Business

Malaysia's $62 billion state fund wants to hold less cash

Malaysia’s largest state-owned fund manager is looking to hold less cash even as it struggles to make acquisitions that would generate attractive returns.A fifth of Permodalan Nasional Bhd.’s 266 billion ringgit ($62 billion) of assets under management is in cash and money markets, and Chairman Abdul Wahid Omar said in an interview that the fund could reduce such holdings by at least 5 percentage points.

21 August 2017
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Garuda unit set for Indonesia's biggest share sale in a year

PT Garuda Maintenance Facility AeroAsia, a unit of national carrier PT Garuda Indonesia, plans to raise as much as $300 million in an initial share sale to fund setting up of a new unit in an island near Singapore and expand overseas.GMF AeroAsia, which conducts maintenance, repair and overhaul of aircraft for 170 customers, will offer between 20 percent and 30 percent of its equity to investors and is targeting an October listing on the Indonesia Stock Exchange, said President Director Iwan

21 August 2017
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Uber bows to Philippines suspension after show of defiance

Uber was forced to suspend operations in the Philippines Tuesday, after the ride-sharing giant's efforts to appeal a one-month ban were quashed as it tussles with authorities over driver permits.The US firm had slammed Monday's decision by transport authorities to impose the sanctions as a "blatant violation" of its rights earlier Tuesday, relaunching its app and announcing a legal challenge.But by evening it conceded that it would comply with the suspension after the Land

16 August 2017
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Uber defies Philippine suspension order

Ride-hailing giant Uber on Tuesday defied a Philippine government order to shut down, branding the suspension a "blatant violation" of its rights but risking its drivers being arrested.Philippine authorities announced on Monday that they would suspend Uber for one month for failing to have the proper permits to license its drivers.Uber initially obeyed the order and shut down its app on Tuesday morning, triggering anger from commuters who lashed out at the government for taking away

15 August 2017
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Singapore home sales rise 35% in July as new projects launched

Singapore home sales rose 35 percent in July, as more new projects were launched.Developers sold 1,108 units last month, compared with 820 in June, according to Urban Redevelopment Authority data released Tuesday. A total of 692 new units were offered, up from 159 in June, the data showed.Singapore’s leaders, determined to keep a lid on home prices in the city-state, have unleashed a series of cooling measures since 2009.

15 August 2017
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Partnership with Geely opens up more opportunities for Proton

Malaysian carmaker Proton Holdings Bhd, which has been in existence for more than 30 years, has come a long way and managed to capture a share in the local automotive market. It has made a significant progress in the designing and development cars that have met high safety ratings.

14 August 2017
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‘Annabelle’ conjures sales of $35 million to lead box office

“Annabelle: Creation,” the latest installment in a Warner Bros. horror series, opened as the top movie in North America with sales of $35 million over a slow weekend, easily beating two other new films in wide release.A prequel from “The Conjuring” series, “Annabelle: Creation” took in an estimated $35 million at U.S. and Canadian theaters, researcher ComScore Inc. said in an email Sunday.

14 August 2017
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Espenilla holds Philippine rate, raises CPI outlook in debut

Philippine central bank Governor Nestor Espenilla kept interest rates unchanged in his debut policy meeting as head of the bank, while slightly raising forecasts for inflation because of pressure from oil prices.The overnight reverse repurchase rate was left at 3 percent, Bangko Sentral ng Pilipinas said in Manila on Thursday, as predicted by all 17 economists surveyed by Bloomberg.

10 August 2017
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Brokerages get ready as stock-index futures come to Vietnam

Tran Hai Ha, chief executive officer of Vietnam’s MB Securities, is looking forward to the start of derivatives trading in the Southeast Asian nation.Ha, who said his firm has already seen 50 new derivatives accounts opened, said he’s hopeful that figure could rise to 300 by the end of the year.

10 August 2017
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Tokyo stocks flat by noon, eyes on US-NKorea tensions

Tokyo stocks were flat Thursday morning after a sell off the previous day sparked by fears over US-North Korea tensions, while Japanese cosmetic giant Shiseido surged on upbeat earnings.Global markets tumbled Wednesday as US President Donald Trump and North Korean leader Kim Jong-Un ratcheted up their confrontational rhetoric, with the nuclear-armed North rolling out a plan to launch missiles towards the US Pacific territory of Guam.Trump had stunned the world by saying the North faced "

10 August 2017
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