Business

eoh: ‘We have always loved assets like utilities that are long term. Investors like myself buy long term businesses.

YTL hunts for UK assets amid Brexit shock

PETALING JAYA: YTL Corp Bhd, the Malaysian conglomerate which snapped up a British utility from the now defunct Enron Corp more than a decade ago, is looking for bargains again after the UK vote to leave the European Union sent assets plummeting, reports Bloomberg.

Historic event: Mustapa launches the 15th anniversary celebration of Scope International. With him are Norris (centre) and Multimedia Development Corp chief operating officer Datuk Ng Wan Peng. — Bernama

StanChart to invest RM100mil in tech hub

KUALA LUMPUR: Standard Chartered Bank (StanChart) will invest some US$30mil (RM123.3mil) over the next three years to support its global technology and operation hub under wholly owned subsidiary Scope International (M) Sdn Bhd.

The proposed acquisitions will increase GenP Group’s combined plantation landbank in Malaysia and Indonesia by 21,995ha from GenP, which has a plantation landbank of 238,376ha in Malaysia and Indonesia. The proposed deals would also expedite the group’s upstream expansion in Indonesia as some 3,127ha (under CAA’s Inti estate) had already been planted, thus raising its total planted area in Indonesia to 70,829ha.

Genting Plantations buys firms

PETALING JAYA: Genting Plantations Bhd’s (GenP) 73.68%-owned indirect subsidiary Palmindo Holdings Pte Ltd is acquiring the rights to develop 21,995ha of oil palm plantations in West Kalimantan from the Sepanjang group, GenP’s equity partner in Palmindo, for US$42.15mil (RM172.9mil) in cash.

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The ringgit saw a sharp appreciation against the British pound following the Brexit vote. As at 5pm yesterday, it was traded at RM5.4706 against the pound, compared to RM5.6994 last Friday. The British pound continued to decline versus the US dollar yesterday, with one pound being the equivalent of US$1.3259, or its lowest in 30 years.

Pound pounded

PETALING JAYA: Stock markets generally stabilised but the sterling continues to come under pressure, following the referendum in the United Kingdom which saw British citizens voting to leave the European Union (EU).

28 June 2016 | 12:00AM |

Economy

MMC Gamuda KVMRT is the project delivery partner for MRT Line 1 from Sungai Buloh to Kajang (pic) and MRT Line 2 from Sungai Buloh to Putrajaya.

MMC Gamuda KVMRT, MRT Corp sued for RM303.5mil

KUALA LUMPUR: MMC Gamuda KVMRT (PDP) Sdn Bhd, a joint venture between MMC Corp Bhd and Gamuda Bhd, and Mass Rapid Transit Corp Sdn Bhd (MRT Corp) are among the parties being jointly sued for RM303.53mil with interest and costs by Accolade Land Sdn Bhd.

27 June 2016 | 8:31PM |

Construction

RM303mil suit against MMC, MRT partners

PETALING JAYA: MMC Corp Bhd and other parties involved in the Klang Valley Mass Rapid Transit (KVMRT) project are being sued for more than RM300mil for an alleged breach of contract relating to a land acquisition for the project.

28 June 2016 | 12:00AM |

Stocks

RHB Bank opens at RM4.64 amid weak market

KUALA LUMPUR: RHB Bank Bhd, which took over the listing status of RHB Capital Bhd in a corporate exercise, started trading on the Main Market of Bursa Malaysia on Tuesday and opened at RM4.64.

28 June 2016 | 9:19AM |

Banking

Japan's Nikkei stock index was down 1.3 percent in early trading. It has remained volatile in recent days, rebounding 2.4 percent on Monday following its 7.9 percent plunge on Friday.  The pound edged down slightly to $1.3229, having skidded from a session high of $1.5022 on Friday ahead of the Brexit vote results. It fell as low as $1.3122 on Monday, its deepest trough since 1985.

Global stocks extend losses early Tuesday

TOKYO: Global equities took another step down in Asia on Tuesday, with regional markets sliding and sterling wallowing near three-decade lows as Britain's shock vote to exit the European Union continued to roil financial markets.

28 June 2016 | 9:09AM |

Stocks

Francis Yeoh said Britain has the best “transparent and coherent” regulatory framework for foreign investments.

YTL hunting for UK acquisitions amid Brexit shock

KUALA LUMPUR: YTL Corp., the Malaysian conglomerate which snapped up a British utility from the now defunct Enron Corp. more than a decade ago, is looking for bargains again after the U.K. vote to leave the European Union sent assets plummeting.

27 June 2016 | 11:04AM |

Corporate News

RHB Bank opens at RM4.64 amid weak market

KUALA LUMPUR: RHB Bank Bhd, which took over the listing status of RHB Capital Bhd in a corporate exercise, started trading on the Main Market of Bursa Malaysia on Tuesday and opened at RM4.64.

28 June 2016 | 9:19AM |

Banking

Japan's Nikkei stock index was down 1.3 percent in early trading. It has remained volatile in recent days, rebounding 2.4 percent on Monday following its 7.9 percent plunge on Friday.  The pound edged down slightly to $1.3229, having skidded from a session high of $1.5022 on Friday ahead of the Brexit vote results. It fell as low as $1.3122 on Monday, its deepest trough since 1985.

Global stocks extend losses early Tuesday

TOKYO: Global equities took another step down in Asia on Tuesday, with regional markets sliding and sterling wallowing near three-decade lows as Britain's shock vote to exit the European Union continued to roil financial markets.

28 June 2016 | 9:09AM |

Stocks

Trading ideas: MMC, Gamuda, AZRB, SunCon

KUALA LUMPUR: JF Apex Research expects MMC Corporation, Gamuda, Ahmad Zaki Resources Bhd (AZRB) and Sunway Construction (SunCon) to be among the stocks to watch on Tuesday.

28 June 2016 | 9:03AM |

Property

CIMB Research expects GHL to show stronger earnings

KUALA LUMPUR: CIMB Equities Research expects GHL Systems Bhd to show stronger earnings in the second half of 2016 as it gets more merchants involved in the transaction payment acquisition (TPA) from Malaysia and the Philippines.

28 June 2016 | 9:01AM |

Banking

Texas ex-tycoon Wyly ordered to pay US$1.1bil for tax fraud

DALLAS,Texas: A federal bankruptcy judge in Texas on Monday ordered former billionaire Sam Wyly to pay US$1.11 billion in back taxes, interest and penalties after finding he committed tax fraud by shielding much of his family's wealth in offshore trusts.

28 June 2016 | 6:53AM |

Stocks

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