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Dubai to spend more than $100 mln on security
ABU DHABI - Dubai police plan to spend 500 million dirhams (about 136 million U.S. dollars) on security technology this year with the aim of having "cameras everywhere" following the assassination of a top Hamas commander in January, a local English daily reported Sunday.
Surveillance needs to be ramped up to meet the growing requirements of an expanding city, Dubai police chief Dahi Khalfan Tamim was quoted as saying by The National.
There are 25,000 security cameras in Dubai and the number will increase as police begin to install a new type of smart camera that can rotate to cover what were once "dead spots," he said.
"We need to work according to a well studied strategic plan and not only react to events as they come along... We will have cameras everywhere," Tamim added.
Mahmoud Al Mabhouh, a senior commander of Hamas military wing the Al-Qassam Brigades, was found dead in his hotel room on Jan. 20, a day after he arrived in Dubai. He was wanted by the Israeli government in connection with the kidnappings of two Israeli soldiers in 1989.
Dubai police have said they are virtually certain that Israel's secret intelligence agency Mossad was behind the assassination in a complex operation that involved false Western passports.
Police were able to track down the suspected killers with the help of security cameras, according to Tamim.
Date:Mon, 21/06/2010 -
Spain defends its solvency
MADRID - International markets backed the Spanish economy this week after days of intense rumors regarding the country's need for a financial rescue plan.
The successful auction of 10-year and 30-year bonds on Thursday, and the solvency of Spanish banks, reduced Spain's risk premium while the Madrid stock-exchange finished the week leading European gains.
In a politically weak moment for the government, Prime Minister Jose Luis Rodriguez Zapatero enjoyed the support of the International Monetary Fund (IMF) and the European Council after it had encouraged the publication of the stress-tests on the major European banks.
"Nothing (is) better than transparency to demonstrate our solvency, to offer trust and to leave so many unfounded rumors behind," Zapatero said.
Date:Mon, 21/06/2010 -
15-bln-euro contracts signed at Russian economic forum: Kremlin aide
MOSCOW - More than 50 investment deals have been sealed during the International Economic Forum concluded at St. Petersburg one day earlier, with the total value exceeding 15 billion euros (18.5 billion U.S. dollars), Russian presidential aide Arkady Dvorkovich said Sunday.
"According to preliminary estimates the total sum of investment agreements and contracts signed during the forum stands at 250 billion rubles (8 billion dollars), including the 190 billion rubles (6 billion dollars) or 5 billion euros that the president mentioned at the forum's final plenary session," Dvorkovich told reporters, adding that these sums are fixed.
Russian President Dmitry Medvedev said Saturday that contracts worth more than 6.18 billion dollars had been signed during the three-day annual event.
Some other agreements, including a merger and a shares reallocation were also signed at the forum, said Dvorkovich. He particularly mentioned a deal between Russian energy giant Gazprom and French energy companies on joining Nord Stream and South Stream gas projects.
"A total value of these agreements is about 120 billion rubles (4 billion dollars)," Dvorkovich said.
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Besides, there are still several agreements "which include orders for production of various products" worth 6 billion dollars, he said.
"It is not entirely correct to sum all these figures. But if you still try to draw a total amount of various agreements, that were signed, it exceeds 15 billion euros (18.5 billion dollars)," he said.
The 14th St. Petersburg International Economic Forum has brought together top politicians and businessmen from Russia and other countries to discuss the problems faced by Europe, the global financial crisis, Russia's future, and the structure of pension systems.
Date:Mon, 21/06/2010 -
Higher Acceptances Received For M3nergy Takeover Offer
KUALA LUMPUR - Adamus Avenue Sdn Bhd (AASB), which launched a conditional takeover of M3nergy Bhd, offering RM1.85 per share, has received over 71 per cent acceptances for the voting shares of the oil and gas services provider, as of June 19.
Companies controlled by major shareholder, Tunku Datuk Yaacob bin Tunku Tan Sri Abdullah, who owns 71.14 per cent of M3nergy, have confirmed acceptance of the conditional offer.
These include Melewar Equities (BVI) Ltd which holds 45.42 per cent controlling block (57.53 million shares) in M3nergy, Melewar Industrial Group Bhd, 22.3 per cent or 28.25 million shares and Malaysia Assurance Alliance Bhd, 3.69 per cent stake or 4.677 million shares, sources told Bernama today.
The decision to accept the offer was made after considering that M3nergy shares were thinly traded and would be difficult for large blocks of shares to be transacted in the open market besides the wish to redeploy the consideration received from the offer, the sources said.
AASB, via Kenanga Investment Bank, made a conditional takeover bid for M3nergy by offering RM1.85 per share.
The offer remains open for acceptance until Friday, June 25, but half of the acceptances were already received by June 16.
It is understood that M3nergy shares have been thinly traded the past one year with the price hovering below RM1.50.
As such, the offer price of RM1.85 provides an opportunity for shareholders to realise their investment in M3nergy at a higher return than it would derive if disposed in the open market.
The premium of 9.47 per cent being offered at the price of RM1.85 by the offeror is also within the range of takeover premiums and higher than the average takeover premiums of 8.61 per cent for the comparable take-over transactions over the last 12 months, sources said.
Meanwhile, it was reported that AASB is a private company owned by Datuk Shahrazi Sha'ari, who is the current Group Managing Director and Chief Executive Officer of M3nergy.
The conditional take-over offer of 100 per cent of M3nergy shares comprises all existing 126.658 million ordinary shares of RM1.00 each in M3nergy, excluding 828,000 treasury shares, as well as any new M3nergy shares of up to 6.116 million that may be issued and allotted to eligible employees and directors of M3nergy.
Date:Mon, 21/06/2010 -
Higher Acceptances Received For M3nergy Takeover Offer
KUALA LUMPUR - Adamus Avenue Sdn Bhd (AASB), which launched a conditional takeover of M3nergy Bhd, offering RM1.85 per share, has received over 71 per cent acceptances for the voting shares of the oil and gas services provider, as of June 19.
Companies controlled by major shareholder, Tunku Datuk Yaacob bin Tunku Tan Sri Abdullah, who owns 71.14 per cent of M3nergy, have confirmed acceptance of the conditional offer.
These include Melewar Equities (BVI) Ltd which holds 45.42 per cent controlling block (57.53 million shares) in M3nergy, Melewar Industrial Group Bhd, 22.3 per cent or 28.25 million shares and Malaysia Assurance Alliance Bhd, 3.69 per cent stake or 4.677 million shares, sources told Bernama today.
The decision to accept the offer was made after considering that M3nergy shares were thinly traded and would be difficult for large blocks of shares to be transacted in the open market besides the wish to redeploy the consideration received from the offer, the sources said.
AASB, via Kenanga Investment Bank, made a conditional takeover bid for M3nergy by offering RM1.85 per share.
The offer remains open for acceptance until Friday, June 25, but half of the acceptances were already received by June 16.
It is understood that M3nergy shares have been thinly traded the past one year with the price hovering below RM1.50.
As such, the offer price of RM1.85 provides an opportunity for shareholders to realise their investment in M3nergy at a higher return than it would derive if disposed in the open market.
The premium of 9.47 per cent being offered at the price of RM1.85 by the offeror is also within the range of takeover premiums and higher than the average takeover premiums of 8.61 per cent for the comparable take-over transactions over the last 12 months, sources said.
Meanwhile, it was reported that AASB is a private company owned by Datuk Shahrazi Sha'ari, who is the current Group Managing Director and Chief Executive Officer of M3nergy.
The conditional take-over offer of 100 per cent of M3nergy shares comprises all existing 126.658 million ordinary shares of RM1.00 each in M3nergy, excluding 828,000 treasury shares, as well as any new M3nergy shares of up to 6.116 million that may be issued and allotted to eligible employees and directors of M3nergy.
Date:Mon, 21/06/2010 -
Kota Mas Declares 7.25 Pct Dividend
LANGKAWI - Koperasi Telekom Malaysia Bhd (Kota Mas), the country's oldest cooperative, declared a dividend of 7.25 per cent or RM5.687 million for 2009, against RM5.151 million paid out in 2008.
Its Chairman, Ismail Nordin, said Kota Mas was able to maintain dividend payment for four consecutive years despite the recession.
"Kota Mas declared its highest dividend last year, since its inception in 1922, and we hope to maintain our dividend levels in future," he told reporters after Kota Mas's 79th annual general meeting on Saturday.
He said the cooperative reported nett profits of RM8.5 million in 2009 against RM8.1 million recorded in 2008.
Ismail said the cooperative involved itself in loan schemes, investments, tour agencies and real estate to derive income for its 16,400 members.
"Kota Mas declared its highest dividend last year, since its inception in 1922, and we hope to maintain our dividend levels to members," Ismail added.
He also said the cooperative was identifying several other businesses to increase earnings.
Date:Mon, 21/06/2010