Friday, March 23rd, 2018

 

US steel tariffs meet barrage of criticism at WTO

GENEVA, March 23 — US President Donald Trump’s steel and aluminium tariffs met a barrage of criticism at a World Trade Organisation meeting today, as the European Union, Japan, Australia and others joined a debate started by China and Russia….


Oil rises on Saudi talk of extending output cuts into 2019

LONDON, March 23 — Oil prices rose today after the Saudi energy minister said Opec would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil’s rise defied a slump in global stock markets, which…


China threatens US with tariffs, says ‘not afraid of trade war’

BEIJING, March 23 — China warned the United States today that it was “not afraid of a trade war” as it threatened tariffs on US$3 billion (RM11.7 billion) worth of US goods in retaliation over President Donald Trump’s moves against Chinese…


Dollar struggles at one-month lows on trade war fears

LONDON, March 23 — The dollar was pinned near one-month lows today and was on course for its biggest weekly drop in four as investors feared escalating trade tensions could hurt global growth. Renewed optimism about growth prospects has…


Dropbox heads for trading debut after upsized IPO pricing

BENGALURU, March 23 — Having topped expectations with the upsized price of its initial public offering, Dropbox Inc today faces its next big challenge: A successful launch of trading when global stock markets are the defensive and tech shares…


Gamuda’s Q2 profit rises 25pc to RM224m

KUALA LUMPUR, March 23 — Gamuda Bhd’s net profit jumped by 25 per cent to RM224.02 million in the second quarter ended Jan 31, 2018 from RM179.19 million a year earlier.  Revenue for the quarter strengthened to RM1.0 billion compared…


Lay Hong to invest RM16.6 million in liquid egg processing facility in Pasir Gudang

PETALING JAYA: Lay Hong Bhd will invest RM16.6 million for a new pasteurised liquid eggs processing facility in Iskandar Halal Park, Pasir Gudang, Johor to cater the needs of the southern region and Singapore market as well as addressing logistics costs.

The group told the stock exchange that the investment will include the purchase of a semi detached factory from Tentu Teguh Sdn Bhd for RM5.2 million. The project is expected to be completed within six to seven months upon delivery of certificates of fitness from the developer.

The investment cost will be financed through a combination of internally generated funds and bank borrowings.

Lay Hong said the new facility is also in line with the group’s focus on enhancing the sales of downstream products.

Its share price gained one sen or 1.05% to close at 96 sen with 4.97 million shares done.


EU leaders agree Brexit talks guidelines

BRUSSELS, March 23 — European Union leaders laid the ground today for the next phase of Brexit talks after British Prime Minister Theresa May urged them to seize a “new dynamic” in the negotiations. The 27 leaders meeting in Brussels…


SMRT to raise up to RM7.02 million via private placement

PETALING JAYA: SMRT Holdings Bhd has proposed to undertake a private placement exercise to raise up to RM7.02 million.

The group said in a stock exchange filing that based on an illustrative issue price of 17.5 sen per placement share and the issuance of up to 40.11 million placement shares, the proposed private placement is expected to raise gross proceeds of up to RM7.02 million.

A bulk of the proceeds ranging between RM4.81 million and RM5.42 million will be allotted for general working capital purposes, while RM1.5 million has been earmarked for potential acquisition of businesses.

The exercise is expected to be completed by the second quarter of this year.

SMRT opined that the corporate exercise is the most expeditious and cost-effective manner of raising funds and is also expected to strengthen its financial position with the enlarged capital base

The stock fell 5.56% to close at 17sen with some 614,400 shares done.


EU ‘reserves right’ for counter-measures in Trump trade row

BRUSSELS, March 23 — EU leaders today said they would maintain a threat to hit the US with counter-measures — that include tariffs on Harley Davidson motorcycles and bourbon — as long as a metals tariffs exemption granted by Washington…