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- A + A HONG KONG (Aug 12): Five of China's largest state-owned companies have announced plans to delist from US exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses. China Life Insurance Co, PetroChina Co, and China Petroleum & Chemical Corp all disclosed their intentions to delist in statements published in quick succession on Friday, along with Aluminum Corp of China and Sinopec Shanghai Petrochemical Co. The US and China have been at odds for two decades over allowing American inspectors access to the audit work papers of Chinese companies. Negotiators have yet to hammer out an agreement with the clock ticking on a congressionally imposed deadline of 2024 to kick off businesses that do not comply. Mainland China and Hong Kong are the only two jurisdictions worldwide that do not allow inspections by the Public Company Accounting Oversight Board (PCAOB), with officials there … [Read more...] about China state-owned giants to delist from US amid audit spat

Source: Reuters Several Chinese state-owned companies including China Life Insurance (601628.SS) and oil giant Sinopec (600028.SS) announced plans on Friday to delist from the U.S. stock market. The companies, which also include Aluminium Corporation of China (Chalco) (601600.SS) and PetroChina (601857.SS), said in separate statements that they would apply for delistings of their American Depository Shares from the New York Stock Exchange (NYSE). The four will keep their listings in Hong Kong and mainland Chinese markets. "These companies have strictly complied with the rules and regulatory requirements of the U.S. capital market since their listing in the U.S. and made the delisting choice for their own business considerations," the China Securities Regulatory Commission (CSRC) said in a statement. China and the United States have been in talks to resolve a long-running audit dispute that could result in Chinese companies being kicked off American exchanges if they … [Read more...] about Four Chinese state-owned companies to delist from NYSE

- A + A KUALA LUMPUR (Aug 12): Sentoria Group Bhd said it is taking legal advice on the purported termination of the lease agreements for 120 acres of Malay reserve land in Langkawi by Lembaga Pembangunan Langkawi (LADA). The group’s 75%-owned subsidiary Sentoria Langkawi Sdn Bhd (SLSB) had signed two agreements with LADA in 2014 to lease 70 acres of land in Padang Mat Sirat for a lease premium consideration of RM30.49 million as well as 50 acres of land in Mukim Ulu Melaka for RM10.89 million — both with 90-year leases. LADA is the registered owner of both tracts of land. SLSB leased the two plots of land with the intention of developing them into projects known as Langkawi Geopark Resort City and Langkawi Medical Village. Sentoria said that SLSB has paid RM41.38 million to LADA as lease premium consideration with a loan of RM28.9 million from Affin Bank Bhd and the remaining RM12.48 million from internally-generated funds. In a bourse filing on Friday, … [Read more...] about Sentoria’s lease agreements allegedly terminated by LADA, company taking legal advice

- A + A HONG KONG/SINGAPORE (Aug 12): US-listed China stocks slid on Friday after some of the Asian nation's largest state-owned companies announced plans to delist from American exchanges amid a spat over audits and generally worsening tensions between the world's top two economies. China Petroleum & Chemical Corp (Sinopec), China Life Insurance Co, and PetroChina Co were among the biggest decliners on the Nasdaq Golden Dragon China Index with a drop of at least 3% each after they all disclosed their intentions to delist. The sudden announcements also sparked a slump in Alibaba Group Holding Ltd, Pinduoduo Inc, and JD.com Inc, which all fell more than 1%. The Golden Dragon Index declined as much as 2.8%, the most in a week. About 200 Chinese companies, including Alibaba and Baidu Inc, are listed in the US and are likely to face delisting threats because American regulators are not able to verify their financial audits. State-owned enterprises are deemed able to … [Read more...] about Sinopec, US-listed China stocks drop amid exit woes

- A + A A weekly round-up of tanker and dry bulk market (Aug 12, 2022) This report is produced by the Baltic Exchange. The Baltic Exchange, a wholly-owned subsidiary of Singapore Exchange, is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 650 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic. For daily freight market reports and assessments, please visit www.balticexchange.com . Capesize The Capesize market continues to dwell in the doldrums as any attempts to spark a rally were quickly dealt a hammer blow as the 5TC closed the week at US$10,898 (RM48,434). This rate level is less than a third of the same time last year. The market was reasonably active this week. The Pacific market had most of the majors requesting tonnage for their West … [Read more...] about Baltic Exchange shipping updates: Aug 12

- A + A KUALA LUMPUR (Aug 12): ARB Bhd on Friday announced that it has proposed to list its internet of things (IoT) business via its indirect wholly-owned subsidiary ARB IOT Group Ltd (AIGL) on the NASDAQ Stock Exchange in New York through an initial public offering (IPO) with an issue price of at least US$4 (RM17.78) to raise a minimum of RM17.78 million and up to a maximum of RM59.32 million. In a bourse filing, ARB said the RM59.32 million proceeds under the maximum scenario from the IPO will be utilised mainly for strategic acquisitions and investment activities (RM30.69 million), aside from working capital and general corporate purposes (RM15.34 million), with the balance for the estimate listing expenses (RM8.18 million) as well as research and development activities (RM5.11 million). AIGL was incorporated in the Cayman Islands and is a wholly-owned subsidiary of ARB IOT Ltd, which in turn is an indirect wholly-owned subsidiary of ARB Holdings Sdn Bhd and in … [Read more...] about ARB to raise up to RM59.32 million via IPO through listing of IoT business unit on NASDAQ

Each morning for the past two weeks, I’ve taken out a tiny aluminum capsule from my freezer. Inside is a small, frozen puck of coffee, which I pop in a glass and pour a few tablespoons of boiling water over from my kettle. As a Bostonian, I’ll drink iced coffee in a tundra, so I add ice cubes, top off the glass with almond milk and water, and toss the capsule into the recycling bin. And that’s the beauty of Cometeer . advertisement advertisement The new-ish company sells K-cup size capsules of flash-frozen brewed coffee, that are stashed in your freezer and reconstituted with hot water. They can also chill in your fridge or counter (or carry-on, as the company emphasizes, the capsules are TSA-compliant) for up to 24-hours and be added to cold water (or ice cream for affogato) once it melts. The capsules don’t explode or go bad if left defrosted, but the brand says the 24-hour window is when the “full complexity” is at its peak freshness. Cometeer … [Read more...] about These frozen coffee pods are the future of barista-quality coffee at home

Memorial Day is approaching quickly, and the unofficial beginning of summer also marks a big uptick in weekend trips to make the most of the season. Whether you’re flying, driving, or taking a train, a tried and true companion on these trips is the humble weekender bag. In the interest of helping you give your weekend trips an upgrade this year, we had Fast Company editors and writers try five bags and give their honest opinion. advertisement advertisement Everlane Quilted Weekender I am in the process of packing up my stuff and moving to a new apartment at the moment and the Everlane quilted weekender bag has proved incredibly useful for carting a ton of clothes back and forth to consign at The RealReal and Buffalo Exchange. It is lightweight and deceptively huge with a lot of different compartments so I can fit a lot in. The minimalist quilted design also looks nice and chic (certainly beats the blue Ikea bag I was using before). It’s been marked … [Read more...] about 5 bags that are perfect for your summer weekend getaways

Every time I travel, I bring my own towel. No, not because I’m a paranoid clean fanatic—though I’ve seen those black-light tests on hotel linens. Rather, it’s because one of the most versatile travel companions I own is a set of Turkish towels. advertisement Lightweight, 100% cotton flat-weave towels—sometimes called Turkish towels, foutas , or hammam towels—may not look like anything special: They’re not much thicker than your average cotton T-shirt, usually rectangular, and woven, sometimes with subtle cotton fringe. But they can roll up to the size of a closed, compact umbrella and be stuffed and squished into any gap in your luggage or carry-on. And in my humble opinion, Turkish towels are superior to any other towel you can buy. They are extremely absorbent, thanks to long, soft cotton fibers that make up the weave, and they dry much quicker than that super-plush, fluffy spa set you thought you had to have. (Remember, the longer your towel stays damp, the … [Read more...] about Turkish towels are your new favorite companion—at home or on the beach

Members of the Alliance of Health Workers stage a protest in Quezon City on Friday, August 12, 2022, to call the government’s attention to the alleged delay in the health workers’ benefits from the One COVID-19 Allowance. Photo from AHW’s Facebook page MANILA, Philippines — Several health workers from healthcare institutions that are classified as government-owned and controlled corporations (GOCCs) are yet to receive their benefits from the One COVID-19 Allowance (OCA). This was according to members of the Alliance of Health Workers (AHW) chapters at the Philippine Heart Center (PHC) and National Kidney and Transplant Institute (NKTI), who staged protests on Friday to call on the Department of Health (DOH) to immediately provide and distribute the OCA of health workers. They said health workers from PHC have so far only received their OCA benefits for the month of January this year while health workers from NKTI and other GOCC-hospitals like the Lung Center of the Philippines … [Read more...] about Health workers from GOCC-hospitals complain about delayed COVID-19 allowance