Friday, April 12th, 2019


IBM shutting its Tampines plant, laying off more workers

SINGAPORE, April 12 — Nine years after it opened with much fanfare, global technology giant IBM’s manufacturing facility in Tampines will be shut, with the remaining workers to be laid off. The shutting of the IBM Singapore Technology Park comes…

Dollar wilts as risk appetite returns; euro shines

NEW YORK, April 12 — The dollar slipped today to its lowest against the euro in more than two weeks on reports a foreign bank was preparing to fund an acquisition of a European company, while signs of economic stabilisation in China and a strong…

China pledges to increase trade with CEE countries

DUBROVNIK, April 12 — China pledged today to increase trade with Central European countries and provide more financial support for major cross border infrastructure projects to promote regional cooperation. The area is key to China’s Belt and…

Germany’s Merck seals US$6.6b takeover of US group Versum

FRANKFURT AM MAIN, April 12 — German chemicals and pharmaceuticals giant Merck KgaA said Friday it had signed a €5.8-billion (RM27 billion) deal to buy Arizona-based Versum Materials, which supplies chemicals, gases and equipment for…

Sterling lifted above US$1.31 as immediate Brexit risks recede

LONDON, April 12 — The British pound rallied today as the immediate risks around Brexit receded after the postponement of the departure date and as the dollar suffered a broad selloff, although collapsing volatility signalled a reluctance to bet…

IMF wants China-US trade deal to address structural issues

WASHINGTON, April 12 — Any trade deal between China and the United States should be a long-lasting one that is consistent with multilateralism and addresses structural factors like intellectual property, a senior International Monetary Fund…

Indian IT giants Infosys, TCS see profits soar

MUMBAI, April 12 — India’s biggest software exporters reported a surge in net profits today  thanks to strong revenue growth and a slew of big new deals. Tata Consultancy Services (TCS), India’s largest IT outsourcing firm, said profits…

Alibaba founder defends overtime work culture as ‘huge blessing’

SHANGHAI, April 12 — Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China’s tech companies, calling it a “huge blessing” for young workers. The e-commerce magnate weighed into a…

Peterlabs shareholders want director out

PETALING JAYA: Two of Peterlabs Holdings Bhd’s shareholders are seeking to remove Lau Kin Wai as director.

The company said it received a notice of requisition from shareholders Kho Siaw Sua and Chan Bee Chuan, who hold a combined stake of 2.5%, seeking to pass the resolution to remove Lau at the company’s forthcoming AGM.

No reason was given for the request to remove Lau. He has been given seven days to make any oral or written representation in compliance with Section 207 of the Companies Act 2016.

“Subject to the appropriate legal advice, the board will take the necessary required action accordingly and will make the appropriate announcement in due course,“ Peterlabs said in a stock exchange filing.

Peterlabs’ share price has been on a downtrend this week, tumbling 34% to 24.5 sen today from 37 sen last Friday (April 5).

In February, Peterlabs also received a written requisition from shareholders to convene an EGM to remove seven directors.

Lau had told a business daily that this was because the seven directors have been drawing too high salaries and that the 10-member board is considered too big for the ACE Market-listed firm.

The shareholders then sought to appoint three new directors and to redesignate executive director Lau to sole managing director.

Firefly resumes flights to Singapore on April 21

PETALING JAYA: Firefly is resuming flights to Singapore via Seletar Airport, with the inaugural Subang-Seletar flight commencing on April 21.

The airline will be offering twice daily flights from April 22 till 28, and the frequency will be increased to six daily flights from April 29.

“It gives us great pleasure to be able to resume flights to and from Singapore as these flights will play a significant role in strengthening the economic and social ties between both neighbours. It’s important for business, for connecting family and friends, and for tourism, to have our Singapore flights reinstated,” said Firefly Airlines CEO Philip See.

He said the new schedule, along with other service enhancements, will be progressively rolled out over the coming months. The schedule takes into account stringent safety measures that are in compliance with the technical requirements established by the Civil Aviation Authority of Malaysia.

See said the airline has satisfied the concerns of regulators and the airline looks forward to resuming a full schedule once the necessary technical and regulatory approvals are secured.