|
NEWS
|
|
|
Outside Malaysia:
E.U: To continue U.S. trade talks, despite calls to stop.
EU trade ministers told the European Commission to push on with U.S.
trade negotiations, but ruled out reaching a deal under the Obama
administration. “It ensued from the ministers' discussion that completing
the negotiations with the U.S. by the end of the Obama administration is
not realistic,” Slovak Economy Minister Peter Ziga, told a news
conference after the ministers' meeting Sept. 23 in Bratislava, Slovakia.
The EU and the U.S. have spent three years working on an accord to expand
the world's biggest economic relationship by eliminating tariffs on
goods, enlarging services markets, opening public procurement and
bolstering regulatory cooperation. While Obama and German Chancellor
Angela Merkel have said the pact is a policy priority, European
governments have become less enthusiastic as protests have grown and
negotiations have faltered. (Source: Bloomberg)
U.K: Brexit leads three-quarters of Britain’s CEOs to
consider moving. The U.K.’s vote to leave the European Union has left
more than three-quarters of chief executive officers saying they would
consider moving their headquarters or operations outside Britain,
according to a survey of 100 business leaders by the accountancy firm
KPMG. Some 72% of the CEOs surveyed said they voted “Remain” in the June
23 Brexit referendum, KPMG said in an e-mailed statement. While 69% said
they’re confident Britain’s economy will continue to grow over the next
year, and 73% expressed confidence their companies will grow, 76% are
mulling some form of relocation. “CEOs are reacting to the prevailing
uncertainty with contingency planning,” KPMG U.K. Chairman Simon Collins
said in a statement. “Over half believe the U.K.’s ability to do business
will be disrupted once we Brexit and therefore, for many CEOs, it is
important that they plan different scenarios to hedge against future
disruption.” (Source: Bloomberg)
Saudi Arabia: Central bank gives lenders USD 5.3b in
deposits. Saudi Arabia’s central bank said it has taken measures to
bolster “financial stability” in the Arab world’s biggest economy by
giving lenders about SAR 20b (USD 5.3b) to ease borrowing costs. The
funds are in the form of time deposits “on behalf of government
entities,” the Saudi Arabian Monetary Agency, as the central bank is
known, said in a statement. It’s also introducing seven-day and 28-day
repurchase agreements, as part of its “supportive monetary policy.”
(Source: Bloomberg)
Crude Oil: Saudis willing to act on ‘critical’ oil market,
Algeria says. Saudi Arabia, the world’s biggest oil exporter, has offered
to cut its output to January levels, Algeria’s energy minister said as he
prepared to host a meeting of OPEC producers later this week. Prices
rebounded after tumbling 3.7% on Friday as Saudi Arabia signaled that the
Algiers meeting will be consultative and unlikely to reach a firm
decision. While Noureddine Boutarfa’s comments don’t change that, they
suggest OPEC’s leading member may still be willing to work toward the
group’s first production curbs since the organization let members produce
at will in late 2014, causing prices to plunge. OPEC meets again in
Vienna in November. Brent crude futures fell to USD 45.89/bbl a barrel.
(Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
Port: MYR 1.7b plan to develop Perlis Inland Port. A
MYR1.7b two-pronged plan to set up the Perlis Inland Port and develop the
national rail cargo business is expected to be tabled soon by the
transport ministry. The plan, to be implemented through an alliance
between Asia Freight Rail Sdn Bhd (AFR) and Keretapi Tanah Melayu (KTMB),
was recently presented to Transport Minister. The 500-acre (202ha) inland
port, to be located in Chuping Valley about 4.7km from Padang Besar,
includes 375acres of supporting industrial development catering to
64-acre clusters of marine, rubber and wood-based industries. (Source:
The Edge Financial Daily)
WZ Satu: Scraps plan to acquire SILK Highway. WZ Satu has
aborted its plan to acquire SILK Highway for MYR368m. An agreement on the
terms of the definitive agreement could not be reached with SILK
Holdings. The termination of the head of agreement is not expected to
have any material effect on its earnings per share and net assets per
share for the financial year ending Aug 31, 2017. The termination could
give another chance to Taliworks Corp, which has expressed interest in
SILK Highway. (Source: The Sun Daily)
AirAsia: To appeal against hike in airport charges.
AirAsia will appeal to the government to remove any increase in passenger
service charge (PSC) rates, despite confirmation from the Transport
Ministry last Friday. AirAsia is confident the government and Malaysian
Aviation Commission (Mavcom) will put the nation’s long-term interests,
the rakyat and their jobs, first. This increase in tax will be a direct
burden to be shouldered by the people, making air travel more expensive
and reducing overall demand for services offered by all airlines
operating in Malaysia, crimping tourism, threatening jobs and hurting the
economy. Malaysia will also lose its competitiveness as a regional
low-cost hub. (Source: The Sun Daily)
Chin Hin: Plans Johor hub to house all its factories. Chin
Hin Group intends to set up a building materials hub in Johor, under
which it will relocate the factories of its various subsidiary companies
into a single integrated complex. The facility will house the group’s
autoclave aerated concrete (AAC) production line- which is under its unit
Starken AAC Sdn Bhd together with its precast concrete wire mesh, metal
roofing and ready-made concrete factories. The complex will be built of
the group’s recently acquired 51-acre (20.64ha) piece of land in Kota
Tinggi, Johor, which was purchased for MYR22m from TKW Capital Sdn Bhd.
(Source: The Edge Financial Daily)
Pestech: Consortium bags MYR34.7m electrical job in
Kyrgyzstan. Pestech International and China's Shandong Power Equipment Co
Ltd (SPECO) consortium has won a USD8.46m (MYR34.7m) electrical contract
in Kyrgyzstan. The consortium Pestech & SPECO JV had received a
notification of award from Severelectro JSC for the design, supply and
installation of three substations under the Electricity Supply
Accountability and Reliability Improvement project. The commencement and
completion date of the project shall be determined upon signing of a
contract agreement expected to be finalised in October 2016. (Source: The
Sun Daily)
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.