Wednesday, April 12th, 2017
DUBAI (April 12): Saudi Arabia has set the final size of its planned debut international Islamic bond or sukuk at US$8 billion, split equally between a five-year and a 10-year tranche, sources familiar with the matter said on Wednesday.
The bond, which will be priced later on Wednesday, will be the largest sukuk ever issued and forms part of plans by Saudi Arabia to start tapping international debt markets to diversify its sources of finance and plug a budget deficit caused by low oil prices.
(April 12): A group of Tesla Inc investors have urged the electric car maker to add two new independent directors who do not have any ties with Chief Executive Elon Musk.
The investors also urged that all directors be re-elected annually.
California State Teachers Retirement System and Hermes Equity Ownership Services are among the five investment groups pressing for the changes.
MOSCOW (April 12): Russian President Vladimir Putin has started a meeting in the Kremlin with US Secretary of State Rex Tillerson, a spokeswoman for the US embassy in Moscow said on Wednesday, citing Kremlin officials.
The Kremlin had previously declined to confirm that such a meeting would take place during Tillerson’s visit, reflecting tensions over a US missile strike on Syria, a staunch Russian ally, last week.
(April 12): Diversified miner Rio Tinto Plc said on Wednesday it was continuing talks on the long-term future of its stake in the Grasberg copper mine in Indonesia and one of its top executives would visit the country for talks over the coming weeks.
Mine operator Freeport McMoRan’s exports of copper concentrate from Grasberg, the world’s richest copper mine, have been at a standstill since mid-January, when Indonesia introduced rules intended to improve revenues from its resources and create jobs.
TOKYO (April 12): Sri Lanka will make sure no military activity is conducted at its ports, Prime Minister Ranil Wickremesinghe said in Tokyo on Wednesday, as China invests heavily in roads and harbours on the island nation.
Beijing, which is fortifying islands in the South China Sea to which it lays claim, has pumped hundreds of millions of dollars in Sri Lanka’s infrastructure since the end of the country’s civil war in 2009, when Colombo was shunned by Western investors over its human rights record.
NEW YORK (April 12): Volkswagen AG plans to build another new sport utility vehicle at its Chattanooga, Tennessee, plant as demand surges for larger vehicles, the German company’s top US executive said on Wednesday.
VW Group of America Chief Executive Officer Hinrich Woebcken told reporters at the New York auto show that the automaker planned to build a five-seat SUV in Tennessee, but he declined to say when production would begin. The news follows VW’s 2014 announcement that the company would spent US$900 million to build a new SUV in Tennessee.
(April 12): Chipmaker Qualcomm Inc said on Wednesday it was asked to refund Canada’s BlackBerry Ltd US$814.9 million in an arbitration over royalties for certain past sales.
US-listed shares of BlackBerry were up 17.8 percent at US$9.07 in heavy trading, while they were also up 17 percent at C$12.03 in Toronto.
Qualcomm’s shares were down about two percent at US$54.20.
The dispute started in 2016 following Qualcomm’s agreement to cap certain royalties applied to payments made by BlackBerry under a licensing deal.
BRUSSELS (April 12): International Monetary Fund chief Christine Lagarde said on Wednesday Greece was heading in the right direction on reforms, but talks on its bailout review and the IMF’s potential role in it were “only halfway through”.
Last week, euro zone finance ministers agreed on the key elements of reforms that Greece needs to implement in exchange for a new loan under its €86 billion bailout programme, the third since 2010.
S P Setia, MNC Wireless, M3Tech, CCK Consolidated, NetX, Zhulian, GHL, Alcom, Heineken, Lion Industries, Berjaya Assets, PDZ, MAA Group and AsiaBio
KUALA LUMPUR (April 12): Based on corporate announcements and news flow today, companies in focus on Thursday (April 13) may include the following: S P Setia, MNC Wireless, M3Tech, CCK Consolidated, NetX, Zhulian, GHL, Alcom, Heineken, Lion Industries, Berjaya Assets, PDZ, MAA Group and AsiaBio.
Property developer S P Setia Bhd confirmed that it has submitted a bid to acquire a residential plot of land at Toh Tuck Road in Singapore, but said it has yet to receive the official notification on the final result of the tender award.