Last Updated: 6:14pm, Jun 18, 2014

KUALA LUMPUR (June 18): Time's up for Lynas, said Himpunan Hijau chairman Wong Tack, announcing that a civil movement this Sunday plans to shut down the controversial rare earth plant for good.

"We have given Lynas six months to shut down and get out of Malaysia. This time the people will not compromise anymore," he said.

The organisation is expected to be joined by representatives from opposition parties, civil society and other environmental NGOs.

Wong Tack calls for Malaysians to gather outside the gates of the Lynas plant at Gebeng, Kuantan and block the plant's access roads, in the hope that logistical blockage will stall the daily operations.

more to come


For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Himpunan Hijau: Shut down Lynas on June 22

KUALA LUMPUR (June 18): YTL Power International Bhd said it is withdrawing from participating in the RM3 billion power plant project in Johor (Project 4A) to “dispel any misgivings over the government’s commitment to transparency and good governance”.

In a media statement, the company said: “In view of the misconception over the project, YTL Power has decided not to participate in the project under the present arrangement.”

The statement was issued after mounting criticism on the way the contract was awarded by the Energy Commission (EC) to a consortium, in which YTL Power is a member, through direct negotiation instead of competitive bidding.

Recently, YTL Corp Bhd Managing Director Tan Sri Francis Yeoh came under fire after he said Malaysia needed to do away with “crony capitalism”, although he was widely seen as a crony of former Prime Minister Tun Dr Mahathir Mohamad.


more to come...

#Update* YTL Power backs out of RM3b power project “to dispel misgivings”

Last Updated: 6:06pm, Jun 11, 2014

GEORGE TOWN (June 11): Penang's state executive councillor for Islamic Affairs, Datuk Abdul Malik Abul Kassim, today apologises for the "insensitive" manner in which the state Islamic authorities took away the body of alleged Muslim convert Teoh Cheng Cheng recently.

"As the executive councillor and on behalf of the Penang Islamic Affairs Department, I apologise to the family of the deceased, on the incident that occurred on June 9," he said after having offered condolences to the family following a state executive council meeting today.

He admitted the action of the JAIPP officer who led the operation lacked sensitivity towards the cultural practice, religion and feelings of Teoh's 64-year-old mother Tan Mah Suan and the rest of the family in their moment of grief.

Teoh, 38, had died in her apartment at the McCallum Street Ghaut area on June 7.

He said the officer should have taken into account the family's feelings and gotten the views of relevant parties suchg as the department's director, its enforcement division, the state Mufti and the district religious officer before taking action.

"This is the considerate practice observed by JAIPP while handling such cases before this," he said, reading from a prepared statement.

Malik also expressed regret that as the executive councillor, he only found out about the incident from reporters about 5pm,  after it had occurred earlier in the afternoon. Malik was then in a meeting in Kuala Lumpur.

"Even more regretful is that the relevant JAIPP officers whom I contacted did not know about the case clearly," he added.

"I promise and will ensure that such an incident does not happen again."

He added that the officer when queried about the matter said he was pressured by time and the police had insisted that he act on the matter immediately.

The department had received a call from an unidentified person about Teoh's supposed Muslim status at about 12.30pm.

"Pressure of time is not an excuse for not consulting his peers, seniors and for not consulting me," Malik said when asked to elaborate the matter.

He explained that the officer in charge of conversions had then looked up Teoh's name and found the document relating to her conversion. This document was later shown to her family, in the presence of the police, who then allowed her body to be taken away, thereby stopping the funeral.

Malik said in previous cases, the department had always exercise tact, sensitivity and professionalism when dealing with the family to reach an acceptable conclusion.

"The officer explained to me and apologised... But his good intention was spoiled by his action," Malik said, adding that the state is ready to extend compassionate aid to the family.

The state executive council had earlier in its meeting expressed sadness and disappointment over the way the matter was handled.

Chief Minister Lim Guan Eng, who was present, said it has embarrassed the state government and brought negative impact on a multi-racial society in which people have mutual respect for each other.

He added that the family has the right to seek compensation according to the law.

"We must respect the decision of the court," he said.

Meanwhile, Teoh's family is expected to arrive at the Penang High Court later this afternoon to file for a legal case against JAIPP.

more to come

 

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

#Update* Exco apologises to Cheng Cheng's family over 'insentitive' JAIPP action

Last Updated: 3:38pm, Jun 11, 2014

KUALA LUMPUR (June 11): Inspector-General of Police Tan Sri Khalid Abu Bakar's suggestion to keep children caught in custody battle following conversion of their parents at child care centres was "wrong and unacceptable", according to Ipoh Barat MP, M Kulasegaran.

He said as an enforcer of law, IGP should not overstep his boundaries in superceding the decisions made by the judiciary.

Kulasegaran is one of the lawyers for kindergarten teacher M Indira Gandhi currently embroiled in a custody battle with her estranged husband, Muslim convert Mohd Ridzuan Abdullah.

"The IGP is a law enforcer within the meaning of law. He cannot and should not question the Court's process," said Kulasegaran.

Yesterday, the IGP said that he will not enforce the respective court rulings but rather to ensure fairness, the children in the custody battles will be placed in child care centres so both parents could visit them.

IGP said following the differing judgements meted out by the Syariah and the civil courts on child custody in the case where one parent had converted to Islam.

Kulasegaran went on that IGP should seek Attorney-General's advise on how to move forward as it was not his place to make the call over the legal battle.

"If he is unsure of what to do, he should get legal advice from the AG. For the IGP to suggest that the children to be kept in welfare home will not only be laughable, it is also beyond the duties and obligation of a law officer," he told reporters here today.


More to come

 

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Kula: IGP not acting like law enforcer in custody battle case

Last Updated: 2:46pm, May 21, 2014

GEORGE TOWN (May 21): About a dozen people gatecrashed into the Penang state assembly today demanding explanation from RSN Rayer (DAP-Seri Delima) who yesterday riled up the opposition Barisan Nasional backbenchers by calling 'Umno celaka' (Damn Umno).


more to come


For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Uproar in Penang state assembly as mob enters hall

KUALA LUMPUR (May 12): Malaysia’s April 2014 palm oil stocks rose 4.6% month-on-month to 1.766 million tonnes, from March’s 1.688 million tonnes as output rose and exports slowed.

The total stocks level of the commodity was higher than market expectations.

While production rose 3.9% to 1.556 million tonnes from March’s 1.497 million tonnes, exports climbed only 1.18% to 1.260 million tonnes from March’s 1.245m tonnes.

More to come…

#Update* Malaysia’s April palm oil stocks, output higher than expected; exports lower than forecast

Last Updated: 5:07pm, Apr 30, 2014

PETALING JAYA (April 30): DAP secretary general Lim Guan Eng today slammed PKR's Tian Chua for claiming that Pakatan Rakyat, including DAP had agreed to PAS's plan to implement hudud.

Calling Tian Chua a liar, he said it was wrong and unethical for the PKR vice president to claim that DAP had agreed to the implementation of hudud only in Kelantan and Terengganu but not other states.    

"DAP considers it irresponsible, wrong and unethical for Tian Chua to drag the party into adopting his stand of supporting PAS in implementing hudud within both states.

Following Tian Chua's statement, Guan Eng said he had personally spoken to Opposition leader Datuk Seri Anwar Ibrahim on the matter and conveyed DAP top leaderships' anger "at the lies spread by Tian Chua".

He said Anwar reaffirmed DAP's stance on hudud.


more to come

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Guan Eng: Tian Chua spreading lies

KUALA LUMPUR (April 25): New property player Eco World Development Bhd today announced a major corporate exercise that will turn it into an important property player in the sector.

The corporate exercise announced via Bursa Malaysia involves buying development rights of eight projects from the subsidiaries of its major shareholder, Eco World Sdn Bhd, with gross development value of RM30 billion.

The corporate exercise also involves:
• Proposed subscription of shares in EcoWorld Bhd by shareholders of EcoWorld Sdn Bhd to partially fund the acquisitions and ensure continuity of ownership.

• Proposed rights issue with warrants and up to 20% proposed private placement to raise funding for the acquisitions and as working capital for EcoWorld Berhad’s development activities.

Eco World Development Group, controlled by the son of SP Setia’s president/CEO Tan Sri Liew Kee Sin, was formerly known as Focal Aims Holdings Berhad.

 

More to come….

#Highlight* Eco World announces major corporate exercise to turn it into a huge property player

KUALA LUMPUR (April 16): Shareholders of Kian Joo Can Factory Bhd are frustrated for not getting satisfactory answers to their queries at the company's on-going annual general meeting (AGM).

Several shareholders told reporters of The Edge Financial Daily that many questions had been raised pertaining to the valuation of properties in Kian Joo's books but answers given were not satisfactory.

"The property valuations are outdated and do not reflect the actual valuations. Why is the fair value not being used?" said one shareholder, who requested to stay anonymous, outside the AGM hall.

"The board was going in circles without actually addressing our queries," he added.

In addition, some shareholders also spoke up against the RM3.30 per Kian Joo share offer from Aspire Insight Sdn Bhd. However, this matter could only be addressed in the extraordinary general meeting on May 23.

At noon, matters or resolutions on the re-election of directors at the AGM today have yet to be addressed.

Interestingly, Chee Khay Leong, the chief operating officer cum executive director of Kian Joo, was not present at today's AGM and Box Pak's AGM yesterday.

The absence of this central figure, who has offered to take over Kian Joo, has puzzled many shareholders.

"Why is he not here at the AGM?" asked one.

In November last year, Aspire Insight Sdn Bhd, a joint venture between Chee and the Employees Provident Fund (EPF), made an offer to acquire the assets and liabilities of Kian Joo for a total of RM1.47 billion, valuing each share at RM3.30 each.

The EPF owns around 10% in Kian Joo and has been a long time shareholder of the company.

But some of the minority shareholders, such as the See family who is the founder, are not happy.

More to come…

#Hot AGM* Kian Joo's shareholders frustrated for not getting satisfactory answers from board

KUALA LUMPUR (Apr 15): AirAsia Bhd said that it has made all necessary preparations to move into klia2, and will be moving into the new low cost airport terminal by May 9, 2014.

“Although there are still a few outstanding commercial issues, this should not hold back our operations at klia2 as planned,” said the low cost carrier in a statement today.

The group added that it is currently going through discussions with the relevant authorities, and hoped that the government would provide necessary mediation should any negotiations could not be concluded.

more to come....

AirAsia to move into klia2 by May 9, 2014

TOKYO (Nov 22): Nissan Motor will cut or transfer about 1,000 jobs in Thailand, as it shrinks production in Southeast Asia, part of its recently announced global workforce reduction plan, two sources familiar with the matter told Reuters on Friday.

Nissan to cut or transfer about 1,000 jobs in Thailand — Reuters

Singapore on Friday upgraded its economic outlook for 2024 as third quarter gross domestic product growth beat expectations and initial estimates, helped by stronger semiconductor production and engineering demand.

Singapore revises 3Q GDP higher, upgrades 2024 outlook

US President-elect Donald Trump said on Thursday he would nominate former Florida attorney general and loyalist Pam Bondi to be US attorney general, moving swiftly to replace his former nominee Matt Gaetz after the embattled former congressman withdrew from consideration.

Trump picks Pam Bondi for US attorney general after Gaetz withdraws

Alimentation Couche-Tard is not considering a hostile takeover bid for Japan's Seven & i, the Nikkei business daily quoted the Canadian suitor's chairman and co-founder, Alain Bouchard, as saying.

Couche-Tard chairman says no hostile takeover bid for Seven & i — report

US billionaire Elon Musk, owner of social media platform X, has criticised Australia's proposed law to ban social media for children under 16 and fine social media platforms of up to A$49.5 million (US$32 million or RM143.3 million) for companies for systemic breaches.

Elon Musk blasts Australia's planned ban on social media for children

KUALA LUMPUR (Nov 22): Globetronics Technology Bhd (KL:GTRONIC) surged as top most-actively-traded stocks on Friday morning, after the company secured a RM145 million contract to provide integrated circuit (IC) product packaging, testing, and backend services to Taiwan-based ChipMOS Technologies Inc.

Globetronics shares surge on RM145m contract win with Taiwan’s ChipMOS

ChatGPT-creator OpenAI has recently considered developing a web browser that would combine with its chatbot and separately discussed or struck deals to power search features, the Information reported on Thursday.

OpenAI considers taking on Google with browser — report

China’s richest man lashed out at two of the country’s biggest tech giants for fanning online vitriol targeting him earlier this year and instigating a price war that wiped out tens of billions of market value for his bottled-water empire.

China’s richest man berates PDD, ByteDance for months of misery

An unprecedented bribery charge from US prosecutors against India’s largest corporate group is threatening to deepen the record exodus of global funds from the nation’s equities.

Adani probe may worsen global funds’ exit from Indian equities

WiseTech Global Ltd shares tumbled after the tech firm slashed its profit forecast, saying the recent scandals embroiling founder Richard White had delayed a major product launch.

WiseTech plunges as scandal embroiling founder hits earnings

Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.

Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

Here is a brief recap of some corporate announcements that made the news on Thursday.

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

Hap Seng Consolidated Bhd (KL:HAPSENG) posted a three-fold jump in net profit for its third quarter from a year ago, on improved contributions from the diversified group’s plantation, property and credit financing divisions.

Hap Seng 3Q net profit more than triples, declares 10 sen dividend

Indian billionaire Gautam Adani,&nbsp;indicted in New York&nbsp;over a US$265 million (RM1.18 billion) bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.

Who is Gautam Adani, controversial Indian tycoon charged with bribery in US?

FGV Bhd (KL:FGV), which is currently embroiled in a lawsuit over an alleged breach of a palm kernel shell supply agreement, has been directed by the High Court of Kuala Lumpur to file its statement of defence by Dec 4, 2024.

FGV directed to file defence against company's suit by Dec 4

Oriental Holdings Bhd (KL:ORIENT) saw the diversified group’s net profit for the third quarter fall 70.12% year on year to RM88.87 million, from RM297.42 million on the absence of one-off gains recognised in the corresponding quarter in 2023.

Oriental 3Q net profit down 70% on absence of one-off gains

Magnum Bhd (KL:MAGNUM) reported a slight dip in net profit in the July-Sept period as income tax and other expenses increased, but cushioned by better income generated by its gaming and investment holdings and other segments.

Magnum posts marginally lower net profit in 3Q, amid higher tax and other expenses, declares 1.5 sen dividend

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

Theta Edge Bhd (KL:THETA) said it has partnered local data-science company iStream360 Sdn Bhd to develop “market transformative” artificial intelligence (AI), blockchain and advanced system solutions.

Theta Edge to form JV with iStream360 to develop AI, blockchain solutions

Nvidia Corp assured investors that its new product lineup will continue to fuel an artificial intelligence-driven growth run, while also signaling that the rush to get chips out the door is proving costlier than expected.&nbsp;

Nvidia says new chip remains on track, helping soothe investors

Thailand is taking steps to attract more foreign investment to accelerate economic growth while preparing to adjust its policies to cope with potential changes to world trade under a Trump presidency, Prime Minister Paetongtarn Shinawatra said.

Thailand seeks foreign investment as PM plans for Trump era

The International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in the Gaza Strip, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

Wall Street's main stock indexes were mixed in choppy trading on Thursday as Alphabet weighed on the market, while investors also focussed on AI-heavyweight Nvidia's upbeat quarterly results and forecast.

Wall Street mixed after Nvidia results; Alphabet weighs

KUALA LUMPUR (Nov 22): TSH Resources Bhd (KL:TSH) reported a 12.19% increase in its net profit for the third quarter spanning July to September 2024 (3QFY2024), despite a drop in revenue, as it recorded reduced non-controlling interests, which resulted in the larger share of profit attributable to the owners of the company.

TSH Resources reports 12% rise in 3Q net profit, pays 2.5 sen dividend

Can-One Bhd (KL:CANONE) saw its net loss widen to RM100.54 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM23.12 million in the previous corresponding quarter, dragged by unrealised foreign exchange loss of RM80.6 million.

Unrealised forex loss drags Can-One further into the red in 3Q

Australia’s flagship carrier Qantas Airways Ltd is the top-performing airline stock in Asia over the past year, and is seen as set to extend its climb with help from declining fuel prices.

Qantas tops Asian airline stocks on cheap fuel, rival’s demise

Stocks ended the day higher as traders contemplated a new US administration keen on deregulation. Bitcoin blew past US$98,000 (RM438,868) while the dollar gained and treasury yields rose.

Trump trade boosts stocks, bitcoin run at US$100,000

SEC Chair Gary Gensler, whose ambitious agenda drew fierce resistance from Wall Street and the crypto industry, plans to step down on Jan 20.

Gary Gensler plans to step down from SEC in January

The use of money-market fund tokens from the likes of BlackRock Inc&nbsp;and Franklin Templeton as collateral in traditional derivatives trades inched closer to reality on Thursday.

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