Trade war puts new strains on America Inc’s factories in China


SHENZHEN, Aug 20 — Larry Sloven arrived in southern China three decades ago, just as the region was taking off as the low-cost manufacturing centre of the world. Since then, he has exported millions of dollars of goods, ranging from power tools to…

Tariffs will hurt US more than rest of world, Maersk says


COPENHAGEN, Aug 19 — The US economy will be hit many times harder than the rest of the world by an escalating global trade war, according the chief executive officer of A.P. Moller-Maersk A/S. Soren Skou, who runs the world’s biggest shipping…

New strategy aims to diversify electricity generation in Thailand

Thailand’s Ministry of Energy has announced plans to expand the role of renewables and coal in the domestic power mix, in addition to increasing opportunities for small-scale electricity producers. In early July Siri Jirapongphan, minister of energy, said the revised Power Development Plan (PDP), due to be released in September, would place greater emphasis on […]

Spooked investors yanked US$1.3b from emerging market stocks over the last week: IIF

LONDON: Investors rattled by events in Turkey, China and South Africa have pulled US$1.3 billion (RM5.3 billion) out of emerging market stocks in the last week and US$100 million from bonds, according to the Institute of International Finance (IIF), which tracks financial flows.

An emerging market selloff has picked up pace over the last week as concerns about Turkey and others have compounded longer-term worries about a global trade war, a strong dollar and rising borrowing and energy costs.

The Washington-based IIF said the exodus of investment money this week has largely been concentrated in South Africa and China, amounting to US$600 million and US$500 billion, respectively.

However, India has also turned negative this week as debt flows reversed, and Malaysia, Indonesia, Korea, the Philippines, Korea and Vietnam have all seen money leave, albeit at moderate pace.

“Turbulence, amid heightened tensions between the US and Turkey, has clearly weighed on investor appetitive for emerging market assets,” the IIF said in a new report.

South Africa's reliance on portfolio debt and equity flows to finance its large and widening current account deficit has amplified its moves, it added.

Nearly 80% of foreign investor flows to South Africa since 2015 have been in the form of portfolio investment – buying assets like bonds or shares. Direct investment, such as building a factory, accounted for less than 10% of total

“The impact of market strains is likely to be most acute for countries with relatively large external financing needs,” the IIF said.

Thailand, Qatar and Brazil were the only countries in its sample group that saw money come into their asset markets over the last week, while the wider selloff had not been as severe as when US-China trade tensions first erupted, it added. – Reuters

Tan Chong Motor returns to black in Q2

KUALA LUMPUR, Aug 14 — Tan Chong Motor Holdings Bhd returned to the black in the second quarter ended June 30, 2018, with a net profit of RM9.9 million from the previous corresponding quarter’s loss of RM26 million. Revenue eased to RM1.08…

Colin George Harvey is new 7-Eleven CEO

PETALING JAYA: Colin George Harvey has been appointed as the new CEO of 7-Eleven Malaysia Holdings Bhd effective August 10.

Harvey, 48, replaces acting CEO Ho Meng, who is also the executive director of 7-Eleven Malaysia. Former CEO Gary Thomas Brown stepped down in July 2017.

Prior to this appointment, Harvey served as an independent director of the board of Pharmacity Pharmacy JSC, a retail pharmacy leader in Ho Chi Minh City, Vietnam, where his role was to advise and coach the Pharmacity team and the founder CEO.

He graduated from the University of Sterling, UK with a Master of Business Administration (MBA). He obtained the Bachelor of Commerce in Management, Marketing and Human Resource from the University of South Africa.

UOB signs first MOU to encourage FDIs

HO CHI MINH CITY: As part of its long-term commitment to Vietnam, United Overseas Bank (Vietnam) Ltd (UOB Vietnam) has signed a Memorandum of Understanding (MOU) with VSIP JV1 to encourage and to facilitate foreign direct investment (FDI) into Vietnam. This is UOB Vietnam’s first MOU following its official subsidiary launch. With this strategic collaboration, […]

Malaysia-Thailand trade up 17pc in first half of 2018

KUALA LUMPUR, Aug 9 — Trade volume between Malaysia and Thailand grew 17 per cent in the first half of this year compared with the same period in 2017, mostly through border trade activities, said a Thai official. Thailand’s Ministry of…

Lalamove launched in Malaysia

KUALA LUMPUR: Global on-demand logistics service provider Lalamove was launched in Malaysia this morning after its announcement to enter the market two months ago.

Connecting businesses with the drivers or riders, the mobile app allows request for delivery services using motorbike and car.

Country director Yong Sik Hoe said as the growth of e-commerce continues, the demand for delivery of the goods purchased is growing.

He said local deliveries can be achieved within an hour, which allows business to scale rapidly without being constrained by logistics as well as huge operating expenses.

Lalamove has presence in Hong Kong, Singapore, Thailand, Taiwan, Philippines, Vietnam, Indonesia and over 100 cities in China, serving 15 million customers and supporting over 2 million drivers.

AirAsia champions Asean further with new route to Phu Quoc, Vietnam

KUCHING: AirAsia continues to strengthen its Asean connectivity with the launch of direct services between Kuala Lumpur, Malaysia and Phu Quoc, Vietnam. The four weekly flights will commence on November 2, 2018. Phu Quoc is the largest island in Vietnam that is home to a diverse landscape featuring lush forests, crystal clear beaches and towering […]