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Malaysia's April industrial output rises 50.1%, fastest in over decade
  + stars: | 2021-06-11 | by ( ) www.reuters.com + 0.98   time to read: +1 min
REUTERS/Lim Huey TengMalaysia's industrial production rose by a record 50.1% in April from a year ago, marking the highest rate in more than a decade, on stronger demand across all sectors, government data showed on Friday. The production index measures factory output in manufacturing, mining and electricity generation. The previous record for industrial production was a 20.2% spike in March 2009. Manufacturing output rose 68% year-on-year in April, driven by demand for transport equipment and other manufactures, and non-metallic mineral products and basic metal and fabricated metal products, the department said. Electricity output rose 14.3%, while mining rose for the first time since February last year by 22.9%, according to the data.
Persons: Lim Huey Teng Organizations: REUTERS, Statistics Department, Thomson Locations: Shah Alam, Malaysia
U.S. tire maker Goodyear loses dispute against foreign workers in Malaysia
  + stars: | 2021-06-10 | by ( Mei Mei Chu | ) www.reuters.com sentiment -1.00   time to read: +2 min
A logo of Goodyear is pictured at it's factory in Shah Alam, Malaysia May 6, 2021. Goodyear Malaysia argued that the migrant workers did not have legal standing to file the complaint as they were not union members, according to the court documents. "This is just the tip of the iceberg albeit a significant milestone in the treatment of migrant workers in this company," said the workers' lawyer Chandra Segaran Rajandran. The court has already ruled in favor of the foreign workers in two of the cases last year. Goodyear is also facing accusations of unlawful overtime, wrongful salary deduction, denying workers full access to their passports, and threats to migrant workers, Reuters has reported.
Persons: Lim Huey Teng, Goodyear, Rasidah Chik, Rasidah, Chandra Segaran Rajandran Organizations: Goodyear, REUTERS, Goodyear Tire &, Goodyear Malaysia, Industrial, Court, Reuters, Thomson Locations: Shah Alam, Malaysia, Malaysian, Goodyear Malaysia, Nepal, Myanmar, India
read moreTop Glove, which has net cash of 4.23 billion ringgit, has said regulators were reviewing its listing process and it was working closely with advisers. On Wednesday, Top Glove reported a jump of 485% in third-quarter net profit benefiting from strong demand for gloves during the pandemic. A stock exchange filing showed net profit for the period jumped to 2.04 billion ringgit ($495.63 million) from 347.9 million a year ago. UBS had forecast a profit of 2.54 billion ringgit, according to Refinitiv data. Its revenue rose 147% to 4.16 billion ringgit.
Persons: Lim Huey Teng, Lee Kim Meow, Lim Wee Chai Organizations: REUTERS, Corp, Impactt, . Customs, Border Protection, Reuters, CBP, UBS, Thomson Locations: Shah Alam, Malaysia, U.S, Malaysian, London, United States, North America, Hong Kong
REUTERS/Lim Huey TengMalaysia's Top Glove Corporation Bhd (TPGC.KL) reported on Wednesday a 485% jump in third-quarter net profit as the COVID-19 pandemic drove strong demand for gloves. In a stock exchange filing, the firm said net profit for the March-May period jumped to 2.04 billion ringgit ($495.63 million) from 347.9 million ringgit a year ago. UBS had forecast a profit of 2.54 billion ringgit, according to Refinitiv data. Its revenue rose 147% to 4.16 billion ringgit from 1.69 billion ringgit. "Nonetheless, global glove demand remains resilient as glove usage continues to rise, driven by the ongoing pandemic," it said.
Persons: Lim Huey Teng Organizations: REUTERS, Corporation, UBS, Customs, Border Protection, . Customs, CBP, Impactt, Reuters, Thomson Locations: Shah Alam, Malaysia, United States, U.S, London, Hong Kong
FILE PHOTO: A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey TengHONG KONG (Reuters) - Top Glove Corporation’s plan to list in Hong Kong to raise up to $1 billion has been delayed as the world’s largest rubber glove maker seeks to resolve a U.S. import ban on its products, sources with direct knowledge of the matter said. The Malaysian firm, which is already listed in Kuala Lumpur and Singapore, flagged in late April it would sell 793.5 million shares in the listing, half what the company proposed in its application to the Hong Kong Stock Exchange in February. However, the deal has stalled as the company awaits indications from U.S. Customs and Border Protection (CBP) on whether an imports ban would be lifted any time soon, the sources said. The sources could not be named as the information was not yet made public.
Persons: Lim Huey Teng Organizations: REUTERS, Reuters, Hong Kong Stock Exchange, . Customs, Border Protection Locations: Shah Alam, Malaysia, Lim Huey Teng HONG KONG, Hong Kong, U.S, Malaysian, Kuala Lumpur, Singapore
A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey TengTop Glove Corporation's (TPGC.KL) plan to list in Hong Kong to raise up to $1 billion has been delayed as the world's largest rubber glove maker seeks to resolve a U.S. import ban on its products, sources with direct knowledge of the matter said. The Malaysian firm, which is already listed in Kuala Lumpur and Singapore, flagged in late April it would sell 793.5 million shares in the listing, half what the company proposed in its application to the Hong Kong Stock Exchange in February. However, the deal has stalled as the company awaits indications from U.S. Customs and Border Protection (CBP) on whether an imports ban would be lifted any time soon, the sources said. The sources could not be named as the information was not yet made public.
Persons: Lim Huey Teng Organizations: REUTERS, Hong Kong Stock Exchange, . Customs, Border Protection, Thomson Locations: Shah Alam, Malaysia, Hong Kong, U.S, Malaysian, Kuala Lumpur, Singapore
A woman sits at a bus stop outside Goodyear factory in Shah Alam, Malaysia May 6, 2021. The foreign workers are claiming about 5 million ringgit ($1.21 million) in unpaid wages, said their lawyer, Chandra Segaran Rajandran. According to the court ruling last year, Goodyear Malaysia argued that foreign workers are not entitled to the benefits of the collective agreement because they are not union members. The court agreed that the foreign workers’ job scope entitled them to those benefits. The foreign workers filed the first two lawsuits in July 2019.
Persons: Lim Huey Teng, Goodyear, payslips, Chandra Segaran Rajandran, , , Sharan Kumar Rai, Anna Ng Fui Choo Organizations: Reuters, Goodyear Tire &, Goodyear, REUTERS, Goodyear Malaysia, National Union of Employees, Manufacturing Rubber, Permodalan, Permodalan Nasional Berhad, Workers, Human Resources Ministry Locations: KUALA LUMPUR, Malaysian, Shah Alam, Malaysia, Nepal, Myanmar, India, Goodyear Malaysia, Permodalan Nasional, United States
U.S. seizes shipment from Malaysia's Top Glove over forced labour concerns
  + stars: | 2021-05-13 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
This is the second Top Glove shipment seized in about a week. The seizure shows that there is demand for Top Glove products despite the U.S. ban first announced in July last year. Top Glove is the world’s biggest glove maker and has seen global demand soar due to the COVID-19 pandemic. U.S. Customs prohibited the import of Top Glove products last year, saying it had found reasonable evidence of forced labour. Top Glove has since said it has resolved all indicators of forced labour in its operations and that this had been verified by London-based ethical trade consultant Impactt Limited.
Persons: Lim Huey Organizations: REUTERS, Reuters, United, Malaysian, Corp, U.S . Customs, Protection, Port, Port of Kansas City, Impactt Locations: Shah Alam, Malaysia, KUALA LUMPUR, United States, Kansas City, U.S, Port of Kansas, London
The passengers' families and rights groups are asking why more isn't being done to save the lives of those on board. In the past year, the camp has become a more dangerous place, said Razia Sultana, from the Rohingya Women Welfare Society. The boat was carrying 90 people -- 87 Rohingya refugees and three traffickers. Abdul Momen, told Reuters the Bangladeshi government expects India or Myanmar to accept the Rohingya refugees stranded on the boat. Earlier this month, India's Supreme Court ruled that Rohingya refugees in India can be forcibly returned to Myanmar.
Persons: Noor Kayas, Gule Jaan, Jaan, Shah Alam, Robi Alam, V.K.S Tomar, Catherine Stubberfield, Noor, Noor's, Razia Sultana, Sultana, John Quinley, Mahi Ramakrishnan, Muhyiddin Yassin, Abdul Momen, Chris Lewa Organizations: CNN, UNHCR, Indian Coast Guard, India Ministry, GPS, Indian Ministry, External Affairs, Navy, India's Ministry, Affairs, Regional Bureau, CARE Bangladesh, Women Welfare Society, Myanmar, Rights, Malaysian, Reuters, UN Refugee Convention, UNHCR's Regional Bureau, India's, Human Rights Locations: Malaysia, Cox's Bazar, Bangladesh, Myanmar, Teknaf, Bazar, Bay, Bengal, India, Asia, Maungdaw, Myanmar's Rakhine State, Covid, Myanmar's, Rakhine, Southeast Asia, Rakhine State, Indonesia, Arakan
Capital Calls: Top Glove reduces listing stretch
  + stars: | 2021-04-23 | by ( Jennifer Hughes | ) www.reuters.com sentiment -1.00   time to read: +1 min
A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. Shares in beleaguered Top Glove (TPGC.KL), rallied on Friday after the world’s biggest maker of protective handwear almost halved the size of its Hong Kong float. Top Glove said it cut its offering to limit dilution, but there are other good reasons to do so. And that was before the hit from the United States’ decision in March to ban all Top Glove imports over forced labour concerns. Shares may be up 150% over the past year, but they have fallen 40% from their October pandemic-related peak.
Persons: Lim Huey Teng, , Jennifer Hughes, Chubb Organizations: REUTERS, Malaysian, United, Hartford, Airlines Locations: Shah Alam, Malaysia, Hong Kong, Kuala Lumpur, Singapore, United States
Malaysia's Top Glove reports COVID-19 outbreak at four factories
  + stars: | 2021-01-16 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
KUALA LUMPUR (Reuters) - Malaysia’s Top Glove Corp, the world’s largest medical grade glove maker, said on Saturday some employees at four factories had tested positive for COVID-19 recently. FILE PHOTO: A general view of Top Glove headquarters is pictured in Shah Alam, Malaysia August 11, 2020. Contact tracing and screening of close contacts are being carried out at the other two factories, it added. A BlackRock unit, BlackRock Institutional Trust Co, is the tenth biggest shareholder in Top Glove, holding 1.07% of its shares. Reuters reported last month that Top Glove fired a whistleblower who raised concern about the firm’s lack of COVID-19 mitigation efforts.
Persons: Shah, Lim Huey Teng Organizations: Reuters, Corp, REUTERS, BlackRock, BlackRock Institutional Trust, Workers Locations: KUALA LUMPUR, Shah Alam, Malaysia, COVID, BlackRock
SINGAPORE — Malaysia's stocks and currency fell on Tuesday after the king declared a state of emergency that will last until Aug. 1, as the country steps up measures to curb the spread of Covid-19. Following the announcement, the U.S. dollar-Malaysian ringgit pair hit a high of 4.072 — or around 0.54% higher than the previous close. The currency pair has since traded around 4.061, or 0.27% higher than Monday's close. A Malay-language statement issued by the palace, translated by CNBC, said the "proactive step" was requested by Prime Minister Muhyiddin Yassin due to surging Covid infections in the country. The state of emergency could end earlier than Aug. 1 if the number of daily cases gets under control and is effectively lowered, the statement said.
Persons: Muhyiddin Yassin Organizations: SINGAPORE —, U.S ., Malaysian, Bursa, Bursa Malaysia KLCI, CNBC Locations: Shah Alam, Malaysia, SINGAPORE, Covid, Bursa Malaysia
Factbox: Latest on worldwide spread of the coronavirus
  + stars: | 2021-01-04 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: People wait in line to be tested for the coronavirus disease (COVID-19) in Shah Alam, Malaysia January 7, 2021. * Swedish cases crossed the 500,000 mark as hospitals struggled to cope with a rampant second wave. * Greek PM Kyriakos Mitsotakis called for the creation of an EU-wide, COVID-19 vaccination certificate to help restore cross-border travel. * Mexican health authorities will quickly make a decision on whether to authorize Russia’s Sputnik V COVID-19 vaccine after getting access to data on it. MIDDLE EAST AND AFRICA* Two senior Malawian cabinet ministers and two other senior political figures died from COVID-19.
Persons: Trump, Shah, Lim Huey Teng, Matt Hancock, Mitsotakis, China’s Sinovac Organizations: Reuters, REUTERS, AstraZeneca, Oxford University, Malaysia, Democratic U.S, U.S . Capitol, Russia’s Sputnik, GSK, Biotechnology, Bank of Canada Locations: Langfang, Shah Alam, Malaysia, EU, France, ASIA, PACIFIC, Indonesia, Japan, Tokyo, Aichi, AMERICAS, Ontario, AFRICA, COVID, Nigeria, Brazil
Breakingviews - Urge to purge 2020 from memory should be resisted
  + stars: | 2021-01-04 | by ( Rob Cox | ) www.reuters.com + 0.00   time to read: +3 min
A doctor collects a swab sample from a man to be tested for the coronavirus disease (COVID-19) outside Clinic Ajwa in Shah Alam, Malaysia December 10, 2020. REUTERS/Lim Huey TengZURICH (Reuters Breakingviews) - When will 2020 end? That was a familiar lament across the globe as humanity shut down almost everything to cope with a common threat. Old appetites and excesses will return, but the divisions the pandemic exposed in our societies can’t be forgotten. Many of Breakingviews’ predictions – really more like ideas we hope our readers will find provocative – are prosaically centered in the world of business, corporate finance, mergers, economics and such.
Persons: Lim Huey Teng, Donald Trump, Joe Biden, robustly, Organizations: REUTERS, Reuters Locations: Shah Alam, Malaysia, Lim Huey Teng ZURICH, Covid, United States, Breakingviews, Europe
Malaysia to charge Top Glove over poor worker accommodation, government says
  + stars: | 2020-12-01 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
KUALA LUMPUR (Reuters) - Malaysia said on Tuesday it would file charges against Top Glove Corp because of poor worker accommodation provided by the world’s biggest maker of medical gloves. FILE PHOTO: A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey Teng/File PhotoThe Labour Department, part of the Ministry of Human Resources, launched investigations into worker accommodation and hostels after last month’s COVID-19 outbreak at a Top Glove factory in an industrial area near the capital Kuala Lumpur. Top Glove said it was working to improve accommodation by Dec. 31, the end of a grace period for employers to meet new government rules on accommodation standards. Responding to comments by the Malaysian authorities about its accommodation, Top Glove said: “Efforts to source more accommodation and to improve existing worker accommodation are ongoing, in view of the large number of workers we employ.”It said it expected to complete this around Dec. 31.
Persons: Lim Huey Teng, Asri Ab Rahman, Organizations: Reuters, Corp, REUTERS, Labour Department, Ministry of Human Resources, Department of Labour Peninsular Malaysia, Malaysian Locations: KUALA LUMPUR, Malaysia, Shah Alam, Kuala Lumpur, United States
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