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TimesLIVE
7 days ago
- Automotive
- TimesLIVE
Nissan plans $7bn funding, including loan backed by UK government
Japan's struggling Nissan is considering raising more than ¥1-trillion (R125,794,820,900) from debt and asset sales which would include a syndicated loan guaranteed by the UK government, Bloomberg News said on Wednesday. The country's third-biggest carmaker plans to issue as much as ¥630bn (R78,291,108) worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a £1bn (R24,260,850,000) syndicated loan guaranteed by UK Export Finance, the report said. The report said Nissan is also looking at selling part of the stakes it holds in French carmaker and long-standing alliance partner Renault and in battery maker AESC Group, and plants in SA and Mexico. Representatives for Nissan and UK Export Finance did not respond to a request for comment. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15% and cut car plants to 10 from 17 globally. Sources told Reuters this month Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in SA as part of its cost-cutting plan. Nissan's shares rose more than 4% after the report but they gave up most of the gains and were last trading up 0.6%.
New Straits Times
23-05-2025
- Business
- New Straits Times
Court awards RM86k to ex-aircraft refueller over unjust dismissal
KUALA LUMPUR: A former aircraft refueller has been awarded RM86,450 in compensation and back wages by the Industrial Court after it ruled that his dismissal by Petronas Dagangan Berhad (PDB) was without just cause or excuse. Industrial Court chairman Zalina Awang @ Mamat also found that Mohd Taufik Mohd Aris, who served the company for nearly nine years, had committed misconduct by submitting recreated training records and signing on behalf of others. However, the court held that the company's decision to terminate him was disproportionate. According to court documents, Mohd Taufik was dismissed in December 2022 after a domestic inquiry found that he had falsified a refuelling log to show he was on duty on a day he was on leave, and had signed On-Boarding Programme (OBP) forms on behalf of colleagues. He argued that he had done so based on information from the company's system, and only after repeated instructions from his superior, following a grievance he had filed over a poor performance rating. The court acknowledged that Mohd Taufik's actions constituted misconduct, but ruled that they did not justify dismissal, citing mitigating factors including emotional stress following his father's death, workplace pressure, and a clean service record. "The court accepts that falsification of official documents and signatures constitutes serious misconduct. "However, it is also established that these actions occurred in the context of the claimant (Mohd Taufik) attempting to support a grievance appeal, under emotional strain following his father's passing, and under perceived pressure from his superior. "There is no evidence that the claimant stood to benefit financially or acted with malicious intent. "Therefore, the court must consider the proportionality of the penalty imposed," the ruling said. Zalina said the court was satisfied, on a balance of probabilities, that the company had failed to prove that the termination of the claimant was with just cause or excuse. "The claimant did not have any history of misconduct proven by the company. "The company's decision to terminate the claimant's employment was procedurally unfair and carried out in an unjust manner. "There was no evidence at all to show that the company had suffered any financial loss or that its reputation was tarnished as a result of the claimant's alleged misconduct," she said. Zalina added that the company had dismissed the claimant hastily and arbitrarily, with the allegations raised suddenly and in bad faith. "The company could have dealt with the allegations (if proven) in a less severe manner, such as through proper management action and/or understanding of the issues affecting its employees, particularly the claimant in this instance," she added. The court awarded Mohd Taufik RM59,850 in back wages (after a 10 per cent deduction for proportionality) and RM26,600 in compensation in lieu of reinstatement. Petronas Dagangan was represented by lawyers Vijayan Venugopal and Peter H. Santiago, while S. Mariappen appeared for the claimant.
Malaysian Reserve
22-05-2025
- Malaysian Reserve
Americans are choosing a hot Caribbean vacation this summer
With lower airfares and value-packed luxury resorts, tropical island escapes continue to rise in popularity over pricey European trips by LEBAWIT LILY GIRMA MICHELLE Ruiz had her heart set on a trip to the south of France for her yearly summer getaway with her husband. But the US$5,000- (RM21,850)-a-night rate in mid-July at Grand-Hotel du Cap-Ferrat stopped her in her tracks. Her husband suggested they vacation in the Caribbean instead, and suggested Rockhouse, a luxury boutique property in Negril, Jamaica. A premium villa with ocean views there was available for about a tenth of the Grand-Hotel's price: US$574 per night. Given its cliffside location and access to azure swimming coves, Rockhouse 'kind of looks like it's in Europe', Ruiz said. 'It would satiate that desire to be somewhere rocky and picturesque, and be at the beach without spending thousands of dollars per night' on accommodations alone. Plus, she added, for another US$385 per person, she was able to book a five-day spa package that covers daily 50-minute treatments; for nearly the same price, you'll get just one 60-minute massage at the Grand-Hotel du Cap-Ferrat. Including airfare from New York to Montego Bay, Ruiz said her entire trip (minus meals) will cost as much as one night at the five-star French icon. With European hotspots increasingly overpriced, overcrowded and affected by the anti-tourism protests that are gearing up for a second summer, a growing number of Americans are trading the Riviera and other parts of the Mediterranean for islands that are closer to home. As of April 10, the Caribbean had experienced a 26% year-on-year (YoY) increase in overall summer bookings according to data provided exclusively to Bloomberg by the Virtuoso Travel Network, a collective of about 20,000 travel advisors. And there's still plenty of time for people to firm up their summer plans. With more Americans looking to travel closer to home, demand for a hot Caribbean vacation seems poised to keep growing as long as economic uncertainty persists. And anyway, summers in Europe are increasingly hot, too — in July 2024, coastal Mediterranean areas regularly reached 40°C, while most Caribbean islands hovered below 32°C. Plus, geopolitical tensions are creating fears that Americans will face hot tempers. Enter the 'hot Caribbean summer' trend, as we're calling it. Yes, it technically emerged amid the pandemic. But its growth has lately been so sharp that Caribbean destinations have become two of the five most popular summer destinations for Americans, accord- ing to data from aviation analytics firm Cirium. Using last year's July bookings, it declared Mexico the most popular summer vacation destination for Americans overall by a long shot — though its Caribbean coast is just one part of its broader appeal. The Dominican Republic overtook Italy and France to land in the fourth spot right behind Canada in the UK, which ranked second and third. A broader list of the top 20 destinations, shows Jamaica (No 13) and the Bahamas (No 17) ranking ahead of perennial favourite Greece (No 20). (Because Cirium primarily uses retrospective data, summer 2025 booking patterns won't be clear until the fall.) The primary draw for Caribbean-bound Americans: Savings. The average daily rate at luxury hotels across the islands has decreased by 6% compared to 2024, Virtuoso's data shows, while summer airfare is also down 3% YoY according to Kayak. The sharpest savings this summer, the company said, can be found on fares to smaller islands, such as Saint Barts (-31%), Bonaire (-28%) and Dominica (-17%). And prices should continue to fall as major US carriers and upstart discount airlines expand service to the region. Among the new options: Weekly nonstops to Punta Cana on Spirit Airlines (which started on March 20), an American Eagle route from Miami to South Caicos, and JetBlue's service from New York to Bonaire, which kicked off last November. Fowl Cay is an all-inclusive private island resort north of Grand Exuma in Bahamas Yet another 23 destinations in the Americas and the Caribbean are now connected to one another on the new Dominican national carrier Arajet, which continues to add routes. The airline's founder and CEO Victor Pacheco said fares (from US$250) are 'even more affordable than domestic travel' in some cases. Fiona Simpson, an Atlanta-based traveller who works in sales, has made the hot Caribbean summer an annual tradition since 2021. She said the value for her dollar goes much farther in the Caribbean compared to other regions — praising the region's flavourful cuisine and top-notch hospitality. 'Even in the most simple beach-side restaurant, you're getting thoughtful service,' she said. This year, for her partner's 50th birthday in July, she's planning eight days at Fowl Cay, an all-inclusive private island resort north of Grand Exuma in the Bahamas. 'I really thought it was going to be an insane, crazy cost,' said Simpson, noting that the total for plane tickets, hotel stays and daily access to a boat the resort provides came to less than US$20,000. A vacation like that in Europe over the same dates would have cost a lot more, she added. There's the convenience of shorter flights, too, with no jet lag. That's part of what drew Connecticut-based magazine editor Kristin Koch Kennedy and her family — including four children between the ages of six months and eight years — to vacation in the Caribbean twice last summer. Another was cost — for hotels and airfare alike. 'We felt like we could save Europe for when our kids are a bit older and can enjoy sightseeing and things like that,' she said. Jamaica-bound Ruiz, meanwhile, is already daydreaming about what she'll find in Negril besides the Mediterranean-like scenery — namely, the island's famed food and music. It's the type of cultural draw she seeks as well when going to Europe. The idea of it all is so tempting, she's mulling a return trip before she even sets foot on the island. After, all, she said, the villas at Rockhouse include a loft that could easily fit her family of four. It's slightly less grand than the premium ocean-view villa she booked for July, but it has extra beds and — at US$495 a night — it's an even better value. — Bloomberg This article first appeared in The Malaysian Reserve weekly print edition
Express Tribune
14-05-2025
- Business
- Express Tribune
Naanbais threaten to increase roti price
Get ready for fresh loaves at fresh prices! The city commissioner has announced new prices for naan and chapati, with strict warning against overcharging. PHOTO: JALAL QURESHI/EXPRES The Naanbai Association has threatened to raise the prices of bread, naan and paratha after the price of a sack of flour and white flour increased by Rs300 to Rs500 in the wholesale and open markets. The association demanded that if prices are not reduced, the cost of these items will increase next week. A meeting of the Price Control Committee has also been convened to discuss this matter. Shafiq Abbasi, the central president of the Naanbai Association, says the price of a 79kg sack of red flour has surged from Rs5,250 to Rs5,750. After including loading and unloading transportation charges, the cost of this sack reaches Rs5,850 by the time it reaches the tandoors. Meanwhile, the price of a sack of white fine flour has increased from Rs6,400 to Rs6,700.
The Star
13-05-2025
- The Star
Kedah woman loses nearly RM1mil to love scam
ALOR SETAR: A woman has been left penniless after being deceived by a love scam syndicate that robbed her of almost RM1mil. Kedah Commercial Crime Investigation Department chief Supt Loi Yew Lik said the 53-year-old victim encountered a man claiming to be from Yemen through Facebook on Jan 26 last year, and continued to communicate with him via WhatsApp. He said that the suspect then gave the victim two rings, purportedly as a promise of marriage. "On Feb 5, 2024, the suspect told the complainant that he had been hospitalised and needed to borrow money for his treatment, promising to repay her when he came to Malaysia to marry her. "The then complainant transferred RM925,850 in stages through 166 transactions into 15 separate bank accounts from Feb 5, 2024, to March 25, 2024," said Supt Loi in a statement on Tuesday (May 13). He said the complainant realised she had been scammed when she discovered that the man had not arrived in Malaysia and that the suspect had blocked her on Facebook. He said the victim filed a police report about the incident on 12 May at 10.49am at the Kuala Muda district police headquarters in Sungai Petani. Supt Loi advised the public to check with the police before making any questionable money transfers. He also stated that the public can check through the Semak Mule application, the JSJK PDRM Facebook page, or by contacting the National Scam Response Centre at 997. – Bernama
