Tuesday, September 24th, 2019

 

Trump warns China over trade and Hong Kong

NEW YORK, Sept 24 — US President Donald Trump put China on notice at the United Nations today, declaring that the time of trade “abuses” by Beijing was “over” and calling on the country to protect Hong Kong’s “democratic ways of…


Global postal agency warns of ‘total disruption’ if US pulls out

GENEVA, Sept 24 ­— The UN postal agency warned today of “total disruption” and rising consumer costs if the US delivers on threats to quit the body over complaints about rules Washington claims unfairly benefit China.  President Donald…


US stocks rise, Apple and Google surge

NEW YORK, Sept 24 — Wall Street stocks rose early today, with large technology companies advancing following a favourable court ruling for Google and a positive Apple analyst report. Market watchers also attributed the gains to greater optimism on…


Proton rolls out new logo and tagline, says it’s set to break even this year

SHAH ALAM: Proton Holdings Bhd is on track to break even by the end of the year, according to its CEO Dr Li Chunrong.

“Our target for Proton is to achieve a 400,000 unit sales by 2027 and to be one of the top three car companies in the Asean region and the number one in Malaysia,” he said at a media briefing in conjunction with the unveiling of Proton’s new logo today.

For this year, up to the end of August, the group recorded 36.25% growth in sales to 61,396 units from 45,062 units reported in the same period last year. This was despite a 5% decrease in total market volume.

With regard to its Asean ambitions, Proton remained tightlipped about its overseas plans.

Group chairman Datuk Seri Syed Faisal Albar said Proton is conducting studies to venture into a few international markets. “The study is not only whether it’ll sell but also about the nation’s automotive policy,” he said.

In its heyday, Proton exported more than 20,000 units a year. In 2017, its exports tumbled to 248 units and it shipped over 1,000 units overseas last year.

Syed Faisal conceded that the automaker had some issues in the past, particularly concerning quality. However, he said, its market performance serves as a barometer on the issue.

He highlighted that based on Geely’s internal quality audit, Proton has seen a sixfold improvement over the last assessment that was conducted in July last year.

“That is a significant achievement for us and we are not stopping there, we want to do much better,” Syed Faisal said.

When asked whether Proton has any plans to venture into the electric vehicles (EV) segment, Li said that such a venture will hinge on government policy on the matter.

“Based on the policy, we will do something in response to EV cars,” he said.

Apart from the logo change, Proton has come out with a new tagline “Inspiring Connections”, a change from “It’s in the Drive”.

Li elaborated that the change captures Proton’s new ethos and ambition to become a truly modern and global automotive brand.

“Our new ethos comprises our core values of always using innovative technology, our commitment towards reliability and adopting an international point of view.”

The new logo will make its debut on the completely knocked-down version of the popular sport-utility vehicle Proton X70, which is expected to be launched by the fourth quarter of this year.


AME Elite Consortium to raise RM111m from Main Market listing

PETALING JAYA: AME Elite Consortium Bhd is targeting to raise RM111.1 million from its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia with an issue price of RM1.30 per share.

Of the proceeds raised, RM69.1 million will be allocated for future industrial property development and investment projects including land acquisitions and joint ventures, according to the industrial property solutions provider’s statement today.

Another RM23 million will be for working capital for the i-Park @ Senai Airport City development; and the RM9 million for the expansion of the group’s precast concrete fabrication capacity.

AME is slated to be listed on Oct 14.

Its IPO consists of a public issue of 85.4 million new shares along with an offer for sale of 42.7 million existing shares.

From the public issue of 85.4 million new shares, 8.5 million shares will be made available for application by the Malaysian public; 8.5 million shares to be allocated for application by eligible directors and employees; 19.2 million shares for placement to institutional and selected investors; and 49.1 million shares for placement to bumiputra investors approved by the Ministry of International Trade and Industry.

AME managing director Kelvin Lee Chai said the the group’s i-Park @ SiLC, i-Park @ Indahpura (Phase 1 & 2) and i-Park @ Senai Airport City have garnered investments from multinational and local corporations across various sectors, such as electronics, logistics, consumer and food.

In addition to expanding its industrial parks to other states in Peninsular Malaysia, it will also focus on completing ongoing industrial park projects and increase the portfolio of industrial properties in Johor.


MISC to rake in RM842m from two new LNG vessels

PETALING JAYA: MISC Bhd has signed an agreement with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha to co-own two new liquefied natural gas (LNG) vessels, with a capacity of 174,000 cubic metres each.

MISC told Bursa Malaysia that each LNG vessel will serve Diamond Gas International Pte Ltd’s (DGI) LNG carrier requirements worldwide, particularly LNG volumes from the US and Canada, on a time charter contract for a firm period of 18 years.

MISC’s interest in the total contract value is estimated at US$201.6 million (RM841.6 million).

The LNG vessels, currently being built by Hyundai Samho Heavy Industries, are expected to be delivered in 2021 and the time charter contract will commence upon delivery.

Mitsubishi Corp, headquartered in Tokyo, Japan, is a global integrated business enterprise comprising 10 business groups.

Meanwhile, NYK, which is also based in Tokyo, operates a sizeable fleet of ocean vessels, planes and trucks.

DGI is a wholly owned subsidiary of Mitsubishi that manages the sales and marketing of Mitsubishi’s equity offtake of LNG volumes from the US and Canada as well as from other countries around the world.


MISC to rake in RM842m from two new LNG vessels

PETALING JAYA: MISC Bhd has signed an agreement with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha to co-own two new liquefied natural gas (LNG) vessels, with a capacity of 174,000 cubic metres each.

MISC told Bursa Malaysia that each LNG vessel will serve Diamond Gas International Pte Ltd’s (DGI) LNG carrier requirements worldwide, particularly LNG volumes from the US and Canada, on a time charter contract for a firm period of 18 years.

MISC’s interest in the total contract value is estimated at US$201.6 million (RM841.6 million).

The LNG vessels, currently being built by Hyundai Samho Heavy Industries, are expected to be delivered in 2021 and the time charter contract will commence upon delivery.

Mitsubishi Corp, headquartered in Tokyo, Japan, is a global integrated business enterprise comprising 10 business groups.

Meanwhile, NYK, which is also based in Tokyo, operates a sizeable fleet of ocean vessels, planes and trucks.

DGI is a wholly owned subsidiary of Mitsubishi that manages the sales and marketing of Mitsubishi’s equity offtake of LNG volumes from the US and Canada as well as from other countries around the world.


MISC to rake in RM842m from two new LNG vessels

PETALING JAYA: MISC Bhd has signed an agreement with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha to co-own two new liquefied natural gas (LNG) vessels, with a capacity of 174,000 cubic metres each.

MISC told Bursa Malaysia that each LNG vessel will serve Diamond Gas International Pte Ltd’s (DGI) LNG carrier requirements worldwide, particularly LNG volumes from the US and Canada, on a time charter contract for a firm period of 18 years.

MISC’s interest in the total contract value is estimated at US$201.6 million (RM841.6 million).

The LNG vessels, currently being built by Hyundai Samho Heavy Industries, are expected to be delivered in 2021 and the time charter contract will commence upon delivery.

Mitsubishi Corp, headquartered in Tokyo, Japan, is a global integrated business enterprise comprising 10 business groups.

Meanwhile, NYK, which is also based in Tokyo, operates a sizeable fleet of ocean vessels, planes and trucks.

DGI is a wholly owned subsidiary of Mitsubishi that manages the sales and marketing of Mitsubishi’s equity offtake of LNG volumes from the US and Canada as well as from other countries around the world.


Celcom partners CyberSecurity Malaysia for digital security

PETALING JAYA: Celcom Axiata Bhd has entered into a memorandum of understanding (MoU) with CyberSecurity Malaysia to collaborate on a strategic partnership to explore and enhance cyber security capabilities and opportunities for various industry verticals.

Celcom said in a statement today that the collaboration is one of its initiatives to explore collaborations to deliver end-to-end security solutions for industries across key verticals in preparation for the fourth industrial revolution (IR 4.0).

With the partnership, the parties will develop various cyber security programmes such as telco security, IoT security and threats intelligence information.

Celcom CEO Mohamad Idham Nawawi said the group aims to play a vital role in the development of cyber security capabilities across vertical industries, further strengthening Malaysia’s self-reliance in cyberspace.

“As the nation embarks the IR4.0 amidst a rapid-growing digital ecosystem, Celcom will continue to invest and innovate for the best digital solutions for our customers’ and businesses’ digital information,” he said.

CyberSecurity Malaysia CEO Datuk Dr Amirudin Abdul Wahab highlighted that the rapid development of sophisticated technology and high connectivity of the internet have increased complexity of the cyber space.

“With cybercrimes rising exponentially in scale, it is our goal to create the ability to anticipate the threats, absorb the impacts, and react quickly as well as flexibly to ensure that the key systems and processes continue to operate. One of the solutions is to create cyber ecosystems that encourage public-private partnerships to address the impacts to national security and societal well-being.“


Celcom partners CyberSecurity Malaysia for digital security

PETALING JAYA: Celcom Axiata Bhd has entered into a memorandum of understanding (MoU) with CyberSecurity Malaysia to collaborate on a strategic partnership to explore and enhance cyber security capabilities and opportunities for various industry verticals.

Celcom said in a statement today that the collaboration is one of its initiatives to explore collaborations to deliver end-to-end security solutions for industries across key verticals in preparation for the fourth industrial revolution (IR 4.0).

With the partnership, the parties will develop various cyber security programmes such as telco security, IoT security and threats intelligence information.

Celcom CEO Mohamad Idham Nawawi said the group aims to play a vital role in the development of cyber security capabilities across vertical industries, further strengthening Malaysia’s self-reliance in cyberspace.

“As the nation embarks the IR4.0 amidst a rapid-growing digital ecosystem, Celcom will continue to invest and innovate for the best digital solutions for our customers’ and businesses’ digital information,” he said.

CyberSecurity Malaysia CEO Datuk Dr Amirudin Abdul Wahab highlighted that the rapid development of sophisticated technology and high connectivity of the internet have increased complexity of the cyber space.

“With cybercrimes rising exponentially in scale, it is our goal to create the ability to anticipate the threats, absorb the impacts, and react quickly as well as flexibly to ensure that the key systems and processes continue to operate. One of the solutions is to create cyber ecosystems that encourage public-private partnerships to address the impacts to national security and societal well-being.“