Friday, April 13th, 2018


US stocks rise modestly after bank earnings

NEW YORK, April 13 — Wall Street stocks were modestly higher today after earnings from major banks topped expectations, shifting attention from lingering worries over Syria and trade. About 25 minutes into trading, the Dow Jones Industrial…

‘Urban mining’ in S. Korea pulls rare battery materials from recycled tech (VIDEO)

GUNSAN, April 13 — Workers at a rural South Korean factory are busy extracting some of the world’s most coveted metals, used in the batteries that power electric cars. But they’re not digging in the ground or refining ore. Instead, they…

Datasonic gets RM270.71m contract from Home Affairs Ministry

PETALING JAYA: Datasonic Group Bhd has received the letter of award (LoA) from the Home Affairs Ministry for the supply of 9.96 million polycarbonate biodata pages to the Immigration Department of Malaysia with a contract value of RM270.71 million.

The contract is for a period of 46 months commencing from February 1, 2018 to November 30, 2021.

Datasonic told Bursa Malaysia that under the terms of the LoA, its wholly owned subsidiary Datasonic Technologies Sdn Bhd is required to furnish a performance bond for the amount of RM3.53 million to the Home Affairs Ministry with a validity period from February 1, 2018 to November 30, 2022.

The group expects the contract to contribute positively towards its future earnings and net assets per share for the financial year ended March 31, 2018 and the financial years thereafter for the duration of the contract.

Datasonic shares gained 1.5 sen or 1.6% to close at 94.5 sen today on some 2.45 million shares done.

Your anti-palm oil policy is ‘colonialism’, Malaysian group tells UK supermarket chain

KUALA LUMPUR, April 13 — British supermarket chain Iceland should be “ashamed” of its anti-palm oil policy which will deprive thousands of poor farmers in Asia, Africa and Latin America of much-needed income, a Malaysian group of…

Serba Dinamik buys stake in Singapore’s technology firm for RM170.6m

PETALING JAYA: Serba Dinamik Holdings Bhd continued on the acquisition trail with the purchase of a 24.84% stake in Singapore's technology firm CSE Global Ltd for S$57.67 million (RM170.57 million) cash.

CSE provides total integrated industrial automation, telecommunications and environmental solutions projects in US, Asia Pacific, Europe, Middle East and Africa.

Serba Dinamik told the stock exchange that the acquisition is part of the group's overall strategy to expand its geographical footprint in the areas where CSE Global has presence, particularly the US, Mexico, Australia and New Zealand.

The group said its wholly owned subsidiary Serba Dinamik International Ltd has entered into eight separate conditional share sale and purchase agreements for the acquisition. The purchase consideration has been satisfied entirely in cash through bank borrowings.

Serba Dinamik expects the acquisition to contribute positively to its consolidated earnings and earnings per share in the future.

On Thursday, it also announced the acquisition of a 49% stake in UAE-based pumps supplier Al Sagar Engineering Group LLC and Al Sagar National Establishment for 10 million dirhams (RM10.54 million) cash.

Serba Dinamik shares jumped 21 sen or 6.4% to close at RM3.51 today with 4.88 million shares done.

Grab-Uber deal on hold in Singapore as watchdog orders measures to keep market ‘open, contestable’

SINGAPORE, April 13 — Grab’s acquisition of Uber remains unsettled in Singapore, as the Competition and Consumer Commission of Singapore (CCCS) ordered for a set of interim measures to take immediate effect today to keep the ride-hailing…

Rolls-Royce ups estimate to fix Boeing Dreamliner engines

LONDON, April 13 — Rolls-Royce today warned it would require more money and more inspections to fix problems with Trent 1000 engines on Boeing 787 Dreamliner planes, leading to further disruption for airlines. Problems with turbine blades on…

MNC Wireless scraps plans to tap into Petronas digital advertising projects

PETALING JAYA: Mobile technology specialist MNC Wireless Bhd and Petrowangsa Sdn Bhd have mutually agreed to terminate a memorandum of understanding, signed in October 2015, to provide the multimedia advertising and digital solutions to Petrowangsa.

MNC Wireless serves a wide range of customers from different industries including banking, media, insurance and telco, while Petrowangsa is a Petronas licence holder for various service categories, which include media advertising.

The collaboration was to include mobile application and platform development besides website development.

Want to make money? Invest like Norway’s wealth fund, says author

OSLO, April 13 — Norway’s sovereign wealth fund has lessons for retail investors according to a book out this week: Think long-term, don’t sell when stocks markets go down and be mindful of your home biases. The fund invests revenues from…

Nexgram to venture into electronic vehicle charging industry

PETALING JAYA: Nexgram Holdings Bhd is partnering with China's Shanghai Zhida New Energy Automobile Public Support Development Co Ltd for distributorship and joint venture in electronic vehicle (EV) charging products and services in Southeast Asia.

Nexgram, which is involved in telecommunication, software, surveillance, real estate, and infrastructure business investment, told Bursa Malaysia that its wholly owned subsidiary Nexgram Industries Sdn Bhd had on April 12 entered into a strategic cooperation framework agreement with the Zhida Group for the collaboration.

As this is a new technology in the Southeast Asia region, the group said both parties agreed that no expiry date will be set for the agreement and Malaysia will be the sole distribution hub.

“Nevertheless, should both parties have derived the agreeable terms and conditions in the signing of the distributorship and joint venture agreement, Nexgram will make the immediate announcement upon execution of the said agreement.”

Nexgram and Zhida Group hold 85% and 15% equity interest in the joint venture company.

The agreement covers the cooperation in localised implementation of technology and resources in new energy automotive industry, such as smart travel hardware and national internet high-tech products, urban EV charging platform, EV master planning and operation.

Zhida Group is the leading EV home charging service provider in China. Its services include EV charger installation, EV charger maintenance and charger development with clients such as Volvo, Nissan and Porsche.

Nexgram's share price closed half a sen or 9.1% higher at 6 sen today, with some 8.5 million shares changing hands.