MO R N I N G C O F F E E Friday, April 6, 2012

U.S. and European market roundup
European stocks fell for a third week, the longest losing streak since August. Spanish bonds fell for a third day today, widening the spread between yields on 10-year Spanish and German debt to more than 400 basis points for the first time since Dec. 12. National benchmark indexes dropped in 16 of the 18 western-European markets this week. France's CAC 40 Index slid 3 percent, the U.K.'s FTSE 100 Index lost 0.8 percent and Germany's DAX Index decreased 2.5 percent. Oilrose for the first time in three days, gaining 1.6 percent to $103.07 a barrel. (Bloomberg)

• The Government has awarded a contract worth as mush ac RM530mil t0 China 's CSR Zhuzhou Electric Locomotive Co Ltd (CSR ZELC) to supply 20 sets of six car rail vehicles for the existing LRT network and new line to Putra Heights. Trade between Malaysia and China rose by 42.8 percents year-on-year to reach US$74.3bil (RM227.7bil) in 2010. Sources close to government said the award came amid plans by CSR ZELC to invest in a manufacturing plant in Batu Gajah, Perak, as it plan to use Malaysia as a hub for its expansion into the Asean region. (BizTimes)

• TDM Bhd has received the state government's approval on the lease of land in Batu Burok to build and operate a new 130-bed specialist hospital. The new hospital will cot RM170.2mil, excluding the cost of the lease of land and incidental fees. Internally generated funds and/or bank borrowing will finance it. The new eight-storey hospital will replace the current Kuala Terengganu Specialist Hospital (KTS), which is operating near capacity. Its feature include five operating theater, a 12-bedded intensive care unit (ICU) and one and half storye car park with 281 parking bays.(BizTimes)

• KSL Resorts Johor Baru is having a soft opening today. Develop at cost of Rm200mil by KSL Holding Bhd, the hotel will be fully opened by May 15. The five-star hotel, built on top of the KSL Mall in Taman Century, will feature 868 rooms in two face-face-face 20-storey tower blocks. Among the resort facilities coming up at the hotel are water theme park, electronics golf simulator, and a lake type swimming pools, among others. Resort hotel formed part of the RM1bil development in the area, which feature shopping mall opened ion December 2010, an exclusive condominium called D'Esplanade Residence, schedule for opening in third quarter of this year. (BizTimes)

• An audit into the financial irregularities if Xian Lend Holdings Bhd showed that RM85.7mil of the company money were made to several contractors 'under questionable circumstances'. The audit revealed that out of the RM90.7mil, which had supposedly been spent on capita expenditures (capex) for fish farm developments, RM85.7mil recorded was shown to be paid to four contractors. TH RM5mil balance of the capes was paid to 52 other contractors. (StarBiz)

• Hitachi Ltd has initiated take'over proceeding to acquire eBwrox Bhd, a financial IT solution company headquarter in Malaysia. Hitachi intends to expand its system solutions business in South-East Asia and China, by gaining access to eBworx's extensive customer base, software products, and development base, including highly-skilled human resources. By acquiring eBworx, Hitachi would have a business platform to provide comprehensive system solutions to financial institutions as eBworx has an extensive track record and established reputation with leading banks in South-East Asia and China. (StarBiz)