Friday, July 12th, 2019

 

US Treasury warns it will run out of cash in early September

WASHINGTON, July 12 — The US government could run out of money in early September unless Congress allows the administration to borrow more, Treasury Secretary Steven Mnuchin warned today. The Treasury has been taking extraordinary steps since…


Pound headed for record 10th week of losses

LONDON, July 12 — The pound was set for a record 10th week of consecutive losses against the euro today as weak data and the growing possibility of interest rate cuts in the event of a chaotic Brexit kept investors sidelined. The British currency,…


Ford, Volkswagen join forces on the new frontier of electric autos

NEW YORK, July 12 — Volkswagen and Ford are teaming up with a massive US$7 billion project to attack the new frontier in the global auto market: electric and self-driving vehicles, the companies announced today. The German and US auto giants…


Fed optimism sends Wall Street to fresh highs

NEW YORK, July 12 — Wall Street spiked to new records at the open today, as investors cheered the news an interest rate cut by the Federal Reserve is coming soon. The gains put US stocks on track to notch modest gains for the second week in a row….


Thomas Cook enlists China’s Fosun to salvage oldest travel firm

LONDON, July 12 — Thomas Cook is negotiating a £750 million (RM3.87 billion) rescue that will give Fosun Tourism, its biggest investor, control of the indebted British group’s package-tour business, in a blow to other shareholders. The…


US trade negotiators will travel to China in ‘very near future’, says official

WASHINGTON, July 17 — US officials will travel to China in the “very near future” to resume trade negotiations that collapsed in May, a White House official said today. President Donald Trump and China’s leader Xi Jinping agreed to “fully…


Indonesia president vows to fight EU palm oil rules

JAKARTA, July 12 — Indonesia’s president promised today to fight the European Union over plans to restrict the use of palm oil in biofuels. Brussels wants to limit the materials that can be used in fuel that is counted towards its renewable…


Natural gas tariff will be 5.3% higher from July 15 till year-end

PETALING JAYA: The average natural gas base tariff for the non-power sector in Peninsular Malaysia will be raised to RM32.74 per MMBtu from July 15 till Dec 31, 2019 from RM32.69 per MMBtu currently.

In a filing with Bursa Malaysia, Gas Malaysia Bhd said a surcharge of RM1.92 per MMBtu will apply to all tariff categories under the gas cost pass-through (GCPT) mechanism, which translates to a 5.3% increase in average effective tariff to RM34.66 per MMBtu.

Gas Malaysia said that the tariff revision is not applicable to sales of natural gas for natural gas vehicle and liquefied petroleum gas supplied in gas cylinder or in bulk supply.

“While the tariff revision has no material impact on Gas Malaysia’s business operations, it is expected to contribute positively towards the financial position of the company for the financial year ending 31 December 2019,” it said.

The natural gas tariff revision was instructed by the government via a letter issued by the Energy Commission today.


Airbus pulls anniversary book over fraud probe concerns, say sources

PARIS, July 12 — Airbus has halted sales of a new book that the planemaker had commissioned for its 50th anniversary to avoid hampering the manufacturer’s attempts to win a settlement in a bribery probe, two people familiar with the matter said….


Digi.com Q2 net profit up 2.1%

PETALING JAYA: Digi.com Bhd’s net profit for the second quarter ended June 30, 2019 jumped 2.1% to RM392.48 million from RM384.34 million a year ago after accounting for prior years’ deferred tax overprovision of RM16 million during the quarter.

Its earnings before interest, tax, depreciation and amortisation (ebitda) trimmed 2.1% year-on-year to RM752 million as a flow through of lower top line revenue and effects from accelerated contract assets amortisation year-on-year; while revenue fell 4.3% to RM1.55 billion compared with RM1.62 billion previously.

For the six months period, Digi.com’s net profit went down 4.7% to RM733.98 million from RM770.45 million a year ago, with ebitda dropping 4.4% to RM1.48 billion and revenue tumbling 6% to RM3.08 billion.

The board of directors declared a second interim tax exempt (single-tier) dividend of 5.0 sen per share in respect of the financial year ending Dec 31, 2019. Year-to-date dividend for the financial period ended June 30, 2019 is 9.3 sen per share.

“We aim to deepen our customer insights capabilities and digitalisation efforts to drive differentiated customer experiences, connecting more Malaysians with services that matter most to them. We have started executing on this strategy and remain resilient in the midst of challenging market conditions,” Digi CEO Albern Murty said.