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NEWS
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Outside Malaysia:
U.S: To include trade deficit in talks with Japan, Nikkei
says. U.S. told Japan April 6 that it includes trade deficit also as a
primary agenda in the upcoming economic talks, Nikkei reports, citing
unidentified government officials. Japan seeks to include trade framework
as agenda; wants to keep deficit issue off the agenda and say that
bilateral issues have been resolved in the past. U.S. did not mention
specific industries such as autos, agriculture in the message. (Source:
Bloomberg)
U.K: Inflation’s upward trajectory paused in March as the
timing of Easter led to a drop in airfares, offsetting increases in the
price of food and clothing. While the rate was unchanged compared with
February at 2.3% YoY, that’s still the highest since 2013 and up from just
0.5% YoY a year ago. The increase over the past year reflects higher fuel
costs and the pound’s decline since the Brexit vote in June. Inflation is
already above the Bank of England’s 2% target and is forecast to
accelerate further, squeezing Britons’ finances as wage growth remains
week. (Source: Bloomberg)
Hong Kong: Plugs property tax loophole amid home-buying
spree. Hong Kong’s government tightened property rules for the second
time since November to shut a loophole that allowed investors to snap up multiple
units in one shot to qualify for lower tax rates. The new rules, intended
to prevent the purchasing of several properties in one contract to avoid
stamp duties, took effect from midnight, Hong Kong’s Chief Executive
Leung Chun- ying said in a briefing. First-time home buyers acquiring
more than one property in a single contract need to pay 15% in taxes,
Leung said. (Source: Bloomberg)
Australia: Business conditions jumped to the highest level
since February 2008, signaling the economy could be set to strengthen. A
gauge of business conditions -- measuring hiring, sales and profits --
jumped to 14 in March from 9 in February, the highest reading since
January 2008, the National Australia Bank Ltd. survey showed. The index
has gyrated in the first three months of the year and the March reading
may have been influenced by a cyclone that hit Queensland late in the
month, curbing responses from the state, NAB said. Business confidence
slid to 6 from 7. (Source: Bloomberg)
Saudi Arabia: Said to cut oil output to lowest since
January. Saudi Arabia pared its oil production last month to the lowest
since January, staying below the output level it pledged to maintain as
part of a global deal to reduce crude supplies, according to a person
with knowledge of the data. The biggest producer in OPEC cut output by
111,000 barrels a day last month to 9.9 million a day, according to the
person, who asked not to be identified because the information isn’t
public. Production had increased in February to 10.011 million barrels a
day as the country replenished its own storage tanks. Under the accord
reached in December, Saudi Arabia pledged to cap its output at 10.058
million barrels a day. (Source: Bloomberg)
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Other News:
Protasco: Bags MYR49.9m deal to maintain Terengganu roads.
Its subsidiary, Permint Granite-HCM S/B has secured a five-year contract
worth MYR49.9m to maintain minor roads in Terengganu. The contract is
expected to contribute positively towards the group’s results for the
financial year ending Dec 31, 2017. (Source: The Star)
AZRB: Gets two-year service deal for Tok Bali Supply Base.
The group has secured a two-year service contract for the provision of
crew boat activity and other support services at the Tok Bali Supply Base
in Kelantan.The contract was given to AZRB subsidiary, TB Supply Base S/B
(TBSB), by Carigali Hess Operating Company S/B . It will last till
February 2019. However, the value of the contract was not disclosed.
(Source: The Edge Financial Daily)
TNB: Inks PPA with Edra Energy for new power plant in
Melaka. TNB has signed a 21-year power purchase agreement (PPA) with Edra
Energy S/B to offtake electricity from a gas-fired combined cycle
electricity generating facility that the latter will construct in Alor
Gajah, Melaka. Edra Energy will own, operate and maintain the facility,
which will have three generating blocks, with a combined nominal capacity
of 2,242.131 megawatts (MW), or 747.377MW each. (Source: The Edge
Financial Daily)
Globetronics: Proposes final and special dividends despite
fall in profit. Thegroup has proposed a final dividend of two sen per
share and a special dividend of three sen per share for the year ended
Dec 31, 2016 (FY16) despite suffering a 64% fall in net profit. The
dividends, which are subject to shareholders approval at its annual
general meeting on May 4, are expected to be paid on July 4. The ex-date
is June 16 and entitlement date is June 20. (Source: The Edge Financial
Daily)
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