News of the Day - 07 May 2015

• Genting breaks ground in Resorts World Las Vegas 

Genting Group today conducted the groundbreaking ceremony of its Chinese-themed Resorts World Las Vegas (RWLV) -- the first Las Vegas Strip development project in nearly a decade -- witnessed by Nevada Governor Brian Sandoval and Clark County Commissioners. "After 50 years of developing integrated resorts all around the globe, we are thrilled to be breaking ground on the Las Vegas Strip in the great state of Nevada," Chairman and Chief Executive Officer of the Genting Group, KT Lim said in a statement here today. Lim said Las Vegas is known for its world-renowned resorts, and the Genting Group looks forward to being a part of the city's continued growth by creating a huge national and international draw with this Chinese-themed world-class resort

• Palm oil exports from Indonesia will be subjected to levy starting end-May 

Palm oil exports from Indonesia will be subject to a levy at the end of this month after President Joko Widodo signed rules for implementation of the new tax. “The funds will be solely used for development of palm oil industry, including for biodiesel” subsidies, said Sofyan Djalil, coordinating minister for economic affairs. The government expects to raise about US$700m in revenue from the levy every year, he said.

• SapuraKencana to land two jobs in India and Mexico worth RM5.4bn? 

SapuraKencana Petroleum Bhd (SapKen) is poised to land two international jobs in India and Mexico respectively totalling about US$1.5bn (RM5.35bn), according to a source close to the deals. This development comes when the crude oil price has crossed US$60 per barrel two days ago, the first time in nearly five months. For the India job, SapKen may even edge out local-based Larsen & Toubro Ltd, as it has put in the lowest bid among the four contenders interested in a portion of the Oil & Natural Gas Corp’s Mumbai High South (MHS) phase three redevelopment project to the tune of US$200m-US$300m.

• Felda Global Ventures to complete disposal of non-core business by 3Q15 

Felda Global Ventures Holdings Bhd (FGV) will complete the disposal of its non-core businesses by the third quarter of 2015, said group president and chief executive officer Datuk Mohd Emir Mavani Abdullah. The disposal, which includes Felda Travel, Felda Property and Felda Prodata Systems, will be carried out through open tender process. 

• AirAsia X mulls switching orders from Airbus A350-900 to A330neos 

AirAsia X Bhd, the long haul budget carrier in Tan Sri Tony Fernandes's AirAsia group, is exploring switching its orders for Airbus Group NV A350-900 aircraft for more fuel-efficient A330neos. The carrier would rather have A330s that match the other aircraft in its fleet, chief executive office Benyamin Ismail said in an interview in Sydney yesterday. AirAsia X has firm orders for 10 A350-900s and options for another five, according to its latest annual report. The planes are worth about US$4.6bn (RM16.42bn) at the current list price of US$304.8m each.