Top foreign and local news: May 25
Oil prices up in Asian trade: Oil prices rose on bargain-hunting in
Asia today after falling last week but a supply glut and a resurgent
dollar are likely to temper gains. Brent crude for July added eight
cents to US $65.45 in late morning trade. — AFP
Japan returns to deficit in April: Japan swung back to a trade deficit
in April after the first surplus in almost three years in March but
the shortfall shrank drastically year-on-year, thanks to stronger
exports and lower energy bills, data show. The monthly deficit came in
at 53.4 billion yen (US$440mil), about one-15th of the 825.5 billion
yen posted a year earlier — AFP
China invites private investors to help build US$318bil projects:
China’s state planning agency released a list of more than 1,000
proposed projects totalling 1.97 trillion yuan (US$318bil) that it is
inviting private investors to help fund, build and operate. The
National Development and Reform Commission said the 1,043 projects, in
sectors such as transport, water conservancy and public services, will
be done as public-private partnerships. — Reuters
Shanghai bourse extends disclosure times for company updates: The
Shanghai Stock Exchange has extended the time range during which
listed companies are allowed to make public statements, improving
timely disclosure and bringing the exchange more in line with
international practice. — Reuters
Goldman targets US$1bil in Japan renewable energy bonds: Goldman Sachs
Group Inc plans to establish a bond facility to target US$1bil in
investment within the next few years in renewable energy projects in
Japan. The latest initiative is part of Goldman’s 2012 plan to channel
investments totaling US$40bil into renewable energy projects over the
next decade. — Reuters
China to launch first stock index options soon: The China Financial
Futures Exchange will soon launch the country’s first-ever stock index
options, state media said, giving investors more hedging tools as the
government steps up financial market reforms. The first batch of stock
index options would be based on China’s blue-chip CSI300 index and
SSE50 index as well as the small-cap CSI500. — Reuters
S. Africa’s Hollard seeking to raise US$783mil from Australian unit
IPO: South African-owned insurer Hollard Group hopes to raise nearly
A$1bil (US$783mil) by listing its Australian unit Greenstone Pty Ltd,
in what is set to be Australia’s biggest initial public offering of
2015.
Top local stories
Arul, Shahrul no show at PAC inquiry on 1MDB: Two key witnesses in the
Public Accounts Committee’s (PAC) inquiry into the affairs of
1Malaysia Development Bhd (1MDB) will not attend a scheduled meeting
tomorrow. Current 1MDB president and group executive director Arul
Kanda Kandasamy and former chief executive officer Datuk Shahrol Halmi
have sought a month’s extension before they face the PAC, sources say.
– StarBiz
Tenaga Nasional Bhd
shares extended their losses and fell to the
lowest since mid-December 2014 on worries it might have to pay more
for 1Malaysia Development Bhd’s (1MDB) power assets. At midday, the
utility’s share price fell 48 sen to RM13.22 – the lowest since Dec 17
– and erased 4.63 points from the FBM KLCI. – StarBiz
Khazanah picks administrator for Malaysia Airlines: Khazanah Nasional
Bhd has appointed Datuk Mohammad Faiz Azmi as administrator for
Malaysian Airline System Bhd as it transitions into Malaysia Airlines
Bhd. The sovereign fund said Faiz’s appointment would facilitate the
transfer of selected assets and liabilities from MAS to MAB by Sept 1.
– StarBiz
Tan Chong shifts to higher gear: Edaran Tan Chong Motor Sdn Bhd has
launched its biggest sales, service and spare parts centre in the
country. The six-storey centre, that costs RM25.5mil, could display
the company’s entire Nissan line-up. – StarBiz
More IPOs on the cards in H2: A flurry of small to medium-sized
company listings are likely in the second half of 2015. The
flotations, which may raise from RM19mil onwards, cover sectors such
as construction to healthcare, IT, and logistics. – StarBiz
Barakah unit gets pigging supply job: Barakah Offshore Petroleum has
received a letter of award from Sarawak Shell Bhd and Sabah Shell
Petroleum Co Ltd to supply pigging equipments. Barakah said the job,
entailing the supply of operational pigs and pigging accessories, was
awarded to its unit PBJV Group Sdn Bhd. The value of the job will
depend on the actual work orders to be issued by Shell. — StarBiz
MMC upbeat on 2015 results: MMC Corp Bhd, which doubled its net profit
last year, expects to maintain its performance for the current
financial year, driven by its three core businesses. – Bernama
UEM Edgenta eyes 11MP contracts: UEM Edgenta Bhd is eyeing contracts
under the 11th Malaysia Plan (11MP) to sustain its growth. It is
targeting infrastructure projects as more than 50% of the such jobs
were announced in the 11MP. – StarBiz
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