Thursday, August 10th, 2017
ZURICH, Aug 10 — Swiss competition authority Weko may investigate Swiss watchmakers after getting complaints from independent repair centres and customers about the restrictive supply of spare parts, an official told Reuters. A Weko…
NEW YORK, Aug 10 — The US dollar slipped to an eight-week low against the Japanese yen today as continuing tensions between the United States and North Korea led investors to look for assets viewed as less risky. The dollar was down 0.53 per…
KUALA LUMPUR, Aug 10 — Bank Negara Malaysia (BNM) and the Finance Ministry have granted decisions-in-principle to Syarikat Takaful Malaysia Bhd (STMB) for its proposed reorganisation. In a filing to Bursa Malaysia today, STMB said, the…
KUCHING, Aug 10 — The Sarawak Chief Minister’s (CM) Office today announced the appointment of Sim Kheng Boon as the Chief Executive Officer (CEO) of the newly-formed Sarawak Development Bank Bhd (Dbos) effective Aug 1, 2017. Following the…
PETALING JAYA: Suria Capital Holdings Bhd has confirmed talks with MMC Corp Bhd on the proposed acquisition of a stake in Suria Capital’s wholly owned subsidiary Sabah Ports Sdn Bhd.
“However, to date, the board of directors of Suria have yet to make any firm decision,” Suria Capital said in a stock exchange filing yesterday.
Suria Capital was responding to a report that diversified MMC Corp is understood to be in talks with Suria Capital, a company controlled by the Sabah government, to buy a stake in Sabah Ports.
It clarified that the discussion between MMC Corp and Suria on the proposed acquisition by MMC Ports Holdings Sdn Bhd, a wholly owned subsidiary of MMC, had taken place.
In a separate filing with Bursa Malaysia, MMC also confirmed the same, adding that it is yet to make a firm decision on the matter.
Suria Capital closed unchanged at RM2.16 yesterday with 86,500 shares changing hands.
PETALING JAYA: Petroliam Nasional Bhd (Petronas) looks to capture growth in the Indian market, particularly the liquefied natural gas (LNG) and lubricants segments.
President and group CEO, Datuk Wan Zulkiflee Wan Ariffin, who is on Petronas’ annual official visit to meet India’s industry leaders and partners, said the group’s priority would be the expansion of its LNG supply in India to help meet the rising demand from the power, agriculture and transport sectors.
“Petronas aims to continue to be part of India’s exciting journey and support its sustainable growth ambitions and commitments through further collaborations with our existing partners as well as through new strategic-fit opportunities,” he said in a statement yesterday.
With an over 30 million-tonnes-per-year supply capacity, Petronas is the third largest LNG player globally, with hopes to further contribute to the energy needs of India, which is the fourth largest LNG market in the world. To date, Petronas has delivered 15 LNG cargoes to India.
In a bid to strengthen the presence in the Indian lubricants business, Petronas noted that its subsidiary Petronas Lubricants International (PLI) is investing US$150 million (RM643 million) over the next five years, including the construction of a US$50 million lubricant blending plant with a 110 million-litre capacity in Patalganga, to be completed by the first quarter of 2018.
The plant is set to be the most modern facility in PLI’s global production network with unique capabilities to blend the most complex fluids. It is also equipped with a technical service facility that uses the latest equipment in fluid analytics.
Petronas also sees growth in demand for petrochemicals in India, especially with the growing affluence that will see increased demand for consumer products. In 2016, India made up over 100,000 tonnes of Petronas’ petrochemicals sales volume.
WELLINGTON, Aug 10 — The New Zealand central bank kept its base rate at a record low 1.75 per cent this morning with no sign of a change in the near future. Governor Graeme Wheeler, who retires next month, said economic growth was expected to…
PETALING JAYA: Affin Hwang Capital remains cautious on MISC Bhd’s earnings in the coming quarter due to lower charter rates on the back of oversupply of tonnage for the petroleum and liquefied natural gas (LNG) segments as well as lower order book for the heavy engineering segment.
This is despite MISC’s 1H’17 net profit having comprised 63% and 58% of its and consensus 2017 estimates.
“We believe earnings momentum may be not sustained into 3Q-4Q’17, as overall freight rates could be weaker due to new build supply, which would impact the LNG and petroleum segments. LNG’s revenue in 2Q’17 was partly bolstered by the recognition of compensation for early termination of Tenaga Lima, which may not be recurring in nature,” said Affin Hwang.
It maintained its “sell” call on MISC with a target price of RM6.50. Risk to its call includes rebound in shipping charter rates.
However, RHB Research Institute believes the recurring earnings nature of the LNG and offshore segment would continue to support MISC’s bottomline going forward.
As a whole, it said MISC’s 1H’17 results were in line with its expectations at 51% of its FY17 forecast, but exceeded consensus, at 60%.
RHB adjusted its target price to RM8.86, from RM8.34 as it rolled forward its valuation to FY18, and maintained its “buy” recommendation on MISC.
LONDON, Aug 10 —The euro slipped towards a two-week low against the dollar on Tuesday as swirling tensions between the United States and North Korea sapped broad demand and prompted investors to take profits after recent strong gains. “The…