Thursday, March 8th, 2018

 

Malaysia on Chinese battery maker’s radar

BEIJING: Chinese battery maker Tianneng Group is considering setting up a factory in South or Southeast Asia to tap local demand, while expanding capacity in China by 20% this year because of the electric vehicle boom, its chairman said.

Zhang Tianren told Reuters today Tianneng, which mostly makes lead-acid batteries used in electric scooters and cars, was considering Vietnam, Thailand, Malaysia, Pakistan and Bangladesh as destinations for a plant with a processing capacity of at least 100,000 tonnes a year.

“These (countries) are all relatively good,” Zhang said in an interview. “We might want to go and have a look at several countries. If they have good conditions, open a factory.”

A lot of small and middle-sized Chinese battery companies have already gone over to South or Southeast Asia because of the 4% consumption tax on lead-acid batteries in China, he noted.


Dolphin International claiming RM4.11 million from Indonesian firm over incomplete work

PETALING JAYA: Dolphin International Bhd's subsidiary PT Dolphin Indonesia is claiming Rp14.5 billion (RM4.11 million) from PT Himalaya Transmeka over a delay in the completion of mechanical and electrical work.

The group said Dolphin Indonesia had on February 1 filed the suit in relation to the mechanical & electrical supply contract dated January 3, 2013, between Dolphin Indonesia and Himalaya Transmeka.

Dolphin International noted that the claim is calculated based on the formula of 6% on the total expense incurred to complete the unfinished and rectification work, as well as the additional expense incurred due to the delay in completion of mechanical and electrical work, resulting in Dolphin Indonesia being compelled to take over the project.

Dolphin International said it served a letter of demand on Himalaya Transmeka, but there was no response from Himalaya Transmeka.

The group believes there is no material impact arising from the suit except the estimated legal fee cost of Rp650 million (RM185,000).

Dolphin International shares gained 8% to close at 13.5 sen on some 3.54 million shares done.


Dolphin International claims RM4.11 million from Indonesian firm over incomplete work

PETALING JAYA: Dolphin International Bhd's subsidiary PT Dolphin Indonesia is claiming Rp14.5 billion (RM4.11 million) from PT Himalaya Transmeka over a delay in the completion of mechanical and electrical work.

The group said Dolphin Indonesia had on February 1 filed the suit in relation to the mechanical & electrical supply contract dated January 3, 2013, between Dolphin Indonesia and Himalaya Transmeka.

Dolphin International noted that the claim is calculated based on the formula of 6% on the total expense incurred to complete the unfinished and rectification work, as well as the additional expense incurred due to the delay in completion of mechanical and electrical work, resulting in Dolphin Indonesia being compelled to take over the project.

Dolphin International said it served a letter of demand on Himalaya Transmeka, but there was no response from Himalaya Transmeka.

The group believes there is no material impact arising from the suit except the estimated legal fee cost of Rp650 million (RM185,000).

Dolphin International shares gained 8% to close at 13.5 sen on some 3.54 million shares done.


DRB-HICOM to dispose of assets, hospitality portfolio in RM1.9b deal

KUALA LUMPUR, March 8 — DRB-HICOM Bhd is disposing of a large portion of its non-industrial property assets and its entire hospitality portfolio in a deal worth RM1.9 billion, as it moves to take advantage of its experience in the development…


Ringgit closes lower as US dollar recovers

KUALA LUMPUR, March 8 — The ringgit closed lower against the US dollar today, tracking the performance of regional peers, as the US dollar recovered, supported by positive employment data. At 6pm, the local note was quoted at 3.9070/9100 from…


Celcom allocates RM1.3b capex for upgrades, network expansion

KUALA LUMPUR, March 8 — Data network provider, Celcom Axiata Bhd, has allocated about RM1.3 billion as capital expenditure (capex) this year, with the majority to be used for upgrades and network expansion. Chief Executive Officer, Michael…


Bursa Malaysia ends higher on improved buying sentiment

KUALA LUMPUR: Bursa Malaysia closed higher today on improved buying sentiment and bargain-hunting, following yesterday's heavy sell-off.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 1.72 points higher at 1,839.62 from 1,837.9 at yesterday's close.

After opening 0.4 of-a-point better at 1,838.3 this morning, the index hovered between 1,838.3 and 1,846.67 throughout the day.

A dealer said traders took advantage of yesterday's sell-off to accumulate quality stocks at a cheaper price, while market sentiment improved after the White House spokeswoman, Sarah Sanders said impending hefty tariffs on steel and aluminium imports would likely exclude Canada, Mexico and a clutch of other countries.

In a note, Kenanga Research said the FBM KLCI would likely trade with a downside-bias towards 1,798 in the immediate term.

“Immediate resistance is seen at 1,840 with the next resistance pegged at 1,883,” it added.

Market breadth was slightly positive as gainers led losers 475 to 431 with 446 counters unchanged, 523 untraded and 21 others suspended.

Volume fell to 2.22 billion units worth RM2.05 billion from 3.1 billion units worth RM3.17 billion on Wednesday.

Among heavyweights, Maybank and CIMB eased two sen each to RM10.46 and RM7.13 respectively, Public Bank added six sen to RM23 and Tenaga was flat at RM15.60.

Of the active counters, ACE Market debutant QES Group rose three sen to 22 sen, Sapura Energy was flat at 51 sen and Nexgram half-a-sen higher at four sen.

The FBM Emas Index increased 3.32 points to 12,933.79, the FBMT 100 Index was 0.79 of-a-point better at 12,674.98 and the FBM Emas Shariah Index bagged 6.59 points to 13,091.52.

The FBM 70 fell 36.89 points to 15,356.9 and the FBM Ace edged up 85.67 points to 5,950.71.

Sector-wise, the Industrial Index fell 1.52 points to 3,170.43, the Plantation Index gained 19.24 points to 8,033.88 and the Finance Index was 10.02 points better at 18,010.66.

Main Market volume decreased to 1.19 billion units worth RM1.89 billion from 1.99 billion units worth RM2.99 billion yesterday.

Volume on the ACE Market increased to 640.68 million shares valued at RM107.66 million shares from 500.5 million shares valued at RM75.07 million.

Warrants' volume fell to 388.48 million from 57.31 million from 607.14 million units worth RM100.2 million.

Consumer products accounted for 107.74 million shares traded on the Main Market, industrial products (349.23 million), construction (62.31 million), trade and services (481.92 million), technology (32.14 million), infrastructure (6.72 million), SPAC (50,000), finance (46.36 million), hotels (432,200), properties (72.6 million), plantations (25.74 million), mining (226,100), REITs (10.26 million), and closed/fund (11,000). — Bernama


Forbes keeps Saudis off billionaires list after corruption purge

RIYADH, March 8 — Forbes magazine said today it was excluding all Saudi Arabian tycoons from its annual list of the world’s richest people after dozens of top businessmen from the oil-rich kingdom were detained in a crackdown on corruption…


‘Death by China’ economist ascendant as Trump pushes tariffs, hits China

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WASHINGTON (March 8): An economist who believes that Chinese goods are literally poisoning Americans, advocates ending Washington’s “One China” policy and says trade deals have weakened the United States economically with the connivance of U.S. business has emerged as the big winner from renewed turmoil in the White House. While Peter Navarro says he is not in the running to replace Trump’s top economic adviser Gary Cohn, who has said he will quit, he will be a big winner from the departure of a person seen as a bulwark against economicRead More


Celcom Axiata sets lower capex of RM1.3 billion this year

KUALA LUMPUR: Celcom Axiata Bhd, which saw a 19.57% jump in net profit in the fourth quarter (Q4) ended December 31, 2017, has set a lower capital expenditure (capex) guidance of RM1.2 billion to RM1.3 billion for 2018, a bulk of which will be spent on network.

The telco's net profit stood at RM336 million in Q417, against the RM281 million registered in the preceding year's corresponding quarter, on the back of cost optimisation efforts and one-off adjustments.

Revenue for the quarter rose from RM1.65 billion to RM1.77 billion.

Full-year net profit was 1.3% higher at RM1.25 billion compared with RM1.23 billion a year ago, while full-year revenue expanded from RM6.62 billion to RM6.66 billion.

Speaking to reporters via a livestream from Nusajaya, Johor, Celcom Axiata CFO Jennifer Wong said besides network expansion, the group will also be spending its capex allocation on digitisation. Last year, it spent RM1.5 billion on capex.