Future fair: (From left) Tan, Gandhi and Goi show the future plan for a bigger-scale MIFF in 2018 during the MIFF 2016 pre-show press conference in Kuala Lumpur. Malaysia will stand to benefit from the Trans-Pacific Partnership Agreement (TPPA), as there would be fewer barriers for the export of Malaysian-made furniture to the United States, said United Business Media (M) Sdn Bhd (UBM) managing director M Gandhi. “The good thing about the TPPA is that it is not in conflict with the other free trade agreements (FTAs). “It is an addition to what we already have. “One of the biggest buyers of Malaysian furniture is the US, and it is part of the TPPA. “In fact, most furniture exports are to countries that are a part of the TPPA “Besides that, one of our competitors is China, and China is not part of the TPPA. So, Malaysia will be more competitive in exporting to the TPPA countries,” added Gandhi. The upcoming Malaysian International Furniture Fair (MIFF) 2016, which is t
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| Starwood owns several hotel brands, including Sheraton - BBC credited photo |
Chinese insurance firm Anbang has unexpectedly abandoned its takeover offer for Starwood Hotels, ending a three-week bidding war with Marriott.
Anbang had raised its all-cash offer for Starwood to $14bn (£9.75bn) it sought to challenge the merger between the hotel groups.
However, the bid is being scrapped because of "market considerations" a statement released on Thursday said.
According to reports, there were questions over its financing sources.
Anbang has been making an aggressive push into the US property market over the last few years but little is known about the company.
The exit of Anbang from the bidding process means that Marriott is one step closer to becoming the world's largest hospitality group.
However, the whole saga has highlighted the growing role of Chinese companies in global mergers and acquisitions.
There have been $92bn worth of foreign takeovers by Chinese companies this year, according to data provider Dealogic.
Starwood - which owns several hotel brands, including the Sheraton, Westin and St Regis - saw its shares fall 4.5% in after hours trade in New York.
Marriott shares lost 5%, showing some investors may be concerned the firm now has to pay an additional $1bn to purchase Starwood because of the bidding war.
source: BBC
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