NEWS
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Outside Malaysia:
U.S: Previously owned home sales decline more than
forecast in February after reaching the second-highest level since 2007
as low inventory levels continue to limit progress in housing. Closings
on existing homes, which usually take place a month or two after a
contract is signed, decreased 7.1% to a three-month low 5.08 million
annual rate after a 5.47 million pace in January, the National
Association of Realtors said. (Source: Bloomberg)
E.U: ECB says Germany could boost Euro-Area growth by
borrowing more. Germany could give itself and the euro area a boost if it
takes advantage of low interest rates to finance a public-investment
program, the European Central Bank said. That’s the key finding from an
ECB study released that simulates the effect of an expansion of public
investment equal to 1% of gross domestic product over five years in a
large euro area country such as Germany. It concludes that the stimulus
would have a greater impact if it were financed by debt or higher revenue
and accompanied by an expansive monetary policy. (Source: Bloomberg)
S. Korea: China rising sway seen in bonds as holdings
exceed U.S. In a sign of China’s increasing presence in Asia’s No. 4
economy, its companies are buying up South Korean counterparts at a
record pace and the country has now surpassed the U.S. as the biggest
foreign holder of won-denominated bonds. China has been a steady buyer of
South Korean sovereign debt in the past several years as officials sought
to diversify investments in foreign exchange reserves. China’s Korean
holdings rose to KRW 17.5tr (USD 15b) last month, accounting for almost
one-fifth of bonds owned by foreigners. Chinese companies’ investment in
South Korean firms rose to a record high last year as China seeks a
transition to an economy led by services and domestic demand. (Source:
Bloomberg)
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Other News:
Oil & Gas: Petronas, Japan’s Toho Gas sign 10-year LNG
deal. Petronas LNG Ltd, a wholly-owned subsidiary of Petronas entered
into a 10-year contract with Japanese gas utility Toho Gas Co Ltd, under
which Toho Gas will buy liquefied natural gas (LNG) from Petronas LNG.
Under the deal, Toho Gas plans to buy seven to nine cargoes per year,
with the contract starting from April 2017. (Source: The Edge Financial
Daily)
Kerjaya Prospek: Wins maiden infrastructure project.
Kerjaya Prospek Group, the company formerly known as Fututech, has won
its maiden infrastructure project worth MYR181.3m for reclamation works
of the second phase of Seri Tanjung Pinang (STP2) Penang and increasing
its outstanding unbilled order book to MYR2.2b from MYR1.9b previously.
With this win Kerjaya Prospek is diversifying its business and putting it
on track to deliver its targeted minimum of MYR600m worth of orderbook
this year. The reclamation works project comes from China Communications
Construction Co (M) Sdn. Bhd. It has appointed Kerjaya Prospek the
subcontractor to undertake the entire channel dredging works under
Package 1 of the project. It is due for completion on March 18, 2018.
(Source: The Star)
Pesona Metro JV bags teaching hospital project worth
MYR313.8m. Builder Pesona Metro Holdings (PMHB) and its joint-venture
partners have secured a MYR313.85m contract from GPQ Sdn Bhd for the
construction of Universiti Sultan Zainal Abidin’s (UniSZA) teaching
hospital in Terengganu. GPQ is a subsidiary of Terengganu Incorporated
Sdn Bhd that is involved in the business of construction works. PMHB, via
its unit Pesona Metro Sdn Bhd, with its partners GPQ and Semarak Korporat
Sdn Bhd yesterday received a letter of acceptance from GPQ for the
proposed project, which is scheduled to be completed within 182 weeks.
(Source: The Sun Daily)
TRC Synergy: Bags MYR231m Brunei airport works job. TRC
Synergy has bagged yet another contract, this time for MYR235.43m to
undertake airfield pavement rehabilitation works at the Brunei
International Airport. Its wholly-owned unit Trans Resources Corp Sdn Bhd
on March 15 received a letter of acceptance from Brunei’s Public Works
Department in relation to the tender for airfield pavement rehabilitation
works at Brunei International Airport- phase 1. The project will commence
on April 25 and is expected to be completed on Nov 24,2017. (Source: The
Edge Financial Daily)
KPS: Enters JV to maintain water pipelines. Kumpulan
Perangsang Selangor(KPS) plans to participate in the non-revenue water
(NRW) reduction programme under the Federal Government and Selangor
state. KPS, a subsidiary of Selangor state investment arm Kumpulan Darul
Ehsan(KDEB) unit Nadi Biru Sdn Bhd proposed to invest 51% in the equity
of Smartpipe Technology Sdn Bhd (SPT) for MYR5.1m. (Source: The Star)
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