Danajamin guarantees Mydin’s sukuk issue
Danajamin Nasional Bhd today announced that it is guaranteeing the 13-year RM350 million Islamic Medium Term Notes (sukuk) programme issued by Mydin Mohamed Holdings Bhd.The funds raised from the sukuk issue will be used to finance theconstruction an…..
Lynas: Malaysian refinery nears completion
Lynas Corp, an Australian rare earths developer, said it’s near to completing its Malaysian refinery and will be ready to receive concentrate in the first quarter of 2012, pending regulatory approvals.’We are in the final stages of the regulatory app…..
Malaysia Nov palm oil exports down 8.8pc
Malaysia’s palm oil exports fell 8.8 percent in November compared with the previous month, independent market surveyor Intertek said.A total of 1,532,978 metric tons of the commodity were tracked, versus 1,681,425 tons in October, Intertek said in an…..
Move to strenghten engineering potentials
In a concerted move to strengthen domestic engineering talent pool for key economic sectors, three organisations have joined hands to produce some 1,000 engineers in a year.Talent Corporation, Malaysia Industry-Government Group for High Technology (M…..
FBMKLCI ends 1.9pc higher
Bursa Malaysia ended higher today amid fresh buying on key heavyweights, dealers said.The benchmark FTSE Bursa Malaysia KLCI advanced 27.38 points, or 1.9 per cent, to close at 1,472.10 despite opening 0.23 point lower at 1,444.49 in the morning.The …..
Wall Street advances for second day
NEW YORK: The Dow and SandP 500 advanced for a second day on Tuesday as stronger-than-expected consumer confidence data and hopes for further progress on a solution to Europe’s fiscal mess bolstered sentiment.However, in a sign investors are still n…..
FBM KLCI closes higher
The benchmark FBM KLCI closed 27.38 points or 1.90% higher to 1,472.10 today with turnover of 1.5 billion shares valued at RM2.02bil…..
General election the main factor for M’sian market in 2012
PETALING JAYA: External headwinds will not take centre stage as the market enters 2012, giving way to domestic affairs like the general election (GE) to take precedence……
AirAsia will not use aerobridges at new low-cost terminal
PETALING JAYA: AirAsia boss Tan Sri Tony Fernandes said the airline will not use aerobridges at KLIA2 even though airport operator Malaysia Airports Holdings Bhd (MAHB) will build them for the new low-cost air terminal……
A bigger-than-planned, more efficient low-cost terminal
PETALING JAYA: The new low-cost air terminal, or KLIA2, that is taking shape next to KLIA will nearly doubled its original size and will cost nearly twice its initial costing of RM2bil to between RM3.6bil and RM3.9bil……
More groups eye regional investment banking
THE wheels at the Maybank/Kim Eng group are moving ahead based on its ambitious regional scrorecard for investment banking (IB)……
Lotus expenses drag down Proton net profit
PETALING JAYA: Proton Holdings Bhd net profit plunged 76% to RM15.5mil for the second quarter ended Sept 30 compared with RM65.9mil recorded in the previous corresponding quarter as higher expenses incurred by subsidiary Lotus Group International Ltd…..
Digistar in talks to extend IPTV service
PETALING JAYA: Digistar Corp Bhd is in advanced stage of negotiation with a party to provide Internet Protocol Television (IPTV) services to 22 hospitals……
4As terminates membership of 17 agencies
PETALING JAYA: The Association of Accredited Advertising Agents Malaysia (4As) has terminated the membership of 17 ad agencies for failure to comply with its Boomerang Membership Accreditation Programme (BMAP)……
Halim proposes injecting Kazakh assets into Sumatec
PETALING JAYA: Former Renong Bhd executive chairman Tan Sri Halim Saad is proposing to inject his Kazakh assets into financially-troubled Sumatec Resources Bhd, via a framework agreement which will see the oil and gas services provider be awarded a p…..
Asian markets rise
PETALING JAYA: Asian equities including Bursa Malaysia rose after getting a boost from the performance of external markets but experts remain largely neutral on the markets for now……
GHL warns of possible financial impact on group and China unit
PETALING JAYA: GHL Systems Bhd said there may be a financial impact on its wholly-owned subsidiary GHL (Beijing) Co Ltd and the group in the current year following certain irregular transactions between GHL Beijing and a third-party company in which …..
Board members need professional scepticism
KUALA LUMPUR: In exercising their fiduciary duties, board members must have a level of professional scepticism, said KPMG Malaysia managing partner Mohamed Raslan Abdul Rahman……
HKT Trust debuts flat on global volatility
HONG KONG: PCCW Ltds telecoms business spinoff, HKT Trust, was little-changed in its trading debut in Hong Kong as volatility in global markets and a rich valuation weighed on the high-yield investment trust after its US$1.2bil initial public offeri…..
Facebook readies for US$10b IPO
SAN FRANCISCO: Facebook, the worlds largest Internet social network, is preparing for an initial public offering (IPO) next year, a source said……
Maxis set for higher non-voice revenue
PETALING JAYA: As Maxis Bhd prepares to unveil its latest financial results today, analysts are already expecting to see contribution from the non-voice segment to account for a higher portion of the groups revenue……
RHB Cap Q3 net profit up on higher income
KUALA LUMPUR: RHB Capital Bhd third-quarter ended Sept 30, 2011 net profit rose 7% to RM376.4mil from RM351.35mil in the previous corresponding period……
Hong Leong post-merger profit jumps
KUALA LUMPUR: Hong Leong Bank Bhd’s first-quarter net profit jumped 58% to RM407.11mil from RM257.2mil from a year earlier. Revenue rose to RM916.73mil from RM539.79mil previously……
BIMB Q3 net profit falls to RM16mil
PETALING JAYA: BIMB Holdings Bhd posted a net profit of RM16.31mil for the third quarter ended Sept 30, compared with RM62.85mil in the second quarter, on relatively lower net income, bigger operating overheads and higher allowance for impairment on …..
Economist: It takes 3 to 5 years for FDI to come through
WHILE Malaysias foreign direct investment (FDI) for the first nine months of 2011 looks impressive, the question is whether all of it will come through, considering the economic woes in the West……
Fitch warns of US downgrade if no budget deal in 2013
NEW YORK: Fitch Ratings gave the United States until 2013 to come up with a credible plan to tackle its ballooning budget deficit before it downgrades the countrys coveted AAA rating……
Australia unveils cuts to return to surplus
CANBERRA: Global uncertainty over the European debt crisis has forced Australia to cut its economic growth and revenue forecasts and to outline new spending cuts so the government can honour a promise to return the budget to surplus mid 2013……
Higher UK debt seen as GDP outlook slashed
LONDON: British Finance Minister George Osborne will pave the way for several more years of deep government spending cuts when he reveals forecasts for much weaker growth and a borrowing overshoot of £86bil over the coming years……
Indias fiscal gap seen widening
BANGALORE: Indias fiscal deficit is likely to breach the budgeted target and reach 5.5% of gross domestic product (GDP) in the current fiscal year, forcing New Delhi to borrow 353 billion rupees (US$6.8bil) more from the market, a Reuters poll sho…..
Eco Palm to go green in making packaging paper
KUALA LUMPUR: Eco Palm Paper Sdn Bhd is making efforts to produce packaging paper in a more environmentally friendly way……
World gas conference to draw 15,000
SEPANG: The 25th World Gas Conference & Exhibition (WGC 2012) that will take place in Kuala Lumpur on June 4-8 next year is expected to attract 15,000 participants and trade visitors……
Record Thai sugar output expected
BANGKOK: Thailand, the worlds second biggest sugar exporter, has started its 2011/12 crushing season and is forecast to produce a record 9.9 million tonnes of the sweetener this year, according to a senior official. …..
German exports at record high
BERLIN: German exports hit a record level in 2011, rising 12% to 1,075 billion euros, the exporters’ association (BGA) says, although it warns the pace of export growth will slow in 2012 to at least 6% as the global economy cools. &…..
Singapore private resale home prices remain flat
SINGAPORE: Resale prices of private homes rose a touch last month, reversing a slight dip in September, but the overall trend suggests a period of flat values……
HK plans to get tough with errant developers
HONG KONG: Hong Kong has proposed a new law that will slap fines and jail terms on developers that mislead buyers of new homes……
Aston Martin on high gear in Asia
BEIJING: A quarter of global sales for British luxury car maker Aston Martin could come from the Asia-Pacific region within two years, nearly double the current share, thanks to robust demand in China, according to a senior executive……
Toyota pins hopes on plug-in hybrid
TOKYO: Toyota Motor Corp has started taking orders for its first plug-in hybrid car, the Prius PHV , in Japan, touting it as the worlds most practical green car and aiming to steal the thunder from pure battery-powered vehicles. …..
The German hour
A SERIES of developments over the last few weeks have set in motion a downward spiral for the eurozone. Unless officials especially German officials act fast, the verdict of financial markets is bound to be ruthless……
Tokyo aiming at appropriate yen levels
TOKYO: Japan reminds markets that it remains on guard against any sharp rises in the yen, with the finance minister pledging to achieve more appropriate yen levels even as the currency moved away from its record highs hit last month. …..
Retail rents jump 32% in Melbourne
SYDNEY: Retail rents in Melbourne surged 32.3% in the year to September, the third fastest growing market behind Hong Kong and Beijing, fuelled by international tenants tapping the market, said property services firm CBRE……
THL eyes Yahoos US ops
NEW YORK: Thomas H. Lee Partners (THL) is interested in buying the US operations of Yahoo Inc, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giants partners in Asia, sources said……
Olympus launches review of structure
TOKYO: Japans Olympus Corp has launched a review of its business structure, according to an internal memo, amid speculation that the 92-year-old company may have to sell assets to survive a massive accounting scandal. …..
World Bank head sees ripple effects from euro woes
CAMBRIDGE, Massachusetts (Reuters) – Europe’s debt crisis threatens to undermine consumer confidence and cut off credit to businesses in the rapidly emerging markets that have been bright spots in an otherwise grim global economy, the head of the Wor…..
“”Twilight”" film surpasses $500 million worldwide
NEW YORK (Reuters) – “”The Twilight Saga: Breaking Dawn – Part 1″” broke the $500 million mark at worldwide box offices on Monday after its release only 12 days ago, film distributor Summit Entertainment said on Tuesday……
FCC to let AT&T withdraw $39bil merger application
WASHINGTON (Reuters) – Communications regulators released a staff report criticizing AT&T Inc’s $39 billion plan to purchase T-Mobile USA, even though they agreed on Tuesday to let the companies withdraw their request for approval……
Europe ramps up rescue fund, may turn to IMF
BRUSSELS/MILAN (Reuters) – Euro zone ministers agreed on Tuesday to ramp up the firepower of their rescue fund but couldn’t say by how much and raised the possibility of asking the IMF for more help after Italy’s borrowing costs hit a euro lifetime h…..
US, EU mull free trade talks, sign secure trade pact
WASHINGTON (Reuters) – The United States and European Union agreed Tuesday to reduce red tape related to cargo security and pledged to work toward tearing down tariffs and regulatory barriers between the world’s largest trading partners……
Societe Generale mulls sale of TCW Group
NEW YORK (Reuters) – French bank Societe Generale SA is contemplating the sale of its U.S. asset manager TCW Group, Bloomberg reported citing people familiar with the matter……
American Airlines files for bankruptcy
NEW YORK (Reuters) – American Airlines filed for bankruptcy protection on Tuesday to cut labor costs in the face of high fuel prices and dampened travel demand, capping a prolonged descent for what was once the largest U.S. carrier……
Philippines’ posts $487.3 mln Oct budget deficit
MANILA, Nov 30 (Reuters) The Philippines said on Wednesday its budget deficit in October was 21.257 billion pesos ($487.32 million), wider than the previous month, and bringing the 10month shortfall to just 25 percent of the full year target……
China GD Power says to invest in $3 bln hydropower plant
SHANGHAI, Nov 30 (Reuters) China GD Power Development’s majorityowned subsidiary will invest in a 19.26 billion yuan ($3 billion) hydropower project, the firm said in a statement on Wednesday……
NZ household borrowing still flat in Oct
WELLINGTON, Nov 30 (Reuters) New Zealand household borrowing showed another month of anaemic growth in October with a lift in housing credit offsetting softer consumer borrowings, the Reserve Bank of NZ (RBNZ) said on Wednesday……
Australia new home sales up 5.5% in Oct
SYDNEY, Nov 30 (Reuters) Sales of new homes in Australia bounced by 5.5 percent in October, lifting them from the lowest in almost a decade, an industry survey showed on Wednesday……
China mulling electricity consumption cap report
BEIJING, Nov 30 (Reuters) China’s National Energy Administration is currently mulling the details of a plan to impose a countrywide cap on electricity use, the 21st Century Business Herald newspaper reported on Wednesday, citing local government sour…..
Samsung C&T close to Parallel Petroleum buy
HONG KONG, Nov 30 (Reuters) South Korea’s Samsung C&T and the country’s staterun oil firm are close to buying U.S. oil and gas company Parallel Petroleum from private equity group Apollo Global Management LLC, two sources close to the deal told R…..
Nishimura: No quick fix to Europe woes
KYOTO, Japan, Nov 30 (Reuters) Bank of Japan Deputy Governor Kiyohiko Nishimura said on Wednesday there was no quick fix for Europe’s debt woes, which could weigh on global growth and represented the biggest risk for Japan’s economic outlook……
Facebook settles privacy case with U.S. FTC
WASHINGTON/SAN FRANCISCO (Reuters) – Facebook has settled complaints that it disregarded its users’ privacy, agreeing to establish a raft of measures to better protect its 800 million members’ data……
Samsung wins appeal on Galaxy tab ban in Australia
SYDNEY (Reuters) – An Australian court on Wednesday reversed a ban on the sale of Samsung Electronics Co Ltd’s Galaxy tablet computers in the country, handing it a rare victory against rival Apple Inc in the firms’ intensifying global patent war……
ECB’s Noyer: Situation in Europe has significantly worsened
SINGAPORE (Reuters) – European Central Bank governing council member Christian Noyer said on Wednesday Europe’s debt crisis had significantly worsened, threatening global financial markets, but was confident the euro area would emerge stronger and mo…..