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Finance, construction remain key drivers for property sector

KUCHING: The financial and construction sectors remain key drivers to Malaysia’s property sector outlook, says Kenanga Investment Bank Bhd (Kenanga Research), as higher business risk profiles should be commensurated by higher return on equities (ROEs). “We view the financial sector as key driver of the property sector as most house purchases are financed by home […]


EU backs bigger war chest for failing banks but split on budget, debt

LUXEMBOURG, June 22 — European Union finance ministers agreed today to double a war chest for dealing with failing banks and boost powers of the euro zone bailout fund, but were split over whether to have a mechanism to restructure government debt…


Forced stock sales haunt China as UBS sees US$68b at risk

HONG KONG, June 22 — Three years after a wave of forced selling by margin traders fuelled a collapse in China’s stock market, a new breed of leveraged shareholders are threatening to trigger another downward spiral. More than 5 trillion yuan…


Greece ‘turning a page’ as eurozone declares crisis over

ATHENS, June 22 — The Greek government today said the country was “turning a page” after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy. The eurozone ministers’ agreement comes…


Zuraida welcomes private sector support for affordable housing

KUCHING: Housing and Local Government (KPKT) Minister Zuraida Kamaruddin welcomes the involvement of the private sector for affordable housing projects as she continues her efforts to improve the housing situation in the country. Zuraida, who is here for a countesy visit to Chief Minister Datuk Patinggi Abang Johari Tun Openg, told of how developers from […]


Greece nears end to 8-year bailout odyssey

LUXEMBOURG, June 21 — Eurozone ministers today neared an agreement to set the terms of Greece’s departure from eight years of bailout programmes, despite splits over the degree of debt relief needed by cash-strapped Athens. Greece is slated to…


Finance Ministry to pump additional RM2.8b into TRX project

PUTRAJAYA: The Finance Ministry will inject an additional RM2.8 billion to fund the completion of Tun Razak Exchange (TRX).

Finance Minister Lim Guan Eng said the funds will be used to complete all the necessary infrastructure works in TRX as TRX City Sdn Bhd (TRXC) does not have the funds to complete the project.

TRXC, formerly known as 1MDB Real Estate Sdn Bhd, is a wholly owned subsidiary of the Finance Ministry. The company had sought financial assistance from the government.

“The alternative of not coming up with a funding of RM2.8 billion and not completing the project, is to pay RM3.51 billion in compensation claims, as well as an eyesore of an abandoned mega project in the heart of Kuala Lumpur.

“In that event, apart from having to pay compensation of RM3.51 billion, the government will also lose the RM3.7 billion transferred earlier to TRXC,” Lim told reporters today.

He said the ministry, under the previous administration, had provided RM3.7 billion worth of funds for the TRX project, in the form of guaranteed borrowings, extended advances and transfers as well as land purchase from TRXC.

However, about RM3 billion of the RM3.7 billion were misappropriated by 1MDB, mainly for 1MDB loan repayments.

The additional funding of RM2.8 billion brings the total funding by the government to RM6.5 billion. The RM2.8 billion will be disbursed in stages up till 2024.


Thai PTT to pay US$4b for Glow Energy as Engie exits coal

BANGKOK, June 21 — Thailand's PTT Pcl is to buy power firm Glow Energy Pcl from Engie in a deal that could be worth more than US$4 billion (RM16 billion) and will boost PTT's domestic position. For Engie, the sale rounds out a two-year plan to…


Tesla’s Musk says Germany a front runner for Europe Gigafactory

STOCKHOLM, June 20 — US electric carmaker Tesla favours Germany as the location for its first European Gigafactory, its chief executive said, in what would be the latest move by an outside firm into the European battery market. Industry experts…


BIMB to restructure once dust settles at Tabung Haji

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BIMB Holdings Bhd will likely embark on a group restructuring next year at the earliest as it waits for the dust to settle at Lembaga Tabung Haji (TH) where there is currently a boardroom shake-up, sources say. TH is its biggest shareholder with a 53.47% stake, followed by the Employees Provident Fund (12.75%) So far, four of TH’s 10-member board, including chairman Datuk Seri Abdul Azeez Abdul Rahman, have resigned since the change of government after Pakatan Harapan’s historic win in the 14th general election. The other three are TanRead More