US auto sales seen slowing with recovery in doubt
DETROIT: When it comes to car shopping, Americans are tapping the brakes.Forecasters expect U.S. sales of cars and light trucks to slow for June after months of improvement
Facebook briefly disables ‘Boycott BP’ page
HOUSTON: BP PLC says it had nothing to do with Facebook’s decision to briefly take down a page set up by users that advocates boycotting the oil giant over the Gulf of Mexico oil spill.
Hulu launches US$10 video subscription service
LOS ANGELES: Online video site Hulu, under pressure from its media company parents to generate a bigger profit, launched a subscription service Tuesday with complete access to back episodes of popular television shows.
‘Bree Tanner’ million-seller in less than a month
NEW YORK: Stephenie Meyer, author of the “Twilight Saga,” has yet another smash hit on her hands.
Google scrambles to save Internet license in China
BEIJING: China is threatening to revoke Google’s business license over the company’s decision to redirect Chinese traffic to computers in Hong Kong that are not governed by the communist government’s censorship practices.
Oil prices plummet
NEW YORK: Oil prices plummeted Tuesday as ebbing consumer confidence in the economic recovery set off concerns about gasoline demand for the busy summer season.
US and global stocks tumble; Dow below 10,000
NEW YORK: Stocks and interest rates tumbled Tuesday after signs of slowing economies around the world spooked U.S. traders, who were already uneasy about a global recovery.
Cisco to launch iPad-like tablet for office use
NEW YORK: Thanks to Apple Inc.’s iPad, tablet computers are finally a hot consumer item, after many false starts. On Tuesday, Cisco Systems Inc. said it aims to take the tablet computer into the business world with its own device, to launch early next year.
NYSE halts Citigroup share trading with circuit breakers
Linear director claims trial to five cheating charges
KUALA LUMPUR: The executive director of a public-listed company was charged in the Sessions Court yesterday on five charges of abetting three individuals to cheat and commit criminal breach of trust (CBT) involving nine million shares amounting to RM23mil.
Linear: Ex-director transferred fund twice
GEORGE TOWN: Linear Corp Bhd former director Alan Rajendram has transferred the groups RM36mil cash reserve twice to Global Investment Group Inc (GIG) of Seychelles, according to Linear Corp executive director Mervin Nevis.
When stock exchange issues unusual market activity queries do you buy or sell?
LATELY, Bursa Malaysia has issued unusual market activity (UMA) queries on some listed companies due to unusual price movement and trading activities.
Now The Stars lawyer gets notice from SC
PETALING JAYA: A lawyer of Star Publications (M) Bhd who accompanied a journalist of The Star to the Securities Commisson (SC) in its ongoing investigation of Kenmark Industrial Co (M) Bhd ended up himself being served a notice to appear before the SC.
Greater ethical conduct needed by auditors and top management
KUALA LUMPUR: There is a dire need for greater ethical and professional conduct by auditors and those in top management if we are to achieve financial reporting excellence, according to MIA president Christine Foo.
Tradewinds to refurbish tower and build 40-storey block for RM450mil
PETALING JAYA: Tradewinds Corp Bhd will spend RM450mil to refurbish Menara Tun Razak (MTR) as well as build a brand new 40-storey office block on the existing land just beside MTR.
Do younger directors want more money?
IT IS heartening to note that many bank directors, when listing the factors that motivated them to accept the post, had placed remuneration as one of the least important.
Haisan gets letter of demand for RM42.2mil
KUALA LUMPUR: Haisan Resources Bhd has received a letter of demand from Messrs Zul Rafique & Partners acting for CapOne Bhd and Malaysian Trustees Bhd (MTB) for a sum of RM42.2mil.
Petra Energy seeks to appoint directors
KUALA LUMPUR: Petra Energy Bhd is not delaying the appointment of its directors, said executive director Ahmadi Yusoff. Speaking to reporters after the companys AGM yesterday, he said it was in talk with institutional investors to see if they were interested to appoint directors.
Bakkes date with Sime still unknown
PETALING JAYA: No decision has been made yet as to when Felda Global Ventures Holdings Sdn Bhd president and chief executive officer Datuk Mohd Bakke Salleh will finally step in as Sime Darby Bhds new president and group chief executive.
Esmart takeover plan set to spur Atlan
ATLAN Holdings Bhd is the latest out of a long list of Malaysian companies to set its sights overseas for wider market access and more funding options.
Lawyers to file response to suit against nine EON Cap board members soon
PETALING JAYA: Three lawyers have been appointed to represent the directors of EON Capital Bhd (EON Cap) who have received a legal suit from major shareholder Primus Pacific Partners (HK) Ltd in protest of an offer for the banks assets and liabilities by Hong Leong Bank Bhd (HLB).
HwangDBS funds income distribution
KUALA LUMPUR: HwangDBS In-vestment Management Bhd has declared an interim income distribution of 0.5 sen for HwangDBS Select Income Fund and a final income distribution of 5 sen for HwangDBS Select Balanced Fund.
Sinotop replies to Bursa query on unusual market activity
KUALA LUMPUR: Sinotop Holdings Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia yesterday, said it was not aware of any activity that might have contributed to the UMA.
MBf status still unclear
KUALA LUMPUR: The status of MBf Holdings Bhds public shareholding spread was still unknown as its major shareholder was still not reverting back to the board of directors on that matter, said a spokesperson of the group.
Kimlun makes four sen premium on Bursa debut
KUALA LUMPUR: Engineering and construction group Kimlun Corp Bhd recorded a four sen premium on its debut on Bursa Malaysias Main Market yesterday.
P1 sees earlier turnaround with SK Telecom
PETALING JAYA: WiMAX telecommunications company Packet One Networks (M) Sdn Bhd (P1), a subsidiary of Green Packet Bhd, expects to become profitable earlier following its strategic alliance with SK Telecom.
VSI Q3 net profit up to RM6.5mil
JOHOR BARU: V.S. Industry Bhds net profit rose for a third consecutive quarter in the three months ended Apr 30.
MAS targets RM26m revenue from Mideast
SUBANG: Malaysia Airlines (MAS) is eyeing RM26mil in revenue per annum, which is 60% of the traffic to Kuala Lumpur (KL) and beyond from various secondary Middle Eastern points, by entering into a code sharing agreement with Oman Air.
Kapasis bonds get 3.8% coupon rate
KUALA LUMPUR: The first Danajamin Nasional Bhd guaranteed bonds were issued by Syarikat Kapasi Sdn Bhd yesterday, at a competitive pricing with a coupon rate of 3.8% and a AAA (fg) rating.
LBS to recover RM9.87m by 2015
PETALING JAYA: LBS Bina Group Bhd expects full recovery of the RM9.87mil in receivables owed by parties related to the company by 2015, it told Bursa Malaysia.
Glomac almost doubles earnings
PETALING JAYA: Property developer Glomac Bhds net profit in the last quarter ended Apr 30 almost doubled to RM12.4mil from RM6.9mil a year ago on higher property sales and fair value gains on certain buildings held for investments.
MPHB diversifies into property development for additional income
PETALING JAYA: Multi-Purpose Holdings Bhd (MPHB) will be announcing its joint venture (JV) with a public-listed developer in the next several weeks to mark its entry into the property development sector.
GM IPO likely to cut US stake, raise new capital sources
DETROIT: The planned initial public offering of General Motors Co is likely to leave the US government with a minority stake while also raising new funds for the automaker, according to people briefed on the still-developing plans.