Economy: Malaysia among top outsourcing destinations. According to the Press Trust of India (PTI), the top three slots in AT Kearney's 2011 Global Services Location Index (GSLI) are occupied by three Asian countries: India, China and Malaysia. The 3 countries have enjoyed the top 3 rankings since the inception of the GLSI in 2003, demonstrating "remarkable staying power, thanks to their deep talent pools and cost advantages". India remains the favourite back-office of the world thanks to its "first-mover advantage" and deep skill base, as per global management consulting firm AT Kearney's ranking of the best outsourcing destinations. (Source: Business Times)
Economy: Cuepacs appeals for minimum wage policy in civil service. Cuepacs is appealing to the government to implement a minimum wage policy in the civil service, which it believes is a crucial move to assist civil servants cope with the rising cost of living. Its president Datuk Omar Osman said the current salary of the workers in the support group was below the poverty line of RM720 a month. Those in Grade 1 to Grade 16 in the Support Group II are starting at RM647per month, which is below the poverty line. The basic salary should be at least RM850 or RM920 a month. (Source: Bernama)
PLUS’ associate company inks concession agreement in Gujarat, India
PLUS Expressway’s 26%-owned Indian associate company, Jetpur Smonath Tollways Ltd (JSTL), and the National Highway Authority of India, have signed a concession agreement (CA) for a 123km road project in Gujarat India. The CA requires JSTL to design, build, finance, operate and transfer a four-lane Jetpur-Somnath Section NH-8D road. JSTL is a joint-venture between PLUS and IDFC Projects Ltd. The concession is for a 30- year period while road construction works is for 30 months. (MalaysianReserve)
South Africa among new sources of coal supply for TNB
South Africa is among the sources of new coal supply for Tenaga Nasional (TNB) to ease the current shortage, following the floods in Queensland, Australia. Queensland has served as TNB’s traditional supply market. “The situation in Australia has affected us to a certain extent. Some of our suppliers in Australia cannot deliver the coal to us due to the flooding in Queensland,” said TNB president and CEO Datuk Seri Che Khalib Mohamad Noh. “What are we doing now is buying coal from all over the world, especially from South Africa,” he added. Che Khalid had earlier signed a memorandum of understanding (MoU) on behalf of TNB with Reseau de Transport d’ Electricite of France on technology transfers. He also said is looking at the possibility of securing a bigger supply from Indonesia, adding that company officials would be going to the country to negotiate. (FinancialDaily)
Agro Asia offers to buy Premium Nutrient’s subsidiaries
Premium Nutrients yesterday received an offer from Agro Asia Pacific Ltd to buy three of its subsidiaries for a total of RM117.9m. The three companies represent its core business. Agro Asia is part of Goodhope Asia Holdings Ltd of Singapore, a holding company with business interests in the South and Southeast Asian region. Premium Nutrients said it will deliberate on the terms of the offer. (BT)
Wilmar to invest in Indonesia
Singapore’s Wilmar, the world’s largest listed palm oil firm, will invest USD900m or RM2,736m (USD1 = RM3.04) to build factories producing products from palm oil in Indonesia, an Indonesian government minister said on Monday. “Wilmar will build six factories of CPO end products such as soap and margarine. The company will start to build in the first quarter this year,” said Minister of Industry M.S Hidayat. (BT)
QSR buys more of Al-‘ Aqar REITs
QSR Brands has increased its interest Al-‘ Aqar KPJ REITs to 4.77m shares by acquiring an additional 2.82m units of the hospital REIT in July last year and on 31 Jan this year. The 4.77m shares cost QSR a total of RM5.11m. In its rationale for the purchase, QSR said it would have a return on investment (ROI) of about 7.3% as against the current fixed deposit interest rate of about 2.5% to 3%. (FinancialDaily)
Carrefour wins appeal
Carrefour Malaysia seems to have full control of its business here following the Court of Appeal's ruling to overturn an injunction granted to its Malaysian minority shareholder. The judgment enables Carrefour to execute the transfer of shares from its 30% Bumiputera partner Hartajaya Harmoni SB. Hartajaya, however, plans to appeal against the decision. Hartajaya had previously requested the High Court to grant an injunction on the transfer of shares, pending the decision of an oppression suit filed by it on 10 Nov last year. (BT)
Ireka secures RM27.6m Vietnam hospital deal
Ireka Corp’s wholly-owned subsidiary, Ireka Engineering and Construction Vietnam Co Ltd, has won a RM27.58m contract from Hoa Lam-Shangri-La Healthcare LLC for the structural works package at a general hospital in Ho Chi Minh City. This will bring Ireka’s current order book to about RM800m, of which about RM430m remains outstanding. (BT)
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