Business

KUALA LUMPUR: Popular food brand Tiga Budak Gemok (TBG) has filed a suit against an individual over misrepresentation and copyright infringement. Tiga Budak Gemok Sdn Bhd named Mohd Anil Mohamad and his two companies - MAAM Baraka Venture Sdn Bhd and Day Food Industry Sdn Bhd - as the first, second, and third defendants, respectively. The TBG food business is owned by three siblings who are directors in the company, namely Natasha Helwa Ramlee, Muhammad Rafeel Ramlee and Natalia Ramlee, and is famous for its sambal kicap (soy sauce sambal) chicken dish served with white rice. In its statement of claim, the plaintiff said Mohd Anil, who is Natasha's ex-husband, had opened a similar business and sold a similar dish of sambal kicap chicken. The plaintiff claimed that Mohd Anil was allowed to open a 3BG branch in Bangi by the directors, as he was one of the family members. However, after Natasha and Mohd Anil divorced, the branch was closed and Mohd Anil opened a new eatery ... » Learn More about Tiga Budak Gemok files suit over copyright infringement against rival business

KUALA LUMPUR: Honda Malaysia’s car sales declined by 52 per cent year-on-year from May to July 2021 as its business operations were affected by the implementation of the Full Movement Control Order (FMCO) by the government due to the drastic rise in COVID-19 cases. In a statement today, managing director and chief executive officer Madoka Chujo said the company sold about 5,700 units during the period compared to close to 12,000 units sold in the same period last year when the country was under the Conditional MCO and Recovery MCO. "With only certain after-sales services allowed and sales and manufacturing operations halted, it is no surprise that sales had plunged, and the prolonged business closure has also impacted Honda Malaysia’s new model production due to no testing conducted in the manufacturing facility. "Furthermore, the company’s supply chain and exportation of parts are also affected,” she said. She highlighted that the automotive industry supports a wide network of ... » Learn More about Honda vehicle sales for May-July period declines 52% year-on-year

SINGAPORE: Singapore lenders Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) beat profit estimates, driven by recovery in core markets, but their sequential performance slowed sharply, underscoring challenges to maintain growth. Prospects in Singapore’s banking sector have improved as a rebounding economy has boosted demand for mortgages and loans, while booming markets bolstered the wealth management business. At the same time, OCBC and UOB joined global peers such as HSBC and Standard Chartered in signalling strong asset quality after last year’s huge provisions in the face of the coronavirus pandemic. “The banks’ ample reserves and improved earnings provide them with very good buffers,” said Eugene Tarzimanov, senior credit officer at Moody’s Investors Service, who expected a moderate increase in the two banks’ non-performing loans over the rest of 2021 and 2022, particularly in foreign operations. OCBC, Singapore’s second-biggest bank, reported net profit ... » Learn More about Singapore banks signal growth slowdown

KUALA LUMPUR: LPI Capital Bhd reported higher net profit of RM83.29mil in the second quarter ended June 30, 2021 (2Q21), boosted by an increase in earnings from the general insurance segment as underwriting profit expanded. It reported on Thursday its net profit rose by 8.4% from RM77.40mil I 2Q20 Its revenue increased by 5.1% to RM419.99mil from RM399.54mil. Earnings per share were 21.07 sen compared with 19.43 sen. It declared a first interim single tier dividend of 29 sen per share which will go ex on Aug 20. Elaborating on the 2Q21 results, it said profit before tax of the group grew by 9.6% to RM109.90mil from RM100.30mil a year ago. LPI Capital said the growth was contributed by profit from the general insurance segment, which increased by 10.2% to RM111.7mil from RM101.4mil a year ago. Underwriting profit in 2Q21 increased by 23.6% or RM16.90mil to RM88.40mil from RM71.50mil previously, mainly contributed by the lower net claims incurred as compared to a year ago. ... » Learn More about LPI Capital reports higher 2Q net profit, dividend 29 sen a share

TOKYO: Japan's Nintendo Co Ltd said on Thursday that sales of its Switch console fell 12% in the April-June quarter, in a sign that demand for the hit device may be fading in its fifth year on the market. Investors are watching gaming firms closely for signs of a tail off in the sales boom during the COVID-19 pandemic. Nintendo is highly dependent on the cyclical console business, with devices traditionally peaking around the fifth year. Sony Corp said on Wednesday sales of its new PlayStation 5 were robust, helping it post a record profit during the quarter. Nintendo, which saw sales of Switch Lite units more than halve to 1.14 million, maintained its full-year Switch hardware forecast at 25.5 million units. It sold 4.45 million units of its Switch console, including the Lite, in the latest quarter. The Kyoto-based games maker is hoping to revive Switch sales momentum with a new $349.99 Nintendo Switch OLED model launching on Oct. 8. It is also relying on a pipeline of popular ... » Learn More about Nintendo profit falls as Switch sales fade

PETALING JAYA: The Kuala Lumpur Intellectual Property High Court has declared that the sale, offer for sale, distribution and supply of TV boxes or illicit streaming devices (ISDs) that can provide unauthorised access to copyrighted works, constitutes copyright infringement under the Copyright Act 1987. The action was brought by Measat Broadcast Networks Sdn Bhd, the service provider for Astro , against a seller of ISDs preloaded with applications which act as gateways to websites or content servers streaming pirated content. The historic judgment on Monday, considered to be the first by the court, was positively received by the authorities and industry players in their battle against digital piracy. Industry leaders including Astro lauded the High Court’s judgement as a bold step in the right direction against piracy in Malaysia. Astro regulatory director Laila Saat said this set a precedent for future civil claims on copyright infringement against ISD sellers in the ... » Learn More about High Court rules sales of TV boxes infringe on copyright

PETALING JAYA: Impiana Hotels Bhd has secured a five-year contract to manage Petroliam Nasional Bhd’s (Petronas) leadership centre in Bangi, Selangor. In a statement, the hospitality operator said its wholly owned subsidiary Impiana Hotels & Resorts Management Sdn Bhd has received a letter of award from Petronas’ wholly owned subsidiary, Petronas Management Training Sdn Bhd, for the provision of hospitality management services to manage the operational matters of Petronas’ new campus in Bangi. The contract period would be for five years, starting from Aug 1, 2021. The scope of work included general and administration matters, food and beverage services, housekeeping, room and banqueting services, finance and human resources management as well as other hospitality works. ... » Learn More about Impiana gets Petronas job

KUALA LUMPUR: AmInvest took three top spots in Malaysia at the Alpha Southeast Asia 12th Annual Fund Management Awards 2021. In a statement on Thursday, AmInvest said it was adjudged “Best Overall Asset & Fund Manager, Malaysia” for the fourth consecutive year; “Best Asset Manager (Fixed Income), Malaysia” for the second consecutive year and “Best Fund with the Optimal Information Ratio, Malaysia”. Group chief executive officer of AmBank Group, Datuk Sulaiman Mohd Tahir said: “Our investment teams’ ability to apply the appropriate investment strategies to quickly respond to market volatility brought on by the Covid-19 pandemic, enabled us to add value to our investors’ portfolios while meeting their immediate needs. “We are truly honoured to be recognised for our fund management expertise against this backdrop and would like to thank our clients for staying invested with us as we navigate an unprecedented investment landscape.” Sulaiman said the awards acknowledge AmInvest ... » Learn More about AmInvest takes top spots at annual fund management awards

PETALING JAYA: Privasia Technology Bhd ’s unit has been awarded a contract to supply technology and managed services to Redberry Contact Center Sdn Bhd’s call centre operations. In a filing with the stock exchange, the company said the contract awarded to its wholly-owned subsidiary Privasia Sdn Bhd (PSB) yesterday came with a ceiling price of RM6.17mil. The duration of the contract is for one year and not subject to renewal, it said. Privasia said the contract was expected to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2021 and beyond. ... » Learn More about Privasia unit gets contract from Redberry

KUALA LUMPUR: Privasia Sdn Bhd (PSB), a wholly-owned subsidiary of Privasia Technology Bhd, has secured two contracts from Westports Malaysia Sdn Bhd worth RM46.49mil. In a filing with Bursa Malaysia yesterday, Privasia said the contracts were for the provision of information technology (IT) network, security and internet outsourcing and managed services for one year worth RM6.36mil, as well as IT outsourcing and managed services for five years worth RM40.13mil. It said both contracts commenced on July 1, 2021. According to the contracts, PSB is responsible for the purchase of new equipment necessary to provide the service as mutually agreed between Westports and PSB. “Subject to the change control procedures, PSB shall increase or decrease the amount of the services according to Westports’s demand for the services as agreed between Westports and PSB, which may necessitate an adjustment in the charges,” it added. — Bernama ... » Learn More about Privasia secures contracts from Westports