Tag: corporate

In the third quarter of 2023 (3Q), Capital A Bhd's combined airlines achieved a robust load factor of 89%. The group, consisting of AirAsia's Malaysia, Thailand, Indonesian, and Philippines divisions, accommodated 14.7 million passengers with 16.5 million seat capacities across 152 operational aircraft. This strong performance reflects the sustained high travel demand following the pandemic, resulting in significant year-on-year growth. The load factor increased by three percentage points, with a nearly 50% growth in passengers carried and a 45% growth in seat capacity. Year-to-date, the consolidated airlines have recovered 76% of passenger volume compared to the same period in 2019, surpassing overall capacity recovery at 73%. All airlines experienced notably high load...

Gamuda Bhd, in collaboration with its joint venture partner in Taiwan, has secured a design and build contract worth RM3.45 billion for the construction of Taiwan's Kaohsiung Mass Rapid Transit (MRT) metropolitan line from the Kaohsiung City government. This project marks Gamuda's third railway endeavor in Taiwan and its second project in Kaohsiung, following the construction of the Kaohsiung MRT Orange Line in 2008. In 2022, Gamuda also secured the RM2.13 billion TaoYuan City underground railway project (Package CJ18 PingZhen Commuter Station) in Taipei. Gamuda is currently involved in six infrastructure projects in Taiwan, including the Guantang marine bridge, Taipei port seawall, and the 161kV Songshu to Guanfeng underground transmission line. The new MRT line in Kaohsiung...

The Malaysian Ministry of Science, Technology, and Innovation (Mosti) is joining forces with Bursa Malaysia to assist local startups on their path to securing funding, ultimately advancing innovation in the country. Minister Chang Lih Kang revealed in a Dewan Rakyat session that Mosti will provide Bursa Malaysia with vital market insights about the local startup ecosystem, enabling the early identification of companies with the potential to be listed on the stock exchange. This collaborative effort is part of Mosti's broader initiatives aimed at fulfilling the government's goal of positioning Malaysia within the top 30 countries in the Global Innovation Index (GII) by 2025, as outlined in the 12th Malaysia Plan (12MP). Although Malaysia maintained its 36th position in the GII...

South Korea's Hyundai Engineering & Construction and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco to build a gas processing plant, Seoul's presidential office said on Tuesday. The deal was signed on Monday in Riyadh at a ceremony to mark 50 years of construction cooperation between the two countries, with South Korean President Yoon Suk Yeol attending as part of his state visit to the kingdom. The two builders, affiliates of Hyundai Motor Group, have been working on the first phase of Aramco's Jafurah gas processing facilities project after winning the order in 2021, Hyundai said in a statement confirming the signing of the $2.4 billion contract for the second phase. Jafurah is Saudi's largest unconventional non-oil associated gas fi...

Australia's Lynas Rare Earths announced that it intends to cease all operations in Malaysia, except for a mixed rare earth carbonate processing plant, in the final quarter of this year. This decision has led to a decline in the company's shares, which fell by as much as 2.7 percent to A$6.24 (RM18.80) by 0045 GMT, marking their lowest point since May 3. Lynas' operations in Malaysia have been a contentious issue for the company, as the Malaysian government has raised concerns about radiation levels resulting from its cracking and leaching activities over the past couple of years. Prime Minister Datuk Seri Anwar Ibrahim has even issued warnings about potentially banning the export of rare earth raw materials. The company has plans to upgrade its downstream operations in Lynas Mal...

DHL Supply Chain, the global market leader for contract logistics solutions, plans to invest 350 million euros (1 euro=RM4.99) in Southeast Asia with more than a third of the investment or 131 million euros (RM654.46 million) to flow into Malaysia over the next five years. Of the 350 million euros, DHL Supply Chain will allocate 104 million euros in Singapore, 80 million euros in the Philippines, and 35 million euros in Indonesia to expand its warehousing capacity, workforce and sustainability initiatives. DHL Supply Chain Southeast Asia chief executive officer Andries Retief said there is a global reshuffle of supply chains and Malaysia will benefit from it, especially in the manufacturing sector. "A member of Asean, the country is party to numerous free trade agreements, ma...

Rolls-Royce Holdings plc is embarking on a substantial restructuring effort, aiming to eliminate approximately 2,500 positions across the globe as part of its drive to enhance operational efficiency. This marks the most extensive round of job cuts under the leadership of CEO Tufan Erginbilgic. The planned reductions will impact between 2,000 and 2,500 employees, accounting for roughly 6% of the company's worldwide workforce, as confirmed in a regulatory statement following reports of impending job losses. As part of the corporate restructuring, Rolls-Royce will see its Chief Technology Officer, Grazia Vittadini, depart the company in April next year. Vittadini had held the position since November 2021, having previously worked with Airbus SE. Erginbilgic is intensifying his turn...