Destini forms JV with KTMB for rail maintenance
KUALA LUMPUR (Feb 24): Destini Bhd has entered into an agreement with Keretapi Tanah Melayu Bhd (KTMB) to establish a joint-venture (JV) company, ET Sdn Bhd (ETSB), to expand its capabilities in maint...
Aeon’s net profit dips to RM41.42m in FY2020
KUALA LUMPUR, Feb 24 — Aeon Co (M) Bhd’s net profit for the financial year (FY) ended December 31, 2020, fell to RM41.42 million from RM109.229 million registered last year.
MyEG again denies abusing its dominant position
KUALA LUMPUR (Feb 24): MY EG Services Bhd (MyEG) has again denied committing any offences of abusing its dominant position as part of its judicial review appeal at the Court of Appeal for the RM9.34 m...
Heathrow airport dives into £2.0b annual loss
LONDON, Feb 24 — London’s Heathrow airport dived into a net loss of £2.0 billion (RM11.4 billion) last year, a result that “underlines the devastating impact of Covid-19 on aviation”, it said...
Hap Seng Plantations posts higher 4Q net profit of RM36.95mil
KUALA LUMPUR: Hap Seng Plantations Holdings Bhd posted an 18.6% increase in net profit to RM36.95mil in the fourth quarter ended Dec 31, 2021, as compared to RM31.17mil in the previous corresponding quarter on higher average selling prices of crude palm oil (CPO) and palm kernel (PK)
Perodua plans capex of RM1.2b in 2021
RAWANG (Feb 24): Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is planning capital expenditure (capex) of RM1.18 billion on research and development (R&D) and expansion of sales network in 2021.
Hong Kong stocks dive on stamp duty plan
HONG KONG, Feb 24 — Hong Kong shares ended with hefty losses today after the city’s finance chief said he would hike stamp duty on equity trade for the first time in almost three decades.
SEDA appoints Hamzah Hussin as CEO
KUALA LUMPUR: Sustainable Energy Development Authority (SEDA) Malaysia has appointed Datuk Hamzah Hussin as its new chief executive officer, effective Feb 22, 2021.
Cover Story: The EV race Can Malaysia keep up?
I’M done with Malaysia. I am packing up and going to India and Indonesia to sell my technology to local bus manufacturers there,” says a Shah Alam-based developer of technology for electric bus po...
Tokyo's Nikkei ends sharply lower
TOKYO, Feb 24 ― Tokyo's benchmark stock index closed down more than one per cent today, hit by fears that an expected strong recovery in the global economy will fan inflation.
Catalist-listed Zico issues profit warning for FY20
KUALA LUMPUR (Feb 24): Zico Holdings Inc, an integrated provider of multidisciplinary professional services, has filed a profit warning with the Singapore Stock Exchange (SGX) as it expects to incur l...
Datasonic impacted by lower supply of passports
KUALA LUMPUR: Datasonic Group Bhd reported a weaker set of financial results in the nine months ended Dec 31,2020 mainly due to lower supply of passports provided due to the Covid-19 and international travel curbs.
Petronas finds gas 90km off Sarawak
KUALA LUMPUR: Petroliam Nasional Bhd found a gas from the Dokong-1 wildcat exploration well in Block SK417 production sharing contract (PSC), located in the shallow waters of Baram Province.
Gloves, pharma stocks weigh on market
KUALA LUMPUR: Glove makers continued to lose ground in late morning trade on Wednesday while pharma stocks also followed as the vaccines for the Covid-19 are rolled out.
Govt to continue assisting glove industry
IPOH: The government will continue to assist the manufacturing sector, especially the rubber glove industry to maintain Malaysia’s position as a main player in the supply of rubber gloves for the gl...
Asian stocks open lower on inflation fears
MIAMI, Feb 23 ― Asian equities opened lower today on concerns about rising interest rates and rich equity valuations and following a downdraft in US and European overnight trading.
Petronas Chemicals leads KLCI’s rebound
KUALA LUMPUR: Petronas Chemicals underpinned the FBM KLCI’s rebound early Wednesday after its strong fourth quarter earnings and also firm crude oil prices.
TechnipFMC clinches Petronas Carigali contract
KUALA LUMPUR: International oil and gas services company TechnipFMC’s subsidiary has secured a substantial contract – ranging from US$250mil to US$500mil – from Petronas Carigali Sdn Bhd for the Limbayong deepwater development project offshore Malaysia.
Frontken posts record net profit in 4Q
KUALA LUMPUR: Frontken Corp Bhd’s net profit rose to RM23.29mil in the fourth quarter ended Dec 31,2020 (Q4 2020) from RM18.20mil in the same period the previous year.
BToto sees higher earnings
PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) net profit for its second quarter ended Dec 31,2020 rose to RM65.06mil from RM61.94mil in the previous corresponding period, mainly due to lower prize payouts as well as lower operating expenses incurred during the period.
Land & General posts 3Q net profit of RM7.24m
KUALA LUMPUR: Land & General Bhd (L&G) posted a net profit of RM7.24mil in the third quarter ended Dec 31,2020, against a net loss of RM637,000 in the same period of the previous year.
Mobilia makes strong debut on Ace Market
KUALA LUMPUR: Home furniture manufacturer Mobilia Holdings Bhd made a strong debut on Bursa Malaysia’s Ace Market yesterday as it opened at 65 sen – a premium of 42 sen from its offering price of 23 sen.
Marriott names new CEO after Sorenson death
WASHINGTON, Feb2 4 ― Marriott International yesterday appointed Anthony Capuano as chief executive, replacing Arne Sorenson, who died last week following a battle with cancer.
Billionaire Lufthansa investor Thiele dies aged 79
BERLIN, Feb 24 ― German billionaire Heinz Hermann Thiele, the biggest shareholder in Lufthansa airline, died yesterday aged 79, announced Knorr-Bremse, the company through which he built his fortune...
Applications for feed-in tariff quota to be opened in June
PUTRAJAYA: The government, through the Sustainable Energy Development Authority (Seda), will open applications for feed-in tariff (FiT) quotas totalling 188 megawatts for biogas, mini hydro and biomass resources in Peninsular Malaysia in June.
Reliance to spin off O2C ops with US$25bil loan
MUMBAI: Reliance Industries Ltd (RIL) has started carving out its new oil-to-chemicals (O2C) operation into an independent unit with a US$25bil loan from the parent, as billionaire Mukesh Ambani steps up efforts to unlock the value of his businesses.
Thai exports continue to rise in January
BANGKOK: Thailand’s exports in January rose for a second straight month, climbing 0.35% from a year earlier, and should continue to grow this year as the global economy recovers, the commerce ministry said.
Saudi wealth fund targets startups
LONDON: Saudi Arabia’s sovereign wealth fund is backing a Middle East venture-capital fund run by Hambro Perks Ltd, joining the trend for state investors in the region to put money into early-stage companies.
Low-carbon steel becomes top priority
SHANGHAI: As China pursues cleaner, low-carbon and more efficient steel sector development, analysts expect multinational companies to carry out deeper and higher-quality cooperation in the Chinese market this year despite the impact of Covid-19.
Insight - Another Boeing crisis? Not exactly
IT’S never helpful for the aviation community when fiery debris falls from the sky onto a large US city. But some perspective is warranted on this weekend’s incident involving a United Airlines Holdings Inc-operated Boeing Co 777 jet.
Industry soaring high
BEIJING: China is leading the global civil aviation industry in recovering from the impact of Covid-19. The nation’s economic resilience and growth momentum continue to inspire confidence among multinationals in the aviation industry.
Brazil’s Vale bullish on conditions in China
RIO DE JANEIRO: Brazilian mining company Vale SA said it will continue investing in China and further expand its presence in the country, which has been witnessing an ever increasing share of the global mining giant’s total sales.
Lucid Motors to go public with US$24bil valuation
SAN FRANCISCO: Lucid Motors Inc is merging with a blank-cheque company run by financier Michael Klein that values the combined entity at a pro-forma equity value of US$24bil, the biggest in a series of deals involving electric-vehicle (EV) startups cashing in on investor appetite for battery-powered cars.
Iron ore imports hit record in 2020
BEIJING: China’s iron ore imports hit a record 1.17 billion tonnes in 2020, with the average import price up 7.3% year-on-year to US$101.7 per tonne, which analysts say reflects robust demand in the downstream steel market and a continued and stable recovery of the Chinese economy.
Brazil's Petrobras rebounds partly from stock plunge
SAO PAULO, Feb 24 ― Shares in Brazil's state-run oil company, Petrobras, partly regained their losses yesterday after diving by more than 20 per cent on news that President Jair Bolsonaro was changi...
GameStop finance head to resign March 26
NEW YORK, Feb 24 ― GameStop Chief Financial Officer Jim Bell will resign on March 26, the video game retailer said yesterday, with the departure coming weeks after big bets by individual investors t...
Jetmakers to lose orders
Planemakers Airbus and Boeing are bracing for hefty jet order cancellations from troubled Norwegian Air amid restructuring proceedings, industry sources said.
Petron Q4 earnings up 45% on improved refining margins
PETALING JAYA: Petron Malaysia Refining and Marketing Bhd’s net profit for its fourth quarter ended Dec 31,2020 rose 45% to RM42.02mil from RM28.97mil in the previous corresponding period, boosted by improved refining margins and net inventory gains from recovering oil prices in the final quarter of 2020.
Revenue increase for Sunway Construction Group
PETALING JAYA: Sunway Construction Group Bhd’s (SunCon) net profit for its fourth quarter ended Dec 31,2020, stood at RM30.20mil compared with RM31.64mil in the previous corresponding period, while revenue in the fourth quarter rose to RM627.24mil from RM485.94mil a year earlier.
Perak Transit to manage bus terminal
PETALING JAYA: Perak Transit Bhd (PTB), via its wholly-owned subsidiary Terminal Urus Sdn Bhd, has entered into a collaboration agreement with NSS IT Solution Sdn Bhd to manage Terminal Bas Shahab Perdana, a bus terminal in Alor Setar, Kedah.
Petronas Chemicals posts strong Q4 earnings
KUALA LUMPUR: Petronas Chemicals Bhd posted a strong set of earnings in the fourth quarter ended Dec 31,2020 with net profit of RM466mil, underpinned by a recovery in petrochemical product prices, and it expects an improvement this year
Powell says economy still needs Fed support, pushes back on inflation worries
WASHINGTON: Federal Reserve Chair Jerome Powell, pushing back on suggestions that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom, said the central bank would keep its attention focused on getting Americans back to work as a vaccine-related recovery proceeds.
Oil price settles mixed amid post-storm uncertainty
NEW YORK: Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
Higher earnings for Manulife Holdings
KUALA LUMPUR: Manulife Holdings Bhd posted net profit of RM23.41mil in the fourth quarter ended Dec 31,2020 boosted by net realised gains and net fair value gains from its equity investments.
Berjaya Sports Toto posts higher 2Q net profit of RM65m
KUALA LUMPUR: Berjaya Sports Toto (M) Bhd posted net profit of RM65.06mil in the second quarter ended Dec 31,2020, an increase of 5% from RM61.94mil a year ago due to higher pre-tax profit from iH.R. Owen Plc (H.R. Owen).
SunCon posts net profit of RM30.2mil in Q4
KUALA LUMPUR: Sunway Construction Bhd posted a net profit of RM30.2mil in the fourth quarter ended Dec 31, 2020, slightly lower than RM31.64mil in the previous corresponding quarter due to a provision made in the construction segment.
IOI records jump in 2Q net profit to RM355.7mil
KUALA LUMPUR: IOI Corp Bhd posted a 66% jump in net profit in the second quarter ended Dec 31, 2020, to RM355.7mil from RM213.5mil in the previous corresponding quarter on the back of higher contribution from the plantations segment.
Poh Kong confident of fairly solid year
GOLD prices may be tapering off from last year’s peak, but Poh Kong Holdings Bhd remains optimistic of a better performance this year on the back of resilient demand for gold jewellery and investmen...