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Zambia prepares to take to the skies after 24 year gap

LUSAKA (Zambia), Aug 21 — Zambia is to relaunch its national airline after 24 years without a flag carrier following a deal with Ethiopian Airlines that will see US$30 million invested in the new venture. The announcement, made yesterday, marks…


New e-hailing app diffride debuts in Klang Valley

KUALA LUMPUR, Aug 21 — A new e-hailing app-diffride made its debut in the public transportation sector today. Touting itself as a company offering competitive ride fares for both passengers and it's drivers, diffride said its drivers need only pay…


DRB-Hicom shares gain on Proton-Geely China JV pact

PETALING JAYA: DRB-Hicom Bhd's share price gained 3.81% or 9 sen to close at RM2.45 with 22.73 million shares done today, on news of a joint venture in China which will enable subsidiary Proton Holdings Bhd to assemble and market cars there.

This is DRB-Hicom's highest gain since Aug 13, having closed at RM2.32 last Monday. The stock has been fluctuating since.

Proton Holdings and Zhejiang Geely Holding Group entered into a heads of agreement to set up an equal stake joint venture (JV) company which will enable Proton to assemble and market its cars in China.

DRB-Hicom said in a statement yetoday that the partnership via the yet to be named JV entity includes the setting up of a production facility in China which will assemble vehicles, and the development of a network of dealers to market the Proton range in China.

The portfolio of cars for China will primarily come from existing Geely platforms, although the external design of the vehicles will be undertaken by Proton. However, the agreement also provides for existing Proton platforms that are found suitable to be developed into models for the Chinese market.

DRB-Hicom Group managing director Datuk Seri Syed Faisal Albar said Geely's entry as a strategic partner of Proton has paved an easier route for Proton's entry into the lucrative Chinese market.

“Clearly with Geely on board, Proton's route into China has become more tenable. Part of Geely's role is to secure the manufacturing licences and regulatory approvals required for such a venture under China's regulations. Geely will also identify a suitable location where the manufacturing facility is to be based”, he added.

Existing Proton component vendors that have quality and a competitive edge may also be considered as suppliers for the JV company. This, Syed Faisal said, should sit well with the Malaysian government which has often prodded Malaysian component makers to venture into the Chinese market.

China's passenger car sales have grown tremendously over the last 10 years—from the sale of 6.76 million passenger cars in 2008 to 24 million units in 2017. Geely is seen as the clear leader in the segment, as the first privately-owned Chinese carmaker to sell over one million units.


Proton, Geely sign JV agreement to set up facilities in China

KUALA LUMPUR, Aug 18 — Proton Holdings Bhd and Zhejiang Geely Holding Group today signed a Heads of Agreement to set up a joint venture that will pave the way for Proton to assemble and market their cars in China. Both companies will take up equal…


Air France-KLM names Air Canada’s Smith CEO amid labour clash

PARIS, Aug 17 — Air France-KLM named Air Canada’s Ben Smith as chief executive officer, casting aside union objections to entrust a foreigner with turning around Europe’s biggest carrier by passenger traffic. The new CEO will take the reins by…


Early entry gives Malaysia advantage in developing EV

KUALA LUMPUR: Early entry and lower internal resistance will give Malaysia an advantage in developing an electric vehicle (EV) as the third national car, says former Proton chairman and managing director (MD) Tan Sri Mohd Nadzmi Mohd Salleh. He said Malaysia was not too far behind in developing EV technology as not many big car […]


Turkish lira firms against dollar ahead of Albayrak presentation

ISTANBUL, Aug 16 — The Turkish lira rallied 3 per cent today ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off US comments ruling out the removal of steel tariffs on Turkey even if it frees a US pastor. The…


Turkey doubles tariffs on some US imports; lira rallies

ISTANBUL, Aug 15 — Turkey doubled tariffs on some US imports including alcohol, cars and tobacco today in retaliation for US moves, but the lira rallied further after central bank’s liquidity moves had the effect of supporting the currency….


Dior flies high with first Backstage pop-up store at KLIA

SEPANG, Aug 15 — Buoyed by the uptick in retail sales, Malaysia Airports has joined forces with Parfums Christian Dior (PFD) and Colour & Fragrances to set up the first Dior Backstage pop-up store in a South-east airport at KLIA. The store,…


Turkey doubles tariffs on some US imports over economy 'attacks'

ISTANBUL, Aug 15 — Turkey has doubled tariffs on some US imports, such as passenger cars, alcohol and tobacco, in what its vice president said was a response to deliberate US attacks on the Turkish economy. The move comes amid increased tension…