Ahad, 3 Mac 2013

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AmBank issues 5 new call warrants

Posted: 03 Mar 2013 06:09 PM PST

AmBank (M) Bhd is issuing five new European-style cash-settled structured call warrants over the ordinary shares of AEON Co.(M) Bhd (AEON), Carlsberg Brewery Malaysia Bhd (CARLSBG), Parkson
Holdings Bhd (PARKSON), QL Resources Bhd (QL) and SapuraKencana Petroleum Bhd (SKPETRO).

In a statement today, AmBank said the warrants will be listed for trading on March 5, 2013, via the market making method, with issue size of up to 100 million each and tenures of approximately 12 months.

AmInvestment Bank Bhd Director/Head (Equity Derivatives), Ng Ee Fang, said this would be despite the current political uncertainty and consequent risk-off pervading the equity markets as Malaysia prepares itself for the much anticipated coming general election.

She said Malaysia's fourth quarter 2012 gross domestic product growth powered on to surprise on the upside at 6.4 per cent year-on-year compared to average analysts' estimates of only 5.5 per cent.


"The strong growth came on the back of resilient public and private sector investment as well as domestic consumption."

She said consumer spending continued to be robust, up 6.1 per cent y-o-y, driven by the government's various cash assistance initiatives and a low unemployment rate.

"For AmBank's upcoming tranche of warrants, AmBank will be offering call warrants over consumer or consumer-related counters AEON, CARLSBG, PARKSON, QL, and SKPETRO," Ng added.

"Besides that, AmBank will also be offering a call warrant over SapuraKencana Petroleum Bhd which is well positioned to secure further contracts overseas to add to its large domestic order book," she added.

"This offer is aimed at sophisticated traders who want to trade on the direction and volatility of AEON, CARLSBG, PARKSON, QL and SKPETRO," AmBank said.

It said the warrants have gearings ranging from 2.93 to 6.69 and are targeted at investors who want to enjoy leveraged exposure to the underlying stocks.

AmBAnk said all the five call warrants are priced at 15 sen each, with varying gearings -- AEON of 2.93 times, CARLSBG 4.08 times, PARKSON 6.25 times, QL 6.69 times and SKPETRO 4.78 times.

AmBank Group is one of the largest banking groups in Malaysia by market capitalisation and comprises AMMB Holdings Bhd and its subsidiaries AmInvestment Bank Bhd, AmInvestment Group Bhd, AmBank (M) Bhd, AmIslamic Bank Bhd, AmG Insurance Bhd and AmLife Insurance Bhd.

The group provides a wide range of conventional and Islamic banking and financial solutions.-- Bernama

Lynas COO to assume CEO from April

Posted: 03 Mar 2013 06:18 PM PST

MELBOURNE: Mining company Lynas will have a new chief executive from April as it ramps up its production of rare earths products, especially in Kuantan.

Eric Noyez, the company's chief operating officer and president, will be appointed to the Lynas board and become its chief executive on March 31, Lynas said in a statement Monday.

He previously worked as a senior manager with French chemicals group Rhodia and Shell.

Current Lynas chief executive Nicholas Curtis will remain on the board as non-executive chairman.

The change reflects Lynas' recent transition from a developer to a producer of rare earths products as its Malaysian plant began making its first products for sale in February.

Lynas mines rare earths -- metallic elements used in products ranging from digital televisions, mp3 players and fluorescent light bulbs -- at Mount Weld in Western Australia.-- Bernama

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Sinkhole house: Work crew begins tearing down structure - Chicago Tribune

Posted: 03 Mar 2013 08:42 AM PST

Work crews on Sunday began tearing down the home where a sinkhole swallowed a man Thursday night. (March 3)

SEFFNER, Fla. -- A wrecking crew on Sunday started demolishing the home of a man who disappeared into a sinkhole that swallowed his bedroom while he slept, after rescue workers gave up searching for his body on Saturday night.

Jeff Bush, a 36-year-old landscaper, had disappeared into the hole Thursday night and was presumed dead.

As family and friends stood silently across the street, demolition workers using a long-necked boom crane started to tear down the one-story suburban Tampa home at about 8:30 a.m. EST (1330 GMT) because of its dangerous condition.

The crane swung forward toward the house after several loud beeps. Some onlookers took pictures and rubbed each other's backs.

Bush was presumed dead after vanishing into the sinkhole that opened suddenly beneath his room. Five other people in the house were getting ready for bed when they heard a loud crash and Bush screaming.

Before the demolition started, Jeff Bush's brother, Jeremy, was escorted by a deputy sheriff to the mailbox at the start of the driveway. He knelt down and put flowers on the ground, bowed his head for a few minutes before getting up and retreating behind police tape.

Jeremy Bush himself was rescued after jumping into the hole and furiously digging in an effort to find his brother.

Norman Wicker, whose family owned the house and is the father to Jeremy's fiancĂ©e, said he grew up in it. "It's horrible … my children were raised in that house, my grandchildren were raised in that house," he said.

The risk of sinkholes is common in Florida due to the state's porous geological bedrock, according to the Florida Department of Environmental Protection.

As rainwater filters down into the ground, it dissolves the rock, causing erosion that can lead to underground caverns, which cause sinkholes when they collapse.

Two nearby houses have been evacuated because the sinkhole has weakened the ground under them, and their residents probably will never be allowed inside again, Jessica Damico of Hillsborough County Fire Rescue said on Saturday.

These residents were allowed 20 to 30 minutes in their homes on Saturday to gather belongings.

Boehner Doesn't See Path Out of Sequester - Wall Street Journal (blog)

Posted: 03 Mar 2013 09:07 AM PST

U.S. House Speaker John Boehner said he and President Barack Obama made no headway on a deal to shut off the automatic budget cuts known as the sequester that kicked in on Fridayand acknowledged in an interview that he doesn't know how it will be resolved.

Mr. Boehner, in a television interview with NBC's David Gregory that was taped Friday and aired Sunday, said he and Mr. Obama had "a very nice, polite discussion" during a meeting at the White House on Friday but failed to identify a way to resolve the budget impasse.

"In the end, you don't really see a pathway here that's open as you sit here," said Mr. Gregory on NBC's "Meet the Press" television show.

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