Business this week (June 15 – June 19)

June 15

- Scomi Group Bhd and Brazilian civil construction partner CR Almeida SA is ready to bid for a monorail project in Sao Paulo, Brazil, when the city opens the tender next month.

- Berjaya Sports Toto Bhd (BToto) declares dividends of 30 sen cash plus distribution of treasury shares to its shareholders.

- Bursa Malaysia Bhd to implement multi-currency securities framework to support listing, trading, clearing and settlement of non-ringgit seurities, primary non-ringgit listings or cross listings from other stock exchanges on July 13.



June 16

- Bank Negara and the Securities Commission launched probe into Bestino Group Bhd and its related companies - which claim to be involved in gold mining -for suspected illegal deposit taking and illegal investment schemes.

- Bank Negara studying possibility of reviewing the “tariff-based’ insurance system for motor vehicles, in place since 1978. Plans to replace it with a “risk-based” system.

- Perwaja Holdings Bhd filed defence and counterclaim for up to RM105.26 million from Petroliam Nasional Bhd as excess payment for gas supplied by the national oil company.



June 17

- South Korea’s Hana Bank has proposed to issue up to RM1 billion nominal value multi-currency medium-term note programme from 2009 to 2012.

- Tradewinds (M) Bhd taking steps to recover the RM193.9 million owed by Bukhary Sdn Bhd which now accounts for about 60% of total trade receivables.

- Dubai’s Damac Properties (M) Sdn Bhd withdraws from deal with UEM Land Holdings Bhd to buy a piece of land in Nusajaya, Iskandar Malaysia for RM396.44 million.



June 18

- Kumpulan Hartanah Selangor Bhd is in talks to acquire 9.4 acres of land in Section 14, Petaling Jaya for a proposed property project with an estimated gross development value of RM600 million.

- WCT Bhd is keen to take part in building the RM2 billion new low-cost carrier terminal (LCCT) in Sepang.

- World Bank raised China’s forecast GDP growth for this year to 7.2% from 6.5% following an unfolding surge in government-influenced investment, triggered by Beijing's four trillion yuan (RM2.06 trillion) stimulus package.



June 19

- Jobs and factory data suggest US economy may be struggling out of recession following signs of economic “green shoots” which halted the decline and bolstered hopes that it has bottomed out.

- YSP Southeast Asia Holding Bhd plans to invest RM30 million to build a new plant in Vietnam to manufacture veterinary products, with the production plan expected to start in 2011.

- Bank Negara says from July 1, individuals who purchase general insurance covers directly from insurance companies will be eligible to receive premium rebates. The quantum of the rebates will depend on the type of insurance covers purchased. For motor insurance, individuals will receive 5% premium rebate in the first year of implementation and 10% thereafter. For others including businesses, insurance companies have the flexibility of providing the rebates. The direct purchase includes walk-in, through the internet, direct mailing and the telemarketing channel.

- Wah Seong Corp Bhd is strengthening its global presence in oil and gas and also industrial services operations. Its managing director and group chief executive officer said the company was looking at possible acquisition in the second half of 2009 aimed at further beefing up its O&G operations as well as making further inroad in the overseas markets.