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SapuraKencana posts net loss on weak oil prices

SapuraKencana posts net loss on weak oil prices

SapuraKencana’s net loss totalled RM1.29 billion ($320.02 million) in the fourth quarter ended Jan. 31, compared with RM129.1 million in the year-ago quarter. KUALA LUMPUR: SapuraKencana Petroleum Bhd, Malaysia’s biggest oil and gas services company, posted its first quarterly net loss in at least five years due to impairment from a slump in global oil […]

March 25, 2016 | By | Reply More
China sets up industry group for Internet finance

China sets up industry group for Internet finance

SHANGHAI: China’s central bank said Friday that firms involved in Internet finance had set up an industry association, as authorities try to get a handle on the rapidly growing but weakly regulated sector. The group will seek to “self-regulate” the industry at a time of growing risk from Internet financing, according to a transcript of […]

March 25, 2016 | By | Reply More
Economic data could put stocks back on higher path

Economic data could put stocks back on higher path

NEW YORK: The March US employment report and other key economic numbers next week could help US stocks resume their recent winning path as long as that data hits the sweet spot: Not strong enough to add to worries about further interest rate hikes, yet not weak enough to cause concern about a recession. Reports […]

March 25, 2016 | By | Reply More
Singapore budget helps struggling sectors, avoids big stimulus

Singapore budget helps struggling sectors, avoids big stimulus

SINGAPORE: Singapore announced support for its battered offshore marine sector and small businesses in its new budget, but did not make big stimulus moves for an economy that’s slowing but still expected to grow this year. Finance Minister Heng Swee Keat decided not to change property cooling measures that have hit demand and pulled down […]

March 25, 2016 | By | Reply More
French body fines Google over ‘right to be forgotten’

French body fines Google over ‘right to be forgotten’

PARIS: France’s data protection agency on Thursday fined Google 100,000 euros ($112,000) for only partially honouring requests by individuals to have information about them removed from its search engines. The European Court of Justice has recognised the “right to be forgotten” since 2014, allowing individuals, under certain conditions, to have references to them removed from […]

March 25, 2016 | By | Reply More
Activist fund launches bid for control of Yahoo

Activist fund launches bid for control of Yahoo

WASHINGTON: An activist investment firm Thursday launched a bid for control of Yahoo, saying Marissa Mayer’s management team has “failed to deliver results” that would revive the struggling Internet pioneer. In an open letter to Yahoo shareholders, Starboard Value LP said it would nominate nine “highly qualified” directors to the company’s board — a move […]

March 25, 2016 | By | Reply More
ExxonMobil, Chevron told to allow investor climate votes

ExxonMobil, Chevron told to allow investor climate votes

NEW YORK: US regulators have told ExxonMobil and Chevron to permit shareholders to vote on resolutions requiring assessments of how climate change policies might affect them, according to documents released Thursday. The two oil giants had sought to persuade regulators to allow them to drop the resolutions, which are backed by environmentalists and employee retirement […]

March 25, 2016 | By | Reply More
Indonesia tells Grab, Uber to partner with transport firms

Indonesia tells Grab, Uber to partner with transport firms

JAKARTA: Taxi-hailing apps Grab and Uber Technologies Inc must partner with a transport business and register their cars by the end of May if they want to go on operating in Southeast Asia’s largest economy, a minister said on Thursday. Indonesia’s new rules on the online ride-hailing apps come two days after thousands of cabbies […]

March 24, 2016 | By | Reply More
Oil giant PetroChina pumps lowest profit since 1999

Oil giant PetroChina pumps lowest profit since 1999

SHANGHAI: Chinese oil giant PetroChina has posted its lowest profit since 1999 with the company citing a struggling global economy and slump in international oil prices last year. State-owned PetroChina’s net profit tumbled 66.7 percent year-on-year to 35.65 billion yuan ($5.50 billion) in 2015, the company said in a statement filed to the Shanghai stock […]

March 24, 2016 | By | Reply More
Indonesia seeks to curb use of tax havens by companies

Indonesia seeks to curb use of tax havens by companies

JAKARTA: Indonesia hopes its plans for a tax amnesty will dissuade companies from channelling profits through overseas tax havens and shopping around for the most advantageous tax treaties, its finance minister said on Wednesday. Bambang Brodjonegoro said he suspected Indonesian firms of setting up “special purpose vehicles” (SPVs) to benefit both from tax treaties between […]

March 24, 2016 | By | Reply More