Monday, September 18th, 2017

 

Nvidia hits another record high as AI takes centrestage

NEW YORK, Sept 18 — Shares of Nvidia Corp touched a record high for the second straight day today following yet another steep increase in the chipmaker’s price target by a Wall Street analyst. Nvidia’s shares, valued at a low US$23.30…


T7 Global clinches two contracts, Australian investment strikes oil

PETALING JAYA: T7 Global Bhd has bagged two contracts for a combined sum of RM7.2 million, and seen its Australian investment, under Triangle Energy (Global) Ltd, hit oil in the Perth Basin.

T7 owns a 9.86% in Triangle Energy, which is listed on the Australian Securities Exchange. Oil was discovered in Xanadu-1 well in the Perth Basin.

Drilling operations spudded on Sept 4 have seen progress with confirmed hydrocarbon presence at the Xanadu-1 well.

On Bursa Malaysia, T7 Global declined by 1.28% to close at 38.5 sen with some 108,500 shares changing hands. Its market capitalisation stood at RM146.89 million.

T7 Global announced in a stock exchange filing that its wholly owned subsidiary Tanjung Offshore Services Sdn. Bhd (TOS) was awarded an umbrella contract to provide manpower services from Petroliam Nasional Bhd’s wholly owned subsidiary PRPC Utilities and Facilities Sdn. Bhd, for a sum of RM5 million.

“TOS will be responsible for providing the local manpower that will be required to be deployed for Utilities, Interconnecting, Offsite Facilities Package 14 at Pengerang, Johor site,” T7 Global said in the filing.

The contract is slated to go on from the date of the letter of award (Aug 1) to December 2018, with an option of a one-year extension.

The second project, also awarded to TOS, involves refurbishment works to reuse the existing steel storage tanks and to supply, fabricate and install new steel storage tanks and associated works at the Chan Sow Lin and Bandar Malaysia North MRT launching site.

This RM2.2 million contract was awarded to T7 Global by MMC Gamuda KVMRT joint venture. The contract is scheduled to go on between March 31 and November 2017.

Both contracts are expected to contribute positively towards the earnings and net assets per share of T7 Global for the financial year ending Dec 31, 2017.


Deutsche Bank CEO faces board grilling on turnaround progress

FRANKFURT, Sept 18 — Two years into the job as Deutsche Bank’s chief executive, John Cryan faces its board this week amid growing investor frustration over the speed of his turnaround plans. Cryan, along with his top managers, is in Berlin…


Ryanair counts cost of flight cancellations mess

DUBLIN, Sept 18 — Ryanair admitted today it had messed up after the Irish budget airline disrupted the plans of hundreds of thousands of travellers by cancelling flights to cope with pilot shortages and improve its punctuality record. The…


Russia’s Rosneft clinches gas pipeline deal with Iraq’s Kurdistan

LONDON, Sept 18 — Russian oil major Rosneft will invest in gas pipelines in Iraq’s autonomous Kurdistan, expanding its commitment to the region ahead of an independence referendum to help it become a major exporter of gas to Turkey and Europe….


S&P, Dow open at record highs

NEW YORK, Sept 18 — The S&P and the Dow opened at record highs today as appetite for riskier assets improved on easing tensions on the Korean peninsula and ahead of the Federal Reserve’s meeting that could unveil plans to trim its bloated…


Financials, industrials power S&P, Dow to record highs

NEW YORK, Sept 18 — Wall Street hit new life highs today powered by financials, technology and industrials stocks even as investors await cues from the Federal Reserve on its future path of monetary policy. Shares of the major banks Bank of…


Affin gets Bank Negara approval to raise stake in general insurer

PETALING JAYA: Affin Holdings Bhd has received the approval of Bank Negara Malaysia (BNM) for a proposed acquisition of 7.07% equity interest in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd (Felma) for RM99.09 million.

The group said in a Bursa Malaysia filing that, it has received the approval of the central bank via a letter dated Sept 18 for the application made by Affin and Affin Bank Bhd.

The proposed acquisition will see Affin’s equity interest in AXA Affin GI rise from 37.07% to 44.14%.

In an application submitted to BNM on Aug 4, Affin sought to acquire some 8.41 million ordinary shares in AXA Affin GI from Felma for the abovementioned cash consideration and to establish a share purchase agreement with Felma for the proposed acquisition.

Affin’s shares closed unchanged at RM2.65 today.


Malaysia will manage trade surplus issue with the US: Mustapa

KUALA LUMPUR: Malaysia is able to manage the trade surplus issue over the US, which is partly due to indirect trade, said Minister of International Trade & Industry Datuk Seri Mustapa Mohamed, and will look at ways to increase mutually beneficial trade with the US.

Mustapa today returned to Malaysia after a delegation meeting with US President Donald Trump in the US, followed by a trip to Japan.

“It wasn’t a fiery topic. Some people expected this to be discussed in detail (during the US trip) and some probably expected some tension between America and Malaysia. None of this happened. The discussion was cordial and there was no tension when we discussed the bilateral trade issue,” he told a press conference at the Mida Open Day 2017 here today.

He clarified that the discrepancies in numbers include indirect trade, as a part of the country’s trade goes to Singapore.

“Malaysian products that go to Singapore and end up in the US is counted as export by Malaysia. For Malaysia, that export is Singapore but for America, as the origin of the product is Malaysia, therefore it’s considered as Malaysian export. That’s one of the reasons for the difference,” said Mustapa.

He said Malaysia import a lot of E&E components from America.

Going forward, he said Malaysia will be talking to America on how to increase trade, which will be mutually beneficial Malaysia and America.

Mustapa said Malaysia’s trade surplus with over the US, according to US numbers, came up to about US$25 billion but he said there was no detailed discussion of the matter during the trip.

“It’s an issue that we can manage so we’ll be talking to our American friends on how we can further increase trade. We did explain to the president why this is so.”

As a matter of fact, he said a lot of exports come from the American companies. Of the 10 biggest companies that export, five are American companies. He said this is the nature of business, which is part of the global supply chain.

“As a country, we don’t look at the bilateral balances, we look at the global position. We will develop. The American Embassy will be looking at ways on how to increase mutually beneficial trade between Malaysia and America,” said Mustapa.

He said US is big in Malaysia, in oil & gas, finance, manufacturing, E&E and almost every sector in the Malaysian economy. US companies have provided no less than 200,000 jobs here.

“For that reason, we continue to engage with our American friends. America is an important country to Malaysia and the US recognises Malaysia as an important partner as well.”

Meanwhile he said the EPF already has US$8 billion of investments in US.

“Whatever the PM says is subject to the board’s approval. The board of EPF will decide how much they want to invest in America. EPF has been investing in the US since 2008, there’s nothing new, “ said Mustapa.

He said Malaysia is a small country and one has to invest overseas, just like what other companies are doing. Moreover, foreign investments have generated higher returns.

“EPF is one of the most successful provident funds in the world and its board will decide on where to invest.”


Singapore exports jump 17pc year-on-year

SINGAPORE, Sept 18 — The Republic’s non-oil domestic exports (NODX) expanded for the fourth straight month in August, beating expectations. Growth was helped by both the export of electronics and non-electronics. NODX rose 17 per cent…