Sabah & Sarawak
Three years needed for FGV to recertify 58 palm oil mills
Felda Global Ventures Holdings Bhd (FGV) expects to take three years to recertify its 58 palm oil mills, which will include some structural changes in its Roundtable on Sustainable Palm Oil (RSPO) certification approach and also certain policies. Public Investment Bank Bhd said the RSPO certification withdrawal will only affect its upstream mills while the RSPO supply chain certification system of its kernel crushing plants and downstream refineries will not be affected.
Outlook remains bright for Press Metal
Press Metal Bhd’s near to medium term outlook remains bright, driven by increased capacity from Samalaju Phase 3. RHB Research Institute Sdn Bhd noted that Press Metal’s Phase 3 smelter in Samalaju is at the tail-end of ramping up and is expected to be fully commissioned in the next few weeks.
F&N Holdings to invest in RM210 mln in new warehouse, UHT line
Fraser & Neave Holdings Bhd (F&N) will invest RM210 million in a new warehouse facility in Shah Alam and an ultra-high temperature processing (UHT) line in Kuching to meet capacity expansion and business growth projections. chief executive Officer Lim Yew Hoe said the RM180 million integrated four-level warehouse facility to be built on a 0.89-hectare site within the existing Shah Alam plant, would offer a four-fold increase in storage capacity.
Sarawak Oil Palms to see favourable earnings growth in FY16
Sarawak Oil Palms Bhd (SOP) is expected to record more than 50 per cent earnings growth for the financial year 2016 (FY16). This is backed by SOP’s young tree age profile, uptrend in production of fresh fruit bunches (FFB), as well as favourable crude palm oil (CPO) prices. MIDF Amanah Investment Bank Bhd’s research arm estimated that SOP would likely see a 51 per cent growth in its earnings for FY16.
China’s travel agents give thumbs-up forLabuan
A group of 43 travel agents from China are optimistic that Labuan will soon become a favourite destination among travellers from the republic. The spokesman for the group, China International Travel Service general manager Liu Zhigang, said they were impressed with the variety of attractions the duty-free island had to offer visitors.
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National
ANZ posts biggest earnings drop since 2008, investors cheer reset
Australian lender, ANZ Banking Group, on Tuesday posted its biggest half-yearly decline in cash profit since 2008 and slashed dividends for the first time in seven years on rising corporate defaults triggered by a mining downturn. The result marks the end of six years of record profits for ANZ and comes a day after No.3 lender Westpac Banking Corp missed earnings forecasts, confirming the negative trend for Australian banks as they battle the commodities downturn and tougher capital requirements.
Bank Muamalat ready for listing
Bank Muamalat Malaysia Bhd is ready to list on Bursa Malaysia if the shareholders said so, said chairman Tan Sri Dr Munir Majid. He said the shareholders would certainly look for ways to add values to their holdings and find ways, including listing. “If such a corporate exercise reaches us, we will have to deal with it. Listing as an option has being mentioned before. We are a small bank that needs to grow — organic or merger and acquisition (M&A).”
Leicester City owner eyeing takeover of Thai AirAsia
The owner of Leicester City Football Club (LCFC), King Power International Group is reportedly eyeing the takeover of Asia Aviation, operator of budget airline Thai AirAsia. According to The Nation newspaper, King Power, owned by billionaire Vichai Srivaddhanaprabha, planned to expand into the aviation sector in a bid to increase sales at its duty-free shops.
Malaysia registers 12.2 pct hike in 1Q trade surplus to RM23.94 bln
Malaysia registered a resilient trade performance in the first quarter of 2016 (1Q16), with total trade expanding to RM346.38 billion from the RM345.15 billion chalked up in the same period of 2015. The trade surplus improved by 12.2 per cent to RM23.94 billion in the quarter under review, said Minister of International Trade and Industry Datuk Mustapa Mohamed in the Malaysia External Trade Statistics report.
BNM’s international reserves at rm381.4 bln as at April 29
Bank Negara Malaysia’s (BNM) international reserves amounted to RM381.4 billion (equivalent to US$97.0 billion) as at April 29, 2016. In a statement, BNM said the reserves position was sufficient to finance 7.9 months of retained imports and was 1.1 times the short-term external debt.