Earnings optimism lifts jittery markets
KUALA LUMPUR: Malaysian shares jumped in early trade on Friday, as upbeat corporate earnings forecast in the US jolted sentiment across the region. On Bursa Malaysia, construction stocks sizzled.
Some Internet porn sites in China now accessible
BEIJING: Word leaked out slowly, spread by Web-savvy folks on Twitter: Internet porn that once was blocked by Chinese government censors was now openly available.
Amazon.com 2Q profit jumps 45%
SAN FRANCISCO: Amazon.com Inc. said Thursday that its second-quarter net income jumped, bolstered by shoppers who spent more with the online retailer even as consumer confidence fell overall.
AmEx profit triples as spending rises
CHICAGO: American Express Co. tripled its second-quarter profit as more spending by its card members helped vault its business back to pre-recession levels.
Dell Inc. paying US$100 million in SEC deal
WASHINGTON: Computer maker Dell Inc. is paying US$100 million to settle civil charges that it used fraudulent accounting to meet Wall Street earnings targets, the government announced Thursday.
Amazon snags exclusive deal for e-editions
NEW YORK: It’s war between Random House Inc. and a top literacy agency.
US Fed chief to Congress: Don’t end stimulus spending
WASHINGTON: Federal Reserve Chairman Ben Bernanke told Congress Thursday that the fragile U.S. economy needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Oil prices rise on stormy forecast for Gulf of Mexico
NEW YORK: Oil prices advanced Thursday and settled above US$79 as energy producers kept an eye on a developing tropical storm that could move into the Gulf of Mexico by the weekend.
Stock Market:: US in bigest rally in 2 weeks, Europe up, Asia mixed
UEM sets ambitious target of RM30bil revenue by 2015
KUALA LUMPUR: UEM Group Bhd is targeting to achieve RM30bil in revenue and RM3bil in net profit within the next five years by growing its four core businesses.
UEM Group plans to bid for MRT project, says MD
KUALA LUMPUR: UEM Group Bhd plans to bid for the RM36bil mass rapid transit (MRT) project which will be carried out under the 10th Malaysia Plan.
Higher inflation seen in second half
PETALING JAYA: Subsidy cuts will drive consumer prices higher in the second half of the year, but the rise in inflation will be countered by the strong ringgit and positive trade figures, economists said.
Sarawak Energy looking to buy or lease Bakun dam
PETALING JAYA: Sarawak Energy Bhd (SEB) is looking at whether to buy or lease the 2,400MW Bakun Dam in its long-term bid to develop the hydropower and industrial sectors in the state.
Battle for Parkway far from over
THE plot to control Singapores Parkway Holdings Bhd just thickens and it is too quick to say if any one of the two feuding parties has an edge over the other at this juncture.
Fortis files complaint against Khazanah
PETALING JAYA: The battle for control of Singapore-listed healthcare provider Parkway Holdings Ltd has taken a new twist with lawyers representing Fortis Healthcare Ltd approaching Singapores market regulator over an update by Khazanah Nasional Bhds Integrated Healthcare Holdings Ltd.
Are conglomerates good or bad?
IN most developed capital markets, conglomerates trade at a discount. Yet this does not appear to be the case in many Asian markets, despite the fact that conglomerates are more difficult for boards to govern than other forms of organisations.
Linear distances itself from Rajendrams action
PETALING JAYA: Linear Corp Bhd said it had no knowledge of lawyer Datuk N. Sivananthans purported appointment and did not approve his actions in purportedly acting for Linears wholly-owned units Imus (Asia) Ltd and LCI Global Sdn Bhd.
NatOleo a win-win deal for Kulim and Wilmar
PETALING JAYA: Diversified plantation group Kulim (M) Bhd and Asias leading agribusiness group Wilmar International Ltd are set to become winners from Kulims unit Natural Oleochemicals Sdn Bhd (NatOleo) sale deal.
Nagamas plans Yongzhou project
KUALA LUMPUR: Nagamas International Bhds wholly-owned unit Nagamas Enterprise (HK) Ltd has signed a memorandum of understanding (MoU) with the government of Yongzhou City to undertake Chinas Yongzhou International Multi-Trade Project.
MACD sets up board of advisers
PETALING JAYA: The Malaysian Alliance of Corporate Directors (MACD) has set up a board of advisers to aid directors as the Malaysian corporate scene continues to evolve.
Stalemate may delay water-transfer project
PETALING JAYA: The disagreement between the Federal Government and Selangor is likely to delay the full implementation of the Pahang-Selangor interstate water transfer project.
SIG to invest RM11m in Sarawak plant
KUALA LUMPUR: Industrial gases manufacturer SIG Gases Bhd will invest RM11mil to set up a production-cum-refilling plant in Sarawak, said executive chairman Peh Lam Hoh said.
EU trade chief assures China bonds are safe
SHANGHAI: The European Union’s trade chief assured China yesterday that its investments in Europe were safe, particularly the bonds it had bought from debt-laden Greece and Spain.
Bursa reprimands Tiger, Tracoma
PETALING JAYA: Bursa Securities has publicly reprimanded Tiger Synergy Bhd and Tracoma Holdings Bhd for breaching Main Market listing requirements.
Media Prima now holds over 90% of NSTP shares
PETALING JAYA: Media Prima Bhd (MPB) told Bursa Malaysia yesterday that it currently held over 90% of the listed New Straits Times Press (M) Bhd (NSTP) shares as a result of an unconditional takeover offer by the former of all the remaining NSTP shares in conjunction with the de-listing.
Tatt Giap sees 5% growth in overseas revenue
KUALA LUMPUR: Tatt Giap Group expects its overseas revenue to grow by 5% annually in the next two years, according to its chairman and president Datuk Steven Siah Kok Poay.
MSC to divest stake in BCD Resources
PETALING JAYA: Malaysia Smelting Corp Bhd (MSC) has entered into an agreement to sell a stake with a call option in BCD Resources NL to Bendigo Mining Ltd, an Australian gold producer.
BAT Q2 net profit dips to RM186mil
PETALING JAYA: British American Tobacco (M) Bhds (BAT) net profit for the second quarter ended June 30 declined 7.65% to RM185.84mil compared with RM201.24mil a year ago on lower volumes amid down-trading by consumers and high levels of illicit cigarette trading.
CCB Q2 net profit down 46%
PETALING JAYA : Cycle & Carriage Bintang Bhds (CCB) net profit for its second quarter ended June 30, fell nearly 46% to RM5.9mil, from RM10.9mil in the corresponding period a year earlier.
Nokia Q2 profit drops, pressure on CEO growing
HELSINKI: Nokia reported yesterday a sharp drop in second-quarter profit, further increasing the pressure on embattled chief executive Olli-Pekka Kallasvuo.
Credit Suisse Q2 profit hit by weak fixed income
ZURICH: Credit Suisse saw its second quarter profit dragged down by the banks fixed income business, as sovereign debt fears hit markets, despite beating forecasts on strong equities, and tax and accounting gains.
M’sians are spending again, retail growth to be up 5%-8%
KUALA LUMPUR: The Malaysian Retailer-Chains Association (MRCA) expects the local retail market to grow 5% to 8% this year compared with a contraction of 2% to 3% last year as the first quarter results showed some pickup, said secretary-general Valerie Choo.
PetGas to complete study on LNG plant by year-end
KUALA LUMPUR: Petronas Gas Bhd (PetGas) hopes to conclude its study on setting up a new liquefied natural gas (LNG) regassification plant by year-end.
Temasek prices S$1bil 40-year bond at 4.2% yield
SINGAPORE: Singapore state investor Temasek priced its S$1bil 40-year benchmark bond, the longest-ever maturity for Singapore dollar-denominated debt, at a yield of 4.2%, the firm said yesterday.
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