Thursday, October 20th, 2016

 

Datasonic secures RM54m deal to supply data page with chip to PKN

Datasonic secures RM54m deal to supply data page with chip to PKN

KUALA LUMPUR (Oct 20): Datasonic Group Bhd has been contracted to supply the polycarbonate data page with chip for e-passports exclusively to Percetakan Keselamatan Nasional Bhd for seven months, for RM54.06 million.

PKN is a company privatised by government-owned National Printing Department.

The supply and purchase agreement (SPA) for the deal was inked today between Datasonic’s wholly-owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) and PKN, said Datasonic in a bourse filing today.

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Source: The Edge Markets


Mitsubishi shifts Renault-Nissan towards global No.1

PARIS, Oct 20 — With the addition of Mitsubishi Motors, the Renault-Nissan alliance is closing in on the level of 10 million vehicles sold per year where automakers vie for the title of biggest manufacturer. If Carlos Ghosn, who engineered the… Source: The Malay Mail Online


Gulf investors prepared to buy 25% Deutsche Bank stake

Gulf investors prepared to buy 25% Deutsche Bank stake

FRANKFURT (Oct 20): Deutsche Bank’s shares jumped 4% on Thursday following a report by German business monthly Manager Magazin, which said sovereign wealth funds from Qatar and Abu Dhabi and a Chinese investor could buy a 25% stake in the lender.

Germany’s biggest bank is battling to assuage concerns about its ability to shoulder hefty fines following a US demand for a US$14 billion settlement over the sale of toxic mortgage bonds before the financial crisis.

It is fighting to lower the final payout but could have to turn to investors for more money.

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Source: The Edge Markets


Wall Street falls as weak earnings dent optimism; oil drags

NEW YORK, Oct 20 — US stocks fell sharply today as weak earnings from index heavyweights such as Verizon dented optimism about the earnings season and as a drop in oil prices weighed on energy stocks. Verizon fell 2.3 per cent, dragging the… Source: The Malay Mail Online


Wall St falls as weak earnings dent optimism; oil drags

NEW YORK, Oct 20 — US stocks fell sharply today as weak earnings from index heavyweights such as Verizon dented optimism about the earnings season and as a drop in oil prices weighed on energy stocks. Verizon fell 2.3 per cent, dragging the… Source: The Malay Mail Online


European equities mixed after ECB signals no change

LONDON, Oct 20 — Stock markets in Europe were mixed today after the European Central Bank signalled no changes to its bond-buying stimulus programme set to expire in just over five months. The ECB stimulus scheme, known as quantitative easing… Source: The Malay Mail Online


Yuan slides closer to crisis peg

 Yuan slides closer to crisis peg

HONG KONG (Oct 20): China watchers see a slew of reasons to expect weakness ahead, with the Federal Reserve poised to raise interest rates, Societe Generale SA flagging a historical pattern of two- to three-month drops and Deutsche Bank AG saying that the November-January period is especially stressful because of seasonal demand for dollars in China.

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Source: The Edge Markets


VW labour talks falter, threatening cost-cutting plan

VW labour talks falter, threatening cost-cutting plan

BERLIN/FRANKFURT (Oct 20): Volkswagen’s efforts to reach a deal with labour leaders on cost cuts and strategy are faltering on the finishing straight, with both sides haggling hard over the details.

Herbert Diess, head of the German carmaker’s core VW brand, wants to cut annual costs at the troubled division by 3.7 billion euros (US$4.1 billion) through 2021 in a so-called future pact with workers, sources familiar with the negotiations told Reuters on Thursday, before he met staff at VW’s Wolfsburg base.

Source: The Edge Markets


EPF says seeking RM1.2 bil loan to protect against forex risks

EPF says seeking RM1.2 bil loan to protect against forex risks

KUALA LUMPUR: The Employees Provident Fund says its subsidiary Kwasa Global is negotiating for a loan of RM1.28 billion with two banks to refinance its assets in the United Kingdom to help protect against volatilities in foreign currency and exchange rates.

In a statement this evening, the EPF also clarified that the loan amount, which Kwasa Global is negotiating for with Standard Chartered and DBS Bank, is not RM12 billion.

It was responding to a WhatsApp message being circulated earlier today, which stated that the EPF was seeking financing from the two banks.

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Source: The Edge Markets


Bangladesh tenders to import oil products for first half of 2017

Bangladesh tenders to import oil products for first half of 2017

DHAKA/SINGAPORE (Oct 20): Bangladesh Petroleum Corp (BPC) has issued an international tender to import oil products as part of efforts to buy at cheaper rates, by moving away from direct-term deals with suppliers of fuel products.

BPC is seeking 965,000 tonnes of 500 ppm sulphur gasoil, 120,000 tonnes of 180-centistoke high sulphur fuel oil and 90,000 tonnes of jet fuel, a tender document showed.

The tender closes on Oct 31 and is valid for 75 days to Jan 13, 2017.

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Source: The Edge Markets