Friday, March 22nd, 2019


After Trump barbs, GM announces US$1.8b investment, new jobs

NEW YORK, March 22 — Facing a barrage of attacks from President Donald Trump over plant closures, General Motors announced today a US$1.8 billion investment and the creation of 700 new jobs in the United States. About US$300 million will be geared…

US stocks head south on economic fears

NEW YORK, March 22 — US stocks fell into the red early today, putting Wall Street on track to finish the week on a weak note as investors absorbed sombre news about the global economy. The negative open threatened to wipe out the week’s gains on…

Chinese investment in Europe: A story of cash and concerns

PARIS, March 22 — Chinese firms have ploughed at least €145 billion (RM665 billion) into Europe since 2010, but investment has been slowing recently as several European governments tighten rules on acquisitions by foreign firms. As President Xi…

Pound rises on Brexit delay; economic gloom hits European stocks

LONDON, March 22 — Sterling rose further today after Brussels gave Britain a Brexit deadline extension, but stocks dived as fresh economic gloom gripped trading floors. European equities tanked and the euro sank under US$1.13 as poor eurozone…

Mynews earnings rise 30% in Q1

PETALING JAYA: Mynews Holdings Bhd’s net profit for the first quarter ended Jan 31, 2019 rose 29.92% to RM8.24 million from RM6.34 million a year ago driven by higher revenue.

Revenue for the quarter rose 37.03% to RM123.50 million from RM90.12 million a year ago due to the increase in the number of outlets and higher sales by the existing outlets as a result of the group’s continuous efforts to improve product offerings and store concept.

In a filing with Bursa Malaysia, Mynews said its operating expenses rose 30.9% to RM33.10 million during the quarter from RM25.29 million a year ago, in tandem with the increased number of outlets and business volume.

Mynews had a total of 439 outlets as at Jan 31, 2019 compared with 366 outlets a year ago.

“Mynews remains optimistic of its growth and the sustainability of its business which is underpinned by the vast potentials that could be reaped from its upcoming FPC (food processing centre) and overall business transformation initiatives,” it said.

It said that the Maru Kafe brand concept and the introduction of more attractive product offerings as a prelude to the launching of the FPC, have garnered positive response from customers, which augurs well for the group.

Genting sells UK unit for £34.6 million

PETALING JAYA: Genting Malaysia Bhd’s indirect wholly owned subsidiary Genting UK Plc is disposing of its entire stake in Coastbright Limited to Sonco UK BidCo Limited for £34.6 million (about RM185 million) cash.

In a filing with Bursa Malaysia, Genting Malaysia said the disposal will allow Genting UK to streamline its operations.

Genting Malaysia is expected to realise a gain arising from the disposal. Based on its audited consolidated financial statements for the financial year ended Dec 31, 2018 and assuming the disposal had taken place at the beginning of the year, the disposal would result in a gain of about £23 million (about RM123 million).

The proceeds from the disposal will be used to reduce Genting UK group’s borrowings and for other potential investment opportunities.

The disposal is not expected to have a material effect on the consolidated earnings, net assets and gearing of Genting Malaysia for the financial year ending Dec 31, 2019.

Coastbright is an indirect wholly owned subsidiary of Genting UK. It operates the Maxims casino in Kensington, London in the UK.

Following the disposal, Coastbright will cease to be an indirect wholly owned subsidiary of Genting Malaysia.

Sonco represents a consortium of investors led by Sonco Gaming Inc., a Canadian group involved in the ownership, operation and development of gaming properties.

Genting to sell entire stake in London subsidiary for GBP34.6m

KUALA LUMPUR, March 22 — Genting Malaysia Bhd’s (GENM) indirect wholly-owned subsidiary, Genting UK Plc is disposing of its entire equity interest in London-based company Coastbright Limited for GBP 34.6 million (RM185.0 million). In a filing…

MAHB receives arbitration notice on klia2 Integrated Complex delay

PETALING JAYA: Malaysia Airports Holdings Bhd (MAHB) has received a notice of arbitration from Segi Astana Sdn Bhd with claims amounting to RM70 million, in relation to the klia2 Integrated Complex.

In a filing with Bursa Malaysia, MAHB said Segi Astana is claiming RM70 million for alleged losses and damages pertaining to the delay in the commencement of the commercial operation of the klia2 Integrated Complex.

MAHB said it is disputing and challenging the claims by Segi Astana. It has appointed a law firm in Malaysia to represent and assist the company in the arbitration proceedings.

The airport operator said the arbitration proceedings are not expected to have any material financial and operational impact to the group or the company’s business operation.

Yesterday, MAHB issued a notice of arbitration against WCT Bhd and Segi Astana to recover the fixed monthly charges of RM958,849 per month for the supply of chilled water for the cooling system of the klia2 Integrated Complex.

China protests US sanctions on shipping firms

BEIJING, March 22 — China has lodged a diplomatic protest with the United States after Washington sanctioned two Chinese shipping companies for doing business with North Korea, the foreign ministry said today. Beijing said it has consistently…

Petronas awards two offshore blocks in Peninsular Malaysia

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has awarded Block PM407 and Block PM415 to PTT Exploration and Production Hong Kong Offshore Limited (PTTEP HKO) and Petronas Carigali Sdn Bhd.

PTTEP HKO, a wholly owned subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), is the operator for both blocks with a participating interest of 55% for Block PM407 and 70% for Block PM415.

Petronas Carigali, a wholly owned subsidiary of Petronas, owns the remaining 45% and 30% in the respective blocks.

The two blocks, located about 160km offshore Peninsular Malaysia, were awarded as part of the 2018 Malaysia Bidding Round, an event organised by Petronas to market Malaysia’s acreages to existing and new companies who are interested in conducting exploration and production in Malaysia.