NEW YORK, Oct 18 — Coca-Cola reported higher third-quarter profits today, citing solid sales of soda and innovative products like smaller drink cans that offset the hit from a strong dollar. The beverage giant lifted full year profit and sales…
FRANKFURT, Oct 18 — Incoming European Central Bank (ECB) chief Christine Lagarde tweeted her “sincere thanks” to EU leaders today, after the European Council made official her appointment as next president of the Frankfurt institution. “My…
LONDON, Oct 18 — The spread of cryptocurrencies such as Facebook’s Libra could have serious repercussions for worldwide efforts to detect and stamp out money laundering and terror financing, a global watchdog on illicit finance said today….
LONDON, Oct 18 — British Prime Minister Boris Johnson is trumpeting a newly minted Brexit deal with EU leaders but now needs backing from the UK’s divided parliament in a vote set for tomorrow. Three years after Britons voted to leave the EU,…
BERLIN, Oct 18 — German business groups have expressed relief at this week’s Brexit deal, believing that if it is approved by British lawmakers it would minimise the economic damage to both sides, which they fear would be worse with a disorderly…
PETALING JAYA: Econpile Holdings Bhd has been awarded a RM44 million contract for demolition, earthworks, piling and substructure works for the Tropicana Gardens mixed development.
The Tropicana Gardens mixed development comprises a 42-storey commercial block housing 630 units of serviced apartments and 397 small office, flexible office (SoFo) units.
The overall duration of the contract is estimated to be 16 months, and is expected to contribute positively to the group in the financial years ending June 30, 2020 till FY2021.
This latest win comes on the heels of the RM20.8 million contract secured from Tropicana Metropark Sdn Bhd to undertake earthworks, soil nailing works, piling and pilecap and basement lowest floor slab works for the Tropicana Metropark mixed development in Subang Jaya.
In a statement today, Econpile CEO Raymond Pang said winning another contract from the same client signified a strong vote of confidence in the group’s technical capabilities and commitment to timely deliveries.
“The latest awards of property development projects, especially in a tough economic landscape highlights our competitive edge in this sector as we continue to secure challenging contracts that require our specialist expertise in deep foundation works to support high-rise buildings.
“With the group’s most recent win, Econpile has secured RM72.7 million worth of contracts in the financial year-to-date. We possess a strong current orderbook of approximately RM850 million, which would provide earnings visibility over the next two years,” he said.
Other projects in the group’s orderbook include mixed development projects such as Pavilion Damansara Heights, TNB mixed development and Terra Putrajaya mixed development, as well as infrastructure contracts like Light Rail Transit 3 – Package GS04 and Hospital Kuala Lumpur Station of the Klang Valley Mass Rapid Transit 2.
NEW YORK, Oct 18 — US stock index futures were little changed today, as better-than-expected earnings reports were overshadowed by fresh jitters about the global economy after economic data from China revealed growth slowed to its weakest pace in…
PORT KLANG: Northport (Malaysia) Bhd and POIC Sabah Sdn Bhd have signed a strategic collaboration agreement (SCA) for the establishment of a sister port relationship with the aim of boosting trade links and increasing the cargo flow through their respective ports.
The signing of the agreement sealed both parties’ commitment to cooperate in port management and facilitate trade between West Malaysia and East Malaysia as well as the neighboring region with special focus on the BIMP-EAGA (Brunei Indonesia Malaysia Philippines East Asean Growth Area) trade route.
Under the agreement, both ports are expected to share their respective range of experience, capabilities, resources, knowledge and know-how in the fields of port management, container handling, conventional cargo services, marine services, ondock logistics, the halal trade, liquid bulk, dry bulk and distribution parks.
“With Northport’s 118 year’s history, we believe our experience in managing one of Malaysia’s major multipurpose gateway port would benefit POIC especially for the operation of their brand new container terminal. Northport, on the other hand, would benefit from POIC’s experience in developing industrial parks and handling bulk cargo operations to support the trade requirements of their investors,” said Northport CEO Datuk Azman Shah Mohd Yusof in a statement.
Northport is a subsidiary of MMC Ports, Malaysia’s largest port operator. MMC Ports is a wholly-owned subsidiary of MMC Corp Bhd, a conglomerate involved in ports and logistics, energy and utilities, engineering, and industrial development. MMC also owns Pelabuhan Tanjung Pelepas Sdn Bhd, Johor Port Bhd, Penang Port Sdn Bhd, Tanjung Bruas Port Sdn Bhd and Kontena Nasional Bhd, a logistics provider. Internationally, MMC has presence in Saudi Arabia via Red Sea Gateway Terminal Company Limited, a container port terminal within the Jeddah Islamic Port.
POIC is a wholly owned company of the state government of Sabah which is developing an industrial park in Lahad Datu, Sabah and has recently completed the building of a container terminal within the same industrial park. POIC is envisaged to be not only a catalyst for the development of Sabah, but also the resource-rich BIMPEAGA which supplies the global market with palm oil, cocoa, rubber, timber and minerals, including coal and petroleum.
“Today’s ceremony marks a huge milestone for both Northport and POIC as both ports are poised to play bigger roles in facilitating trade between West Malaysia and East Malaysia. We also believe that our strategic locations along the busy Straits of Malacca and BIMP-EAGA trade route would provide us with greater competitive advantage in this very challenging port and shipping industry,” added Azman.