Business

PETALING JAYA: Selangor Dredging Bhd’s (SDB) unit Fortress Minerals Ltd (FML) has been given the green light to list on the Catalist Board of the Singapore Stock Exchange. The listing date is March 27, according to the group’s filing with Bursa Malaysia. FML is a 37%-owned associated company of SDB Mining Sdn Bhd, which in turn is a wholly owned subsidiary of SDB. FML is principally involved in the business of exploration, mining, production and sale of iron ore concentrate. It produces iron ore concentrate with TFe grade of 65.0% and above from iron ore mined from the East, Valley and West Deposits of its Bukit Besi Mine, situated in Terengganu, Malaysia, through its subsidiary Fortress Mining Sdn Bhd. The mining right for Bukit Besi Mine covers a total area of about 526.2 hectares, and will expire in early 2033. It sells its iron ore concentrate primarily to steel mills and trading companies in China and Malaysia. SDB said proceeds from the initial public offering (IPO) … [Read more...] about Selangor Dredging’s Fortress Minerals receives approval for listing in Singapore

PETALING JAYA: Shareholders of Prestar Resources Bhd have approved the listing of the company’s subsidiary Tashin Steel Sdn Bhd on the ACE Market of Bursa Malaysia. The shareholders voted in favour of the listing at an EGM today. The listing will be done via a special purpose vehicle, Tashin Holdings Bhd this year. Tashin Steel is principally involved in the processing of steel coils into slit coils and steel sheets as well as manufacture of steel products including expanded metals products, flat bars, square bars, steel pipes, steel plates, checkered plates and C Purlins. Prestar group managing director Datuk Toh Yew Peng said the proposed listing of Tashin Steel will provide a transparent valuation benchmark for the business of Tashin Steel at the same time enable Prestar to reduce its existing borrowings. “The proposed listing of Tashin Steel will enable Prestar to unlock and crystallise the value of its investment in Tashin Steel since 1999 and enhance the … [Read more...] about Prestar shareholders approve Tashin Steel listing

WASHINGTON: The U.S. Federal Reserve on Wednesday is expected to hold interest rates steady, shave the number of hikes projected for the rest of the year, and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet.The U.S. central bank since early this year has signaled a "patient" approach to increasing borrowing costs, drawing an end to a gradual, three-year cycle of monetary tightening marked by nine rate hikes, including seven during the 2017-2018 period.Investors now put a 75 percent probability on the likelihood the Fed won't raise its overnight benchmark interest rate, or federal funds rate, any more this year, according to CME Group's FedWatch tool. The fed funds rate is currently set in a range of 2.25 percent to 2.50 percent.New quarterly economic and rate projections to be released with the latest Fed policy statement at 2 p.m. EDT (1800 GMT) will show how closely policymakers align with that view. The Fed's December projection … [Read more...] about Fed’s balance sheet plan, economic outlook under microscope

MANILA -- A China-funded dam project that is tipped as among long term solutions to a water shortage in the Philippine capital is not overpriced, government officials said Wednesday. Comparing the costs of the winning Chinese bid against a Japanese proposal without taking into account differences in terms and foreign exchange adjustments, is like measuring an eggplant against a turnip, said Finance Asec. Tony Lambino. By the end of President Rodrigo Duterte's term the Philippines' debt from China will account for 4.5 percent of the country's total loan exposure, compared to 9.5 percent from Japan, Lambino told reporters. The Kaliwa Dam project, as official development assistance from China will cost P12.7 billion, compared to the P18.7 billion estimate under former President Benigno Aquino, who offered it under the PPP or public private partnership scheme. "Walang panganib na malunod tayo sa utang sa China," Lambino said. "Nakikipagnegosasyon tayo ng husto upang makuha natin ang … [Read more...] about News China-funded Kaliwa Dam not overpriced, gov’t says

SINGAPORE: Oil prices dipped on Wednesday, retreating from a four-month high as economic growth concerns dampened the outlook for fuel consumption. However, analysts said oil was still well supported by voluntary supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela. International Brent crude oil futures were at $67.50 a barrel at 0222 GMT, down 11 cents, or 0.2 percent, from their last close. Brent touched $68.20 a barrel on Tuesday, its highest since Nov. 16. U.S. West Texas Intermediate (WTI) crude futures were at $58.83 per barrel, down 20 cents, or 0.3 percent, from their last settlement. WTI hit a high of $59.57 a barrel on Tuesday, the highest since Nov. 12. Analysts said the dip was mostly down to concerns that an economic slowdown could soon dent fuel consumption. "Global growth concerns and ongoing oversupply fears (are) creating headwinds for the commodity," said Lukman Otunuga, analyst at futures brokerage FXTM. The dips come after crude prices … [Read more...] about Oil pulls back from 4-month highs amid economic growth concerns