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Amesecurities keeps 'buy' call on DRB-HICOM Posted: 19 Jan 2014 06:36 PM PST KUALA LUMPUR: Amesecurities maintains 'buy' call on DRB-HICOM Bhd, with a fair value of RM3.65 per share, a 15 per cent discount to its SOP value of RM4.31 per share. DRB-HICOM appears poised to experience its next phase of growth, judging from recent newsflow on the group. Its subsidiary Proton is preparing to join the fray in the production of, and compete in, energy-efficient vehicles – a key focus of the NAP, which is scheduled to be unveiled today. "We are of the view that this will ensure that Proton does not lose out on the incentives under NAP, while bracing itself for further liberalisation of the industry and an accompanying gradual decline in retail prices pursuant to the NAP." THE group's unit, Puspakom Sdn Bhd holds the concession to undertake mandatory inspections of commercial vehicles. "As we have noted, it is expected to benefit from a proposal under the NAP that passenger vehicles undergo inspections as well. The policy will initially make it a voluntary exercise." As has been anticipated, Deftech will start recognising earnings this year from its RM7.55 billion 8x8 wheeled Armoured-Vehicle (AV8) project. The project involves the design, development and manufacture of 257 AV8s, with production peaking in 2016 and 2017. The first AV8s will be rolled out by the middle of this year. DRB-HICOM intends to make its newly acquired unit Konsortium Logistik Bhd (KLB) the number one logistics provider in the country. The takeover of KLB is scheduled to be completed by the current quarter. It has also been reported that the group has yet to finalise the proposed disposal of a 30 per cent stake – out of its 70 per cent stake in Bank Muamalat Malaysia Bhd. It is looking at a few opportunities for a strategic partnership to increase the bank's penetration into Islamic finance.

Hold Puncak Niaga shares: AmeSecurities Posted: 19 Jan 2014 06:54 PM PST KUALA Lumpur: AmeSecurities maintains 'Hold' call on Puncak Niaga Holdings Bhd with a fair value of RM3.40 per share, as it awaits a new offer from the Federal government in the water restructuring saga. Last Thursday, the group announced the 2014 work scope for Package B of the Pan Malaysia offshore transportation and installation (T&I) job that it had won last December. The 2014 work scope for its wholly-owned unit, GOM Resources, comprises the installation of 282 km pipeline from onshore Kerteh, Terengganu towards the border of Malaysia/Thailand Joint Development Area, installation of pipeline tie-in skid and subsea spools, pipeline pre-commissioning, and pipeline post lay trenching and associates services. The 12-month work scope begins in Jan, and is part of the three-year T&I job with an option to extend for another year. GOM Resources will utilise its sole operating pipe laying derrick barge for this project. "Management intends to purchase another derrick lay barge with the RM165 million raised from a recent convertible sukuk issuance. Management will fund the acquisition via a mix of equity and borrowings."

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NJ Gov. Christie's office denies claims of withholding Sandy aid funds - Fox News Posted: 19 Jan 2014 08:38 AM PST Jan. 16, 2014: New Jersey Gov. Chris Christie addresses a gathering of home owners in Manahawkin, N.J., who were affected by last year's Superstorm Sandy.AP The office of New Jersey Gov. Chris Christie is denying claims from a mayor who said that she was blocked from millions of dollars in Superstorm Sandy recovery grants because of her refusal to sign off on a politically connected commercial development. Hoboken Mayor Dawn Zimmer had alleged Saturday that Christie's lieutenant governor and a top community development official told her recovery funds would flow to her city if she allowed the project to move forward. Christie's office later in the day called Zimmer's statements politically motivated Spokesman Colin Reed said the administration has been helping Hoboken secure assistance since Sandy struck. "It's very clear partisan politics are at play here, as Democratic mayors with a political ax to grind come out of the woodwork and try to get their faces on television," Reed said. Reed also bashed MSNBC, which first reported Zimmer's comments. "MSNBC is a partisan network that has been openly hostile to Gov. Christie and almost gleeful in their efforts attacking him, even taking the unprecedented step of producing and airing a nearly three-minute attack ad against him this week," he added. Zimmer said Lt. Gov. Kim Guadagno pulled her aside at an event in May and told her Sandy aid was tied to the project -- a proposal from the New York City-based Rockefeller Group aimed at prime real estate in the densely populated city across the river from New York City. The Democratic mayor said the Republican administration officials wanted Rockefeller's plans for the property approved, while Zimmer said she preferred to go through normal channels and hear from all stakeholders, including the public and owners of adjacent property. Rockefeller Group owns about three blocks of the 19-block area. "I was directly told by the lieutenant governor — she made it very clear — that the Rockefeller project needed to move forward or they wouldn't be able to help me," Zimmer told The Associated Press. "There is no way I could ethically do what the governor, through the lieutenant governor, is asking me to do," she said. The Rockefeller Group did not immediately return a phone message left by The Associated Press. In a statement to MSNBC, a spokesman said it had no knowledge of any information related to Zimmer's claims. Zimmer said she is willing to take a lie-detector test or testify under oath about the conversations. A state website that tracks the distribution of Sandy aid shows that Hoboken received a $200,000 post-storm planning grant in October out of a $1.8 billion pot of money controlled by the state. Hoboken also received a $142,000 state energy resilience grant. Besides state money, Hoboken has received $70 million in recovery funds distributed by the federal government, according to the Christie administration. Zimmer said she has applied for $100 million to implement a comprehensive plan to help insulate her city from future floods. Christie already is embroiled in another scandal involving traffic jams apparently manufactured to settle a political score. At a recent news conference to discuss the lane closures on the approach to the George Washington Bridge, Christie brushed aside questions about his aggressive governing style. "I am who I am," said Christie. "I am not a bully." The Associated Press contributed to this report.

Seven seriously injured in Bangkok explosion - Jerusalem Post Posted: 19 Jan 2014 12:50 AM PST Twenty-eight people were injured, seven of them seriously, in an explosion on Sunday at a camp of anti-government protesters in the centre of the Thai capital, medical officials said. "There were 28 people injured from the blast at the Victory Monument," Suphan Srithamma, director general of the Bangkok Emergency Medical Center, told reporters. "Among these 7 people were seriously injured." The incident was the latest violence in more than two months of protests in Bangkok aimed at bringing down the government of Prime Minister Yingluck Shinawatra. On Friday night, one protester was killed and 35 wounded when a grenade exploded. The memorial service for the man killed in that explosion was being held on Sunday afternoon. Stay on top of the news - get the Jerusalem Post headlines direct to your inbox!

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