Oil settles above US$77 as stocks rebound from lows
NEW YORK: Oil prices bounced back to settle higher on Tuesday after the stock market reversed course and gained ground.
Toyota subpoenaed by US grand jury over steering
NEW YORK: A federal grand jury in New York has subpoenaed Toyota’s U.S. subsidiaries for documents related to problems with rods that connect a vehicle’s steering to its front wheels, the automaker said Tuesday.
Yahoo’s lackluster 2Q revenue growth sinks stock
SAN FRANCISCO: Yahoo Inc.’s turnaround effort wavered in the second quarter as the Internet company’s paltry revenue growth overshadowed a surge in net income.
Apple fiscal 3Q net income jumps 78%
SEATTLE: Apple Inc. blew past expectations with its latest quarterly report on Tuesday, selling almost as many of its new iPad tablets as it sold Mac computers.
US stocks higher on mixed earnings reports
NEW YORK: Investors are trying to get a read on the economy using earnings reports. They’re finding it’s not so easy. The result Tuesday was yet another erratic day of stock trading.
Firm Q2 earnings growth seen for three sectors
PETALING JAYA: The second-quarter earnings season should see a firm quarter-on-quarter growth trend for the banking, consumer and semiconductor sectors while aviation and rubber glove companies are likely to experience contractions, analysts predict.
KL-Ipoh electric train to run soon
PETALING JAYA: The RM6bil Ipoh-Rawang rail track, which was completed in 2007, is set to see its maiden electric train service to Kuala Lumpur soon.
Khazanah sells 5% stake in TM shares for RM581mil
PETALING JAYA: State investment arm Khazanah Nasional Bhd sold 178.87 million shares, or 5% stake, in Telekom Malaysia Bhd (TM) yesterday at RM3.25 each, raising some RM581mil.
Sgor MB disputes claim of water rationing by 2014
PETALING JAYA: The RM9bil Pahang-Selangor raw water transfer project has hit another snag with the Selangor government disputing the Federal Governments claim that there would be a state-wide water shortage by 2014 if the project is not operational by then.
Proposed amendments to listing requirements
PETALING JAYA: There is huge disparity between the annual reports of some of our blue chip companies and those of the nondescript listed companies that have barely made the transition from SME (small and medium enterprise) status.
No hitch at Petra Perdanas AGM
PETALING JAYA: Oil and gas services provider Petra Perdana Bhds AGM was smooth-sailing after certain shareholders linked to ousted directors of the company withdrew their nominations of candidates to the board last week.
MMM needs to raise RM300,000 for audit fees
PETALING JAYA: Malaysian Merchant Marine Bhd (MMM) needs to come up with about RM300,000 for the advance audit fees for this year and outstanding audit fees for 2009, said executive director and executive deputy chairman Datuk Ramesh Rajaratnam.
Msia, Efta agree to work together
KUALA LUMPUR: Malaysia and the governments of the member states of the European Free Trade Association (Efta) have signed a joint declaration on economic cooperation (JDC) for deeper economic collaboration and cooperation.
MISC in RM1.4bil deal
PETALING JAYA: MISC Bhds wholly owned subsidiary AET Inc Ltd yesterday signed a contract to purchase four new 320,000-deadweight tonne (dwt) very large crude carriers (VLCCs) from Daewoo Shipbuilding & Marine Engineering Co Ltd of South Korea for about US$430mil (RM1.38bil).
KPMG: Loss of confidence disrupts M&A activities
KUALA LUMPUR: The reawakening of merger and acquisition (M&A) activities globally has been disrupted following a severe loss in confidence, said KPMG International’s Global M&A Predictor.
Should M’sia hire grandmothers and pregnant ladies to fight unscrupulous brokers?
REPORTS that Hong Kongs financial regulators were hiring grandmothers, retired actors and pregnant ladies in the fight against unscrupulous brokers has raised the question if a similar programme can be effected here.
Etika buys local firms for RM90m
KUALA LUMPUR: Etika Interna-tional Holdings Ltd has entered into a conditional sale and purchase agreement with Excel Corporate Solutions Sdn Bhd for the proposed acquisition of the entire equity interest in Susu Lembu Asli (Johore) Sdn Bhd (SLAJ) and Susu Lembu Asli Marketing Sdn Bhd (SLAM) for RM89.5mil cash.
SMR revision could lead to fewer rubber grades
KUALA LUMPUR: The Malaysian Rubber Boards (MRB) proposal to revise the Standard Malaysian Rubber (SMR) scheme could result in less than five SMR rubber grades being traded and exported in the world market instead of nine currently.
EA performs strongly in debut
KUALA LUMPUR: EA Holdings Bhd, an investment holding, management and consultancy services company which debuted on the Ace Market yesterday, closed at 66 sen, 41 sen above its initial public offering (IPO) price of 25 sen.
Ho Hup shares on uptrend after purchase plan
PETALING JAYA: Shares of Ho Hup Construction Co Bhd continued to rise yesterday after it revealed last week plans to buy two companies, part of a strategy to revive its business.
Public Bank net profit jumps 20% for Q2
KUALA LUMPUR: Public Bank Bhds net profit jumped 20.2% to RM734.1mil for the second quarter ended June 30, from RM610.7mil a year ago, on the back of strong loans and deposits growth and improved asset quality.
DiGi net profit surges 19%, thanks to improved Ebitda
PETALING JAYA: DiGi.Com Bhd posted a 18.72% increase in net profit to RM278.4mil for its second quarter ended June 30 compared with the previous corresponding quarter due to improved earnings before interest, tax, depreciation and amortisation (Ebitda).
DRB-HICOM pre-tax profit down despite higher revenue
SHAH ALAM: DRB-HICOM Bhds pre-tax profit for the financial year ended March 31 (FY10) was down 15.1% to RM657.9mil from FY09 despite the increase in revenue.
Axis REIT to raise RM132mil
KUALA LUMPUR: Axis REIT Managers Bhd (ARMB), the manager of the worlds first office/industrial Islamic real estate investment trust (REIT), plans to raise RM132mil next month as part of its capital management process, said chief executive officer/executive director Stewart LaBrooy.
Record car sales expected this year
PETALING JAYA: The Malaysian Automotive Association (MAA) has revised upwards its 2010 total industry volume (TIV) forecast to 570,000 units from 550,000 units initially due to the stellar sales performance in the first half of the year.
No need to consolidate M’sian auto industry, says Aishah
PETALING JAYA: The Malaysian Automotive Association (MAA) president has poured cold water on the need to consolidate the local automotive industry as most car companies, with the exception of Proton Holdings Bhd, are operating well above capacity.
Advertising expenditure up 22% to RM3.5bil in H1
PETALING JAYA: Advertisers in the country spent RM3.5bil on media (excluding pay TV) in the first half of this year, up 22% from the corresponding period last year.
China downcast on exports as EU debt woes hurt demand
BEIJING: China sounded a gloomy note yesterday about its export prospects, warning in particular that belt-tightening by deeply indebted European Union governments would dampen demand for the countrys goods.
ADB: Upturn in East Asias economy strong
MANILA: East Asias economic upturn is firmly on track and extraordinary fiscal and monetary stimulus should be gradually withdrawn, including by allowing currencies to strengthen, the Asian Development Bank said yesterday.
Dont politicise steel deal, China urges US
BEIJING: China yesterday branded a group of US lawmakers as protectionist for seeking to block an investment by the countrys fourth largest steelmaker on national security grounds.
SEC staff beef-up needed to enforce new laws
WASHINGTON: The broadest shake-up in US financial services law since the Great Depression would be logistically challenging and extremely labour intensive, top securities regulator Mary Schapiro said in prepared remarks on Monday.
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