BP sheds US$26bil in market value after rig explosion
NEW YORK: BP shares are falling and the company has lost roughly US$26 billion in market value since an offshore rig it hired in the Gulf of Mexico exploded last week and started spewing huge amounts of oil.
US gulf oil spill, what went wrong?
WASHINGTON: Suddenly, everything changed.
Workers march on Wall Street, protest big banks
NEW YORK: Thousands of workers and union leaders marched on Wall Street on Thursday to express their anger over lost jobs, the U.S. taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.
United, Continental closer to form world’s largest airline
DALLAS: United Airlines and Continental Airlines Inc. are moving closer to announcing as early as Monday that they will combine to form the world’s largest carrier by passenger traffic, according to people familiar with the matter.
US Congress proposes black boxes for cars to record crash info
WASHINGTON: New cars and trucks would be required to carry black boxes to record crash information and automakers would pay fees to help fund the government’s auto safety agency under a series of proposals in Congress in response to Toyota’s massive recalls.
EU official: Deal on Greece aid ready in few days
BRUSSELS: European and German officials assured markets they were working quickly on approving a bailout for Greece as they try to keep the country’s debt crisis from dragging others into a continent-wide financial meltdown.
Oil rises, natural gas prices tumble
NEW YORK: Fresh reports indicating the U.S. economy is getting stronger boosted oil prices above $85 a barrel Thursday.
40,000 to attend billionaire Buffett’s company annual meeting
OMAHA, Nebraska: The throng of people attending Berkshire Hathaway’s annual meeting on Saturday will surely grow again this year in the wake of the company’s first stock split and its acquisition of the nation’s second-largest railroad.
World, Asia stock markets rise(update)
NEW YORK: Stocks surged higher after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.
Japan said Friday unemployment rate up
Creditors of Transmile meet to appoint receivers
PETALING JAYA: Five main creditors of Transmile Group Bhd met yesterday to appoint receivers for the beleaguered air cargo company, indicating a firm resolve by these parties to wind up the company, reliable sources said.
Research head: Lows offer for GCorp too low
PETALING JAYA: The offer by General Corp Bhds (GCorp) major shareholder, Tan Sri Low Keng Huat, to take over the assets and liabilities of the property and construction company for RM1.70 per share is grossly below the fair value of the stock, according to the head of research with a local research house.
Cosway shares for BCorp investors at no extra cost
KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has offered its shareholders stakes in Hong Kong-listed Cosway Corp Ltd at no extra cost under a plan to implement a restricted offer for sale (ROS) and cash dividend payout.
Beware of too-good-to-be-true deals, investors told
KUALA LUMPUR: Greed and the allure of easy money from financial markets are the main reasons many supposedly savvy investors fall prey to fictitious trading companies.
Bank Negara to re-look GDP figure
KUALA LUMPUR: Bank Negara will relook at the gross domestic product (GDP) growth figure for this year following better economic conditions.
Banks more stable under Zeti
KUALA LUMPUR: Today marks the 10th year that Tan Sri Dr Zeti Akhtar Aziz has served as governor of Bank Negara and during that time, the banking sector under her stewardship has registered tremendous growth and maturity.
Experienced contractors have the edge in LRT extension project
PETALING JAYA: Contractors with the relevant track record in the light rail transit (LRT) are expected to have a better chance to be the winners in the RM7bil LRT extension project in the Klang Valley.
PLUS in talks to offer highway consultancy services
PETALING JAYA: PLUS Expressways Bhd is expanding its operations to include technical and consultancy in highway operations in Asia.
MAA gets Bank Negara nod
PETALING JAYA: MAA Holdings Bhds wholly-owned subsidiary Malaysian Assurance Alliance Bhd (MAA) had received Bank Negaras approval to undertake the necessary measures to meet the minimum supervisory target level of capital adequacy ratio.
Toys LiFung eyes bigger market share
PETALING JAYA: Toys LiFung Asia Ltd, the operator of Toys R Us stores in Asia, intends to further stamp its presence in Malaysia by capturing a bigger market share in the countrys rapidly growing toy market.
SOBA special briefing
PETALING JAYA: With the deadline for submission of entries for the Star Outstanding Business Awards 2010 fast approaching, a special briefing will be held at Menara Star on May 6 from 11am to 12.30pm.
The customer is no longer king
I WAS going to write about the rather dry subject of risk assessment this week until I watched the Goldman Sachs congressional testimony on Tuesday night and linked it in my mind with an article in The Economist of April 24 entitled Shareholders vs Stakehol-ders: A New Idolatry which deals with the old conundrum of where to focus in good governance: on shareholders, customers or employees.
Broadband penetration versus coverage, are we lost?
MALAYSIA is racing to meet the 50% broadband penetration rate by year-end, something it set its sights on some years ago.
RM61m oilfield jobs for Scomi
PETALING JAYA: Scomi Group Bhds oilfield services business secured contracts totalling an estimated RM60.55mil for projects in Malaysia, Thailand and Indonesia in the first three months.
Petra Perdana back on growth track
KUALA LUMPUR: Petra Perdana Bhd is back on the growth track after a bruising boardroom battle that erupted late last year hit profits and rattled investors confidence in the oil and gas contractor.
Petronas names five new independent directors
PETALING JAYA: Five new independent directors have been appointed to the board of Petroliam Nasional Bhd (Petronas) in addition to the existing two, bringing the current number of directors to 16.
MMC may propose Tanjung Bin expansion
KUALA LUMPUR: MMC Corp Bhd may propose to the Government to expand its Tanjung Bin power plant by 800MW to increase power supply in Peninsular Malaysia by 2015 in an effort to prevent the electricity reserve margin from falling below 20%.
Golden Plus reprimanded
PETALING JAYA: Bursa Malaysia Securities has publicly reprimanded Golden Plus Holdings Bhd for its failure to submit annual audited accounts and annual report for the financial year ended Dec 31, 2008 (FY08) on time.
Eversendai wins RM65mil warehouse building job
KUALA LUMPUR: Eversendai Corporation Bhd, which plans to be listed on Bursa Malaysia this year or next year, has secured the first job for its newly operational facility in Rawang – the construction of a RM65mil warehouse for PKT Logistics (M) Sdn Bhd.
Suzuki Msia exports Swift to Brunei
PEKAN: Suzuki Malaysia Automobile Sdn Bhd, a unit of DRB-Hicom Bhd, is venturing into Bruneis market, flagging off its first export batch of locally assembled Suzuki Swift 1.5L to the country yesterday.
Slowdown looms after China banks post record profits
SHANGHAI: Chinese banks, flush from record profits in a first quarter boosted by a year-long lending binge, face a business slowdown as Beijing tries to cool their breakneck lending and keep the economy from overheating.
EU, IMF want tougher Greek austerity measures for deal
ATHENS: Greece will impose steeper salary cuts and new austerity measures to clinch a three-year, multi-billion euro aid deal and avoid default, union officials said yesterday, vowing protests.
Spain says S&P underestimated growth prospects
MADRID: The Spanish government yesterday insisted that Standard & Poors (S&P) had underestimated Spains growth prospects a day after the ratings agency downgraded the countrys credit standing.