The Star Online: Business
The Star Online: Business |
- FBM KLCI lower in early trade
- Harry Potter theme park to be built in Hollywood
- Citi cuts 4,500 jobs, will take $400 million charge
| Posted: 06 Dec 2011 05:34 PM PST KUALA LUMPUR: The FBM KLCI was 0.13% or 1.89 points lower in early trading today as investors remain cautious, pending the European Union summit scheduled on Friday. Meanwhile, the overnight Wall Street climbed 52.30 points, or 0.43 pct to 12,150.13. In its market preview, HwangDBS Vickers Research expects local investors to stay sidelines given a dearth of newsflow. "The key benchmark index FBMKLCI may continue to trade within a tight range, likely on a slight downward bias and trend closer to its immediate support level of 1,475," it said. Pavillion Real Estate Investment Trust made its debut at RM1.03, up 13 sen against its initial public offering price of 90 sen. Stocks to watch today are Wijaya Baru Global as privately-held Maxcorp Group of companies aims to take control of Wijaya by buying out Datuk Tiong King Sing's interest in Wijaya. While Malaysian Resources Corporation Bhd and Ekovest Bhd has joined hands to assist the government in the implementation and delivery of the River of Life (ROL) project valued at RM22 million in fee income. Regional bourses were up: Singapore's Straits Times Index was up 0.46% at 2761.87; Hong Kong's Hang Seng Index rose 0.39% to 19016.34; Seoul's Kospi Index gained 0.65% to 1915.18; Shanghai's A share index flat at 2325.90 and Tokyo's Nikkei 225 was 0.65% better at 8630.60. Nymex crude oil was quoted at USD101.27 per barrel. Spot gold was USD1729.38 per ounce while silver was USD32.82 per ounce. The ringgit was quoted at 3.1307 to the USD and 4.1967 to the euro. Full content generated by Get Full RSS. |
| Harry Potter theme park to be built in Hollywood Posted: 06 Dec 2011 04:34 PM PST LOS ANGELES (Reuters) - Harry Potter is going Hollywood with a new theme park based at Universal Studios, NBCUniversal and film studio Warner Bros. said on Tuesday. "The Wizarding World of Harry Potter" will be built inside Universal Studios Hollywood and feature attractions that are similar to the Potter theme park opened in June 2010 at Universal's resort in Orlando, Florida. The new theme park could take 3-4 years to build and is likely to cost several hundred million dollars. The two companies -- Universal runs the theme parks and Warner Bros. owns the rights to the "Harry Potter" movies -- also announced that the "Wizarding World" in Florida would be expanded. The Hollywood park will be centered around a huge Hogwarts castle and feature rides and other attractions based on the adventures of the popular British boy wizard and his friends. Author J.K Rowling's "Harry Potter" book series have sold some 450 million copies worldwide and the eight movies from the Warner Bros. studios have taken more than $7.7 billion at global box-offices, making Harry Potter the largest-grossing film franchise in history. Officials did not say how many of the Florida rides would make their way to the Hollywood park, nor did they say if any new rides were envisaged. But they said the new attraction would be created with the same commitment to authenticity with the books and movies as the one in Florida. Warner Bros. chairman Barry Meyer called Tuesday's announcement "probably the best holiday gift we could give to the legions of Harry Potter fans worldwide." "Everyone involved with these projects is committed to continuing the enchantment of J.K. Rowling's masterful books as they were brought to life on screen in our eight films and dedicated to extending the magic of the experience for generations of fans to come," Meyer said. Full content generated by Get Full RSS. |
| Citi cuts 4,500 jobs, will take $400 million charge Posted: 06 Dec 2011 04:33 PM PST NEW YORK (Reuters) - Citigroup Inc is cutting 4,500 jobs worldwide, Chief Executive Vikram Pandit said on Tuesday, becoming the latest large bank to trim staff. Pandit, speaking at the Goldman Sachs Financial Services Conference, said the bank would record a $400 million charge in the quarter for severance and other expenses related to the layoffs. The cuts are equal to about 2 percent of Citi's workforce of 267,000 employees at the end of third quarter 2011. Pandit said the cuts would be completed over "the next few quarters" and would come from a range of businesses. Citi joins other banks worldwide that have cut more than 120,000 jobs as regulations have imposed tighter industry rules and the economy remains weak. Earlier this year, Citi rival Bank of America Corp announced plans to cut 30,000 jobs and slash $5 billion in annual expenses as part of a program known as 'New BAC,' a play on the company's ticker symbol. Pandit said Citi's reductions would involve its proprietary trading units, which are being wound down. The 2010 Dodd-Frank financial reform law features a provision known as the Volcker Rule that limits banks from betting their own capital in the market. Pandit also said Citi's expense previously disclosed expense reduction program generated $1.4 billion in savings so far this year, nearly 4 percent of the bank's $37.72 billion of operating expenses in the first three quarters. Citigroup shares closed down 8 cents, or 0.27 percent, at $29.75 on the New York Stock Exchange. Full content generated by Get Full RSS. |
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