United 93 remains

By ZEKE MILLER and GEIR MOULSON ELMAU, Germany (AP) — Leaders of the world’s biggest developed economies said Tuesday they would explore far-reaching steps to cap Russia’s income from oil sales that are financing its invasion of Ukraine and struck a united stance to support Kyiv for “as long as it takes” as the war grinds on. The final statement from the Group of Seven summit in Germany underlined their intent to impose “severe and immediate economic costs” on Russia. It left out key details on how fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to “explore … the feasibility” of measures to bar imports of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war. “We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in … [Read more...] about G-7 leaders united behind Ukraine, aim at Kremlin oil money

- 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): AMMB Holdings Bhd’s 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB. “AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB,” AMMB’s statement said. Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase … [Read more...] about AMMB unit secures MoF approval for stake sale of AmGeneral Insurance to Liberty Insurance

Photo from PDEA MANILA, Philippines — Philippine Drug Enforcement Agency (PDEA) agents confiscated assorted kinds of illegal drugs valued at P2.5 million from a condominium unit in Pasig City on Friday morning. Armed with a search warrant issued by Pasig City Regional Trial Court Branch 152 Judge Danilo Cruz, PDEA said agents combed through the room and found the following illegal substances: approximately 500 grams of kush approximately 250 grams of suspected cocaine 100 pieces of capsulized ecstasy approximately 450 milliliters of acetone approximately 75 milliliters of suspected marijuana oil 1 blister pack mogadon tablet PDEA said the subject of the search warrant was also arrested. PDEA did not indicate in the spot report it has sent to members of the media the barangay or neighborhood where the condominium is located, and simply described it as “high-end.” Photo from PDEA Further, PDEA said that aside from the illegal drugs, agents likewise recovered … [Read more...] about PDEA seizes P2.5M worth of drugs from posh Pasig City condo unit

If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

- A + A KUALA LUMPUR (June 28): Bursa Malaysia closed higher on Tuesday (June 28), lifted by buying interest in most heavyweights and in line with improving market sentiment across the region, said an analyst. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.16% or 16.62 points to 1,454.74 from Monday's close of 1,438.12. The benchmark index, which opened 0.86 of-a-point firmer at 1,438.98, moved between 1,431.35 and 1,455.46 throughout the day. On the broader market, gainers led losers 470 to 410, while 420 counters were unchanged, 1,042 untraded, and 79 others suspended. Total turnover narrowed to 2.28 billion units valued at RM1.61 billion from 2.65 billion units worth RM1.43 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices ended mostly higher as foreign funds returned to the region amid economic concerns in the United States and European Union. On the local front, he said the … [Read more...] about Bursa ends higher in line with improved market sentiment

- A + A LONDON (June 28): Walgreens Boots Alliance Inc is abandoning the sale of the Boots drugstore chain in the UK citing "unexpected and dramatic change" in the global financial markets since launching the sales process in January. The American healthcare group had been in talks with a consortium between Reliance Industries Ltd and Apollo Global Management Inc over the more than £5 billion (US$6.1 billion) sale of Britain's biggest pharmacy chain. As a result of "market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots", Walgreens said in a statement on Tuesday. The recent strong performance of Boots, and its key No7 beauty brand, is also behind the decision to retain the business, the company added in the statement. The Boots sale was considered a litmus test for dealmaking in the UK with credit markets becoming increasingly fragile. The easy financing … [Read more...] about Walgreens abandons Boots sale amid volatile debt market

- A + A KUALA LUMPUR (June 28): The ringgit settled higher versus the US dollar on Tuesday (June 28), rebounding from Monday’s losses on renewed demand and in line with the steadier crude oil prices, an analyst said. At 6pm, the local unit appreciated against the greenback to 4.3960/3975, from Monday's close of 4.4030/4060. At press time, global benchmark Brent crude oil was traded at US$117.30 per barrel, up by 1.89%. The analyst said the positive revision of Malaysia’s long-term sovereign credit ratings outlook by S&P Global Ratings (S&P) boosted investor confidence in Malaysia's economy, hence lifting the demand for the ringgit. S&P has affirmed the “A-” rating for long-term and “A-2” for short-term foreign currency sovereign credit ratings, as well as Malaysia’s “A” rating for long-term and “A-1” for short-term local currency ratings. The rating agency said the stable outlook reflects its expectation that Malaysia’s steady growth momentum and … [Read more...] about Ringgit appreciates against US dollar on June 28 on improved market sentiment

FILE – Numerous murals depicting Bryant and Gianna have been created around greater Los Angeles following their tragic deaths in a helicopter crash which left a total of nine dead. Mario Tama/Getty Images/AFP MANILA, Philippines — Black Lives Matter protests have filled the streets in the United States after the death of George Floyd last week. Not all rallies, however, remained peaceful as some took advantage of the situation to loot while some resorted to vandalism. That was the case in several cities like Los Angeles where riots have also escalated as the police clashed with protesters. But amid the chaos, there’s a common thing in the city that was left largely untouched. Murals of the late Kobe Bryant and daughter Gianna “Gigi” Bryant were saved from the destruction. Vanessa Bryant, wife of the Los Angeles Lakers legend and mother of Gigi, couldn’t be more thankful after seeing how the murals have remained intact. Vanessa shared her appreciation on her … [Read more...] about Kobe, Gigi Bryant murals spared from violent Floyd protests in LA

SOCIAL DISTANCING Residents queue to receive their second dose of AstraZeneca at a vaccination site inside a mall in Parañaque City. — RICHARD A. REYES MANILA, Philippines — The government will start vaccinating frontline workers on Monday. There are an estimated 35.5 million workers in the identified “essential” sectors. “There will be a ceremonial rollout of vaccination for the A4 group,” Health Secretary Francisco Duque III said on Sunday, using the designation for vaccine priority workers. “It is crucial that we already start vaccinating them as they are our economic front-liners,” he added. The official vaccination drive began on March 1 among health workers (A1), then the elderly (A2) and adults with existing illnesses (A3). Official figures showed 1.4 million out of the 1.55 million health workers have received at least their first dose. On the other hand, only 1.3 million out of the 9.4 million elderly and 1.1 million out of the 14.5 million adults with medical … [Read more...] about Gov’t starts vaccination of frontline workers