Business

Italian most likely to win bid for Club Med
Thursday, August 14, 2014

PARIS, August 14, 2014: A long-running battle over the future of French holiday-resort group Club Med took a twist today with the withdrawal of French and Chinese bidders.
 
Ardian, a French investment firm, and Chinese conglomerate Fosun had made an offer of 17.5 euros per share valuing Club Med at nearly 600 million euros.
 
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Petronas pre-tax surges to RM28.1 billion in Q2
Wednesday, August 13, 2014

KUALA LUMPUR, Aug 13 -- 2014: Petronas' pre-tax profit for the second quarter ended last June 30 rose 28 per cent to RM28.1 billion from RM22 billion in the corresponding period last year on the back of higher revenue.
 
Its revenue increased 15 per cent to RM85.4 billion from RM74.4 billion previously, driven by improved production, higher gas sales and favourable exchange rates....

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MAS privatisation
Tuesday, August 12, 2014

1. I am a bit mystified by the privatisation of MAS. Khazanah, I believe, is a Government company, or at least a Government controlled company. The CEO reports to the Prime Minister and usually acts on the direction of the Prime Minister.
 
2. The Prime Minister personifies the Government. If a company is fully acquired by a Government company, is it privatisation or nationalisation?...

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Dr Mahathir criticises MAS takeover
Tuesday, August 12, 2014

KUALA LUMPUR, August 12 -- 2014: Influential former prime minister Tun Dr Mahathir Mohamad today criticised the takeover of crisis-hit Malaysia Airlines by the country's sovereign wealth fund as a recipe for more losses by the carrier. Sovereign fund Khazanah Nasional, which has controlled the airline for years via a 70 per cent ownership stake, said last Friday it plans to buy...

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MAS privatisation could be best option for restructuring
Monday, August 11, 2014

KUALA LUMPUR, Aug 11 -- 2014: The privatisation of Malaysia Airlines (MAS) could be the best available option for the national carrier to undergo a major restructuring and similar to what Japan Airlines did in 2010.
 
Kenanga Research said in a research note today that post-privatisation, MAS' operations would likely remain business as usual.
 
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PM calls for continued support for MAS
Friday, August 8, 2014

PRIME MINISTER NAJIB RAZAK’S STATEMENT ON MALAYSIA AIRLINES DE-LISTING
 
Today, the Government of Malaysia, through its strategic investment fund Khazanah Nasional Berhad (Khazanah), announced a formal process to take full ownership and de-list Malaysian Airline System Berhad (MAS). This is the first step needed to return our national carrier to profitability. It is a step I wholeheartedly support....

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Malaysia Airlines faces complete overhaul
Friday, August 8, 2014

KUALA LUMPUR, August 8 -- 2014: Malaysia Airlines will be de-listed after being taken over by the country's state investment fund as part of plans announced today for a complete overhaul of the company to rescue it from oblivion after two crippling air disasters.
 
Khazanah Nasional, which owns 70 per cent of the airline, said it intends to purchase...

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Khazanah proposes MAS' de-listing
Friday, August 8, 2014

KUALA LUMPUR, Aug 8 - Khazanah Nasional Bhd today submitted a formal request to the board of directors of Malaysian Airline System Bhd (MAS) to undertake a selective capital reduction and repayment exercise of its ordinary shares.           Upon completion of this exercise, Khazanah Nasional will become the sole ordinary shareholder of MAS, which would lead to a de-listing of the counter from Bursa Malaysia....

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Russia threatens to block overflights between Europe & Asia
Thursday, August 7, 2014

MOSCOW, August 7 -- 2014: Prime Minister Dmitry Medvedev warned today that Russia could block overflights between Europe and Asia in retaliation for Western sanctions.
 
Medvedev said the Russian government was considering a series of measures in response to Western sanctions that shut down the country's first low-cost airline.
 
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Rats force Air India to ground aircraft
Wednesday, August 6, 2014

NEW DELHI, August 6 -- 2014: Air India has been forced to ground one of its planes after crew spotted rats scurrying around the cabin, The Times of India reported today.
 
The plane was on its way from here to Calcutta when staff became aware of the infestation, the paper said.
 
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