US stocks advance as corporate earnings surpass estimates
US stocks rallied, sending the Standard & Poor’s 500 to the highest close in 10 weeks, after better-thanestimated earnings at companies from Humana Inc. to Allergan Inc. and manufacturing data that topped forecasts. Oil climbed above USD81 for the first time since May, giving a boost to energy companies. The S&P 500 gained 2.2% to 1,125.86 as of 4 pm in New York. The Dow climbed 208.44 points, or 2%, to 10,674.38 as all 30 of its components advanced. (Bloomberg)
Johns Hopkins tipped to enter Malaysia
The world-renowned teaching and research institution Johns Hopkins may make its way to Malaysia in a big way. Sources said that Johns Hopkins might be involved in the healthcare field in partnership with a local listed company. Information of its exact field of involvement remains sketchy, but sources said that a piece of land in Selangor had been identified for the development of a medical city. Business Times understands that the investment in this initiative could be to the tune of RM1.8bn. The Government on its part may provide a tenth of the funds required for this project. (BT)
P&O awaits Bank Negara approval
Pacific & Orient Insurance is seeking Bank Negara approval to begin discussions with Prudential Holdings Ltd for a stake sale to the latter. (StarBiz)
AMMB investors to get choice in dividend payout
BANKING group AMMB Holdings plans to give its shareholders a choice of receiving dividends in cash or new shares, in a move to improve its capital position. Under the dividend reinvestment plan, those keen to be paid in shares must notify the group in writing. This means that shareholders who don't do so will continue to get paid in cash. (BT)
Favelle secures RM106m orders
Favelle Favco through its subsidiaries has secured several orders with a combined value of about RM106.4m for the supply of tower cranes and offshore cranes. The orders were for deliveries from end 2010 till end-2011. (StarBiz)
Samsung Heavy to set up shipyard in Teluk Ramunia
Samsung Heavy Industries, a core subsidiary of South Korea’s Samsung Group, is to invest in the oil and gas (O&G) hub in south-east of Johor. Johor Mentri Besar Datuk Abdul Ghani Othman said the company had last year visited Teluk Ramunia and identified an area there for its shipyard. Samsung Heavy is the second-largest shipbuilder in the world with its main activities in shipbuilding, offshore floaters, digital devices for ships, and construction and engineering concerns. (StarBiz)
SIG IPO oversubscribed by 24.1 times
SIG Gases, a manufacturer, refiller and distributor of industrial gases in Malaysia, has received overwhelming response for its upcoming listing on the main market of Bursa Malaysia with its public tranche oversubscribed by 24.1 times. SIG is the only pure-play listed industrial gases provider in Malaysia. (Financial Daily)
Dijaya, IWSB in Danga Bay venture
Property developers Dijaya Corp and Iskandar Water Front SB (IWSB) will jointly develop (60:40 joint venture) two parcels of prime waterfront land at Danga Bay, Johor Baru, into a mixed development project that carries a gross value of RM3.8bn over the next 12 years. They sealed the deal to purchase the land for the project from Danga Bay Sdn Bhd for RM308m, or RM190 per sq ft. Johor Menteri Besar Datuk Abdul Ghani Othman witnessed the signing of the sale and purchase agreements for the two parcels of land totalling 14.8ha in Johor Baru. It is one of the biggest private land deals since the inception of Iskandar Malaysia in 2006, where it is located. (Financial Daily)
YTL, Intel team up on 4G network
YTL Communications SB (YTL Comms) has partnered Intel Malaysia to deliver superior fourth-generation (4G) network by the year-end. YTL Comms chief executive officer Wing Lee said the high-speed Internet network, which will be commercially launched in the fourth quarter, will enable the company to introduce its range of 4G devices to the market. "Offering WiMAX (Worldwide Interoperability for Microwave Access)-ready devices is an integral part of our strategy," he said in a statement that was released yesterday in Kuala Lumpur. (Financial Daily)
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