HSBC to pay US$100m to end US currency-rigging probe

WASHINGTON, Jan 19 — HSBC Holdings Plc has agreed to pay US$100 million (RM395 million) in penalties to resolve a US Justice Department investigation into the rigging of currency rates, according to a person familiar with the matter, part of a…

What’s in a name? Chinese automaker nixes ‘Trumpchi’

DETROIT: Chinese auto maker GAC is changing the name of models it plans to introduce in the US market next year, because ‘Trumpchi’ sounds too much like its linked to President Donald Trump. “The name will change for the US market to avoid the wrong connotation or misunderstanding,” a GAC spokesman told AFP on Tuesday […]

Asian currencies skid on US dollar recovery, peso extends fall

SEOUL, Jan 17 — Most Asian currencies slipped today as the US dollar rebounded from a three-year low, with the Philippine peso shedding half a per cent on concerns of widening trade deficit. The US dollar index against a basket of six major…

GM sees flat 2018 earnings, with pickups picking up in 2019 (VIDEO)

DETROIT, Jan 17 — General Motors Co shares rose yesterday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the US market….

Leweko’s unit to explore export of patent technology with Indian party

PETALING JAYA: Leweko Resources Bhd's subsidiary Dura Technology Sdn Bhd is exploring a licensing agreement with India-based Shinde Developers Private Limited (SDPL) for the use of its know-how and intellectual property rights to manufacture and market ultra-high performance cementitious composite technology (UHPCC) under the “DURA” brand within India and other countries like Afghanistan, Bangladesh and Bhutan.

UHPCC is registered and patent in Malaysia by Dura Technology. SDPL's registered office is in Maharashtra, India.

The two parties are to finalise and execute the licensing agreement, which is for an exclusive and irrevocable license, within 60 days.

Leweko's share price closed down one sen to 30.5 sen with some 480,000 shares traded.

Asian currencies fall on investor caution after sharp gains

SINGAPORE, Jan 16 — Asian currencies declined today as investors turned a little cautious of adding fresh positions after the steep gains in regional currencies this year. The US dollar rose 0.3 per cent to 110.85 yen, edging away from a…

Asian currencies broadly firmer as US dollar slumps

TOKYO, Jan 12 — Asian currencies were broadly firmer today, as the US dollar slumped in the wake of weak factory inflation data and hawkish comments from the European Central Bank. The euro firmed against the US dollar yesterday after minutes…

Most Asian currencies firm, ringgit leads gains

SINGAPORE, Jan 11 — Most emerging Asian currencies firmed slightly today, as the US dollar lost steam overnight after a report that China was ready to slow or halt its US Treasury purchases, pushing up yields. Chinese officials reviewing the…

AirAsia explores India unit IPO, seeks partner for services business

SINGAPORE: Malaysia-based AirAsia Bhd is considering an initial public offering for its Indian unit and seeking a partner for its services business, the carrier’s group chief executive Tan Sri Tony Fernandes said today.

This is the latest in a series of asset monetisations being undertaken by the low-cost airline group, which this week received shareholders’ nod for a reorganisation to make AirAsia Group Bhd the listed holding company for assets across Asia.

AirAsia has already completed a backdoor listing of Indonesia AirAsia TBK PT and finalised a S$119.3 million (RM358.1 million) joint venture for its ground-handling business with Singapore’s SATS Ltd. Its Philippine unit is looking to raise up to US$250 million via an IPO in mid-2018.

AirAsia will seek approval at the next AirAsia India board meeting to pick a banker to start a preliminary process for an IPO, Fernandes posted on Twitter today.

While analysts are “giving zero value to AirAsia India”, the unit is a “very valuable asset with huge growth potential”, he said in separate tweets, adding the subsidiary “was not far from 20 planes and a potential IPO”.

According to Indian regulations, airlines need to have a fleet of at least 20 aircraft to fly on international routes.

AirAsia India, a joint venture with India’s Tata Sons conglomerate, had 14 planes at end-2017. Its revenue last year was expected to double to 12 billion rupees (RM754.9 million) and climb to 18 billion rupees in 2018.

The fast-growing Indian venture reported a net loss of 164 million rupees in the quarter ended September, according to AirAsia’s latest accounts.

“AirAsia India is still incurring start-up losses and in negative equity so it is challenging to ascribe much value to the business at this point,” said Corrine Png, the CEO of transport research firm Crucial Perspective.

However, she said if the Indian venture grew its fleet to 20 and turned profitable, AirAsia’s 49% stake could be worth US$200 million based on listed Indian airline rivals. – Reuters

India to allow foreign investors to own up to 49pc of Air India

NEW DELHI, January 10 — India cleared a proposal today to allow foreign investors to own up to a 49 per cent stake in state-run carrier Air India, paving the way for global airlines to bid for the loss-making flagship carrier. It brings Air…