Malaysia Daily Bulletin – 09/11/12

Sime Darby To Develop Education Hub
Sime Darby’s indirect wholly owned unit Sime Darby Johor Development (SJD) has formed a 60:40 joint venture (JV) with Tunas Selatan Pagoh to undertake the Pagoh Education Hub project worth RM992.6 million. The project which is under the Private Finance Initiative will be based on the “build-lease-maintain-transfer” concept. Upon completion, the campus will be leased out to the Ministry of Higher Education, Universiti Teknologi Malaysia, International Islamic University Malaysia and Universiti Tun Hussein Onn Malaysia for 20 years. Under the agreement for developing and maintaining the facilities on the proposed campus, the JV will receive availability charges of RM2.6 billion over 20 years as well as asset management service charges of RM764.5 million over a similar time frame. For the first five years, the JV would also receive RM156.9 million for the agreed teaching equipment.

Significance: The education hub project is in line with its existing core business segments. According to the company’s announcement, the concession agreements are expected to contribute positively to the company’s earnings in the future financial years.

MSC To Cease PT Koba Tin Operations
Malaysia Smelting Corporation (MSC) will suspend mining and smelting operations at PT Koba Tin, Indonesian ahead of the expiry next 31 March of its mining contract. MSC has 75 percent stake in PT Koba with the remaining held by Indonesia’s largest tin miner, PT Timah. The tin unit to be ceased was the 11th largest producer of refined tin in the year 2010. The government has asked PT Timah to take over PT Koba when its contract expires in the next year. MSC has sunk into red compare to a profit of RM106,389 for the preceding year corresponding period. “The operating environment continues to be difficult and challenging due to weaker demand and low prices for commodities arising from the prevailing global economic uncertainties including sovereign debt concerns, economic recession in Europe and slower growth in China,” it said.

Significance: MSC has decided to suspend PT Koba operations pending the renewal of contract of work to stanch losses after evaluating the available options as a result of very low production, high mine maintenance and rehabilitation cost as well as lower tin prices.

FGV, CPO Prices Set To Recover Early Next Year
Crude palm oil (CPO) prices are expected to recover early next year from the current level of RM2,300 per tonne, according to Felda Global Ventures Holdings (FGV) Group President, Datuk Sabri Ahmad. However, he had stated that the sudden spike in CPO prices would be disadvantageous for market sentiment. “The prices should not be too high or too low as this is not good for the plantation players,” the group president told reporters yesterday at a press conference. Earlier, Sabri oversaw the signing of Spare Part Logistics Solutions agreement between Felda Transport Services and Felda Palm Industries. In addition, Felda Transport Services inked a separate Spare Part Logistics Solutions Service agreement with DHL Supply Chain. The group CEO said the three-plus-two year agreements were in line with FGV’s strategy to adopt the best practices in all areas especially in management and corporate governance and to exercise greater transparency in its business.

Significance: Meanwhile, FGV’s weaker stock price has reflected on the movement of CPO prices. As at noon break on Thursday, 8 November, FGV’s share price was down four sen to RM4.59 with a total of 856,700 shares done. The stock however managed to regain 4 sen to close unchanged.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • AP NewsBreak: Ritz's office backed app deal without bidding
    AP NewsBreak: Ritz's office backed app deal without bidding Associated Press - 12 minutes ago

    Indiana schools Superintendent Glenda Ritz's office approved a lucrative technology contract that state government officials said should have been subject to competitive bid, benefiting a company that ... … More »

  • Shareholder committees could curb UK bosses' pay bonanza - report
    Shareholder committees could curb UK bosses' pay bonanza - report Reuters - 20 minutes ago

    British public companies should be required to create shareholder committees responsible for proposing executive pay, to help constrain the spiralling salaries of top bosses, said a report published on Thursday. The report, by lawmaker Chris Philp … More »

  • Sunovion Pharma to buy Canada's Cynapsus for $624 million Reuters - 46 minutes ago

    The announced purchase price of $40.50 per share in cash was a 120.5 percent premium over that closing price. Through the deal, Sunovion will acquire Cynapsus’ drug candidate, APL-130277, which is currently in its phase three clinical trial stage. … More »

  • Salesforce third-quarter revenue forecast misses, shares fall
    Salesforce third-quarter revenue forecast misses, shares fall Reuters - 1 hour 0 minutes ago

    For the third quarter, Salesforce said it expected an adjusted profit of 20-21 cents per share and revenue of $2.11 billion-$2.12 billion. Analysts on average were expecting an adjusted profit of 24 cents per share on revenue of $2.13 billion, … More »

  • EU VP tells British to 'get their act together'
    EU VP tells British to 'get their act together' AFP News - 1 hour 12 minutes ago

    Britain's political leaders should "get their act together" and tell the EU what they want from their divorce, European Commission Vice President Frans Timmermans said in an interview with AFP. Timmermans, the Dutch right-hand man to commission … More »

  • Dollar weakens on contrasting economic data AFP - 1 hour 46 minutes ago

    The dollar weakened against the euro and the pound on Wednesday as dueling data on both sides of the Atlantic offered a mixed picture of economic conditions. Towards 2100 GMT, the euro was at $1.1156, ... … More »

  • Oil Slump Sparks Stock Losses as S&P 500 Wipes Out August Gains Bloomberg - 1 hour 50 minutes ago

    Energy share sled declines as New York-traded crude fell below $45 a barrel on data showing U.S. stockpiles climbed more than analysts had projected last week. The S&P 500 ended the month down 0.1 percent, ending its longest run of gains in two … More »

  • Business Highlights Associated Press - 2 hours 6 minutes ago

    ___ Historic commercial flight from US lands in Cuba The first commercial flight between the United States and Cuba in more than a half century landed Wednesday, re-establishing regular air service severed ... … More »

  • France's Orange says in talks with Iran's MCI on potential cooperation
    France's Orange says in talks with Iran's MCI on potential cooperation Reuters - 2 hours 7 minutes ago

    French telecoms operator Orange is in negotiations with Mobile Telecommunication Company of Iran (MCI), the country's largest mobile operator, "regarding a number of areas of potential cooperation and business topics," a spokesman said. The … More »

  • BP OKs Whiting refinery Tier 3 hydrotreater Reuters - 2 hours 11 minutes ago

    BP Plc's (BP.L) 413,500 barrel per day (bpd) Whiting, Indiana refinery has received corporate approval to build a new hydrotreater to meet Tier 3 gasoline standards that will be required by the U.S. Environmental Protection Agency, according to a … More »

  • WeChat Chatter Fuels China Money Exodus Into Hong Kong Policies Bloomberg - 2 hours 31 minutes ago

    Forget about restrictions imposed by mainland regulators trying to halt the exodus of billions of yuan out of China and into Hong Kong policy purchases. For Hong Kong part-time agent Wen, who declined to give her first name, it’s been that easy to … More »

  • Italy and Germany signal tougher EU stance on migrants
    Italy and Germany signal tougher EU stance on migrants AFP News - 2 hours 31 minutes ago

    Italian Prime Minister Matteo Renzi and German Chancellor Angela Merkel agreed Wednesday to step up efforts to send migrants with no right to asylum in Europe back to their homelands. "All of us in Europe must work for the repatriation of those who … More »

  • Energy drags Wall St lower; S&P down slightly in August
    Energy drags Wall St lower; S&P down slightly in August Reuters - 2 hours 34 minutes ago

    Stocks ended lower on Wall Street on Wednesday, as energy shares tracked oil prices lower, and the S&P posted a loss for August, the first negative month for the benchmark index since February. The Nasdaq gained 1 percent in August and the S&P shed … More »

  • How the Dow Jones industrial average fared on Wednesday Associated Press - 2 hours 37 minutes ago

    U.S. stocks took small losses Wednesday as energy companies fell with the price of oil and chemical and materials companies traded lower. That pulled the market lower for August, ending a five-month winning ... … More »

  • H&R Block and Brown-Forman tumble, Chico's FAS rises Associated Press - 2 hours 37 minutes ago

    Stocks that moved substantially or traded heavily on Wednesday: H&R Block Inc., down $2.54 to $21.66 The tax preparer reported a bigger first-quarter loss and less revenue than analysts expected. Brown-Forman ... … More »

  • US stocks fall, dragged down by sinking oil prices AFP - 2 hours 50 minutes ago

    US stocks fell modestly Wednesday, pulled down by sinking oil prices, closing out a sluggish August which saw the S&P 500 score its first monthly loss since February. At the close the Dow Jones Industrial ... … More »

  • Infoblox reports 4Q loss Associated Press - 2 hours 54 minutes ago

    On a per-share basis, the Santa Clara, California-based company said it had a loss of 18 cents. Earnings, adjusted for one-time gains and costs, came to 8 cents per share. The results exceeded Wall Street ... … More »

  • Cloud management company Box's quarterly revenue jumps 30 percent Reuters - 3 hours ago

    (Reuters) - Cloud management company Box Inc's (BOX.N) quarterly revenue jumped 30.3 percent as the company added customers. Its net loss narrowed to $38.1 million, or 30 cents per share, in the second ... … More »

  • Salesforce.com tops Street 2Q forecasts Associated Press - 3 hours ago

    The San Francisco-based company said it had profit of 33 cents per share. Earnings, adjusted for one-time gains and costs, were 24 cents per share. The results beat Wall Street expectations. The average ... … More »

  • Shoe Carnival posts 2Q profit Associated Press - 3 hours ago

    On a per-share basis, the Evansville, Indiana-based company said it had profit of 22 cents. The footwear retailer posted revenue of $231.9 million in the period. Shoe Carnival expects full-year earnings ... … More »

  • Markets Right Now: Stocks edge lower on Wall Street Associated Press - 3 hours ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks are closing out their first losing month since February as a quiet summer continues on Wall Street. A thin batch ... … More »

  • Ireland says Apple CEO spoke to PM, committed to stay
    Ireland says Apple CEO spoke to PM, committed to stay Reuters - 3 hours ago

    Irish Prime Minister Enda Kenny spoke to Apple (AAPL.O) chief executive Tim Cook ahead of the European Union's announcement of a 13 billion euro (11.04 billion pounds) back tax bill and the U.S. firm committed to remain in Ireland, Kenny's office … More »

  • US stocks slip as lower oil prices sink energy companies
    US stocks slip as lower oil prices sink energy companies Associated Press - 3 hours ago

    U.S. stocks are down slightly in afternoon trading Wednesday as energy companies fall with the price of oil and makers of chemicals and other materials take losses. Stocks are on track for their first ... … More »

  • Feds: Company tied to polygamous group used child labor Associated Press - 3 hours ago

    Federal labor lawyers have filed another child labor case against a Utah-based company tied to a polygamous group alleging underage laborers were put to work for long hours for little pay in dangerous ... … More »

  • Grain lower, livestock mixed Associated Press - 3 hours ago

    Grain futures were lower Wednesday on the Chicago Board of Trade. Wheat for Sept. fell 2.25 cents at $3.61 a bushel; Sept. corn lost 2.50 cents to 3.015 a bushel; Sept. oats was off .75 cent at $1.61 a ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.119-0.004-3.25%
    N21.SI
    0.36+0.01+1.41%
    E5H.SI
    0.9950.0000.00%
    Y92.SI
    4.02-0.08-1.95%
    Z74.SI
    0.22-0.02-6.38%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.285+0.035+14.00%
    5SY.SI
    0.60+0.07+13.21%
    BKB.SI
    0.23+0.03+12.20%
    I06.SI
    0.50+0.05+11.11%
    BFK.SI
    0.67+0.05+8.06%
    5CP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.305-0.060-16.44%
    BQO.SI
    0.105-0.020-16.00%
    578.SI
    0.181-0.019-9.50%
    P36.SI
    0.21-0.02-6.67%
    1A4.SI
    0.22-0.02-6.38%
    5ME.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3616-0.0006-0.04%
    USDSGD=X
    1.5198+0.0002+0.01%
    EURSGD=X
    1.7901+0.0005+0.03%
    GBPSGD=X
    75.8120+0.023+0.03%
    SGDJPY=X
    5.6950+0.0039+0.07%
    SGDHKD=X
    2.98960.000.00%
    SGDMYR=X
    9,769.7354+2.2061+0.02%
    SGDIDR=X
    4.9013+0.0011+0.02%
    SGDCNY=X
    1.0240+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,313.00+1.60+0.12%
    GCZ16.CMX
    18.64+0.01+0.07%
    SIU16.CMX
    90.17-1.67-1.82%
    ^XAU
    2.070.00+0.19%
    HGU16.CMX
    44.86+0.16+0.36%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.180.00
    ^FVX
    1.570.00
    ^TNX
    2.230.00
    ^TYX