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- A + A KUALA LUMPUR (June 28): Inari Amertron Bhd is forming a joint venture (JV) with China Fortune-Tech Capital Co Ltd (CFTC) to carry out outsourced semiconductor assembly and test (OSAT) services in China. In a filing with Bursa Malaysia, Inari said its wholly-owned subsidiary Amertron International Ltd has entered into a JV contract with CFTC (Yiwu) Equity Investment Fund Partnership (Limited Partnership) and CFTC Equity Investment Management (Beijing) Co Ltd. CFTC (Yiwu) is a private equity fund administered by CFTC, while CFTC Equity is wholly owned by CFTC. Inari said Amertron International will take up 54.4648% interest in the JV company, called Yiwu Semiconductor International Corporation, while CFTC (Yiwu) will own the remaining 45.5352% stake. Amertron International will have to contribute RM283.33 million cash into the JV company while CFTC (Yiwu) will inject RM131.78 million of new cash investment, said Inari. The group said it will fund the … [Read more...] about Inari investing RM283 mil in JV with CFTC to carry out OSAT services in China

Fred Hu, chairman of Primavera Capital Group, poses for a photograph following a Bloomberg Television interview in Hong Kong, China on Monday, Sept 16, 2019. (Bloomberg filepix) - A + A (June 28): The founder of one of China’s biggest private equity investors said the nation’s tech firms are turning a corner after a recent rout wiped out nearly US$2 trillion in market value at its peak. Fred Hu, the former Goldman Sachs Group Inc rainmaker who started the US$17 billion Chinese private equity firm Primavera Capital, said reassuring messages concerning regulation, resilient earnings and beaten-down valuations now make the sector interesting for investors. “This could be the beginning of a new era for China tech,” Hu, the firm’s chairman, said in a recent interview. “There’s a lot of value to be discovered,” he said, adding that investors still need to be selective given the high risk profile of such companies. The private equity mogul’s views are one of the … [Read more...] about One of China’s top tech investors sees crackdown turning point

- A + A LONDON (June 28): Last year's recovery in oil demand was very kind to the Organization of Petroleum Exporting Countries (OPEC) cartel. The group's export revenue surged by 77% to US$560 billion as global fuel consumption rebounded from the Covid-19 crisis. Prices were also supported as the organisation kept supplies tight — partly at the behest of leader Saudi Arabia, and partly because other nations were unable to raise output. The recovery still left its annual windfall a little short of levels reached in 2019, and considerably below the US$687 billion earned the year before, the OPEC showed in its annual statistical bulletin on Tuesday. This year looks set to surpass those lofty heights. Brent crude futures have averaged just under US$105 a barrel so far, about 46% higher than four years ago. Meanwhile, production is heading towards record levels in Saudi Arabia, which earned US$1 billion a day from oil exports in March. Oil prices have soared about … [Read more...] about OPEC revenues rebounded 77% last year as oil demand recovered

- A + A KUALA LUMPUR (June 28): Kim Loong Resources Bhd’s net profit for the first quarter ended April 30, 2022 (1QFY23) climbed 38.2% year-on-year to RM39.23 million from RM28.38 million, as revenue jumped amid higher average selling prices of fresh fruit bunch (FFB) and crude palm oil. According to its bourse filing on Tuesday (June 28), the group's revenue jumped 63.14% to RM509.74 million from RM312.45 million. Earnings per share rose to 4.06 sen from 3.04 sen. No dividend was declared. Kim Loong said the ASP for FFB rose 56% year-on-year, while the ASP for CPO was up 58%. FFB production also grew 7%, while CPO production increased 2%. On prospects, the group’s management forecasts that FFB production for FY23 could be 15% higher than the quantity achieved in FY22, if the labour shortage problem does not deteriorate further. “As for palm oil milling operations, the management expects a total processing quantity of about 1.50 million MT (metric tonnes) of FFB … [Read more...] about Kim Loong’s 1Q profit up 38% on higher CPO, FFB selling prices

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE share price of DRB-Hicom Bhd has been on a downward trend since December 2020, when the shortage of semiconductors became apparent the world over. Last Friday, DRB-Hicom was trading at RM1.16 — its lowest since March 23, 2020. This means DRB-Hicom is now trading at the level when stocks tumbled in reaction to the first Movement Control Order (MCO), which was implemented in March 2020 to contain the spread of Covid-19. This is in contrast to other automotive or automotive-based groups listed on Bursa Malaysia. For example, Bermaz Auto Bhd is trading at more than double the level on March 23, 2020, and MBM Resources Bhd is 38% higher than at the start of the pandemic. Shares in Sime Darby Bhd, which is also a conglomerate like DRB-Hicom, were up 43.5% last Friday compared with March 23, 2020. UMW Holdings Bhd, another conglomerate with a huge automotive … [Read more...] about At an almost two-year low, DRB-Hicom is still demonstrating upside uncertainty

- A + A CHICAGO (June 28): In a year that has seen widespread selling of technology stocks and long-time market leaders fall into bear territory, the woes of Netflix Inc stand alone. The video-streaming company has plummeted 69% this year, abandoned by both investors and analysts as back-to-back disappointing quarterly reports raised concerns about user trends in an industry that’s becoming more competitive and losing its pandemic-related tailwinds. The drop is the most of any Nasdaq 100 or S&P 500 component, and much worse than the former index’s 26% decline. The growth outlook has weakened to the point that Netflix has cut hundreds of jobs and changed its tune on two longstanding principles: it is cracking down on password sharing, and will introduce an ad-based subscriber tier to the platform. That’s on top of a backdrop where high inflation has pushed the Federal Reserve to hike rates sharply, sparking recession fuels and fueling a rotation out of tech. … [Read more...] about The number of Netflix bulls is dwindling

- A + A KUALA LUMPUR (June 28): United Malacca Bhd recorded a net profit of RM18.72 million for its fourth quarter ended April 30, 2022 (4QFY22), compared with a net loss of RM11.7 million in the same period last year, thanks to higher crude palm oil (CPO) prices. Revenue grew 38.64% to RM147.45 million from RM106.36 million, backed by the group's operations in Malaysia which recorded a plantation profit of RM42.7 million, up 180% from RM15.2 million previously. The group posted earnings per share of 8.92 sen, compared with the loss per share of 5.58 sen seen last year, its bourse filing on Tuesday showed. "Higher earnings before interest, taxes, depreciation and amortisation (EBITDA) in the current quarter were mainly due to higher average CPO price of RM6,034 per tonne compared to RM3,454 per tonne in the preceding year. "[This is in addition to] palm kernel price of RM4,526 per tonne from RM2,549 per tonne in the preceding year even though fresh fruit bunch … [Read more...] about United Malacca’s 4Q profit drops 38% quarter-on-quarter to RM18.8 mil, declares 10 sen dividend

- A + A KUALA LUMPUR (June 28): Poh Huat Resources Holdings Bhd's net profit for the second quarter ended April 30, 2022 (2QFY22) jumped 81.75% to RM23.08 million from RM12.7 million in the same period last year, mainly driven by higher furniture shipments from Malaysia. Quarterly revenue grew 12.57% to RM186.34 million from RM165.53 million, as production activities for both the group's operations in Malaysia and Vietnam continued to do well on the back of sustained orders from its customers in North America. "In particular, our Malaysia operations registered strong growth compared to the previous year's corresponding quarter as we ramped up production to clear order backlogs following the resumption of production after MCO 3.0 (Movement Control Order 3.0). Our Vietnam operations also registered higher shipment, albeit at a more modest level," Poh Huat said. As such, its earnings per share almost doubled to 8.71 sen from 4.79 sen previously, its bourse filing … [Read more...] about After 82% jump in 2Q profit, Poh Huat sees signs of demand slowdown in US amid soaring prices

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

New York (CNN Business) The coronavirus pandemic has forced everyone to get creative. Whether through Zoom meetings , online fitness classes or take-out cocktails , companies in nearly every industry are pivoting to get through the crisis. Some work-arounds have been especially creative, such as individual exercise "pods" to get people back into gyms. But beyond short-term fixes, many innovative new strategies and business models have emerged that are likely to stick, even as many jurisdictions begin to reopen in some capacity. In many cases, these transformations are thanks to the increased adoption of technology and the digitization of businesses. Many of these changes were underway pre-coronavirus; the pandemic has just accelerated them. "What's important to customers has changed," John Roese, Dell ( DELL ) Technologies chief technology officer , told CNN Business. "We've broken through a bunch of psychological or … [Read more...] about Here are some of the creative new business models and strategies that have come out of the coronavirus pandemic