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Britain blocks Sainsbury's/Asda supermarket merger

LONDON, April 25 — Britain's Competition and Markets Authority watchdog today blocked the merger of supermarket giant Sainsbury's and Walmart-owned Asda, arguing it would result in higher prices and less choice. The pair — the nation's second…


SoftBank invests US$125m in Alphabet venture to put cellphone antennas in the sky

SAN FRANCISCO, April 25 — A SoftBank Corp business seeking to find a way to fly cellphone antennas high in the atmosphere to provide internet in underserved areas said yesterday it was investing US$125 million (RM515.7 million) in an Alphabet Inc…


China’s island cities: Treasure or trouble for Asia?

COLOMBO, April 25 — A high-rise city the size of central London rising out of the ocean next to Sri Lanka’s capital is laying down another marker for China’s global infrastructure ambitions whose epic scope is sounding alarm bells in Asia and…


Occidental challenges Chevron with higher US57b bid for Anadarko

NEW YORK, April 25 — Occidental Petroleum launched a campaign yesterday to buy Anadarko Petroleum in a hostile takeover, challenging Chevron's proposed acquisition in a battle over key US shale assets. Shares of Anadarko surged, while Chevron and…


North America driving global oil and gas pipeline 'boom'

PARIS, April 25 — The global pace of new oil and gas pipeline construction has tripled in less than two decades, a multi-billion-dollar boom in infrastructure that experts warned today could torpedo hopes for limiting global warming. In the first…


Facebook beats profit estimates, sets aside US$3b for privacy penalty

SAN FRANCISCO, April 25 — Facebook Inc yesterday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside US$3 billion (RM12.4 billion) to cover a settlement with…


Wall Street edges lower, energy stocks fall

NEW YORK, April 25 — The S&P 500 slipped yesterday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports. Energy stocks were the…


Energias de Portugal shareholders block takeover bid by China Three Gorges

LISBON, April 25 — Shareholders in Portugal's biggest company, Energias de Portugal, yesterday blocked a €9 billion (RM41.7 billion) takeover bid by the state-owned China Three Gorges (CTG) Corporation. The rejection of the bid by the Chinese…


Iris takes director, ex-directors to court

PETALING JAYA: Iris Corp Bhd has commenced legal proceedings in the Kuala Lumpur High Court against its former members and an existing member of the board of directors, in relation to its investment in Border Control Solutions Limited (BCS). The company is seeking a total claim sum of at least RM12.2 million.

In a filing with Bursa Malaysia, the company said that the action was brought for loss suffered from the defendants’ failure to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence as directors at that material time.

The nine defendants comprise former directors namely Tan Sri Razali Ismail, Datuk Tan Say Jim, Tuanku Datuk Seri Shahbuddin Tunku Besar Burhanuddin, Datuk Hamdan Mohd Hassan, Datuk Eow Kwan Hoong, Syed Abdullah Syed Abd Kadir, Datuk Noor Ehsanuddin Mohd Harun Narrashid and Datuk Nik Azman Mohd Zain, as well as current director Chan Feoi Chun.

Iris is seeking reliefs amounting to RM11.72 million being the total amount paid by the company for the subscription of BCS’s shares and RM482,172 being the total amount paid by the company to Joseph Vijay Kumar as consultant fees.

It is also seeking pre-judgment interest on the sums awarded comprising 5% interest per annum on RM11.72 million from Aug 24, 2016 until the date of full settlement, and 5% interest per annum on RM482,172 from Oct 10, 2016 until the date of full settlement.

Other reliefs sought include post-judgment interest on the sums awarded on the above at 5% interest per annum from the date of judgment until the date of full and final realisation; general damages to be assessed; interest on the general damages awarded; costs; and/or reliefs deemed fit and just by the court.

Apart from legal costs, the litigation is not expected to have material financial impact to the company as the first two reliefs have been fully impaired/expense of in the previous financial year.

Iris’ share price fell 5.41% to close at 17.5 sen today with 39.81 million shares traded. It was one of the top active stocks on the bourse today.


European shares hit highest since August on Credit Suisse, SAP

LONDON, April 24 — World shares pared back losses today as positive earnings in Europe from Credit Suisse and investor support for SAP helped soothe worries that China has put broader stimulus on hold. European shares crept into positive…