US stocks rally to 5-month highs on recovery hopes
US stocks rallied on Tuesday, with the Dow industrials closing within striking distance of 11,000 and at its highest level since May, as U.S. economic data and Japan’s bid to spur its economy energized Wall Street. The Dow Jones Industrial Average climbed 193.45 points to end at 10,944.72, its highest close since May 3. The blue-chip index was lifted by all but one of its 30 components, led by a 3.4% gain in shares of Boeing. (Marketwatch.com)
Khazanah to decide 'fairly quickly' on MMC proposal
Khazanah says it does not need too long to decide on MMC's proposal to take over UEM Group, which includes its cash cow PLUS Expressways. ‘We understand that the government has already received the proposal and we have had some discussions at the Khazanah board last week. In due course, we will make an announcement," managing director Tan Sri Azman Mokhtar said. He added that a decision should be made "fairly quickly" as it is a decision on an existing asset and not a proposal of a new business venture. (BT)
Suit option if Langat 2 still stalled at year-end
The federal government will consider taking legal action against the Selangor state government if construction of the Langat 2 Water Treatment Plant is still stalled at the year-end. Minister of Energy, Green Technology and Water, Datuk Seri Peter Chin Fah Kui, said that construction of the plant in Hulu Langat was already delayed. (BT)
JTI ups cigarette prices
JTI has increased the retail price of its 20-stick cigarette packs by 70 sen with effect from yesterday, following the government’s implementation of a 16% hike in excise tax. With that increase, the excise tax on cigarettes now stands 16% higher at 22 sen per stick. (Financial Daily)
IJM ups India stake in toll concessionaire
IJM is raising its stake in a contractor and its special purpose vehicle incorporated to build and operate a highway project in India. It will pay a total of RM93.4m for additional stakes in CIDB Inventures SB and Swarna Tollway Pvt Ltd in what appears to be a move to boost its presence in India. (The Malaysian Reserve)
Several parties eyeing Tanjong’s gaming business
Several international private equity firms and a consortium led by the Cheng family have expressed keen interest to acquire Tanjong Plc’s gaming business although the company is still weighing its options on whether or not to divest the prized asset valued at some RM2.3bn to RM2.5bn. Sources said many parties had approached the company directly and via banks to express their interest to acquire the gaming assets. (StarBiz)
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