The Star Online: Business
The Star Online: Business |
- Genting, Hong Leong Bank lead KLCI higher in early trade
- MQ Technology inks aircraft parts deal with Jetline
- Mercedes-Benz Set To Beef Up Sales Network In China
| Genting, Hong Leong Bank lead KLCI higher in early trade Posted: KUALA LUMPUR: The FBM KLCI extended its gains early Friday, supported by gains in Genting and Hong Leong Bank, as investors' sentiment was shored by the firmer overnight close on Wall Street. At 9.19am, the KLCI rose 10.77 points to 1,714.55. Turnover was 174.32 million shares valued at RM100.84mil. Advancers led decliners 250 to 70 while 129 counters were unchanged. Reuters reported Asian stocks rose in early trading and oil prices tumbled as a possible U.S. military strike on Syria appeared less likely. China's foreign minister was quoted saying on Friday the UN Security Council should not be pushed into any action on Syria before inspectors have completed a probe into allegations of chemical weapons use. At Bursa Malaysia, Genting Bhd rose 27 sen to RM9.45 and Genting Plantations 21 sen to RM9.14. Hong Leong Bank added 18 sen to RM13.88 and HLFG 16 sen to RM14.28. Panasonic Malaysia was the top gainer, rising 50 sen to RM25.32 with 2,300 shares done, Ibraco advanced 26 sen to RM2.64 while Aeon rose 20 sen to RM14.20 and Aeon Credit 18 sen to RM15.74. Tan Chong rose 17 sen to RM6 and APM 19 sen to RM5.88. NCB was the top loser, down 10 sen to RM4.10 while among construction stocks Mudajaya and Gamuda fell five sen each to RM2.52 and RM4.44. DRB-Hicom shed three sen to RM2.57. |
| MQ Technology inks aircraft parts deal with Jetline Posted: KUALA LUMPUR: MQ Technology Bhd will supply services and parts of aircraft to Jetline International (M) Sdn Bhd over an initial 10 years. MQ Tech said on Friday its unit, Microlead Precision Technology Sdn Bhd (MPT), had inked a contract manufacture agreement with Jetline the previous day. It said JET has a manufacturing license from the Ministry of International Trade & Industries "to design, research and development, manufacture, fabricate, construct, tooling and assemble aircrafts and aircraft parts and components for business aircraft". Under the deal, JET would hire MPT to be the sole and exclusive manufacturer and producer of parts, equipment and components for all the aircraft to be produced by JET. "JET shall disclose to MPT the technology as is necessary to enable MPT to manufacture the products in accordance with the specification," it said. |
| Mercedes-Benz Set To Beef Up Sales Network In China Posted: CHENGDU, China: Daimler AG's Mercedes-Benz will try to reach deeper into China's inland-west region and small "lower-tier" cities for growth as part of a broader turnaround plan for the world's biggest auto market, according to people familiar with the matter. The initiative, due to be detailed by top Mercedes-Benz China executives at the Chengdu auto show on Friday, is a key component of Daimler's <DAIGn.DE> strategic plan to invest 2 billion euros ($2.67 billion) in China over the next two years. The German brand aims to boost sales of Mercedes-Benz cars by a third to more than 300,000 cars a year by 2015, from this year's forecast sales of 230,000 cars. If achieved, the target would make China Mercedes-Benz's biggest market globally. Currently, China is the brand's No. 3 market behind Germany and the United States. The sale network plan, according to two sources close to the company, calls for increasing the number of Mercedes-Benz dealer retail outlets to 300 covering more than 150 cities by the end of this year, compared with 285 the brand operates currently. This year, Mercedes-Benz is aiming to add a total of 75 stores, about 45 percent of them sited in lower, third-tier and fourth-tier cities, the individuals said. In addition to Mercedes-Benz stores, the German auto maker currently has about 90 Smart dealer-shops. It was not clear how many additional Smart outlets Mercedes-Benz plans to add by year's end. One of the 20 new or upgraded products Mercedes-Benz plans to launch in China through 2015 is the E-class sedan specially redesigned for China, which the company is due to officially launch at the auto show in Chengdu, southwest China. On Tuesday, Daimler's new China chief, Hubertus Troska, told reporters in Beijing about the planned new product blitz and noted Mercedes-Benz was going to expand its manufacturing capacity in Beijing, as part of an effort to make its cars more affordable and expand their appeal in China amid a slowdown in economic growth. In order to be the world's No. 1 luxury auto brand by volume, which is Daimler's objective for Mercedes-Benz, Troska said the brand needed to improve its performance in China. "If we are not more successful in China, then our goal of global position No. 1 will be difficult to achieve," the German executive said in Beijing on Tuesday. "There is a recognition that we need to improve our performance in China vis-à-vis some of our competitors." One factor behind Mercedes-Benz's struggle in China was a lack of market coverage. "If you compare us to our competitors, they cover more cities. They have more outlets," Troska said. "The expansion of dealer network and bringing more new products to market are going to drive our growth momentum."- Reuters |
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