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PETALING JAYA: Capital A Bhd will reactivate 15 aircraft from the 22 non-active aircraft as well as receive eight new aircraft to invest in network growth across the region. For the second quarter ended June 30, 2024, it registered a net loss of RM454.18mil on the back of higher foreign exchange losses and aircraft depreciation charges. Its revenue, however, increased 54% year-on-year to RM4.86bil attributed to the strong recovery in demand from both domestic and international travel. In a statement yesterday, the company said that 20% of its fleet from the 165 operating aircraft was not in operation during the quarter under review.–The Star

SINGAPORE: Great Eastern will get a new Group CEO in November, with the appointment of Mr Greg Hingston. He will assume the role on Nov 1, succeeding Mr Khor Hock Seng who retires on Oct 31. Mr Hingston has worked in Asia for over 20 years, based in Hong Kong, the company in a statement on Wednesday (Aug 28). He spent the last 18 years with HSBC. “During this time, Mr Hingston has held various senior executive management positions across retail banking, wealth management and life insurance, including managing wealth and personal banking businesses in Hong Kong and for the Asia Pacific region,” Great Eastern said. In his most recent role as CEO of HSBC’s global insurance and partnerships, he was “primarily responsible for setting the strategy, managing and growing the life insurance businesses of the HSBC Group”. Mr Hingston was selected after a wide-ranging search that looked at internal candidates as well as those within and outside Singapore. Great Eastern’s nominating committee and its board selected Mr Hingston from a final shortlist that was put together after a “rigorous and extensive” process. Mr Hingston was found to be the most suitable candidate for the role given the company’s strategy to grow and expand beyond its core markets of Singapore and Malaysia, read the statement. Helen Wong, director of Great Eastern Holdings and Group CEO of OCBC, said Mr Hingston’s experience in both wealth and insurance will be helpful in “fostering synergy and collaboration between OCBC and Great Eastern Group under OCBC’s One Group approach”. OCBC in May announced a S$1.4 billion offer to buy the remaining stake in insurer Great Eastern Holdings, intending to delist the company. The takeover offer closed on Jul 12, with the bank holding more than 93 per cent of the company. Mr Khor retires from Great Eastern after serving as Group CEO for nine years. He will be an adviser to the board to assist with the transition for a period of six months. “Under Mr Khor’s stewardship, Great Eastern Group’s total assets grew steadily from S$65.8 billion (US$50.5 billion) as at end-2015 to S$109 billion as at end-2023,” said the company. “Over the same period, significant growth was also experienced in Great Eastern Group’s financial performance such as gross premiums and total weighted new sales.”–CNA

BEIJING: Leading Chinese automaker BYD posted on Wednesday (Aug 28) a 24.4 per cent rise in net profit for the first half of 2024, boosted by continuing strong demand for electric cars in its home and overseas markets. The company posted a net profit of US$1.91 billion in the January-June period, up from US$1.54 billion in the same period last year, according to results published at the Hong Kong Stock Exchange where BYD is listed. The firm said sales during the period stood at US$42.3 billion, up 15.8 per cent year-on-year. The Shenzhen-based company – which adopts the English slogan “Build Your Dreams” – is the most prominent EV manufacturer in China, the world’s largest automotive market. Leaders in Beijing are aiming for car sales to be mainly made up of electric and hybrid models by 2035. In July, such vehicles accounted for more than half of all domestic sales, passing the threshold for the first time, according to the Chinese Association of Automobile Manufacturers. Generous government subsidies initially helped sales take off – but the policies were phased out in late 2022 and the market now appears to be reaching maturity. Local EV firms have since been locked in a cut-throat price war as they fight to remain competitive, weighing on their profitability. BYD has “effectively dealt with challenges brought by intensified industrial competition”, it said in the filing. OVERSEAS CHALLENGES BYD and other Chinese EV giants have accelerated overseas expansion in recent years, despite concerns in Western countries that local markets will become flooded with imports at prices they view as artificially low. The European Union has alleged that Beijing’s automotive subsidies have given Chinese firms an unfair leg up in foreign markets, distorting competition and harming the competitiveness of European automakers. Earlier this month, Brussels released a draft plan to impose tariffs of up to 36.3 per cent on Chinese EVs – a measure that will become permanent in October unless a deal is reached with Beijing. The United States said in May that it would significantly raise customs duties on Chinese EVs to 100 per cent. Canada also announced a 100 per cent tariff on Monday, accusing China of “not playing by the same rules as other countries” in areas such as environmental and labour standards. BYD has nonetheless been ramping up globalisation efforts, with plans to open factories in Hungary and Turkey. Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003.