Thursday, May 9th, 2019


From Paris to Omaha: How Occidental CEO out-manoeuvred Chevron in Anadarko bid

NEW YORK, May 9 — Occidental Petroleum chief executive Vicki Hollub was caught off guard when US oil giant Chevron swooped in last month with a US$33 billion (RM137.1 billion) offer to buy Anadarko Petroleum, the oil and gas exploration and…

Facebook’s co-founder joins calls to break up the company

WASHINGTON, May 9 — Facebook Inc co-founder and former Mark Zuckerberg roommate Chris Hughes called for the break-up of the world’s largest social media network in an opinion piece in the New York Times today. Hughes joins US lawmakers who have…

Dollar weakens against yen, Swiss franc as trade talks go to the wire

NEW YORK, May 9 — The Japanese yen surged to a three-month high against the dollar today, with the Swiss franc at a one-month high as investors sought out the safe-haven currencies, fearing the US-China trade conflict will escalate. Two days of…

Peugeot signals openness to deals after JLR report

LONDON, May 9 — PSA Group said today it was ready to consider potential tie-ups, after the French carmaker’s shares briefly rose on a report that it was in advanced talks with Tata Motors to acquire UK-based Jaguar Land Rover (JLR). The Peugeot…

Wall Street slides on rising tensions ahead of pivotal trade talks

NEW YORK, May 9 — US stocks tumbled today, with focus on a high-stakes meeting between the United States and China that could decide the fate of a long-awaited trade deal, even as additional tariffs on Chinese goods loomed. Trump vowed not to back…

British regulator to fine, ban bosses and firms over pension advice

LONDON, May 9 — Britain’s financial regulator plans to fine and ban five investment company bosses, alleging their reckless behaviour prompted more than 2,000 people to invest £76 million (RM411.3 million) in risky and unsuitable pension…

US trade deficit with China shrinks on dip in imports

WASHINGTON, May 9 — The US trade deficit widened in March, reversing the dip in February, but amid a high-stakes trade war the gap with China narrowed, according to government data released today. Goods imports from China fell to their lowest…

Chevron drops US$33b pursuit of Anadarko, hands win to Occidental

NEW YORK, May 9 — Chevron Corp abandoned its pursuit of Anadarko Petroleum Corp today, outmanoeuvred by a higher rival bid of US$38 billion (RM159.8 billion) that included more than three times as much cash. The decision leaves Occidental…

How Total’s CEO pounced on Anadarko’s African energy assets

PARIS, May 9 — It took Total’s chief executive and a small group of advisers just days to line up the French energy major’s biggest acquisition in almost two decades when it agreed to buy the African assets of US firm Anadarko. Patrick…

TT Vision allocates RM4m to expand Penang plant

KUALA LUMPUR: TT Vision Holdings Bhd has allocated over RM4 million in capital expenditure (capex) this year to expand its plant on a 0.81ha of land in Bayan Lepas Free Industrial Zone, Penang.

The machine vision equipment maker’s plant is currently undergoing phase four expansion and is expected to be fully commissioned by the third quarter of 2019.

Executive chairman Goon Koon Yin said the expansion would increase the plant’s total floor space to 53,000 sq ft from 22,000 sq ft and boost operational capacities.

“At the moment, we are running at 80% capacity of our current manufacturing plan and it is time for us to expand the facility, as we received more demands from local and overseas for our products,” he said.

Speaking to reporters during the company’s listing on the Leap market of Bursa Malaysia today, Goon said it would also utilise the capex to strengthen its research and development centre as it strives to introduce new products and equipment in the market.

Meanwhile, the company is also planning to venture into the overseas market, such as Taiwan and European countries.

“We will be participating in few exhibitions, conferences around the world to promote and introduce our products to the international market,” Yin said.

To-date, TT Vision has exported its products to various countries including South Korea, China, Hong Kong, Germany, Thailand, United States, Singapore and the Philippines.

Exports contributed more than 50% of the company’s current total revenue.

TT Vision debuted at 21 sen, a premium of three sen from the offer price of 18 sen, with 50,000 shares traded.

The initial public offering exercise entailed a private placement of 40 million new ordinary shares, which raised RM7.2 million with market capitalisation standing at RM69.03 million.

TT Vision is a Malaysian Technology Development Corporation’s (MTDC) investee company.

It primarily involved in the inspection of optoelectronic, solar wafers and cells, discrete components and integrated circuit, as well as vision-guided robotic equipment.