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theStar credit photo SYDNEY: Petronas Lubricants International (PLI), the global lubricants manufacturing and marketing arm of Petroliam Nasional Bhd, has opened a new office in Parramatta on Friday, marking its expansion to form a wider Asia-Pacific portfolio. PLI said in a statement that through the establishment of PLI Australia Pty Ltd (PLIA), it expected to better serve its customer base in Australia and New Zealand, as well as to realise its plan to capture 4% of the market share in the two countries by 2021 and increase the company’s sales volume by 32%. PLI managing director and group chief executive officer Giuseppe D'Arrigo said: “We are pleased to officially establish our business operations in Australia, after being present here for almost 15 years through our partnership with CNH Industrial. This will greatly enlarge our reach and significantly strengthen the presence of Petronas brand in the Asia-Pacific region as part of the group’s bigger market expansion s...

Shut down of cigarette plant to affect 230 employees British American Tobacco (M) Bhd (BAT), the country’s biggest cigarette maker, is winding down it manufacturing business in stages with the shut down of its facility in Petaling Jaya expected in the second half of 2017. The company said 230 employees would be affected. The land where the facility is located will be disposed of by way of a public tender exercise. The maker of Dunhill, Peter Stuyvesant and Pall Mall told Bursa Malaysia yesterday that it would be sourcing tobacco products for the domestic market from other BAT group factories regionally. “This increasingly challenging environment requires the company to restructure and transform its business which apart from the winding down of factory operations include the sharpening of its commercial capabilities whilst optimising the supply chain and transactional activities to ensure that BAT remains a competitive consumer-focused market leader,” it said. BAT said the...

The proposed acquisition of Sheraton operator Starwood Hotels & Resorts is set to be the biggest acquisition of a US company by a China-based investor. The AFP photo shows people walking pass a Sheraton Hotel in downtown Brooklyn, New York, on Monday. + Starwood Hotels & Resorts Inc, the operator of Sheraton and Westin hotels, said on Friday it planned to accept a raised buyout offer from a group led by China’s Anbang Insurance and scrap its deal with Marriott International Inc. A succcessful deal would bolster Anbang’s reputation as one of China’s top corporate acquirers and would follow its purchase of New York’s iconic Waldorf Astoria hotel last year. It would also be the biggest acquisition of a US company by a China-based investor. Anbang’s new offer raises the value of Starwood to US$13.16bil (RM53.28bil) from US$12.82bil (RM51.91bil), based on shares outstanding as of Feb 19. Marriott had offered US$12.2bil (RM49.40bil) for Starwood. Anbang has also agree...

He is the would-be Buffett of Beijing: the man out to build a Berkshire Hathaway Inc. of China. In just over a decade, Wu Xiaohui has transformed his company, Anbang Insurance Group Co., from an obscure player in China’s insurance industry into a juggernaut with global ambitions. Now, Wu’s rapid rise is turning heads as China projects its money and influence around the world with new force. In short order, Anbang has agreed to buy 16 luxury resorts in the U.S., including the landmark Hotel del Coronado near San Diego, California, and also launched a surprise bid for Starwood Hotels & Resorts Worldwide Inc., owner of Sheraton, Westin and St. Regis hotels. The combined price tag could approach $20 billion. It’s the latest move in a remarkable run for Wu, who first came to widespread attention outside China when Anbang bought New York’s famous Waldorf-Astoria hotel last year. His swift ascent -- which China’s state media have likened to “the Warren Buffett model” of using ...

bloomberg's graphic info Bloomberg's graphic info The battle over the fate of China’s currency is starting to get bloody for the bears. Seven months after a shock devaluation spurred hedge funds and other speculators to wager on further declines, the yuan’s unexpected resilience has turned many of those bets into losers. At least $562 million of options that pay out if the currency drops below 6.6 per dollar -- its weakest point since the devaluation -- have expired worthless since August. Another $807 million will lapse within three months. While those figures provide just a glimpse into the potential losses for pessimistic speculators, what’s clear is that the Chinese government has proven a stronger adversary than many traders anticipated. Policy makers have gone to extreme lengths to prop up the yuan -- ramping up intervention, clamping down on capital outflows and waging a rare verbal campaign to restore confidence in the currency. Bears now face...

The Essex House Hotel Blackstone Group LP agreed to sell Strategic Hotels & Resorts Inc. to China’s Anbang Insurance Group Co. for about $6.5 billion, just three months after it purchased the U.S. luxury-resort company, according to people with knowledge of the matter. The price is about $450 million more than Blackstone paid for Strategic in December. The New York-based private equity firm had been planning to sell individual properties in the portfolio before Anbang made a pre-emptive offer for the entire company, said the people, who asked not to be named because the transaction is private. Christine Anderson, a spokeswoman for Blackstone, declined to comment, as did Philip Yee, a managing director at Anbang’s North American unit. The transaction marks a deeper push into U.S. hotels for Beijing-based Anbang, which last year purchased New York’s landmark Waldorf Astoria. It would rank as the largest U.S. real estate purchase by a buyer from mainland China, according ...

THEY say “Life is a marathon, not a sprint.” That saying actually applies to retirement planning as well. However, all too often we race through the nitty-gritty details of our finances and neglect to focus on crucial elements especially on saving for retirement long before those golden years approach. Sure, we are overwhelmed by the idea of trying to save because of the multitude of financial commitments. It’s no surprise that many a time people tell me they can’t afford to save. I tell them they can’t afford not to save for retirement. Here’s a decade-by-decade plan that will ensure you are on track for a more sustainable retirement. 20s: Now that you’re out of school, the world is full of discovery, adventure and opportunities for you. With your new found freedom, don’t get carried away and overstretch your paycheck on an expensive lifestyle. Trust me, there is no better time than now to lay a solid groundwork for a bright financial future and foundation for your golden y...

Credited Photo The Right Time. Doesn't mean waiting, it walking, learning, finding, doing. The right time always there.

The workplace has become increasingly challenging where showing attitude has become a way to mediate between how one feels and the circumstances he has to content with. What do we mean when we say “that guy’s got attitude!” Or “don’t give me attitude!”   We don’t exactly know why and how, right? But we do know it’s a convenient term to use when we reprimand someone for poor performance. He may be lazy, unmotivated, distracted, disheartened or simply running around like a headless chicken but the most common description would be “poor attitude”. Thus far, you still can’t put your finger onto what attitude means right? Well, for one, it is a term so loosely used to describe work performance that it has evolved and infused into describing personality and character. If we talk about laziness it is but a by product of a careless attitude, an attitude formed as a result of multiple influences. Influences from environment (a non conducive working environment where most ju...

SURELY by now, corporate Malaysia would have digested what the digital economy is doing to disrupt the equilibrium. The digital economy neither frets over incumbents nor does it recognise big names. An entity can build itself up as a household name in a particular service sector, but the digital economy can cut it down to size. It is blind to the size of a company, its rich history and strong financials. What the digital economy recognises and rewards are people and personalities driving the business, the database of customers and the business model to reach out to as many of them as possible, in the most cost-efficient way possible. Without a doubt, the cradle of digital economy is in the United States, where innovations have paid off handsomely for the innovators. The innovators of Google and Facebook are household names who have made their billions, thanks to the digital economy. In Malaysia, we have not produced people or companies of such calibre. However, at the ...

Kossan Rubber Industries Bhd., the world’s second-largest glove producer, is ready to buy back its shares for the first time in five years after a rebound in the ringgit sent the Malaysian exporter’s stock plunging from a record reached in December. The shares rallied the most since 2014.     The 35 percent slump in the shares has prompted the company to consider a buyback, and investors with a long-term horizon should also consider snapping up the stock as it is “already low right now,” Lim Kuang Sia, its founder and chief executive officer, said in an interview. The company is seeking acquisitions and expects another record profit this year, he said. The stock rose as much as 5.3 percent at 10:01 a.m. in Kuala Lumpur, set for its biggest gain in almost two years. “Investors are worried that exporters will be in trouble because of the strengthening ringgit. To me, it’s a wrong message,” Lim, 63, said on Wednesday at the company’s headquarters in Klang, outside K...

The goods and services tax (GST) collection exceeded the RM27 billion mark set by the Government for 2015, says Royal Malaysian Customs Department deputy director-general Datuk Subromaniam Tholasy. He said the exact collection from the new tax regime, implemented on April 1, 2015, would be announced soon by the Government. "For this year, the department has been given the task of raising RM39 billion from the GST and we are confident of achieving the target," he told a press conference on the GST implementation report card in Kuala Lumpur on Thursday. The 6% GST replaced the sales and service tax of 10% and 6%, respectively. The GST implementation is part of the Governments tax reform programme to enhance the capability, effectiveness and transparency of tax administration and management in the country. On achieving the target set for this year, Subromaniam said the department was taking several initiatives, including compliance, and would send its audit...

Honda Malaysia is changing the 12-volt batteries for affected vehicles, which were manufactured between 2003 and 2016. It said on Monday the product update would affect 93,929 units and it would depend on the models and year of manufacture. The models involved are the City (2003–2014 YM & 2016), Jazz (2009, 2012 & 2013, 2015 & 2016), Civic (2010, 2012 & 2013), Insight (2011-2013), CR-Z (2012-2013), Freed (2010-2012) and CR-V (2013). “Honda Malaysia assures customers that safety and offering the best product performance are the company’s priority. Honda Malaysia ensures that other current selling models are not affected,” the company said. source: theStar

Bumi Armada is contesting the termination of its contract with Woodside Energy Julimar. JF Apex Research expects Hibiscus Petroleum, Genetec Technology, Media Chinese International Ltd and Bumi Armada to be among the stocks to watch on Monday after their corporate announcements. Hibiscus Petroleum  asserted that a co-shareholder in Lime Petroleum Plc, Singapore-listed Rex International Holding Ltd, has continued making only "bare, unsupported assertions and claims" regarding alleged discrepancies on Hibiscus' part when disclosing information on Lime Petroleum Plc. Genetec plans to consolidate 10 existing shares into one share to reduce fluctuation in its share price. MCIL’s unit  has proposed to sell its 73.01% or 292.97 million shares in One Media Group Ltd to Qingdao West Coast Holdings (International) Ltd. Qingdao West Coast’s major shareholder is a Chinese state-owned enterprise. Bumi Armada announced Woodside Energy Julimar Pty Ltd has sought to ter...

The Ipoh-born Cheong, 44, the founder and MD of Resource Holding Management Ltd (RHM), an integrated marketing firm listed on the London Stock Exchange’s Alternative Investment Market (AIM), led the reverse takeover of PUC back in late 2013 via the injection of a wholly-owned subsidiary of the AIM-listed company that saw the subsequent listing of PUC on Bursa Malaysia’s Ace Market in early 2014. PUC Founder (MSC) Bhd managing director (MD) Cheong Chia Chieh (pic) has died from a rare but fatal disease called hemophagocytic lymphohistiocytosis. The Ipoh-born Cheong, 44, the founder and MD of Resource Holding Management Ltd (RHM), an integrated marketing firm listed on the London Stock Exchange’s Alternative Investment Market (AIM), led the reverse takeover of PUC back in late 2013 via the injection of a wholly-owned subsidiary of the AIM-listed company that saw the subsequent listing of PUC on Bursa Malaysia’s Ace Market in early 2014. He was a committee member of the...

JUST the thought of retirement can cause anxiety and many to feel overwhelmed. A recent global survey showed that 88% of pre-retirees in Malaysia stated they are worried about not having enough money to live on day-to-day at retirement and that goes to show how unprepared some of us are. No matter how difficult it is, we still must face the music. Retirement planning is one of the most important financial goals one will undertake and the stakes couldn’t be higher. Just a couple of missteps can change your joyful golden years to poverty, dependence and penny-pinching years. One of the key to success is to avoid obvious retirement planning mistakes. You need to get it right the first time because there is no second chance once you hit retirement. So, let’s look at the mistakes that result in this potentially high misstep rate and what you can do to avoid becoming part of the statistics. Retirement planning mistake #1: No plan You can’t get to where you want to go if you don...

Malaysia’s January 2016 exports fell 2.8% to RM61.9bil from a year ago, which was a disappointment when compared with a survey of a 2.5% increase. The Statistics Department said on Friday on a month-on-month basis, exports also fell RM6.4bil (-9.4%) from RM68.3bil. “In seasonally adjusted terms, exports decreased 7.4%,” it said. The department said the decrease in exports was due to the decline in exports to Japan (-RM1.9bil), South Korea (-RM752.0mil), Taiwan (-RM512.6mil), Australia (-RM454.3mil) and Hong Kong (-RM346.8mil). The decline in exports were due to liquefied natural gas (LNG) and crude petroleum though there was an increase in electrical and electronic (E&E) products and palm oil and palm-based products. It said total January imports rose 3.3% to RM56.5bil from a year ago, below the survey of a 4.9% increase. The increase in imports was attributed to intermediate goods and consumption goods. However on a month-on-month basis, imports fell RM3.6bil (-6....

Credit Photo Malaysia Airlines has recorded a 10% improvement in revenue per available seat kilometre for the quarter ended Feb 29, 2016. In a statement, the national airline said the improvement was due to route optimisation exercise conducted earlier. Seat load factor was also better with more than 350,000 passengers traveling with MAS over the Chinese New Year holidays. The company’s operations team strives to improve punctuality and on time performance (OTP). “Malaysia Airlines needs to win on customer service and this is being benchmarked against our competitors , who are operating at 85% OTP at the highest end and 57% OTP at the lowest,” it said in a statement on Friday. In February 2016, punctuality reached 85% while on Feb 17, 2016 the airline hit a record 95% punctuality across all flights with 100% on domestic operations. The airline will introduce new initiatives in the next quarter to improve service quality and to shorten waiting times for passengers. ...

Gates has held the number one spot 17 of the last 22 years, according to the magazine, although his wealth has shrunk to $75 billion (USD), down from $79.2 billion last year. Spanish retail giant Amancio Ortega came in second, with a net worth of $67 billion. Ortega is best known for his fashion chain Zara. - Reuters Forbes Magazine announced its annual list of the world's richest persons on Tuesday (March 1), which was topped by Microsoft founder Bill Gates for the 17th time. Gates has held the number one spot 17 of the last 22 years, according to the magazine, although his wealth has shrunk to $75 billion (USD), down from $79.2 billion last year. Spanish retail giant Amancio Ortega came in second, with a net worth of $67 billion. Ortega is best known for his fashion chain Zara. The Oracle of Omaha, Warren Buffett remained in the third spot, despite the fact that his net worth dropped by $11.9 billion to $60.8 billion. Mexican telecom giant Carlos Slim dropped two s...

Meeting demand: Goh (right) and Song Eu Jin at the briefing. Nida Rooms aims to have 1,200 rooms in the country by May. Budget hotel operator Nida Rooms aims to expand its operations to 5,000 hotels regionally by May, and 10,000 by the year end. Currently, the company, which began operations seven months ago, has about 3,000 hotels through various collaborations in South-East Asia, of which 700 are in Malaysia. “We aim to have 1,200 hotels in the country by May,” its chief commercial officer Song Eu Jin told reporters at a media briefing. For now, the operator has a capacity of 450,000 room nights. Last week, the company signed an agreement with SelecTV, a company providing prepaid TV services in 5-star hotels, to provide quality entertainment and free TV at Nida Rooms. “There’s no reason that budget room guests should be deprived of quality entertainment when they check in. For the 12-hour period that the guest is in the room when they get in for the night, they should ...

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