Bursa: Set to join Asean Exchange Linkage with SGX & SET . Bursa Malaysia, Singapore Stock Exchange (SGX) and the Stock Exchange of Thailand (SET) have joined the Asean Exchange Linkage (AEL), to be launched during 2H11. Philippines stock exchange would join by 2012. The AEL would ease access to Asean exchanges and increase market utility with trade outside and intra-Asean. AEL would also allow cross border offering of collective investment schemes. (Source: The Star)
Funds: Asean infrastructure fund by early 2011 . The Asean Infrastructure Fund (AIF) would be initiated during 1Q11. The AIF is a special purpose vehicle set up to support infrastructure projects in the region. Malaysia had invested USD 150m to the fund, which would have a target fund size of USD800m. Asean has pledged USD 335m to the fund so far. (Source: The Star)
Market: Second Capital Market Masterplan to be unveiled in 1Q11 . The second Capital Market Masterplan (CMP2), currently in the final stage of completion, will be unveiled during 1Q11. The 10-year masterplan is expected to address the development of a private pension fund framework, increase retail participation in the local stock exchange and strengthen corporate governance. (Source: The Star)
Petrol Subsidy: Hike in Ron97 price . The price of Ron97 petrol will increase by 15sen per litre to RM2.30 effective today. The hike is because of an increase in the price of crude oil in the world market. The price of Ron95 will remain at RM1.85 per litre. It was announced by the government on July16, that the price of Ron97 will be subjected to a managed float to reflect the price of petrol in the global market. (Source: Business Times)
Politics: Umno's elections postponed . Umno has postponed next year's party elections by 18 months, a move that it had adopted in the previous three general elections. Umno's party president Datuk Seri Najib Razak said changes in the party line-up would be announced by year-end. The postponement of the party elections is allowed under the party constitution and was intended to focus on strengthening party machinery and to avoid friction. (Source: Business Times)
Economy: Fall in unemployment rates during 3Q10 . The jobless rate dropped to 3.2% in 3Q10 from 3.4% in 2Q10 as the numbers of unemployed dropped to 376,000 in 3Q10 from 389,000 in 2Q10. The monthly unemployment rate remained at 3.1 % in September 2010 (3.1% in August and 3.3% in July). (Source: Department of Statistics Malaysia)
RM700m boost for Iskandar Malaysia
The Government has agreed to allocate an additional RM700m for rolling plans for Iskandar Malaysia over the next two years. Johor Mentri Besar Datuk Abdul Ghani Othman said the amount is an addition to the RM339m set aside to the southern Johor growth region during the recent tabling of Budget 2011. "Yesterday, Prime Minister Datuk Najib Razak agreed to add funds for rolling plans with another RM700m for Iskandar Malaysia programs," Sources said the funds may be for various infrastructure projects and new investments which have not been announced by the Government. (BT)
SapuraCrest JV lands USD160m Aussie job
SapuraCrest Petroleum and its JV partner have landed a USD160m (RM504m) contract from PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEPAAA) for the provision of offshore transportation and construction activities for PTEPAAA’s Monara development in Australia. The Montara project is located in the Southern Timor Sea approximately 650km west of Darwin. SapuraCrest informed Bursa Malaysia yesterday that SapuraAcergy SB (SASB) a JV company it equally owns with Acergy SA, had received a letter of award for the contract on 25 Nov. (Financial Daily)
MTD Cap stands to rake in RM150m from Philippine toll hike
MTD Capital Bhd, Malaysia’s second largest highway operator and owner, could rake in at least some RM150m in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates are implemented in January 2011. The Philippines business paper BusinessWorld, quoting Julius G Corpuz, an official with the Philippines Toll Regulatory Board (TRB), reported that the implementation of higher toll rates could happen in the first week of January next year. (Financial Daily)
SC to release statement on Sime probe soon The Securities Commission (SC) will release a statement on its ongoing investigation of Sime Darby Bhd soon, its chairman Tan Sri Zarinah Anwar said yesterday. The SC and Malaysian Anti-Corruption Commission (MACC) are investigating Sime Darby after receiving a forensic audit over its RM2.1bn losses at its energy and utilities unit. (BT)
Vale likely to invest RM467m in Malaysia next year
As much as USD148m (RM467m) of Brazil's mining giant Vale International SA's capital expenditure (capex) for 2011 has been earmarked for investments in Malaysia. Vale has set a total capex of USD24bn, or (RM76bn), for next year, according to the latest information posted on its website. The Malaysian investments will involve the construction of a maritime terminal and a distribution centre to transport and distribute iron ore from Teluk Rubiah, near Lumut, Perak. However, the project has yet to be approved by directors of Vale, according to the latest statement dated 28 Oct. As a major player aiming for a larger footprint in the Asian region, Vale had reportedly been said to be planning to invest up to RM9bn in the iron ore project in Perak which, when materialised, will act as its hub for its Asian operations. The investment will also be one of Perak's largest investments to date when it materialises. In the statement, Vale said actual start-up for the Teluk Rubiah project was planned for the second half of 2013, without providing more details. (StarBiz)
No comments:
Post a Comment