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- A + A KUALA LUMPUR (Aug 10): Swift Haulage Bhd plans to buy Singapore’s Watt Wah Petroleum Haulage Pte Ltd, which is involved in the transporting of petroleum products, for S$1.6 million (RM5.18 million) cash. It will also take over Watt Wah's shareholders' loan that amounted to S$8.5 million as on June 30. In a Bursa Malaysia filing on Wednesday (Aug 10), the integrated logistics service provider said it has entered into a binding order (BO) with Watt Wah’s sole shareholder, DLT Enterprise Pte Ltd for the acquisition. The BO is subject to a definitive share and purchase agreement to be inked between Swift Haulage and DLT. Besides the cash consideration, Swift Haulage said it will repay Watt Wah's shareholders' loan in full by refinancing the loan within two weeks after the acquisition is completed. "The amount of the shareholders' loan is subject to changes resulting from further repayment(s) between June 30, 2022 and the completion date," Swift Haulage said. … [Read more...] about Swift Haulage to acquire Singapore-based Watt Wah Petroleum Haulage

- A + A KUALA LUMPUR (Aug 10): Ranhill Utilities Bhd has obtained a four-year extension of a power purchase agreement (PPA) to develop a 50 MW large scale solar plant under large scale solar phase [email protected] ( [email protected] ) in Perak. In a bourse filing, the water supply company via its wholly-owned unit Ranhill Solar I Sdn Bhd (RSI) said it had received a notification letter from the Energy Commission (EC) on the four-year extension agreement. This confirms a report by The Edge on August 2, which stated that LSS4 project owners have their power purchase agreements (PPAs) extended by four years to 25 years from 21 previously, citing sources. The four-year extension for LSS4 winning bidders appears to be a concession the EC is making in consideration of how the viability of certain projects have been affected, following a 30%-50% jump in solar panel prices — compared to when they submitted their bids in 2020, the report said. In the … [Read more...] about Ranhill Utilities gets four-year PPA extension for [email protected] project

- A + A PORTLAND/NEW YORK (Aug 10): Coinbase Global Inc has posted a record US$1.1 billion (RM4.9 billion) second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices. Shares of the company, which were first listed last April, dropped about 6% in US pre–market trading. Coinbase has slumped 65% so far this year amid what has been labelled as the latest "crypto winter". Revenue declined by more than 60% to US$808.3 million, missing the US$854.8 million estimate from analysts polled by Bloomberg . Monthly transacting users dropped to nine million in the second quarter, a 2% decline from prior quarter. Trading volume also missed estimates, with bitcoin's share of trading volume rising to 31% from 24%. Total assets on platform plunged 63% to US$96 billion. "The current downturn came fast and furious," the company said in a shareholder letter, adding that soft crypto market conditions are … [Read more...] about Coinbase disappoints with user forecast, revenue miss

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Blame it on hometown migration, elevated attrition levels or a scenario where 30-40 percent of the employees in an organization are less that two years old, the IT industry is in a perfect storm, believes Wipro Chairman Rishad Premji . Speaking at an event organized by the Bangalore Chamber of Industry and Commerce, Premji said that those living in cities such as Bengaluru, Hyderabad, Chennai, Mumbai or Pune have gone back to their hometowns, with no active interest in necessarily returning to big cities. This, he feels, is a huge challenge for the industry despite growth since it becomes a question of how to build culture. It may be noteworthy that the IT industry has been reporting elevated attrition of late. The COVID-induced crisis led to a dramatic rise in the demand for tech … [Read more...] about Wipro’s Rishad Premji feels Indian IT is in a perfect storm; here’s why

Share to Twitter Share to Linkedin GEP and the North Carolina State University (NCSU) Supply Chain Resource Cooperative surveyed supply chain, procurement and IT professionals across a range of industries to gain insight into their priorities and strategies regarding supply chain resilience and optimization. The survey’s results suggest a series of misalignments where gaps in process, technology and information flow can be a drag on productivity and optimization. Of the professionals surveyed, 59% saw the gap between procurement/sourcing and supply chain to be a major disconnect, and the most pressing pain point. But the vision of a truly integrated supply chain has proven difficult to realize. A multi-enterprise supply chain networks (MSCN) is a key technology for improved collaboration across an extended supply chain. A MSCN is a collaborative solution for supply chain processes built on a public cloud – many-to-many architecture – which supports a community … [Read more...] about The Power Of The Network: Spend Management Vs. ERP Procurement

Inflation remains at historic highs, at 8.5% from July 2021 to 2022,  according to a Bureau of Labor Statistics (BLS) report released Wednesday, as the Biden administration takes a victory lap on lowering energy prices. The Consumer Price Index (CPI) didn’t change from June to July, according to the BLS. From May to June, the CPI, which represents the average change in the price of consumer goods, rose by 1.3%. “The food index increased 1.1 percent in July; this was the seventh consecutive monthly increase of 0.9 percent or more,” the BLS report states. “The index for all items less food and energy rose 0.3 percent in July after increasing 0.7 percent in June. The shelter index continued to rise but did post a smaller increase than the prior month, increasing 0.5 percent in July compared to 0.6 percent in June.” “On the inflation front, the Biden administration has lost all credibility,” E.J. Antoni, a research fellow at The Heritage Foundation, told the Daily Caller News … [Read more...] about Inflation Rages On As Gas, Food Prices Squeeze Americans

Even as Bitcoin fell as much as 75 percent from its all-time high in November last year, crypto prices, notably those of Bitcoin and Ethereum have rebounded considerably in July (Image: Shutterstock) Anticipation over the Merge, a much-awaited upgrade to the Ethereum (ETH) network, is the main driver behind a rally in cryptocurrencies over the last few weeks, financial services firm JP Morgan said, and claimed the market had hit the floor despite subdued trading volumes. Even as the world’s largest digital currency Bitcoin (BTC) fell as much as 75 percent from its all-time high in November last year, crypto prices, notably those of BTC and ETH have rebounded considerably in July, gaining 36 percent and 102 percent, respectively, from their mid-June lows. With BTC crossing the psychologically important level of $24,000, the crypto market has reclaimed the $1 trillion level in market value, led by a rise in the prices of blue-chip tokens. Limited contagion from Terra … [Read more...] about Crypto markets have hit the floor, says JP Morgan

Civil Aviation Minister Jyotiraditya Scindia The two main questions for the aviation sector In India are the high airline fares due and whether aviation turbine fuel (ATF) will be brought under the GST regime. In an exclusive interview with CNBC-TV18, the Minister of Civil Aviation and Steel, Jyotiraditya Scindia, assured that both are being considered and worked upon by the government. Scindia said that the aviation ministry has worked with state governments on decreasing value added tax (VAT) on ATF and thus reducing prices. “We have worked assiduously with all state governments. There are two aspects to ATF. One, of course, is the issue of taking into goods and services tax (GST), but while that issue is being worked on with various ministries, we are still working and chipping away at the problem by going directly to states,” he said. Currently, only eight states are still charging 20-30 percent VAT on ATF, as per the minister. “We have had 16 … [Read more...] about Airline fare cap and ATF under GST on the govt’s radar: Jyotiraditya Scindia

Share to Twitter Share to Linkedin The Plug-in hybrid seems the perfect answer to the electric car dilemma; battery power for all your local needs and a traditional motor for long distances. European politicians though have taken against the idea and have designed harsh carbon dioxide (CO2) emissions rules to force manufacturers to phase them out. One environmental group calls them “fake electric vehicles”. Tesla TSLA CEO Elon Musk doesn’t like them either, scorning them as amphibians or transitions. Sales in Europe are on the wane, but Americans are buying more plug-in hybrid electric vehicles (PHEVS), and their popularity so far hasn’t caught the attention of any grandstanding politicians. Californian regulators, thought by some to be relentless diehards in their pursuit of electric cars, are reportedly showing unexpected support for the benefits of PHEVs in the race to be green, sensibly. Buyers considering splashing out serious money for an … [Read more...] about Misplaced European Opposition Undermines Plug-In Hybrids, But U.S. Prospects Stronger

The Directorate General of Civil Aviation has decided to remove the ongoing fare caps on the tickets of domestic airlines from August 31. "After review of the current status of Scheduled Domestic Operations viz-a-viz passenger demand for air travel in terms of the purpose specified in the initial Order No. 02/2020 dated 21.05.2020, it has been decided to remove the fare bands notified from time to time regarding airfares with effect from 31.08.2022," the DGCA said in a notification. The government had June started discussions with airlines about the removal of price bands for passenger fares. The talks started after some airlines renewed their demand to remove the pricing caps, claiming the regulation is a hurdle to the full-fledged recovery in domestic air traffic. In May, aviation minister Jyotiraditya Scindia had said that fare capping was necessary to protect passengers from being charged exorbitant fares. "I have an environment where ATF prices are still very high, I … [Read more...] about DGCA removes fare caps on tickets of domestic flights from August 31