Thursday, August 4th, 2016


Jaks Resources, Zelan, Gamuda, Tenaga, Tadmax, OCK, Wah Seong, MISC, Tien Wah, Pentamaster

Construction and water pipe company Jaks Resources Bhd has been awarded a RM508.5 million package under the Sungai Besi-Ulu Kelang Expressway (SUKE) project. The package, to be undertaken by its wholly-owned subsidiary Jaks Sdn Bhd, was awarded by Turnpike Synergy Sdn Bhd, a unit of Projek Lintasan Kota Holdings Sdn Bhd (Prolintas). Prolintas is wholly owned by Permodalan Nasional Bhd. Jaks said its contract is for a 30-month period with an expected completion date of Feb 28, 2019.Categories: Latest NewsCorporate Source: The Edge Tags: ubs

US declines Sony, Universal bids to remake music royalty agreements

WASHINGTON, Aug 4 — US antitrust officials declined to rewrite decades-old agreements governing songwriter royalties in a blow to music publishers including Universal Music Publishing Group and Sony/ATV Music Publishing. The Justice Department’s antitrust division said today that it wouldn’t seek changes to the agreements following a two-year investigation, saying the terms benefit music listeners and ensure that songwriters are compensated. Music publishers had argued that the rise of digital offerings like Pandora Media Inc’s streaming music service demanded revisions. “The division’s investigation confirmed that the current system has wellRead More

Malaysia, Ukraine to expedite joint trade commission to boost two-way trade

PUTRAJAYA, Aug 4 — Malaysia and Ukraine have agreed to expedite the setting up of a joint trade commission to enhance two-way business and trade potentials. Prime Minister Datuk Seri Najib Razak, in a joint press conference with visiting President of Ukraine, Petro Poroshenko, after their bilateral meetings here today, said they discussed the possibility of Malaysian companies participating in long-term projects such as healthcare and tourism in Ukraine. Both leaders also agreed there were possibilities for Malaysian companies to take part in airport management, highway construction and toll management,Read More

Bank of England cuts rates to record low on Brexit

The Bank of England on Thursday slashed interest rates to a record low 0.25 percent and announced a vast stimulus package to combat economic fallout from Britain’s looming EU exit. Policymakers voted unanimously to reduce rates by a quarter-point, the bank said in a statement after its latest meeting, cutting borrowing costs for the first time in more than seven years. The BoE also delivered a £170-billion ($227-billion, 200-billion-euro) stimulus package, and axed its economic forecasts for 2017 and 2018 in the wake of the nation’s June 23 Brexit referendum.Read More

Wall Street fluctuate as investors await jobs data

NEW YORK, Aug 4 — US stocks were little changed, as investors looked past increased stimulus by the Bank of England to tomorrow’s jobs report for clues on the strength of the economy and the Federal Reserve’s next moves. The S&P 500 Index slipped less than 0.1 per cent to 2,163.29 at 9.32am in New York, after yesterday halting a two-day retreat which was the gauge’s first back-to-back decline in more than a month. “Tomorrow’s employment number is the catalyst for the market,” said Jim Davis, regional investment manager atRead More

Adidas CEO optimistic his successor can maintain growth

BERLIN, Aug 4 — Adidas Chief Executive Herbert Hainer said today he was confident that the German sportswear group could keep growing fast and improve profitability as he prepares to hand over to former Henkel boss Kasper Rorsted. The sportswear group today reported its highest second quarter sales growth in a decade, led by its fashion ranges but with football and running growing fast too. It also achieved a big improvement in operating margins in its US business. “The company is in very good hands with Kasper,” Hainer told journalists.Read More

BoE eases UK bank leverage rule to aid economy post-Brexit

LONDON, Aug 4 — The Bank of England will ease restrictions on bank leverage as it seeks to help the economy weather the impact of Britain’s vote to leave the European Union. In a letter published today, the central bank’s Prudential Regulation Authority encouraged UK banks to apply for the temporary modification, which will allow them to exclude central bank reserves when calculating their total exposure to risk. The exposure measure is used in calculating how much capital banks need to meet constraints on leverage. The BoE’s Financial Policy CommitteeRead More

CSC Steel appoints Chen Huo Kun as new MD

KUALA LUMPUR (Aug 4): CSC Steel Holdings Bhd has appointed Chen Huo Kun as its group managing director, replacing Huang Chun-Hui, 64, who is returning to China Steel Corp in Taiwan after the completion of his secondment here. In a filing with Bursa Malaysia today, the cold rolled steel manufacturer said Chen, 57, has over 30 years experience in the steel manufacturing industry. Chen, a Taiwanese, joined China Steel Corp in 1983 and prior to his new appointment, he was production vice-president of CSC Steel Sdn Bhd, a subsidiary ofRead More

Siemens lifts profit forecast, adapts to low-growth world

FRANKFURT (Aug 4): German industrial group Siemens raised its full-year earnings forecast for the second time this year after large energy projects helped to take its third-quarter results above expectations and sent its shares to a 12-month high. Siemens reported growth in orders and sales that outpaced those of its main rivals despite global political uncertainty that is dampening customers’ appetite to invest in areas from oil and gas to industrial plants and transport projects.Categories: TechnologyLatest NewsCorporate Source: The Edge No tags for this post.

OCK Group signs agreement with VNI for SEATH acquisition

PETALING JAYA: OCK Group Bhd today signed an agreement with Vietnam Infrastructure Ltd (VNI) for the proposed acquisition of Southeast Asia Telecommunications Holdings Pte Ltd (SEATH). © New Straits Times Press (M) Bhd Source: New Straits Times Tags: vietnam