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Residential property needs ‘realistic’ evaluation

PETALING JAYA: The Malaysian residential market needs to be evaluated with a more realistic approach to curb the rising overhang that’s being caused by the current demand-supply mismatch in the market.

Challenging times: Maybank IB says the demand-supply rebalancing in the property sector will take some time, but adds that home sales may have hit bottom already and should stabilise in 2019. — Bloomberg

Global forex market

The dollar erased its weekly gains, closing marginally lower by 0.02% to 96.8 after the US Federal Reserve’s Williams commented on the need for the central bank to “act quickly” as economic growth slows, fuelling market players to add bets on a 50-basis point (bps) cut in July’s FOMC meeting.

Scomi on the fast-track

ON the surface of it, the current state of the Malaysian construction sector looks stagnant and appears to be mired in a lot of waiting and bureaucratic hurdles.

Rail expert: Scomi is one of the few companies with experience in rail engineering, for example the KL monorail project.

Sapura Energy sees earnings recovery

KUALA LUMPUR: Sapura Energy Bhd is confident that all its divisions – engineering and construction (E&C), drilling, as well as exploration and production (E&P) – will turn profitable within 12 months, driven by higher utilisation of its assets.

Sapura Energy Bhd president and group CEO Tan Sri Shahril Shamsuddin

China Energy to expand ultra-low emission coal-fired power

SANHE: China Energy Group, the country’s biggest power generator, will add more than 6 GW of new ultra-low emission coal-fired capacity this year as it bids to meet growing electricity demand, a senior official with the firm said.

UEM Sunrise upgraded to ‘buy’

KUALA LUMPUR: Maybank Investment Bank Research (Maybank IB) has upgraded UEM Sunrise to a “buy” after the recent decline in its share price while it expects the property developer’s earnings to pick up strongly.

Sapura Energy expects to be profitable in 12 months

KUALA LUMPUR: Sapura Energy Bhd (SEB) expects its operations -- drilling, engineering and construction (E&C) and exploration and production (E&P) -- to be profitable in 12 months.

President and group chief executive officer Tan Sri Shahril Shamsuddin said the company aims to return to the black when the utilisation of its drilling and E&C business crosses the 70% mark.

Jho Low's gutted Hollywood Hills mansion lists at US$15m loss

LOS ANGELES: Way back in November 2012, as the global economy gingerly emerged from a long recession, an enormous Hollywood Hills estate sold for US$39 million. That unprecedented sale price shocked all real estate observers and sparked an avalanche of gold-digging developers to build and market their own "trophy" modern mansions in the hills.

Located in the coveted Bird Streets on a pie-shaped promontory known as the Crown, the 1.2-acre complex was famously owned by Jho Low.