Media Highlights : US stocks gain as banks get new rules, technology shares rise, UEM Land to oversee Singapore jobs, Gadang set to win RM200m Vale deal, RM351m job to deepen Penang port channel back on course, Bumi Armada set to raise RM2.8bn from IPO, MAS not ruling out possible privatisation

US stocks gain as banks get new rules, technology shares rise
US stocks advanced, breaking a three-day losing streak for the S&P 500 Index, as regulators issued capital rules to safeguard the global financial system and technology companies rallied. The S&P 500 gained 0.9% to 1,280.10 while the Dow Jones Industrial Average rose 108.98 pts, or 0.9%, to 12,043.56. Global regulators said banks deemed too big to fail must hold as much as 2.5-ppt in additional capital as part of efforts to prevent another financial crisis. Also, spending on information technology by companies and governments in the US will grow 5.6% in 2011, according to a survey by International Data Corp. (Bloomberg)

UEM Land to oversee Singapore jobs
Malaysia and Singapore’s plans to cooperate on land development in both countries have taken off with the establishment of two joint-venture companies, and the appointment of UEM Land and two units of Temasek to oversee the development and marketing of the Singapore projects. Khazanah and Temasek have incorporated a company called M+S Pte Ltd to undertake the development of four land parcels in Singapore’s Marina South and two in Ophir-Rochor. Khazanah will hold 60% equity interest while Temasek will hold the remaining 40%. The Singapore projects have a permitted gross floor area of up to 501,020 sq m with an estimated GDV of SGD11bn. Meanwhile, Khazanah and Temasek also established a 50:50 JV company called Pulau Indah Ventures SB to undertake two developments in Iskandar with a permitted gross floor area of up to 1,365,675 sq m and estimated GDV of RM3bn. (Financial Daily) Please see accompanying report.

Gadang set to win RM200m Vale deal
Gadang Holdings is poised to win a contract worth as much as RM200m to carry out earthworks for a project in Perak, sources said. The contract is part of a USD2.5bn (RM7.45bn) infrastructure development by Brazil's Vale International. This will be Vale's maiden award for the project. It is understood that an official announcement will be made by as early as this week. It is firmly believed that Gadang is favoured because it had submitted the lowest bid and the company is committed to finishing the job within the time frame given. The first phase will focus on earth works and flattening of land in Teluk Rubiah, Manjung. The land will be used to build a distribution hub and a pelletising plant, which will be able to convert raw iron ore into pellets that are used in steel production. (BT)

RM351m job to deepen Penang port channel back on course
The RM351m project to deepen the north channel of the Penang Port is back on track, Penang Port SB managing director Ahmad Ibnihajar said. Ahmad said dredging works are scheduled for completion within the next 18 months and once finished, the channel will be 14.5 metres deep compared with its present depth of 11 metres. Last month, Ahmad announced that Penang Port stood to lose RM100m in revenue if work to deepen the north channel of the port does not begin soon. The dredging project was scheduled to have taken off at the end of last year. (BT)

Bumi Armada set to raise RM2.8bn from IPO
Bumi Armada has set a price range of RM2.80 and RM3.15 per share for its IPO next month, raising as much as RM2.8bn, according to a term sheet seen by Reuters. (StarBiz)

MAS not ruling out possible privatisation
Malaysia Airlines (MAS) has not ruled out the possibility of being privatised. Chairman Tan Sri Dr Munir Abdul Majid said the possibility has been presented during yesterday's shareholders meeting but he stopped short of confirming if it was accepted by the shareholders. "At the meeting, I had stated in a very general term that no options are off the table so far as strategic possibilities. We address this strategic future for the company," he said after the company's AGM yesterday. (BT)