Audit: US cannot account for US$8.7B in Iraqi funds
BAGHDAD: A U.S. audit has found that the Pentagon cannot account for over 95 percent of US$9.1 billion in Iraq reconstruction money, spotlighting Iraqi complaints that there is little to show for the massive funds pumped into their cash-strapped, war-ravaged nation.
American confidence falls even as corporate profits rise
NEW YORK: Americans’ confidence in the economy faded further in July, according to a monthly survey released Tuesday, amid job worries and skimpy wage growth.
Vodafone introduces solar powered mobile phone to India
MUMBAI, India: Vodafone Essar Ltd. has unveiled a solar-powered mobile handset in India to better serve the nation’s energy-starved rural masses.
Oil prices fall on US economy worries
NEW YORK: Oil prices dropped on Tuesday following disappointing reports on U.S. consumer confidence and manufacturing.
Stocks: Asia up, US mixed, European up
Aldwich bondholders worry over probe
PETALING JAYA: Holders of the RM201mil senior tranche of Aldwich Bhd bonds are concerned about an ongoing police investigation into the company and want to know the outcome of the case.
Bank Negara seeks to nab five in get-rich-quick schemes
KUALA LUMPUR: Bank Negara is seeking to arrest five individuals who are suspected of operating get-rich-quick schemes.
Bank stress tests need to pass test of confidence
IT is with relief that most banks in the European Union (EU) have passed the stress tests except for a handful.
What is the role of a price stabilising manager in an IPO?
RECENTLY, there was a case of a stabilising manager of a newly listed company purchasing a portion of the companys shares a few days after the listing date.
EON Cap to hold EGM on HLB takeover
KUALA LUMPUR: The board of EON Capital Bhd, owner of Malaysias seventh largest bank, will ask shareholders to vote on Hong Leong Bank Bhds RM5.06bil (US$1.6bil) takeover offer on Aug 19, according to a statement sent to Bursa Malaysia yesterday.
Heitech Padu bags RM282mil job
KUALA LUMPUR: Heitech Padu Bhd has secured a RM282mil contract from the Government to undertake an integrated solutions project for the Road Transport Department.
Yip appointed Star director
PETALING JAYA: Star Publications (M) Bhd has appointed Datuk Yip Kum Fook(pic) as an independent and non-executive director of the company effective yesterday.
Scheme to give grads more real-life experience
KUALA LUMPUR: The Financial Sector Talent Enrichment Programme (FSTEP) has taken another step forward with the launch of a new syllabus aimed at taking participants out of the classroom to give them more practical exposure.
Sime Darbys Ara Damansara medical centre likely to open in 2011
KUALA LUMPUR: Sime Darby Healthcare is expected to invest RM250mil in the Sime Darby Medical Centre in Ara Damansara here, which is anticipated to be opened next year.
Steady crude oil prices spur deepwater projects in M’sia
PETALING JAYA: Deepwater drilling for oil in Malaysian waters is moving into high gear with the arrival of specialised drillships in the coming months, analysts said.
Petronas Dagangan allocating RM500mil capex this year
KUALA LUMPUR: Petronas Dagangan Bhd is allocating RM500mil for capital expenditure (capex) for the current financial year 2010/2011 from RM400mil in the last financial year, according to managing director/chief executive officer Amir Hamzah Azizan.
Focus Point defers listing on Bursa
KUALA LUMPUR: Focus Point Holdings Bhd, which was scheduled for listing on the ACE Market of Bursa Malaysia yesterday, have decided to defer the listing to a later date.
Chuan Huat plans corporate exercise
KUALA LUMPUR: Chuan Huat Resources Bhd has proposed a corporate exercise which includes a bonus issue, renounceable rights issue and an increase in authorised share capital. The company announced yesterday that the bonus issue would involve one bonus share for every three shares held.
KBB shares take a tumble
PETALING JAYA: The share price of KBB Resources Bhd tumbled to its record low at 20 sen down 5.5 sen yesterday after the announcement that it has defaulted on some banking facilities repayment since July 21 amounting to over RM16.1mil involving 10 banks.
Stamford College plunges 38%
PETALING JAYA: Shares in Stamford College Bhd plunged 15.5 sen, or 37.8%, on knee-jerk reaction that its proposed regularisation plan has been rejected by Bursa Malaysia.
M3nergy offer receives over 85% acceptance
KUALA LUMPUR: Despite differing views on the takeover offer of M3nergy Bhd, an overwhelming majority, or over 85% of its shareholders, have accepted Adamus Avenue Sdn Bhds offer price of RM1.85 per share.
San Miguel to sell US$1.6b shares
MANILA: Philippine conglomerate San Miguel Corp said yesterday that its board had approved a share sale that could raise US$1.6bil, with the funds to be used to finance acquisitions and investments.
YHS Q2 loss on impairment costs
KUALA LUMPUR: Yeo Hiap Seng (M) Bhd incurred a pre-tax loss of RM7.59mil for its second quarter ended June 30 compared with a pre-tax profit of RM2.92mil in the same period last year.
Analysts say Proton-Perodua merger wont solve woes
IT may seem strange that the merger between the national car companies was initially proposed by Perusahaan Otomobil Kedua Sdn Bhd (Perodua) but now, it appears as if Proton Holdings Bhd is the main driver of that proposed union.
IRB: Submit income tax statements by July 31
KUALA LUMPUR: The Inland Revenue Board (IRB) has reminded taxpayers under the company, trust bodies and cooperatives category whose audited accounts ended Dec 31, 2009 to submit their income tax statements by July 31at the latest.
Msia aims for 25% of Islamic transactions
OXFORD: Malaysia is set to clinch 25% of global transactions in Islamic banking within the next decade from less than 10% currently, said Minister in the Prime Ministers Department Tan Sri Nor Mohamed Yakcop.
Maybank Investment plans to enter S’pore, Indonesia
PETALING JAYA: Maybank Investment Bank Bhd planned to expand its operations to Singapore and Indonesia by June next year, said its newly-appointed chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz.
Plan for green bank seen as not practical
PETALING JAYA: The proposal to set up a dedicated special-purpose bank in Malaysia to fund clean-energy industries is not practical at this juncture due to the complexities of such ventures, according to some industry observers.
India raises rates more than forecast
MUMBAI: Indias central bank raised interest rates more forcefully than expected yesterday in the face of inflation that has held stubbornly above 10% for the past five months.
Sustainable global demand growth likely for commodities
KUALA LUMPUR: A sustainable global demand growth has been projected for the commodities markets due to industrialisation and urbanisation of developing and emerging markets.
Size not the only factor for success of REITs
KUALA LUMPUR: The two major real estate investment trusts (REITs) listed on Bursa Malaysia this month – Sunway Real Estate Investment Trust (SunREIT) and CapitaMalls Malaysia Trust (CMMT), may have boosted the profile of Malaysian REITs (MREITs) and capture the attention of local and foreign investors, but size does not necessarily guarantee a better performance going forward, analysts said.
MAS chairman contract extended
KUALA LUMPUR: Malaysian Airline System Bhd (MAS) non-executive chairman Tan Sri Dr Mohd Munir Abdul Majid’s contract was extended for another year.
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