Wednesday, February 6th, 2019

 

Indonesia economy posts 5.17pc growth in 2018

JAKARTA, Feb 6 — Indonesia posted slightly stronger economic growth in 2018, data showed today, but it still fell well short of President Joko Widodo's seven percent target as elections draw closer. Southeast Asia's biggest economy expanded 5.17…


Money laundering scandal leaves stain on ING results

THE HAGUE, Feb 6 — Dutch bank ING posted Wednesday a slight fall in profits for 2018 following a multi-million-euro settlement with Netherlands authorities in a money laundering investigation. Earnings fell by 4.1 per cent to €4.7 billion…


MAHB rejects AirAsia’s mediation offer

PETALING JAYA: Malaysia Airports Holdings Bhd (MAHB) has rejected AirAsia’s offer of mediation following a war of words between the two parties over the passenger service charge (PSC) dispute.

The rejection was made via a letter sent by the airport operator’s lawyers, according to AirAsia.

AirAsia had proposed mediation to MAHB in an attempt to amicably resolve the parties’ ongoing dispute over passenger service charges at klia2. This is given that the Mavcom Act requires AirAsia and MAHB to first seek mediation before resorting to other legal proceedings, in order to potentially save time and costs for all parties involved, including the judicial system.

“AirAsia therefore acted in good faith to comply with the Act and prevent further public discourse which it believes is damaging to the aviation sector. AirAsia further believed that regardless of the outcome, mediation would allow both parties to move forward in a more informed manner,” AirAsia said in a statement today.

However, AirAsia Malaysia CEO Riad Asmat said the group is regret that MAHB has refused AirAsia’s olive branch to resolve outstanding issues through mediation, particularly in light of MAHB’s recent statement that it is ‘optimistic that these matters can and will be resolved’.

“We will seek guidance from Mavcom on the next steps to address this situation. However, we reserve our rights to take all necessary actions to protect the interests of our guests and shareholders” he added.


Apple reaches €500m tax settlement with France

PARIS, Feb 6 — Apple said yesterday that it had reached an agreement with French authorities to settle 10 years of back taxes, becoming the latest US company to make a deal with France, which has led a European push for higher taxes on tech…


Toyota cuts full-year profit forecast, warns over Brexit

TOKYO, Feb 6 — Japanese car giant Toyota slashed its full-year net profit forecast today after saying its nine-month figure had tumbled nearly 30 per cent as it was hit by investment losses. The firm’s senior managing officer Masayoshi…


Dollar steady, unfazed by Trump address; Aussie hit by rate view shift

TOKYO, Feb 6 — The dollar held steady against its peers today, showing little reaction to US President Donald Trump’s State of the Union address which touched upon trade and budget issues but provided investors with few surprises. In an annual…


Asian shares subdued after Trump speech, Aussie slumps

TOKYO, Feb 6 — Asian shares were subdued today after US President Donald Trump’s State of the Union speech failed to give markets fresh trading catalysts, while the Australian dollar slumped after the central bank opened the door to a possible…


US’ Mnuchin, Lighthizer to hold talks next week in China, sources say

WASHINGTON, Feb 5 — Senior US and Chinese officials are poised to start another round of trade talks in Beijing next week to push for a deal to protect American intellectual property and avert a March 2 increase in US tariffs on Chinese goods, two…


Trump risks revolt with controversial World Bank pick

WASHINGTON, Feb 6 — US President Donald Trump is due today to unveil a controversial candidate to lead the World Bank, a choice that could spark a revolt against US dominance of the institution. The White House has confirmed to fellow Group of…


Apple replacing retail boss as pressure on for sales

SAN FRANCISCO, Feb 6 — A new head of retail will take over at Apple in April as the iPhone maker looks to ramp up sales in a sluggish smartphone market, particularly in China. Angela Ahrendts will leave Apple in April for “new personal and…