Gold Futures End Lower, Dragged Down By Trump's Tariff Delay
KUALA LUMPUR, May 26 (Bernama) -- The gold futures contract on Bursa Malaysia Derivatives ended lower today, weighed down by United States President Donald Trump's postponement of tariff imposition on the European Union (EU).
Trump decided to defer the planned 50 per cent tariffs on EU goods to July 9, giving both sides more time to negotiate a deal.
Spot month May 2025 contract went down to US$3,331.20 per troy ounce from US$3,336.50 per troy ounce last Friday, while the June 2025 contract weakened to US$3,344.70 per troy ounce from US$3,349.70 per troy ounce previously.
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New Straits Times
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- New Straits Times
Ireland's Dalata Hotel rejects US$1.5bil buyout proposal from Pandox, Eiendomsspar
KUALA LUMPUR: Ireland's largest hotel group Dalata on Tuesday rejected a 1.3 billion euro (US$1.48 billion) buyout proposal from Scandinavian property companies Pandox AB and Eiendomsspar AS for "materially" undervaluing it. Dalata, which launched a strategic review in March, said Pandox was not participating in its ongoing sale process, which has drawn interest from other potential bidders. The Irish group operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, mostly in Ireland and Britain, and aims to expand its portfolio to 21,000 rooms across Ireland, the UK and continental Europe under its "2030 Vision" strategy. The proposal from the groups had comprised a cash offer of 6.05 euros per ordinary share of Dalata, representing a premium of about 5 per cent to Dalata's closing price on Monday. Shares of Dalata closed up 5.2 per cent at 6.06 euros on Tuesday, their highest since May 2019. It said it continues to engage in "constructive discussions" with other parties who have submitted initial non-binding proposals, without naming who they were. The Pandox-led consortium did not immediately respond to a request for comment on the rebuff by Dalata. Under Irish takeover rules, Pandox and Eiendomsspar had until July 15 to make a formal offer for Dalata or walk away. Norway-based Eiendomsspar is the second largest shareholder in the Irish group with a stake of around 8.8 per cent and in Pandox, in which it has a stake of around 8.5 per cent. Sweden-based Pandox AB specialises in the ownership, development and leasing of large hotel assets in major cities across Sweden and northern Europe. It has been expanding its portfolio through acquisitions and leases in key European cities including Stockholm, Berlin and Brussels. Dalata's adjusted core profit rose 5.1 per cent last year to 234.5 million euros as revenue grew 7.3 per cent to 652.2 million euros, driven by additions to its portfolio over the past two years.
The Star
an hour ago
- The Star
New MMC developments to be announced at Hawana
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The Star
an hour ago
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Assets worth RM143mil linked to highway sukuk misuse seized
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized assets linked to the misuse of sukuk funds of the construction of a highway in Klang Valley believed to be owned by a highway concessionaire with a Tan Sri title totalling RM143mil during an operation conducted last week. Its chief commissioner Tan Sri Azam Baki said the seizures include 14 individual accounts totalling RM4.5mil, eight company accounts totalling RM33mil, luxury condominium and land worth RM24.5mil, nine cars worth RM7.65mil, and 13 cars that have yet to be handed over to the investigation team. Other items seized include luxury watches worth RM25mil, handbags worth RM3mil, jewellery and diamonds (RM6mil), four horses (RM400,000), alcoholic beverages (RM3mil), foreign assets worth more than RM15mil and around RM20mil in gambling activities. "Preliminary investigations revealed there was misconduct between 2016 and 2020 involving approved sukuk funds of about RM1.35bil, involving false claims of about RM360mil and RM416mil and RM50mil in other bank facility loans. "The RM1.67bil highway project also failed to be completed according to schedule and investigations are focused on bribes worth RM12bil paid to certain parties as inducement in helping the cash flow out and back to the suspect,' he said in a statement on Tuesday (June 3), adding that the proceeds were also believed to have been used in money laundering activities. He explained that to embezzle the funds, the parties involved were believed to have used professionals such as auditors, financial experts, engineers and shell companies. "Until now, the MACC has yet to take the Tan Sri's statement as he is in a private hospital ward and today the investigating officer will get confirmation from the doctor on the status of the Tan Sri's health before recording his statement. "Meanwhile, the number of witness statements stands at 45, and those witnesses who have given their statements have been asked to provide further statements,' he said, adding that the investigating team is also tracking down luxury vehicles and properties belonging to the Tan Sri abroad, including in London and Switzerland. The investigation is focused on the true amount of luxury liquor kept by the Tan Sri and the possibility that funds have been transferred to other accounts, he said. He added that an asset declaration notice has been handed to the Tan Sri and other related parties. - Bernama
