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- A + A KUALA LUMPUR (May 18): Cahya Mata Sarawak Bhd (CMS) posted a 7.42% drop in net profit for the first quarter ended March 31, 2022 (1QFY22) to RM72.02 million, from RM77.8 million a year ago, despite an improvement to its quarterly revenue. The group’s filing on Wednesday (May 18) showed that its quarterly revenue had climbed 5.93% to RM214.04 million in the quarter under review versus RM202.06 million in the previous corresponding quarter. The group attributed the lower net profit to higher tax expenses recognised in relation to higher taxable income from its divisions. It noted that its 1QFY21 earnings also included one-off gains from the disposal of Kenanga Investment Bank Bhd (KIBB) shares — amounting to RM28.52 million — and disposal of land and investment properties — amounting to RM16.99 million. Meanwhile, CMS attributed the improved revenue to higher revenue contributions from its cement and road maintenance divisions of 7% and 36% respectively. … [Read more...] about Cahya Mata Sarawak 1Q net profit down 7.42% on higher tax expenses

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

As border encounters broke historic levels in April, over 117,000 migrants were allowed to stay in the country, according to a court filing. The Department of Homeland Security (DHS) reported the release of 117,989 out of the 234,088 migrants encountered at the U.S.-Mexico border in April, according to the filing. Meanwhile, DHS expelled 113,248 migrants under Title 42 or Title 8, for inadmissibility , in April. The number of migrants authorities encountered is the highest since DHS began recording southwest border encounters. (RELATED: Migrants Bused To DC Don’t Stay There. Here’s Where They’re Going) Title 42, the Trump-era policy used to quickly expel certain migrants to Mexico, is set to end May 23, the Centers for Disease Control and Prevention (CDC) announced April 1. However, a federal judge indicated Friday he would make a decision on whether to grant a pause in a Republican attorneys general lawsuit against Biden before the planned end date, according to … [Read more...] about Here’s How Many Migrants Biden’s DHS Released Into The US In April

Department of Homeland Security (DHS) Secretary Alejandro Mayorkas pleaded with migrants Tuesday to not trust smugglers who offer to bring them into the country, even as they cross illegally in droves. “Do not place your lives in the hands of individuals who only seek to exploit your lives for the sake of profit. We are building safe, orderly and humane pathways to access the benefits that the law provides and that Congress has passed,” Mayorkas said during a border trip to McAllen, Texas. “But, traveling from one country to another in the hands of smugglers only to be met by the enforcement authorities of the United States government is not the way to achieve relief. The laws of the border will be enforced.” (RELATED: Migrants Bused To DC Don’t Stay There. Here’s Where They’re Going) Southern border authorities encountered 234,088 migrants in April, 117,989 of which were released into the country. DHS is preparing for an influx of migrants in the coming months with the … [Read more...] about ‘Not The Way To Achieve Relief’: Biden’s DHS Chief Attempts To Dissuade Migrants As The Border Gets Overwhelmed