Growth forecast may be lowered
Malaysian Rating Corp Bhd (MARC) may revise downwards its gross domestic product (GDP) growth target of 5.3% for the country this year. “The GDP growth number we are looking at, for the second quarter of 2011, is between 3.5% and 4%. If that materialises, then the overall picture for this year is not as robust as I initially thought it would be. But we should still have a GDP growth of 4% to 5% (for the full year),” MARC chief economist Nor Zahidi Alias said on the sidelines of the company’s 2011 CEO Breakfast Forum yesterday. (Source: The Star)
Genting : Genting Group and partner Vina Capital have the Vietnamese government's permission to reclaim 1,555 ha of land in the Thang Binh district, paving the way for a US$4bn (RM12bn) recreational resort project with gambling facilities for foreigners, said a Vietnam news report. Genting and its partner have 12 months to reclaim the area or risk losing the project site. The project, which was reportedly granted an investment certificate last December, will also house five-star hotels, resort villas as well as up to 2,500 houses for sale or ret, said VietNamNet report, citing information from the Quang Nam People's Committee. (Financial Daily)
UDA Holdings : UDA Holdings is terminating the proposed sale of a piece of land in Jalan Sultan Ismail in the heart of Kuala Lumpur for RM215.5m to Nadayu Properties. Nadayu, formerly known as Mutiara Goodyear Development, said that its solicitors had received a letter from UDA about the unsuccessful land deal. UDA said it was “unable to obtain the approval of UDA’s shareholder” for the disposal of the 3.56 acres and intends to terminate the sale and purchase agreement with Nadayu. “UDA has also proposed that all the obligations and liabilities of the parties under the SPA shall cease to have effect and none of the parties shall have any claim against the other for cost, damage, compensation or otherwise. (Financial daily)
KLCC Property : KLCC Property expects its latest commercial development Lot C, to contribute about RM100m to group revenue in the coming financial year. The office tower portion will be taken up by Petronas and named Petronas Tower 3. Petronas is expected to move in early 2012. The retail portion already has 22 tenants, and full occupancy is expected by September 2011. (BT)
CI Holdings : CI Holdings were suspended yesterday and will remain suspended until tomorrow, on a strong chance that the company will announce the sale of its unit, Permanis Sdn Bhd. The company told Bursa Malaysia that the request for suspension of trading was due to an impending material announcement in relation to a substantial transaction involving its subsidiary. Speculation has been rife of late that Japan’s Asahi Group Holdings Ltd is looking to buy Permanis, driving up CI Holdings’ share price to new highs last seen since 2000. (Starbiz)
SEB : Sarawak is expected to sell up to 230 MW of electricity, via Sarawak Energy Berhad (SEB), to West Kalimantan by mid-2014, said State Public Utilities Minister Datuk Amar Awang Tengah Ali Hasan. Tengah, who is also Second Minister of Planning and Resource Management, said construction of the new line would commence early next year using a new 275 Kv transmission line that would connect Mambong, near here, to Bengkayang in West Kalimantan. “The interconnection provides Sarawak the platform to become a powerhouse in the region and will allow Indonesia to capture massive savings compared to the cost of the oil-fired power that is mainly used today,” he said in a statement in conjunction with the signing of a team sheet for a power purchase exchange agreement between SEB and PT PLN Persero (PLN), the Indonesian power utility. (Bernama)
YTL Communications : YTL Communications will put together a business plan to secure licenses to rollout its 4G mobile Internet-with-voice service Yes in Sabah and Sarawak. CEO Wing K. Lee said it had received acknowledgement from the Government fro the required license to start operations in the two states and had been requested to submit its business plan. However, the company has not yet been assigned any apparatus assignment. YTL Comm is also expanding its footprint in Johor this week and is on track to introduce its Android-based applications. (StarBiz)
CPO : Malaysia’s palm oil exports rose 5.4% in the first 20 days of July from the same period in June, independent market surveyor Intertek said. A total of 1,021,729 metric tons of the commodity were tracked from July 1 to 20, versus 969,804 in the same period last month, Intertek said in an e-mailed statement in Kuala Lumpur. (Bloomberg)
CPO : Indonesia could cut its crude palm oil export tax to 15% in August from 20% in July because of a drop in international prices, an industry source said. “We expect the tax to be capped at 15% next month because the average price of CPO was US$1,090 (RM3,270) in the first 20 days of July,” said the source. (Reuters)
MAS : Tan Sri Dato’ Dr. Mohd. Munir bin Abdul Majid will stand down as Chairman of Malaysian Airline System Berhad when his current term expires on 31 July 2011. (MAS press release) It is up to Malaysia Airports Holdings (MAHB) to decide whether to install aerobridges at the second Kuala Lumpur International Airport (KLIA2), says Transport Minister Datuk Seri Kong Cho Ha. Kong said the ministry has always tell the airport operator that the building of any airport must be based on international best practices. He said KLIA2 would not only be used by AirAsia but also other low-cost airlines. (Bernama, BT)
TNB: TNB Integrated Learning Solution Sdn. Bhd. (ILSAS), a wholly owned subsidiary of Tenaga Nasional Berhad (TNB) has signed a Memorandum of Understanding (MoU) with Persatuan Usahawan Tenaga Malaysia (PUTM) for the sharing of technical expertise and collaboration on technological innovations with the aim to elevate the expertise of bumiputera entrepreneurs. The duration of the MoU is for the period of three years. The collaboration between ILSAS-PUTM encompasses the skill, knowledge and professional development of bumiputera vendors in Malaysia. ILSAS and PUTM will also work together towards developing technology innovations, product improvement and development of training, leveraging on each other’s expertise. (BMSB)
Cypark : Cypark Resources has obtained the green light from the Negeri Sembilan government to develop three integrated renewable energy (RE) parks, including one in Pajam. "With the three sites, Cypark is poised to deliver its 50MW within its three year RE project delivery plan with potential concession revenue of above RM60m annually," Cypark Chairman and Founder Tan Sri Razali Ismail said. Cypark plans to develop RE with total generating capacity of 100MW by 2015. If the project is implemented in full, the 100MW green energy is expected to generate additional revenue of up to RM130m annually. (Bernama)
Singapore LTA director roped in for Klang Valley MRT project
Marcus Karakashian, a director of the Singapore Land Transport Authority (LTA), has been roped in to help oversee the multi-billion ringgit Klang Valley mass rapid transit (MRT) project, sources indicate. Karakashian is a project director for the civil aspects of Singapore’s latest MRT extension project – Downtown Line stage 1 – currently under construction. (Financial Daily)
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