Rs 70 crore us dollars

ABU DHABI National Oil Company (ADNOC) and chemical producer OCI N.V. (OCI), which is backed by Egyptian businessman Nassef Sawiris, are weighing an initial public offering of their fertiliser joint venture Fertiglobe, two sources familiar with the matter said. Headquartered in Abu Dhabi, Fertiglobe was formed in 2019 after OCI and ADNOC combined their ammonia and urea assets, with the two companies currently holding ownership stakes of 58% and 42% respectively. ADNOC and OCI invited international and local banks to pitch for potential roles in Fertiglobe's public share-sale, said the sources, declining to be named because the matter is not public. The firms submitted bids last week for the deal, which could raise at least $1 billion, they said. ADNOC declined to comment when contacted by Reuters on Monday. OCI and Fertiglobe did not immediately respond to requests for comment. The business is expected to be next in line for a listing, after ADNOC completes the IPO of its ... » Learn More about Abu Dhabi’s ADNOC, Dutch-listed OCI weigh IPO of fertiliser joint venture

KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities on Monday. At closing, the FBM KLCI ended 3.83 points, or 0.24% lower at 1,608.42. The index opened 1.71 higher at 1,613.96 this morning. In the broader market, losers thumped gainers 667 to 411 while 412 counters unchanged. About 5.82 billion shares, valued at RM3.35bil, changed hands. Dealers said the key index snapped a three-session winning streak as investors locked in profits in telcos and selected heavyweights. Petronas Gas fell 20 sen to RM15.90, Hartalega shed 19 sen to RM9.70 and Hong Leong Bank declined 18 sen to RM18.34. Axiata fell 18 sen to RM3.93, Digi lost 15 sen to RM4.31, Telekom Malaysia shed seven sen to RM6.02 and Maxis declined one sen to RM4.79. Press Metal rose 16 sen to RM10.18, Hong Leong Financial Group gained 16 sen to RM17.46 and Petronas Chemicals added 15 sen to RM7.98. On the broader market, MPI shed 28 sen to ... » Learn More about KLCI snaps out of winning streak, down 3.83 points

SHANGHAI: China shares dropped on Monday, weighed down by materials and transport stocks, as worries over policy tightening persisted on expectations of upbeat economic data due later this month. The blue-chip CSI300 index fell 1.7%, to 4,947.75, while the Shanghai Composite index shed 1.1% to 3,412.95. Leading the declines, the CSI300 materials index and the CSI300 transport index slumped 3.9% and 4.1%, respectively. Courier giant S.F. Holding Co Ltd fell 9.4%, following a 10% drop on Friday after flagging losses for the first quarter. China's first quarter economic growth data probably would beat market expectations, which could raise worries over a quick tightening of monetary policy, Huaan Securities said in a report. The market could also encounter challenges as much stronger-than-expected PPI could lead to marginal changes in monetary policy, the brokerage added. Ongoing Sino-U.S. tensions also affected sentiment. U.S. Secretary of State Antony Blinken said on ... » Learn More about China stocks end lower as materials, transport firms weigh

Local small and medium-sized enterprises (SMEs) are increasingly stepping up digitalisation efforts this year, making use of government grants and initiatives to do so, said Communications and Information Minister S. Iswaran yesterday. The number of SMEs in the food and beverage (F&B) and retail sectors which have received support from the Productivity Solutions Grant (PSG) has doubled to more than 3,500 from last year. The PSG provides subsidies of up to 80 per cent for SMEs that adopt digital solutions pre-approved by the Infocomm Media Development Authority (IMDA). More than 10,000 businesses have also joined the nationwide e-invoicing network, up from 1,000 in March. Adopting e-invoicing is one of the conditions for companies to be eligible for a payout of up to $10,000 under the Digital Resilience Bonus, which was announced last month. Mr Iswaran said the number of SMEs tapping government initiatives represented a "big pick-up", which the Government is keen to ... » Learn More about SMEs ramping up efforts to go digital with govt support

GENEVA (Reuters) -The COVAX vaccine facility has delivered nearly 38.4 million doses of COVID-19 vaccines to 102 countries and economies across six continents, six weeks after it began to roll out supplies, according to a statement on Thursday. The programme offers a lifeline to low-income countries in particular, allowing them in the first instance to inoculate health workers and others at high risk, even if their governments have not managed to secure vaccines from the manufacturers. But there have been some delays, the GAVI vaccine alliance and World Health Organization said in a statement. Reduced availability of delayed some deliveries in March and April, and much of the output of the Serum Institute of India, which makes the AstraZeneca vaccine, is being kept in India, where daily infections surpassed 100,000 for the first time on Monday. The Caribbean island of St. Lucia became the 100th country to receive vaccines through COVAX. Iran, also battling a record rate of ... » Learn More about COVAX vaccines reach more than 100 countries, despite supply snags