<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Feb 23): Glove-maker Kossan Rubber Industries Bhd’s net profit fell 19.2% to RM44.63 million in the fourth quarter ended Dec 31, 2016 (4QFY16) dragged down by higher operating costs and pricing pressure, compared with RM55.21 million a year ago.</p></div>

<div class=newsTextDataWrapInner><p>According to its filing with Bursa Malaysia, Kossan’s quarterly revenue was almost flat at RM438.19 million from RM439.16 million.</p></div>

<div class=newsTextDataWrapInner><p>The glove manufacturer said the weak earnings performance of its glove division, which is its main contributor, was mainly due to industry wide pricing pressures and higher production costs.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>For the full financial year (FY16), Kossan’s net profit dipped 15.6% to RM170.93 million from RM202.53 million.</p></div>

<div class=newsTextDataWrapInner><p>Annual revenue of FY16 grew 1.83% to RM1.67 billion from RM1.64 billion.</p></div>

<div class=newsTextDataWrapInner><p>For FY17, Kossan said its management will emphasise improvement of operational efficiencies, quality of products and cost controls.</p></div>

<div class=newsTextDataWrapInner><p>“Together with our expansion and transformation programme, we are confident that the group will be able to register healthy growth and earnings,” it added.</p></div>

<div class=newsTextDataWrapInner><p>Kossan’s share price dropped five sen to RM6.48, wtih a market capitalisation of RM4.44 billion.</p></div>


KUALA LUMPUR (Feb 23): Glove-maker Kossan Rubber Industries Bhd’s net profit fell 19.2% to RM44.63 million in the fourth quarter ended Dec 31, 2016 (4QFY16) dragged down by higher operating costs and pricing pressure, compared with RM55.21 million a year ago.

According to its filing wit...

Kossan 4Q net profit down on higher operating expenses

Canadian police on Friday made arrests linked to the murder of Sikh separatist leader Hardeep Singh Nijjar in the province of British Columbia in June 2023, a source directly familiar with the matter said.

The source, who requested anonymity given the sensitivity of the case, said the Royal Canadian Mounted Police would brief media later on Friday.

Canada police make arrests linked to murder of Sikh leader Hardeep, says source

Just over six months ahead of the US election, the world is starting to consider what a return to a Trump presidency might mean. While Americans might be weighing up the difference between the two candidates domestic policies, the rest of the globe is more interested in what foreign policy decisions he might make.

What a second Trump presidency might mean for the rest of the world

The European Commission has warned three Chinese electric vehicle makers that they have not supplied sufficient information for its anti-subsidy investigation, according to two people familiar with the case.

If the Commission concludes that the provided information from sampled companies BYD, SAIC and Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them.

EU says information from three Chinese EV makers insufficient

Wall Street's main indexes advanced on Friday after a softer-than-expected jobs report revived hopes of the Federal Reserve cutting interest rates this year, while gains in Apple and Amgen also helped.

US job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years. The unemployment rate came in higher than estimated.

Wall St rallies after soft jobs data allays rate jitters

Prime Minister Datuk Seri Anwar Ibrahim has given the assurance that salary increase for civil servants starting this December, as announced two days ago, can be implemented through strict financial management.

Anwar, who is also Finance Minister, said the projected salary adjustment, estimated to cost over RM10 billion from next year onward, is feasible with disciplined financial oversight.

Civil servants salary hike achievable through prudent financial management — Anwar

Mastering Artificial Intelligence (AI) is crucial to ensure Malaysians themselves determine the cultural and moral values within this technology.

Prime Minister Datuk Seri Anwar Ibrahim said if AI is not mastered, the values and morals embedded in it will be determined by those who control the technology, particularly from Western countries.

Master AI to shape own moral values, cultural impact in technology — PM

Pakatan Harapan (PH) candidate Pang Sock Tao has unveiled a five-pronged manifesto for the Kuala Kubu Baharu (KKB) state by-election.

Themed 'Kekal Kuala Kubu', the manifesto focuses on economic aspects; facilities; environment and recreation; heritage and culture; and the people's well-being.

KKB polls: PH candidate unveils five-point manifesto

Johor Menteri Besar Datuk Onn Hafiz Ghazi hopes more Johoreans living outside Johor will return to the state and contribute ideas to ensure progress and development in the state that they were born in.

According to Onn Hafiz, the state government has initiated efforts to attract Johoreans who have progressed in their professional careers to come back and serve the state in efforts to turn Johor into developed status.

Onn Hafiz hopes Johoreans living elsewhere can come back and contribute ideas to develop the state

MJets Air Sdn Bhd has entered into an aircraft charter agreement with Teleport Everywhere Pte Ltd (Singapore).

MJets Air is the commercial air cargo operator of MMAG Aviation Consortium Sdn Bhd, under the umbrella of MMAG Holdings Bhd, while Teleport, which caters to Teleport Commerce Malaysia Sdn Bhd, is an integrated logistics solutions provider and logistics venture of Capital A Bhd.

MJets Air inks aircraft charter agreement with Teleport Everywhere

KUALA LUMPUR (May 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Boustead Heavy Industries Corp Bhd’s (BHIC) planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of F...

BHIC, Berjaya Corp, F&N, Pestech, PetGas, XOX, TT Vision, Uzma, SLP, WTK, Ranhill Utilities and Sarawak Cable

<p>Naza Corp Holdings Sdn Bhd has completed the acquisition of a 100% stake in Berjaya Enviro Holdings Sdn Bhd (BEnviro) from Berjaya Corp Bhd for RM700 million in cash, marking its entry into the green economy with a focus on municipal and scheduled waste, as well as the waste-to-energy sector.</p>


Naza completes acquisition of waste management company from Berjaya for RM700m cash 

<p>Malaysia’s commitment to building its 5G network has given the country a world-class digital infrastructure, according to Telefonaktiebolaget LM Ericsson president and chief executive officer Börje Ekholm.</p>


Ericsson CEO hails Malaysia’s ‘world-class’ digital infrastructure

<p>Ranhill Utilities Bhd has declared a share dividend distribution on a basis of 0.5 share for every 100 shares held in the utility group.</p>


Ranhill declares share dividend distribution

<p>KUALA LUMPUR (May 3): There will be no water supply cut for multiple areas in Selangor, as the&nbsp;Sungai Selangor Water Treatment Plant (WTP) Phase 1 (SSP1) maintenance works originally slated to be carried out from May 14 to 16 have been postponed.</p>


Air Selangor: Phase 1 of river water treatment plant’s maintenance works postponed, no supply cut

<p>Ranhill Utilities Bhd will cooperate with the Malaysian Anti-Corruption Commission (MACC) throughout an investigation involving its employees, it said on Friday.</p>

<p>“We are alarmed and take serious note of the matter. We shall cooperate fully with MACC in its investigation if required,” Ranhill said in a bourse filing.</p>


Ranhill to cooperate with MACC over bribery probe on employees

<p>KUALA LUMPUR (May 3): Fraser &amp; Neave Holding Bhd (F&amp;N) said on Friday that the company will focus on fixed asset optimisation over the next three years, after having allocated more than RM3 billion in capital expenditure (capex) and development of its integrated farm in Gemas.</p>


F&N to focus on sweating off its assets after investing RM3b in capex and development

<p>The US Treasury Department's top sanctions official will travel to Singapore and Malaysia next week, a source familiar with the matter told <i>Reuters</i>, as Washington seeks to combat funding for Iran and its proxy groups as well as evasion of its sanctions on Russia.</p>


Top US Treasury official to travel to Singapore, Malaysia to discuss sanctions

<p>The country faces higher imports of gas energy for electricity use in the coming years if it continues to depend on the commodity without efforts to accelerate the transition to more sustainable energy.</p>


Rafizi warns of hike in gas imports for electricity without switch to sustainable energy

<p>Individuals who have fallen victim to fraudulent investment schemes risk losing the right to recover their money even after going through the legal avenue.</p>


Bukit Aman: Victims of investment scams won’t be able to recoup losses

<p>KUALA LUMPUR (May 3): Fresh vegetables wholesaler and distributor Farm Price Holdings Bhd, which is set for listing on the ACE Market of Bursa Malaysia on May 14, said on Friday that its initial public offering (IPO) had been oversubscribed by 91.35 times.</p>


ACE Market-bound Farm Price’s IPO oversubscribed by 91.35 times

<p>GEORGE TOWN (May 3): China Southern Airlines plans to double its weekly flights from Guangzhou, China to Penang, increasing from seven to 14, starting June 20.</p>


China Southern Airlines to double weekly flights to Penang starting June 20

<p>In a majority decision, the Federal Court has dismissed a woman's final challenge to change her religious status as a Muslim.</p>


Top court dismisses woman's attempt to change religious status

<p>Ocean Fresh Bhd has signed an agreement with KAF Investment Bank (KAF IB) to underwrite the frozen seafood company’s initial public offering (IPO) on the ACE Market.</p>


Ocean Fresh inks underwriting agreement with KAF IB for ACE Market IPO

<p>The Penang High Court on Friday dismissed former Penang chief minister Lim Guan Eng, his wife Betty Chew Gek Cheng, and businesswoman Phang Li Koon’s attempt to strike out their graft and money-laundering charges.</p>


Double jeopardy does not apply, Penang court rules in dismissing Guan Eng, wife and Phang's challenge on graft charge

<p>KUALA LUMPUR (May 3): Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman is seeking a judicial review against Prime Minister Datuk Seri Anwar Ibrahim and the government over RM730,300 in allocations for his constituency.</p>


Syed Saddiq seeks judicial review against PM, govt over unpaid allocations

<p>theedgemalaysia.com highlighted 11 stocks with momentum at Bursa Malaysia’s afternoon close on Friday. Two stocks showed positive momentum while nine stocks showed negative momentum.</p>


Jiankun, Success Transformer, Ajinomoto, Aneka Jaringan, GHL, Gopeng, Mitrajaya, MMM, Sapura Resources, United U-Li, YLI

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>Seventy-eight property owners in Hatten Square, Melaka, have obtained a summary judgement from the High Court there against the main developer, MDSA Development Sdn Bhd, which requires the company to pay them RM2.009 million in rental arrears for a mix of commercial and residential units, and the return of RM591,143.90 as payment for refurbishments that were never done.</p>

<p>Judge Mohd Radzi Abdul Hamid allowed the plaintiffs' application for a summary judgment as he ruled that there was no arguable case.</p>


78 property owners obtain summary judgment against Hatten Square developer over unpaid rents, non-existent refurbishments

<p>Pestech International Bhd has lost an appeal to stop the tampering of machineries used in the Gemas-Johor electrified double track project by main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL).</p>


Pestech loses another appeal in Gemas-JB double track dispute

<p>XOX Bhd has proposed to undertake a share capital reduction to wipe out RM303 million of the virtual mobile network operator’s accumulated losses.</p>

<p>The company, which had been in the red for five straight years, had racked up losses totalling RM307.48 million by the end of 2023 despite a slew of fundraising exercises.</p>
