Axiata not in talks to raise stake in M1
PETALING JAYA • Malaysia's Axiata Group is not in any negotiation to raise the regional telecommunication firm's stake in Singapore's M1. This was confirmed to StarBiz by Axiata president and group chief executive Jamaludin Ibrahim.
"I wish to be clear that Axiata is not currently in any negotiations with M1 to increase our stake further from the existing 28.57 per cent held," Mr Jamaludin said. Earlier reports had indicated that Axiata was keen on increasing its stake in M1 as part of expansion plans in the region.
According to AmInvestment Bank, this followed news that Keppel Corp was considering selling its 19.2 per cent equity stake in M1 as part of a strategy to dispose of non-core operations. Axiata has held a stake since 2005.
THE STAR/ASIA NEWS NETWORK
Rise in Japan core machinery orders
TOKYO • Japan's core machinery orders unexpectedly rose for a second straight month in July, easing some pessimism over capital expenditure, but worries remain that weak demand and the yen's gains may still discourage companies from boosting investment.
Cabinet Office data yesterday showed that core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 4.9 per cent in July from the previous month.
The rise in core orders, which excludes ships and orders from the electric power industry, compared with a 3.5 per cent decline expected in a Reuters poll of economists and a 8.3 per cent increase in June.
The reading followed a recent run of weak indicators, including exports, factory output and household spending, helping to allay fears that the economy may lose momentum in the current quarter.
Manufacturers' orders rose 0.3 per cent, led by the steel industry, including chemical machinery such as separators and heat exchangers, while the service sector's orders increased by 8.6 per cent, mainly contributed by the communications industry.