU includes a joint study and knowledge exchange on hydrogen production technology, education and drawing up best practices, as well as assessing opportunities for green certification in hydrogen […]

Iran agrees to Opec oil cut, focus shifts back to Russia

VIENNA, Dec 7 — Iran gave Opec the green light today to reduce oil output by around 0.8 million barrels per day from 2019 after finding a compromise with rival Saudi Arabia over a possible exemption from the cuts, an Opec source said. Tehran has…

Trump says China trade talks ‘going very well’

WASHINGTON, Dec 7 — US President Donald Trump said today negotiations to defuse the high stakes trade conflict with China are “going very well.” Trump met China’s leader Xi Jinping at the weekend and agreed to a 90-day tariff truce in order…

Danske owners to vote on chairman to steer bank through crisis

COPENHAGEN, Dec 7 — Danske Bank shareholders meet today to elect a new chairman they hope will help steer Denmark’s top lender safely through a multi-billion euro money laundering scandal that has caused outrage at home and abroad. The Maersk…

Poh Kong earnings down 41% in Q1

PETALING JAYA: Poh Kong Holdings Bhd saw its net profit in the first quarter ended Oct 31, 2018 plunge 41% year-on-year to RM3.16 million, from RM5.36 million previously due to fluctuations in gold prices.

The group’s revenue was 17% higher at RM258.36 million as compared to the revenue in the corresponding quarter last year of RM220.93 million.

The higher revenue was due to the increase in demand for gold jewellery and gold investment products and additional revenue contributed from new outlets in the current quarter under review, the group said in a Bursa Malaysia filing.

On its prospects, Poh Kong said it is optimistic that Malaysia’s economic growth will improve progressively with the government’s new direction for the economy, although retail sentiments still remain soft due to cautious consumer spending.

The group is positive that the demand for gold related products will remain resilient and provide investors with a complementary investment option while at the same time, is a liquid asset and a safe haven in economic uncertainties.

Barring unforeseen circumstances, the group said it is confident of its resilience to weather the challenges ahead for financial year ending July 31, 2019.

Panasonic to spend RM300m in adopting Industry 4.0

SHAH ALAM, Dec 7 — The Panasonic Group in Malaysia plans to invest RM300 million in automation and staff up-skilling over the next three years to adopt Industry 4.0 and reduce dependency on foreign workers. For a start, Panasonic…

Astro to undertake VSS

PETALING JAYA: Astro Malaysia Holdings Bhd will undertake a voluntary separation scheme (VSS) to further simplify the organisation, enhance operational efficiency and reduce annual operating expenses.

The group said in a statement that the decision to undertake the scheme was made given the challenging overall economic landscape.

It said that the media and entertainment industry is currently operating in an environment that is experiencing an unprecedented rate of disruption thus industry players are required to reinvent and adapt swiftly to remain relevant in this new reality.

“In an increasingly borderless and digital world, competition is relentless. Astro continues to be proactive to reinvigorate the Group in order to strengthen its position in the market and to remain relevant in the years ahead,” said its CEO designate Henry Tan.

Astro said it will put in place measures to ensure that customer experience will not be impacted by this exercise.

It has also put in place a transition programme that will provide support to employees who opt for the VSS including coaching and skills upgrading training programmes.

Scomi seek judicial management to revive subsidiaries

PETALING JAYA: Scomi Group Bhd’s subsidiaries have applied for judicial management via a judicial management order from the Shah Alam High Court as part of its exercise to undergo a financial restructuring scheme.

The three subsidiaries are Scomi Engineering Bhd, Scomi Rail Bhd and Scomi Transit Project Brazil (Sao Paolo) Sdn Bhd.

Scomi said in a statement that the application for judicial management was made to serve the interest of its stakeholders with the objective of reviving the companies.

“The group believes this move will allow for rehabilitative steps to be considered with the aim of enhancing and strengthening the ability of the said companies under judicial management to complete all its current projects and deliver on its contractual commitments to its clients,” it said.

Judicial management is a corporate rescue mechanism pursuant to Companies Act, 2016 that provides a rehabilitation framework to give companies in financial distress an opportunity to be rehabilitated.

Companies undergoing such rehabilitative measures will have temporary shield against legal proceedings by third parties.

Ringgit ends marginally lower on concern of global slowdown

KUALA LUMPUR, Dec 7 — The ringgit ended its trading day for the week marginally lower against the US dollar as growing concerns among investors over global economic slowdown boosted demand for the greenback, dealers said.  At 6pm, the…