Tuesday, August 13th, 2019

 

Global stocks surge as investors sense US-China trade truce

PARIS, Aug 13 — Global stock markets rallied today and oil prices surged in a wave of relief after US President Donald Trump delayed tariffs on electronic goods from China, giving investors hope for some detente in a US-China trade war. The…


China’s vice premier talks with US trade officials, says Commerce Ministry

BEIJING, Aug 13 — Senior Chinese and US trade officials spoke by telephone today as the Chinese side lodged solemn representation on additional tariffs on Chinese goods scheduled to start next month, China’s Ministry of Commerce said in a…


Dollar soars versus yen after US makes trade concessions

NEW YORK, Aug 13 — The US dollar took off this morning, clobbering the Japanese yen, after the Trump administration said it would delay 10 per cent tariffs on some Chinese products scheduled to begin next month, a significant concession in the…


Apple leads Wall Street surge as US delays on tariffs

NEW YORK, Aug 13 — US stocks surged almost 2 per cent today as the Trump administration said it would delay 10 per cent tariffs on some Chinese products, including laptops and cell phones, driving a 5 per cent surge in shares in iPhone maker Apple…


Johor Port Authority, Smart Crest sign deal to develop RM2b Bunker Island

PUTRAJAYA: Johor Port Authority (JPA) has entered into an agreement with a private company, Smart Crest Sdn Bhd, to develop a RM2 billion Bunker Island, near Tanjung Bin in Johor.

Transport Minister Anthony Loke Siew Fook who witnessed the signing of the agreement today, said the project, fully funded by the private sector will put Malaysia, and particularly Johor, on the world map as a major player in the oil storage and bunker business.

“At the national level, the development of this island will be a significant economic multiplier for the country as ships that enter to discharge or load oil will spend on other services such as agency fees, port charges and deliveries to the ship and crew transfers, hotels, career development and trade finance,” he said.

The project according to Loke, will create a centre for oil break bulking, make bulking, blending and redistribution to both domestic and regional market.

The agreement was signed by JPA chairman Rosnan Fathlal and Smart Crest managing director Ir Cher Lee Kiat.

Located within the Free Commercial Zone of Tanjung Pelepas, Bunker Island will sit on 100 acres of the reclaimed island at Tanjung Bin.

The development of Bunker Island will take four years to complete. It will have 61 tanks located in five tank pits, a storage capacity of about 1.2 million cubic metres, two jetties and seven berths, besides capabilities to handle various types of products.

Loke said the project will also provide Malaysia with an excellent opportunity to promote cleaner marine fuel in accordance with International Maritim Organisation regulations, effective January next year.

Speaking to the media later, Loke said his ministry will ensure that the long-delayed Bunker Island project starts as soon as possible by making sure that no red tape hinders the implementation of the high impact project.

“The developers are confident that the first phase of the project, which is the oil tank development, can be completed within two years, thus generating revenue for the next phase of development,” he said.

Rosnan said JPA handed a 30-year lease period to the developers with a rent of RM500,000 a year for the first two years. Subsequently, a lease payment of RM2.19 million a year will be imposed for the third, fourth and fifth years and a 10% increase in rent once every five years.


US to delay China tariffs on some products, including laptops, cell phones

WASHINGTON, Aug 13 — The Trump administration will delay imposing a 10 per cent tariff on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month, the Office of the US Trade Representative said…


Apple-supplier Foxconn’s second-quarter profit falls less than expected

TAIPEI, Aug 13 — Taiwan’s Foxconn, which makes smartphones for Apple and other brands, reported a 2.5 per cent fall in quarterly profit today, a slightly smaller decline than analysts’ expected. Foxconn, the world’s largest contract…


Sources: CBS, Viacom reach agreement in principle

NEW YORK, Aug 13 — CBS Corp and Viacom Inc have reached an agreement in principle, sources familiar with the matter told Reuters today, taking one step closer to reuniting media mogul Sumner Redstone’s US entertainment empire after 13 years…


EU slaps anti-subsidy duties on Indonesian biodiesel

BRUSSELS, Aug 13 — The European Union has imposed duties on imports of subsidised biodiesel from Indonesia in order to level the playing field for EU producers, officials said today. The European Commission, the EU’s executive arm, imposed…


US inflation accelerates; Fed rate cut still expected

WASHINGTON, Aug 13 — US consumer prices increased broadly in July, but the signs of an acceleration in inflation will likely do little to change market expectations that the Federal Reserve will cut interest rates again next month amid worsening…