Stable outlook for PLUS RM23.35m sukuk
Malaysian Rating Corporation Bhd (MARC)has assigned a final rating of ‘AAAis’ with a stable outlook to Projek LebuhrayaUsahasama Bhd’s (PLUS Bhd) RM23.35 billion sukuk musharakah programme. In a statement, MARC said it was satisfied with the terms an…..
Need for holistic measures on foreign workers
The Federation of Malaysian Manufacturers (FMM) wants the government to adopt holistic and effective measures to reducedependency on foreign workers in the long term in line with the aim to become a high-income economy. In a statement today, FMM said…..
Waikari to acquire stake in China firms
Waikari Sdn Bhd, a wholly owned unit of FFM Bhd, which in turn is a 80 per cent-owned subsidiary of PPB Bhd has proposed to acquire 20 per cent equity interest each in selected subsidiaries of Wilmar International Ltd in China which are involved in f…..
Ringgit set for first annual decline
Malaysia’s ringgit was poised for its first annual decline in three years on concern growth in Southeast Asia’s third-biggest economy is slowing.Gross domestic product will rise 5 percent to 5.5 percent this year, compared with an earlier estimate of…..
ING Funds declares 3.3pc payout
ING Funds Bhd has declared the second annual income distribution of 3.3 per cent for unit holders of its ING Structured Income Fund (ISIF).In a statement today, ING said the net asset value on the fund’s distribution ex-date of Dec 12, 2011 was RM1.0…..
Malaysia-Singapore trade seen growing
Malaysia-Singapore bilateral trade this year is expected to be positive with a double-digit growth again despite the sluggishglobal economic environment due to weak US recovery and the eurozone debt crisis. According to Malaysia External Trade Devel…..
Asian stocks edge higher
Asian stocks nudged higher and the euro clung to overnight gains on today, the last trading day of 2011, as positive data from the United States helped allay concerns on the global economy, while year-end short covering lifted crude prices. Still, t…..
US stocks rally on US economic data
NEW YORK: US stocks rallied on Thursday, boosted by positive fresh data pointing to resilience in the US economy.The Dow Jones Industrial Average jumped 135.63 points (1.12 percent) to finish at 12,287.04.The broader SandP 500 added 13.38 points (1.0…..
Bank Negara: Banking system loans continue to expand
Loans to businesses mainly in the education, health, construction and real estate sectors continued to expand as credit continued to be extended to the private sector by the banking system……
China seen chasing rubber
SINGAPORE: China is likely to snap up rubber next week before trading slows to a trickle ahead of the Lunar New Year holidays, while Vietnamese coffee prices will stay firm as roasters replenish stocks, dealers said on Friday……
Manufacturers call for less dependence on foreign workers
KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) wants the government to adopt holistic and effective measures to reduce dependency on foreign workers in the long term in line with the aim to become a high-income economy……
ING Funds declares 3.3% income distribution
KUALA LUMPUR: ING Funds Bhd has declared the second annual income distribution of 3.3 per cent for unit holders of its ING Structured Income Fund (ISIF)……
2012 to be exciting year for M’sian car industry
KUALA LUMPUR: The local car industry is set to shift into high gear in 2012 despite having gone through a roller-coaster ride this year……
Monetary Authority of S’pore set to face more competitive world
SINGAPORE: The Monetary Authority of Singapore (MAS) is bracing itself to thrive in a more competitive world following the underlying problems inflicting the global economy indebtedness and imbalances that remain unresolved, in particular, in Europe……
Bluechip support boosts local bourse
The benchmark FBM KLCI jumped 24.04 points or 1.60% to close Fridays trade at 1,530.73 on bluechip support stemming from traditional window-dressing activity by institutional funds……
Malaysia-Market factors to watch Friday Dec 30
KUALA LUMPUR: Following is a list of events in Malaysia as well as news stories and press reports which mayinfluence financial markets……
Jan rally expected, KLCI to stay above 1,500
PETALING JAYA: Boosted by the annual fund managers ritual of window dressing, the FBM KLCI is likely to end the year above the 1,500 level before springing into more action in January for the expected Chinese New Year rally……
Another KFC tussle?
KUALA LUMPUR: There may again be another tussle for control of the KFC fast food business in Malaysia. This time, the Malay Chamber of Commerce Malaysia (MCCM) is challenging a joint bid by Johor Corp (JCorp) and CVC Capital Partners Asia Pacific to …..
Slower retailing as consumers turn cautious on bearish global economy
PETALING JAYA: Local retailers may experience slower growth next year, particularly because global economic developments are likely to affect Malaysias export-oriented manufacturing sector……
48 hours away from new year, ethical practices should be a way of life
WE are less than 48 hours away from ushering in the new year……
The Future of Retirement: Why Family Matters
KUALA LUMPUR: Men are taking the lead in decision-making across most aspects of financial planning, according to a HSBC report……
Cypark wins job to upgrade Jempol landfill site
PETALING JAYA: Waste management specialist Cypark Resources Bhd has been awarded an RM14.70mil contract by the National Solid Waste Management Department to upgrade a landfill site at Jempol, Negri Sembilan……
Global sukuk issuance to rise
KUALA LUMPUR: Syariah scholars and Islamic finance practitioners are bullish on the prospect of the global sukuk market next year, estimating an increase of between 10%-30% in the value of issuance, despite the gloomy economic outlook due to the euro…..
CCM streamlines operations
KUALA LUMPUR: Chemical Company of Malaysia Bhd (CCM) has embarked on an internal restructuring to streamline and consolidate its polymer businesses into a single entity in a RM126.4mil deal……
Islamic banking, finance on a roll
KUALA LUMPUR: Despite the global financial crisis, Islamic banking and finance is expected to continue expanding next year, with Malaysia-based players ready to lead the pack regionally and internationally……
Box-Pak plunges on denial
PETALING JAYA: Box-Pak (M) Bhds shares plunged 24 sen, or 9.7%, to RM2.23 after its parent Kian Joo Can Factory Bhd refuted media reports that a potential privatisation involving its subsidiary might be on the table……
Faber up on news of contract renewal
PETALING JAYA: Faber Group Bhd shares rose 10.2%, its steepest increase in two months, to RM1.62 after StarBiz reported that its subsidiary is likely to have its hospital support services contract with the Government renewed within the next month……
Kumpulan Europlus back to black
KUALA LUMPUR: Kumpulan Europlus Bhd reported a pre-tax profit of RM1.33mil in the third quarter ended Oct 31, 2011, compared with a pre-tax loss of RM16.08mil in the previous corresponding period……
India cracking down on IPOs
MUMBAI: Indias capital market regulator is reviewing the process for initial public offerings, its chairman said, a day after it banned seven small companies from fund-raising for what it said were IPO rule violations……
BCorp Q2 net profit down 73%
PETALING JAYA: Conglomerate Berjaya Corp Bhd’s net profit fell 73.47% to RM22.95mil for the second quarter ended Oct 31 compared with a year ago after revenue dropped due to lower property sales and the deconsolidation of the financial results …..
Palm oil retreats from 5-week high, weather eyed
SINGAPOREL Malaysian crude palm oil futures dropped on Thursday in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia……
Spain economy shrank in Q4
MADRID: Spains economy shrank in the final quarter of 2011, battered by financial market tensions and a deteriorating global economic outlook, the Bank of Spain said……
India, Japan agree on US$15b currency swap
NEW DELHI: India and Japan have agreed to a US$15bil currency swap line, Japans Prime Minister Yoshihi-ko Noda said, in a positive move for the troubled rupee, Asias worst-performing currency this year……
HK airport needs third runway
HONG KONG: Airport Authority Hong Kong, operator of the worlds busiest air cargo airport, said on Thursday that a proposed third runway with an estimated price tag of US$17bil was necessary to keep up with rapid growth in air traffic. …..
Eurozone money supply growth slows
FRANKFURT: Growth in eurozone money supply, a key indicator of demand in the economy, slowed again in November, according to the European Central Bank……
Alibaba names US lobbying firm
NEW YORK: Alibaba Group has hired a Washington lobbying firm in a sign that the Chinese e-commerce company would be willing to make a bid for all of Yahoo Inc in the event that talks to unwind their Asian partnership fail. …..
Bangladeshs Yunus seeks review of dismissal verdict
DHAKA: Bangladeshs microfinance pioneer Muhammad Yunus is seeking a review of a Supreme Court judgement that upheld his dismissal from his Nobel prize-winning Grameen Bank, his lawyer said……
France offers Petroplus aid as closures loom
LONDON: France’s government has offered embattled Swiss refiner Petroplus help in its talk with lenders as the firm neared a stoppage of its plants in five European countries due to a lack of crude while an angry trade union called for their na…..
Germany wants new EU growth fund
BERLIN: Germany wants the billions of euros that have not been tapped from European Union (EU) structural aid funds to be channelled into a separate fund for stimulating growth in ailing member states, a government source told Reuters . &…..
US court: Unseal letter in HP Hurd case
NEW YORK (REUTERS) – An appeals court ruled that a letter linked to Mark Hurd’s abrupt departure from his post as chief of Hewlett-Packard Co should be unsealed, potentially revealing new details about his dramatic exit from the technology giant……
Italy seeks bigger euro fund after tough debt sale
MILAN/ROME (Reuters) – Italian Prime Minister Mario Monti sought reinforcement for the euro zone’s bailout fund and pledged new efforts to boost the economy after a disappointing bond auction on Thursday underlined the threat to the country’s shaky p…..
Sears lists 79 closings, gets Fitch downgrade
NEW YORK (Reuters) – Sears Holdings Corp on Thursday identified 79 of the 100 to 120 Sears and Kmart stores it said earlier this week it would close, with the list split almost evenly between the two chains……
INSIGHT – Breast implant scandal shows regulators in dark on risks
WASHINGTON (Reuters) – Long before the latest global breast implant scare, American health officials were toying with the idea of building a registry that would track patients with implants……
US in single priciest US arms sale to a foreign country
WASHINGTON (Reuters) – The United States has signed a $29.4 billion deal to sell 84 new F-15 fighter jets to Saudi Arabia in a long-expected move that the Obama administration said on Thursday would boost Gulf security amid mounting tension with Iran…..
US stocks resume upward move into year-end
NEW YORK (Reuters) – Wall Street stocks resumed their upward move into year-end on Thursday but the S&P 500 continued to churn around its 200-day moving average as concern over Europe offset better-than-expected U.S. economic data……
Management Tip of the Day: Steps to helpful feedback
BOSTON (Reuters) – Do you dread annual performance appraisals? Praying for a reorg to relieve you of that slacker isn’t the answer – frequent feedback is, says Harvard Business Review……
CLP cuts Hong Kong power tariff increase to 4.9%
HONG KONG, Dec 30 (Reuters) Regional power utility CLP Holdings Ltd bowed to government and public pressure, announcing on Friday that it will cut a planned Hong Kong electricity tariff increase for a second time in less than two weeks to an average …..
China’s factories falter, progrowth policies eyed
BEIJING, Dec 30 (Reuters) China’s factory activity shrank again December as demand at home and abroad slackened, a purchasing managers’ survey showed on Friday, reinforcing the case for progrowth policies to underpin the world’s secondlargest economy…..
Asia Pacific sees record lending in 2011, euro plague spreads
HONG KONG, Dec 30 (Reuters Basis Point) Asia Pacific (exJapan) syndicated loan volume reached a new record of US$342bn via 1,082 deals in 2011, a 27% increase from 2010′s US$268.5bn via 943 deals, according to Thomson Reuters LPC. The previous record…..
SocGen’s China fund JV suspends IPO participation
SHANGHAI, Dec 30 (Reuters) Societe Generale’s Chinese fund venture will temporarily suspend participation in initial public offerings in the country, a rare move by an institutional investor that highlights the recent high pricing of many mainland IP…..
Oil set to end yr up 14, record high average
SINGAPORE, Dec 30 (Reuters) Brent crude is set to end the year up nearly 14 percent and at a record high annual average, as political tensions in OPEC member states help negate a global economic slowdown that has dampened oil demand growth……