Labuan Shipyard & Engineering files lawsuit against Icon Offshore over contract dispute

PETALING JAYA: Icon Offshore Bhd’s wholly owned subsidiary Icon Ship Management Sdn Bhd (ISM) has been served with a writ of summons with the statement of claim filed by Labuan Shipyard & Engineering Sdn Bhd (LSE) over disputes in a contract.

The agreement dated September 30, 2011 was entered between ISM and LSE in relation to the engineering, construction, testing and delivery of a 77 meters DP2 diesel electric propulsion platform supply vessel.

LSE is claiming general damages and alleged outstanding sum of RM13.94 million from ISM comprising cost allegedly incurred between October 1, 2014 and March 9, 2015 for various services for the maintenance of the vessel.

LSE also alleged that ISM had not made prompt and punctual payment of all milestone payments resulting in LSE incurring finance charges and interest charges; and there was an alleged shortfall in payment of Milestone No. 11 by ISM.

A case management date for the suit has been fixed on July 5 in the High Court of Malaya in Kuala Lumpur.

Having received legal advice, ISM believes that there are good grounds to resist various claims made in the suit and will defend the suit.

“Messrs Skrine, advocates & solicitors, have been appointed to represent ISM in the suit and to take all necessary steps on behalf of ISM to defend the suit.”

Icon does not expect the suit to have any significant financial and operational impact to ISM and the group.

“The company will make further announcements on material developments in the suit as and when necessary from time to time.”

At the noon break, Icon’s share price was unchanged at 8.5 sen on 91,000 shares done.


Malaysia posts net FDI inflows of RM32.6b for 2018

KUALA LUMPUR, June 27 — Malaysia’s foreign direct investment (FDI) recorded net inflows of RM32.6 billion in 2018 against RM40.4 billion a year before. The FDI inflows were in a continuous downward trend since 2017 due to lower investments in…


Eco World International’s net loss narrows in Q2

PETALING JAYA: Eco World International Bhd’s (EWI) net loss for the second quarter ended April 30, 2019 narrowed to RM11.98 million from RM26.46 million a year ago, due to recognition of revenue and profit by its joint venture projects in the UK following completion and commencement of handover of units sold to customers, and lower unrealised foreign exchange loss, partly offset by higher finance cost.

For the six-month period, the group recorded a net profit of RM10.78 million compared with a net loss of RM36.63 million a year ago.

It also saw an unrealised gain on foreign exchange of RM70,000 during the period, compared with an unrealised loss on foreign exchange of RM2 million a year ago.

EWI recorded RM586 million sales in the first seven months of the financial year ending Oct 31, 2019 (FY19), driven by its strategy to expand into the mid-mainstream market in London with products averaging from GBP500 psf to GBP800 psf as projects developed for this market segment contributed more than 50% of the sales achieved.

“The better performance clearly indicates that certain pockets of demand for properties in London and Australia remain resilient, even if overall homebuyers’ sentiment in these markets is weak amidst Brexit and economic uncertainties,” it said.

Moving forward, EcoWorld London is actively pursuing new build-to-rent (BTR) opportunities to tap into the growing institutional demand for purpose-built BTR projects in the UK and aims to finalise the terms for a sizeable deal before year-end.

EWI expects this potential deal to contribute significantly towards the achievement of its two-year sales target of RM6 billion set for FY19 and FY20.

At the midday break, the stock was down 0.7% to 68 sen with 56,000 shares changing hands.


Singapore reviewing 2019 growth forecast as trade war bites

SINGAPORE: Singapore policymakers are reviewing a 1.5-2.5% economic growth forecast for this year as the U.S.-China trade war hits investment, trade and manufacturing in the city-state, central bank chief Ravi Menon said on Thursday.

The Monetary Authority of Singapore (MAS) expects year-on-year economic growth to be weaker in the second quarter than a decade-low 1.2% achieved in the first quarter due to a global slowdown partly caused by trade tensions, Menon said.

“The Singapore economy is in for a rougher ride but is well placed,” Menon said in a speech that accompanied the release of the central bank’s annual report.

“We need to be alert but there is no need to be alarmed.”


Eco World Malaysia’s Q2 profit hit by higher expenses

PETALING JAYA: Eco World Development Group Bhd’s (Eco World Malaysia) net profit for the second quarter ended April 30, 2019 fell 4.54% to RM41.17 million from RM43.13 million a year ago due to higher administrative and selling and marketing expenses.

In a filing with Bursa Malaysia, the group said that the higher expenses includes additional depreciation following the completion of the Sanctuary Mall this year.

It also incurred higher expenses in relation to the concurrent launch of the Home Ownership Programme with EcoWorld (HOPE) and Home Ownership Campaign (HOC) initiated by the government.

Revenue for the quarter fell 1.19% to RM543.18 million from RM549.71 million a year ago. Revenue recorded by its Malaysian joint ventures namely Eco Grandeur, Eco Horizon, Eco Ardence and Bukit Bintang City Centre amounted to RM317.2 million, of which the company’s effective share amounted to RM166 million.

For the six-month period ended April 30, 2019, Eco World Malaysia’s net profit rose 35.14% to RM71.49 million from RM52.90 million, while revenue fell 3.23% to RM1.03 billion from RM1.07 billion a year ago.

Eco World Malaysia achieved RM1.026 billion in sales in the first seven months of the financial year ending Oct 31, 2019 (FY19) after a slow start, with only RM230 million in the first four months. The improvement in sales was due to the HOC as well as the company’s Help2Own and Stay2Own solutions under its HOPE campaign.

Based on the current sales momentum and its various initiatives, the group is confident of a better performance in the second half of FY19, on the back of its effective stake in the future revenue of properties sold by its subsidiaries and joint ventures amounting to RM6.09 billion as at May 31, 2019.

At the midday break, Eco World Malaysia’s share price declined 1.2% to 83.5 sen on 479,200 shares done.


Trump says India’s tariff hike unacceptable, demands withdrawal

NEW DELHI, June 27 — US President Donald Trump today asked India to withdraw retaliatory tariffs that New Delhi imposed this month, calling the duties “unacceptable”. India slapped higher tariffs on 28 US products following Washington’s…


Dollar edges up vs yen as some pre-G20 summit jitters ease

TOKYO, June 27 — The dollar edged up to a one-week high against the safe-haven yen today, as some of the jitters ahead of the G20 summit in Japan eased amid hopes for progress there in resolving the Sino-US trade war. Hong Kong’s South China…


Touch n Go eWallet offers Money Back Guarantee, full compensation in five days

KUALA LUMPUR, June 27 ­— TNG Digital has announced a new Money Back Guarantee policy for its eWallet platform. This provides greater peace of mind as Touch ‘n Go promises to provide full compensation within five days if your TNG eWallet is…


Singapore reviewing 2019 growth forecast as trade war bites – c.bank

SINGAPORE: Singapore policymakers are reviewing a 1.5-2.5% economic growth forecast for this year as the U.S.-China trade war hits investment, trade and manufacturing in the city-state, central bank chief Ravi Menon said on Thursday.

The Monetary Authority of Singapore (MAS) expects year-on-year economic growth to be weaker in the second quarter than a decade-low 1.2% achieved in the first quarter due to a global slowdown partly caused by trade tensions, Menon said.

“The Singapore economy is in for a rougher ride but is well placed,” Menon said in a speech that accompanied the release of the central bank’s annual report.

“We need to be alert but there is no need to be alarmed.”


Bursa Malaysia slightly lower at mid-morning

KUALA LUMPUR, June 27 — Shares on Bursa Malaysia were slightly lower at mid-afternoon as losses in mainly finance, healthcare and plantation heavyweight stocks, outweighed mild gains recorded elsewhere in the market. At 11.05am, the key FTSE Bursa…