| Local News |
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Construction & Property: TRX project set to attract USD1b FDIs.
The development of the Lifestyle Quarter project at Tun Razak Exchange
(TRX) is expected to attract up to USD1b (MYR3.2b) in foreign direct
investments to Malaysia. The project, which is a joint venture between
1MDB Real Estate (1MDB RE) and international property and infrastructure
group Lend Lease, is expected to contain a retail-led mixed-use
development of over 6.8ha, comprising a hotel, three residential towers
and a retail mall connected to multi-layer central park. Also, 1MDB RE
and Lend Lease are moving forward with their agreement on the
development of the Lifestyle Quarter in TRX, as both parties are
finalizing the key terms of the proposed joint venture (Source: Business
Times, The Star) Property: PJD-OSK Property merger 'quite soon', no privatization of merged company. Tan Sri Ong the chairman of PJD as well as the managing director and CEO of OSK Property said the “exercise will be quite soon”. They do not have the intention to privatize but rather to synergize. The consolidation will result in the creation of a first-tier property developer. (Source: The Star) Sarawak Cable: Bags MYR493m Mukah power plant job. The contract from Shanghai Electric Group Co Ltd for the local portion of the project works to build a 2x300MW Balingian coal-fired power plant in Mukah, Sarawak. Project is expected to commence on Nov 28 this year, with completion on March 27, 2018. (Source: The Edge Financial Daily) Lay Hong: Second-quarter net profit surges. It recorded close to seven-fold rise in net profit in second quarter ended Sept 30 to MYR6.3m from MYR0.9m a year earlier due to higher egg prices and favorable average corn and soybean prices. Also, Lay Hong said it had posted a 14.24% jump in revenue to MYR166.85m for the quarter from MYR146.1m previously, contributed by a higher quantity of eggs and liquid eggs sold, as well as higher sales from its retail supermarket segment due to the Hari Raya celebrations in July. (Source: The Star) |
| Outside Malaysia |
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Germany: Exports slide most since January 2009 as economy stumbles.
Exports dropped 5.8% MoM in August, after a 4.8% MoM increase in July,
the Federal Statistics Office in Wiesbaden said. While the typically
volatile data was influenced by the timing of German school holidays in
late summer, it still depicts an economy that is stumbling as the
euro-area recovery grinds to a halt. The European Central Bank has added
unprecedented stimulus to try to revive inflation and economic growth
in the 18-nation currency bloc. (Source: Bloomberg) U.K: BOE leaves key interest rate at 0.5% as Europe's economy falters. The Bank of England kept its key interest rate at a record low as the euro-area economy stumbled and domestic growth showed signs of losing momentum. The recent deterioration is lending weight to Governor Mark Carney's argument that more time is needed to shore up the recovery. While the nine-member Monetary Policy Committee split on the need for an increase at the last two meetings, the majority voted to hold the key rate at 0.5%. (Source: Bloomberg) U.K. House-price growth slows to 10-month low in September on rate prospects. The average price increased 10.6% YoY to GBP 275,820 (USD 445,000). Housing-market transactions may have dropped 9% MoM from August, according to the report. (Source: Bloomberg) |
Source: Maybank Research - 10 Oct 2014
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