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Monthly Archives: June 2019

Battersea Power Station glass chimney a must-see in 2021

LONDON, The iconic Battersea Power Station redevelopment project led by a Malaysian consortium will have a new glass chimney lift, which will offer visitors a 360-degree view of London’s skyline and is set to be one of the city’s top 10 destinations in 2021.

Battersea Power Station Development Company (BPSDC) chief executive officer Simon Murphy said the project will also be complemented by the all-new Zone 1 London Underground station on the Northern Line and Thames Clippers River Bus which has been running since last year.

We are expecting to open in the first half of 2021, and it is expected that 40 million people will visit the area per annum, he said in a media interview.

He added that the lift will be the only one in the London area to ensure that visitors have a scenic London view, and can fit 30 people at any one time.

The lift will be 109 metres to the top of the iconic chimney and will offer visitors a breathtaking view of London’s skyline by the River Thames, he said.

Asked about the challenges in restoring the Battersea Power Station, he said the building has its own history and heritage value in the hearts of the people of London, hence they are doing to the best of their ability to restore its glory.

It is not just about buildings. It is about the history and the people. The power had been out at the Battersea power station until Malaysia’s conglomerate came in, bringing life to the historical and iconic area, he said.

The project’s owner, Battersea Project Holding Company Ltd, is owned jointly by Sime Darby Property Bhd (40 per cent), SP Setia Bhd (40 per cent) and EPF (20 per cent).

“In terms of cost and investors’ confidence, Murphy emphasised that the project is expected to complete on time. There is cost certainty as the Power Station’s construction materials are now largely procured and any previous cost overruns have been dealt with.

There have been reported concerns about the future of the project with Brexit and the cost of construction, but I can assure the shareholders back in Malaysia that there is nothing to worry about.

Our residential units are doing spectacularly and our retail units have been in demand, he said.

He said the commercial take-up rate for the power station has surpassed 65 per cent as it has been leased to Apple Inc and other global companies as well as co-working spaces.

As for residential units, 99 per cent have been sold in phase one, 90 per cent have been sold in the power station which is the phase two of the project, and 70 per cent have been sold in phase 3A called the Electric Boulevard.

Phase 3A, a mixed development that will be connected to the tube line, will have the biggest roof garden in London.

BPSDC has also signed a 15-year lease with Art’otel, a boutique hotel chain, which will offer a brand new insight into the Battersea area.

The 17-hectare (42-acre) development site has been divided into eight phases and has a combined gross development value of Pound 9 billion.

The Battersea project is on an upbeat momentum. Investors’ sentiment is solid and I can assure that the project will be a huge value to the shareholders. We are confident about the future of Battersea, he said.

Source: BERNAMA (News Agency)

CGS-CIMB Securities officially starts stockbroking operations in Malaysia

KUALA LUMPUR, CGS-CIMB Securities Sdn Bhd (CGS-CIMB Malaysia), the Malaysian stockbroking joint venture between CIMB Group Holdings Bhd (CIMB) and China Galaxy International Financial Holdings Ltd (CGI), a wholly-owned subsidiary of China Galaxy Securities Co. Ltd (CGS), will officially commence operations on July 1, 2019.

CIMB and CGS each owns a 50 per cent stake in CGS-CIMB Malaysia, whose stockbroking business comprises institutional and retail brokerage, share margin financing for broking clients, equity financing services and equities research, as well as exchange listed derivative broking via its wholly-owned CGS-CIMB Futures Sdn Bhd, said a joint media statement issued today.

CIMB and CGS are already partners in CGS-CIMB Securities International, which is the platform operating stockbroking businesses in the region.

“We are pleased to complete the inclusion of CIMB’s Malaysia stockbroking business into the partnership with China Galaxy. The platform will be able to leverage on shared expertise, digital innovation and wider market access to offer better solutions for customers. Through CGS-CIMB Malaysia, we expect to raise the game for the country’s stockbroking industry.

“The CGS-CIMB partnership is also a pivotal step to enhance investment and capital flows between ASEAN and China. I am confident this partnership will result in a differentiated value proposition for existing and future clients of CGS-CIMB, as well as CGS and CIMB separately, said chief executive officer (CEO) of Group Wholesale Banking, CIMB Group Shahnaz Jammal.

Meanwhile, CEO of CGI Derrick Lau said the successful completion of the joint venture with CIMB in Malaysia will cement their overall stockbroking joint venture collaboration with CIMB.

“The completion of the CGS-CIMB Malaysia will fortify and better position our entire pan-Asia joint venture platform as the stockbroker of choice in Asia to ride on the increasing trend of cross-border investments under China’s Belt and Road Initiative. We are confident that together with CIMB and the entire team at CGS-CIMB Malaysia, by sharing the same vision and goals going forward, we will continue to scale new heights in the Asian stockbroking industry,” said Lau.

CEO of CGS-CIMB Malaysia Ruzi Rani Ajith said: “The entry of CGS as a new shareholder as well as CGS-CIMB Securities International’s established platform, research capabilities and regional footprint will provide substantial synergies to support CGS-CIMB Malaysia in fulfilling our clients’ investment objectives as well as in connecting them with various opportunities in Asia.

“Access to sophisticated tools and technology will also help us create innovative products to serve a wider range of investors. Moving forward, CGS-CIMB Malaysia will focus on expanding our Islamic services and retail offerings for investors with a Shariah mandate.

CGS-CIMB has over 40 years of cumulative stockbroking expertise and is one of the pioneer stockbrokers in Southeast Asia.

Its businesses include retail broking, institutional equities, derivatives, prime services, equities research, wealth management and online broking, and is backed by an award-winning research team comprising more than 70 analysts covering over 800 companies across the Asia Pacific (ex-Japan) market.

Across the region, CGS-CIMB is already a dominant player in the retail broking industry with 70 branches and over 850 distribution posts, and is ranked in the top three by market share for broking houses in Malaysia, Indonesia and Singapore.

CGS-CIMB Malaysia is one of the top securities firms in the Malaysian market with year-to-date traded value of RM65.1billion as at 31 May, 2019. Supported by a workforce of over 600 staff, including remisiers, and 29 branches nationwide, the business serves over 200,000 individual, corporate and institutional clients.

Source: BERNAMA (News Agency)

Petronas says Anuar Taib keeps his position

KUALA LUMPUR, PETRONAS today clarified certain media reports regarding executive vice president and Upstream Business chief executive officer Datuk Mohd Anuar Taib’s alleged departure from the company.

In a statement released today, it said Mohd Anuar remains in his position as executive vice president and CEO of Upstream Business, PETRONAS.

“Independently, PETRONAS Gas Bhd, a subsidiary of PETRONAS, on June 28, 2019, in compliance with the Main Market Listing Requirements, announced to Bursa Malaysia the resignation of Mohd Anuar as chairman and director of PETRONAS Gas Bhd effective July 1, 2019, in line with the internal reorganisation of PETRONAS that was approved by the PETRONAS Board of Directors on Feb 28, 2019,” said the statement.

PETRONAS added that with the reorganisation, PETRONAS Gas Bhd is now placed under the purview of Adif Zulkifli as the EVP and CEO of Gas and New Energy Business, PETRONAS.

Source: BERNAMA (News Agency)

AirAsia can save MAB from dying – Kadir Jasin

KUALA LUMPUR, Low-cost airline giant AirAsia Group Bhd is seen as a successful airline operator with the capability to save national carrier Malaysia Airlines Bhd (MAB) from “dying”, says veteran newsman Datuk A. Kadir Jasin.

He pointed out that AirAsia already has one element that is similar to MAB, which is its long-haul arm, AirAsia X Bhd.

“They have AirAsia X which flies as far as Jeddah and to many other places like Japan, South Korea and China, so they have that experience.

“Of course, their price structure is different, so in that sense, they have experience, but whether they can take MAB and turn it into AirAsia, or keep MAB as a full-fare airline, that is for anybody who is interested in MAB,” he told Bernama recently.

Kadir was responding to a question on whether AirAsia could operate both a full-fledged airline and a low-cost one at the same time, after he suggested on his Facebook post last Friday that “it is better for MAB to be ‘married’ to AirAsia than to wantonly allow the iconic brand to die”.

“In Europe, there is an airline company which runs both full-fare and low-cost airlines, and many other big airlines in Europe and the United States have also tried to have low-cost airlines, but generally that has not been successful,” he said.

To recap, in December 2007, Germany-based airline Lufthansa bought a 19 per cent stake in JetBlue Airways and signed a code-sharing agreement with the airline.

It was the first major investment by a European carrier in an American carrier since the US-US Open Skies Agreement came into effect in 2008.

However, in March 2015, Lufthansa sold its stake in JetBlue.

Meanwhile, in his Friday’s Facebook post, Kadir also noted that AirAsia had “married MAB before, referring to their share swap agreement on Aug 9, 2011. But the deal was short-lived, falling through eight months later.

Kadir expressed his opinion that the proposed MAB-AirAsia share swap deal did not work out at the end as the proposal was not well thought-out and faced a lot of resistance from the public.

“Well, that was some years ago, and the situation has changed, and we have seen the government try many things to revive MAS, unfortunately the general feeling is that MAB has not really been revived, so something has to be done about it,” he said.

But whether AirAsia would be as successful running MAB as a full-fare airline, and if there is any real interest by the budget airline, MAB should really give the matter its due consideration, he added.

AirAsia chief executive officer (CEO) Tan Sri Tony Fernandes was reported as saying earlier that there is no plan for the low-cost airline to buy MAB, as it prefers to transform itself into a technology-led company.

Asked if the “marriage” of AirAsia and MAB would spark concerns about a monopoly in the local aviation industry, Kadir said he believed there would be an element of monopoly, or duopoly between AirAsia and Malindo Airways in the short term.

“But it is not that easy these days for airline companies to collude and to fix prices, as price fixing is an offence and I think we now have some form of guarantee in the form of fair trade.

“However, I am quite sure in the competition between two companies, prices will not be as cheap as competition among three companies, or more,” he added.

Meanwhile, aviation analyst Shukor Yusof of Endau Analytics, when contacted, said it was unlikely for Fernandes to take over MAB at the moment.

“As Tony Fernandes has said publicly, his plate is already full, at this stage, I see no reason for AirAsia to take over MAB,” said Shukor.

In his blog titled “Singapore Airlines to invest in Malaysia Airlines” recently, Shukor said MAB lost over RM2.4 billion (US$580 million) between 2015 and 2017 despite having been given a generous RM6 billion lifeline by sovereign wealth fund Khazanah Nasional Bhd in 2014.

“Earlier this week, Prime Minister Tun Dr Mahathir Mohamad commented that he was not averse to selling MAB if the government found buyers who could genuinely turn around the moribund carrier while keeping its Malaysian identity intact,” he said.

The topic of selling MAB hit the headlines again after Mahathir, who is also the chairman of Khazanah, said a fortnight ago that Malaysia is willing to consider selling the national carrier if there is a good offer for the company.

The prime minister first raised the issue in March this year, saying the government was considering whether to shut the airline down, sell it off or refinance it, after MAB remained in the red last year due to several factors including crew shortages in the second half of 2018.

The idea of shutting down the airline, however, had prompted objections from various quarters, including former Prime Minister Datuk Seri Najib Tun Razak and MAB group CEO Captain Izham Ismail.

The national carrier had recorded losses even before the disappearance of Flight MH370 and the subsequent shooting down of Flight M7.

In 2014, it unveiled a five-year recovery plan to turn around the company, with the aim of returning to profit by 2018.

However, it missed the target amid a challenging business environment, no thanks to the stiff competition, rising fuel prices, adverse foreign exchange rates and crew shortage.

Source: BERNAMA (News Agency)

AirAsia can save MAB from dying – Kadir Jasin

KUALA LUMPUR, Low-cost airline giant AirAsia Group Bhd is seen as a successful airline operator with the capability to save national carrier Malaysia Airlines Bhd (MAB) from “dying”, says veteran newsman Datuk A. Kadir Jasin.

He pointed out that AirAsia already has one element that is similar to MAB, which is its long-haul arm, AirAsia X Bhd.

“They have AirAsia X which flies as far as Jeddah and to many other places like Japan, South Korea and China, so they have that experience.

“Of course, their price structure is different, so in that sense, they have experience, but whether they can take MAB and turn it into AirAsia, or keep MAB as a full-fare airline, that is for anybody who is interested in MAB,” he told Bernama recently.

Kadir was responding to a question on whether AirAsia could operate both a full-fledged airline and a low-cost one at the same time, after he suggested on his Facebook post last Friday that “it is better for MAB to be ‘married’ to AirAsia than to wantonly allow the iconic brand to die”.

“In Europe, there is an airline company which runs both full-fare and low-cost airlines, and many other big airlines in Europe and the United States have also tried to have low-cost airlines, but generally that has not been successful,” he said.

To recap, in December 2007, Germany-based airline Lufthansa bought a 19 per cent stake in JetBlue Airways and signed a code-sharing agreement with the airline.

It was the first major investment by a European carrier in an American carrier since the US-US Open Skies Agreement came into effect in 2008.

However, in March 2015, Lufthansa sold its stake in JetBlue.

Meanwhile, in his Friday’s Facebook post, Kadir also noted that AirAsia had “married MAB before, referring to their share swap agreement on Aug 9, 2011. But the deal was short-lived, falling through eight months later.

Kadir expressed his opinion that the proposed MAB-AirAsia share swap deal did not work out at the end as the proposal was not well thought-out and faced a lot of resistance from the public.

“Well, that was some years ago, and the situation has changed, and we have seen the government try many things to revive MAS, unfortunately the general feeling is that MAB has not really been revived, so something has to be done about it,” he said.

But whether AirAsia would be as successful running MAB as a full-fare airline, and if there is any real interest by the budget airline, MAB should really give the matter its due consideration, he added.

AirAsia chief executive officer (CEO) Tan Sri Tony Fernandes was reported as saying earlier that there is no plan for the low-cost airline to buy MAB, as it prefers to transform itself into a technology-led company.

Asked if the “marriage” of AirAsia and MAB would spark concerns about a monopoly in the local aviation industry, Kadir said he believed there would be an element of monopoly, or duopoly between AirAsia and Malindo Airways in the short term.

“But it is not that easy these days for airline companies to collude and to fix prices, as price fixing is an offence and I think we now have some form of guarantee in the form of fair trade.

“However, I am quite sure in the competition between two companies, prices will not be as cheap as competition among three companies, or more,” he added.

Meanwhile, aviation analyst Shukor Yusof of Endau Analytics, when contacted, said it was unlikely for Fernandes to take over MAB at the moment.

“As Tony Fernandes has said publicly, his plate is already full, at this stage, I see no reason for AirAsia to take over MAB,” said Shukor.

In his blog titled “Singapore Airlines to invest in Malaysia Airlines” recently, Shukor said MAB lost over RM2.4 billion (US$580 million) between 2015 and 2017 despite having been given a generous RM6 billion lifeline by sovereign wealth fund Khazanah Nasional Bhd in 2014.

“Earlier this week, Prime Minister Tun Dr Mahathir Mohamad commented that he was not averse to selling MAB if the government found buyers who could genuinely turn around the moribund carrier while keeping its Malaysian identity intact,” he said.

The topic of selling MAB hit the headlines again after Mahathir, who is also the chairman of Khazanah, said a fortnight ago that Malaysia is willing to consider selling the national carrier if there is a good offer for the company.

The prime minister first raised the issue in March this year, saying the government was considering whether to shut the airline down, sell it off or refinance it, after MAB remained in the red last year due to several factors including crew shortages in the second half of 2018.

The idea of shutting down the airline, however, had prompted objections from various quarters, including former Prime Minister Datuk Seri Najib Tun Razak and MAB group CEO Captain Izham Ismail.

The national carrier had recorded losses even before the disappearance of Flight MH370 and the subsequent shooting down of Flight M7.

In 2014, it unveiled a five-year recovery plan to turn around the company, with the aim of returning to profit by 2018.

However, it missed the target amid a challenging business environment, no thanks to the stiff competition, rising fuel prices, adverse foreign exchange rates and crew shortage.

Source: BERNAMA (News Agency)

Plastic Makers Welcome G20 Osaka Blue Ocean Vision to End Ocean Plastics

WASHINGTON, June 29, 2019 (GLOBE NEWSWIRE) — The G20 countries adopted a Leaders’ Declaration today in Osaka. The American Chemistry Council issued the following response, which may be attributed to Steve Russell, vice president of ACC’s Plastics Division:

“America’s plastic makers welcome the G20’s Osaka Blue Ocean Vision to end plastic leakage into the ocean, and we applaud Japan’s leadership in addressing this important issue. We look forward to working with G20 countries to help make this vision a reality.

“Eliminating ocean plastics will require innovations in products, systems and technologies; global deployment of waste management infrastructure, particularly in areas where the most leakage is occurring; and strong public-private partnerships. Plastics makers are helping to promote advancements in each of these areas.

“Plastic waste is an urgent problem, and importantly, it’s one that can be solved with ongoing cooperation, innovation, and investment.

“Plastics offer numerous environmental benefits, such as helping to conserve resources and reduce greenhouse gas emissions. Lightweight, efficient plastics can help the world’s growing population live more sustainably—but we need to do a better job of capturing and repurposing used plastics, to create a more circular economy, while continuing to meet society’s needs.

“Many of America’s plastic makers are among the founders of and contributors to the Alliance to End Plastic Waste, a new nonprofit with a goal of deploying $1.5 billion to help develop the systems, knowledge, and infrastructure needed to collect and repurpose waste, including in regions where most environmental leakage occurs. Other key members of the Alliance include brand owners, plastic processors, and recyclers.”

 http://www.americanchemistry.com

The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people’s lives better, healthier and safer. ACC is committed to improved environmental, health and safety performance through Responsible Care®; common sense advocacy designed to address major public policy issues; and health and environmental research and product testing. The business of chemistry is a $526 billion enterprise and a key element of the nation’s economy. It is among the largest exporters in the nation, accounting for ten percent of all U.S. goods exports. Chemistry companies are among the largest investors in research and development. Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation’s critical infrastructure.

Contact: Sarah Lindsay
Email: sarah_lindsay@americanchemistry.com

Sarawak assembly reps did not keep RTP funds – Annuar

SIBU, State legislative assembly members have not kept RM5 million in cash which had been allocated under the Rural Transformation Programme (RTP) as alleged by certain quarters said Education and Technological Research assistant minister Dr. Annuar Rapa’ee.

He said the allocation that was first introduced during the era of former chief minister the late Tan Sri Adenan Satem came in the form of projects.

According to him, the allocation was aimed at expediting the implementation of rural development projects required by the people in the state which are not projects planned by the government.

The state government had entrusted the elected representatives to clarify on the RTP to prevent the people from being influenced by those out to confuse them about the programme.

“Certain quarters have been giving misleading information claiming that the elected representatives have been holding RTP funds amounting RM5 million in cash and channeling them to the service centres or into their personal accounts.

Actually neither the assemblymen nor the recipients of the projects get to see the funds, he told reporters at a Hari Raya event hosted by Melanau Sibu Association (PMS) here today.

Dr. Annuar, who is also Nangka assemblyman, said the project financing implemented under the RTP would be channeled by the state financial secretary to the contractors once the project was completed and confirmed by the implementing agencies such as the local authorities, Works Department (JKR ) and Department of Irrigation and Drainage (DID).

At the event, he announced an allocation of RM100,000 under the RTP for the construction of a PMS building and an allocation of RM20,000 for the association to carry out its community activities.

Source: BERNAMA (News Agency)