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Malaysia tops Persian Gulf on Sukuk Posted: 21 Feb 2013 07:29 PM PST Malaysia is leading the Persian Gulf in the global sukuk market this year with 78 per cent of total issuance amid a surge in government-backed debt as Prime Minister Datuk Seri Najib Razak seeks re-election. Malaysia's Education Fund will price RM1.5 billion of state-guaranteed Islamic bonds today, which will take sales in 2013 to US$4.3 billion, compared with US$1.2 billion in the Gulf Cooperation Council (GCC). The government has backed US$10.7 billion of the securities since the start of 2012, double the previous year. DanaInfra Nasional Bhd, Syarikat Prasarana Negara Bhd and Tenaga Nasional Bhd are seeking to raise a total of RM12.6 billion from Shariah-compliant bonds to build railways and power plants, part of a 10-year Economic Transformation Programme. Middle East offerings will pick up as more companies switch to sukuk from loans to take advantage of low borrowing costs, according to HSBC Holdings Plc. "Although competition is heating up, I believe the push from the Malaysian government in maintaining the nation as the sukuk hub of the world will ensure our leading position," Tengku Datuk Zafrul Tengku Abdul Aziz, chief executive officer of Kuala Lumpur-based Maybank Investment Bank Bhd, the top arranger this year, said in an e-mail interview yesterday. Malaysia's state-owned education fund is seeking to price a 10-year portion of sukuk at 28 basis points to 38 basis points above government securities that don't comply with the Koran's ban on interest, two people familiar with the matter who asked not to be named as the details are private, said yesterday. The company will offer a spread of 43 basis points to 53 basis points for 15-year notes, they said. Syarikat Prasarana plans to offer RM6 billion of sukuk this year to finance the extension of a light railway in Kuala Lumpur, Azhar Ghazali, the media affairs manager, said in an e-mail on January 4. DanaInfra may sell RM1.5 billion of Islamic bonds every quarter, Chief Operating Officer Kamal Mohd Ali told reporters in Kuala Lumpur on January 15. Sukuk yields that are almost half those in emerging markets are supporting offerings in Asia and the Middle East. Borrowing costs on global Islamic notes rose seven basis points this year to 2.88 per cent, 21 basis points off a record low on January 10, the HSBC/Nasdaq Dubai US Dollar Sukuk Index shows. Average rates on developing-nation bonds are 4.8 per cent, up 32 basis points since December 31, according to a JPMorgan Chase & Co gauge. Shariah-compliant debt returned 0.3 per cent in 2013, according to HSBC, while JPMorgan's EMBI Global Index shows emerging-market securities lost 1.8 per cent. Companies and governments in the Persian Gulf are also planning to raise funds through the Islamic debt market. Malaysia and the Middle East should be about equal in terms of sales, according to HSBC Amanah Malaysia Bhd. "Issuers from the Middle East who previously tapped the loan market are beginning to see sukuk as a viable option," Chief Executive Officer Rafe Haneef at the Kuala Lumpur-based Shariah unit of HSBC Holdings, said in an interview yesterday. "They can get size and better pricing from the sukuk market as well as a more diversified investor base." In the six-member GCC, which includes Saudi Arabia and Qatar, average yields on Islamic notes climbed six basis points, or 0.06 percentage point, to 2.98 per cent in 2013 after reaching an all-time low of 2.75 per cent in January, according to the HSBC/Nasdaq Dubai GCC US Dollar Sukuk Index.-- Bloomberg

TNB's Johor to execute terms from March Posted: 21 Feb 2013 06:19 PM PST Tenaga Nasional Bhd's (TNB) wholly-owned unit TNB Pasir Gudang Energy Sdn Bhd will, from next month, execute the remaining terms of the existing service level agreement of the power plant in Johor. In its filing to the stock exchange yesterday, TNB said the new power purchase agreement and new gas supply agreement by TNB Pasir Gudang will be extended for five years from September 2017. Five months ago, Energy Commission renewed the operating licence of three first-generation power plants at a substantially lower tariff. Under the current terms of the first generation power plants, the rates are as high as 50 sen/kWh. Under the Track 2 plan, TNB Pasir Gudang is reported to offer 275MW at a tariff of 37.4 sen/kWh. The Track 2 plan is meant to facilitate TNB to buy cheaper electricity from the three plants and help meet the capacity needs in the peninsular until 2017. Two of the plants -- Genting Sanyen Power and Segari Energy Ventures are Independent Power Producers while the third, TNB Pasir Gudang is owned by TNB.

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South Africa puts top detective on Pistorius case - Reuters Posted: 21 Feb 2013 08:45 AM PST By Peroshni Govender PRETORIA | Thu Feb 21, 2013 11:43am EST (Reuters) - South African police investigating Oscar Pistorius for murder pulled their lead detective off the "Blade Runner" athlete's case on Thursday after it emerged he himself faces attempted murder charges for shooting at a minibus. Battling embarrassment in the glare of a global media spotlight, they named the nation's most senior detective to take over, as preliminary hearings to decide whether the Olympic and Paralympic star can go free on bail were adjourned until Friday. Hilton Botha, the initial lead investigator had already faced a torrid time over his evidence from defense counsel this week, and police commissioner Riah Phiyega said he might become distracted by the charges relating to the bus shooting in 2011. "From this point forward, I will take over," Lieutenant General Vinesh Moonoo told Reuters. A 32-year veteran of the force, he added: "It will not affect the court proceedings." Charges against Warrant Office Botha over the taxi minibus shooting had been dropped but the National Prosecuting Authority told Reuters they were reinstated on February 4 - 10 days before Pistorius shot girlfriend Reeva Steenkamp in his Pretoria home. "The decision to reinstate was taken on February 4, way before the issue of Pistorius came to light or the murder of Reeva was committed," NPA spokesman Medupe Simasiku told Reuters. "It's completely unrelated to this trial." It is not clear whether the dismissal of Botha would affect the athlete's chances of securing release from custody pending his trial. After a fourth day of bail hearings, the judge said the court would sit again on the matter on Friday. At the time of the shooting in 2011, Botha was chasing a man accused of murdering a woman and disposing of her dismembered body down a drain, local media said. Pistorius, who was born without bones in his lower legs and runs on carbon-fiber racing blades, faces life in prison if convicted of the premeditated murder of Steenkamp in the early hours of Valentine's Day. He denies murder and his lawyers say he opened fire with a pistol at what he thought was a burglar. Sportswear giant Nike froze its endorsement contract with Pistorius on Thursday saying the athlete should be "afforded due process". Other companies with sponsorship deals, including British telecoms firm BT, U.S. sunglasses maker Oakley and French designer Thierry Mugler, have declined to comment on their contracts while the bail hearing is continuing. POLICE UNDER PRESSURE The revelations about Botha capped a troubling 24 hours for South Africa's prosecution service. Under cross-examination at the hearing on Wednesday, the detective was accused of contaminating the crime scene in Pistorius's house and backtracked on details like the distance of witnesses from the home when they heard shouts and shots. Grilled by lead defense counsel Barry Roux, he also had to concede that Pistorius's version of events - that he fired into the toilet door in a blind panic thinking an intruder was lurking behind it - was plausible. "The poor quality of evidence presented by the chief investigating officer exposed disastrous shortcomings in the state's case." Roux said in arguing for Pistorius's release. The 26-year-old runner denies murder and was more composed in court after repeatedly breaking down in previous hearings. His uncle, Arnold Pistorius, said his nephew was eating again after consuming nothing for six days and had spent much of his time in police custody reading the Bible. A trial is likely to take many months to prepare, and even if he is acquitted, Pistorius faces a huge challenge to rebuild his career and image in the eyes of the millions around the world who saw him as the epitome of triumph over adversity. At the close of Thursday's arguments, prosecutor Gerrie Nel tried to recapture the initiative, reminding the court of the seriousness of the premeditated murder charges facing Pistorius. "His actions are indicative of a man who was willing and ready to kill," Nel said. "There were two people in the house. "One survived to give his version." SOUTH AFRICA AGOG The proceedings have gripped South Africans, who have found themselves debating the finer points of police forensics and the ins and outs of the criminal justice process. As public opinion has swayed back and forth, schoolchildren have come to blows in playgrounds over the athlete's innocence or guilt, and on Thursday "Hilton Botha" was a top-trending topic on Twitter in South Africa. "We talk about the case every day. It's all over the news. You can't ignore it," said Happy Ngwenya, a taxi driver waiting for rides in Johannesburg's Sandton financial district. "He must face his music but the thing is, here in South Africa, criminals have so many rights." With huge international media interest in the case against a global celebrity, many South Africans feel that apparent initial slip-ups by the police are hurting the country's image. "Bring someone from outside to sort out this mess," said businessman Godfrey Baloyi. "The whole justice system needs an overhaul." (Additional reporting by Olivia Kumwenda, Ed Cropley and Keith Weir; Writing by Ed Cropley; Editing by Alastair Macdonald)

3 killed in shooting, crash on Las Vegas strip - CNN Posted: 21 Feb 2013 09:03 AM PST A burned tax and another vehicle involved in a shooting and collision sit on the Las Vegas Strip on Thursday. STORY HIGHLIGHTS NEW: Casino visitor to KLAS: I "could see the fireball" out my window A gunman in an SUV shoots at a car on the Las Vegas strip, causing a multivehicle crash The shooting and crash, at Las Vegas Boulevard and Flamingo Road, killed three people Police are looking for a black Range Rover Sport with large black rims (CNN) -- Three people were killed and at least three others injured in a shooting and fiery six-vehicle crash along the Las Vegas Strip in Nevada early Thursday, police said. The incident began about 4:20 a.m. when someone in an SUV -- stopped at a stoplight on Las Vegas Boulevard near Caesars Palace and a number of other casinos -- fired into a Maserati that also had stopped at the light, Las Vegas police said. The Maserati moved into the intersection with Flamingo Road and collided with a taxicab, starting a chain of crashes that involved four other vehicles, police said. Fire swept through the cab, where the driver and a passenger were trapped. The cab's two occupants and the Maserati's driver died, Las Vegas police spokesman Jose Hernandez said. A passenger in the Maserati suffered gunshot wounds and was being treated at a hospital, police said. At least two other people in the other crashed vehicles suffered light to moderate injuries, they said. John Lamb, who was inside Caesars Palace, told CNN affiliate KLAS he heard the commotion and saw the cab on fire from a window. "There was a loud bang and I hear two other booms. I looked out my window at Caesars Palace ... and could see the fireball," he told KLAS. Police are looking for the occupants of the SUV, described as a black Range Rover Sport with large black rims. Hernandez said he didn't have information on what led to the shooting. CNN's Carol Costello and Jason Hanna contributed to this report. 0 Comments » Tweet Print Email More sharing

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