Friday, July 12

Business

Abercrombie’s 285% surge in 2023 beats even sizzling Nvidia
Business

Abercrombie’s 285% surge in 2023 beats even sizzling Nvidia

One retail stock has been a clear winner this year as fashion trends revisited the late 90s and early 2000s. Abercrombie & Fitch Co. has gained 285% this year, its best annual performance since going public in 1996. The rally has made the company the best performer in the S&P 1500 Index, even managing to beat out artificial intelligence darling Nvidia Corp.’s 239% gain. The retailer has also handily outperformed its peers – the S&P Retail Select Industry Index rose 20% this year. The strong showing is a sharp pivot from 2022, when the retailer’s shares fell 34% as the broader stock market was dragged down by an uncertain economic backdrop and cautious consumers. Heading into this year, however, Abercrombie cleared extra inventory and focused on its target audience, y...
Year in review: 2023’s top CEO mishaps and misadventures
Business

Year in review: 2023’s top CEO mishaps and misadventures

Another year, another endless news cycle driven by the world’s top corporate executives, with moments ranging from cringe-worthy to downright bizarre. While some CEOs seemed to relish the spotlight, Elon Musk (picture) chief among them, others were inadvertently thrust into social media’s harsh glare. Here are some of the most high-profile management misadventures: The Muskiest moment Of all the jaw-dropping Musk moments this year, the pinnacle came on stage at the New York Times DealBook Summit when he told advertisers that have stopped spending on X to go “f—” themselves. “Hey Bob, if you’re in the audience” he added, calling out Bob Iger, the CEO of Walt Disney Co. — one company among many that distanced itself after Musk endorsed an antisemitic post in November. Sti...
Petaling Jaya Dominates as the Most Sought-After Property Hotspot in Malaysia for 2023
Business

Petaling Jaya Dominates as the Most Sought-After Property Hotspot in Malaysia for 2023

In a dynamic shift for Malaysia's real estate landscape, Petaling Jaya (PJ) has emerged as the most coveted area among property seekers in 2023, securing the top spot for the second time, previously winning in 2021. The annual list, compiled by iProperty.com.my, reveals interesting trends and newcomers in the top 10 most searched areas. Urban Resurgence: Return to Established Urban Areas The year 2023 witnessed a notable surge in property searches in urban areas, signaling a shift in preferences towards established city living. This change is attributed to the return-to-office policy adopted by many employers and an increasing desire for proximity to workplaces, boosting the appeal of well-connected urban spaces with vibrant amenities. Top 10 Most-Searched Areas in 2023: ...
Malaysia’s total trade for November 2023 amounts to RM231.8b
Business

Malaysia’s total trade for November 2023 amounts to RM231.8b

Malaysia’s total trade for November 2023 amounted to RM231.8 billion, with exports and imports recorded at RM122.1 billion and RM109.7 billion, respectively, said the Department of Statistics Malaysia (DoSM). Based on its Export-Import Statistics by State November 2023 report, chief statistician Datuk Seri Mohd Uzir Mahidin said exports eased by RM7.6 billion (-5.9%) compared with the same month a year ago. “The decrease in exports was attributed to the lower exports in most states, namely Penang (-RM5.4 billion), Selangor (-RM2.4 billion), Sarawak (-RM1.6 billion), Terengganu (-RM869.1 million), Melaka (-RM755.1 million), Labuan (-RM704.8 million), Pahang (-RM308.0 million), Negeri Sembilan (-RM164.2 million), Perlis (-RM29.9 million) and Kuala Lumpur (-RM9.9 million). “Howe...
Dubai’s red-hot property market is bracing for a slowdown
Business

Dubai’s red-hot property market is bracing for a slowdown

Just nine months after buying their first property in Dubai, Dina Habib and Karim Yusuf are already planning their next move within the city. The Egyptian couple, who spent eight years renting in the emirate, are selling their two-bedroom apartment in the Jumeirah Village Circle district on the edge of Dubai for a 26% premium over the 1.7 million dirhams ($460,000) they paid for the property in March. Habib is hoping to secure a larger property for her family of three for the same price or less. “For many years, we’ve paid someone else’s mortgage because we were scared to buy in a market that went up and down,” said the 39-year-old researcher. “Now, we think the market may have peaked and so we’re planning to sell and buy a house with a garden next year when prices hopefully ...
Sime Darby’s takeover of UMW now unconditional
Business

Sime Darby’s takeover of UMW now unconditional

Sime Darby Bhd’s takeover bid for the remaining shares it does not own in UMW Holdings Bhd at RM5 per share is now unconditional, as Sime Darby already holds more than 50% of voting shares. On Dec 13, Sime Darby completed an acquisition of a 61.2% stake in UMW, making Sime Darby the new major shareholder of UMW. CIMB Investment Bank Bhd, on behalf of Sime Darby, informed Bursa Malaysia today that the offer would remain open for acceptance until 5pm on Jan 17, 2024, unless extended or revised. Sime Darby has said it does not intend to maintain the listing status of UMW on the Main Market of Bursa Securities. As of 11.47am, Sime Darby added one sen to RM2.37, with 2.65 million shares traded while UMW declined one sen to RM4.90 with 1.14 million units changing hands. – Bernam...
Chinese carmaker overtakes Tesla as world’s most popular EV maker
Business

Chinese carmaker overtakes Tesla as world’s most popular EV maker

China’s BYD Co. bills itself as the biggest car brand you’ve never heard of. It might need a different tagline soon. The automaker is poised to surpass Tesla Inc. as the new worldwide leader in fully electric vehicle sales. When it does — likely in the current quarter — it will be both a symbolic turning point for the EV market and further confirmation of China’s growing clout in the global automotive industry. In a sector still dominated by more familiar names like Toyota Motor Corp., Volkswagen AG and General Motors Co., Chinese manufacturers including BYD and SAIC Motor Corp. are making serious inroads. After leapfrogging the US, South Korea and Germany over the past few years, China now rivals Japan for the global lead in passenger car exports. Some 1.3 million of the 3.6 mi...
Prada plots major NYC expansion with US$835m building deal
Business

Prada plots major NYC expansion with US$835m building deal

Prada is expanding its New York presence with the acquisition of two buildings on New York’s Fifth Avenue. An entity tied to the Prada family bought 720 Fifth Ave. for roughly $410 million, according to people familiar with the matter. Earlier this week, the Italian fashion brand announced the $425 million purchase of 724 Fifth Ave., the adjacent building that houses its New York flagship store. That filing didn’t mention 720 Fifth. The combined value of $835 million makes it one of the largest real estate purchases in New York this year. A spokesperson for Prada didn’t immediately respond to a request for comment. A representative for the seller, an entity owned by developer Jeff Sutton, declined to comment. Property acquisitions have taken a hit this year as values decli...