Potash rejects BHP’s US$38.5bil hostile takeover offer
TORONTO: Potash Corp. of Saskatchewan Inc. said Monday that its board voted unanimously to reject BHP Billiton’s hostile $38.5 billion takeover offer as it doesn’t reflect the strong growth the company believes it is poised to enjoy.
An NYC icon cries foul over proposed rival nearby
NEW YORK: Look at Manhattan from afar, and the first thing you notice is the Empire State Building, spiking like a needle above the carpet of skyscrapers that coats Manhattan from tip to tip.
Big investors moving away from stocks into gold and bonds
NEW YORK: The smart money has moved away from stocks. So is the era of stock investing over?
Recession hits smart-phone makers in the chips
NEW YORK: The seemingly recession-proof smart phone is suffering from a side effect of the rough economy: Manufacturers simply can’t build enough of the gadgets because chip-makers that rolled back production last year are now scrambling to play catch-up.
Billionaire picks downtown LA site for art museum
LOS ANGELES: Billionaire Eli Broad said Monday he had chosen an expanding downtown cultural district for a new museum to showcase his collection of art that includes works by Salvador Dali and Joan Miro.
World’s two biggest personal computer makers locked in battle
SAN FRANCISCO: The world’s two biggest personal computer makers are locked in a pricey struggle over which can move away from the PC business the fastest.
Oil falls amid global growth uncertainty
NEW YORK: Oil prices fell Monday on uncertainty about the growth of the global economy, abundant crude supplies and a stronger dollar.
US stocks slip on economy worries
Bursa surpasses psychological 1,400-point level
PETALING JAYA: The local bourse surpassed the key 1,400-point level to close 0.58% higher at 1,403.15 on selective buying of blue-chip stocks in the latter part of the trading day by funds as better-than-expected corporate results at home outweigh the lack of fresh leads from abroad.
IJM’s RM4.3bil development project
GEORGE TOWN: A performing arts centre, a green shopping mall, marina, convention centre, and an IT hub to accommodtae MSC-status offices are among the key components of IJM Land Bhds RM4.3bil The Light Waterfront phase 2 project, located next to the Penang Bridge.
Use of ringgit to expand; dependency on US$ to reduce
PETALING JAYA: Bank Negaras recent foreign exchange (forex) liberalisation measures coupled with China allowing yuan-ringgit trade will gradually reduce the dependency on the US dollar and enhance trade financing efficiency, experts said.
CIMB invests in RM2.1b banking platform system
KUALA LUMPUR: CIMB Group, which is investing a total of RM2.1bil in a regional and integrated banking platform system known as 1Platform over the next five years, has started the first phase of its migration to the new banking system.
Low dividend payout by AirAsia if any
PETALING JAYA: While analysts approve of AirAsia Bhds move to pay dividends, they expect the dividend payout will not be significant yet.
Can SPAD take off, let alone deliver?
The much-awaited Land Public Transport Commission (SPAD) is sputtering.
SPAD delay due to technicality
PETALING JAYA: The delay in the functioning of the Land Public Transport Commission, or SPAD, is due to a legal technicality and not pressure from some quarters, reliable sources said.
Wat-er challenge on tariffs
PETALING JAYA: Analysts say the Governments intention to adopt a common stand across states on issues such as water tariffs will be a challenging and long-term task.
Genting Msia pays RM15.7m in share buy-back
KUALA LUMPUR: Genting Malaysia Bhd spent RM15.71mil to buy five million of its own shares yesterday and announced that it intends to acquire more within the next 10 months.
New group structure for Proton by 2011
SHAH ALAM: Proton Holdings Bhd hopes to put in place a new structure for the group by next year, said group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir.
SC okays takeover of Kretam
PETALING JAYA: The Securities Commission has approved the unconditional takeover offer of plantation firm Kretam Holdings Bhd by Nasalim Sdn Bhd, Santraprise Sdn Bhd and Lim Nyuk Sang at a price of RM1.43 per share of those shares not already held by them.
Salcon buys China firm for RM20mil
KUALA LUMPUR: Salcon Bhd, via its unit Salcon Jiangsu (HK) Co Ltd, has acquired 100% equity interest in Chinas Yizheng Rong Xing Wastewater Treatment Company Ltd for RM20.28mil.
Media Prima MTN rating reaffirmed
PETALING JAYA: RAM Ratings has reaffirmed the AAA(bg) rating of Media Prima Bhds RM170mil Bank-Guaranteed Medium-Term Notes programme (2007/2012) (BG MTN), with a stable outlook. At the same time, the P1 rating of the groups RM180mil Commercial Papers programme (2007/2014) has also been reaffirmed.
Norways oil fund excludes Samling over ethics
OSLO: Norways state pension fund, one of the worlds largest sovereign wealth funds, has excluded two Israeli companies for unethical activity linked to settlement building in the Palestinian territories and one Malaysian forestry firm on ethical grounds, the Norwegian government said yesterday.
Hai-O signs research agreement with UTAR
KUALA LUMPUR: Multi-level marketing company Hai-O Enterprise Bhd, which is synonymous with Chinese medicinal products, will undertake collaborative research and later commercialisation of related products with Universiti Tunku Abdul Rahman (UTAR) under a memorandum of understanding (MoU).
Company to submit revised DEIA report
KUALA LUMPUR: Tenaga Nasional Bhds (TNB) Lahad Datu Energy Sdn Bhd will submit a revised detailed environment impact assessment (DEIA) report to the Department of Environment (DOE) for its proposed 300-megawatt coal-fired power plant in Sinakut, Lahad Datu, Sabah.
Earle M. Jorgensen plans to expand in Asia
NUSAJAYA: Earle M. Jorgensen (EMJ) plans to expand its operations in the region in the near future to better serve its existing customers and attract potential ones along the way.
Malakoff unlikely to be relisted soon
PETALING JAYA: The chances of relisting Malakoff Corp Bhd, a unit of MMC Corp Bhd, in the near future are quite slim but if its listed, its initial public offering (IPO) proceeds may be used to part finance its plan to acquire PLUS Expressways Bhd, according to Kenanga Investment Bank Bhd research head Yeow Yeonzon.
Xingquan not selling stake
KUALA LUMPUR: Outdoor wear manufacturer Xingquan Inter-national Sports Holdings Ltd stresses that the company is not in talks with any parties on taking up a substantial stake in the company, says executive chairman and chief executive officer Wu Qingquan.
Kris Assets proposes issue
PETALING JAYA: Kris Assets Holdings Bhd is proposing to issue up to RM300mil in nominal value of seven-year redeemable convertible secured bonds.
Hong Leong Bank gets nod to adjourn EGM
KUALA LUMPUR: Hong Leong Bank Bhd has obtained shareholders approval to adjourn its EGM on the proposed acquisition of EON Capital Bhd (EON Cap) to a later date.
Focus Point braces for future challenges
KUALA LUMPUR: Focus Point Holdings Bhd president Datuk Liaw Choon Liang said the company will take steps to ensure that a similar event to the one that caused the company to defer its initial listing will not happen again.
SI Capitals Islamic debt securities reaffirmed
PETALING JAYA: RAM Ratings has reaffirmed the AAA and AAA/P1 ratings of SI Capital Incorporated Sdn Bhds RM167mil 2004/2017 Islamic debt securities and RM143mil 2004/2011 Murabahah commercial papers/ medium-term notes programme respectively.
Prudential declares income payout
KUALA LUMPUR: Prudential Fund Management Bhd has declared an income distribution of 2.83 sen per unit for its Prudential Equity Income, 2.09 sen per unit for Prudential Asia Select Income and 1.93 sen per sen for its Prudential Balanced Fund.
Support Line
K.M. Lee writes on Dufu Technology Corporation, Paramount Corp and Tradeswind Corp
TM first half profit rises on higher revenue
KUALA LUMPUR: National telecommunications services provider Telekom Malaysia Bhds (TM) net profit surged 25.1% to RM367.3mil for the six months ended June 31, 2010, compared with RM293.7mil in the previous corresponding period, on higher revenue for data and Internet and favourable foreign exchange gain.
Proton Q1 earnings up 55% on higher sales volume
SHAH ALAM: Proton Holdings Bhd posted a 55% higher net profit of RM84.7mil for the first quarter ended June 30 from RM54.56mil it gained a year ago due to higher sales volume and improved profit margins from better product mix.
Media Prima Q2 earnings up on improved adex, cost management
PETALING JAYA: Improving advertising expenditure (adex), prudent cost management and effective strategic planning lead Media Prima Bhd to register a net profit of RM36.7mil for the second quarter ended June 30 (Q2), compared with RM8.5mil posted a year ago.
Scomi Marine doubles net profit in Q2
KUALA LUMPUR: Scomi Marine Bhds net profit for the second quarter ended June 30 more than doubled to RM55.37mil from RM22.84mil a year earlier.
CIMB Niaga posts 62% rise in H1 net profit
PETALING JAYA: PT Bank CIMB Niaga Tbk, the Indonesian subsidiary of CIMB Group Holdings Bhd, posted a first-half ended June 30, 2010 net profit 1.12 trillion rupiah which is 62% higher than the same period a year ago as net interest income improved 16% and net non-interest income improved 7%.
Higher CPO prices, fuel sales boost Bousteads earnings
PETALING JAYA: Conglomerate Boustead Holdings Bhd saw net profit jump to RM146.50mil for the second quarter ended June 30, 2010 from RM46.90mil a year ago as higher crude palm oil (CPO) prices and sales from BH Petrol stations boosted revenue, which rose 11.65% to RM1.42bil.
Westpac third quarter profit misses forecast
SYDNEY: Westpac Banking Corp said its third quarter cash profit jumped 27.3%, but joined rivals in sounding a cautious tone about prospects amid rising costs, global uncertainty and lukewarm lending growth.
YTL Comms WiMAX launch may not be on time
KUALA LUMPUR: YTL Communications Bhds (YTL Comms) November commercial launch date for its WiMAX service may not be met if it does not get the necessary network interconnection with the other four cellular players on time.
Chinas ZTE to build network for Telenor Hungary
HONG KONG/SHANGHAI: ZTE Corp, Chinas No 2 telecommunications equipment maker, will build a mobile network for the Hungarian unit of Norways Telenor ASA, its latest inroad into competitive European markets.
Short relief for plywood exporters
IT was a temporary relief for plywood exporters when South Korea decided to defer its anti-dumping duties on the products early this month thus reversing its earlier decision to slap punitive duties ranging from 5.11% to 33.81% on local plywood imports in July.
Malaysian planters urged to take cue from Sinar Mas case
JAKARTA: Malaysian palm oil producers should heed the case of Sinar Mas Group where claims of forest destruction committed by its palm oil unit, PT Smart, led international consumer companies, including Unilever, to stop buying palm oil from the company, said environmentalists.
Minor reshuffling at UEM Group
PETALING JAYA: A minor reshuffle of senior management at UEM Group Bhd is taking place but this could signal the beginning of more changes to come since group managing director Datuk Izzaddin Idris has ambitious targets for the group to achieve RM3bil net profit in five years time.
StanChart targets 200,000 with new service
PETALING JAYA: Standard Chartered Bank Malaysia Bhd (StanChart) is aiming to reach 200,000 customers in the emerging- or mass-affluent segment of the market within two years with the Standard Chartered Preferred Banking service.
Singapore July inflation up 3.1% on higher transport, housing costs
SINGAPORE: Higher transport, housing and food costs pushed Singapores consumer prices up by 3.1% in July from a year ago.
Euro zone recovery moderates slightly
LONDON: The euro zones economic recovery moderated only slightly in August and companies are more optimistic about the coming months despite a divergence in growth rates between countries, a survey showed yesterday.
SABMiller, Asahi eye Fosters
SYDNEY: Beverage giants SABMiller and Asahi Breweries are looking at Fosters Groups beer operations, valued at more than US$10bil, but have not yet made any formal offers, sources said.
India still undecided on Cairn oil assets
NEW DELHI: India says it is still undecided on whether to push for a state takeover of oil assets owned by Britains Cairn Energy, which mining group Vedanta is seeking to buy.
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