Sunday, November 24

Month: November 2023

Australia to Implement Ban on Disposable Vape Imports from January
30Nov By Webmaster IKON MalaysiaNo Comments
News

Australia to Implement Ban on Disposable Vape Imports from January

Australia has taken a firm stance against nicotine addiction among youth by announcing a ban on the import of disposable vapes effective from January. The move aims to tackle the rising trend of vaping among young people and curtail the potential health risks associated with e-cigarettes. Health Minister Mark Butler highlighted the concerning surge in nicotine dependency among the younger population, stating, "All Australian governments are committed to working together to stop the disturbing growth in vaping among our young people." The ban extends to the manufacture, advertisement, and supply of single-use vapes within the country, reflecting a broader initiative to phase out recreational vaping altogether. Vapes, powered by lithium batteries and containing nicotine-inf...
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China’s fast-fashion giant Shein said to have filed for US IPO in major test of investor appetite
30Nov By Webmaster IKON MalaysiaNo Comments
Business

China’s fast-fashion giant Shein said to have filed for US IPO in major test of investor appetite

Fast-fashion giant Shein has confidentially filed to go public in the United States, according to two sources familiar with the matter, in what is likely to be one of the most valuable China-founded companies to list in New York. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the initial public offering, and Singapore-based Shein could launch its new share sale some time in 2024, the sources said. Shein has not determined the size of the deal or the valuation at IPO, the sources said. Bloomberg reported earlier in November that it targeted up to US$90 billion (S$120 billion) in the float. Shein and the banks declined to comment. The company founded in China in 2012 was valued at more than US$60 billion in a May fund-raising, dow...
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Reddit weighing IPO as soon as first quarter of 2024
30Nov By Webmaster IKON MalaysiaNo Comments
Business

Reddit weighing IPO as soon as first quarter of 2024

Reddit is again holding talks with potential investors for an initial public offering (IPO) for the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings. The San Francisco-based firm, whose users helped fuel the meme stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said. Reddit was working with Morgan Stanley and Goldman Sachs on the listing, Bloomberg News reported in 2022, and was considering a valuation of as much as US$15 billion (S$20 billion). Companies planning first-time share sales in the United States have been stymied for months by volatile markets and a relatively weak showing for four closely watched deb...
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Farm Fresh Bhd Boosts Profits as Dairy Costs Decline
30Nov By Webmaster IKON MalaysiaNo Comments
Business

Farm Fresh Bhd Boosts Profits as Dairy Costs Decline

Farm Fresh Bhd has reported a notable surge in net profit for the second quarter ending Sept 30, 2023, attributing the rise to a reduction in the cost of dairy raw materials, particularly whole milk powder. The company revealed that its net profit climbed to RM12.79 million from RM11.19 million in the previous corresponding period. Moreover, revenue witnessed a significant increase, reaching RM198.3 million compared to RM162.14 million previously recorded. This positive financial outcome translated to basic earnings per share rising to 0.68 sen from 0.60 sen in the preceding period. CEO Loi Tuan Ee expressed satisfaction at the company's achievements during the challenging period. He emphasized the hard work put in by Farm Fresh, stating, "The positive results posted for the...
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Ex-Malaysian Cop Claims Silence Paid with RM1 Million in Mongolian Model Murder Case
29Nov By Webmaster IKON MalaysiaNo Comments
News

Ex-Malaysian Cop Claims Silence Paid with RM1 Million in Mongolian Model Murder Case

Credit: Aljazeera Former Malaysian policeman Sirul Azhar Umar has made startling revelations regarding the murder of Mongolian model Altantuya Shaariibuu, claiming he received RM1 million (S$286,500) in hush money during his detention in Australia. In an exclusive interview with Al Jazeera's 101 East program, Sirul revealed that the payment, facilitated by a prominent politically connected lawyer and a high-ranking Cabinet member, was to ensure his silence regarding the murder case. Insisting on his innocence, Sirul labeled himself a pawn in a political maneuver and emphasized his non-involvement in Altantuya's tragic demise, despite being convicted of the crime. While refraining from divulging the identity of the mastermind behind Altantuya's murder, Sirul asserted that a top...
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Alibaba’s Co-founder Jack Ma Ventures into Food Business with “Hangzhou Ma’s Kitchen Food” Incorporation
29Nov By Webmaster IKON MalaysiaNo Comments
Business

Alibaba’s Co-founder Jack Ma Ventures into Food Business with “Hangzhou Ma’s Kitchen Food” Incorporation

Renowned as a pivotal figure in China's tech landscape, Jack Ma, the co-founder of Alibaba, seems to be venturing into the food industry, as indicated by recent company filings. Reports reveal that on Wednesday (22 Nov), Ma incorporated a new company named "Hangzhou Ma's Kitchen Food" in the city where Alibaba is headquartered. Hangzhou, also Ma's hometown, became the base for this new endeavor. According to the National Enterprise Credit Information Publicity System, the registered capital of the company stands at 10 million Chinese yuan (approximately $1.4 million). Hangzhou Ma's Kitchen Food is under Ma's investment vehicle, Hangzhou Dajingtou. The company reportedly focuses on the sales of pre-packaged food, processing, and retail of agricultural products. This shift towa...
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No nation in the world is buying more planes than India. Here’s why
29Nov By Webmaster IKON MalaysiaNo Comments
Business

No nation in the world is buying more planes than India. Here’s why

No nation in the world is buying as many airplanes as India. Its largest airlines have ordered nearly 1,000 jets in 2023, committing tens of billions of dollars to a spending spree that is unparalleled in aviation. In New Delhi, Indira Gandhi International Airport will be ready for 109 million passengers in 2024, as it prepares to become the world’s second busiest, behind Hartsfield-Jackson Atlanta International Airport in the United States. And this is happening in a vast country still heavily reliant on trains – with 20 journeys by rail for every one by air. The enormous aviation build-up, with a surge of investment behind it, has pride of place in India’s case for a greater standing on the world stage. As it moves up the ranks of the world’s biggest economies, India is scramb...
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Perodua eyes 20% EV sales by 2030, says president
29Nov By Webmaster IKON MalaysiaNo Comments
Business

Perodua eyes 20% EV sales by 2030, says president

Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is eyeing electric and hybrid vehicles to account for up to 20 per cent of new car sales by 2030. President and chief executive officer Datuk Seri Zainal Abidin Ahmad said this is possible “if all industry players can work together.” “We are working together with the government and other partners. We have been appointed in the new industrial plan to spearhead the EV development in Malaysia,” he told reporters after witnessing a memorandum of collaboration (MoC) signing ceremony at Malaysia Tourism Centre (MaTiC), here yesterday. “We need to come up with a new product. We have not finalised the production timing, but the target given by the government — 30% by 2025 or 2030 — will materialise if all the parties cooperate,” he said. ...
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