Fri09222017

LAST_UPDATEFri, 22 Sep 2017 3pm

Swiss Shut Down 'Fake' E-Coin In Latest Cryptocurrency Crackdown

Pic: ReutersZURICH: Switzerland’s financial watchdog has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money.

Read more: Swiss Shut Down 'Fake' E-Coin In Latest Cryptocurrency Crackdown

Norway's Sovereign Wealth Fund Celebrates "Stunning" $1 Trillion Value

Pic: ReutersOSLO: The value of Norway’s sovereign wealth fund officially hit $1 trillion (740 billion pounds) early on Tuesday after outperforming all initial expectations, its manager said in a statement.

Read more: Norway's Sovereign Wealth Fund Celebrates "Stunning" $1 Trillion Value

Toys 'R' Us Files For Bankruptcy Ahead Of Holiday Season

Toys ‘R’ Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection late Monday, the latest sign of turmoil in the retail industry that is caught in a viselike grip of online shopping and discount chains.

Read more: Toys 'R' Us Files For Bankruptcy Ahead Of Holiday Season

Malaysia, Indonesia Need To Invest More In Islamic Finance

KUALA LUMPUR – Malaysia and Indonesia need to invest more in Islamic finance to ensure their offerings are on par with conventional offerings, said HSBC Amanah Malaysia Bhd today.

Read more: Malaysia, Indonesia Need To Invest More In Islamic Finance

Amendments To GST To Tax Digital Companies

Pic: Malaysian ReserveThe government will table amendments to the Goods and Services Tax (GST) Act which enable authorities to collect “a few billion ringgit” in taxes from foreign digital platforms that are providing services in the country.

Read more: Amendments To GST To Tax Digital Companies

Ahmad Fuaad To Helm Malakoff From Oct 1

Datuk Ahmad Fuaad Mohd Kenali.

KUALA LUMPUR -- Outgoing Proton Holdings Bhd (Proton) Chief Executive Officer (CEO), Datuk Ahmad Fuaad Mohd Kenali, will be the new Malakoff Corp Bhd (MCB) CEO effective Oct 1. 

Read more: Ahmad Fuaad To Helm Malakoff From Oct 1

Change In New REIT Tax Ruling May Push For More IPO Interests: Maybank IB

KUALA LUMPUR: Maybank IB Research believed that the revision in the Inland Revenue Board of Malaysia’s (IRB) Taxation of Real Estate Investment Trust (REIT) may lift initial public offering (IPO) interests for unlisted REITs in Malaysia.

Read more: Change In New REIT Tax Ruling May Push For More IPO Interests: Maybank IB

Honda Invests $267 Mln, To Add 300 Jobs For New Accord Model

DETROIT: Honda Motor Co Ltd said on Monday its has invested $267 million and will add 300 new jobs to support increased production of its revamped 2018 Accord sedan model at the Japanese automaker's plant in Marysville, Ohio.

Read more: Honda Invests $267 Mln, To Add 300 Jobs For New Accord Model

Asian Shares Wobble As Investors Await Fed Meeting For Rate Clues

Pic: Reuters

TOKYO: Asian shares wavered on Tuesday, bolstered by record highs on Wall Street but hobbled by uncertainty as traders waited on a Federal Reserve meeting for clues on U.S. monetary policy.

Read more: Asian Shares Wobble As Investors Await Fed Meeting For Rate Clues

Ryanair Pays A Price For Flight Cancellations Mess

Pic: ReutersDUBLIN: Ryanair (RYA.I) admitted on Monday it had messed up after the Irish budget airline disrupted the plans of hundreds of thousands of travelers by cancelling flights to cope with pilot shortages and improve its punctuality record.

Ryanair blamed a number of factors for the sudden cancellations including a backlog of staff leave, which must be taken by the end of the year. Europe’s largest airline by passenger numbers also said air traffic control strikes and weather disruption were affecting its performance.

Rival Norwegian Air (NWC.OL) said on Monday that it had recruited more than 140 pilots from Ryanair this year, adding to the squeeze on staffing.

“It is clearly a mess but in the context of an operation where we operate more than 2,500 flights every day, it is reasonably small but that doesn’t take away the inconvenience we’ve caused to people,” Ryanair Chief Executive Michael O‘Leary told Sky News.

He said the problems were not the result of pilots quitting but was “because we’re giving pilots lots of holidays over the next four months.” Every passenger who is entitled to compensation will receive it in full, he added.

Seeking to halt a decline in performance figures, Ryanair has taken the unusual step of announcing plans to cancel between 40 and 50 flights per day until the end of October.

Ryanair said the cancellations were designed “to improve its system-wide punctuality which has fallen below 80 percent in the first two weeks of September.”

While it currently calculates crew leave from April to March, the Irish Aviation Authority is forcing it to calculate it from January to December from the start of 2018, it added.

COST OF CANCELLATIONS

Ryanair sent emails to the first affected passengers last Friday, giving them the choice of a refund or an alternative flight. It has issued cancellation notices up until Wednesday.

The move brought bad publicity for an airline which has worked hard over the past few years to improve a reputation for treating passengers badly.

News bulletins in Ireland ran interviews with disgruntled customers while newspapers asked readers to share their stories, including a wedding party who told the Irish Times they had been left stranded in France.

Analysts at Dublin-based Goodbody Stockbrokers estimated that the cancellations would cost the airline around 34.5 million euros ($41.2 million) -- comprising 23.5 million euros in compensation, 6.3 million euros in lost fees, and 4.7 million euros in subsistence such as meals, drinks and accommodation.

Goodbody said that would shave 2.3 percent off its full year forecast of 1.479 billion euros in profit after tax.

In July, Ryanair reiterated its 1.4 to 1.45 billion euro forecast for the financial year ending March 31, 2018.

PILOTS IN DEMAND

Barring exceptional circumstances, airlines must under EU rules provide at least two weeks’ notice to avoid paying compensation of 250 euros per passenger for flights of 1,500 km or less or 400 euros for longer flights within the bloc.

The fall in Ryanair’s punctuality below 80 percent compared to an average of 89 percent in the three months to the end of June. O‘Leary said at the time he was not happy with that figure, seeking a mark of over 90 percent.

The Irish Independent reported on Monday that Ryanair has been offering pilots a 10,000 euro ($11,925) “signing-on bonus” in response to recruitment problems.

Ryanair employed 4,058 pilots at the end of March, according to its annual report, up from 3,424 a year earlier to keep up with a rapid growth in passenger numbers.

Training company CAE Inc (CAE.TO) warned recently that the worldwide commercial aviation industry will need an extra 255,000 pilots by 2027 to sustain its rapid growth and is not moving fast enough to fill the positions.

Shares in Ryanair, which fell by more than 3 percent in early trading, were 1.9 percent lower at 1315 GMT.

-Reuters