International emergency and development aid

- A + A KUALA LUMPUR (June 30): Reach Energy Bhd (REB) will issue 1.03 billion new shares at an issue price of 20 sen apiece to offset debt owing to Super Racer Ltd (SRL) amounting to US$49.56 million (or RM206.51 million). Following the exercise, SRL will be the largest shareholder of the group, with a stake of 48.5%. SRL intends to seek exemption from taking a mandatory takeover offer of REB’s remaining shares and outstanding warrants, the latter said. The issuance of the 1.03 billion shares will nearly double REB’s existing share capital of 1.1 billion shares, and would bring its enlarged share capital to 2.13 billion shares. The exercise will also dilute the REB stake held by Reach Energy managing director Shahul Hamid Mohd Ismail via Reach Energy Holdings Sdn Bhd to 6%, from 11.66%. Meanwhile, MTD Capital Bhd’s stake in the company will be diluted to 5.38%, from 10.45%. SRL is wholly owned by Hong Kong citizen Cheung Siu Fai, a former head of Asia Pacific of … [Read more...] about Reach Energy to see emergence of 48.5% shareholder on US$49 mil debt-to-equity exercise

KUALA LUMPUR: The Islamic Banking and Finance Institute Malaysia (IBFIM) has collaborated with the Financial Planning Standards Board (FPSB) Indonesia and the Financial Planning Association of Malaysia (FPAM) to promote Islamic finance talent development globally via the Islamic Financial Planner (IFP) Executive Programme. In a statement today, IBFIM said this was In line with the aspiration of the Financial Sector Blueprint 2022-2026 to facilitate greater visibility of professional services and talent development. The programme which ran over a span of 12 weeks and was conducted virtually, has successfully produced 52 qualified Islamic financial planners comprising banking professionals, insurance practitioners and academicians from 27 provinces across Indonesia, it said. "Since it was launched, the executive programme has attracted regional participation from Brunei, Singapore and now Indonesia. "To date, IBFIM has produced nearly 2,000 certified Islamic financial planners," … [Read more...] about IBFIM partners FPAM, Indonesia’s FPSB to promote Islamic finance talent development

With just days to go before Phuket re-opens, and talks underway to re-open the country as a whole in October, one of the world’s largest hotel platforms says the data shows things are looking up for Thailand. Bradley Haines from SiteMinder says Thai hotel operators should feel some encouragement from current booking trends around the world. According to Haines, the rollout of vaccines and the loosening of restrictions in many countries has led to the highest number of global hotel bookings since the pandemic began. TTR Weekly reports that in recent days, bookings have jumped to over 65% of 2019 figures, recording a 465-day high. Haines believes watching developments in Europe gives a good indication of what lies in store for Thailand’s hotel industry. “A particularly interesting case study for Thailand, however, is the recovery of some European markets. The speed at which booking momentum has been able to evolve in certain countries has been fascinating to watch, and Spain comes … [Read more...] about Hotel platform predicts increasing demand for holidays in Thailand

Big Bazaar retail chain Singapore International Arbitration Centre on June 28 dismissed Future's plea seeking termination of arbitration proceedings between the group and American e-commerce major Amazon. The Kishore Biyani-led group had sought termination of arbitration on the grounds that the investment deal between its Future Coupons Pvt Ltd (FCPL) and Amazon no longer enjoyed the Competition Commission of India's approval. The CCI in December 2021 passed an order keeping its approval for the deal in abeyance noting that Amazon had failed to divulge its strategic interests in the Future group's retail business. Future group based its plea for terminating arbitration proceedings on CCI's order and argued that without CCI's approval, the deal would be rendered invalid and the arbitration proceedings emanating from the underlying agreement ought to be terminated. As per sources close to the development, SIAC rejected the plea for termination of arbitration noting that … [Read more...] about Singapore panel rejects Future plea to terminate arbitration proceedings with Amazon

- A + A MOSCOW (June 30): Western fashion brands are conspicuous by their absence at a gleaming new shopping centre on the outskirts of Moscow - and customers say they scarcely miss them. Following Moscow's decision to send thousands of troops into Ukraine at the end of February, international fashion brands from Adidas to Zara have paused operations in Russia, while Nike is one of the handful to commit to a definitive exit from the market. "I am neutral on this, whether we have them or not," shopper Alexandra Moskunova told Reuters at the mall in Khovrino. "I can happily do without them." Another customer, Irina Stakhanova, said: "I only really liked H&M and another one that I can't remember. It's not that I need foreign things, I just need something that fits me and looks good, to lift the mood." There are few overt signs in the Russian capital that the mood needs lifting. Buskers sing and play, restaurant terraces spill onto the pavement and, as … [Read more...] about Moscow mall opens for Russian business after big brand exodus

KUALA LUMPUR: KSK Land today announced the structural completion of Tower B at 8 Conlay’s twin branded residence, YOO8 serviced by Kempinski (YOO8). KSK Group chief executive officer and KSK Land managing director Joanne Kua said following the structural completion of YOO8 Tower A late last year, the Group is extremely delighted that 8 Conlay continues to progress steadily and have now topped out and completed the YOO8 Tower B structure. "We wanted to celebrate the structural completion differently by stirring the imagination and to present a glimpse of Kuala Lumpur as you have not seen it - from over 800 feet above the ground," she said in a statement today after the topping-out ceremony of YOO8 Tower B. To commemorate the milestone, a unique photo series featuring panoramic views of Kuala Lumpur’s iconic landmarks were undertaken, set in two actual units from one of Tower B’s top floors. Titled ‘Height of Anticipation’, the stylish photo series marked a moment of celebration … [Read more...] about KSK Land: 8 Conlay charts steady progress, secures RM30mil penthouse buyer

Share to Twitter Share to Linkedin Topline : House speaker Nancy Pelosi warned President Donald Trump that he is “not above the law” after the White House refused to cooperate with what the Trump administration says is a “constitutionally illegitimate” impeachment inquiry. In a combative letter , Pat Cipollone, White House counsel to the president, accused House speaker Nancy Pelosi of carrying out the proceedings “in secret” and of abandoning due process rights, by launching the impeachment inquiry without a full house vote. The letter read: “Given that your inquiry lacks any legitimate constitutional foundation, any pretense of fairness, or even the most elementary due process protections, the Executive Branch cannot be expected to participate in it.” Cipollone also labelled impeachment efforts a “naked political strategy” to overturn the results of the 2016 election and influence next year’s poll. In response, Pelosi said … [Read more...] about Trump Administration Refuses To Cooperate With ‘Constitutionally Invalid’ Impeachment

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

T Rabi Sankar has taken over as the new deputy governor at the Reserve Bank of India (RBI). Following this, the central bank has redistributed the portfolios of the deputy governors. RBI has four deputy governors. Rabi Sankar, who was serving as an executive director, has been given important portfolios such as  department of currency management, external investments and operations, government and bank accounts, Information Technology and Payment and Settlement Systems. Besides, he has also been given foreign exchange department, internal debt management department and right to information, the RBI said. Rabi Sankar has been appointed for a period of three years. On May 2, the Appointments Committee of the Cabinet cleared the name of T Rabi Sankar as a Deputy Governor. This was after B Kanungo retired on April 2. RBI has four deputy governor posts, one of which fell vacant due to Kanungo's retirement. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and … [Read more...] about T Rabi Sankar takes over as deputy governor, RBI reshuffles portfolios

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes