Monday, July 10th, 2017

 

Germany’s Schaeuble urges fresh bank rules after Italy crisis

BRUSSELS, July 10 — German Finance Minister Wolfgang Schaeuble today warned that eurozone banking rules required reform amid criticism that recent rescues of Italian banks failed to heed the lessons of the financial crisis. European regulators…


COSCO Shipping shares climb after bid to become third-biggest container line

HONG KONG — COSCO Shipping Holdings Co Ltd saw its stock climb today after bidding US$6.3 billion (approx. RM27.07 billion) for a Hong Kong peer, a deal that would see it become the world’s third-biggest container shipper and underline…


Trump stumps South Korean markets more than any missile tests (VIDEO)

SEOUL, July 10 — For years, investors in South Korea have become accustomed to belligerence and regular missile tests from the country’s hostile northern neighbour, but now there’s a new factor in their regional risk assessments – US…


Big UK firms curtail investment plans, consumer slowdown deepens, say surveys (VIDEO)

LONDON, July 10 — The chances of Britain’s economy picking up steam diminished further today as surveys showed major companies have curtailed their investment plans and that consumers spent less on their credit cards. The reports added to a…


Elliott girds for battle with Buffett in Texas utility

NEW YORK, July 10 — Billionaire Paul Singer’s Elliott Management Corp is promising a lengthy takeover battle if Warren Buffett doesn’t improve the terms of his offer for Oncor Electric Delivery Co. The hedge fund said a bid by Buffett’s…


Global markets’ gains tempered by softer opening on Wall Street

LONDON, July 10 — Europe’s major stock markets and the dollar advanced today, with a soft opening on Wall Street taking the shine off earlier gains across most of Asia, traders said. Markets had got off to a robust start on the back of…


WCT sued for RM214.12 million over Doha job

PETALING JAYA: WCT Holdings Bhd's Middle East regional office in Doha, Qatar is being sued for QAR181.57 million (RM214.12 million), being the for alleged sum due under its subcontract and unquantified sums for legal costs, arbitration costs, and charges.

The group told Bursa Malaysia, its Qatar office had on July 8 received from the Court of Arbitration of the International Chamber of Commerce (ICC) a Request for Arbitration dated June 22, filed by Trans Gulf International Electro-Mechanical WLL, Powermech Engineering WLL and Trans Gulf International Electro-Mechanical WLL – Powermech Engineering WLL JV, naming its wholly owned subsidiary WCT Bhd (WCTB) as the respondent.

The claimants were WCTB's subcontractors for mechanical, electrical and plumbing related works for the Ministry of Interior Head Quarters Project in Doha, Qatar.

WCT said it will take the necessary legal actions to defend and oppose the claims.

The stock closed one sen lower at RM2.09 on some 93,300 shares traded, with a market capitalisation of RM2.95 billion.


New routes to help MAS turn around next year, says CEO

SEPANG, July 10 — The expansion of new routes to China, India and North Asia, which is expected to happen in the second half of financial year ending Dec 31, 2018, would be the key to the turnaround story of Malaysian Airlines Bhd (MAB), says…


Profit-taking drags Bursa Malaysia to close lower

KUALA LUMPUR, July 10 — Bursa Malaysia closed lower today on heightened profit-taking activities, as investors cashed out amid the sideways trading pattern, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 2.8 points lower…


[Update] Genting Malaysia continues downtrend on US notes issue

PETALING JAYA: Shares of Genting Malaysia Bhd continued its downtrend, falling 0.71% this morning after the group announced that it is working with a US tribe to recover its investment of RM1.49 billion in an integrated gaming resort in Taunton, Massachusetts, US.

At 11.47am today, the shares lost four sen, trading at RM5.62 with some 1.69 million shares changing hands.

Last year, the group subscribed to the promissory notes issued by the Mashpee Wampanoag Tribe in the US for the gaming resort development. The project has been put on hold pending the resolution of a legal case.

Genting told the stock exchange last Friday that it is supportive of the tribe's endeavour to protect its land base and their associated development rights and will work with the tribe to assess the recoverability of the promissory notes and impact to the group's consolidated earnings and net assets for the financial year ending Dec 31, 2017.