Friday, March 29th, 2019
LONDON, March 29 — The pound fell today after Britain’s parliament again rejected a proposed deal to withdraw from the European Union. Sterling had been mostly stronger against both the dollar and the euro in the runup to the vote, but then fell…
RIYADH, March 29 — Saudi Basic Industries Corp’s (SABIC) investment plans will not be affected by oil giant Aramco’s purchase of a 70 per cent stake in the company, its chief executive said today, adding SABIC would look to integrate assets…
NEW YORK, March 29 — The dollar index this morning was lower as increased investor appetite for risk hurt safe-haven currencies and after US inflation data came in weaker than expected, adding to the conviction that the country’s economy is…
BERLIN, March 29 — Germany’s unemployment rate fell again in March, striking a new historic low since reunification in 1990, figures showed today, as a job boom in Europe’s biggest economy extended its run. Just 4.9 per cent of people were out…
WASHINGTON, March 29 — A key US inflation measure dropped sharply in January due to plunging energy costs, the Commerce Department reported today. The cost for energy goods and services fell 6.4 per cent at the start of the year, compared to…
LONDON, March 29 — German and French government bond yields were poised today for their biggest monthly falls since June 2016, ending a month where heightened anxiety about global growth prospects has caused a flood into fixed income globally….
BANGKOK, March 29 — The Laos government has prioritised big infrastructure projects including dams, railways lines and mines that have benefited few people and uprooted the poor from their land, said the top independent expert on poverty at the…
KUALA LUMPUR: The government will impose anti-dumping duties at the rate that is necessary to prevent further injury to the domestic steel and cement industries if investigation findings are found to be affirmative.
According to the International Trade and Industry Ministry (Miti), the government has considered the prima facie evidence of dumping, injury and causal link and decided to initiate the anti-dumping investigation on imports of cold rolled coils of iron or non-alloy steel (CRC) of width more than 1,300mm from China, Japan, Korea and Vietnam.
The government also evaluated and considered the evidence of dumping, injury and the causal link, and decided to initiate an administrative review (sunset review) investigation on imports of cellulose fibre reinforced cement flat and pattern sheets (FCB) from Thailand.
In accordance with the Countervailing and Anti-Dumping Duties Act 1993 and its related regulations, it said a preliminary determination for CRC will be made within 120 days from the date of initiation, while a final determination on the investigation on FCB will be made within 180 days from the date of initiation.
The government received a petition from Mycron Steel CRC Sdn Bhd, a domestic producer, requesting anti-dumping investigation on imports of CRC of width more than 1,300mm.
The petitioner alleged that imports of the subject merchandises originating in, or exported from China, Japan, Korea and Vietnam are being dumped into Malaysia at a price much lower than their domestic price. It further claimed that dumped imports from the alleged countries have increased in terms of absolute quantity and have caused material injuries to the petitioner.
The government also received a petition from Hume Cemboard Industries Sdn Bhd, a domestic producer, requesting for an application of administrative review (sunset review) on the anti-dumping measure imposed on FCB originating in, or imported from Thailand.
The petitioner alleged that imports of FCB originating in or imported from Thailand is being dumped at a price much lower than their domestic selling price and want the government to continue the imposition of anti-dumping duties on FCB from Thailand. It further claimed that imports from the alleged markets have increased and the domestic industry suffered material injury.
“In connection with the investigations, Miti will provide a set of questionnaires to interested parties (importers, foreign producers, exporters and associations).”
Other interested parties may request for the questionnaires no later than April 12, 2019 (CRC) and April 8, 2019 (FCB). Interested parties may also provide additional supporting evidence to Miti on, or before, April 27, 2019 (CRC) and April 22, 2019 (FCB).
“In the event no additional information is received within the specified period, the government will make its preliminary findings based on the available facts.”
PETALING JAYA: The Securities Commission Malaysia (SC) has reprimanded three China-based companies for various breaches of securities laws.
The three companies are China Stationery Ltd (CSL), Xingquan International Sports Holdings Ltd (Xingquan) and Maxwell International Holdings Bhd (Maxwell), it said in a statement today.
The Commission also said that the retention of office by four of the directors in these companies are prejudicial to public interest.
The four individuals are CSL executive chairman and CEO Chan Fung @ Kwan Wing Yin, Xingquan executive chairman and CEO Datuk Wu Qingquan, Xingquan executive director Wu Lianfa and Maxwell non independent non-executive director Li Kwai Chun.
“In making this public statement under section 354(3)(f)(ii) of the Capital Markets and Services Act 2007 (CMSA) against the four directors, the SC took into consideration, among others, the seriousness of the breaches committed by these individuals,” it added.
SC noted that it had also reprimanded several individuals from the companies’ boards of directors and managements namely, CSL’s executive chairman and CEO Chan, former executive director Angus Kwan Chun Jut and former independent non-executive director Herman Widjaja, for furnishing false or misleading financial statements to Bursa Malaysia.
It also reprimanded Chan for causing two of CSL’s wholly-owned subsidiaries to be a guarantor for Chan’s personal loans, with the intention of causing wrongful loss to the said subsidiaries.
Chan and Angus were also reprimanded for failure to provide a response to the SC when served with written notices requesting for information.
Additionally, SC said it reprimanded Xingquan’s excutive chairman and CEO Datuk Wu Qingquan, executive director Wu Lianfa, former non-independent non-executive director Ng Sio Peng and former senior independent non-executive director Zhou Liyi.
SC said they had falsely recorded a loss of RMB415.7 million from the sale of inventory by Xingquan’s wholly owned subsidiary; furnishing to Bursa Malaysia a false agreement between the said subsidiary and a third party; furnishing false or misleading financial statements to Bursa Malaysia; and
recording cash and bank balances in eight bank accounts collectively belonging to Xingquan that were false or misleading.
In addition, Wu Qingquan and Wu Lianfa were also reprimanded for failure to provide a response to the SC when served with written notices requesting for information.
Xingquan had also committed breaches of the Bursa Malaysia Securities Main Market Listing Requirements, and actions had been taken by Bursa Malaysia.
Meanwhile, SC said it reprimanded Maxwell and Li, its president and executive director at the material time, independent non-executive director Su DeMou and former CFO Tan Swee Song for recording in Maxwell’s financial statements a payment of RMB45.60 million by Maxwell’s wholly-owned subsidiary, which information was false or misleading; and furnishing false or misleading financial statements to Bursa Malaysia.
In addition, Li was reprimanded for failing to appear before the SC’s Investigating Officer.
The SC also reprimanded Maxwell former CEO and executive director Xie Zhenan for furnishing false or misleading financial statements to Bursa Malaysia.