ZURICH, June 23 — Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild for its handling of funds linked to scandal-hit Malaysian investment fund 1MDB, a source familiar with the matter said yesterday. The…
[1MDB] Luxembourg fines private bank Rothschild €9m, source says
[Update] Proton sells stake to Geely for RM460m
KUALA LUMPUR: The total consideration for the disposal of a 49.9% stake in DRB-Hicom Bhd's automotive arm Proton Holdings Bhd to China's Zhejiang Geely Holding Group Co Ltd is RM460.3 million.
This was derived based on a cash injection of RM170.3 million by Geely and an implied value of RM290 million for the Boyue model platform.
Boyue, a SUV under the C segment, is one of Geely's best-selling models launched in March 2016. Proton will rebadge, manufacture, sell, market and distribute Geely models in Malaysia and Southeast Asia.
DRB-Hicom and Geely inked a definitive agreement for the partnership here today.
Under the partnership, DRB-Hicom group managing director Datuk Seri Syed Faisal Albar said Proton will become the manufacturing hub for Geely's right-hand drive models.
Meanwhile, Geely chairman Li Shufu said the group's priority is to turnaround both Proton and Lotus.
“The revival of Proton and Lotus will not be an easy task in a market with fierce competition. We'll need to be fully prepared for the long and challenging road ahead,” he noted.
Oil edges up, but set for worst H1 performance in 20 years
SINGAPORE, June 23 — Oil edged up today, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts. Brent crude futures were at US$45.31 (RM194.33)…
BNM to fully cooperate with RCI on forex losses info
KUCHING: Bank Negara Malaysia (BNM) will extend its full cooperation to the Royal Commission of Inquiry (RCI) in providing information relating to foreign exchange (forex) market losses. In a statement yesterday, BNM said it will provide information as required by the law. BNM welcomed the formation of the RCI by the government to independently investigate […]