AirAsia inks US$12.25b Airbus deal to add 70 long-range jets
He said the low-cost carrier inked a memorandum of understanding (MOU) with Airbus in Paris today for 50 A321XLRs with rights for 20 A321XLRs, the new fleet of which is targeted to serve Central Asia, the Middle East, and Europe, among others.
'This will probably make us one of the...
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New Straits Times
18 minutes ago
- New Straits Times
Grab's GoTo acquisition back on: Sources
KUALA LUMPUR: Nasdaq-listed Grab's plan to buy Indonesia's GoTo to create a dominant Southeast Asian ride hailing and food delivery company is back on. Sources said this follows Grab's announcement of a US$1.25 billion issuance of convertible bonds. "Grab is gearing up for something big. The bond issuance is a signal that the company is preparing for a major expansion," one source said. "Indonesia is the natural next frontier - huge consumer base and a mobile-first population." Reuters reported in May that Grab was looking to strike a deal to buy GoTo in the second quarter of 2025 and had hired advisers to work on the proposed acquisition. A deal could value GoTo at around US$7 billion. Last month, Grab said it stood by its previous statement that it was not involved in any discussions for a potential transaction with GoTo and had not entered into any definitive agreements. The sources said the timing could not be better. "GoTo is facing its own problems because the Indonesian Attorney General's Office is investigating a corruption probe connected to the Ministry of Education's procurement of Chromebooks. "GoTo itself is not implicated but the investigations may weaken the resolve of the Indonesian champion. "In short, the stars are aligning - Grab has the capital, the momentum and now, a window of opportunity, to make its move in Indonesia," the source added. GoTo is 73.9 per cent-owned by foreign investors, including SoftBank Group and Taobao China Holding, a unit of China's Alibaba Group, with the rest owned by Indonesian investors, Reuters said, quoting its 2024 annual report. SoftBank's SVF GT Subco (Singapore) Pte Ltd and Taobao are GoTo's top two shareholders, holding 7.65 per cent and 7.43 per cent stakes respectively, the report showed.
The Sun
18 minutes ago
- The Sun
Thailand-Cambodia tensions threaten global tuna and pet food supplies
MOSCOW: The escalating tensions between Thailand and Cambodia could cause a serious shortage of canned tuna due to Thailand's dominant position in this market, according to RIA Novosti's analysis of Thai Tuna Industry Association data. In 2023, global exports of canned tuna totalled 1.6 million tonnes, with Thailand accounting for a dominant 28 per cent of that volume. Ecuador, the second-largest exporter, held just a 14 per cent share, followed by China at 9 per cent. Thailand's canned tuna exports surged by 30 per cent in 2024, reaching 580,000 tonnes, up from 445,000 tonnes a year earlier. The United States is the largest consumer of Thai canned tuna, accounting for 21 per cent of purchases, followed by Japan, Australia, and Libya (7 per cent each), and Saudi Arabia (6 per cent). According to the UN's Food and Agriculture Organisation, Thailand also controls around 8 per cent of the global tuna trade (both fresh and processed), trailing Ecuador (12 per cent), China (11 per cent), and Indonesia (8.5 per cent). According to RIA Novosti's analysis of UN Comtrade data, a disruption in trade due to the Thai-Cambodian conflict could also impact the global pet food market, as Thailand was the world's second-largest exporter of pet food in 2024, with US$2.7 billion worth of shipments or just over 10 per cent of the global total. Only Germany exported more, with exports totaling US$3.3 billion. The United States was the top buyer of Thai pet food, accounting for nearly one-third of Thailand's exports. Other major importers included Japan (12 per cent), Australia and Italy (6 per cent each), Malaysia (5 per cent), and the Philippines and Germany (4 per cent each). Thailand's presence in the Russian pet food market remains minimal, with imports totaling just US$4.9 million last year. In March 2024, Russia's Federal Service for Veterinary and Phytosanitary Supervision banned six Thai enterprises from the Russian market. The long-standing dispute between Thailand and Cambodia over the 11th-century Preah Vihear Temple, a UNESCO World Heritage site, escalated Thursday. Following weeks of heightened tensions from landmine incidents and subsequent mutual diplomatic expulsions, heavy artillery and rocket attacks erupted near border temples. Al Jazeera reported, citing the Thai Health Ministry, that bombing and shelling had killed at least 11 civilians and a soldier in Thailand. The authorities of four Thai provinces bordering Cambodia have announced the evacuation of residents amid the escalation, The Nation newspaper reported. - Bernama, Sputnik/RIA Novosti
New Straits Times
2 hours ago
- New Straits Times
Malaysia, Thailand, Indonesia emerge as launchpads for China's EV giants
KUALA LUMPUR: Automotive investments surged this quarter, led by a sharpened focus on the electric vehicle (EV) supply chain and Asean's rise as a key hub for global automakers, according to BMI, a unit of Fitch Solutions. BMI said the most notable trend is the continued expansion of Chinese automakers such as Geely, GAC, and Changan, who are using the Asean region, particularly Thailand, Malaysia, and Indonesia, as key launchpads for their global ambitions. "Geely has announced a landmark investment in Malaysia to transform Tanjung Malim into a major automotive hub, while also pursuing collaborations in Indonesia aimed at developing a homegrown EV by 2026. "GAC and Changan are similarly increasing their presence, with Changan leveraging its manufacturing footprint in Malaysia to support regional growth and GAC introducing flagship models and supply chain capabilities at regional expos," it said in a recent note. According to BMI, the EV supply chain itself is seeing robust investment, underpinned by a drive for localisation and electrification. It added that Thailand is experiencing a surge in EV demand, with sales expected to jump over 40 per cent in 2025, supported by government incentives and the establishment of domestic battery manufacturing facilities like Amita Technology's gigafactory. In Malaysia, BMI said Geely's large-scale commitment is attracting further supply chain investments, reinforcing its position as a regional automotive manufacturing powerhouse. However, it noted that the most significant announcement of the quarter in terms of project value is Contemporary Amperex Technology Co Ltd's investment in Indonesia. "This major gigafactory project is finally taking shape and represents another example of mainland Chinese companies leveraging Asean as a launch platform. "The project, known as the Indonesia Battery Integration Project, aims to cover the entire battery value chain—from nickel mining and processing to battery materials, manufacturing, and recycling—within the FHT Industrial complex," it said. Meanwhile, BMI reported tracking 30 new automotive manufacturing investments across Asia in the first quarter of 2025 (1Q25), with a total value of US$10.6 billion. This represents a significant decrease in the number of projects tracked from 41 in the previous quarter. BMI noted that the total investment value for projects with available information was significantly higher in 1Q24 at US$54.6 billion and also 4Q24 at US$54.6 billion. Throughout 2Q25, BMI said it saw a continued increase in the number of EV-related investments, with a number of new projects announced in the growing EV supply chain in Asian emerging markets such as India, Indonesia, Thailand and mainland China. Nevertheless, BMI said the tariffs announced by the United States President Donald Trump on March 26, have had a negative impact on certainty investment patterns in Asia, especially for the automotive sector. "Reflecting this, the number of investments identified in Asia fell sharply from 41 in 1Q25 to just 30 in 2Q25. "These tariffs, aimed at protecting US national security and manufacturing, have led companies to reassess their global strategies, with Japan emerging as the most affected market," it said. BMI also noted that both Nissan's and Toyota's strategic adjustments reflect the broader recalibration among global automakers as they respond to new tariff regimes and intensifying competition in the EV market.
