Tuesday, January 30th, 2018

 

US stocks drop again, health shares hit

NEW YORK, Jan 30 ― Wall Street stocks tumbled early today, with Apple and health care shares among the losers as investors weighed whether the torrid rally that opened 2018 is petering out. After a wave of records in the first weeks of the…


European banks pay US$46.6m to settle US ‘spoofing’ charges

WASHINGTON, Jan 30 ― Three European banks paid a settlement of US$46.6 million (RM181.7 million), and eight individuals were charged, in a US probe into alleged manipulation of the futures and commodities market. UBS, Deutsche Bank, HSBC and…


BBC denies gender bias as women staff denounce unequal pay

LONDON, Jan 30 ― Women working for the BBC have complained they are paid less than men in equivalent jobs and accused managers of misleading them about their pay to hide widespread gender discrimination at Britain’s public broadcaster. But…


RHB Bank to raise BR, BLR by 0.25%

KUALA LUMPUR: RHB Banking Group will be revising its base rate (BR) and base lending rate (BLR) by 25 basis points effective Feb 2, 2018, in line with the increase in the Overnight Policy Rate (OPR) by Bank Negara Malaysia (BNM).

RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will raise its BR from 3.65% to 3.90% per annum, and will also revise the BLR from 6.60% to 6.85% per annum.

In line with the revision, RHB's fixed deposit rates will also be revised upwards by 20 basis points effective Feb 2, 2018.

In July 2017, RHB reduced its BR from 3.9% to 3.65% per annum and cut its BLR and base financing rate (BFR) from 6.85% to 6.60% following BNM's OPR revision.

Last week, BNM raised the OPR by 25 basis points to 3.25% from 3%. Most banks are increasing the BR, BLR and BFR by 0.25% in line with the move.


Salcon accepts RM19m construction job

PETALING JAYA: Salcon Bhd's sub-subsidiary Envitech Sdn Bhd has accepted the work order issued by China State Construction Engineering (M) Sdn Bhd for a mixed development project in KL worth RM18.95 million.

The first phase of the project consists of two blocks of 53- and 55-storey serviced apartment and facilities, a guardhouse and an electrical substation.

The contract duration is 20 months. The commencement date will be advised by China State Construction Engineering at a later date.

The project is a construction contract and has no option for renewal. It is expected to contribute positively towards the earnings and net assets of Salcon Group for the financial years ending Dec 31, 2018 to 2019.

Its share price declined 2.1% to close at 46.5 sen, with some 794,700 shares changing hands.


Ikhmas Jaya bags RM38.5m LRT3 subcontract jobs

PETALING JAYA: Ikhmas Jaya Group Bhd has bagged a subcontract bored piling jobs worth RM38.5 million from Mudajaya Corp Bhd for the Light Transit Rail Line 3 (LRT3) project.

In a filing with Bursa Malaysia today, the group said its wholly-owned subsidiary Ikhmas Jaya Sdn Bhd had agreed and accepted the terms and conditions of the letters of award.

The contract involves the construction of guideway, stations, park and ride, ancillary buildings and other associated works for Package GS01 for the project delivery partner – MRCB George Kent Sdn Bhd.

It is scheduled to commence on Jan 29, 2018 and to complete by Jan 3, 2019.

Ikhmas expects the project to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2018.

The group's share price rose half a sen or 0.93% to 54.5 sen today with 54,500 shares done.


IHH denies acquiring Prince Court Medical Centre

PETALING JAYA: IHH Healthcare Bhd has denied news reports that it is looking to acquire Prince Court Medical Centre from Petronas.

“Upon due enquiry, IHH wishes to announce that it is currently not participating in any process to acquire Prince Court Medical Centre,” it said in a Bursa Malaysia filing.

IHH said the group is always looking at various value accretive opportunities to add to its portfolio, but any proposal to acquire stakes in other companies/healthcare providers would have to be considered and decided by its board of directors and/or relevant subsidiaries.

“IHH will make appropriate announcements to Bursa Securities in a timely manner in accordance with the Main Market Listing Requirements of Bursa Securities should there be any further material development on the said matter,” it noted.

IHH shares closed unchanged at RM6.01 today with 9.74 million shares traded.


Ringgit ends lower as US bond yields rise

KUALA LUMPUR, Jan 30 ― The ringgit closed lower against the US dollar today derailed by a sudden spike in US bond yields, a dealer said. At 6pm, the local note ended at 3.8975/8995 against the greenback from 3.8790/8840 on Monday. Oanda Corp…


CapitaLand terminates Bukit Bintang link bridge project

PETALING JAYA: CapitaLand Malaysia Mall Trust (CMMT) has terminated the joint collaboration agreement for the construction of a link bridge between Sungei Wang Plaza and the existing pedestrian bridge leading to Berjaya Times Square.

In a stock exchange filing, CMMT manager Capitaland Malaysia Mall REIT Management Sdn Bhd said the trustee (MTrustee Bhd) has written to K Two Realty Holding Sdn Bhd to serve a notice that a termination event, being that a pre-condition of the JCA could not be fulfilled requiring a termination of the JCA.

The JCA was inked on June 1, 2017, with an estimated project construction cost of RM8.5 million and the contribution of each party was initially RM4.25 million to be made in progressive payments to meet the cost of the project.

CMMT's share price fell 0.7% to close at RM1.37 on some 342,900 shares done.


Genetec inks MoU for ammonia plant in India

PETALING JAYA: Genetec Technology Bhd is looking for a potential new business opportunity to provide its system automation solutions and services in the setting of an ammonia and urea manufacturing plant in Andhra Pradesh, India.

Genetec told Bursa Malaysia that it had entered into a memorandum of understanding (MoU) with the Malay Chamber of Commerce Malaysia (MCCM), China Rainbow International Investment Co Ltd (CRIIC) and India's VBC Fertilizers and Chemicals Ltd to collaborate on the development of an ammonia and urea manufacturing plant via a consortium to be formed between the parties.

The plant will have a capacity of 2.5 million metric ton per annum on a land allocated by the state government of Andhra Pradesh in Andhra Pradesh, India.

CRIIC, which is principally engaged in project contracting and international investment and trade, will nominate the engineering, procurement, construction and commissioning (EPCC) contractor, to provide the bank guarantee and/or performance bond and to raise the necessary funding for up to 30% of total cost of the proposed project.

VBC is involved in engineering, procuring, construction and commissioning of urea production plant projects in India. Its role is to assist the consortium in India on approvals, permits, licenses, land and other matters.

MCCM is responsible to assist the consortium in coordinating with Malaysian government including ministries and agencies, while Genetec is to facilitate CRIIC's participation in the proposed project.

The equity allocation among Genetec, CRIIC and VBC in relation to equity structure of the consortium is to be negotiated and mutually agreed and to be set out in definitive agreement(s).

The consortium will jointly carry out a feasibility study to ascertain the technical feasibility and economic viability of the proposed project.

Genetec's share price gained 2.3% to close at RM1.31 on some 778,500 shares done.