BEIJING: In China’s manufacturing heartland around the Pearl River Delta, Donald Trump’s 10% tariffs are causing little concern. The 25% duties that loom next year are another matter. Ben Yang, a furniture maker producing contemporary designs out of his facility in Dongguan – about 30 miles from Hong Kong – says that if those higher charges materialise from January as planned, the US share of exports from his Sunrise Furniture Co could plunge from 90% to less than a third. “Our major rival is Vietnam and 10% tariffs aren’t enoughRead More
NEW YORK, Oct 17 — Walmart trimmed its full-year earnings forecast yesterday following the major acquisition of India's online retailer Flipkart and vowed to plow ahead with more investment in the battle for retail market share with Amazon….
KUCHING: Nestle (Malaysia) Bhd’s (Nestle) proposed disposal of the group’s chilled dairy business (CDB) has generated neutral views, with some projecting the outlook for the segment to remain challenging. Lactalis, the world’s largest dairy firm, said it had agreed to buy the chilled dairy business of Nestle in Malaysia in a deal worth around US$40 […]
NEW YORK: Tariffs won’t play the Grinch this Christmas, as US stores should have a solid holiday shopping season amid a strong economy, the National Retail Federation (NRF) said yesterday. The retailer group highlighted robust US job growth and healthy consumer confidence, as elements that will help drive a 4.3-4.8 per cent rise in holiday sales […]
KUCHING: Recession looks dubious to Malaysia, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) observes in an economic report, but also notes that a slowdown is possible. According to MIDF Research, leading indicators such as motor vehicle sales, retail sales and manufacturing sales point towards an easing pattern. MIDF Research noted that […]
PETALING JAYA: Berjaya Corp Bhd (BCorp) has posted a net profit of RM35.06 million in the first quarter (Q1) ended July 31 from a net loss of RM43.4 million in the previous corresponding quarter, attributed to improved operating results and gain on subsidiary disposal amounting to RM76.6 million.
The higher operating profit for the current quarter was mainly due to increased contribution from the gaming operations segment as well as the lower pre-tax losses reported by the marketing of consumer products and services segment, it said in a statement.
The group registered lower revenue of RM2.14 billion as compared with RM2.2 billion in the previous year’s corresponding quarter, mainly due to lower contribution from the property investment and development segment.
BCorp's marketing of consumer products and services segment reported lower revenue mainly due to its retail distribution business being affected by the weak consumer sentiment, intense competition, as well as there were the absence of any major product launches during the quarter.
However, the group said this was mitigated by higher revenue from the motor distribution business driven by new vehicle sales.
The group’s restaurants and cafes segment also reported higher revenue mainly due to same-store sales growth by Berjaya Starbucks Coffee Company Sdn Bhd as well as additional Starbucks cafes operating in Malaysia in the current quarter.
The gaming operations reported higher revenue on the back of higher contribution from the Malaysian and Vietnamese operations.
On its prospects, BCorp said given the prevailing economic conditions and global financial outlook, it is of the view that the group's operating environment will be challenging going forward.
It has been a quarter of change for Malaysia in general, with a new government at the helm penning out new rules and policies in their aim to help the country reclaim the potential that it has. As Corporate Malaysia ponders what this means in terms of business operations, the uncertainty is reflected in the […]
NEW YORK, Sept 10 — US stock indexes were higher today, boosted by the consumer discretionary sector and as hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-US trade war. Republicans in the US House of…
NEW YORK, Sept 5 — Amazon.com Inc yesterday briefly joined Apple Inc to become the second US$1 trillion (RM4.14 trillion) publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud…