Thousands of people watched the demolition in Germany online. Source: Reuters
(Bloomberg) -- Nomura Holdings Inc. is beginning to tighten financing for some hedge fund clients following the Archegos Capital Management LP fiasco that may cost Japan’s biggest brokerage an estimated $2 billion, according to people familiar with the matter.The restrictions are part of a wider review of Nomura’s prime brokerage that may lead to a scaling back of the business, one of the people said, declining to be identified as the details are private and no decision has been reached. Nomura is tightening leverage for some clients previously granted exceptions to margin financing limits, another person said.A representative for the Tokyo-based firm declined to comment.Nomura is taking steps to reduce risk at its prime brokerage unit in the wake of the Archegos collapse that may result in combined losses of $10 billion for global banks, according to estimates from JPMorgan Chase & Co.The Japanese brokerage joins a swathe of high-profile lenders caught up in the failure including Credit Suisse Group AG, which disclosed a first-quarter charge of 4.4 billion Swiss francs ($4.76 billion) for its ties to the New York-based firm.Credit Suisse has also been tightening financing terms for hedge funds and family offices, in a potential revamp of new industry practices after the blowup, people with direct knowledge of the matter said last week. The Swiss bank is also planning a sweeping overhaul of the hedge fund business at the center of the incident.‘Too Early’Nomura is examining the cause of the possible losses and it’s too early to say how it might impact earnings, an executive at the firm said in March, asking not to be identified. They declined to say how much the company has unwound positions linked to Archegos, which made highly leveraged bets on stocks that imploded when the investments suddenly lost value last month.Shares in Nomura lost 2.6% as of 11:25 a.m. in Tokyo on Wednesday.Under Kentaro Okuda, who became chief executive officer last April, Nomura’s net income reached a 19-year high for the nine months ended in December, driven by a boom in trading and investment banking at home and overseas. The brokerage said in late March that it had an estimated $2 billion claim against a U.S. client, which Bloomberg identified as Archegos. The announcement sent the stock plunging 16% on March 29.Although Nomura is yet to confirm exactly how much it will lose from Archegos, SMBC Nikko Securities Inc. analysts led by Masao Muraki have said that it may post a 95 billion yen loss in the fourth quarter as a result of the trades.The brokerage isn’t the only Japanese financial institution taking a hit from Archegos. Mitsubishi UFJ Financial Group Inc.’s securities unit is booking a $270 million loss from the debacle, while Mizuho Financial Group Inc. faces about 10 billion yen in potential losses, Bloomberg has reported.Prime-brokerage divisions cater specifically to hedge funds, lending them cash and securities and conducting their trades. The relationships can be very lucrative for investment banks as well as a significant source of revenue.(Updates with details of restrictions in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Texas faced a brief power-grid scare Tuesday night, less than 60 days after widespread blackouts left millions without light and heat for days during a deep winter freeze.The grid operator, the Electric Reliability Council of Texas, asked for conservation for nearly four hours with a quarter of generators down for repairs and a mild cold front failing to reduce electricity demand as much as had been anticipated, leaving supply tight. Wholesale electricity prices jumped as high as 10,000% in some parts of the state.Ercot ended the conservation appeal shortly after 8:30 p.m. Houston time without needing to call for any emergency measures.The close call came after the February crisis when Texas suffered from catastrophic blackouts during a winter storm that knocked out nearly half of the state’s generation capacity. State lawmakers are now seeking to put in place a series of market reforms designed to avoid a repeat of the calamity that left more than 100 people dead.Part of the problem on Tuesday was that Ercot failed to correctly forecast solar and wind production and had expected milder weather to reduce demand across Texas. But the cooler air stalled in one part of the state, leaving temperatures -- and demand for power -- higher than anticipated in large cities including San Antonio and Houston.Many power plants schedule annual maintenance for this time of year, when demand is expected to be reduced due to lower temperatures. A few plants were also offline to make repairs related to the February storm, Ercot’s Vice President of Grid Planning and Operations Woody Rickerson told reporters at an earlier briefing.The average spot on-peak electricity at Ercot’s North Hub jumped more than 10,000% to $2,012 a megawatt-hour as of 5:30 p.m, according to grid data compiled by Genscape. They had fallen back to $222 by 8:30 p.m. Prices are capped at $2,000 a megawatt hour, after regulators suspended the previous $9,000 cap following the energy crisis.(Updates with new details throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Adelaide Crows star Chelsea Randall says she will happily sit out this weekend's AFLW grand final after copping a concussion in last weekend's preliminary final. Credit: Adelaide Crows
(Bloomberg) -- The collapse of Archegos Capital Management LP, an investment firm that few even on Wall Street had heard of until it imploded last month, is changing a lucrative, decades-old part of global banking.Nomura Holdings Inc. and Credit Suisse Group AG, the two lenders hit hardest, have started to curb financing in the business with hedge funds and family offices. European regulators are looking at risks banks are taking when lending to such clients, while in the U.S., authorities started a preliminary probe into the debacle.Together, steps taken from Washington to Zurich and Tokyo could portend some of the biggest changes since the financial crisis to a cornerstone of global banking known as prime brokerage. Typically housed in the equities units of large investment banks, these businesses lend cash and securities to the funds and execute their trades, and the relationships can be vital for investment banks.But the collapse of Archegos, the family office of former hedge fund trader Bill Hwang, has underscored the risks banks are taking with these clients, even when their loans are secured by collateral. Credit Suisse has been the worst-hit so far, taking a $4.7 billion writedown in the first quarter.The lender, one of the biggest prime brokers among European banks, is now weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan have said.It has already been calling clients to change margin requirements in swap agreements -- the derivatives Hwang used for his bets -- so they match the more restrictive terms of other prime-brokerage contracts, people with direct knowledge of the matter said. Specifically, the bank is shifting from static margining to dynamic margining, which may force clients to post more collateral and could reduce the profitability of some trades.$2 Billion LossNomura, which is facing an estimated $2 billion from the Archegos fiasco, followed suit, with restrictions including tightening leverage for some clients who were previously granted exceptions to margin financing limits, Bloomberg reported on Tuesday. Japan’s biggest brokerage is examining the cause of the possible losses though it’s too early to say how it might impact earnings, an executive at the firm said in March, asking not to be identified. A representative for the Tokyo-based firm declined to commentHwang’s family office built positions in at least nine stocks that were big enough to rank him among the largest holders, fueled by bank leverage that would have been unusual even for a hedge fund. Archegos was able to place outsize wagers using derivatives and, as a private firm, avoid the disclosures required of most investors. Almost invisibly, he accumulated a portfolio that some people familiar with his accounts estimate at as much as $100 billion.While Hwang’s financiers had clues about what Archegos was doing and the trades they had financed, they couldn’t see that he was taking parallel positions at multiple firms, piling more leverage onto the same few stocks, according to people familiar with the matter.In the U.S., regulators are already privately dropping hints of new rules to come. Securities and Exchange Commission officials have signaled to banks that they intend to make trading disclosures from hedge funds a higher priority, while also finding ways to address risk and leverage.“Hopefully this will cause the prime brokerages of regulated banking organizations (and their supervisors) to re-assess their relationships with highly leveraged hedge funds,” Sheila Bair, a former chairman of the Federal Deposit Insurance Corp., wrote on Twitter.In Europe, the top banking regulator has asked some of the bloc’s largest banks for additional information on their exposure to hedge funds, people familiar with the matter said. While the checks by the European Central Bank on lenders such as Deutsche Bank AG and BNP Paribas SA are standard practice after such a disruptive event, they underscore regulators’ concern, even as most euro-region banks skirted big losses.“There is a need to scrutinize the reasons why the banks enabled the fund to leverage up to such an extent,” ECB executive board member Isabel Schnabel said in an interview with Der Spiegel last week. “It is a warning signal that there are considerable systemic risks that need to be better regulated.”(Updates with Nomura details in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil extended gains in Asian trading after an industry report pointed to another decline in U.S. crude stockpiles that followed an upbeat assessment of the demand outlook from OPEC.Futures in New York rose 0.7% after advancing 0.8% on Tuesday. The American Petroleum Institute reported crude inventories fell by 3.61 million barrels last week, according to people familiar, which will be a third straight decrease if confirmed by government figures on Wednesday. OPEC boosted its consumption forecast for this year and predicted the market recovery will continue.Oil’s sizzling start to the year faltered in mid-March as some regions saw a resurgence in Covid-19 cases, raising concerns about near-term fuel demand. The Organization of Petroleum Exporting Countries said in its monthly report Tuesday that rising consumption should help to trim stockpiles even as OPEC+ readies to return more barrels to the market from May.The coronavirus, however, is clouding the outlook for demand with some countries renewing restrictions and lockdowns to curb its spread, highlighted by normally bustling streets in India left deserted. The pause in the rollout of Johnson & Johnson’s Covid-19 vaccine in Europe after concerns about blood clots also marks another setback for the global inoculation drive.“Oil is trying to build momentum for another test to the upside,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. “OPEC’s upward demand forecast revision is helping, though it may be slightly optimistic. China’s industrial output data on Friday is going to be the next big inflection point.”The prompt timespread for Brent was 39 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 35 cents a week earlier.See also: China Clamps Down on Independent Oil Refiners to Curb CapacityThe International Energy Agency is scheduled to release its monthly report later Wednesday, providing another snapshot on the outlook for demand and supply. March industrial production data due Friday from China, which has helped the market rebound from the depths of the pandemic, is expected to show a 26.5% gain from a year earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Renae Olivia, who has two children, says she is living her best life - but can you guess how old she is?
A major study looking at whether coronavirus vaccines can be safely mixed for the first and second doses will be expanded. Researchers running the Com-Cov study have announced the programme will be extended to include the Moderna and Novavax vaccines. The research was launched in February to investigate alternating doses of the first two jabs - Pfizer and Astrazeneca - to be rolled out across the UK.
With the latest software update, Oculus Quest 2 owners can play PC VR games streamed via WiFi, no strings or wires needed.
(Bloomberg) -- Meituan, ByteDance Ltd. and JD.com Inc. were among 12 Chinese tech giants that issued pledges to obey antitrust laws, a day after Beijing gave the companies a month to conduct internal reviews and comply with government guidelines.Pinduoduo Inc., Baidu Inc. and Sina Weibo were also among firms that published their commitments in a statement on the website of State Administration For Market Regulation. The antitrust watchdog had summoned 34 firms to a meeting on Tuesday, ordering them to rectify their excesses and issue pledges to operate legally.Other firms will also issue pledges over the next three days, SAMR says, calling on the public to help monitor the companies and hold them to their word. The regulator had exhorted the tech giants to heed the example of Alibaba Group Holding Ltd., which was fined a record $2.8 billion following a four-month probe into the e-commerce titan for abuses like forced exclusivity.Meituan said in its pledge it will “consciously maintain market order” and “won’t force merchants to ‘pick one of two’ through unreasonable means.” The food delivery leader offered to actively work with regulators and said it accepted social supervision.ByteDance, owner of hit apps like TikTok and Douyin, issued a 13-point pledge that included promises to strengthen its compliance management and avoid violations such as abuses of market power and unlawful mergers and acquisitions.Meituan and JD.com shares rose more than 2% in early Hong Kong trading on Wednesday, recovering some of their losses from earlier this week.The 34 firms must undergo complete rectification after conducting internal checks and inspections over the next month, and make a pledge to society to obey rules and laws, the antitrust watchdog said in its statement Tuesday. Regulators will organize follow-up inspections and companies that continue to engage in abuses like forced exclusivity -- a practice that “flagrantly trampled and destroyed” market order -- will be dealt with severely.Read more: China Warns 34 Tech Firms to Curb Excess in Antitrust ReviewFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Just last year, the world’s most valuable startup, ByteDance Ltd., was being squeezed from all sides.The Trump administration wanted the Chinese firm, which owns the ubiquitous TikTok video-sharing platform, to get rid of assets. Beijing was cracking down on tech businesses, and India blacklisted some of its social-media apps.For all the obstacles, ByteDance kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people -- a distinction that lately has carried increased risks in China.Shares of the company trade in the private market at a valuation of more than $250 billion, people familiar with the dealings have said. At that level, Zhang, who owns about a quarter of ByteDance, could be worth more than $60 billion, placing him alongside Tencent Holdings Ltd.’s Pony Ma, bottled-water king Zhong Shanshan and members of the Walton and Koch families in the U.S., according to the Bloomberg Billionaires Index.ByteDance, famous for its short-video apps and news aggregator Toutiao, more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming. It’s now weighing options for the initial public offering of some businesses.“Zhang is someone who’s known for thinking long-term and not easily dissuaded by short-term setbacks,” said Ma Rui, partner at venture-capital firm Synaptic Ventures. “He is set on building an enduring, global business.”Surging ValuationDuring its last fundraising round, ByteDance reached a $180 billion valuation, a person with knowledge of the matter said. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, people familiar have said. The company’s value for private-equity investors is approaching $400 billion, the South China Morning Post reported. That would mean an even bigger fortune for Zhang.ByteDance representatives didn’t respond to requests for comment.It’s a tough time to be wealthy in China as the government seeks to rein in the country’s most powerful corporations and their billionaire founders. Just ask Jack Ma: After opening an antitrust probe, regulators fined Alibaba a record $2.8 billion and the central bank ordered an overhaul of his Ant Group Co. fintech empire so it’d be supervised more like a bank. On Tuesday, China ordered 34 internet companies to rectify their anti-competitive practices in the coming month. While ByteDance hasn’t been singled out as a target, its dominance in social media and war chest for deal-making are sensitive areas the government is looking into.“There are no more silly games in the U.S. with Trump and potential bans or forced asset sales,” said Kirk Boodry, founder of investment research firm Redex Holdings. “But the pressure on tech-share prices and China in particular might make $250 billion a tough sell,” he added, referring to ByteDance’s value in private transactions.Born in the southern Chinese city of Longyan, Zhang, the only son of civil servants, studied programming at Tianjin’s Nankai University, where he built a following on the school’s online forum by fixing classmates’ computers. He joined Microsoft Corp. for a brief stint after graduating, later calling the job so boring he often “worked half of the day and read books in the other half,” according to an interview with Chinese media. He went on to develop several ventures, including a real estate search portal.His breakthrough came in 2012, when working in a four-bedroom apartment in Beijing he created ByteDance’s first hit -- a joke-sharing app later shut down by censors. It then turned to news aggregation before winning over more than 1 billion global users with its short-video platforms TikTok and Chinese twin app, Douyin. In the process, it attracted big-name investors such as SoftBank Group Corp., Sequoia Capital and proprietary-trading firm Susquehanna International Group, making it a rarity among Chinese internet startups that usually get absorbed into the wider ecosystems of Tencent and Alibaba Group Holding Ltd.Novel ConceptOne of Zhang’s earliest supporters, Susquehanna has become ByteDance’s largest outside backer with a 15% stake, according to a Wall Street Journal story in October. The initial bet was made at the start of 2012, when ByteDance’s news app Toutiao was just a concept that Zhang had drawn up on napkins, according to a 2016 blog post by Joan Wang, who led that investment for Susquehanna’s Chinese venture-capital unit.With TikTok facing scrutiny in the U.S. and India, Zhang has put more effort into ByteDance’s nascent and fast-growing Chinese businesses, which range from gaming to education to e-commerce. That helped it increase sales to about $35 billion last year and operating profit to $7 billion, a person familiar with the results said.Investors are eyeing the IPO of some of ByteDance’s businesses after Chinese competitor Kuaishou Technology raised $5.4 billion in February in the biggest internet listing since Uber Technologies Inc., with its market value now nearing $140 billion. Last month, ByteDance hired former Xiaomi Corp. executive Chew Shou Zi as its chief financial officer, filling a long vacant position that will be crucial for its eventual market offering.But for Zhang, it’s not all about immediate payoffs. The affable founder is known for his business philosophy of “delaying satisfactions” as he puts the focus on long-term growth -- a message he stressed again during his spiel to employees at the company’s ninth anniversary celebration last month.“Keep an ordinary mind, that’s something that sounds easy but important to do,” he said. “Put in the plainest words, when hungry, eat, when tired, sleep.”(Adds latest on China crackdown in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
With only 12 NRL appearances to his name Caleb Aekins has the tough ask of filling the shoes of Canberra's fullback role, left vacant by star Charnze Nicoll-Klokstad.23-year old Aekins was signed by the Raiders on a one-year deal in 2021, after being stuck behind Dylan Edwards and Daine Laurie at Penrith.
Scientists are ‘very concerned’ after a cluster of cases of the South African variant were found in the capital
New Zealand will force banks to reveal the impact their investments have on climate change under world-first legislation intended to make the financial sector's environmental record transparent, officials said.
John Morris' mother has blasted the club's treatment of her son after his announcement he would walk away immediately.
A man said his in-laws have made a mysterious and surprising discovery after tearing up the carpet while renovating their house.
A husband and wife can be found guilty of conspiring with each other, regardless of historical principles viewing them in a single unit, the High Court has held.Alo-Bridget Namoa, 23, was found guilty by jury for conspiring with her husband Sameh Bayda to do an act in preparation for a terrorist act in December 2015 and January 2016.
(Bloomberg) -- For decades, it’s been an article of faith in China’s credit market: Companies controlled by the central government will get bailed out if they ever run into trouble.Now investors aren’t so sure.Mounting concern about the financial health of China Huarong Asset Management Co. -- a distressed-debt manager controlled by the country’s finance ministry -- has fueled a record tumble in the company’s dollar bonds that’s stoking fears of market contagion.While China Huarong has said it has access to liquidity and is making payments on time, bond prices suggest investors are bracing for a potential restructuring that would be the country’s most consequential since the financial crisis that gave rise to China Huarong and other bad-debt managers in the late 1990s.Whether or not that comes to pass, the selloff underscores a historic shift in the world’s second-largest credit market. As Chinese President Xi Jinping dials back support for weaker borrowers to reduce moral hazard, state-owned enterprises have replaced their private counterparts as the country’s biggest source of defaults.SOEs reneged on a record 79.5 billion yuan ($12.1 billion) of local bonds in 2020, lifting their share of onshore payment failures to 57% from 8.5% a year earlier, according to Fitch Ratings. The figure jumped to 72% in the first quarter of 2021.The big question now confronting investors is how much pain China’s government is willing to tolerate as it tries to wean the bond market off implicit guarantees. None of the state-owned companies that have defaulted so far -- including Peking University Founder Group Corp., which is ultimately controlled by China’s education ministry -- were considered as systemically important as China Huarong.Chinese authorities have tried to strike a balance between instilling more market discipline and avoiding a sudden loss of confidence that might spiral into a crisis. But the tumult surrounding China Huarong, some of whose bonds are now trading below 80 cents on the dollar, highlights how quickly investor sentiment can deteriorate even at a time when the economy is strengthening.“China’s credit market is entering a new era as SOEs are emerging as the main source of stress,” said Shuncheng Zhang, an analyst at Fitch Ratings. Whatever the outcome for China Huarong, policy makers will likely allow more defaults in the state sector to reduce moral hazard and cultivate a more mature debt market, he added.The stakes are high as Beijing considers which companies to support. SOEs had the equivalent of $3 trillion in onshore bonds outstanding at the end of last year, or 91% of the total, data compiled by Fitch show. A small but growing portion of those bonds is now owned by international money managers, after a steady relaxation of China’s restrictions on foreign investment in recent years.While the speed of China Huarong’s debt rout has jolted some investors, the company has long been a source of potential risk. Its former chairman, Lai Xiaomin, was executed earlier this year for bribery. Under his leadership, China Huarong expanded into areas including securities trading and trusts that were a significant departure from the company’s original mandate of helping banks dispose of bad debt.This month’s selloff was triggered by China Huarong’s failure to publish 2020 preliminary earnings by a March 31 deadline, which business publication Caixin reported was due to a significant financial restructuring.Losses in the bonds accelerated on Tuesday -- spreading to other Chinese issuers including property developers -- as traders circulated a separate Caixin report discussing scenarios for China Huarong that included bankruptcy. The company is still considered investment grade by Fitch, Moody’s Investors Service and S&P Global Ratings, though all three have said they will review their ratings for a potential downgrade.China Huarong bonds extended declines on Wednesday, with prices falling by as much as 5 cents on the dollar. The yield on a 2022 note has reached 35%, according to data compiled by Bloomberg.It’s not the first time Beijing has grappled with the risk of credit-market contagion. A surprise onshore default by a state-linked coal producer in November triggered a brief selloff as investors reassessed the creditworthiness of investment-grade Chinese debt. Further defaults, including by prominent chipmaker Tsinghua Unigroup Co., also caused short-term market ructions but never came close to precipitating a crisis.Some level of contagion is actually healthy for China’s bond market as it shows investors are responding to changing levels of risk, according to Charles Chang, an analyst at S&P Global. He said recent SOE defaults have triggered a stronger reaction in bonds of peers than was the case a few years ago.“The new thinking is that as long as it doesn’t cause systemic risk, there isn’t necessarily a need for a bailout,” said Ivan Chung, an analyst at Moody’s Investors Service. “More SOE defaults are expected to occur in the future but they will likely be concentrated in fiscally weaker regions and sectors with heavy legacy debt and labor burdens.”It’s unclear whether Chinese leaders have discussed the fate of China Huarong’s bondholders, but there are signs authorities might be preparing to provide support to the company if needed.The finance ministry is considering transferring its controlling stake in China Huarong to a unit of the nation’s sovereign wealth fund that has more experience resolving debt risks, Bloomberg reported on Tuesday, citing a person familiar with the matter. The finance ministry aims to complete a transfer in the next few months, though any final decisions will require approval from China’s State Council, the person said.“The transfer, if realized, may offer more flexibility in financial support to Huarong,” said Bloomberg Intelligence analyst Dan Wang. “But it also indicates that Huarong’s debt risk may be much higher than the market had previously expected.”(Adds today’s trading in 14th paragraph. An earlier version of this story corrected the spelling of Huarong in the 12th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- A rally in Malaysian builders is gathering pace in the wake of more contract wins and a revival in mega infrastructure projects in the country.Kerjaya Prospek Group Bhd., one of Malaysia’s biggest contractors, said Friday it won its first job of 2021, sending its shares to a 20-month high this week. TCS Group Holdings Bhd. said that same day it secured its maiden infrastructure job linked to an expressway project. A gauge of 51 builders is up 16% from a Feb. 3 low, trouncing the FTSE Bursa Malaysia KLCI Index.Record-low interest rates and signs of government pump-priming has brought relief to the industry hit by the global pandemic and political turmoil from a change in government last year. The administration surprised analysts earlier this month when it said work on phase three of the Mass Rapid Transit project will start in the second half of 2021, sooner than expected. Details of another rail project costing 50 billion ringgit ($12 billion) have also been firmed up.Read: Malaysia Seeks Up to 30% Private Funding For MRT3 Project: Kini“Robust spending on infra will benefit related sectors such as transportation, power and building materials, as well as related services such as engineering and financial,” said Danny Wong, chief executive officer of Areca Capital Sdn. The firm had about 1.73 billion ringgit in assets as of April last year, according to its website.Malaysia set aside a record 69 billion ringgit ($17 billion) for development expenditure in its 2021 budget.‘Progressing Fast’Beneficiaries from the MRT3 project that’s now estimated to cost 32.9 billion ringgit and span a longer 50 kilometers include Gamuda Bhd., IJM Corp., Kimlun Corp. and Malaysian Resources Corp., Lum Joe Shen, an analyst at Kenanga Research, wrote in a note Wednesday.“We are net positive on the new details as behind-the-scene progress is picking up fast,” Lum said.Construction companies’ shares had been laggards because of overhangs including the political uncertainty and looming general elections, according to a April 2 report by Kenanga Research. The sector should be able to sustain its upward trajectory, albeit in a “choppy fashion,” it said.“The market is gradually recovering and there’s pent-up demand for properties backed by the low-interest rate environment,” Kerjaya’s Executive Chairman Tee Eng Ho said in a statement, after winning a 153.5 million ringgit contract linked to one of the largest mixed developments in Kuala Lumpur.(Updates with more analyst comments.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Former Minneapolis police officer’s defence gets underway
The truck driver was short on sleep and high on drugs when he crashed his semi-trailer into the group of police officers on the side of the road.
Yahoo Finance