Airlines profits up, so harder for passengers to get bargains
DALLAS: Good times are finally back for the U.S. airlines – and travelers find it harder to get bargains.
Oil down toward US$78 as Tropical Storm Bonnie fades
NEW YORK: Oil prices fell toward $78 a barrel Monday as the threat to crude production in the Gulf of Mexico from tropical storm Bonnie diminished and investors awaited economic data from the United States.
Dow in 3rd straight triple digit gain, global stocks up
Game changer in battle for Parkway
PETALING JAYA: In a highly anticipated tit-for-tat move to wrest control of Singapore-listed Parkway Holdings Ltd, Khazanah Nasional Bhd yesterday sweetened its offer for the healthcare provider to a voluntary general offer (VGO) of S$3.95 cash per share 4.5% higher than its original partial offer of S$3.78 a share.
Fortis looks to SEA and Mideast for opportunities
NEW DELHI: Fortis Healthcare, in accepting Khazanah Nasional Bhd’s offer yesterday, said it would use the S$116.7mil profit on its Parkway stake to look for other opportunities.
Nazir: FDI drop needs careful study
KUALA LUMPUR: The 2009 plunge in Malaysia’s foreign direct investment (FDI) needs to be studied carefully before jumping to conclusions, says CIMB Group Holdings Bhd chief executive officer Datuk Seri Nazir Razak.
Q1 FDI nearly matches 2009s
KUALA LUMPUR: The International Trade and Industry Ministry said foreign direct investment (FDI) for the first quarter nearly matched that of the entire 2009.
CIMB to give update on Seasams stake sale
KUALA LUMPUR: CIMB Group Holdings Bhd, the countrys second largest bank by assets, will update investors on its plans to sell a stake in its bad-debt unit in August, said chief executive officer Datuk Seri Nazir Razak.
Kenmark unable to time statement submission
PETALING JAYA: Troubled firm Kenmark Industrial Co Bhd, which has informed Bursa Malaysia that it will miss the July 31 deadline to submit its audited financial statement for the year ended March 31, 2010 (AFS FY10), said yesterday it was unable to say when it will be able to do so.
MMHE offering seen raising up to RM1.1bil
PETALING JAYA: Malaysian Marine & Heavy Engineering Holdings Bhds (MMHE) initial public offering (IPO) could potentially raise between RM854.4mil and RM1.12bil, priced in the range of RM2.09 to RM2.76 a share.
Asia File gets stay of execution on claim
PETALING JAYA: Asia File Corp Bhd told Bursa Malaysia that the Taiping High Court had yesterday granted a stay of execution against a claim filed by Kalidason Ramoo to seize and sell a piece of industrial land in Seberang Prai, Penang owned by the company, pending the outcome of a court hearing fixed for Aug 11.
KBB names new CEO, says units defaulted on facilities
PETALING JAYA: Vermicelli maker KBB Resources Bhd yesterday appointed property developer Datuk Chin Seak Huat its new chief executive officer, and told the stock exchange that seven of its subsidiaries including the main unit Kilang Bihun Bersatu Sdn Bhd had defaulted in some banking facilities repayment since July 21.
Leong Hup plans RM30m broiler farm
JOHOR BARU: Integrated poultry company Leong Hup Holdings Bhd plans to spend up to RM30mil this year to set up a broiler farm in the Bio Desaru Food Valley project in the Kota Tinggi district.
Plastic millers worry over Europe debt crisis
GEORGE TOWN: Manufacturers of plastics for industrial and consumer packaging products are expecting growth this year, while those in the consumer electronics component and engineering resin segment are anticipating a flat year.
US firm invests in new high-tech facility
KUANTAN: US-based Solutia Inc is investing some RM129mil in Pahang to set up a new polyvinyl butyral (PVB) interlayer manufacturing facility in line with the rising demand for the product.
Envoy: Malaysia-Australia FTA will improve business
KUALA LUMPUR: A free trade agreement (FTA) between Australia and Malaysia will improve the business relationship between both countries, said Australian High Commisioner Miles Kupa.
APMG makes KL regional base
KUALA LUMPUR: APMG-International has chosen Kuala Lumpur to be its regional base in South-East Asia to provide high quality accreditation and qualification services to organisations.
Mofaz to sell 70 super bikes by year-end
KUALA LUMPUR: Mofaz Motosikal Sdn Bhd (Momos), a subsidiary of the Mofaz group, has targeted to sell 60 to 70 units of its super bikes by the end of this year.
Iris unit, partner in Prasarana deal
PETALING JAYA: Iris Corp Bhd told Bursa Malaysia that the Indra-Iris AFC consortium, comprising its wholly-owned unit Iris Information Technology Systems Sdn Bhd and Indra Sistemas S.A., had entered into an agreement with Syarikat Prasarana Negara Sdn Bhd to design, manufacture, deliver, install, test, commission and warranty the automatic fare collection system for the Kelana Jaya light rail transit line and Ampang LRT line.
Clarification
With reference to the article Petra Energy to set up new onshore fabrication facility in Sabah that appeared in StarBiz on July 22, Petra Energy said that for the purposes of the potential brown field work, it had identified Petra Perdana Bhd and Bourbon Group as strategic partners, and Bumi Armada, as a potential strategic partner, in providing offshore marine support and services.
Reverse takeover of GPRO planned
KUALA LUMPUR: GPRO Technologies Bhd has entered into a heads of agreement (HoA) to acquire AB Technology Sdn Bhd (AB Tech), a precision casting and injection moulding firm, for RM140mil to be settled via the issuance of new shares.
Support Line
K.M. Lee writes on Malton, Silk Holdings and Sunway City.
Linear says it will write to Sivanantan
PETALING JAYA: Linear Corp Bhds board will write to Messrs Sivanantan on its purported appointment as the solicitors for Linears subsidiaries LCI Global Sdn Bhd and Imux (Asia) Ltd.
FBM KLCI lifts funds interest in blue chips
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI, which tracks the top 30 Malaysian companies on the local stock exchange, has placed more blue-chip stocks on the radar of foreign institutional investors as well as fund managers since it was implemented a year ago.
Mudajaya shares fall for a second day on SC probe report
PETALING JAYA: Shares of power plant builder Mudajaya Group Bhd fell for a second day as jittery investors booked in profits from recent sharp gains on a news report that the company had been probed by the Securities Commission (SC).
PacificMas ends talks with Tokio Marine
PETALING JAYA: PacificMas Bhd has decided to stop negotiating with Tokio Marine Asia Pte Ltd on the proposed disposal of its entire equity interest in wholly-owned subsidiary The Pacific Insurance Bhd.
PJD plans rights, restricted issues
PETALING JAYA: PJ Development Holdings Bhd (PJD) yesterday proposed a renounceable rights issue of up to 213.8 million new warrants in PJD on the basis of three new warrants for every eight existing RM1 shares held in PJD or shares held on an entitlement date to be determined later.
B-Retail IPO oversubscribed
PETALING JAYA: Berjaya Corp Bhd (BCorp) said that as at the closing date of the initial public offering of Berjaya Retail Bhd (B-Retail) at 5pm on July 22, applications for the shares by BCorp minority shareholders were oversubscribed by 17.52 times.
Raw deal for independent palm oil millers
PRODUCING quality crude palm oil (CPO) has given Malaysia the edge as the worlds largest exporter of palm oil products. Even though Malaysia comes in second after Indonesia, which is now the worlds leading producer of the commodity, quality has always been the determining factor in terms of exported goods.
Milux to sell land for RM11mil
PETALING JAYA: Milux Corp Bhd subsidiary T.H. Hin Sdn Bhd has entered into an agreement to sell a 10,627-sq m land in Kota Damansara, Petaling Jaya to Albert Wines & Spirits (M) Sdn Bhd for RM10.98mil.
Butterworth container terminal woes to be resolved by next month
GEORGE TOWN: The congestion problem at the North Butterworth Container Terminal (NBCT) will be resolved by next month when an additional 3,000 ground slots at its container yard is ready for stacking cargo.
Analysts play down Perodua-Proton merger
KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) would likely scupper any attempts to merge with Proton Holdings Bhd as there would be little benefit for the second national carmaker to enter that marriage.
Kencana to buy drilling rig for US$150m
KUALA LUMPUR: Kencana Petroleum Bhd, which yesterday received shareholders approval to acquire drilling rig, KM-1, expects the cost of acquisition to be US$150mil.
Long-term broadband growth
PETALING JAYA: The Malaysian broadband sector offers industry players long term growth given the number of postpaid cellular voice subscribers in the country, according to HwangDBS Vickers Research.
South Korea Q2 growth above expectations
SEOUL: South Koreas economy grew faster than expected in the second quarter, thanks to robust investment that showed businesses were confident about a sustained upturn even as the nations main trade partners appeared to lose steam.
Sony to return to profitability in Q1
TOKYO: Sony Corp will likely return to profitability in the April-June quarter, beating market expectations for an operating loss, on solid sales and cost cuts, the Nikkei business daily reported yesterday.
EU launches two probes on IBM
BRUSSELS: The European Commission launched two antitrust probes yesterday against US computer firm International Business Machines Corp, alleging it might have abused its dominant position on the mainframe computer market.
Kirin buys F&N stake for US$953mil
TOKYO: Japans Kirin Holdings will buy a 14.7% stake in beer and property conglomerate Fraser & Neave Ltd (F&N) from Singapore state investor Temasek Holdings for US$953mil to accelerate its expansion in Asia.
Australias QBE H1 forecast disappoints
SYDNEY: QBE Insurance, Australias top insurer by premium, yesterday flagged a 40% fall in first-half net profit on equity losses and a lack of one-off gains, disappointing investors who knocked its shares down 6.5%.
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