january

 
 

Qualcomm begins cutting jobs to meet pledge to slash costs

SAN DIEGO, April 19 — Qualcomm Inc has begun cutting about 1,500 jobs in California as part of a broader workforce reduction aimed at meeting a commitment to investors to pare costs by $1 billion, according to people familiar with the process….


Oil jumps 3pc on Saudi price target, US stockpiles

NEW YORK, April 19 — Oil futures jumped nearly 3 per cent yesterday on a decline in U.S. crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to US$100 (RM389) a barrel. Opec’s new price…


Maybank preparing to spin off insurance unit, sources say

KUALA LUMPUR, April 18 — Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, is preparing to spin off and list its Etiqa insurance arm on the local stock exchange, sources with knowledge of the matter said today. Etiqa, which operates in…


T7 Global clinches three contracts worth RM63m

PETALING JAYA: T7 Global Bhd has bagged three contracts with a total value of RM63 million.

The offshore oilfield services provider told Bursa Malaysia that its subsidiary Wenmax Sdn Bhd had on January 15 received a letter of award from Murphy Sarawak Oil Co Ltd for the provision of maintenance services, spare parts and consumables for Gastec nitrogen generator for Murphy production operations.

This contract is from January 15, 2018 until the completion of the contract which is expected to be ended on January 14, 2021, with an option to extend for an additional one year.

The second contract was awarded by Marine Crest Technology Sdn Bhd to T7 Global's wholly owned subsidiary T7 Marine Sdn Bhd for the upgrade of combat management system for Royal Malaysian Navy's vessel, which is expected to be completed in August 2019.

T7 Global's wholly owned subsidiary Tanjung Offshore Services Sdn Bhd also received a letter of award from CP Energy & Services Sdn Bhd for the supply of equipment and upgrading works.

The duration for the contract is from April 17, 2018 until the completion of the contract which is expected to be ended on October 16, 2018.

At the noon break, T7 Global shares gained 2.5 sen or 5.2% to 51 sen on some 10.04 million shares done.


Oil and gas sector to recover, says RHB

KUALA LUMPUR, April 18 — The oil and gas (O&G) sector is likely to see a recovery on all fronts this year, having seen its earnings trough in 2017, said RHB Research Institute. In its strategy note focusing on Malaysia, the research firm said…


SMRT’s Kuek to step down; ex-Singapore defence force chief takes over from Aug 1

SINGAPORE, April 18 — Embattled SMRT group chief executive officer Desmond Kuek will be stepping down from his post, the rail operator said today in announcing its decision to pick another former top military man to helm the company. Former…


Malaysia’s March inflation rate at 1.3pc, slowest in 20 months

KUALA LUMPUR, April 18 — Malaysia’s consumer price index in March rose 1.3 per cent from a year earlier, its slowest pace in nearly two years, government data showed today. March’s annual inflation rate was below the 1.6 per cent forecast…


Tesla aims to produce 6,000 Models 3s per week by June end, says Electrek

FREMONT, April 18 — Tesla Inc is aiming to produce 6,000 Model 3 units per week by the end of June to achieve its target of 5,000 units per week after accounting for a margin of error, Electrek reported, citing CEO Elon Musk’s email to…


India calms cash crunch worries, will ensure adequate currency supply

MUMBAI, April 18 — India’s government and the central bank said yesterday they will ensure there is an adequate amount of cash in circulation, following reports that banks’ automated teller machines (ATMs) had run out of notes in different parts…


Netflix surges to record as users shrug off higher prices

NEW YORK, April 18 — Netflix Inc used to worry it would alienate customers by raising prices for its streaming service. Not any more. The company posted its strongest first quarter since going public 16 years ago, despite raising prices for…