Media Highlights : United Nations backs no-fly zone, strikes in Libya, US stocks reclaim part of recent decline, New credit card rules out today, Cypark in talks to win 'landfills into renewable energy parks' job, Karambunai unit inks agreement with China Central Asia...

United Nations backs no-fly zone, strikes in Libya
The United Nations Security Council voted 10 to 0 supporting the use of "all necessary measures" including the use of a no-fly zone to protect civilians and rebel forces in Libya from forces loyal to Gadhafi. Russia and China, which held veto powers, abstained from the vote, along with three other council members. The passing of the measure is expected to lead to UN-backed military strikes in Libya within hours, according to sources. (MarketWatch.com)

US stocks reclaim part of recent decline
US stocks made a broad, sharp rebound Thursday, ending three straight days of losses, as economic data and an upbeat forecast from FedEx helped the market shift its focus from Japan’s nuclear crisis to the domestic recovery. Dow ended up 161.29 points, or 1.4%, to 11,774.59, with 24 of its 30 components gaining. It was the Dow’s biggest one-day gain in two weeks. (MarketWatch.com)

New credit card rules out today
Bank Negara Malaysia will today announce new credit card guidelines to address concerns over rising household debt. Industry insiders said the new measures could include capping or reducing credit limits and limiting the number of cards for those in the lower income group. Currently, banks are free to set credit limits, based on their risk management practices. (Business Times)

Cypark in talks to win 'landfills into renewable energy parks' job
Cypark Resources is in talks with the Government to close, upgrade and convert 32 more non-sanitary landfills into renewable energy (RE) parks, a project that could involve an investment of some RM1bn. Besides the 32 landfills, it also plans to invest about RM500m to turn 16 landfills into RE parks, according to its CEO Daud Ahmad. (Business Times)

Karambunai unit inks agreement with China Central Asia
Karambunai’s wholly-owned subsidiary, Karambunai Resorts SB, has signed a joint venture agreement with China Central Asia (CCA) to develop the RM1bn first phase of the Karambunai Integrated Resort City in Kota Kinabalu. CCA would inject a seed capital of USD100m as a revolving fund to develop about 3,000 units of low and medium high rise residential buildings and the development of a commercial beachfront centre. (StarBiz)

Faber proposes balance sheet clean-up exercise
Faber has proposed a balance sheet clean-up exercise that will involve a par value and share premium reduction to address its accumulated losses of RM422m. The par value reduction proposes to cancel 75 sen of every RM1 share’s par value whilst the share premium reduction will involve the reduction of its entire share premium of RM116m. (Malaysian Reserve)

Parkson may foray into Indonesia
Parkson Holdings may foray into Indonesia via the opening of its department stores in the populous republic. It had entered into an exclusivity agreement with PT Tozy Bintang Sentosa to negotiate a possible collaboration between the two parties to develop and expand Parkson department stores in Indonesia. (Financial Daily)

UMW secures RM127m Petronas Carigali drilling job
UMW Holdings’ subsidiary UMW Standard Drilling SB has been awarded a RM127m contract for the provision of its Naga 3 jack-up drilling rig to Petronas Carigali for its operations within Malaysian waters. (Malaysian Reserve)