SHANGHAI: China price regulators are seeking to fine French retail giant Carrefour 2.5 million yuan or US$380,000 (US$1 = RM3.06) - the maximum fine for overcharging customers, state media reported yesterday.
Municipal regulators fined three Carrefour stores in Shanghai and two in southwest China's Yunnan province 500,000 yuan each last Saturday, the official Xinhua news agency reported.
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However, the final fine will be decided only after a hearing where regulators said Carrefour representatives will be able to respond to the charges, the report said. It gave no further details about the hearing.
A total of 11 Carrefour stores were accused of charging more than the price they displayed on products ranging from cotton underwear and tea leaves to rubber gloves, according to reports.
Three Wal-Mart stores also face fines for overcharging.
Carrefour "sincerely apologises" and has offered to refund customers five times the difference between the price charged and that on the label, state media reported last week, citing company officials.
"We will have our special control group conduct internal price inspections, with wide coverage and high frequency," Carrefour China's head of public relations Chen Bo was quoted as telling Xinhua.
Local authorities were ordered to fine the Carrefour and Wal-Mart stores for deceptive pricing practices and confiscate their "illegal income", the National Development and Reform Commission said on its website last Wednesday.
Fines should be five times the amount confiscated, or up to 500,000 yuan if the amount cannot be calculated, the statement said.
The commission, China's top economic planner, also urged authorities to step up price investigations ahead of the Lunar New Year, which falls on February 3, and punish serious offenders with fines and licence suspensions.
Retail spending usually soars for the most important holiday of the year as people splash out on food and gifts for families and friends.
The crackdown comes as Beijing tries to curb inflation, which stood at 4.6 per cent on year in December, down from a two-year high of 5.1 per cent in November.
But analysts expect consumer prices to increase at a faster pace this month due to cold weather and the holiday season. - AFP
Read more: Chinese authorities seek maximum fine on Carrefour http://www.btimes.com.my/Current_News/BTIMES/articles/charref/Article/index_html#ixzz1CZOyJQPK
Sunday, January 30, 2011
Wednesday, January 26, 2011
Consortium bags RM1.07b Petronas job
PETRONAS Gas Bhd has awarded a RM1.07 billion contract to build a liquefied natural gas regasification unit to a consortium comprising Muhibbah Engineering (M) Bhd and Perunding Ranhill Worley Sdn Bhd.
The engineering, procurement, construction, installation and commissioning (EPCIC) deal is for the regasification unit, Island Berth and subsea pipeline for the project in Malacca.
It said in a statement to Bursa Malaysia that the consortium is expected to start construction in April for completion by the end of July 2012.
Read more: Consortium bags RM1.07b Petronas job http://www.btimes.com.my/Current_News/BTIMES/articles/20110127000121/Article/index_html#ixzz1CCpjyxe8
The engineering, procurement, construction, installation and commissioning (EPCIC) deal is for the regasification unit, Island Berth and subsea pipeline for the project in Malacca.
It said in a statement to Bursa Malaysia that the consortium is expected to start construction in April for completion by the end of July 2012.
Read more: Consortium bags RM1.07b Petronas job http://www.btimes.com.my/Current_News/BTIMES/articles/20110127000121/Article/index_html#ixzz1CCpjyxe8
Sunday, January 16, 2011
MRT may cost over RM36.6bil
Lobbying has begun on locations and types of stations
PETALING JAYA: The cost of building the mass rapid transit (MRT) transport system, which is scheduled to begin construction in six months, may swell beyond the projected RM36.6bil as developers and residents have begun lobbying on the proposed locations and types of stations.
Business leaders want the MRT stations to be located close to the centre of commercial activity, in some cases where they have projects or plan to build one, but residents living near or adjacent to the proposed lines have voiced objection against the MRT tracks being built above ground and want the lines and stations to be underground so as to avoid congestion and noise pollution issues.
At the heart of the matter is the alignment of the MRT line, particularly where it should go, where it should stop, and lobbying have begun to have more than 9.5km of the first phase of the 60km Sg Buloh-Kajang line constructed underground.
The entire MRT line is estimated to run a total of 150km at a cost of RM36.6bil. Other lines will be added later. All these lines, together with the existing Star, LRT and Komuter rail will form part of the country's Urban Transport master plan.
At the session with business communities, developers who own shopping malls and commercial developments were lobbying for the line and station to be located at, or as close to their commercial properties as possible.
“We are willing to adopt' a station,” said a source from Uptown's See Hoy Chan Sdn Bhd over the telephone. The company is a different entity from See Hoy Chan Holdings Group which built Bandar Utama and the highly-popular 1 Utama mall. The owners of both companies are cousins.
Uptown's See Hoy Chan is planning to develop the second phase of what is already a densely populated commercial area in Damansara Utama popularly known as Damansara Uptown.
The company plans to build several blocks of offices and serviced apartments on 12 acres. That site is currently being used as a car park.
Damansara Uptown has a working population of about 30,000. Once the 12-acre commercial project is completed, the number will swell by 20,000 to 50,000.
Over in Kuala Lumpur, the Low Yat group is lobbying for the line to be located close to its commercial properties in downtown shopping area Bukit Bintang, in the heart of the Golden Triangle of Kuala Lumpur.
But not all business communities share a common stance. Some fear commuters would use existing parking space at commercial and shopping complexes for using the MRT instead of going shopping.
See Hoy Chan Holdings would like to get in touch with resident associations in the PJ North area to lobby for the line to go underground from Kota Damansara to Bandar Utama station.
“The station can be located below Central Park in Bandar Utama if the line is constructed underground. That location can be turned into a transport hub to serve the vicinity,” said See Hoy Chan Holdings director Datuk Teo Chiang Kok.
“Most of the lines and stations in countries with MRT are located underground. The communities in Kota Damansara, along Persiaran Surian, Bandar Utama and neighbouring residential areas are already there. To build elevated lines over what is already a densely populated area would bring about negative impact on the entire area,” he said.
At the same dialogue, Sunway Damansara resident association representative Ngian Siew Siong appealed to Land Public Transport Commission (LPTC) to have the line go underground in the Kota Damansara area. LPTC is planning for a station to be located at Dataran Sunway, a highly congested area during peak hours. Ngian is also Sunway City Bhd managing director (property development).
Contrary to LPTC's views that the MRT system will boost property values, Ngian said that “the visual impact and the noise level over Persiaran Surian and the vicinity will affect property value there.”
“The MRT line is massive and noisy.”
“The various communities are already in existent. Where will the park and ride facilities be located? Do not look at just the alignment, consider having the line underground and having integrated connectivity,” Ngian said. Under the proposed Sg Buloh-Kajang line, 20% of the 9.5km will be underground.
LPTC CEO Mohd Nur Ismal Kamal said the cost would be five to 10 times higher on a per km basis if the line were to go underground, depending on geological conditions.
See Hoy Chan's Teo Chiang Kok said the area comprised laterite and building an underground line will only cost three to four times more.
Earlier, explaining the Government's rationale to build the system, LPTC general manager Amiruddin Maaris said the MRT would have 50% more carrying capacity than the LRT line and will also be 50% wider. One car train carrying capacity is equivalent to three buses, or that of 177 cars.
“It will ease congestion,” he said.
The MRT system is expected to create 130,000 jobs and bring about a huge multiplier effect from its construction and operation. But the vision to bring out the flavour of KL metropolis, which to many, remains dormant because of the lack of public transport and connectivity, Amiruddin said.
Although tendering is expected to begin in April, the alignment can still be tweaked to accommodate the views of the public.
“This is just the proposed line. We will have other sessions to hear the public's views,” said Mohd Nur.
Said a public transport specialist: “Let us learn from the mistakes of the Light Rail Transit and the Star line.”
Social network users now easy targets for criminals
PETALING JAYA: Forget about bringing criminals to book, the crooks are themselves going to the book – Facebook, that is.
Many are targeting Malaysians – via their personal details posted on Facebook.
They are lifting information such as addresses, telephone numbers and even photographs for crimes ranging from drug trafficking to blackmail and sexual harassment.
Experts have criticised Malaysians for being too naive in accepting “friendship” requests from strangers.
Last year alone, some 400 crimes involving Facebook were reported to a cyber security group.
The trend is worrying because an international survey last year revealed that Malaysians had the most number of friends on social networking websites like Facebook with an average of 233 each – and spent up to nine hours each week logged on.
Many are targeting Malaysians – via their personal details posted on Facebook.
They are lifting information such as addresses, telephone numbers and even photographs for crimes ranging from drug trafficking to blackmail and sexual harassment.
Experts have criticised Malaysians for being too naive in accepting “friendship” requests from strangers.
Last year alone, some 400 crimes involving Facebook were reported to a cyber security group.
The trend is worrying because an international survey last year revealed that Malaysians had the most number of friends on social networking websites like Facebook with an average of 233 each – and spent up to nine hours each week logged on.
Beware the Facebook felons
PETALING JAYA: Crooks are cashing in on personal details readily revealed by some Facebook users and using them in identity frauds, blackmail or to “steal” money from users.
Over-excited online social network users who reveal personal information and accept “friendship” requests from complete strangers have made the site an increasingly popular target for cybercriminals.
Many users, especially beginners, experience culture shock when they suddenly become “popular” and receive many friendship requests, said criminologist and Malaysian Association of Certified Fraud Examiners president Datuk Akhbar Satar.
“They feel encouraged to reveal more information about themselves without realising the damage it could cause,” he said, adding that many users even posted sexy or nude pictures of themselves on the website and ended up being blackmailed by complete strangers.
Akhbar said the practice of posting personal details such as birth dates, addresses and telephone numbers on the website had proven to be the source of a lucrative business for identity fraudsters.
“The crime triangle comprises elements of desire, target and opportunity. Once there is a desire to commit the crime, the criminal identifies the target and opportunity. This is where Facebook comes in,” he said.
According to Socialbakers.com, a website dedicated to global Facebook statistics, there are currently 9,874,860 Facebook users in Malaysia alone, which is 37.75% of the entire population.
Youths between the ages of 18 and 25 formed the majority of Malaysian users – 38% – while the youngest group, aged between 13 and 15, makes up 7% of users.
The gender ratio of Malaysians on Facebook is almost equal – with 53% of them being female.
Hackers operating on social networks can easily create fake profiles and send friendship requests to unsuspecting users within their target groups.
Many users have become victims of identity frauds, harassment, blackmail and have lost money through various scams operated via the website.
There have also been reports of gangs and drug syndicates in Malaysia recruiting members through Facebook and other social networks.
The criminals’ job is made easier as the name and profile picture of the user is visible to all via the websites’ default privacy settings.
“Unlike crimes committed in the physical world, cyber crimes require little or no investment,” said Akhbar, adding that such crimes were also difficult to detect.
Over-excited online social network users who reveal personal information and accept “friendship” requests from complete strangers have made the site an increasingly popular target for cybercriminals.
Many users, especially beginners, experience culture shock when they suddenly become “popular” and receive many friendship requests, said criminologist and Malaysian Association of Certified Fraud Examiners president Datuk Akhbar Satar.
“They feel encouraged to reveal more information about themselves without realising the damage it could cause,” he said, adding that many users even posted sexy or nude pictures of themselves on the website and ended up being blackmailed by complete strangers.
Akhbar said the practice of posting personal details such as birth dates, addresses and telephone numbers on the website had proven to be the source of a lucrative business for identity fraudsters.
“The crime triangle comprises elements of desire, target and opportunity. Once there is a desire to commit the crime, the criminal identifies the target and opportunity. This is where Facebook comes in,” he said.
According to Socialbakers.com, a website dedicated to global Facebook statistics, there are currently 9,874,860 Facebook users in Malaysia alone, which is 37.75% of the entire population.
Youths between the ages of 18 and 25 formed the majority of Malaysian users – 38% – while the youngest group, aged between 13 and 15, makes up 7% of users.
The gender ratio of Malaysians on Facebook is almost equal – with 53% of them being female.
Hackers operating on social networks can easily create fake profiles and send friendship requests to unsuspecting users within their target groups.
Many users have become victims of identity frauds, harassment, blackmail and have lost money through various scams operated via the website.
There have also been reports of gangs and drug syndicates in Malaysia recruiting members through Facebook and other social networks.
The criminals’ job is made easier as the name and profile picture of the user is visible to all via the websites’ default privacy settings.
“Unlike crimes committed in the physical world, cyber crimes require little or no investment,” said Akhbar, adding that such crimes were also difficult to detect.
Saturday, January 15, 2011
Muhibah by Philips Capitals
I think Favco will benefit from is as it is the son to Muhibah with involve in crane for construction sector.
Stock Snippet – Muhibbah Engineering (M) Bhd
We met the management of Muhibbah 2 days
ago in CIMB Corporate Day.
Beneficiary of 10MP and ETP – Given Muhibbah’s strong 36 years track record as a contractor specialising in onshore works, oil and gas(O&G), marine and offshore works. Muhibbah is expected to benefit from 10MP spending on construction sector and ETP’s emphasis on the O&G sector. Per the management, they have tendered for various construction jobs such as the RM7bn LRT extension/upgrade works and construction of terminal jetty worth RM200m-300m which is part of Dialog’s RM3.5 bn deepwater petroleum terminal facility.
Recovery in Asia Petroleum Hub (APH) –
Per the management, they are expecting APH Source: Bloomberg long-drawn payment issue to be resolved in 1Q11. This is positive for Muhibbah as the funds inflow will save approx. RM12m interest costs and reduce its net gearing, thereby enhancing its capacity to finance more new projects in future.
Exclusive Rights for Privatisation of Cambodian International Airports – The management reiterated the fact that via Muhibbah’s 30% owned Societe Concessionaire de l’ Aeroport (SCA), SCA have exclusive rights for all international airports in Cambodia until year 2040 allowing them to earn airport related management fees. This buoys well for Muhibbah given the booming tourism and O&G industry in Cambodia.
In the Running for Vale’s RM3 bn Project– The management is also optimistic with their maritime terminal
construction track record which will enable them to clinch a slice of Vale’s RM3 bn maritime terminal and stockyard facility in Perak. The potential value of Muhibbah’s scope of work is approx. RM500m- 1 bn.
For the first 3 quarters, the EPS grew to 6.2 sen including 3rd quarter EPS of 2.2 sen, On an annualised basis, Muhibbah is trading at 21.4x FY2010 earnings. Its share price went up in anticipation of Muhibbah securing more contracts from now on. Price is running ahead of fundamental for the time being.
Recommendation: We are Neutral on Muhibbah.
Share Price: RM1.80
Stock Snippet – Muhibbah Engineering (M) Bhd
We met the management of Muhibbah 2 days
ago in CIMB Corporate Day.
Beneficiary of 10MP and ETP – Given Muhibbah’s strong 36 years track record as a contractor specialising in onshore works, oil and gas(O&G), marine and offshore works. Muhibbah is expected to benefit from 10MP spending on construction sector and ETP’s emphasis on the O&G sector. Per the management, they have tendered for various construction jobs such as the RM7bn LRT extension/upgrade works and construction of terminal jetty worth RM200m-300m which is part of Dialog’s RM3.5 bn deepwater petroleum terminal facility.
Recovery in Asia Petroleum Hub (APH) –
Per the management, they are expecting APH Source: Bloomberg long-drawn payment issue to be resolved in 1Q11. This is positive for Muhibbah as the funds inflow will save approx. RM12m interest costs and reduce its net gearing, thereby enhancing its capacity to finance more new projects in future.
Exclusive Rights for Privatisation of Cambodian International Airports – The management reiterated the fact that via Muhibbah’s 30% owned Societe Concessionaire de l’ Aeroport (SCA), SCA have exclusive rights for all international airports in Cambodia until year 2040 allowing them to earn airport related management fees. This buoys well for Muhibbah given the booming tourism and O&G industry in Cambodia.
In the Running for Vale’s RM3 bn Project– The management is also optimistic with their maritime terminal
construction track record which will enable them to clinch a slice of Vale’s RM3 bn maritime terminal and stockyard facility in Perak. The potential value of Muhibbah’s scope of work is approx. RM500m- 1 bn.
For the first 3 quarters, the EPS grew to 6.2 sen including 3rd quarter EPS of 2.2 sen, On an annualised basis, Muhibbah is trading at 21.4x FY2010 earnings. Its share price went up in anticipation of Muhibbah securing more contracts from now on. Price is running ahead of fundamental for the time being.
Recommendation: We are Neutral on Muhibbah.
Share Price: RM1.80
Thursday, January 13, 2011
Faber stock takes a hit
PETALING JAYA: Faber Group Bhd was the biggest loser yesterday with its shares tumbling 44 sen to RM2.19.
This follows the company's announcement on Wednesday that its Abu Dhabi contracts, which had an estimated combined worth of RM184mil per annum, were not renewed.
Analysts, meanwhile, have slashed their earnings estimates for the company. OSK Research said in its note that the news came as an “unfavourable surprise.”
According to the research house, the contracts contributed about RM200mil to Faber during the nine-month period of its financial year ended Dec 31, 2010 (FY10), with another RM20mil expected to be recognised in the final three months (fourth quarter).
“Management has guided that despite the non-renewal, it expects Faber to recognise RM100mil in revenue from the two contracts in FY11, based on its outstanding work orders.
“As we had initially estimated that these two contracts would contribute only RM180mil in FY11, we have cut our revenue forecast by 8.2% (for FY11),” it said.
OSK said given that the contracts contributed higher margins, the research house was lowering its overall margins assumption for Faber and raising its effective tax rate assumption since the contributions (from the jobs) was tax-free.
“Following the adjustments, our net profit forecast for FY11 is cut by 12.6%.”
In two separate announcements on Wednesday, Faber told Bursa Malaysia that it had received letters from the Department of Municipal Affairs, Western Region Municipality (WRM), Emirate of Abu Dhabi, giving notice of non-renewal of its existing integrated facilities management contracts worth 154 million Arab Emirates dirham or AED (RM129mil) and 65.6 million AED (RM55mil) per annum respectively.
These contracts will expire in June and April respectively with no penalties to either party. Faber could not be contacted for comments at press time.
Meanwhile, OSK noted that with WRM expected to invite a fresh round of tenders for its infrastructure contracts, the potential upside catalysts for Faber would be the possibility that the company would secure new contracts from WRM, as well as renewal of its concession in Malaysia which could be announced at any time.
“We also believe that the revenue shortfall resulting from non-renewal of the contracts will be partly mitigated by improving prospects for Faber's property division.”
HwangDBS Vickers, in its research note yesterday, said it was slashing Faber's expected FY11 and FY12 earnings 29% and 45% respectively on account of the non-renewal of the contracts.
“Taking a conservative stance, we are also cutting our new contract assumptions.
“Thus, (its facilities management) business is no longer the second major contributor to earnings,” it said, adding that Faber's share of pre-tax profit is expected to shrink to 4% in FY12 from 38% in FY10.
According to its note, HwangDBS Vickers expects Faber's pre-tax profit to hit RM139mil in FY10.
RHB Research in its report yesterday said it was lowering the company's expected FY11 and FY12 earnings forecasts by 11.8% and 28.3% respectively to reflect the news.
The research house, however, added that there was still RM100mil-worth of work to be completed until expiry of the contracts.
“Faber will also refocus on expanding its foothold in managing hospitals in UAE. Currently, the company manages 12 hospitals and clinics in UAE and is keen to expand to military hospitals there,” it said.
Faber is a key player in integrated facilities management and property solutions sectors
This follows the company's announcement on Wednesday that its Abu Dhabi contracts, which had an estimated combined worth of RM184mil per annum, were not renewed.
Analysts, meanwhile, have slashed their earnings estimates for the company. OSK Research said in its note that the news came as an “unfavourable surprise.”
According to the research house, the contracts contributed about RM200mil to Faber during the nine-month period of its financial year ended Dec 31, 2010 (FY10), with another RM20mil expected to be recognised in the final three months (fourth quarter).
“Management has guided that despite the non-renewal, it expects Faber to recognise RM100mil in revenue from the two contracts in FY11, based on its outstanding work orders.
“As we had initially estimated that these two contracts would contribute only RM180mil in FY11, we have cut our revenue forecast by 8.2% (for FY11),” it said.
OSK said given that the contracts contributed higher margins, the research house was lowering its overall margins assumption for Faber and raising its effective tax rate assumption since the contributions (from the jobs) was tax-free.
“Following the adjustments, our net profit forecast for FY11 is cut by 12.6%.”
In two separate announcements on Wednesday, Faber told Bursa Malaysia that it had received letters from the Department of Municipal Affairs, Western Region Municipality (WRM), Emirate of Abu Dhabi, giving notice of non-renewal of its existing integrated facilities management contracts worth 154 million Arab Emirates dirham or AED (RM129mil) and 65.6 million AED (RM55mil) per annum respectively.
These contracts will expire in June and April respectively with no penalties to either party. Faber could not be contacted for comments at press time.
Meanwhile, OSK noted that with WRM expected to invite a fresh round of tenders for its infrastructure contracts, the potential upside catalysts for Faber would be the possibility that the company would secure new contracts from WRM, as well as renewal of its concession in Malaysia which could be announced at any time.
“We also believe that the revenue shortfall resulting from non-renewal of the contracts will be partly mitigated by improving prospects for Faber's property division.”
HwangDBS Vickers, in its research note yesterday, said it was slashing Faber's expected FY11 and FY12 earnings 29% and 45% respectively on account of the non-renewal of the contracts.
“Taking a conservative stance, we are also cutting our new contract assumptions.
“Thus, (its facilities management) business is no longer the second major contributor to earnings,” it said, adding that Faber's share of pre-tax profit is expected to shrink to 4% in FY12 from 38% in FY10.
According to its note, HwangDBS Vickers expects Faber's pre-tax profit to hit RM139mil in FY10.
RHB Research in its report yesterday said it was lowering the company's expected FY11 and FY12 earnings forecasts by 11.8% and 28.3% respectively to reflect the news.
The research house, however, added that there was still RM100mil-worth of work to be completed until expiry of the contracts.
“Faber will also refocus on expanding its foothold in managing hospitals in UAE. Currently, the company manages 12 hospitals and clinics in UAE and is keen to expand to military hospitals there,” it said.
Faber is a key player in integrated facilities management and property solutions sectors
Supermax boss is CEO of the Year 2010
Supermax Corp Bhd executive chairman and group managing sirector Datuk Seri Stanley Thai has bagged the Malaysia’s CEO of the Year 2010 Award.
Speaking to reporters after winning the award tonight, he said the success of the company relied mostly on the dedication and hard work of its staff.
"I am merely managing the company but those really running it are the employees," he added.
Thai received the award from International Trade and Industry Minister Datuk Seri Mustapa Mohamed who represented Prime Minister Datuk Seri Najib Tun Razak at the Gala Dinner ceremony in Kuala Lumpur tonight.
He took home the winner’s trophy, a mock front page of the Business Times event supplement, an American Express platinum card with a special bonus of one million membership rewards points and an EPOS watch by WooHing.
The annual event, with this year’s theme,"Rising to the Challenge", is organised by Business Times, the business section of New Straits Times, with American Express as the title presenter.
Maxis Communications Bhd won the Corporate Nationhood Initiatives Award 2010 and the Sunway Group was selected for Special Mention in the Corporate Nationhood Initiatives Award 2010. -- Bernama
Speaking to reporters after winning the award tonight, he said the success of the company relied mostly on the dedication and hard work of its staff.
"I am merely managing the company but those really running it are the employees," he added.
Thai received the award from International Trade and Industry Minister Datuk Seri Mustapa Mohamed who represented Prime Minister Datuk Seri Najib Tun Razak at the Gala Dinner ceremony in Kuala Lumpur tonight.
He took home the winner’s trophy, a mock front page of the Business Times event supplement, an American Express platinum card with a special bonus of one million membership rewards points and an EPOS watch by WooHing.
The annual event, with this year’s theme,"Rising to the Challenge", is organised by Business Times, the business section of New Straits Times, with American Express as the title presenter.
Maxis Communications Bhd won the Corporate Nationhood Initiatives Award 2010 and the Sunway Group was selected for Special Mention in the Corporate Nationhood Initiatives Award 2010. -- Bernama
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