News of the Day - 08 May 2015

• BNM maintains the Overnight Policy Rate at 3.25%. 

Bank Negara Malaysia will maintain the Overnight Policy Rate (OPR) at 3.25% as the current level remains accommodative and supportive of economic activity. The OPR was last revised in July 2014 to 3.25% from 3.00%.

• Malaysia’s Mar exports rose 2.3% yoy, spurred by electronic products demand. 

Exports in March rose 2.3% from a year earlier, confounding expectations for a third month of decline, as demand for electronics products boosted exports to its key markets China and the United States.

• Top Glove is acquiring a 1.5 acre commercial land in Selangor for RM20.3m.

Top Glove Corp is acquiring a 1.5 acre commercial land plot in Bukit Raja, Selangor, from Century Logistics Holdings for RM20.3m cash. It said the purchase consideration which is not inclusive of the 6% goods and services tax (GST), will be funded by internally-generated funds.

• Wah Seong was ordered by international court to pay Socotherm RM40m. 

Wah Seong Corp has been ordered by an international court of arbitration in Paris to pay RM40.3m to Socotherm SpA for breaches to a joint-venture agreement and supplemental agreement. The company will also have to pay Socotherm about RM4.7m for costs and expenses.

• Brahim Holdings is in talks with MAS to extend the catering agreement. 

Brahim's Holdings’ subsidiary is in talks with Malaysian Airline System Bhd (MAS) to extend the new catering agreement, which expired on 30 Apr 15. The in-flight caterer said on Thursday its 70% owned Brahim’s Airline Catering Sdn Bhd “is still engaged in discussions to mutually extend” the cut-off date for the new agreement. To recap, the parties had on April 1 inked an extension agreement to allow the negotiations for the new catering deal to be executed. The agreement was extended from March 31 to April 30.