Business News

OTTAWA (AFP) - Canada said on Wednesday (Dec 8) it will join the United States and other countries in a diplomatic boycott of the Beijing Olympics in February. "As many (of our) partners around the world, we are extremely concerned by the repeated human rights violations by the Chinese government," Prime Minister Justin Trudeau told a news conference. "That is why we are announcing today that we will not be sending any diplomatic representation to the Beijing Olympic and Paralympic Games this winter." Canadian athletes will compete in the Games, he said. The move follows the US announcing on Monday its diplomatic boycott, over what Washington termed China's "genocide" of the Uighur minority in the Xinjiang region and other human rights abuses. Australia and Britain also said on Wednesday that their officials would stay away. The allies have a growing discord with China over a slew of issues that has plunged relations into the most serious crisis since the …

Continue Reading about Canada announces diplomatic boycott of Beijing Olympics →

- A + A KUALA LUMPUR (Dec 8): Based on corporate announcements and news flow on Wednesday, companies in focus on Thursday (Dec 9) may include: ManagePay Systems Bhd (MPay), CTOS Digital Bhd, Top Glove Corp Bhd, Scientex Bhd, TAFI Industries Bhd, Gamuda Bhd, SKP Resources Bhd (SKP), Petronas Gas Bhd (PetGas), VS Industry Bhd, WZ Satu Bhd, Sapura Energy Bhd, Edaran Bhd, Axiata Group Bhd and Toyo Ventures Holdings Bhd. ManagePay Systems Bhd ( MPay ) has signed a deal with PLUS Malaysia Bhd to provide services relating to software application development, merchant application, systems integration, payment terminals roll-out and Internet Payment Gateway PLUS Group's business partners operating along highways, operated by PLUS Group. CTOS Digital Bhd has acquired an additional 3.5% stake in bond-rating firm RAM Holdings Bhd for RM7.61 million from Standard Chartered Bank Malaysia Bhd, in a move which will allow CTOS and RAM to leverage each other's expertise in …

Continue Reading about MPay, CTOS, Top Glove, Scientex, TAFI, Gamuda, SKP, PetGas, VS Industry, WZ Satu, Sapura Energy, Edaran, Axiata and Toyo →

- A + A NEW YORK/BENGALURU (Dec 8): US stocks struggled for direction in volatile trading on Wednesday, as investors digested a fresh update on Pfizer and BioNTech's Covid-19 vaccine, while the fast-spreading Omicron variant kept bigger bets in check. Pfizer and BioNTech said their three-shot course of Covid-19 vaccine was shown to have a neutralising effect against the new coronavirus variant in a laboratory test. "This is really the first positive news in terms of the potential effectiveness of existing vaccines," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. Travel stocks also rebounded, with the S&P 1500 Airlines index up 3.7%, while Norwegian Cruise Line led gains among cruise liners. Even as the vaccine update helped calm nerves earlier in the session, there is still very little known about the new variant of the coronavirus. Nine of the 11 major S&P 500 sector indexes rose in early trading, while the tech-heavy …

Continue Reading about Wall Street subdued as Omicron worries overshadow vaccine update →

- A + A (Dec 8): Kingspan and Mercedes-AMG Petronas Formula One racing team ended a partnership deal after protests from families of victims of the Grenfell Tower fire in London. The outcry followed the announcement a sponsorship deal last week allowing the building products maker to put its logo on world champion Lewis Hamilton’s car. “We are deeply aware of the sensitivities raised in recent days, and so we have jointly agreed that it’s not appropriate to move forward at the current point in time,” Kingspan said in a statement on Wednesday. The Mercedes-AMG Petronas F1 Team and Kingspan today announced that they have mutually agreed to end their partnership with immediate effect. — Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) December 8, 2021 Survivors and family members of victims of the 2017 blaze condemned the deal last week and asked the team to end the relationship. Mercedes CEO Toto Wolff had apologised in a statement and vowed to meet with …

Continue Reading about Mercedes F1 team ends sponsorship deal after Grenfell fire outcry →

- A + A DUBAI (Dec 8): Saudi Arabia's stock exchange has 50 applications from companies for initial public offerings (IPOs) next year and is considering whether to allow blank-cheque companies, known as SPACs, to list, the Saudi Tadawul Group chief executive said on Wednesday. A SPAC, or special purpose acquisition company, raises money to acquire a private firm with the purpose of taking it public and allowing the target to list more quickly on an exchange rather than via a traditional IPO. Khalid al-Hussan, the CEO of bourse owner and operator Tadawul, said the exchange was discussing business models and assessing appetite for SPACs in the kingdom, but added that no legal framework had been proposed as yet. "We are looking very closely to this recent development (about SPACs) and we absolutely look forward to add this element to our market," Hussan said after Tadawul made the debut of its shares earlier in the day. "We have to make sure that this vehicle is in …

Continue Reading about Saudi bourse has 50 IPO applications for 2022, considers SPAC listings →

- A + A LONDON (Dec 8): British researchers on Wednesday started recruitment for a clinical trial to test antiviral Covid-19 treatments for use in people early on in the disease who are at higher risks of complications, starting with Merck's molnupiravir. Britain became the first country in the world to approve molnupiravir, which was jointly developed by US-based Merck & Co Inc and Ridgeback Biotherapeutics, in November. Britain's Medicines and Healthcare products Regulatory Agency (MHRA) recommended the antiviral pill for use in people with mild to moderate Covid-19 and at least one risk factor for developing severe illness, such as obesity, older age diabetes, and heart disease. The government said in October it had secured 480,000 courses of the Merck drug, and after its approval, officials said that its rollout would originally be through a trial. "It is early on in the illness, when people are still being cared for in the community, that treatments for …

Continue Reading about Britain starts recruiting for real-world Covid antiviral trial →

- A + A WASHINGTON (Dec 8): Top executives from six cryptocurrency firms told Congress on Wednesday to tread lightly in imposing new rules on digital assets — or risk sending activity underground or outside the United States. At the hearing at the US House Financial Services Committee, executives leading some of the world's biggest crypto companies indicated in prepared testimony they generally support clearer rules. But they emphasized that overly restrictive ones would not stifle the activity, but merely push it away from US reach. "Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations," warned Alesia Haas, chief executive of Coinbase Inc, in testimony released on Tuesday. "This could effectively push crypto activity underground or to offshore exchanges that have little or no compliance programs." The testimony, published by the panel ahead of the …

Continue Reading about US risks ‘chilling’ regulations on crypto, industry warns Congress →

- A + A KUALA LUMPUR (Dec 8): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Wednesday following weakness in the overnight Chicago Board of Trade's (CBOT) soybean oil market and the Dalian Commodity Exchange during Asian trading hours. Mumbai-based Sunvin Group’s commodity research head Anilkumar Bagani said the market is now gearing up for Friday’s Malaysian Palm Oil Board (MPOB) November palm oil supply and demand monthly previews. “For palm oil, almost all the important supply and demand data is out now and the market is gearing up for Friday’s MPOB November palm oil supply and demand monthly previews. “The focus will be on end-November palm oil inventories, which will be guided by production and export numbers. The general consensus is a decline in end-November stocks,” he told Bernama. Meanwhile, palm oil trader David Ng said the market ended lower on Wednesday in sync with the weaker soybean oil prices on CBOT. “We …

Continue Reading about CPO futures end lower on weaker soybean oil price →

- A + A KOTA KINABALU (Dec 8): Nine investment proposals from both domestic and foreign sources worth RM882 million have been received for the Palm Oil Industrial Cluster (POIC) Lahad Datu, the Sabah State Legislative Assembly was told on Wednesday. Deputy Chief Minister Joachim Gunsalam said the potential investments can generate 320 jobs, and at present, there are 35 companies, both local and foreign, operating in POIC Lahad Datu. “These 35 companies have created 2,214 jobs with an investment value of RM 3.53 billion,” he told the State Assembly during his winding-up speech on the State’s Budget for next year. Joachim, who is also Sabah Industrial Development Minister, also revealed that the Kota Kinabalu Industrial Park (KKIP) has managed to draw investments worth RM3.4 billion to date. This has resulted in 242 factories and 21 training institutes and research and development centres, providing 10,500 jobs. South Korea’s SK Nexilis has invested RM4.2 billion …

Continue Reading about Sabah receives nine investment proposals worth RM882 mil for POIC Lahad Datu →

LONDON (REUTERS) - British cyclist Mark Cavendish was assaulted by four armed men during a burglary at his home last month, Essex Police said on Wednesday (Dec 8). Cavendish, 36, said on Instagram that he, his wife and their children were threatened at knifepoint and he was "violently attacked" in the early hours of Nov 27 at his home, in the Ongar area of Essex. Essex Police are investigating the incident, which they said left the family "incredibly shaken". A suitcase and two watches of high value were stolen, the statement added, and no arrests have yet been made. None of the family sustained serious injuries. Detective Inspector Tony Atkin said it was "undoubtedly" a targeted incident as Cavendish was recovering from broken ribs and a collapsed lung after a crash in the Six Days of Ghent track meeting in Belgium. "This incident has left our family extremely distressed - not just myself and Peta but our children as well, who feared for their lives and are now …

Continue Reading about Cycling: Mark Cavendish assaulted by armed men during burglary at home →