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Showing posts from May, 2011

Wah Seong Tipped for LNG Pipe Coating Job

Wah Seong Corp Bhd (RM2.29/share)

Wah Seong Corp Bhd is close to bagging a pipe coating job relating to the Australia Pacific liquefied natural gas (APLNG) project. The company is said to be the front runner in the tender for the APLNG onshore concrete pipe coating contract valued at about RM122.0mil (US$40.0mil), sources said, adding that the project is expected to be given out in the next one to two months.

The entire APLNG project involves the development of the coal seam gas resources in the Surat and Bowen Basins over a 30-year period, a multi-train LNG facility on Curtis Island near Gladstone, Queensland, Australia, and a 450km transmission pipeline.

The project owner, Australia Pacific LNG Pte Ltd (APL), is a joint venture between Australian energy giant Origin Energy Ltd and American multinational energy corporation, ConocoPhillips Co. APL is scheduled to export its first LNG cargo in 2015 to Asian markets. The facility’s first two trains have an annual processing cap…

Something really fishy in Bank Islam - Bank Muamalat Merger?

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KUALA LUMPUR, May 20: Another bailout? This is the question summing up concerns by PAS vice president Salahuddin Ayub over the merger proposal between Bank Islam Malaysia Berhad and Bank Muamalat, involving tax payers’ money.

“I am afraid this is another bailout that has been the unhealthy culture in our country and which continues to burden the people,” he told the media yesterday.

Salahuddin (pic) argued that the merger idea might be mooted to rescue Bank Muamalat, which was rumoured to be in trouble, at the expense of Bank Islam, adding that his suspicioun was fuelled by absence of any official statements from Bank Muamalat over its woes.Salahuddin said the merger would not benefit Bank Islam as it was part of BIMB Holding Bhd with Tabung Haji as its biggest share holder at 51 percent.

“What is the point of merging with Bank Muamalat? What are the benefits? Bank Islam already has 115 branches nationwide. What will it get by merging with Bank Muamalat?

"If it has …

Malaysians have lost their purchasing power

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The ratio of income against the cost of goods in Malaysia is at an unhealthy level, notes a newly elected assemblyman in Sarawak.(Free Malaysia Today) - Any increase in retail prices, no matter how small, is a heavy burden on the ordinary Malaysian who is already living on an overstretched budget, said newly elected assemblyman Wong King Wei.
Fresh off the ballot box, Wong is not alone in his views as more and more consumers are concerned over rising inflation and how far their salaries will go.Bank Negara recently said inflation could double to 3.5% this year. Already it is 3%.
For the ordinary man on the street earning RM1,000, a 3.5% inflation would simply mean he would instantaneously see RM35 disappear from his pocket and with no purchases to account for.
And if the inflation rate raises to 5%, he would then lose RM50, which could, if used, translate to a provision list of rice, sugar, oil and onions to last a few days for a family.
Said Wong: “The government cannot keep lying about…