Top read stories from Aug 16 to 20 include Boustead Holdings Bhd, Pos Malaysia, KL luxury condo market, S P Setia and the economics of politics

       Corporate news

       Boustead exits University of Nottingham Malaysia in RM137mil deal

       Boustead Holdings Bhd is selling its controlling stake in University of Nottingham in Malaysia (UNM), as the diversified group sheds non-strategic assets to focus on core businesses. Boustead, in a statement today, said it has entered into a conditional share sales agreement with the University of Nottingham, United Kingdom to sell its 66.41% stake and a campus in Semenyih, Selangor for PS23.5mil (RM137mil). As a government-linked company, Boustead would continue to create other forms of collaboration and partnership that will help prepare valuable future talents particularly in digital technologies, renewable energy and Internet of Things, amongst others. Pos Malaysia sinks deeper into the red in Q2

       Pos Malaysia Bhd sank deeper into the red in the second quarter due to impairment of property, plant and equipment at its postal division, as well as higher transportation and delivery cost incurred. The company made a RM121.8mil loss in the three-month ended June 30 compared with RM19mil loss registered in the same quarter last year. Revenue decreased to RM534mil from RM606mil a year ago, Pos Malaysia said in a filing today. Coronavirus Outbreak

       The KL luxury condo market and the pandemic

       Within the secondary market, Knight Frank says the locality of Damansara Heights is the only exception where the selected schemes monitored had registered higher average prices (on a per sq ft basis) when compared to the second half of 2020. Elsewhere, in the other localities, the prices of high-end residential units remain under pressure. Similarly, in the tenant-led market, rentals remain under pressure due to weaker leasing demand. Malaysians keen on new homes

       About 73% of Malaysians are looking to change their home situation after spending more time indoors due to Covid-19, according to PropertyGuru's biannual Consumer Sentiment Study for the second half (H2) of 2021. Of those surveyed, 38% want to renovate or repurpose certain areas of their home, while 35% were starting to think more about owning a home or moving out of their current location. now believe that it is important for new properties to have an additional room at home that can be used as a home office. Property

       A tale of two cities

       However, despite very restrictive measures, the Singapore property market has remained on an upward trajectory, even so during the pandemic. For example, since July 2018, when the last cooling measures were introduced, and up to July 2021, the All Sale Singapore Property Index for all Non-Landed, has risen from 203 points to 216.5 points, or up 6.7%. Hence, despite a more expensive upfront cost, the Singapore property market continues to break new records and this is not just due to the scarcity of land factors in the city-state, but other factors as well. SP Setia posts 1H sales of RM2.71bil

       In the second quarter ended June 30, the property developer posted a net profit of RM74.81mil, compared to a net loss of RM134.34mil in the previous corresponding quarter. Revenue for the quarter under review was RM1.08bil, more than three times the revenue of RM331.33mil recorded in the comparative quarter. This brought the group's net profit in 1HFY21 to RM150.04mil compared to a net loss of RM110.25mil, while revenue rose to RM2.14mil, more than double RM1.03bil in the previous corresponding period. Economy

       The economics of politics

       I find this period of Japanese history especially fascinating, as this is where samurai warlords such as Oda Nobunaga, Toyotomi Hideyoshi and Tokugawa Ieyasu rose to prominence. Coming from a relatively small, Oda clan, he became the most powerful Daimyo (feudal lord) of his time. He was succeeded by Hideyoshi, after being forced to commit seppuku in Kyoto when a retainer samurai general, Akechi Mitsushide, launched a coup. Cautious optimism as Philippines, Malaysia ease some coronavirus curbs

       After 17 months of on-off lockdown measures in and around the Philippine capital Manila, its weary residents are hoping the latest easing of restrictions can breathe some life into an economy weighed down by the COVID-19 crisis. The Philippines, which has one of Asia's worst and longest-running coronavirus epidemics, announced a loosening of measures late on Thursday to try spur activity in an economy that contracted a record 9.5% last year. After the Chinese city Wuhan, where COVID-19 was first detected, the Philippines was one of the first places in the world to go into lockdown last year. Banking

       Maybank Asset aims to raise RM200mil for newly launched fund

       Maybank Asset Management Sdn Bhd (MAM) is targeting to raise RM200 million for its newly launched shariah-compliant mixed assets fund, Maybank Asia Mixed Assets-I Fund, during the initial offer period from Aug 16-Sept 5, 2021. Maybank Islamic Asset Management Sdn Bhd chief executive officer Ahmed Muzni Mohamed said the fund combined the expertise of its experienced fund managers and the latest quant investing technology to provide the best outcome for the fund. BSN proposes to issue RM3.5b Sukuk, rated AAA/Stable by RAM

       BSN's profitability has traditionally been dragged down by significant operating expenses to maintain its broad nationwide branch network and high headcount - a result of the bank's developmental role. The Bank posted a pre-tax profit of RM314 mil in 9M FY Dec 2020, which translated into a relatively weak return on risk-weighted assets of 1.6% on an annualised basis. BSN is governed by the Development Financial Institutions Act 2002, which comes under the purview of Bank Negara Malaysia.