Business

Saturday July 4, 2009

News in Brief


Solid, long-term dollar role

PARIS: The dollar will remain the dominant currency for the foreseeable future but that is not stopping other regions like Asia from developing their financial markets, said Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz.

Speaking on the sidelines of a forum, she said Europe and Asia were doing their part to create options other than the dollar for investment purposes and that Asia’s efforts were focused in part on building a regional bond market. – Reuters

Petronas, IPIC eye Vietnam refinery

HANOI: A consortium including Abu Dhabi government-owned International Petroleum Investment Co (IPIC) and Malaysia’s Petronas have expressed interest in investing in a large oil refinery in southern Vietnam, state media reported.

The Dau Tu, run by the Ministry of Planning and Investment, said the group, which also included GS Group from South Korea and oil trading firm Trafigura, had expressed interest in the Long Son refinery project. – Reuters

Agreement signing deferred

KUALA LUMPUR: Sime Darby Engineering Sdn Bhd (SDE), an indirect wholly-owned subsidiary of Sime Darby Bhd, and Ramunia Holdings Bhd (RAHB) have mutually agreed to defer the signing of the definitive agreement for SDE to buy the business and undertaking of the latter for a provisional purchase consideration of RM232mil.

The date has moved to Aug 3 from July 3. Ho Hup settles Madagascar dispute

KUALA LUMPUR: Ho Hup Construction Co Bhd has executed a settlement agreement with Madagascar to mutually agree to withdraw the arbitration suit subject to some terms and conditions.

It said in a filing with Bursa Malaysia that it had agreed to settle all the creditors’ debts in Madagascar while Madagascar would release to Ho Hup all the machinery seized by it since 2006.

Ho Hup will also donate six trucks to Madagascar and the latter will pay US$4mil into its bank account in Madagascar.

Ho Hup said the proposed settlement would avert the potential liability of US$43mil which had been counter-claimed by Madagascar and any loss of plant and machinery seized from the company.

BSA submits appeal to Bursa

KUALA LUMPUR: BSA International Bhd announced that it has submitted an appeal to Bursa Malaysia Securities Bhd regarding the decision to commence delisting procedures against it.

The removal of BSA’s securities scheduled for July 8 will be deferred pending the decision on the company’s appeal.

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