Friday, February 2nd, 2018

 

Refining weakness drags down Exxon, Chevron results; shares plunge

HOUSTON, Feb 2 ― Exxon Mobil Corp and Chevron Corp posted rare quarterly earnings misses today as cost cuts and rising oil prices failed to offset weakness in international refining operations, sending shares down in morning trading. Exxon’s…


Oil eases on strong dollar, supported by Opec cuts, rising demand

LONDON, Feb 2 ― Oil prices eased today as the dollar surged due strong US jobs and wage numbers, although energy markets were still supported by strong compliance with output cuts by Opec and rising global demand in 2018. Brent futures, the…


Texas shale challenges North Sea crude as world oil benchmark

NEW YORK, Feb 2 ― Surging shale oil production in Texas and North Dakota is being felt on trading desks in Chicago, Houston and New York, where a brisk business in West Texas Intermediate crude futures is far outpacing contracts for London-based…


Wall Street drops after robust US jobs report, weak earnings

NEW YORK, Feb 2 ― US stocks fell at the open today due to disappointing earnings reports from blue-chip companies and as a robust US jobs report boosted bond yields and bolstered expectations that the pace of interest rates hikes could pick up….


Malaysia, Cambodia central banks to link ATM network

KUALA LUMPUR, Feb 2 ― Bank Negara Malaysia (BNM) and the National Bank of Cambodia will explore the setting up of a link between the national automated teller machine (ATM) networks in both countries to facilitate efficient cross-border ATM cash…


Dollar claws back some of its losses ahead of jobs data

LONDON, Feb 2 ― The dollar reversed earlier falls against the euro today as traders took some profits ahead of US non-farm payroll numbers, although its rise did little to improve a difficult week in which rising US Treasury yields failed to…


Breaking News, Murdoch edging towards solution to bring Sky in house

LONDON, Feb 2 ― Rupert Murdoch’s Fox is hoping the creation of an independent editorial board to protect the news channel at bid target Sky will satisfy regulators and allow it to finally take control of the European pay-TV group. Britain’s…


Bitcoin set for worst week since 2013 as crypto sell-off intensifies

LONDON, Feb 2 ― Cryptocurrencies plunged today, with several of the largest falling by more than 20 per cent and bitcoin sliding below US$8,000 (RM31,095) and headed for its worst week since 2013, as worries about a regulatory clampdown globally…


Starbucks to hire 150 people for its first Italian store

MILAN, Feb 2 ― Starbucks Corp said today it was starting to recruit 150 people for its first outlet in Italy, the home of the espresso and a market the world’s biggest coffee seller has yet to tap. Starbucks has outlets in countries across…


Kelington to undertake private placement

PETALING JAYA: Kelington Group Bhd has proposed to undertake a private placement exercise of up to 10% of its share capital to raise RM18.76-RM23.31 million to finance its new venture in the industrial gas segment.

Kelington plans to deploy between RM6.86 million-RM8.07 million for the purchase of assets for the industrial gas division and RM4.0 million-RM4.60 million to partly finance the subsequent phase of construction of a carbon dioxide gas purification plant,gas manufacturing facilities and gasdelivery systems, while RM3.0 million-RM3.5 million will be used to partly finance the acquisition of carbon dioxide gas purification plant.

Some RM4.50 million-RM6.70 million will be utilised for general working capital, whereas the remainder will be used to foot expenses from the corporate exercise.

The group opined that the corporate exercise is in line with the group’s strategy of growing its recurring income and expanding into the industrial gas business, in addition to being the best option to raise funds without incurring interest cost.

“The new venture into the industrial gases business complements with KGB’s existing project based business model of providing engineering services and is expected to contribute positively to the future financial performance of the group,”it said of the exercise which is expected to be implemented by the second quarter of 2018.

Kelington has already obtained the approvals of its shareholders at the company’s AGM convened on June 13,2017.

The stock rose 0.60% to close at 84 sen with some 360,600 shares done.