A shift in Malaysia’s retail culture

In the festive round-up towards the end of the year, shopping comes to mind as many look to purchase the new ‘it’ item or stocking up on good deals as retailers make space for the new year. But in today’s day and age, more are looking towards online purchasing as the new norm for getting […]

Chaos-plagued Berlin airport won’t open before 2020

BERLIN: German authorities said Friday that Berlin's new international airport would not open before 2020, eight years behind schedule for a project that has become an enduring political scandal and national laughing stock.

Planners said after a committee meeting they were confident they now had a viable roadmap to address the technical defects that have plagued in particular the ultramodern new main terminal of the BER airport.

“With today's supervisory board meeting we are starting the last phase of the completion of the terminal and thus of the opening of BER,” airport chief Engelbert Luetke Daldrup said.

Daldrup called the new opening date target of October 2020 “credible and reliable” but acknowledged that the six-billion-euro (RM28 billion) price tag would, as widely expected, continue to rise.

Supervisory board chief Rainer Bretschneider said in a statement that the new deadline would lend momentum to the efforts to address outstanding technical problems.

“Now we need to win back lost trust,” he said.

The BER airport was set to open in 2012 but has become a planning disaster and a running joke for Berliners, while tarnishing Germany's reputation for engineering prowess and punctuality.

The troubled project has sparked repeated disputes between the capital city Berlin, its neighbouring state of Brandenburg and the federal government, as well as with architectural and engineering firms involved.

The airport's construction, which started in 2006, has been marred in particular by serious flaws with the fire safety and smoke extraction systems, as well as problems with the roof of the sprawling main terminal building.

As the site sits empty, support has grown to keep open the smaller Tegel airport it is meant to replace.

Berliners voted in Sept to keep open the Cold War-era facility, which has long been marked for closure.

The referendum was not legally binding, but it heightened the political pressure in a protracted dispute which many locals wonder whether they will ever see the end of. — AFP

Chinese tourists raid Danish supermarkets for infant milk powder

COPENHAGEN, Dec 15 — Following a string of food safety scandals, Chinese tourists visiting Copenhagen have this year stocked up on Danish-made organic infant milk formula, prompting some supermarkets to limit the number of cans each customer can…

Kinsteel proposes change of auditors

PETALING JAYA: Kinsteel Bhd has proposed to change its auditors to Messrs Baker Tilly Monteiro Heng for the financial year ending June 31, 2018, in place of the outgoing auditors, Messrs Crowe Horwath.

Kinsteel told the stock exchange that Crowe Horwath had expressed their intention not to seek for re-appointment as auditors of the company at the forthcoming AGM for the ensuing financial year.

The group said the proposal is subject to the approval from the company’s shareholders at the forthcoming AGM to be held on Jan 15, 2018.
“The company confirms that there were no disagreements with Crowe Horwath on the accounting treatment within the last 12 months and that the company is not aware of any other circumstances in relation to the proposed change of auditors that should be brought to the attention of the shareholders of the company,” it added.

Crowe Horwath had expressed a disclaimer of opinion in their Independent Auditors’ Report in the company's audited financial statements for the financial year ended June 30, 2017.

Crowe Horwath said there are material uncertainties that may cast significant doubt on the ability of the group and of the company to continue as going concerns.

The PN17 company is required to submit a regularisation plan within 12 months from the date of the first announcement (Oct 27, 2017) to the relevant authorities for approval.

The company had on Oct 23, 2017 submitted an application for extension of time up to April 30, 2018 to submit the regularisation plan to the authorities.

The outcome of the application for extension of time will be announced upon the decision received from Bursa Securities, Kinsteel said.

Disney’s deal with Fox could solve Hulu’s ownership headache (VIDEO)

LOS ANGELES, Dec 15 — Walt Disney Co will become the majority owner of Hulu LLC as part of the US$52.4 billion (RM214.1 billion) deal with 21st Century Fox Inc, bringing stable leadership to its competition with larger rivals Netflix Inc and…

Investors pour cash into US shale despite questions on returns

HOUSTON, Dec 15 — Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep US output rising through the middle of the next decade. The United States is on track to deliver up to 80 per cent of the world’s…

Stocks in Focus (15-12-2017)

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Theresa May asks EU to be creative as Brexit moves to hard part

BRUSSELS, Dec 15 — UK Prime Minister Theresa May asked European leaders to be creative and to persevere to reach a deal when Brexit negotiations move on to trade. Over dinner at a summit of the bloc’s heads of government in Brussels, May…

After defeat at home, Britain’s May urges EU leaders to move on with Brexit

BRUSSELS, Dec 14 — British Prime Minister Theresa May will urge European Union leaders today to approve an agreement to move Brexit talks on to a second phase, hours after an embarrassing parliamentary defeat at home that weakens her hand. At…

Trump promises ‘giant tax cut’ and money in pockets by February

WASHINGTON, Dec 14 — President Donald Trump promised everyday Americans a “giant tax cut for Christmas” in a speech that the White House billed as his closing argument for a tax overhaul that congressional Republicans finished negotiating…