New Sabah International Convention Centre to be completed in 10 months


SABAH

MO,18/1/2018, KOTA KINABALU: The state’s upcoming new landmark, the Sabah International Convention Centre, is expected to be ready within 10 months, says Sabah Chief Minister Tan Sri Musa Aman. “The construction is still ongoing and we hope it will be completed according to schedule.

“The centre will be timely for us, as it can host meetings, conferences and exhibitions even at international level, as the state currently lacks a huge venue for these events,” he said, adding the state government has extended its gratitude to the federal government over the RM250 million contribution for the centre.

Musa was speaking to reporters after inspecting the construction progress at the site. Also present were state cabinet ministers, Yayasan Sabah Group director Datuk Sapawi Ahmad, members of the Sabah Chamber of Commerce, and the Sabah Chinese Chambers Association. He added besides exhibitors and performers, the centre will also provide job opportunities for locals.

The centre, owned by state-operated Yayasan Sabah, will have a 20,400 square exhibition area including the hall, 22 meeting rooms, an open plaza for outdoor exhibitions, as well as a convention hall.

Its two-tier performing arts hall can cater for 1,200 audiences, four simultaneous interpretation booths, built-in stage with technologically advanced audio visual and stage lighting, rehearsal room and ample holding storage.

–NSTP



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RHB performs relatively well for first 9 months



KUALA LUMPUR: RHB Bank Berhad announced a relatively well financial result following a stronger performance in the third quarter today.

Its financial results for the first nine months ended 30 September 2017 showed a net profit of RM1,490 million as compared to RM1,420 million for the same period in 2016. This is an increase of 4.9% year on year (yoy).  The yoy earnings improvement was mainly due to lower impairment losses on other assets.

KEY HIGHLIGHTS

  • Pre-tax profit of RM2.0 billion, up by 3.6%
  • Cost-to-income ratio at 49.6%
  • Gross loans of RM158.0 billion, up by 3.3%
  • Customer deposits of RM168.5 billion, up by 1.7%
  • Current and savings account balances up by 11.9%, CASA composition at 27.1%
  • Islamic Banking contributes 28.6% of total domestic loan and financing
  • Mortgages and SME continued growth momentum

CONSUMER BANK SEE SLIGHT DIP

Both the retail banking and the business banking businesses of RHB see a slight dip in the first nine months for this year.

Group Retail Banking reported a pre-tax profit of RM799.5 million for the first nine months ended 30 September 2017, which is 3.2% lower from the previous year’s corresponding period. This was mainly attributed to lower net fund based income as yield competition intensified, partially offset by lower allowances for loans and financing.

While RHB’s Group Business Banking recorded a pre-tax profit of RM277.2 million in the first nine
months, a decrease of 15.9% mainly due to higher allowances for loans and financing and higher operating expenses. Net funding income and non-funding income remained relatively stable over the period.

WHOLESALE BANKING SEE DOUBLE DIGIT GROWTH, IN BOTH DIRECTIONS

Group Corporate and Investment Banking registered pre-tax profit of RM412.5 million, a 21.9% decline on the back of lower net funding income and non-fund based income and higher loan loss impairment. Meanwhile, Group Treasury and Global Markets recorded a strong 23.1% growth in pre-tax profit to RM864.7 million in the first nine months, mainly due to higher net funding income and higher impairment write-back on loans, partially offset by lower net foreign exchange gain.

SILVER LINING CAN BE FOUND IN THE BALANCE SHEET?

While business lines show a relative growth in some areas, the strongest performance in the financial results lie in the group’s balance sheet.

As at 30 September 2017, the common equity tier-1 (“CET-1”) and total capital ratio of the Group, taking into consideration the FY2017 interim dividend, remained strong at 13.6% and 17.9% respectively. These capital ratios are well above the Basel III minimum transitional arrangement requirements of 5.75% and 9.25% respectively.

The group says that this positions RHB as “one of the best capitalised banking groups in Malaysia”.

OUTLOOK

Datuk Khairussaleh Ramli, RHB’S Group Managing Director says that they “continue to achieve consecutive quarters of sustained profitability amidst the domestic market moderate loans growth”.

He also reassured investors against possible business headwinds, adding that “notwithstanding the challenges in asset quality, our earnings and performance demonstrated our ability to capture opportunities across our businesses and effectively keep a firm grip on costs”.



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Bellew must pay four months salary to MAB



KUALA LUMPUR: Former Malaysia Airlines Bhd (MAB) Chief Executive Officer Peter Bellew must pay four months’ salary to the national carrier for resigning earlier than the notice period.

Second Finance Minister Datuk Johari Abdul Ghani said Bellew failed to comply with the six-month notice period in his contract agreement with MAB, instead he gave only two months’

“The CEO contract was for three years and both parties may give a six-month notice to each other.

“In the case of the CEO, he resigned by giving less than four months’ notice. So, he has to pay us four months’ salary,” he said when winding-up the 2018 Supply Bill for the Ministry of Finance at the Dewan Rakyat today.

Johari however, refused to divulge details as to how much Bellew has repay MAB.

Bellew tendered his resignation on Oct 8 to take up a position at Ireland’s Ryanair and he will be succeeded by MAB Chief Operating Officer Captain Izham Ismail effective Dec 1, 2017. – BERNAMA



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