Tag: corporate

Credit: Bloomberg Industrial & Commercial Bank of China Ltd (ICBC), the world's largest lender by assets, is reportedly the latest target of the notorious Lockbit ransomware gang, believed to be responsible for recent attacks on Boeing Co, ION Trading UK, and the UK's Royal Mail within the past year. Sources familiar with the matter, who requested anonymity as the information is not yet public, indicate that Lockbit orchestrated a ransomware attack on ICBC's US unit, causing disruptions across the US Treasury market. Some transactions have failed to clear, prompting traders to reroute their deals. Lockbit, a criminal group with reported ties to Russia, specializes in deploying ransomware to encrypt files on victims' computers, subsequently demanding payment for file decryptio...

WeWork, a once high-flying shared office firm valued at $47 billion, has been compelled to file for bankruptcy in the United States. This decision marks a stark turn of events for a company that was once seen as the future of the workplace. The bankruptcy filing provides protection from creditors and landlords as WeWork undertakes the challenging task of restructuring its massive debts. Now valued at less than $50 million based on its latest share price, WeWork's decline is evident. While this bankruptcy predominantly affects the company's US and Canadian operations, its co-working spaces in the UK remain open and operational. Tenants in London received assurance from WeWork that services would continue as planned in the majority of their buildings. This comes amidst...

AirAsia Bhd (AAB) has recently inked a Passenger Charter and Ancillary Services Agreement with its affiliate, AirAsia X Bhd (AAX). Under this agreement, AAX will be responsible for handling passenger charter services and ancillary provisions for the deployment of the Malaysian Battalion 850 UNIFIL (Malbatt) to Beirut, Lebanon. The contract is valued at RM29.7 million. Capital A Bhd, in a disclosure to Bursa Malaysia, stated that its wholly owned subsidiary, AAB, successfully secured the tender for the charter operation. The Ministry of Defence (Mindef) awarded AAB the contract for a period of three years, commencing from October 1, 2023, and concluding on September 30, 2026. As per the terms outlined in the letter of acceptance, AAB is set to conduct 12 round-trip charter flights, ...

Elon Musk's Twitter valuation has taken a significant hit since his acquisition of the platform a year ago. Originally purchased for $44 billion, Musk now values it at $19 billion. Internal documents obtained by The Verge reveal that on Monday, X employees were granted equity in the company at a valuation of $19 billion, equivalent to $45 per share. This valuation reflects a 55% reduction from Musk's initial purchase price. The documents specify that the fair market value per share is determined by the Board of Directors, adhering to relevant tax regulations. It's worth noting that Musk chairs X and has yet to establish a formal board. Since assuming control of Twitter, Musk has expressed interest in emulating SpaceX's compensation structure. Like SpaceX, X is privately held, bu...

In the first ten months of 2023, Khazanah Nasional Bhd, the sovereign wealth fund, has amassed over RM5.44 billion from dividends and stake sales in 10 public-listed companies (PLCs) where it holds a 20% stake or more. A rough estimate based on the companies' filings indicates that Khazanah received RM3 billion in dividends from these PLCs this year. Among the major contributors, CIMB Group Holdings Bhd, Tenaga Nasional Bhd, TIME dotCom Bhd, IHH Healthcare Bhd, and Axiata Group Bhd stand out. Notably, CIMB, with a 23.01% stake held by Khazanah, led the pack with a substantial payout of RM763.12 million. Khazanah's stakes in Tenaga and TIME dotCom led to receipts of RM620.67 million and RM620.78 million respectively, owing to its 22.56% ownership in Tenaga and 35.73% in TIME dotC...

Permodalan Nasional Bhd (PNB), the Employees Provident Fund (EPF), and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) are joining forces to invest RM2 billion in the Kulim II high-tech industrial asset. In a joint statement, the co-investors have announced a sale and leaseback agreement with Osram Opto Semiconductors Sdn Bhd, a wholly-owned domestic subsidiary of Austria's ams Osram AG, renowned for its expertise in intelligent sensors and emitters. The transaction is set to be finalised in December, with PNB, EPF, and KWAP each holding a 33.3% ownership stake. This 10-year investment comes with a well-defined exit strategy, presenting an opportunity for the co-investors to put their money into a high-quality, high-specification industrial real asset in Malaysia, offering com...

The Economist warns of hidden bad debts in Chinese banks, compounding the financial sector's existing challenges. Local governments are reportedly struggling to repay approximately 65 trillion yuan (RM42.8 trillion) in off-balance-sheet debts, posing a significant concern. The magazine highlights defaults by major property developers on offshore bonds and substantial debts owed for unbuilt homes, further complicating the financial landscape. Additionally, China's leading wealth-management firms have initiated defaults on investor payments. The situation stems from issues with loans to smaller enterprises that arose during the Covid-19 pandemic. While a precise figure for the unpaid loans is unavailable, public disclosure by banks is not expected until next year. The ong...