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Evergrande: Chinese property giant 'misses another payment deadline' Posted by: superadmin - 10-01-2021, 10:39 AM - Forum: Business, Economy and Investment - No Replies The hugely indebted Chinese property giant Evergrande has missed interest payments to overseas investors for the second time in a week, reports say. Evergrande was due to pay foreign bond holders $47.5m (£35m) by Wednesday. But bondholders told Reuters news agency and Bloomberg that they were yet to receive any payment. Under agreements with investors, the company has a 30-day grace period before the missed payments officially become a default. Evergrande has not commented publicly on the issue. Once China's top-selling developer, the company is now facing debts of more than $300bn. It has been prioritising its liabilities within China, amid concerns of social unrest. - More -   Misuse of GLCs seen as factor in poor handling of pandemic Posted by: superadmin - 10-01-2021, 10:24 AM - Forum: Covid-19 Pandemic - No Replies PETALING JAYA: An economist has blamed the alleged misuse of government-linked companies for these firms’ failure to make meaningful contributions to the fight against Covid-19. Edmund Terence Gomez said a wide range of GLCs could have been deployed to resolve health and economic issues arising from the pandemic, but the government chose instead to use many of them as tools to help it deal with a political crisis. He recalled that when the first lockdown was imposed in March 2020, finance minister Tengku Zafrul Aziz announced that the “government ecosystem” would be used to aid companies and the general public. “The ecosystem Tengku Zafrul referred to included the GLCs,” he told FMT. - More -   YOURSAY | MPs, ministers making big bucks a travesty of justice Posted by: superadmin - 10-01-2021, 09:21 AM - Forum: Politics - No Replies Mazilamani: Thank you, Muar MP Syed Saddiq Syed Abdul Rahman, for the exposure on how politicians can earn themselves handsome wages or pensions, just by serving a long time as an elected representative or being a minister. Now it becomes very clear why people hold on to party leadership post (a step away from a ministerial position), ever ready to betray or backstab a gullible and weak leader, start a new party as leader, and frog leap from one party to another. The entire salary and perks package is a heavenly gift. This calls to mind what the fourth and seventh prime minister would have made. How many gratuities and pensions as minister of several ministries, deputy prime minister and two-time prime minister plus head of foundations has he made? And not to forget the litany of perks and privileges. It is like "tikus jatuh ke dalam gudang beras". If Prime Minister Ismail Sabri Yaakob is truly into reforms, it should all start here and now. There must be numerous other areas to be looked into. - More -   Why China’s power crunch is such a big deal Posted by: superadmin - 09-30-2021, 06:21 PM - Forum: Business, Economy and Investment - No Replies Restrictions on imports of Australian coal, China’s plans to reduce carbon emissions and a surge in exports have contributed to power cuts across the country in the last few weeks. The power crunch comes as the massive real estate industry — and related construction — is under tighter scrutiny. BEIJING — Local Chinese authorities have abruptly ordered power cuts at many factories in the last week, reflecting a system trying to react to a number of directives from Beijing, and macroeconomic developments. While a few economists have cut their forecasts on China’s GDP growth as a result, others are still waiting to see the scale of the impact. Here’s a broad overview on how the power crunch developed: Coal supply drops, prices surge Back in late 2020, China stopped buying coal from Australia, once the Asian giant’s largest source of imported coal. Political tensions between the two countries have escalated after Australia supported an investigation into how Beijing handled the coronavirus pandemic. Meanwhile, historically cold weather that winter drove up demand for coal. Some cities reportedly restricted electricity use in homes and factories. Alongside a global surge in commodity prices, thermal coal, the primary fuel for electricity production, saw prices soar by more than 40% over 12 months to around 777 yuan per metric ton ($119.53) in December 2020 on the Zhengzhou Commodity Exchange, according to data from Wind Information. - More - RM38.5mil was for badly-needed repairs, not renovation, says Muhyiddin Posted by: superadmin - 09-30-2021, 06:14 PM - Forum: Politics - Replies (3) PETALING JAYA: Former prime minister Muhyiddin Yassin has clarified that the RM38.5 million spent on work at Seri Perdana, approved and started during his tenure, was to repair old and damaged sections of the property and not for simple renovations. In a statement posted on Facebook, the Pagoh MP said that upon his appointment as prime minister, he received a report from the prime minister’s department (JPM) regarding the state of the building. The damage included leaks, outdated lighting systems, damaged floors and ceilings, and plumbing system faults, he said in his first response to the issue. “I was also informed that the electrical wiring, lighting and mechanical equipment such as air conditioners also needed to be repaired as they were too worn out. - More -   Afghan central bank drained dollar stockpile before Kabul’s fall: report Posted by: superadmin - 09-30-2021, 03:26 PM - Forum: Business, Economy and Investment - No Replies FRANKFURT/MUMBAI – The Afghan central bank ran down most of its United States dollar cash reserves in the weeks before the Taliban took control of the country, according to an assessment prepared for Afghanistan’s global donors, exacerbating the current economic crisis. The confidential two-page brief, written early this month by senior international economic officials for institutions including the World Bank and International Monetary Fund, said the country’s severe cash shortage began before the Taliban took control of Kabul. It criticised how the bank’s former leadership handled the crisis in the months before the Taliban’s conquest, including decisions to auction unusually large amounts of US dollars and move money from Kabul to provincial branches. “FX (foreign exchange) reserves in CB’s (central bank’s) vaults in Kabul have depleted, the CB cannot meet... cash requests,” said the report, seen by Reuters. “The biggest source of the problem is the mismanagement at the central bank prior to the Taliban takeover.” Shah Mehrabi, chairman of the bank’s audit committee who helped oversee the institution before the Taliban took over, and is still in the post, defended the lender’s actions, saying it is trying to prevent a run on the local Afghani currency. - More -   IOI Properties Group lands RM4.65 billion Marina Bay site Posted by: superadmin - 09-30-2021, 03:06 PM - Forum: Business. Economy and Investment - No Replies PETALING JAYA: Locally-based IOI Properties Group has said it is optimistic about the long-term outlook for the Singaporean property market, after it won the auction for a mixed-use hotel and residential site in Marina Bay. Boulevard View, wholly owned by IOI Properties, was the lone bidder for the 7,817sq m site when bidding closed last week, much to the surprise of some analysts according to Forbes, given the site’s location and proximity to the financial district. The Urban Redevelopment Authority announced yesterday it had decided to award the 99-year leasehold site to Boulevard View, which offered S$1.51 billion (RM4.65 billion). The site can accommodate up to 101,629sq m of total floor area, of which 51,000sq m will be allocated for residential use and 26,000sq m will be used for a hotel, while the rest can be used for offices, retail and food and beverage outlets. “The proposed development of residential units and a hotel on the land is expected to meet pent-up demand for city living opportunities within the central business district of Singapore as the last residential launch in the vicinity was Marina One Residences in 2014,” IOI said in a statement to Bursa Malaysia. “Further, the proposed hotel development is expected to complement the group’s existing developments in Singapore and be a valued addition to its investment properties portfolio.” - More -   Huawei founder urges to recruit more foreign talent through research centre Posted by: superadmin - 09-30-2021, 11:38 AM - Forum: Business, Economy and Investment - No Replies Huawei founder urges to recruit more foreign talent through North America research center Huawei founder Ren Zhengfei said in a company internal memo that the company should recruit more foreign talent and turn its North America research and development (R&D) center into a recruitment platform, according to a screenshot of the memo circulating online on Tuesday. In the memo dated August 21, Ren urged to transfer Huawei's R&D center in North America into a talent recruitment center, which is a notable move given the major difficulties and hurdles the company face in the US.  Huawei's North American R&D center was initially located in the US, but Ren said in December 2019 that the company would move the center to Canada, according to several media reports at the time. It was not immediately clear whether the center had been moved. - More -   Bank Negara: Offices, malls in Malaysia may turn emptier with shift to e-commerce Posted by: superadmin - 09-30-2021, 11:20 AM - Forum: Business. Economy and Investment - No Replies Bank Negara: Offices, malls in Malaysia may turn emptier with shift to e-commerce, flexi-work arrangements KUALA LUMPUR, Sept 29 — More and more space in Malaysia’s offices and shopping malls may be left unoccupied, while rental prices for such commercial properties may also go down due to the impact of the Covid-19 pandemic, Bank Negara Malaysia (BNM) suggested today. This would be due to changes such as consumers opting to shop online instead. In its Financial Stability Review for the first half of 2021, BNM noted that occupancy rates and rental rates for shopping complexes and office space have continued to fall. “Average rental rates for office and retail space in the Klang Valley have now declined for four consecutive quarters since the third quarter of 2020,” it said in highlighting the continued downward trend since the July to September 2020 period. - More -   China’s power crunch pushes foreign businesses to invest in factories elsewhere Posted by: superadmin - 09-30-2021, 10:50 AM - Forum: Business, Economy and Investment - No Replies In the last several days, many local Chinese governments have restricted power usage, limiting or even halting factory production. “Some companies were on the fence about investing in China. They choose to not go ahead now,” said Johan Annell, partner at consulting firm Asia Perspective, noting these planned foreign business investments were in the tens of millions of U.S. dollars. “Companies rely on policy stability and predictability,” said Matt Margulies, vice president for China operations at the U.S.-China Business Council.  BEIJING — Abrupt power cuts in parts of China are pushing some foreign companies to invest in other countries instead. In the last several days, many local Chinese governments have restricted power usage, limiting or even halting factory production. The latest curbs come as the country faces a shortage of coal to generate electricity, and regional authorities are under increased pressure to comply with the central government’s call to reduce carbon emissions. “Some companies were on the fence about investing in China. They choose to not go ahead now,” said Johan Annell, partner at Asia Perspective, a consulting firm that works primarily with Northern European companies operating in East and Southeast Asia. - More - Pages (1127): « Previous 1 … 824 825 826 827 828 … 1127 Next » Jump to page: