Saturday, July 13

Tag: corporate

AirAsia X: Financial performance recovering, to exit PN17 status
Business

AirAsia X: Financial performance recovering, to exit PN17 status

AirAsia X Bhd’s (AAX) net profit for the third quarter ended Sept 30, 2023, fell to RM5.56 million from RM25.09 million registered in the corresponding period last year. However, revenue for the period under review soared to RM648.36 million from RM100.10 million a year ago, the long-haul low-cost airline said in a filing with Bursa Malaysia yesterday. It noted that the company commenced operations during the quarter that ended June 30, 2022, after two years of suspension of scheduled flights, and the majority of the aircraft fleet remained grounded during the quarter ended Sept 30, 2022. “As such, the performance indicators comparison quarter for the quarter is not meaningful. The tabular presentation of revenue and cost metrics in the quarter, therefore, will be presented w...
Microsoft ends weekend of OpenAI drama with coup of its own
Innovation/ Technology

Microsoft ends weekend of OpenAI drama with coup of its own

After three days of high drama at the world’s most closely watched startup, which many compared to a coup, Microsoft Corp. capped the weekend with one of its own: the software giant hired ousted OpenAI chief Sam Altman. The moves reshape the world of artificial intelligence given that OpenAI is behind the hugely popular ChatGPT app that took generative AI into the mainstream, and Altman was its figurehead. He was unexpectedly fired by OpenAI’s board on Friday, setting off a frenzied weekend campaign to reinstate him, led by OpenAI executives and key investors — including Satya Nadella, the chief executive officer of Microsoft, which had pledged more than $10 billion for the startup. Instead, OpenAI’s board replaced Altman with Emmett Shear, the former CEO of Twitch, in a stin...
Xiaomi posts first sales rise since 2021 after market stirs
Business, Innovation/ Technology

Xiaomi posts first sales rise since 2021 after market stirs

Xiaomi Corp. posted its first revenue gain in almost two years, a welcome boost for a smartphone maker that’s begun aggressively attacking its Chinese rivals with higher-end models at home and abroad. It posted sales of 70.9 billion yuan ($9.9 billion) for the September quarter, versus average projections for 70.5 billion. Net income was 4.9 billion yuan, compared with the average estimate of 4.3 billion yuan. The smartphone maker is hopeful that global phone shipments will jump during the holiday quarter though on a full-year basis, Xiaomi and its rivals should sell about 5% fewer devices in 2023. Shipments should bounce back in 2024, executives told reporters after the earnings report. Xiaomi is emerging from a years-long funk, when global demand for smartphone and other el...
Berjaya Construction Secures $50 Million Loan for Four Seasons Okinawa Project
Business

Berjaya Construction Secures $50 Million Loan for Four Seasons Okinawa Project

Berjaya Construction Bhd, the construction arm of Berjaya Land Bhd (BLand), has successfully obtained a $50 million construction loan from Export-Import Bank of Malaysia Berhad (EXIM Bank) for the Four Seasons Resort & Private Residences Okinawa project in Japan. Seikou Okinawa Construction KK, a subsidiary of Berjaya Construction, will spearhead the project as the primary contractor. Berjaya Corp Bhd founder and adviser Tan Sri Vincent Tan expressed, "This venture is more than just building a luxury destination; it’s about contributing to the growth of our nation’s businesses. We are committed to showcasing Malaysia’s expertise in the global market and creating a world-class destination that reflects the best of Malaysia." The Four Seasons Okinawa project, covering 32 ac...
Grab Holdings President Ming Maa to Depart in April 2024
Business

Grab Holdings President Ming Maa to Depart in April 2024

President Ming Maa of Singapore-based Grab Holdings is set to step down from his position at the end of April 2024, as announced by Grab on Tuesday. The departure of Ming Maa, who joined Grab in September 2016, will see him focusing on corporate development responsibilities until his exit, according to Grab's statement. Maa played a crucial role in Grab's merger with Uber's Southeast Asia operations in 2018 and the company's successful public listing on NASDAQ in 2021. Grab clarified that there are no plans to fill the president role, and the responsibilities currently under Maa will be distributed among other leaders within Grab. Ming Maa's planned exit follows the announcement in May by co-founder Tan Hooi Ling, who stated her intention to step down from operational role...
China weighs ending freeze on Boeing purchases with 737 Max deal in US
Business

China weighs ending freeze on Boeing purchases with 737 Max deal in US

China is considering resuming purchases of Boeing's 737 Max aircraft when the U.S. and Chinese presidents meet this week at the APEC summit, Bloomberg News reported on Sunday, citing people familiar with the matter. Chinese President Xi Jinping is not expected to unveil a formal order for the 737 Max aircraft commitments that are not a firm sale and often take the form of a memorandum of understanding or letter of intent, the report said, adding that the terms of any potential agreement were under discussion and could change or fall apart before the heads of state meet on Wednesday. Boeing is still waiting to resume deliveries of its bestselling 737 MAX to Chinese airlines, more than four years after they were halted following two deadly crashes. The company had said that as of ...
LTAT Commits to Boustead Plantations Acquisition at RM1.55 per Share
Finance

LTAT Commits to Boustead Plantations Acquisition at RM1.55 per Share

Lembaga Tabung Angkatan Tentera (LTAT) has officially fulfilled its commitment to acquire Boustead Plantations Bhd (BPlant) shares, solidifying the deal after a prior arrangement with Kuala Lumpur Kepong Bhd (KLK). In a recent exchange filing, BPlant confirmed the receipt of LTAT's unconditional mandatory takeover offer at RM1.55 per share. The agreement stems from LTAT's entry into an unconditional share sale agreement with Boustead Holdings Bhd (BHB) on November 10. LTAT is set to acquire 739,199,966 BPlant shares, representing a 33% stake, for a cash consideration of RM1.146 billion, equivalent to RM1.55 per BPlant share. Following the completion of this transaction, LTAT's shareholding in BPlant will surge to 43.59%, a significant increase from the initial 10.59%. This trigg...