Summary of top read business stories Sept 13 to 18

In Q4'21, Top Glove saw a pick-up in sales volume in Africa and Middle East of 15% and 38% respectively, compared to the Q3'21.

Corporate News

Positive signs for Top Glove

  • Despite a drop in Top Glove Corp Bhd's net profit in the fourth quarter ended Aug 31 (Q4'21), the world's largest glove maker is confident that the demand for gloves will continue to be strong on the return of its customer orders from Africa, Middle East, Vietnam, Thailand, China and the United States.
  • As such, the world’s biggest glove maker is enthused that the demand for gloves would continue to surge amid heightened concerns of new Covid-19 variants.
  • In Q4'21, Top Glove saw a pick-up in sales volume in Africa and Middle East of 15% and 38% respectively, compared to the Q3'21.
Genting’s forecast intact despite resort cancellation
  • Despite the cancellation of the Yokohama integrated resort (IR), in which Genting Singapore Ltd had put in a bid, the Genting group remains a recovery play.
  • PublicInvest Research, in a report, said it had left its forecasts and recommendation for parent company, Genting Bhd, unchanged as it has yet to factor in any expectations for the bid for the Yokohama IR project.
  • Genting Singapore, which is 52.7%-owned by Genting, announced last week that Yokohama City published its decision to cancel the Yokohama integrated resort bid process on Sept 10.
Johor Corp restructuring, Top Glove, digitalisation
  • In JCorp's case, the group has a massive RM23bil worth of assets but also has RM14bil in liabilities.
  • JCorp has a diverse set of assets, in industries such as plantations, hospitals, fast food chains, property development and real estate development trusts.
  • Earlier in the year, there were reports that JCorp was looking to do a corporate exercise involving KPJ Healthcare Bhd, where it owns 38%.


KPMG to pay RM333mil to M’sian govt as 1MDB settlement, says Finance Ministry

  • KPMG has agreed to a settlement valued at RM333mil (US$80mil) to resolve all claims related to its fiduciary duties on auditing of 1Malaysia Development Bhd (1MDB) accounts for the period of 2010 to 2012, says the Finance Ministry.
  • The settlement with KPMG, valued at more than 800 times the audit fees earned by KPMG, represents one of the largest 1MDB-related settlements by an audit firm in South-East Asia, it said in a statement.
  • Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said this demonstrates the government's resolve to diligently pursue recovery efforts against all parties involved in 1MDB and its related entities.


AirAsia sees strong demand for travel to Langkawi

  • Riad said AirAsia Malaysia would be resuming 90 weekly flights to and from Langkawi, departing from Kuala Lumpur (63 times weekly), Penang (14 times), Johor Bahru (seven times), Ipoh (three times) and Kota Bharu (three times).
  • In addition, airasia Super App is collaborating with the Langkawi Development Authority (LADA) to offer a new digitised and contactless duty-free shopping experience, which will see an island-wide and same-day delivery across Langkawi hotels by the end of this month.
  • Amanda Woo, chief executive officer of airasia Super App, said soon there would also be a full spectrum of fulfilments such as inflight seat delivery, airport pickup apart from the hotel, and home delivery with 13 ASEAN retailers on board with AirAsia's duty-free offerings.
Coronavirus Outbreak

Delta variant threatens Asean-5 recovery

  • In the first half of 2021, Asean-5 countries, comprising Malaysia, Indonesia, Thailand, Vietnam and the Philippines experienced strong, export-driven growth.
  • According to the Institute of International Finance (IIF), recovery will likely slow markedly in the second half of 2021 for Asean5.
  • The IIF said it would likely cut its gross domestic product (GDP) growth forecast for region.

Will Evergrande remain ever grand?

  • THERE is a common joke in China's real estate fraternity.
  • When the real estate market is bad, buyers will complain about everything during the property handover.
  • That is the nature of the real estate industry.
KWAP appoints Hizzan Hamid as CEO of property arm KWEST
  • Kumpulan Wang Persaraan (Diperbadankan) is pleased to announce the appointment of Hizzan Hamid as the new chief executive officer (CEO) of KWAP's property arm, KWEST Sdn Bhd (KWEST), effective Sept 1, 2021.
  • In a statement on Monday, KWAP said Hizzan Hamid was previously the executive director of business development at Gamuda Land, with experience in managing land acquisition and commercial real estate.
  • His professional career in the property field spans across 14 years in local and international acquisitions, as well as facilitating joint ventures between top property development companies and government linked organisations.

Apple's new iPhone 13 touts faster 5G, sharper cameras to spur trade-ins

  • The Cupertino, California-based company did not announce any blockbuster features or products, but analysts expect customers hanging onto older models like the iPhone X will be eager to upgrade.
  • To encourage trade-ins, participating wireless carriers are offering incentives ahead of the year-end holiday season that to make the new phones free to some customers.
  • The phone will start at $699, and participating wireless carriers will offer up to $700 off for qualifying trade-ins.

Merchants prepare to use digital yuan

  • Chinese merchants are already preparing for the cross-border usage of digital yuan, or e-CNY, at a time when some major central banks in the world have not yet decided to develop their own digital currencies.
  • Some terminal device manufacturers, eying the cross-border payment function of e-CNY, have cooperated with large commercial banks and applied to the central bank for business licenses of exchanging digital yuan for foreign currencies and for retail use, said an executive of a manufacturer who declined to be named.
  • Moody's Investors Service foresees the broad use of e-CNY in cross-border payments by Chinese tourists when they travel abroad.
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Top Glove , Genting , KPMG , 1MDB , KWAP , AirAsia


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