MARKET DEVELOPMENT
The week at a glance 15 February 2015
The week at a glance 15 February 2015
16/02/2015 (Borneo Post) - The week at a glance 15 February 2015.
Sabah & Sarawak
‘Sarawak’s palm oil industry in dire need of workers’
The Sarawak Oil Palm Plantation Owners Association (Soppoa) said it fully supports Human Resources Minister Datuk Seri Richard Riot on the labour shortage issue which has been plaguing the state’s palm oil industry for years.
Palm oil stocks, output and exports down in January
Malaysia’s palm oil stocks, output and exports fell in January 2015 from a month ago, according to the Malaysian Palm Oil Board (MPOB) on Tuesday. In January, total palm oil stocks decreased 12.18 per cent to 1.77 million tonnes, from 2.01 million tonnes in December 2014.
Forecast earnings adjusted for Perdana Petroleum following forward rates
Researchers at Maybank Investment Bank Bhd (Maybank IB Research) slashed its forecast earnings for Perdana Petroleum Bhd (Perdana Petroleum) after the latter brought forward the dry-docking works for three of its vessels to the fourth quarter of 2014 (4Q14) from the scheduled first half of 2015 (1H15).
Nam Cheong’s revenue up 53 pct to rm1.9 bln in fy2014
Nam Cheong Ltd, a leading global offshore marine player, on Thursday announced that it had achieved revenue of RM1.9 billion for the financial year ended Dec 31, 2014.
This is an increase of 53 per cent compared to the RM1.3 billion in the previous corresponding year (FY2013).
Cpo export tax to resume in March, says Uggah
The government will not extend the export tax exemption on crude palm oil (CPO) after February, said Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas. The minister said they will determine the export tax rates after Feb 16 based on palm oil prices.
Favourable aluminium market to drive Press Metal’s growth
Press Metal Bhd’s (Press Metal) outlook remains bright as aluminium prices are expected to slowly rebound in the upcoming quarters in the financial year 2015 (FY15), driven by growing demand in the auto sector and narrowing global supply of aluminium. Kenanga Investment Bank Bhd’s research arm (Kenanga Research) says aluminium prices are expected to reach an eight-year historical average of US$2,200 per metric tonne.
National
CIMB closes Australian offices
CIMB Group Holdings Bhd on Monday announced it will be closing its investment banking offices in Sydney and Melbourne. This follows an announcement last Friday where CIMB stated it was looking to reduce its Asia Pacific investment banking and equities operating cost by 30 per cent in 2015.
Wan Zulkiflee appointed Petronas president/CEO
Prime Minister Datuk Seri Najib Tun Razak on Monday has announced the appointment of Datuk Wan Zulkiflee Wan Ariffin as Petronas president and chief executive officer effective April 1, 2015 until March 31, 2018.
S&p affirms currency rating on Malaysia with stable outlook
Standard & Poor’s Ratings Services affirmed its ‘A-’ long-term and ‘A-2’ short-term foreign currency sovereign credit ratings on Malaysia.
Murty as new DiGi CEO effective April 1
DiGi.com Bhd on has appointed Albern Murty as the telecommunication service provider’s new chief executive officer with effect from April 1. The company on Thursday said Murty who is the company’s current chief operating officer (COO) will replace CEO Lars-Ake Norling who will be appointed CEO of dtac (Total Access Communication PCL), Telenor Group’s business unit in Thailand.
Malaysia saw six per cent growth in 2014
The Malaysian economy registered a higher growth of 5.8 per cent in the fourth quarter of 2014 (4Q14) compared with 5.6 per cent in 3Q14. Bank Negara Malaysia (BNM) in a statement on Thursday said the stronger growth was driven by private sector spending as domestic demand remained the anchor of growth in the fourth quarter, mainly on account of improvement in private sector activity.
Sabah & Sarawak
‘Sarawak’s palm oil industry in dire need of workers’
The Sarawak Oil Palm Plantation Owners Association (Soppoa) said it fully supports Human Resources Minister Datuk Seri Richard Riot on the labour shortage issue which has been plaguing the state’s palm oil industry for years.
Palm oil stocks, output and exports down in January
Malaysia’s palm oil stocks, output and exports fell in January 2015 from a month ago, according to the Malaysian Palm Oil Board (MPOB) on Tuesday. In January, total palm oil stocks decreased 12.18 per cent to 1.77 million tonnes, from 2.01 million tonnes in December 2014.
Forecast earnings adjusted for Perdana Petroleum following forward rates
Researchers at Maybank Investment Bank Bhd (Maybank IB Research) slashed its forecast earnings for Perdana Petroleum Bhd (Perdana Petroleum) after the latter brought forward the dry-docking works for three of its vessels to the fourth quarter of 2014 (4Q14) from the scheduled first half of 2015 (1H15).
Nam Cheong’s revenue up 53 pct to rm1.9 bln in fy2014
Nam Cheong Ltd, a leading global offshore marine player, on Thursday announced that it had achieved revenue of RM1.9 billion for the financial year ended Dec 31, 2014.
This is an increase of 53 per cent compared to the RM1.3 billion in the previous corresponding year (FY2013).
Cpo export tax to resume in March, says Uggah
The government will not extend the export tax exemption on crude palm oil (CPO) after February, said Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas. The minister said they will determine the export tax rates after Feb 16 based on palm oil prices.
Favourable aluminium market to drive Press Metal’s growth
Press Metal Bhd’s (Press Metal) outlook remains bright as aluminium prices are expected to slowly rebound in the upcoming quarters in the financial year 2015 (FY15), driven by growing demand in the auto sector and narrowing global supply of aluminium. Kenanga Investment Bank Bhd’s research arm (Kenanga Research) says aluminium prices are expected to reach an eight-year historical average of US$2,200 per metric tonne.
National
CIMB closes Australian offices
CIMB Group Holdings Bhd on Monday announced it will be closing its investment banking offices in Sydney and Melbourne. This follows an announcement last Friday where CIMB stated it was looking to reduce its Asia Pacific investment banking and equities operating cost by 30 per cent in 2015.
Wan Zulkiflee appointed Petronas president/CEO
Prime Minister Datuk Seri Najib Tun Razak on Monday has announced the appointment of Datuk Wan Zulkiflee Wan Ariffin as Petronas president and chief executive officer effective April 1, 2015 until March 31, 2018.
S&p affirms currency rating on Malaysia with stable outlook
Standard & Poor’s Ratings Services affirmed its ‘A-’ long-term and ‘A-2’ short-term foreign currency sovereign credit ratings on Malaysia.
Murty as new DiGi CEO effective April 1
DiGi.com Bhd on has appointed Albern Murty as the telecommunication service provider’s new chief executive officer with effect from April 1. The company on Thursday said Murty who is the company’s current chief operating officer (COO) will replace CEO Lars-Ake Norling who will be appointed CEO of dtac (Total Access Communication PCL), Telenor Group’s business unit in Thailand.
Malaysia saw six per cent growth in 2014
The Malaysian economy registered a higher growth of 5.8 per cent in the fourth quarter of 2014 (4Q14) compared with 5.6 per cent in 3Q14. Bank Negara Malaysia (BNM) in a statement on Thursday said the stronger growth was driven by private sector spending as domestic demand remained the anchor of growth in the fourth quarter, mainly on account of improvement in private sector activity.