|CAM RESOURCES BERHAD|
CAM RESOURCES BERHAD (CAMRES) - Feed-In Tariff (FIT) Approval granted to Saluran Suriamas Sdn Bhd by the Sustainable Energy Development Authority (SEDA) for the Renewable Power Generation Project
Reference is made to CAMRES’ announcements made on 11 November 2016 and 16 November 2016 in relation to the Feed-In Tariff (“FIT”) approval granted to the Company’s wholly-owned subsidiary, Saluran Suriamas Sdn. Bhd. (“SSSB”) by the Sustainable Energy Development Authority (“SEDA”) to build and operate a renewable electrical energy power plant with a capacity to supply 7.0 MW per hour of electricity to Tenaga Nasional Berhad for a period of 16 years ("the Project"). Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the earlier announcements.
The Board of Directors of CAMRES wishes to announce that after due consideration and further re-assessment on the feasibility of the Project, SSSB has decided that it will not proceed with the Project and will voluntarily surrender the approved FIT quota for the Project to SEDA.
The decision to cancel the Project is due to the increment on the total investment consideration of the project which has reduced the rate of return on investment and higher investment risk and business risk due to the lack of proven track record and lack of security in long term fuel supply as well as lack of technical expertise.
As the Project has not commenced, the cancellation of the Project is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and the substantial shareholders’ shareholdings of CAMRES and its subsidiaries for the financial year ending 31 December 2019.
This announcement is dated 9 October 2019.
Clear warning signs for global recession in 2020 — UNCTAD
| Publish date: Thu, 26 Sep 2019, 1:53 AM|
KUALA LUMPUR (Sept 26): The world economy is heading into troubled waters, with recession in 2020 now a clear and present danger, according to the United Nations Conference on Trade and Development (UNCTAD).
In its Trade and Development Report 2019 released today, UNCTAD said warning lights were flashing around trade tensions, currency movements, corporate debt, a no-deal Brexit, and inverted yield curves.
"There was little sign that policymakers are prepared for the storm ahead," it said.
The report called for focus on boosting jobs, wages and public investment to replace policymakers' obsession with stock prices, quarterly earnings and investor confidence.
Even ignoring the worst downside risks, the report projects global growth to fall to 2.3 percent in 2019 compared with 3 percent in 2018.
Several big emerging economies are already in recession, while some advance economies, including Germany and the United Kingdom, are dangerously close, said the report.
Trade growth is set to slow sharply this year to 2 percent from 2.8 percent, following weakening global demand and compounded by the unilateral tariffs imposed by the United States administration.
The bigger concern, according to the report, is that 10 years on from the 2009 crisis, the global economy remains excessively financialised and fragile.
Meanwhile, the report also noted that debt has become a dominant driver of global growth but has failed to deliver a strong surge in productive investment, instead fuelling financial speculation.
"In this environment, developing countries have seen debt transformed from a long-term financing instrument to help unleash their future growth potential into a potentially high-risk financial asset, subject to the vagaries of international financial markets and proliferating short-term creditor interests," it added.