Bursa Malaysia expects the trading volume of its palm oil futures (FCPO) to grow by at least a third this year, helped by increased visibility on the world’s largest derivatives exchange, CEO Datuk Yusli Mohamed Yusoff said. Bursa is in the process of transferring its derivatives contracts currently traded on an in-house platform onto CME Group Inc’s Globex platform. (Reuters)
Malaysia's palm oil futures jumped as much as 1.9% to two month highs yesterday as traders took positions ahead of a key industry conference due next week, expecting a flow of bullish news. Traders are also on the lookout for February palm oil stocks, production and export data due to be released on Wednesday by the industry regulator. (Starbiz)
All new buildings will have to provide broadband infrastructure as a new compulsory service, Deputy Prime Minister Tan Sri Muhyiddin Yassin said. He said it is time to make it compulsory for this infrastructure to be provided in an effort to achieve the target of 100% accessibility to broadband services throughout the country this year. He said Telekom Malaysia's HSBB has reached 239,000 premises and 304,000 by end-March. In order to overcome "dropped calls" and improve mobile services in the rural areas, the government would widen the cellular coverage by constructing 1,000 new towers throughout the country. (Financial Daily)
Maxis wants to triple the number of subscribers in Sabah and Sarawak to 1m collectively by end-10 by expanding its network coverage in the two states. In Sarawak, for instance, only 60% of the state is covered. Currently, the two states have about 350,000 subscribers. Maxis is building 125 new transmission sites in Sarawak and 180 in Sabah, CMO Matthew Willsher told reporters at a luncheon in Kuching yesterday. (BT)
The Federation of Malaysian Manufacturers (FMM) has called for a transparent and consistent pricing formula for natural gas and electricity tariffs. This move will allow the industry to estimate future prices. FMM said it recognised that energy pricing should be at market rate but changes to policies would have an impact on operating costs. (Bernama)
Khazanah and Singapore's Raffles Education Corp Ltd (REC) plan to invest RM200m to set up a university in Johor. Raffles University Iskandar will be located in the Iskandar Malaysia special economic zone. REC and Khazanah will make their investments over five years after they win the necessary approvals. (BT)
The government has received overwhelming response from foreign luxury car manufacturers seeking further clarification on the National Automotive Policy (NAP), especially on new technology and green technology. "MITI and its agencies will continue to promote the industry. We have to provide the infrastructure, the human capital development to support the industry and to ensure that localisation will take place," Abdul Rahman said. (Bernama)
The Naza Group and General Motors are confident of selling 1,600 units of Chevrolet vehicles this year, driven by the soon-to-be-launched 1.8 litre Cruze sedan. The Cruze is currently Chevrolet's top-selling car in its class in China, Australia, India and Singapore and is expected to be launched in Malaysia this quarter. "We are also currently discussing the possibility of bringing in CKD assembly operations of certain Chevrolet vehicles through Naza's assembly plant in Gurun, Kedah, from manufacturing to export," Naza group joint executive chairman and CEO Datuk SM Faisal Tan Sri SM Nasimuddin. (BT)
The New Straits Times Press (Malaysia) (NSTP) has sold a plot of land measuring 217,807 sq ft in Shah Alam to Megah Selesa Development for RM15.9m. Proceeds from the sale will be used for working capital. (BT)
JAKS Resources is aiming for property development to be one of its main earnings contributors going forward. In addition to its venture with Star Publications, JAKS is due to announce its participation in another property project in Subang Jaya. JAKS’ orderbook, which currently stands at around RM400m, could reach RM1bn with the Star and Subang projects. However, the spokesman said JAKS would not lose focus on its core business as it continues to eye a portion of the Pahang-Selangor interstate raw water transfer project. (Financial Daily)
The Singapore Navy has received indications a terror group is planning attacks on oil tankers in the Strait of Malacca, a key shipping lane for world trade, the Singapore Shipping Association (SSA) warned yesterday. Singapore Navy recommends ships using the strait between Indonesia and Malaysia strengthen onboard security measures. “This does not preclude possible attacks on other large vessels with dangerous cargo,” the SSA said in the advisory. Up to 80 per cent of China’s oil imports and 30 per cent of its iron ore imports pass through the Strait of Malacca — a narrow, congested waterway between Indonesia, Malaysia, and Singapore. (Reuters)
Stamford College plans to diversify into the manufacturing of low alloyed, alloyed and long- steel products. The company also planned to reduce its issued and paid-up capital by cancelling 50 sen from the par value of its RM1 shares. Stamford said it seeks to mitigate the risk of over-dependency on its core business of providing academic, tertiary and professional courses, amid an increasingly competitive market. It had launched a manufacturing project through Sang Cahaya Sdn Bhd in mid-2008, the company said. (BT)
Pantai Holdings is scheduled to open a RM500m hospital in the Iskandar region in Johor. The 400-bed hospital will also have a centre of excellence and a nursing college, the hospital's chairman Tan Sri Khatib Abdul Hamid said. "It will be ready within five years, but it can be earlier," Khatib said. Pantai has also confirmed the opening of a hospital in Sri Manjung, Perak. To be ready in 2012, Pantai will lease this building and manage it. Pantai now operates nine hospitals nationwide. (BT)
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