Scotiabank increases stake in Chinese bank
TORONTO (AP): The Bank of Nova Scotia has increased its stake in China’s Xi’an City Commercial Bank to 14.8 percent, with plans to eventually hold one-fifth of the financial institution.
AIG says general counsel resigns over pay
CHARLOTTE, North Carolina (AP): American International Group Inc. has lost a top executive due to the government’s limits on executive pay.
AirAsia-Jetstar tie-up is on
PETALING JAYA: The proposed partnership between AirAsia Bhd and Jetstar is nearing fruition after a year of talks and the deal will be announced in the first week of January.
GM holding distributorship talks with Naza group
PETALING JAYA: US car manufacturer General Motors Corp (GM) is in talks with several potential parties, including the Naza group, for the exclusive distribution of Chevrolet vehicles in Malaysia, according to an industry source.
Ta Ann eyes more land to expand oil palm plantations
PETALING JAYA: Timber and plantation group Ta Ann Holdings Bhd will further expand its oil palm plantations, especially in Sarawak, via landbank acquisitions, said group managing director Datuk Wong Kuo Hea.
EON Cap may decide today
PETALING JAYA: The EON Capital Bhd (EON Cap) board meeting, which is speculated to take place today, could be a long-drawn affair as its seven members deliberate on whether the banking group will begin acquisition talks with Hong Leong Bank Bhd (HLB) or otherwise.
Linear soars on new RM1.7bil job
PETALING JAYA: Shares of Linear Corp Bhd rose to record levels wednesday, as investors chased the stock on news that the company had secured a RM1.66bil contract to build a cooling plant in Manjung, Perak.
NSTP selling assets to fund future expansion
PETALING JAYA: The New Straits Times Press (M) Bhd (NSTP) is selling non-revenue generating assets, including land in Bukit Jelutong near Shah Alam, as well as re-evaluating the commercial viability of other properties it owns to raise funds for future expansion.
Broad money up 10% in November
KUALA LUMPUR: Broad money, or M3, grew at a faster annual pace of 10% in November this year.
Fiery Ho Hup EGM in store
PETALING JAYA: Ho Hup Construction Co Bhds EGM today is shaping up to be an explosive affair, with a subtantial shareholder led by Datuk Low Tuck Choy, the companys former managing director, expected to vote against the companys plan to dispose two parcels of land.
Media Primas voting shares reach 86%
KUALA LUMPUR: Media Prima Bhd (MPB) announced yesterday that it has to date received acceptance of more than 92.9 million shares or 42.77% from New Straits Times Press (NSTP) shareholders as a result of the proposed takeover offer.
Furnace deal may raise Hiap Tecks gearing
PETALING JAYA: Hiap Teck Venture Bhds acquisition of Eastern Steel Sdn Bhd and the capital expenditure (capex) needed for the latters blast furnace may bring the companys total outlay for the acquisition to RM910mil and cause its debts to spiral to RM1.3bil.
CIMB selling properties for RM302mil
KUALA LUMPUR: CIMB Group Holdings Bhd said Wednesday that it is disposing 65 properties to the Employees Provident Fund (EPF) for RM302.5mil as it is not in the business of owning properties.
Azman Hashim wins awards
PETALING JAYA: AmBank Group chairman Tan Sri Azman Hashim won the Lifetime Achievement Award at the 4th Annual Islamic Business and Finance Awards 2009.
Sarawak Energy shares to be delisted on Jan 5
PETALING JAYA: Sarawak Energy Bhd said in a listing circular Wednesday that the companys shares will be delisted from Jan 5.
Rimbunan Sawit to buy into 9 plantation firms
PETALING JAYA: Sarawak-based plantation firm Rimbunan Sawit Bhd is acquiring equity interests in nine plantation companies and the commercial rights to a plantation estate from several vendors for RM286.1mil to be satisfied via the issuance of shares and new irredeemable convertible preference shares (ICPS).
KHSB to get Selangor grant
PETALING JAYA: Kumpulan Hartanah Selangor Bhd (KHSB) entered into a memorandum of arrangement with Menteri Besar Selangor (Inc) (MBI) in relation to the distribution of a specific grant to KHSB for the principal amount of RM115mil.
Limahsoon under PN17
PETALING JAYA: Limahsoon Bhd is classified as an affected listed issuer pursuant to Practice Note 17 (PN17) Paragraph 2.1(f) as the company defaulted in payment and is unable to provide a solvency declaration to Bursa Securities.
DRB-HICOM in talks to manufacture hybrid vehicles
SHAH ALAM: DRB-HICOM Bhd is in talks with potential partners to manufacture hybrid/electric vehicles in Malaysia, with the company expecting to finalise something by next year, a senior company official said.
Naza targets to sell 25,970 vehicles in 2010
KUALA LUMPUR: The Naza Group, the distributor of Kia and Peugeot vehicles in Malaysia, targets to achieve sales of 25,970 units next year with major contribution coming from Kia vehicles.
CEO: AirAsia ends 2010 with record sales
PETALING JAYA: AirAsia finished the last month of 2009 with record sales while forward bookings for the first two months of 2010 are looking very strong, said its group chief executive officer Datuk Seri Tony Fernandes.
Goldman Sachs initiates coverage on Maxis
PETALING JAYA: Goldman Sachs Group Inc has initiated coverage on telecommunications service provider Maxis Bhd with a discounted cashflow-based target price of RM5.20 per share and a neutral call.
A good time to buy
PROPERTY INSIGHTS – By CHRISTOPHER BOYD
Enter a decade of small returns
AS we say goodbye to a decade so abysmal it never even earned a nickname, it is time to take bets on how the coming 10 years will shape up in economics and financial markets.
By K.M. LEE
JAL hits record low on bankruptcy fears
TOKYO: Japan Airlines Corp (JAL) stock tumbled as much as 32% to a record low yesterday on growing expectations the struggling carrier was headed for bankruptcy under a state restructuring plan.
Japan unveils long-term economic goals
TOKYO: Japans government said it aimed for economic growth of more than 2% over the next decade, but its long-term plan unveiled yesterday lacked detail needed to convince investors the goal is realistic.