Proton, Malaysia’s national carmaker, is set to build an assembly plant near Karachi in Pakistan with local partner Alhaj Automotive, in a move that economists believe will bring positives for both nations.The carmaker, which was struggling before Chinese company Geely bought a 49.9 per cent stake in 2017, recently launched a premium SUV believed to be signalling its recovery. Now, its regional ambitions are coming to fruition sooner than expected, even as Geely’s sales within China stutter…
Government backs first UK collective DC pension scheme
Plans to introduce the UK’s first collective defined contribution (CDC) pension scheme, proposed by Royal Mail and the Communication Workers Union (CWU), have been backed by the UK government.
Actor Benedict Cumberbatch severs business ties with Mokhzani Mahathir over anti-Semitic comments made by his father
British actor Benedict Cumberbatch’s company has cut business ties with Mokhzani Mahathir over anti-Semitic remarks made by his father, Malaysian Prime Minister Mahathir Mohamad, local media reported.In an interview with BBC last October, Mahathir described Jews as “hook-nosed” and blamed them for troubles in the Middle East.“If you are going to be truthful, the problem in the Middle East began with the creation of Israel. That is an old truth. But I cannot say that,” on BBC’s Hard Talk.The 93…
Lion Air, the carrier behind Indonesia’s second-worst aviation disaster, starts work on a US$1 billion initial public offer
Lion Air has started preparations for a domestic initial public offering, people with knowledge of the matter said, as Indonesia’s biggest private carrier seeks to move past an October crash that triggered the crisis surrounding Boeing’s 737 MAX plane.The company is working with advisers on the planned share sale, which could take place as soon as this year, the people said.Lion Air has been discussing a fundraising target of around US$1 billion, though it hasn’t set precise terms for the deal,…
Injunctions against foreign rulings allowed in ‘exceptional circumstances’: Singapore court
The use of anti-suit injunctions to stop foreign court rulings from interfering with arbitrations should be made early in the process, Singapore’s Court of Appeal (CoA) has said. But even if a foreign court case has run its course anti-enforcement injunctions can be made “in exceptional circumstances”, it said.
Sri Lanka to get US$3.9 billion oil refinery next to Chinese-run port in Colombo
A Singapore-based company and the government of Oman have pledged to build a US$3.9 billion oil refinery next to a Chinese-controlled port in what will be the largest foreign investment ever for Sri Lanka, officials said on Tuesday.The refinery will be a joint venture for the Singapore-based Silver Park International Private Limited firm and the Sultanate of Oman’s Ministry of Oil and Gas, said Nalin Bandara, Sri Lanka’s deputy minister of international trade. Construction will begin next week…
Coco Martin is one of the Philippines’ biggest stars – because he’s an everyman
Coco Martin is a Filipino everyman. In person, he’s shorter than you’d expect. Disarming; he’s also trim, handsome (but not too handsome) with an empathetic smile and warm eyes. When you meet him, he’s immediately familiar. He could be the mechanic from down the road, the kindly hospital orderly or the overseas foreign worker. Nondescript. Ordinary, but trustworthy.Meanwhile, the Philippines is three years into President Rodrigo Duterte’s term in office and is fast approaching the all-important…
Innovation needed to safeguard access to cash
Innovation is needed to ensure businesses and consumers in the UK can continue to access cash in an affordable way, a legal expert on payments has said.
From Kyoto to Kansas City, it’s Indonesian tuna on the world’s sushi counters
Workers at the East Java processing plant of Indonesian seafood supplier Bahari Biru Nusantara race every day to gut, fillet and freeze prized wild-caught fish for the world market.Company director Hadi Wijaja says they can process 35 tonnes of fish a day, or 5,000 tonnes a year, inside the spacious facilities whose sanitary practices are registered internationally – including in the US, the EU, and Korea, where fish must reach while still fresh enough to be consumed raw.Indonesia is the world…
Hong Kong’s Fung Group restores historic Hamada soy sauce factory in Japan, aims to grow condiments venture into business worth up to US$1 billion
Nearly three years after a severe earthquake wreaked havoc across Japan’s Kumamoto prefecture, on Kyushu island, the 200-year-old Hamada soy sauce factory has finally been restored.Unveiling the repaired building on Monday was Hamada’s majority owner Victor Fung Kwok-king, the Hong Kong supply chain veteran and group chairman of the privately owned Fung Group, who is eyeing a slice of the multibillion-dollar condiments market.Why is Japan so obsessed with being on time?Through his Heritage…