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Global stocks battered by fears of US growth slowdown

NEW YORK: Global stocks fell on Wednesday, plagued by a flattening yield curve that sparked concerns about an economic slowdown in the United States and weakening expectations of a lasting U.S.-China trade truce, while the dollar steadied.

U.S. markets were closed to mark former President George H.W. Bush's death, but the effect of Wall Street's turmoil in the previous session, when New York-listed shares tumbled more than 3 percent, was felt in Asia and Europe.  The MSCI's all-country index shed 0.5 percent.

Malaysia's Petronas in RM9.55bil JV with Argentina's YPF

BUENOS AIRES: Argentina’s state-controlled energy company YPF and Petroliam Nasional Bhd (Petronas) are forming a joint venture to invest US$2.3bil (RM9.55bil) over the next four years in the country’s Vaca Muerta shale oil fields, the president’s office announced.

Strategic tie-up: A drilling rig is seen at the Loma Campana Vaca Muerta shale oil and gas drilling site owned by YPF in the Patagonian province of Neuquen. Petronas will have an equal stake in its joint venture with YPF. — Reuters

KFC Malaysia ties up with SoCar of South Korea

PETALING JAYA: KFC Malaysia has partnered with SoCar, a South Korea-based car-sharing application, to introduce 12 additional SoCar zones in selected KFC outlets in Kuala Lumpur and Johor Baru.

So good: (from left) KFC Malaysia COO Ling Mee Jiuan, QSR Brands restaurants CEO Merrill Pereyra, SoCar Malaysia CEO Leon Foong and Mohamed Azahari at the partnership announcement.

SunCon secures RM100mil construction job

PETALING JAYA: Sunway Construction Group Bhd (SunCon) has been awarded a RM100mil contract, bringing its total orders secured for the year to date to RM1.5bil.

Suncon said the LoA was in respect of main building works, including basement architectural as well as mechanical and electrical works, pedestrian bridges and associated external works for the proposed development of a 22-floor building

Berjaya Food net profit higher from Starbucks boost

PETALING JAYA: Berjaya Food Bhd’s (BFood) net profit rose 21% to RM7mil for the second quarter (Q2) ended Oct 31, 2018, from RM5.8mil in the corresponding quarter last year on higher contributions from its Starbucks operations in tandem with higher revenue.

 It attributed the increase in revenue to higher growth recorded by existing Starbucks cafes as well as additional Starbucks cafes operating in Malaysia. (Filepic shows a Starbucks outlet in Malaysia.)

BHB appoints new CEO

KUALA LUMPUR: BIMB Holdings Bhd (BHB) has appointed veteran banker Mohd Muazzam Mohamed as chief executive officer of both BHB and its unit Bank Islam Malaysia Bhd, with immediate effect.

BHB said Mohd Muazzam, who is a chartered accountant by training, joined the bank on May 11, 2015 as chief financial officer.

Eco World targets RM250mil sales in 2019

KUALA LUMPUR: Eco World Development Group Bhd is targeting RM250mil in sales from its Bukit Bintang City Centre (BBCC) integrated mixed development next year.

Integrated project: (from left) Deputy Entrepreneur Development Minister Mohd Hatta Ramli, Mohd Redzuan and Low looking at a scale model of the BBCC. Low expects all the retail units to be sold by 2021

Banking sector shows slowing growth momentum

PETALING JAYA: There are indications that the banking sector will see a slowing growth momentum given the expected slowdown in the macroeconomic growth environment, according to UOB Kay Hian Research.

The research house maintained its market weight rating on the banking sector noting that there are several factors that would present a slight downside risk to the sector’s earnings.  They are the re-prioritisation of government spending, continued policy uncertainty and slower external growth environment.