Daily News Précis
Wednesday, 7.4.10
GENERAL LOCAL PROPERTY NEWS
1. Iris bags Prasarana job
 Receiver: Iris Information Technology Systems Sdn Bhd.(unit of IRIS Corp Bhd)
 Contract worth: RM115,217,261.01
 Date of award: 6 April 2010
 Awarded by: Syarikat Prasarana Negara Bhd
 Tasks: design, manufacture, install, test, commission and warranty the automatic
fare collection system for Kelana Jaya light rail transit line and Ampang LRT line
(Bursamalaysia, April 6 & Business Times, April 7)
2. Penang in talks with developer over hotel height claim
 Penang has commenced talks with hotel developer, Boustead Holdings who is
claiming a RM60mil compensation after it was forced to reduce the height of its
proposed building.
 The developer has been forced to reduce the proposed height from 12 storeys to
five after the area in which it was constructing the project was gazetted as George
Town Heritage Area following Unesco's listing
(Business Times, April 7)
GENERAL LOCAL BUSINESS/ ECONOMY NEWS
3. Works Ministry suggests alternatives to toll hikes
 The Works Ministry will propose to the Cabinet to allow toll expressway
operators to build townships and industrial projects along the roads that they
operate so that users pay less toll
 Companies bidding for a highway job could include the development cost into
their proposal.
 Currently, concessionaires have to repay their loans in 30 years which contribute
to the high toll rate. There is no balance as the concession period can stretch up to
100 years. If banks can extend the loans to 50 years, the operators can lower toll
rates. A further study will be carried out on this.
(Business Times, April 7)
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4. No ceiling price until water project completed
 The government will only fix a ceiling price after the Pahang-Selangor Inter-State
Raw Water Transfer Project is completed in May 2014.
 Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui said the
ministry would, however, consider the request by the Pahang government to
either double or triple the current 10 sen per cubic metre rate.
 The RM3.9 billion project began in the middle of last year and to be completed in
May 2014.
 1,890 million litres of raw water from Sungai Semantan in Pahang will be
channelled daily through a 44.6km tunnel through the Main Range to Sungai Hulu
Langat in Selangor.
(Business Times, April 7)
5. EONCap to call for shareholders' meet soon
 EON Capital will soon call for a general meeting to seek shareholders approval on
the revised RM5.06 billion all-cash buyout proposal from Hong Leong Bank Bhd
(HLBB), says EON Bank group chief executive Michael Lor
 Decision would be made anytime from now, as the board of directors and in
particular the independent director, is satisfied that the strategic option had been
considered to preserve and enhance the value of EONCap.
(Business Times, April 7)
GENERAL WORLD PROPERTY/ ECONOMY NEWS
6. Sinopec sets up fuel oil, bunker unit
 Sinopec Corp, Asia's top refiner, is forming a fuel oil and bunker sales and
marketing arm to tap China's rapidly growing marine fuel market, which likely to
eventually cut imports from sources like Venezuela
 The new entity, Sinopec Fuel Oil Sales Corp, will seek tax incentives to source
domestic refinery production to supply the bunker market, industry officials and
traders said yesterday.
 The Sinopec move is likely to hit PetroChina's Venezuelan fuel business, forcing
PetroChina to divert more supplies to the Singapore market and depress bunker
premiums there, said a Beijing-based fuel oil trader with a European trading
house.
(Business Times, April 7)
7. OCBC unit may lose 10 private bankers
 Bank of Singapore, the private bank of Singapore's second-biggest lender OCBC,
said 10 private bankers have asked to leave the bank, the first challenge for
OCBC after its bought ING's Asian private bank
 The move comes as a recovery in Asian economies
 Markets has renewed fierce poaching among foreign and Asian private banks,
which are expanding in the region to tap fast-growing wealth.
(Business Times, April 7)
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INTERNATIONAL NEWS
8. A 7.8 magnitude earthquake shook the Indonesian island of Sumatra and triggered a local
tsunami watch. It was centered about 205 kilometers northwest of the island, 46
kilometers under the Indian Ocean but news on any damage has not been heard yet.
9. Defiant Thai protesters resume city march
10. Australian rate rises may undermine PM, Kevin Rudd’s election hopes
(Business Times, April 7)
LOCAL POLITICAL/ GOVERNMENT NEWS
1. Parti Keadilan Rakyat state assemblyman Tan Wei Shu has declared war on Sungai
Petani member of parliament Datuk Johari Abdul for refusing to apologise to him for
accusing him of underperforming when he was the state Environment, Chinese
Community Affairs, Manpower and Transportation Committee chairman under the Pasled state government
2. The Government has agreed to the formation of a special inter-faith committee to
promote better religious understanding between Islam and other religious faiths which
members will comprise representatives from the Islamic Development Department
(Jakim), Institute of Islamic Understanding (Ikim) and the Malaysian Consultative
Council on Buddhism, Christianity, Hinduism, Sikhism and Taoism.
3. Former MCA presidents Datuk Seri Ong Tee Keat and Tan Sri Ong Ka Ting have offered
to help stabilise the party without holding any party post.
4. Dewan Rakyat has received the motion to refer Opposition Leader Datuk Seri Anwar
Ibrahim to the Committee of Rights and Privileges over his statement that public relations
consultancy Apco is behind the 1Malaysia concept.
(Business Times, April 7)
LOCAL BANKING NEWS
1. HSBC has received the “Innovation in Corporate Payments” award at the 2010 Financial
Insights Innovation Award (FIIA) for its effective use of information technology in
commercial banking services
2. Malaysia’s OSK Investment Bank plans to set up an Islamic stockbroking business and
offer syariah equity-linked investments as it explores a greater use of equity products
(Business Times, April 7)
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