Business

Almost all the familiar construction ‘big boys’ have been shortlisted for the main infrastructure job.  Among them are Gamuda Bhd, Bina Puri Holdings Bhd, Crest Builder Holdings Bhd, WCT Bhd , IJM Corp Bhd, Naza Engineering, Muhibbah Engineering (M) Bhd and Sunway Construction Group Bhd. (File pic shows the LRT Ampang line)

LRT 3 project starts this month, 96 companies shortlisted for packages worth RM9bil

KUALA LUMPUR: The RM9bil light rail transit line three (LRT 3) project from Bandar Utama to Johan Setia, Klang will kick off this month, with some 96 companies being shortlisted for the various jobs

“Fitch expects TNB to generate cash flows from operations of about RM12bil per year, and to be able to comfortably fund the majority of the expected capex through internal cash generation,” it said in a statement yesterday.

TNB seen incurring RM46b capital expenditure for FY16-FY19

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is expected to incur about RM46bil in capital expenditure (capex) from financial year ending Aug 31, 2016 (FY16) to FY19 to increase its domestic generation capacity and for maintenance, according to Fitch Ratings.

“It’s still premature. We don’t know whether the (oil) price will remain this stable. We are watching closely (the movement of oil prices) and will maintain the GDP growth target.  “But in terms of the fiscal deficit, we have some space, as (with) higher oil prices we can undertake more programmes and projects,” he told a press conference after launching Malaysia Debt Ventures Bhd’s (MDV) Elevate programme here yesterday.

Malaysia not planning to revise GDP, fiscal deficit targets

KUALA LUMPUR: The Government is not planning to revise the gross domestic product (GDP) and fiscal deficit targets, although global crude oil prices have stabilised at around US$45 per barrel and above the US$35 mark set for the 2016 Budget, according to Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah (pic).

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Standard Chartered cut its bonus pool by 22% last year to US$855mil (RM3.44bil). The EPA 2012 file photo shows city workers passing a Standard Chartered bank in London.

Standard Chartered chairman defends staff bonuses

LONDON: Standard Chartered would risk a staff exodus if it cut bonuses, chairman John Peace said on Wednesday, responding to investor anger over high pay when the bank’s shares have tumbled and there will be no final dividend for 2015.

5 May 2016 | 1:27AM |

Foreign News

1MDB to transfer ownership of 4 properties to MoF Inc

KUALA LUMPUR: The Minister of Finance Incorporated (MoF Inc) will implement the various recommendations contained in the Public Accounts Committee report on 1Malaysia Development Bhd (1MDB) which included the transfer of four properties and dissolution of the board of advisors.

4 May 2016 | 4:03PM |

Corporate News

Ringgit at over five week low

SINGAPORE: Most emerging Asian currencies eased on Thursday as the dollar broadly rose on optimism over the US economy, while risk sentiment remained sour with slow global growth.

5 May 2016 | 1:24PM |

Corporate News

Fifth gear: The Model 3 sedan, set to go into production in late 2017, has generated massive interest since its unveiling on March 31 but some analysts question Tesla's ability to smoothly and quickly transition to higher-volume production, given the rocky start for its Model X. — AFP

Tesla puts pedal to the metal, 500,000 cars planned in 2018

Tesla Motors Inc said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but warned that spending will ramp up in tandem.

5 May 2016 | 1:11PM |

Auto

China April services sector expansion slows

BEIJING: Activity in China's service sector expanded again in April, though the gains were slightly less robust than in March, a private survey showed on Thursday, as firms resumed adding staff after a rare decline the previous month.

5 May 2016 | 12:41PM |

Economy

This photo taken on April 30, 2016 shows a worker polishing a piece of work at a structural steelworks company in Rizhao, in eastern China's Shandong province. Chinese factory activity weakened further in April, a private survey indicated on May 3, as muted demand and market weakness hit the struggling export-oriented sector. / AFP PHOTO

Asia shares slip for 7th session, bonds well bid

SYDNEY: Asian shares slipped for a seventh straight session on Thursday as mixed economic data did nothing to assuage concerns about global growth, keeping sovereign bonds well supported as a hedge against deflation risks.

5 May 2016 | 11:47AM |

Corporate News

Strong US services sector data buoy economic outlook

Washington: The US services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter. The growth outlook was, however, dimmed by another report on Wednesday showing private employers hired the fewest number of workers in three years in April.

5 May 2016 | 9:32AM |

Economy

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