Latest news with #GSIB


Free Malaysia Today
18-07-2025
- Automotive
- Free Malaysia Today
Court orders Naza Wheels to pay damages over breach of contract
Naza Wheels had appointed GSIB Sdn Bhd to build a car showroom and service centre in Kuantan, Pahang, about 10 years ago but terminated the contract later on 'grounds of frustration'. (NZ Wheels pic) PUTRAJAYA : The Court of Appeal has ordered car distributor Naza Wheels Sdn Bhd to pay damages to a contractor after it terminated a deal to build a showroom and a service centre on grounds of frustration. A three-member bench chaired by Justice Lim Chong Fong said Naza Wheels had breached its contract, and ordered for the damages to be assessed. It awarded the appellant, GSIB Sdn Bhd, RM50,000 in costs. Justices Azhahari Kamal Ramli and Ahmad Kamal Shahid also heard the appeal. GSIB had in 2019 sued Naza Wheels in the Shah Alam High Court, where it sought damages of RM2.7 million. According to the facts of the case, Naza Wheels appointed GSIB to build a car showroom and service centre in Kuantan, Pahang, about 10 years ago. Both parties signed an agreement to complete the work by April 16, 2016. GSIB had just started earth and substructure works, when the contract was terminated by Naza Wheels on grounds of frustration after it failed to obtain a waiver from local authorities to surrender a road leading to the showroom and the service centre. GSIB contended it was not frustration but a termination of the contract, which resulted in losses, including loss of profit. The High Court only partially allowed the company's claim and rejected the claim for loss of profit, which led GSIB to challenge the decision in the appellate court. Lawyers Hairul Azam Hambali and Muhammad Al-Muazzim appeared for Naza Wheels, while lawyer R Kengadharan appeared for GSIB.

Yahoo
26-06-2025
- Business
- Yahoo
Fed proposes easing leverage ratio rules for large banks
-- The U.S. Federal Reserve has proposed changes to ease the Enhanced Supplementary Leverage Ratio for large banks, potentially reducing capital requirements significantly. The proposal would cut aggregate Tier 1 capital requirements for Global Systemically Important Banks by 1.4% or $13 billion. More substantially, it would reduce capital requirements for depository institution subsidiaries of global banks by 27% or $213 billion. Under the new rules, the Fed would replace the current 2% ESLR buffer with a buffer equal to half of each bank's GSIB surcharge. Similarly, the 3% ESLR buffer for global bank subsidiaries would be replaced with half of each bank's GSIB surcharge. Fed Chair Jerome Powell stated that reconsidering the rule is prudent "given the stark increase in level of relatively safe assets on bank balance sheets." Fed Vice Chair Michelle Bowman expressed support for the changes, noting they would "build resilience in U.S. Treasury markets" and "reduce market dysfunction." Not all Fed officials agree with the proposed changes. Fed Governors Michael Barr and Adriana Kugler plan to oppose the modifications, according to their prepared statements. Related articles Fed proposes easing leverage ratio rules for large banks Shell denies report that it's pursuing a bid for BP, says no talks underway NVIDIA surges to all-time high as analyst sees $6 trillion market cap