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South Korea, Saudi sign US$8b economic cooperation pact

SEOUL, June 26 — South Korea and Saudi Arabia signed an US$8.3 billion (RM34.4 billion) economic cooperation pact today during Crown Prince Mohammed bin Salman’s first visit to Seoul, as the oil-rich kingdom looks eastward following Western…


FCA-Renault deal hopes aid European shares

JUNE 10 — Strong Chinese export data and the US-Mexico deal to avoid new import tariffs bolstered the mood on European stock markets today, while car company shares also got a lift from signs of moves to revive Fiat-Chrysler and Renault’s…


Asian shares win reprieve as Trump seen delaying auto tariffs

TOKYO, May 16 — Asian shares steadied today on news that US President Donald Trump is planning to delay tariffs on auto imports, providing much needed relief to markets hit by a flare-up in trade tensions and on weak US and and Chinese economic…


South Korea’s latest big export: Jobless college graduates

SEOUL, May 13 — Cho Min-kyong boasts an engineering degree from one of South Korea’s top universities, a school design award and a near-perfect score in her English proficiency test. But she had all but given up hope of finding a job when all…


Ministry revises anti-dumping duties on cold rolled steel coils

KUALA LUMPUR: The Ministry of International Trade and Industry (Miti) has revised anti-dumping duties imposed on imports of cold rolled coils of alloy and non-alloy steel originating or exported from China, South Korea and Vietnam.

The ministry in a statement today, said the revision was done after the government had conducted and completed the administrative review investigation on producers and importers in Malaysia, as well as producers or exporters from those countries.

The administrative review investigation was in accordance with the Countervailing and Anti-Dumping Duties Act 1993 and the Countervailing and Anti-Dumping Duties Regulations 1994.

“The Royal Malaysian Customs Department will enforce the collection of the revised anti-dumping duties effective May 8, 2019 to May 23, 2021,” it added.

Chinese steel producers Bengang Steel Plates Co Ltd’s anti-dumping duties now stood at 42.08%, while BX Steel POSCO Cold Rolled Sheet Co Ltd (35.89%), Jiangsu Shagang International Trade Co Ltd (42.08%) and other producers/exporters (42.08%).

For South Korean steel producers, it is nil for POSCO , Hyundai Steel Co (11.55%), and other producers (21.64%).

In the case of Vietnamese steel producers, it is POSCO Vietnam Co Ltd (2%), China Steel Sumikin Viet Nam Joint Stock Co (13.68%) and others (13.68%).

On Nov 9, 2018, the government initiated an investigation into anti-dumping duties imposed on imports of cold rolled coils of alloy and non-alloy steel originating from China, South Korea and Vietnam.

The investigation was based on a petition filed by CSC Steel Sdn Bhd on behalf of the domestic industry producing cold rolled coils of alloy and non-alloy steel.

The petitioner claimed that there was a substantial change in the dumping margin for the imports of subject merchandise by producers or exporters from China, South Korea and Vietnam, since the imposition of the anti-dumping duties on the imports of cold rolled coils of alloy and non-alloy steel on May 24, 2016.


Miti revises anti-dumping duties on alloy and non-alloy steel imports

KUALA LUMPUR, May 8 ― The Ministry of International Trade and Industry (Miti) has revised anti-dumping duties imposed on imports of cold rolled coils of alloy and non-alloy steel originating or exported from China, South Korea and Vietnam. The…


MeGroup awarded Hyundai dealership in Malaysia

Hyundai Santa Fe 2

SINGAPORE (Apr 16): Catalist-listed MeGroup has been appointed official distributor of Hyundai automobiles in Malaysia by Hyundai-Sime Darby Motors Sdn Bhd. In its Tuesday filing, MeGroup will be able to operate a Hyundai 3S automobile dealership Bandar Bukit Raja in Klang, Selangor, with the award. Slated to be fully operational in the second half of the calendar year, the dealership will offer new Hyundai models such as Elantra, Ioniq, Tucson, SantaFe and Starex. For the purpose, MeGroup has incorporated a new wholly-owned subsidiary, MN Automart  under subsidiary Menang Nusantara Holdings.Read More


Qatar Petroleum invites three groups to bid for North Field LNG train construction

DUBAI, April 15 — Qatar Petroleum has invited three groups to bid for engineering procurement and construction packages on liquefied natural gas (LNG) mega-trains as it expands production at its North Field reservoir, the company said in a…


Brazil automaker CAOA signs agreement with Ford over plant purchase, says source

SAO PAULO, March 31 — Brazilian automaker CAOA has signed a confidentiality agreement to negotiate a potential purchase of Ford Motor Co's plant in the industrial city of Sao Bernardo do Campo, according to a source familiar with the matter. Ford…


Rags-to-riches Skoda mulls post-Brexit sales woes

MLADÁ BOLESLAV, March 20 — Once the butt of jokes, Czech-made Skoda cars have won over Brits, but the UK’s looming exit from the European Union could deal a heavy blow to the brand and the entire Czech economy. Britain is the fifth largest…