Saudi tests Cadbury chocolate for pork traces |
- Saudi tests Cadbury chocolate for pork traces
- Thai Thongchai wins Scandinavian Masters in playoff
- Winston Churchill’s last surviving child, Mary Soames, dies at 91
- Stock Watch: Three-A Resources Berhad ― Will it close Chinese JV with Wilmar?
- Modi-fying India — Sreeram Chaulia
- Rossi absent from Italy World Cup squad
| Saudi tests Cadbury chocolate for pork traces Posted: 01 Jun 2014 05:58 PM PDT
Pork is strictly banned in Islam and traces of pig DNA were found during routine checks for non-halal substances in Malaysia, also prompting Indonesia to test Cadbury chocolate. The Saudi Food and Drug Authority said late Saturday on its website the decision is only a precautionary move and involves testing samples of Cadbury Dairy Milk hazelnut and Cadbury Dairy Milk almond roast. The statement said, however, that the Cadbury chocolate sold in the ultra-conservative Muslim kingdom is not imported from Malaysia, but is produced locally or in Egypt. "We do not have any proof (yet) that there are any traces of pork in the products sold in Saudi Arabia," the food and drug authority said. But an investigation is underway to determine if any of the Cadbury sold on the Saudi market was imported from Malaysia, it added. Pork and its by-products, alcohol and animals not slaughtered according to Islamic procedures are not considered halal (permissible), and they are strictly forbidden to Muslims. — AFP  |
| Thai Thongchai wins Scandinavian Masters in playoff Posted: 01 Jun 2014 05:56 PM PDT
The 44-year-old clinched his sixth European Tour title, and his second in a playoff, when he birdied the par-five 18th to beat his opponents by a shot on the first hole of the shootout. Thongchai, who won the Ballantine's Championship in similar fashion in 2009, carded a final-round 65 to finish with a 16-under 272, only to see his total matched by Dubuisson and Gallacher shortly afterwards. He held his nerve after both his opponents missed long birdie putts in the playoff to seal his first tour win in two years with a three-foot putt. "I worked hard today," Thongchai told the European Tour website. "I started with three birdies in a row, had another one on six, then a good comeback on 11 (where he made an eagle three). "We were nervous the last few holes — 16, 17 and 18 are tough holes — but 16 under was good enough for a playoff. "The golf course is wide open, you have to hit good golf shots and the weather helped a little bit." Frenchman Dubuisson could have won the title in regulation play with a birdie at the 18th but missed his chance when he took three shots from just off green. Scot Gallacher looked as though he had blown his chance with a bogey at the penultimate hole, but a courageous 20-foot putt at the next booked his place in the playoff. Dutchman Robert-Jan Derksen finished fourth, matching Thongchai's 65 to end one shot behind on 15 under. Home favourite Henrik Stenson, winner of the Race to Dubai and US FedEX Cup in 2013, threw away the overnight lead he shared with Briton Eddie Pepperell with a disappointing final round of 71 to finish fifth. — Reuters |
| Winston Churchill’s last surviving child, Mary Soames, dies at 91 Posted: 01 Jun 2014 05:52 PM PDT
The baroness died peacefully at her home on Saturday surrounded by family members, following a short illness. She was the youngest of Churchill's five children. She married the Conservative politician Baron Christopher Soames, and they had three sons and two daughters. Her late husband served as Britain's war secretary and ambassador to France, was a European commissioner and the last British governor of Southern Rhodesia before its transition to Zimbabwe. Prime Minister David Cameron said he was "saddened" by the news. "She was a wonderful, warm hearted woman who could always put others at ease," he said. "She was very kind to Samantha and me and we felt privileged to know her. "In the week of the 70th anniversary of D-Day, we remember that she served her country in World War II and was an eye-witness to some of the most important moments in our recent history as she accompanied her father to key conferences," he added. Lawmaker Nicholas Soames paid tribute to his mother. "She was a truly remarkable and extraordinary woman, who led a very distinguished life," the Conservative MP said. "She was not just a wonderful mother to whom we were all devoted, but the head and heart of our family after our father died, and will be greatly missed. "She was a distinguished writer and led a distinguished life, with her service in the war, and is part of that generation which is passing. "This is extraordinary timing — just before the anniversary of the Normandy landings, Churchill's last surviving child dies. It is the great swing of history." Churchill died aged 90 in 1965. He was Britain's prime minister through the war years of 1940 to 1945, and again in peacetime from 1951 to 1955. Mary Churchill worked for the Red Cross and the Women's Voluntary Service from 1939 to 1941. She joined the Auxiliary Territorial Service with whom she served in London, Belgium and Germany in mixed anti-aircraft batteries. She also accompanied her father as aide-de-camp on several of his journeys abroad. They included the 1945 Potsdam Conference, following the allied victory in Europe, where Churchill, US president Harry S. Truman and Soviet leader Joseph Stalin carved up the future of post-war Germany and Poland. She was knighted for her public service, having worked in several organisations including chairing the Royal National Theatre. She wrote an acclaimed biography of her mother, Clementine Churchill, in 1979, which won a Wolfson Prize, and her own memoirs. — AFP |
| Stock Watch: Three-A Resources Berhad ― Will it close Chinese JV with Wilmar? Posted: 01 Jun 2014 05:49 PM PDT
Revenue and profit both declined but management maintains that 2014 will be satisfactory because products are expected to remain competitive. But it didn't quantify what it means by "satisfactory." These are its unaudited Q4FY13 results: Revenue: -6.1 per cent to RM77.8million Profit: -28.3 per cent to RM3.2million Cash flow from operations: Q4: RM43.8million, FY14: RM2.6million Cash in reserves: RM16.7million vs RM17.8million Dividend: Nil vs Nil Revenue decreased because of lower demand for goods. Breakdown by country (Item A8 of Q4 FY13 Results): Malaysia: RM216.9million Singapore: RM18.1million Other Countries: RM67.9 mln Profit after tax dropped to RM3.2 million from RM4.5million because of lower sales, and share of losses from its 50:50 joint venture company, Three-A (Qinhuangdao) Food Industries Co. Ltd. Investor Central. We keep your investments honest. 1. Will it close Chinese JV with Wilmar? Three-A (Qinhuangdao) was announced on May 5, 2010, and incorporated on August 9, 2010, as a joint venture with Yihai Kerry Investments Co. Ltd, a wholly-owned subsidiary of Wilmar International Limited. Its principal activities are manufacturing and sales of food and beverage ingredients, in particular Hydrolyzed Vegetable Protein (HVP), made from soy bean. Three-A Resources has not impaired the US$4.55million it invested in the joint venture but it also hasn't invested as much as it had planned in the JV. Page 15 of the audited amended financial statements says the parties had initially agreed to invest US$12million in total. Further, it goes on to say that Three-A Resources and Wilmar had agreed to invest a further US$8 million during the year ended December 31, 2013, to bring the total to US$20million. This would take them half way to the US$40million total investment they pledged in 2010. But according to the most recent full-year financial statement, Three-A Resources has invested only US$4.55million. That's well short of the US$10million each of them was going to invest in the year just ended. What is holding them back? One reason might be… 2. Why is Three-A (Qinhuangdao) still making losses, after four years? Three-A (Qinhuangdao), held through wholly-owned subsidiary Three-A Food Industries (M) Sdn Bhd, reported a revenue increase but this was offset by costs for sales, administration and financing, of which Three-A Resources bore RM4.3 million as its share of losses. These are the full year financials for Three-A (Qinhuangdao) Food Industries (Refer page 48 of the amended audited financial statement): Revenue: RM2.6 million vs RM845, 000 Cost of Sales: (RM7.8million) vs (RM1.7million) Administrative Expenses: (RM1.2million) vs (RM1.9million) Finance Cost: (RM2.1million) vs (RM657, 000) Loss for Financial Year (post tax): (RM8.6million) vs (RM3.1million) Share of Loss by the Group: (RM4.3million) vs (RM1.6million) The Q4 performance review only explained the QoQ pre-tax difference: RM4.7million (Q4) vs RM2.7 mln (Q3), thanks to higher sales and profit margins, in spite of an impairment of trade receivables in Q3. 3. How can it remedy its joint venture's performance? Presumably, if it is not looking to close the JV, it has to take action to stem the losses. 4. How much was the impairment sustained on trade receivables in Q3 by Three-A (Qinhuangdao)? Which customer or customers defaulted on their payment and why? What discussions did they have which made them conclude that these unpaid amounts are unrecoverable? Is Three-A (Qinhuangdao) still going to do business with this/these customer(s)? 5. Why has demand for its products dropped? Three-A didn't say whether there were cyclical factors or unusual items. Could it be a case of competition? 6. Why did Singapore sales drop? Malaysia is the key market for Three-A, accounting for 71 per cent of FY13 revenue. Singapore sales fell 27.7 per cent to just 5.8 per cent of total sales. 7. Is it because of tightening competition in Singapore? Food Business Review reveals Three-A Resources faces competition from Bio Osmo Berhad, Cocoaland Holdings Bhd, Hup Seng Industries Berhad, Apollo Food Holdings Berhad and NewLife International. 8. Why not break out the numbers for other foreign markets too? Three-A Resources sells its products in Hong Kong, China, South Korea, Indonesia, Philippines, Vietnam, Australia and the US (page 65 of the amended audited Q4 financials). Collectively they contributed RM70.1million in sales, up slightly from RM69.7million previously. That's much more than Singapore. We wonder why Three-A does not break down the contribution figures for other foreign markets, outside of Singapore. 9. Does it produce BVO? In early May, Coca Cola announced it would no longer use Brominated Vegetable Oil (BVO) in products such as Coke, Fanta and Powerade. BVO is used to keep fruit ingredients in drinks from separating. But it is also used in fire retardants, and while the European Union has banned its use, it is still legal in certain small quantities in the United States. Pepsi has already dropped BVO from Gatorade. Beverage companies tend to turn to glycerol ester of rosin as a substitute. We can't find mention of BVO on Three-A's website – does it produce this product? 10. What opportunity does it see in Coke and Pepsi's decision to drop BVO from its ingredients? Is Three-A's looking to sell glycerol ester of rosin? 11. Why is Ernst & Young still listed as auditor? While BDO is apparently now the auditor of the group and its subsidiaries, the company's Group Profile page of its web site (as at May 27) still lists Ernst & Young as the company's auditor. So far, we have not had a reply (which is why you are seeing this message). ― Investor Central While our purpose is to ask the questions which the man on the street would ask, and to help the everyday investor make informed investments, please note that: *Our articles and presentations ('our contents') are not investment advice nor should they be construed as investment advice or any recommendation of any kind; nor meant to cast allegations or insinuations of any kind against any individuals or entities. Before acting on the material in our contents, you should either seek independent advice tailored to your particular circumstances and intentions or rely on your own judgement. **Our articles and presentations express our observations, opinions and theoretical analysis based on the facts that we have gathered or have been provided to us. While we endeavour to ensure that our contents are accurate and are presented in good faith, we cannot and do not warrant the accuracy, adequacy or completeness of the material or that the material is suitable for its intended use; and we disclaim any such warranties express or implied that may be presumed by any party; neither do we take responsibility for the views of companies or other stakeholders or observers or sources quoted or hyperlinked in our contents. While every precaution has been taken in the preparation of our contents, we (and our principals) shall not be liable for any losses or damage or inconveniences due allegedly to errors or omissions in any facts or due allegedly to reliance on our contents in any way whatsoever; nor for any damage to any computer hardware, date information or materials alleged ly caused by our contents. ***All expressions of opinion and observations in our contents are subject to change without notice and we do not undertake a duty to update and supplement our contents or the information contained herein in the event we obtain any further or more complete information. |
| Modi-fying India — Sreeram Chaulia Posted: 01 Jun 2014 05:48 PM PDT
Is he the man to supply statesmanship and solve key international problems in Asia and beyond? Is his stewardship of India going to propel this vast land with an impoverished population to finally realise its true potential? Is he going to launch India to the next level in terms of economic prosperity and foreign influence to become an equal of China? Meeting high expectations The aura around Modi has raised expectations to a fever pitch not just among India's billion plus people but in the wider international community. Foreign well-wishers of India have long despaired that the country fails to live up to its billing as the next big thing in global leadership. A recent book by expatriate journalist John Elliott, Implosion, charges that underachieving India constantly disappoints admirers and validates the views of critics. Likewise, former Canadian diplomat David Malone's book, Does the Elephant Dance?, pillories Indian foreign policymaking for lack of a grand strategy, a long-term vision, and human and material capabilities to surge ahead. These lacunae aptly summarise the challenges for Modi as he embarks on a journey of "scripting a glorious future for India". At his inauguration speech as Prime Minister, Modi promised to "actively engage with the global community to strengthen the cause of world peace and development". He walked this talk from day one in India's highest office by ensuring that heads of government of all South Asian neighbours of India (except Bangladesh's Sheikh Hasina, who was touring Japan) were present at his swearing-in ceremony. It was an unprecedented diplomatic coup and an early indicator that the current government in New Delhi will not let foreign policy languish in the glacial routines of unimaginative bureaucracy. Engaging in economic diplomacy When he was Chief Minister of the western Indian state of Gujarat, Modi had been a magnetic politician for leaders and corporations in East Asia, the Middle East and Latin America owing to his aggressive promotion of trade and foreign direct investment with them. But within South Asia, India's total trade with neighbouring countries is a paltry US$17.5 billion (RM56.35 billion). To put this in perspective, intra-Association of Southeast Asian Nations trade is a whopping US$600 billion and growing. Of the US$17.5 billion being traded among eight member countries of the South Asian Association for Regional Cooperation (SAARC), India exports US$15 billion and imports only US$2.5 billion. As the largest economy of South Asia, India has not been able to enlarge opportunities and offer its smaller neighbours a concrete material stake to take home from the Indian market. This is despite SAARC signing an ambitious South Asian Free Trade Agreement in 2004. Modi, famed for economic instincts, is the man who can turn this dismal picture around. The sense of anticipation about overriding political barriers and maximising mutual economic gains, with Modi as a key galvanising pillar, was captured in a tweet by Maryam, the daughter of Pakistani Prime Minister Nawaz Sharif: "Why can't they (India and Pakistan) live like United Europe. Economic bloc perhaps?" The Financial Express has reported that Modi's foreign policy team is fine-tuning "game-changing proposals" for freer movement of goods, capital and people to accelerate economic integration of South Asia. The Prime Minister's mercantile charms also fulfil a strategic imperative for India to recover lost ground in its own neighbourhood, where China has made determined inroads. If Delhi is able to allay the misgivings of its smaller next-door nations by consciously giving them market access and technology transfers, it can break out of the insecurity stemming from Chinese encirclement schemes such as the dreaded String of Pearls. India's Achilles heel lies in South Asia and this weakness can best be overturned through a heavy dose of Modi's commercial diplomacy. is Modi a salesman or more? Although the United States and Western European countries had earlier treated Modi as a pariah by blaming him for anti-Muslim pogroms in Gujarat, they too are looking at India with renewed optimism because of his promised "red carpet" for investors. India has been a constant feature on the US' Special 301 list of priority watch countries where protection for intellectual property rights is weak. Modi's pro-business policies could bring around Western chambers of commerce to once again courting India as a promising emerging market. While unleashing a hunger for the country to engage with the global economy, Modi has to tread carefully in cases where business contradicts national security. For instance, as Chief Minister of Gujarat, he wooed the Chinese technology giant Huawei to set up a research centre in his state. But the same Huawei has been under the scanner of Indian and other foreign intelligence agencies for spying and hacking into sensitive government networks. Even the broader South Asian brotherhood he is chasing through economic regionalism can be jeopardised by anti-India Islamist terrorism. With the Americans drawing down in Afghanistan, can Sharif guarantee Modi no resurgence of jihadist infiltration into India? Or will the thousands of hard-core Islamists who have tied down the US in Afghanistan move back eastwards to wreak havoc in Indian-controlled Kashmir? Modi has some alacritous "operations" specialists such as Ajit Doval, his National Security Adviser, who would be preparing for such worst-case scenarios. One misnomer doing the rounds in assessments of the Prime Minister's foreign policy outlook is that he is essentially a seasoned business salesman of India abroad and lacks a geopolitical gene. But Modi is a nationalist with a trademark India First doctrine. He dreams of India as a power centre in world politics and is certain to undertake long-due modernisation of the military and critical infrastructure. Sceptics alleging that realpolitik is beyond Modi's ken could be surprised by strategic breakthroughs in the coming five years. — TODAY * Sreeram Chaulia is a professor and Dean at the Jindal School of International Affairs in Sonipat, India. ** This is the personal opinion of the writer and does not necessarily represent the views of The Malay Mail Online. |
| Rossi absent from Italy World Cup squad Posted: 01 Jun 2014 05:47 PM PDT
Rossi's exclusion was perhaps not a huge surprise as he missed four months of the season due to injury and didn't have enough time to rediscover his form and fitness to convince Prandelli of his worth. Versatile Napoli attacking player Lorenzo Insigne instead joins forwards Mario Balotelli and Ciro Immobile, Serie A's top scorer this season with 22 goals, on the plane to Brazil. Parma veteran Antonio Cassano, who will play in his first World Cup, and Torino's Alessio Cerci are also attacking options. Another missing from the list was AC Milan midfielder Riccardo Monolivo, whose World Cup ambitions ended when he suffered a broken leg in Saturday's warm-up against Ireland. He has been replaced by former Liverpool misfit Alberto Aquilani, now with Fiorentina. There were no real surprises in midfield with veteran pair Daniele De Rossi (Roma) and Andrea Pirlo (Juventus) joined by Paris Saint-Germain duo Marco Verratti and Brazilian-born Thiago Motta included. The defence is mostly made up of the Juventus backline with Andrea Bazagli, Leonardo Bonucci and Giorgio Chiellini all expected to start in front of their club captain Gianluigi Buffon in goal. If there was one unexpected inclusion in defence it was that of Torino right-back Matteo Darmian who only made his debut against Ireland and is preferred to Prandelli's long-term first choice right-sided player Cristian Maggio of Napoli, who underwent an injury-plagued season. Beside the 23 squad players, Prandelli also named Inter Milan centre-back Andrea Ranocchia as a stand-by player, who can be brought in for someone right up to the day before Italy's first match against England in Manaus on June 15. Italy's other Group D rivals are Uruguay and Costa Rica. Italy squad: Goalkeepers: Gianluigi Buffon (Juventus), Salvatore Sirigu (Paris Saint-GermainG/FRA), Mattia Perin (Genoa) Defenders: Ignazio Abate (AC Milan), Andrea Barzagli (Juventus), Leonardo Bonucci (Juventus), Giorgio Chiellini (Juventus), Matteo Darmian (Torino), Mattia De Sciglio (AC Milan), Gabriel Paletta (Parma) Midfielders: Alberto Aquilani (Fiorentina), Antonio Candreva (Lazio), Daniele De Rossi (Roma), Claudio Marchisio (Juventus), Thiago Motta (Paris Saint-Germain/FRA), Marco Parolo (Parma), Andrea Pirlo (Juventus), Marco Verratti (Paris Saint-Germain/FRA) Forwards: Mario Balotelli (AC Milan), Antonio Cassano (Parma), Alessio Cerci (Torino), Ciro Immobile (Torino), Lorenzo Insigne (Napoli) — AFP |
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