Monday, February 5th, 2018

 

Powell sworn in as 16th US Federal Reserve chair

WASHINGTON DC, Feb 5 — Former investment banker Jerome “Jay” Powell was sworn in today as the 16th leader of the US Federal Reserve, taking a key role in overseeing the world’s largest economy. Perhaps the wealthiest Fed chair ever,…


Qualcomm shares falls as report says Apple will dump chips

NEW YORK, Feb 5 — Qualcomm Inc shares fell 2 per cent today after KGI Securities said Apple Inc might drop the chipmaker in favour of Intel Corp as the supplier for modem chips in its next generation of iPhones. Qualcomm has been a supplier of…


Powell takes over at Fed with economy primed to heat up

WASHINGTON DC, Feb 5 — It’s been a long time since an incoming Federal Reserve leader had it this good. Jerome Powell was sworn in this morning as the 16th chairman of the Fed, on the day after his 65th birthday. He’s inheriting a US…


Alibaba buys stake in Wanda Film for US$750m

BEIJING, Feb 5 — Troubled Chinese conglomerate Wanda announced today that e-commerce giant Alibaba has agreed to buy a stake in its cinema division for around US$750 million, the latest sell-off by the heavily-indebted group. Wanda Film said…


US stocks tumble again, Dow drops 1.1pc

NEW YORK, Feb 5 — Wall Street stocks fell again early today, adding to last week’s losses as worries about excess equity valuations and rising interest rates continued to dent investor sentiment at the open. About two minutes into trading,…


Broadcom in ‘final’ bid for rival chipmaker Qualcomm

PARIS, Feb 5 — Singapore-based computer chip maker Broadcom stepped up its battle for rival Qualcomm today, tabling a higher price in what it said is its final bid for the major maker of chips for smartphones. Broadcom said it was offering the…


Back to the drawing board for RM3.6b The [email protected] Northgate

PETALING JAYA: KL Northgate Sdn Bhd continues to see delays in its planned RM3.6 billion gross development project in Gombak – The [email protected] Northgate – amid the oversupply situation in the property market.

Anzo Holdings Bhd, which was supposed to bid for the project together with MCC Overseas (M) Sdn Bhd by last month, told Bursa Malaysia that KL Northgate had decided to review the whole development concept and development components of The [email protected] Northgate in view of the current real estate glut and the imbalance in the supply-demand conditions.

“Anzo Construction Sdn Bhd (ACSB) was further informed that the whole process will take at least another six to nine months before the bidding and tendering exercise can be carried out.”

Anzo said it is only able to submit the tender documents upon KL Northgate finalising the contract document and pricing for the project, estimated by October 2018, given that the progress of the project is solely dependent on KL Northgate.

In April 2017, KL Northgate issued a letter of intent inviting Anzo’s unit ACSB, formerly known as Harvest Court Construction Sdn Bhd, to jointly undertake the construction of the project with MCC Overseas for up to RM1.21 billion.

Datuk Eddie Chai Woon Chet is the common shareholder of Anzo and KL Northgate.

MCC Overseas is a subsidiary of China Metallurgical Group Corp, which is ranked 290th on the 2016 Fortune Global 500 list with total revenue of US$35.6 billion.

The 18-acre project was initially designed to include a shopping mall, shop offices, hotels, residences and serviced suites. It included the redevelopment of the long-abandoned Selayang Springs Condominium project.

About four months later, KL Northgate revised the project design to focus on residential development instead of a shopping mall due to current market conditions. KNSB was supposed to finalise the contract document by December 2017.

On Bursa Malaysia today, Anzo gained 6.3% to close at 8.5 sen on 781,700 shares traded.


KL Northgate puts RM3.6b Gombak project under review

PETALING JAYA: KL Northgate Sdn Bhd continues to see delays in its planned RM3.6 billion gross development project in Gombak – The [email protected] Northgate – amid the oversupply situation in the property market.

Anzo Holdings Bhd, which was supposed to bid for the project together with MCC Overseas (M) Sdn Bhd by last month, told Bursa Malaysia that KL Northgate had decided to review the whole development concept and development components of The [email protected] Northgate in view of the current real estate glut and the imbalance in the supply-demand conditions.

“Anzo Construction Sdn Bhd (ACSB) was further informed that the whole process will take at least another six to nine months before the bidding and tendering exercise can be carried out.”

Anzo said it is only able to submit the tender documents upon KL Northgate finalising the contract document and pricing for the project, estimated by October 2018, given that the progress of the project is solely dependent on KL Northgate.

In April 2017, KL Northgate issued a letter of intent inviting Anzo’s unit ACSB, formerly known as Harvest Court Construction Sdn Bhd, to jointly undertake the construction of the project with MCC Overseas for up to RM1.21 billion.

Datuk Eddie Chai Woon Chet is the common shareholder of Anzo and KL Northgate.

MCC Overseas is a subsidiary of China Metallurgical Group Corp, which is ranked 290th on the 2016 Fortune Global 500 list with revenue of US$35.6 billion.

The 18-acre project was initially designed to include a shopping mall, shop offices, hotel, residences and serviced suites. It included the redevelopment of the long-abandoned Selayang Springs Condominium project.

About four months later, KL Northgate revised the project design to focus on residential development instead of a shopping mall due to current market conditions. KNSB was supposed to finalise the contract document by December 2017.

On Bursa Malaysia today, Anzo gained 6.3% to close at 8.5 sen on 781,700 shares traded.


Cryptocurrencies drop with risk assets as stock rout endures

HONG KONG, Feb 5 — Bitcoin declined for a fifth day and led cryptocurrencies lower as a global equities selloff deepened and investors migrated toward havens. The biggest digital currency sank 11 per cent to US$7,649 at 1.20pm in London,…


EU negotiator warns ‘not a minute to lose’ in Brexit talks

LONDON, Feb 5 — The EU’s chief negotiator Michel Barnier stressed the urgency of Brexit talks ahead of a meeting with Prime Minister Theresa May today, with her government still deeply divided on the negotiations. “My feeling is that we…