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China’s steel demand to stay firm despite US trade war

DALIAN: China’s steel demand will remain firm despite the country’s escalating trade war with the United States, and any efforts by Washington to ”sabotage” the Chinese economy will not succeed, the head of China’s steel association said.

Scientex posts 22% higher Q4 net profit of RM88.29mil

KUALA LUMPUR: Scientex Bhd posted its best-ever quarterly performance in its fourth quarter ended July 31,2018, with a net profit of RM88.29mil, 22% higher than in the same quarter last year as revenue grew 13% to RM733.15mil.

Glomac quarterly net profit down 32%

PETALING JAYA: Glomac Bhd’s net profit for the first quarter ended July 31 dropped 31.61% to RM1mil on the back of a 40.13% drop in revenue to RM57.61mil.

For the period, gross profit margins, however, improved due to cost savings from completed projects and its cash flow from operations also turned positive. For the quarter, Glomac’s revenue was mainly contributed by progress billings from Bandar Saujana Utama, Sri Saujana and Saujana KLIA. (Filepic shows a model of a Glomac project)

Qatar’s QIA chief leaves US$320bil sovereign fund

DUBAI: The chief executive officer of the Qatar Investment Authority (QIA) is leaving after almost four years at the helm of one of the world’s largest sovereign funds, according to people with knowledge of the matter.

The reasons behind the surprise departure of Qatari royal Sheikh Abdullah Bin Mohammed Al Thani (pic), weren’t immediately clear and a replacement is yet to be officially named.

WCT boosted by new RM1.77bil contract

PETALING JAYA: WCT Holdings Bhd shares closed higher on news that it had bagged a contract worth RM1.77bil for construction works relating to the proposed Pavilion Damansara Heights commercial development.

At 5pm yesterday, WCT, which is principally involved in engineering, construction, property development, saw its shares close seven sen up at 93 sen.  Analysts are positive on the contract win, given the cautious outlook on the construction sector as the government scales back on public projects.