Friday, September 14th, 2018


Russia raises rates for first time since 2014, extends FX buying pause

MOSCOW, Sept 14 — The Russian central bank raised rates for the first time since late 2014 today and promised not to buy foreign currency on the market until the end of this year end as it acknowledged risks of the weaker rouble and US sanctions….

Britain and EU ‘closing in’ on a Brexit agreement, Raab says

LONDON, Sept 14 — Britain and the European Union are “closing in” on a withdrawal agreement, Brexit minister Dominic Raab said today, before a meeting of European leaders in Salzburg next week. Britain is due to leave the bloc on March 29 but…

US Iran-related sanctions target two Thai, Malaysian companies

WASHINGTON, Sept 14 — The United States today issued Iran-related sanctions against a Thailand-based aviation company, and modified sanctions against a Malaysia-based travel and tourism company, according to a US Department of Treasury statement….

Rain ruins one of Norway’s richest men

OSLO, Sept 14 — He built his fortune on dizzying forecasts but rain washed it all away: Einar Aas, one of Norway’s richest men, is now teetering on the verge of bankruptcy after betting the wrong way on the energy market. A media-shy private…

Mahathir says ringgit is undervalued

PETALING JAYA: Prime Minister Tun Dr Mahathir Mohamad said he thinks that the Malaysian ringgit is undervalued amid declines that affected a number of emerging market currencies.

He noted that the ringgit, along with the currencies of some other countries, depreciated no thanks to trade frictions between China and the United States, among others.

“The fact is that all the currencies are now depreciating like mad. It's not only Malaysia. Other currencies are depreciating at a much faster rate than us,” he said citing those of Argentina and Turkey, which faced similar woes.

“A lot of other countries' currencies are depreciating because of the effects of the trade war between China and America as well as poor economic performance of many countries,” he said when queried on the ringgit's performance at a press conference after chairing the Parti Pribumi Bersatu Malaysia's (Bersatu) supreme leadership council meeting here today.

The ringgit ended higher against the US dollar today in line with most regional currencies.

At 6pm, the local unit stood at 4.1370/1400 against the greenback from 4.1430/1460 on Thursday. — Bernama

Dr M says ringgit is undervalued

PETALING JAYA, Sept 14 — Prime Minister Tun Dr Mahathir Mohamad said he thinks that the Malaysian ringgit is undervalued amid declines that affected a number of emerging market currencies. He noted that the ringgit, along with the currencies of…

China to ask Wall Street for ideas on improving US ties

HONG KONG, Sept 14 — China will ask Wall Street firms for ways to improve ties with the United States and suggestions to open up its financial sector at a day-long meeting in Beijing on Sunday, people familiar with the matter said. The Chinese…

Tropicana Corp acquires 50.1% stake in Peluang Duta, to develop township

PETALING JAYA: Tropicana Corp Bhd is acquiring 50.1% stake in Peluang Duta Sdn Bhd(PDSB) for RM49.05million from four individuals, to develop a township on a leasehold land owned by PDSB’s unit.

Tropicana’s board of directors told the stock exchange that the acquisition will be funded by internally generated funds.

PDSB’s 70% owned subsidiary T Sanctuary Development Sdn Bhd owns 329.1 acres of leasehold land, which is strategically located in Johor and close to Singapore and other matured township developments.

The land has been earmarked for a mixed development with a potential net gross development value (GDV) of RM4.3 billion—for which PDSB had obtained planning permission to carry out the proposed development on April 14 and May 11, 2015.

The overall proposed development component comprises 70% residential and 30% commercial, which includes terrace houses, shop offices, urban affordable homes, serviced apartments as well as an international school.

“The proposed acquisition is consistent with our strategic intent to expand our existing landbank and sustaining its property development income. The successful completion of the proposed acquisition will increase our landbank in the strategic southern region,” the board of directors said.

The board is optimistic of the prospects of PDSB as the future development of this landbank is expected to be earning accretive to the group,” it added.

Tropicana's shares gained 0.58% to close at 86sen with 157,600 shares done.

Stock markets advance, dollar down before Wall Street open

LONDON, Sept 14 — Stock markets rose today and the dollar fell ahead of the Wall Street open, as investors tracked developments in the drawn-out China-US trade talks. In a week dominated by trade battles and global monetary policy, European stock…

SPLASH, Air Selangor extend SPA execution deadline to Sept 30

PETALING JAYA: Gamuda Bhd and Kumpulan Perangsang Selangor Bhd's associate company Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) and Pengurusan Air Selangor Sdn Bhd (Air Selangor) have mutually agreed to extend the execution of the sale and purchase agreement(SPA) to no later than Sept 30.

Both group's announced in their respective stock exchange filings, that the deadline has been extended from today to the end of the month.

Splash is a wholly-owned subsidiary of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash Holdings), in which Gamuda has 40% interest via its 80% owned Gamuda Water Sdn Bhd, while Kumpulan Perangsang Selangor Bhd (KPS) and The Sweet Water Alliance Sdn Bhd own 30% each.

Gamuda Bhd had on Aug 27, accepted Air Selangor’s offer to acquire its 40%-owned associate company SPLASH as part of the Selangor water restructuring plan in a RM2.55billion takeover offer.

Gamuda’s shares rose 0.29% to RM3.42 with 3.08 million shares done.

Kumpulan Perangsang Selangor, on the other hand, remained unchanged at RM1.58 with 759,700 shares done.