MY Morning Wrap | TNB's Lawsuit Against IWCity Over Undersea Cable Damage to Proceed to Full Trial
Good morning mooers! Here are things you need to know about today's market:
●S&P 500 Inches Closer to 5,000 Level, Boosted by Magnificent Seven Stocks
●Proposal to Allow Foreign Graduates to Work Temporarily in Malaysia Could Boost Education Sector
●Stocks to watch: TNB
-moomoo News MY
Wall Street Summary
Last friday, the S&P 500 inched closer to the pivotal 5,000 level, extending its record-breaking rally that was fueled by the surge in Magnificent Seven stocks. Meta Platforms led the charge, with shares climbing 20% buoyed by its earnings blowout. The $S&P 500 Index(.SPX.US$ rose 1.1% to close at an all-time high of 4,958.61 while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ gained 1.7%. The $Dow Jones Industrial Average(.DJI.US$ advanced 0.4% to 38,654.42, also a record.
Breaking News
Proposal to Allow Foreign Graduates to Work Temporarily in Malaysia Could Boost Education Sector
The proposal to allow foreign graduates of local institutes of higher education (IHE) to work temporarily in Malaysia in certain fields such as the high-tech sector could further boost Malaysia's education sector as an income generator for the country, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said foreign students in Malaysia are estimated to spend RM7.3bn a year, and that skilled workers in the high-tech field are needed now to meet the demands of the industry, which cannot wait four more years. By allowing foreign graduates to work temporarily in the country, the local industry will get the necessary supply of skilled manpower.
Stocks to Watch
$TENAGA(5347.MY$: Iskandar Waterfront City Bhd ( $IWCITY(1589.MY$) has failed in its bid to strike out a RM76.56 million lawsuit by Tenaga Nasional Bhd (TNB) over alleged damage to the utility giant's undersea cable in Johor. The High Court dismissed the applications by IWCity and its wholly-owned units, Tebrau Bay Construction Sdn Bhd and Tebrau Bay Sdn Bhd, to strike out the suit and awarded costs of RM8,000 per application to TNB. The case will now proceed for a full trial.
$JIANKUN(8923.MY$: Jiankun International Bhd's wholly-owned unit JKI Development Sdn Bhd has been hit with another lawsuit by former joint venture partner Fivestar Development (Puchong) Sdn Bhd, demanding RM14.21 million in alleged unpaid sums related to the same JV agreements signed between them in 2015 and 2016 to co-develop a residential property project in Puchong. JKID previously received a notice of demand from Fivestar for RM12.98 million in December 2022, but this was declared by a court as "an abuse of court's process" in April 2023.
$TRC(5054.MY$: TRC Synergy Bhd unit Trans Resources Corporation Sdn Bhd (TRCSB) has won a RM358 million contract to carry out refurbishment and infrastructure works at the Subang Airport from Khazanah Nasional Bhd. The contract is for the proposed refurbishment of main building and infrastructure works at Subang Engineering Complex A.
$T7GLOBAL(7228.MY$: T7 Global Bhd has secured a RM400 million contract for its latest mobile offshore production unit (Mopu) named TSeven Shirley, which will be leased to Valeura Energy Inc, operator of the Nong Yao oil field in Thailand, in support of its Nong Yao C development. The Mopu will begin its charter in 2024 for the next five years. This marks T7 Global's foray into Thailand waters.
$KJTS(0293.MY$: KJTS Group Bhd has won a RM16.77 million contract from Central World Hotel Co Ltd (Centara) in Thailand. The contract involves retrofitting works, operation and maintenance (O&M) services, and chilled water supply at Centara Grand Hotel at Central World in Bangkok for 15 years. The retrofitting works are expected to start in February 2024 and be completed in November 2024, while the O&M services and chilled water supply will commence in December 2024 and end in November 2039. At the end of the agreement, ownership interest in the chiller plant will be transferred to Centara.
$PARAGON(9407.MY$: Paragon Globe Bhd has signed a memorandum of understanding (MOU) with Solarvest Holdings Bhd to jointly develop a solar-ready factory and green industrial township in Johor Bahru. The project, located on 141 acres of industrial land in Desa Cemerlang, is expected to yield 12.5 megawatt peak (MWp) in renewable energy capacity upon completion, making it one of Johor's greenest and most energy-efficient industrial townships.
$MMAG(0034.MY$: MMAG Holdings Bhd has announced that its 95%-owned flagship entity, MJets International Sdn Bhd, has made full payment of the judgement sum awarded by the court in a lawsuit by Comone International Logistics Co Ltd. The lawsuit alleged non-payment of monthly repayment instalments and claimed two separate amounts of US$120,000 (RM540,840) and US$49,900 (RM224,899) along with liquidated damages of RM10,000 from MJets.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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