Tradewinds falls on Q4 income decline
Tradewinds (Malaysia) Bhd, an oil palm planter, fell 1 percent to RM10 in Kuala Lumpur trading at 9.31am, headed for its lowest close since Feb. 2. Fourth-quarter net income dropped 37 percent from a year earlier to RM121.5 million, the company said …..
TSM Global surges on takeover offer
TSM Global Bhd, an auto-parts manufacturer, surged 7.1 percent to RM1.20 in Kuala Lumpur trading at 9.31am, set for its steepest increase since Feb. 15. The company received a takeover offer from West River Capital Sdn Bhd for RM159.2 million or RM1……
‘Parkson results no effect on rating for now’
Parkson Retail Group Ltd’s financial results for 2011, which is in line with market expectation, will not have any immediate impact on the company’s Ba1 corporate family rating, says Moody’s Investors Service. However, Moody said the ratings outlook …..
Knusford to acquire land for RM14.2m
Knusford Bhd’s wholly-owned subsidiary, Lakaran Cahaya Sdn Bhd, will acquire 5.39 hectares of freehold land in Semenyih for RM14.21 million from Idealpalm Ventures Sdn Bhd. In a filing to Bursa Malaysia today, it said the land was located adjacentto …..
Encorp rises on Cherating resort job
Encorp Bhd, a property developer, advanced 3.9 percent to 80 sen in Kuala Lumpur trading at 9.31am, bound for its steepest increase since Feb. 21. The company will develop a golf resort in Cherating on the east coast, according to a government statem…..
Malaysia Feb palm exports down 10.5pc: ITS
Malaysian palm oil product exports in February fell 10.5 per cent to 1,177,262 tonnes from 1,315,323 tonnes shipped in January, cargo surveyor Intertek Testing Services said today. – Bernama…..
KL shares close higher
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.The FTSE Bursa Malaysia KLCI Index rose 0.8 per cent to 1,569.65, its highest close since July 15…..
Dow rallies to close above 13,000
NEW YORK: The blue-chip Dow Jones Industrial Average closed Tuesday above 13,000 for the first time since the financial crisis five years ago, as stocks rallied despite a mixed bag of economic news.The Dow, which had been testing the 13,000 level in …..
FBM KLCI ends Wednesday higher
Billionaire Ananda Krishnan plans to sell satellite firm Measat-report
SINGAPORE: Malaysian tycoon Ananda Krishnan plans to sell his stake in satellite operator Measat Global as part of asset sales that could raise around $3.5 billion, Singapore’s Straits Times newspaper reported on Wednesday, citing a banking sources……
Saudi firm keen on billionaire Ananda Krishnan’s power assets
DUBAI: Saudi water and power project developer Acwa Power is very keen to buy power assets worth over US$3bil (RM9.08bil) on sale by tycoon Ananda Krishnan, the companys chief financial officer (CFO) said……
Dow closes above 13,000 for first time in 4 years
NEW YORK: The Dow closed above 13,000 for the first time since May 2008 on Tuesday and the S&P 500 also hit a milestone, as buoyant U.S. consumer confidence data and a sharp drop in oil prices nudged the nearly five-month rally forward……
AAX to axe Christchurch route next?
PETALING JAYA: After announcing its withdrawal from popular European and Indian cities earlier this year, AirAsia X (AAX) is set to axe its KL-Christchurch-KL route, according to a source……
Genting enters banking sector
PETALING JAYA: In its maiden foray into the financial sector, Genting Bhd has joined CIMB Group Holdings Bhd and two individuals as shareholders of an investment banking advisory outfit in Sri Lanka……
Search grows for former SJAM head
PETALING JAYA: The search for Tan Whai Oon, the one-time head of now defunct SJ Asset Management Sdn Bhd (SJAM), is heating up with a warrant of arrest issued for him, after auditors chasing paper trails from Kuala Lumpur to Hong Kong and Vietnam fou…..
Special audit for Silver Bird
PETALING JAYA: There will soon be a special audit of Silver Bird Group Bhd. It is learnt that the board of directors has appointed a firm with expertise in forensic accounting to review certain transactions and operations of the bread and confectione…..
McDonalds plans to expand franchising in China
SHANGHAI: McDonalds Corp, the worlds biggest hamburger chain, says it plans to increase the number of franchised stores in China as it ramps up expansion in one of the worlds fastest-growing consumer markets. …..
Oriental says no plan to privatise
PETALING JAYA: Oriental Holdings Bhd says it has no intention to go for a privatisation or undergo a leadership change at this moment……
We refer to the StarBiz article yesterday titled Zeti: GDP set to grow 5%. …..
TNB to shine in Q2
KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is expected to perform better in the current second quarter ending today, thanks to higher average gas supply from Petroliam Nasional Bhd (Petronas) as well as the RM2bil compensation as part of fuel cost-shari…..
Main shareholders offer to buy TSM ops
PETALING JAYA: The main shareholders of TSM Global Bhd, who own a 28.07% stake in the company, have offered to acquire all of the automotive parts manufacturer’s business and undertaking for RM159.2mil cash, which works out to RM1.25 per share……
Overcapacity, falling rates hit Maybulk Q4 net profit
KUALA LUMPUR: Malaysian Bulk Carriers Bhds (Maybulk) net profit for the fourth quarter ended Dec 31, 2011 slumped 75.6% to RM16.4mil against the previous corresponding quarter……
RHB Cap posts lower profit on higher loan impairment
PETALING JAYA: RHB Capital Bhd (RHB Cap)’s net profit for the fourth quarter (4Q) of its financial year ended Dec 31, 2011 (FY11), fell 8.35% to RM348.4mil from RM380.1mil in the previous corresponding period……
Record performance from Mah Sing in 2011
PETALING JAYA: Property developer Mah Sing Group Bhd wrapped up its financial year 2011 (FY2011) with new record highs for revenue, profit and sales, after posting a strong set of results in its fourth quarter (Q4) ended Dec 31 2011……
Celcom to check decline in voice revenue
KUALA LUMPUR: Celcom Axiata Bhd will continue efforts to arrest the drop in voice revenues, which is suffering an industry-wide decline due to the increasingly higher take-up of data services consumed through smartphones and tablets……
QSR profit up on Pizza Hut but KFCH’s down on start-up costs
PETALING JAYA: QSR Brands Bhd achieved a 10% increase in net profit to RM38.7mil for its fourth quarter ended Dec 31, 2011 compared with RM35.3mil a year ago……
Opportune time to secure financing deals
A FEW months back, Malaysian banks were already talking of the talent pool available with the pulling back of European banks in the region……
Maybank mortgage segment drive to fuel competition
PETALING JAYA: Malayan Banking Bhd’s (Maybank) move to expand market share in the mortgage segment will undoubtedly lead to more competition among banks in the mortgage space……
LPI eyes 10% premium rise
KUALA LUMPUR: LPI Capital Bhd is targeting a 10% increase in gross premium to RM1bil this year, to be driven by property insurance for infrastructure projects under the Economic Transformation Programme (ETP)……
Energy Commission evaluating bids for Prai project
KUALA LUMPUR: The Energy Commission (EC) is in the process of evaluating and shortlisting 18 consortia and sole bidders for the Prai combined-cycle gas turbine power project……
Survey: UK 2012 oil and gas capital spend to hit record
LONDON: Investment in UK oil and gas production is expected to increase by 35% this year but output will remain roughly the same, industry body Oil & Gas UK said……
Emkay banking on RM3.8bil Cyberjaya project
CYBERJAYA: Property developer Emkay Group is embarking on a five-year plan to further develop mixed property projects in Cyberjaya……
New residential site for Spore
SINGAPORE: One of the largest residential sites in Grange Road could hit the market if talks between home owners and the US embassy are successful……
Residents upset over payout
SINGAPORE: A group of residents off Marymount Road are upset over the way their houses are being acquired to build the North-South Expressway……
US housing woes slowing recovery
WASHINGTON: The struggling US housing market is a “significant drag” on the overall economic recovery, Federal Reserve governor Elizabeth Duke told Congress in testimony obtained by Reuters ……
Slow India Q4 growth expected
BANGALORE: Indias economy likely grew at its slowest pace in more than two years during the final months of 2011 as high interest rates and booming input costs hampered manufacturing activity, according to a Reuters poll. …..
GM in talks on small Peugeot stake
PARIS: General Motors Co is in advanced discussions to buy a small stake in French automaker PSA Peugeot Citroen as part of their proposed strategic alliance in Europe and elsewhere, sources familiar with the situation said……
Pause in Greek bonds as collateral
FRANKFURT: The European Central Bank (ECB) said it was temporarily suspending the eligibility of Greek bonds for use as collateral in its funding operations and that national central banks would have to provide banks with liquidity using an emergency…..
Europes empty fiscal compact
THE driving force of Europes economic policy is the European project of political integration. That goal is reflected in the European Unions current focus on creating a fiscal compact, which would constitutionalise member states commitment to …..
Boeing delivers biggest 747 to secret VIP buyer
SEATTLE (Reuters) – Boeing Co handed over the first passenger version of its upgraded and extended 747 to a secret VIP customer, who sent the gleaming, all-white plane along to a modification center to transform it into the “”jewel of the sky.”"…..
ECB offers banks second, maybe last, mega funds fix
FRANKFURT (Reuters) – The European Central Bank is expected to pump half a trillion euros into the euro zone’s troubled financial system for the second time in as many months Wednesday in what it hopes will be the last such operation to fight the eur…..
DreamWorks profit takes a tumble; shares fall
REUTERS – DreamWorks Animation SKG Inc’s profit plunged 71 percent, as the “”Shrek”" spinoff “”Puss In Boots”" failed to match up to the box office magic of the green ogre, sending its shares down 8 percent in extended trade……
JPMorgan aims to use size to lift profit by 25%
NEW YORK (Reuters) – JPMorgan Chase & Co plans to use size to its advantage, leveraging its various components to boost annual earnings more than 25 percent over time, bank executives said on Tuesday……
Durable goods sink most in 3 years in January
NEW YORK (Reuters) – New orders for U.S. manufactured goods fell in January by the most in three years as demand fell across the board from machinery to aircraft, suggesting the economy started the year on weaker footing than expected……
Moody’s must face whistleblower analyst’s claim
NEW YORK (Reuters) – Moody’s Investors Service was ordered to defend against a lawsuit by a whistleblowing former analyst who claimed it illegally retaliated against him for questioning its ratings practices for risky mortgage debt……
Greece cuts minimum wage as austerity drive begins
ATHENS (Reuters) – Greece approved bitter new austerity measures on Tuesday, slashing the minimum wage and chopping pensions as Athens began implementing measures demanded by international lenders in return for a 130 billion euro (111 billion pound) …..
Twitter expands mobile advertising
NEW YORK REUTERS – Twitter will expand its advertising program for the Apple Inc iPhone and Google Inc Android devices, hoping to better tap into its growing mobile user base and ramp up revenue……
Ssangyong Motor says to invest $263mil in new vehicles
SEOUL (Reuters) – Ssangyong Motor Co, in which India’s Mahindra & Mahindra Ltd is a majority shareholder, said on Wednesday that it planned to invest 295.8 billion won to develop premium small crossover utility vehicles (CUVs)……
Vietnam Feb industrial production jumps 22.1% on yr
HANOI, Feb 29 (Reuters) Vietnam’s index of industrial production for February jumped an estimated 22.1 percent from the same month last year, after an annual fall of 2.4 percent last month, the Planning and Investment Ministry said……
Brent rises above $122 as ECB’s cheap loan may spur buying
SINGAPORE, Feb 29 (Reuters) Brent crude rose above $122 on Wednesday, snapping two days of losses, in line with gains across broader financial markets on expectations that cheap loans to be offered by the European Central Bank will spur buying of ris…..
Elpida bankruptcy hits shares of Taiwan affiliates
TAIPEI, Feb 29 (Reuters) Shares in Taiwan chipmakers connected to Elpida Memory Inc tumbled on Wednesday after the Japanese company filed for bankruptcy protection, although shares in rival chipmakers rose on optimism they would benefit from the loss…..
BOJ’s Kamezaki warns Europe debt woes hold lessons for Japan
FUKUOKA, Japan, Feb 29 (Reuters) Japan needs to learn from Europe and act steadily to restore its fiscal health to avoid a sudden spike in bond yields, a central bank policy maker said on Wednesday, calling for bolder social welfare and tax reforms t…..