Sectors for the business cycle

- A + A LABUAN (Aug 18): The delegation of the European Union to Malaysia is interested to take part in Labuan’s international business and financial sector. Its ambassador Michalis Rokas said he had been briefed on the various services and products offered by the Labuan International Business and Financial Centre (IBFC) in which the European industry players could invest. “I have been able to [receive] a briefing by the Labuan Financial Services Authority (Labuan FSA) yesterday (Wednesday, Aug 17) on various services and products of Labuan IBFC. “One of the products is captive insurance, which to me is an interesting product that I could share with our European industry players for their possible investment,” he said to Bernama after paying a courtesy call on Labuan Corporation chairman Senator Datuk Bashir Alias at the latter’s office on Thursday (Aug 18). Rokas said the European Union industry players are also interested to have a joint collaboration with … [Read more...] about Delegation of European Union to Malaysia keen on Labuan’s international financial sector, port development

Independence day 2022 celebrations (Image: @BJP4India/Twitter) As India celebrates 75 years of Independence, wishes and messages from across the world have poured in. The world’s largest democracy is celebrating the day by hoisting the tricolour across the country and even the world. Influential businessmen from India and abroad have also celebrated the day with much aplomb and shared messages of appreciation for the republic. Microsoft co-founder Bill Gates was among many to wish Prime Minister Narendra Modi on the occasion. He congratulated PM Modi for his efforts to prioritize healthcare and making strides in India's digital- transformation. "As India celebrates its 75th Independence Day , I congratulate @narendramodi for prioritizing healthcare and digital transformation while spearheading India's development. India's progress in these sectors is inspiring and we are fortunate to partner in this journey. #Amrit Mahotsav," Bill Gates tweeted. Industrialist Anand … [Read more...] about How key business leaders celebrated and wished India on 75 years of Independence

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

A Makati City court has set aside an earlier order voiding the disputed P34-billion Manila Bay reclamation venture of the Gatchalian family, calling the decision last April “premature.” This involved the 2017 joint venture agreement for the Manila Waterfront City, a sprawling mixed-use development spanning 318 hectares that would be located west of the Quirino Grandstand up to the breakwater of Manila South Harbor. The project was assailed by petitioner Asean Seas Resources and Construction Development Corp., which claims overlapping rights in the area that was awarded three decades ago during the term of the late president Corazon “Cory” Aquino. But on Aug. 4, the Makati court said the petitioner failed to “implead” the Office of the President, which it said was an indispensable party, when it sued the joint venture parties and stakeholders Philippine Reclamation Authority (PRA), the City of Manila and Gatchalian-led Waterfront Manila Premier Development Corp. The President … [Read more...] about Makati court sets aside void order vs Gatchalian’s P34-B reclamation project

It’s hard to keep track of all Donald Trump’s legal woes, both in and out of office, not to mention the cast of characters who’ve been hired to defend the former president. In Georgia, a grand jury is inquiring into Trump’s seeming attempt to change the outcome of the state’s 2020 election results, including the infamous call in which he requested the secretary of state “find 11,780 votes.” In this particular legal battle, instead of turning to another haphazard right-wing media pundit to defend him, Trump has tapped the famed #BillionDollarLawyer, Drew Findling. Here’s what we know about Trump’s new lawyer: advertisement Trump and Findling are polar opposites. According to Findling’s social media presence , he is a pro-choice, anti-mass-incarceration advocate who gives speeches on defending battered woman syndrome cases. ​Findling and his new conservative client do have one thing in common: They’ve been regulars on Fox News. Findling has shared … [Read more...] about Who is Drew Findling? #BillionDollarLawyer defends Trump in Georgia election probe

Shoppers wear mask and fill Cologne’s main shopping street Hohe Strasse (High Street) in Cologne, Germany. REUTERS/Wolfgang Rattay/ File phto BRUSSELS – Euro zone inflation reached a new record high of 8.9 percent year-on-year in July, the EU’s statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1 percent month-on-month in July for a 8.9 percent year-on-year increase, the highest since the euro was created in 1999. Eurostat said that of the total, 4.02 percentage points came from more expensive energy — the costs of which surged because of Russia’s invasion of Ukraine — and 2.08 percentage points from more expensive food alcohol and tobacco. But even when these most volatile components are excluded, in what the European Central Bank calls core inflation and watches closely … [Read more...] about Euro zone July inflation confirmed at 8.9% y/y, core measure sharply up

- A + A (Aug 18): Chinese carmaker Geely Automobile Holdings Ltd plans to double down on its efforts to boost the sale of electric vehicles (EVs) as well as bolster exports as it seeks to recover from disappointing first-half earnings that were pummelled by Covid-19 lockdowns and supply chain snarls. The shipments of new-energy vehicles will account for more than 30% of the overall sales by the end of this year and continue the upward trend in 2023, company's group chief executive Gan Jiayue said in a media briefing on Thursday. The Hangzhou-based automaker will also focus on stepping up its exports, especially in Europe, Middle East, Asia Pacific, and Latin America, Gan said. Geely saw its exports surge by 64% in the latest half-yearly earnings reported earlier in the day, well above the industry average of 50%, he said. The renewed thrust toward what Geely deems its growth engines comes after the company posted a disappointing first-half profit. Net income … [Read more...] about Geely doubles down on EVs, exports after disappointing earnings

- A + A LABUAN (Aug 18): The proposed construction of the Labuan Integrated Port project is expected to be tendered out in December this year, said Labuan Corporation chairman Senator Datuk Bashir Alias on Thursday (Aug 18). He said the project, aimed at easing congestion and ensuring smooth cargo operations at the existing Labuan’s containerised port of Labuan Liberty Wharf, would be built on 500 acres offshore at Rancha-Rancha. “I have been told by the Labuan Port Authority chairman Datuk P Kalamanthan that the tender will be put out in December. “We have identified the sea area of Rancha-Rancha. The government has allocated 500 acres for the proposed project,” he told Bernama after receiving a visit from European Union ambassador in Malaysia Michalis Rokas on Thursday. Bashir said there is a need to do reclamation works for the proposed project. He said the Labuan Corporation would assist in facilitating the proposed construction of the project. “We … [Read more...] about Labuan Integrated Port tender out in December

- A + A JAKARTA (Aug 18): Indonesian diplomatic circles, media and political analysts view Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob as a prudent and pragmatic leader in his efforts to strengthen bilateral economic, social and cultural ties between Malaysia and Indonesia. In a short span of 12 months since he took office as the 9th Prime Minister of Malaysia, Ismail Sabri’s efforts have been nothing short of encouraging. Efforts to open a new chapter for both neighbouring countries commenced with his maiden visit to Jakarta in his official capacity as PM on November 10, 2021, with a meeting with President Joko Widodo. “To us, Indonesia-Malaysia relations, which are likened to sibling relations, have been handled by PM Ismail very well so far and the peoples of both countries continue to enjoy strong ties,” remarked political and communication analyst Hendri Satrio when commenting on the ties which span 65 years. Negative sentiments surfaced for a … [Read more...] about Malaysia-Indonesia ties ride on a new wave under Ismail Sabri

- A + A KUALA LUMPUR (Aug 18): The Employees Provident Fund's (EPF) stake in Hartalega Holdings Bhd has fallen to 4.96% after the EPF sold 26.72 million shares in the rubber glove manufacturer on Monday (Aug 15), according to Hartalega's latest Bursa Malaysia filing on Thursday. Hartalega said the EPF's latest-reported 4.96% stake comprises 170.01 million shares in the company. Prior to the latest-reported transaction, the EPF owned a 5.74% stake in Hartalega on Friday (August 12), according to Hartalega's filing on Wednesday (August 17). About a year earlier, the EPF's stake in Hartalega stood at 8.156% on Aug 9, 2021, according to Hartalega's filing back then. The Malaysian rubber glove sector is closely watched as a beneficiary of the Covid-19 outbreak, which started in early 2020, as demand for the product, seen as a crucial piece of personal protective equipment, jumped to curb the global spread of the pandemic. Covid-19-driven demand for gloves is, … [Read more...] about EPF’s Hartalega stake falls below 5%