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Armada Kraken’s first oil a key re-rating catalyst for Bumi Armada
The first oil discovery from the Kraken Development is projected by analysts to be a key re-rating catalyst to Bumi Armada Bhd’s (Bumi Armada) share price. Bumi Armada announced in a statement on Bursa Malaysia that the group’s Armada Kraken floating production storage and offloading (FPSO) achieved first oil on the Kraken field in the UK North Sea.
Malaysia halal council to launch framework by year-end
The Malaysia Halal Council expects to launch its framework, focusing on empowering local halal companies, making them visible globally and increasing the participation of Bumiputera entrepreneurs by year-end.
U Mobile terminates NSA agreement with Maxis
U Mobile Sdn Bhd is terminating the Network Sharing and Alliance Agreement (NSA) from October 21, 2011 for the Maxis 3G radio access network with Maxis Broadband Sdn Bhd (MBSB). “MBSB on June 23, received a letter from U Mobile terminating the NSA, pursuant to a termination for convenience option available to it,” Maxis Bhd said in a filing to Bursa Malaysia on Wednesday.
Return of Lotte Chemical Titan widely welcomed
Analysts welcomed news of Lotte Chemical Titan Holding Bhd (Lotte Chemical) making a comeback after being privatised by its parent Lotte Chemical Corp (LCC) of Korea six years ago. Established back in 1991, Lotte Chemical was Malaysia’s first standalone producer of polyolefins. Today, the group remains the largest integrated producer of olefins and polyolefins in the country.
Alibaba increases stake in e-commerce platform Lazada
Alibaba Group Holding Ltd (Alibaba) announced on Wednesday that it will invest approximately US$1 billion to increase its stake in Lazada Group (Lazada), the leading e-commerce platform in Southeast Asia, from 51 per cent to approximately 83 per cent. This transaction demonstrates the continued success of Lazada’s business, Alibaba’s confidence in the growth potential of the Southeast Asian markets and its commitment to the region as part of its global strategy.
Streamline management to boost affordable housing
There is a need to streamline the affordable housing development programmes under a single effective management to help boost house ownership, especially for the B40 segment, said online property portal PropertyGuru Malaysia. Country Manager, Sheldon Fernandez, said the management could help manage the affordable housing programmes and issues relating to it under one roof, as affordable housing has been a long-standing issue in the country.
OCBC downgrades CPO futures to RM2,250 per tonne by year-end
OCBC Bank has downgraded the outlook for crude palm oil (CPO) futures to RM2,250 per tonne by year-end, given the weaker prices of late. In a note, OCBC said with supply growth likely to accelerate into this year while seasonal demand fade afNationalter the Ramadan celebrations, CPO prices were likely to see further downside risk into the second half of 2017.
Cummins ramps up power in Malaysia
Global power leader Cummins Inc (Cummins) is spreading its enormous influence as a global business and technology leader in Malaysia through its new platform Cummins Sales and Service Sdn Bhd (Cummin Sales and Service).
Budget revision unlikely as Malaysia on track towards target
Malaysia’s government is still on track to achieve its budget deficit target of three per cent of the gross domestic product (GDP) in 2017 (down 3.1 per cent in 2016), despite the sharp pull-back in oil prices seen recently, analysts observed. RHB Research Sdn Bhd on Friday opined that the government was unlikely to make any revisions to its 2017 Budget for the time being despite a sharp pull -back in oil prices of late.
MBAM requests for extension for e-card registration
The Master Builders Association Malaysia (MBAM) has appealed to the government for an extension for the e-card registration until February 15, 2018 to coincide with the closing date of the rehiring programme.