Tuesday, May 14th, 2019


Azmin: Investors can use Malaysia to tap Asean market

KUALA LUMPUR, May 14 — Malaysia should take the opportunity to convince foreign investors to use the country as a base to penetrate the Asean market, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali. He said Asean, with a population of…

Blackstone: We still like the UK but Brexit hurting growth

LONDON, May 14 — Blackstone, one of the world’s biggest private equity investors, said today it still liked the United Kingdom as a long term prospect because assets were attractively priced even though Brexit had hurt economic growth. “We…

Vinci seals deal for majority stake in Gatwick airport

GATWICK, May 14 — French construction and transport concession group Vinci today sealed a deal to take a majority stake in Britain’s second biggest airport London Gatwick. Vinci formally completed its £2.9 billion pounds (RM15.6 billion) deal…

VW wins worker backing for restructuring with US$1.1b battery plan

BERLIN, May 14 — Volkswagen workers backed a restructuring of the world’s largest carmaker today after Chief Executive Herbert Diess pledged to spend one billion euros (RM4.67 billion) on a new battery cell production plant near its headquarters…

Disney assumes full control of Hulu under deal with Comcast

WASHINGTON, May 14 — Walt Disney Co said today it had reached an agreement to take “full operational control” of the streaming television service Hulu, effective immediately, under a deal with Comcast, which holds a 33 per cent stake. The deal…

Sources: UniCredit advances toward takeover bid for Germany’s Commerzbank

LONDON, May 14 — UniCredit has engaged investment bankers, including a former top German official, to advise it on a potential bid to buy Commerzbank , according to three people familiar with the matter. The people said that UniCredit had engaged…

US stocks open higher, rebounding from yesterday's rout

NEW YORK, May 14 — Wall Street stocks rose early today, winning back a fraction of the losses suffered in a broad sell-off in the prior session caused by fears over the escalating US-China trade war. About 10 minutes into trading, the Dow Jones…

India’s Jet Airways loses two top executives as rescue hopes dim

BENGALURU, May 14 — The chief executive and head of finance at Jet Airways have both quit, the Indian company said today, further eroding hopes of a rescue of the debt-laden carrier that grounded operations last month. Jet, once the biggest…

SC issues guides on business continuity

KUALA LUMPUR: The Securities Commission Malaysia (SC) has issued the Guiding Principles on Business Continuity for capital market entities to enhance the systemic resiliency of the capital market.

The principles set out the SC’s expectations of the business continuity management approach of capital market entities to ensure timely continuity of critical services and the fulfilment of business obligations in the event of disruptions.

SC said a comprehensive business continuity management approach will also help to mitigate any possibility of wider systemic risk implications to the capital market, taking into consideration the rapidly changing landscape of the market.

The principles, developed in close consultation with the industry, highlighted six focus areas including board and senior management’s responsibility in ensuring sound and effective business continuity protocol; the importance of risk identification, in particular interdependency and concentration risks; risk-based recovery strategy; annual testing of business continuity protocols; comprehensive escalation procedures and communication plans in the event of major disruptions; as well as ongoing review of business continuity arrangements.

Dialog posts higher third-quarter net profit

PETALING JAYA: Dialog Group Bhd posted net profit of RM143.71 million for the third quarter ended March 31, 2019, a 20.9% increase from RM118.84 million reported in the previous corresponding quarter, attributed to cost savings realised on completed projects and profit share in joint ventures and associates.

Its revenue, however, decreased 26.6% to RM636.61 million from RM867.37 million, due to the near completion of the Engineering, Procurement, Construction and Commissioning (EPCC) works in Pengerang Deepwater Terminals Phase 2 projects.

Dialog has proposed to declare an interim dividend of 1.5 sen per share.

Its nine-month net profit was flat at RM395.13 million versus RM395.53 million in the same period last year, while revenue declined 22.6% to RM1.94 billion from RM2.5 billion.

In a separate filing, Dialog said it has commenced the construction of a storage terminal, common tankage facilities (including shared infrastructure) and deepwater marine facilities for Phase 3 of Pengerang Deepwater Terminals.

A long-term storage agreement was entered between Dialog’s indirect wholly owned subsidiary Pengerang Terminals (Five) Sdn Bhd (PT5) and BP Singapore Pte Ltd.

PT5 will develop, construct and operate storage tanks with capacity of 430,000 m3 for clean petroleum products and provide storage services, with completion date expected in mid 2021.

In addition, Dialog’s another indirect wholly owned subsidiary Pengerang CTF Sdn Bhd (PCTF) will undertake the development of Jetty 3 and the common tankage facilities, including shared infrastructure.