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Representative Image The Russian military said Thursday that it has deployed warplanes armed with state-of-the-art hypersonic missiles to the country's Kaliningrad region, a move that comes amid soaring tensions with the West over Moscow's action in Ukraine. Russia's Defense Ministry said three MiG-31 fighters with Kinzhal hypersonic missiles arrived at the Chkalovsk airbase in the Baltic Sea enclave as part of additional measures of strategic deterrence. The ministry said the warplanes will be put on round-the-clock alert. A video released by the Defense Ministry showed the fighters arriving at the base but not carrying the missiles, which were apparently delivered separately. The deployment of Kinzhal missiles to Kaliningrad as Russias campaign in Ukraine nears the sixth-month mark appeared intended to showcase the Russian militarys capability to threaten NATO assets. The region borders NATO members Poland and Lithuania. Close Moscow has strongly … [Read more...] about Russia deploys hypersonic missiles to its Baltic exclave

- A + A TORONTO/NEW YORK (Aug 18): Five months after disclosing a stake in Bed Bath & Beyond Inc, activist shareholder Ryan Cohen wants out, sparking a sell-off in the shares of the home goods retailer. The Union, New Jersey-based company slumped as much as 29% to US$16.34 (RM73.10) on Thursday, in its biggest one-day drop since last September, after Cohen's RC Ventures said in a filing with the US Securities and Exchange Commission that it might sell as many as 7.78 million shares of Bed Bath & Beyond, along with some call options. Bed Bath & Beyond shares have been on a tumultuous ride this year with its stock soaring by the most on record when, in March, RC Ventures first disclosed a 9.8% stake in the retailer and asked it to consider a sale of the company. Since then, Cohen reached an agreement on the addition of three independent directors to the retailer's board and pushed for the exit of chief executive officer Mark Tritton. The company … [Read more...] about Activist shareholder’s plan to sell Bed Bath & Beyond stake fuels rout

- A + A (Aug 18): PT Telkom Indonesia is planning to combine its broadband and wireless businesses as part of an overhaul of the sprawling state-owned telecommunications company, a senior executive said on Thursday. The mobile business, known as Telkomsel and owned 35% by Singtel, counted 176 million subscribers in 2021, making it the largest cell provider in Indonesia, according to its latest annual report. The fixed broadband service had 8.6 million subscribers through its IndiHome brand and held a market share of around 80%. The Jakarta-based group is speaking with financial advisers about the deal, which could value the combined businesses at several billion dollars, people familiar with the matter said earlier. Telkom hopes to eventually separate its consumer-facing business from one focused more on corporate customers, the people said, asking not to be identified as the matter was private. Telkom President Director Ririek Adriansyah confirmed via text message … [Read more...] about Indonesia’s biggest telco to combine mobile, broadband business

- A + A KUALA LUMPUR (Aug 18): KIP Real Estate Investment Trust (REIT) has appointed its co-founder and executive director Datuk Eric Ong Kook Liong as managing director, a position that had remained vacant since Datuk Chew Lak Seong’s death in June last year. There has been a slew of shareholding changes since the passing of Chew, with his wife Datin Teoh Siew Chin paring her ownership in the REIT and the emergence of businessman Datuk Eddie Ong Choo Meng as a substantial unitholder with a 19.1% stake. As at April 21, Teoh held a 6.8% stake in the retail-focused REIT. KIP REIT also announced in a filing on Thursday (Aug 18) that Chew’s son Chew Kheng Kai, who was appointed as executive director in July last year, has resigned “due to other professional and personal commitments which requires his full attention”. Meanwhile, Kook Liong’s daughter Ong Pui Shan and Choo Meng’s sister Ong Tzu Chuen were appointed to KIP REIT’s board as executive directors on … [Read more...] about KIP REIT appoints co-founder Eric Ong as MD

This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. Ong has been active in the local corporate scene over the past few years. (Photo by Mohd Izwan Mohd Nazam/The Edge) - A + A CHEMICAL products distributor Hextar Global Bhd, the flagship company of Datuk Eddie Ong Choo Meng, is selling its manufacturing plant and the land on which it sits to KIP Real Estate Investment Trust (KIP REIT), in which Ong has a stake as well. Hextar Global, which bought the land in Klang in October 2005 for RM12.58 million, will lease back the assets after the sale. The company explains that the RM27 million sale is to unlock asset value and reduce its funding requirements. Nonetheless, Hextar Global’s asset sale is not that big a deal compared with that of its controlling shareholder Ong. The 44-year-old businessman is selling two industrial properties, namely warehouses and a factory, to KIP REIT for RM51.7 million cash. His original … [Read more...] about Hextar group boss continues acquisition spree

FILE MANILA, Philippines — The Astana Financial Services Authority (AFSA) has granted Binance preliminary authorization to operate a digital asset trading facility and offer custody at the Astana International Financial Center (AIFC). The world’s leading blockchain and cryptocurrency infrastructure provider will be able to operate a digital asset trading facility and custody in Kazakhstan. Binance’s CEO expressed his gratitude to AFSA for giving the trust to allow operations in Kazakhstan, stating Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment around the world. “Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,” said Changpeng Zhao (CZ), founder and CEO of Binance. Gleb Kostarev, Regional Head of Asia at Binance, said “This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Center for their … [Read more...] about Binance secures approval for Kazakhstan operations

A man works at a construction site of apartment buildings in Beijing, China.  REUTERS/Thomas Peter/File photo Engen Tham, Ziyi Tang SHANGHAI/BEIJING  – China’s banking regulator is scrutinizing property sector loan portfolios of some local and foreign lenders to assess systemic risks, sources with knowledge of the matter said, as the real estate sector’s debt crisis worsens. As part of their assessment, the China Banking and Insurance Regulatory Commission (CBIRC) is looking at banks’ loan book exposure to developers to find out if those credit decisions were made according to the rules, one of the sources said. The aim of the latest regulatory probe is to measure risks to the financial system from the ongoing property sector turmoil in the world’s second-largest economy , two of the sources said. The CBIRC did not respond to Reuters requests for comment. All the sources declined to be named due to the sensitivity of the matter. The move comes as policymakers … [Read more...] about China regulator probes banks’ property loan portfolio, sources say

A 3D-printed Disney logo is seen in front of the ESPN+ logo in this illustration. REUTERS/Dado Ruvic/Illustration/File Photo The first time billionaire investor Daniel Loeb began pushing for change at the Walt Disney Co, he got his wish. His hedge fund Third Point LLC in 2020 call ed on the company to suspend its dividend and go all-in on streaming. Days later, the company announced it was betting big on growing its trio of streaming services, Disney +, the sports-focused ESPN + and adult-focused Hulu. Just two years later, Disney surpassed streaming pioneer Netflix Inc in total subscriptions. Now, after a brief hiatus, Loeb is back and investing $1 billion in Disney , emboldened by making the right call on streaming. He wants Disney to spin off ESPN , a move that Loeb argued would give the sports brand greater flexibility in pursuing opportunities like sports betting — a step that Disney already is exploring. In addition to ESPN , Loeb told Disney … [Read more...] about Activist’s call for ESPN spin-off may be a tough sell at Disney

SHANGHAI  – China’s first batch of publicly traded rental property real estate investment trusts (REITs) was snapped up in Shanghai and Shenzhen by yield-hungry investors this week, opening up a new financing channel for the struggling real estate sector. The three newly launched REITs, based on affordable rental properties, were each more than 100 times oversubscribed among institutional investors, managers said in filings. The REITs will raise a combined 3.8 billion yuan ($56 million), based on Reuters’ calculations, and the subscription periods ended early. The rental property REIT launches come as Beijing steps up efforts to aid the real estate business, a sector that was a pillar of growth in the world’s second-biggest economy over the last two decades but is now reeling amid debt piles, mortgage boycotts and sluggish sales. China launched a public REITs market based on infrastructure projects about a year ago, but this week’s launches mark the first time the REIT market has … [Read more...] about China’s first publicly traded rental property REITs snapped up by investors

The last two years have changed how young investors look at real estate. The far-reaching effects of pandemic on their personal and professional lives was the game-changer. They realized the value of owning living spaces that are not only conducive for their ideal lifestyle, but also infallible when it comes to financial gain and stability. Let’s take a look at the reasons why property investments capture this segment’s interest, and why Angeles City, Pampanga is a hotbed one should definitely consider. Property as the wisest investment Now Residences, a mid-rise garden community in Angeles City, Pampanga presents both end-users and investors a sure and wise choice when it comes to investing outside of Metro Manila. Financial gurus agree that r eal estate is emerging as a strong hedge against the roaring inflation, and young investors are at the forefront of it. Industry leader SM Development Corporation (SMDC) realized this with 54% of their increase in revenue … [Read more...] about A new SMDC community in Angeles City, Pampanga built for the new breed of investors