Oil rises above US$73 amid dollar weakness
NEW YORK: Oil prices rose for a second day Thursday after six straight days of declines, as the dollar fell and investors latched onto a government report that new requests for unemployment benefits fell sharply last week.
US stocks down, Europe up, Asia mixed
NEW YORK: Stocks fell Thursday after early gains from a better report on jobless claims faded. The Dow Jones industrial average closed below 10,000 for the first time since early July.
Billionaire Buffett’s company offers US$500mil to buy rest of Wesco unit
OMAHA, Nebraska: Warren Buffett’s company said Thursday it will offer to buy the roughly 1.4 million shares it doesn’t already own of its subsidiary Wesco Financial Corp., and the news sent Wesco’s stock soaring 12 percent.
Toyota recalls 1.33 million Corollas, Matrixes
CDRC to revamp RM2.2bil debts
KUALA LUMPUR: The revived Corporate Debt Restructuring Committee (CDRC) has agreed to help restructure RM2.19bil of debts from 13 applicants.
Genting profit soars a whopping 244.6%
PETALING JAYA: Genting Bhd posted a whopping 244.6% jump in net profit for its second quarter ended June 30 to RM739.2mil compared with RM214.5mil in the same quarter a year ago.
New LCC terminal may have aerobridges
PETALING JAYA: Aerobridges may be a feature at the countrys new low-cost carrier terminal (LCCT) for which the ground breaking is slated for Monday.
TNB proposes 1-for-4 bonus issue
PETALING JAYA: Tenaga Nasional Bhd (TNB) is proposing to issue up to 1.12 billion new shares in a one-for-four bonus issue as well as to increase the authorised share capital to RM10bil comprising 10 billion shares from RM5bil currently to accommodate the bonus issue.
Telco: ’1Gbps is speed that you can hardly fathom … it is like having a billion dollars.
TAN Sri Syed Yusof Syed Nasirs entry into the telecoms sector raised some eyebrows recently.
Sime to revamp businesses into six flagship subsidiaries
KUALA LUMPUR: Sime Darby Bhd plans to revamp the groups sprawling businesses into six flagship subsidiaries, each with its own board of directors and committees, in a bid to improve oversight after the conglomerate reported a second quarter of straight losses on cost overruns.
Omitera inks RM112.5mil project with Andhra Pradesh
MELAKA: Omitera Holding Sdn Bhd has signed an agreement with Andhra Pradesh state of India for the supply and installation of the automatic meter reading (AMR) system for water billing and collection.
Affin and BEA form strategic partnership
KUALA LUMPUR: Affin Holdings Bhd (AHB) and The Bank of East Asia Ltd, Hong Kong (BEA) have formally established a partnership to jointly develop business in China, Hong Kong, Malaysia and other key markets where they both operate.
Malaysia to woo more European firms
KUALA LUMPUR: Malaysia will take advantage of the setbacks in the European economy to attract companies to relocate to the country, said Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir.
Bursa to delist Mangotone
PETALING JAYA: Mangotone Group Bhd said Bursa Malaysia Securities will delist its securities on Sept 8 unless an appeal is submitted on or before Sept 3. It also announced that trading in the securities of the company would be suspended with effect from Sept 6.
F&N buys 23% stake in Cocoaland for RM54m
KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N) is acquiring a 23.08% stake, or 39.6 million shares, in Cocoaland Holdings Bhd for RM54.6mil cash, or RM1.38 per share, to strengthen and accelerate the development of its existing food and beverage (F&B) portfolio.
DRB-HICOM sees surge in first-quarter net profit
PETALING JAYA: DRB-HICOM Bhds net profit for the first quarter ended June 30 surged 230% to RM157.78mil compared with RM47.67mil in the same period a year ago.
Kenmark unable to issue Q1 results
PETALING JAYA: Kenmark Industrial Co (M) Bhd will not be able to issue the first quarter (Q1) financial results ended June 30, 2010 on time, the company told Bursa Malaysia.
CIMB Group Q2 profit up 34% to RM890mil
KUALA LUMPUR: CIMB Group Holdings Bhd posted its best three- and six-month performance when it announced its second quarter results to June 30 on the back of a strong rebound in corporate and investment banking, a surge in contribution from PT Bank CIMB Niaga and drop in loan loss provisions.
Sime posts Q4 loss after RM777m provisions
KUALA LUMPUR: Sime Darby Bhd posted a loss of RM77.4mil for the three months ended June 30, the groups second straight quarter of losses, after it set aside a further RM777.3mil for potential losses on projects under its energy and utility division.
Pantech: New plant will raise manufacturing revenue
KUALA LUMPUR: Pantech Group Holdings Bhd, a pipes, fitting and flow-control products manufacturer, expects its manufacturing division revenue to increase by 50% when its new plant in Pasir Gudang, Johor, commences operation by year-end.
MPHB Q2 net profit down 53%
PETALING JAYA: Multi-Purpose Holdings Bhd (MPHB) reported a 53% year-on-year drop in net profit to RM60.1mil in the second quarter ended June 30, 2010 mainly due to the exceptional gains of RM74.6mil in the previous corresponding quarter from the disposal of quoted investments and dividend income.
Improved pricing boosts CCM
PETALING JAYA: Chemical Co of Malaysia Bhd (CCM) announced a net profit of RM1.99mil for the second quarter ended June 30, a turnaround from a net loss of RM1.76mil in the previous corresponding period, due to better metal pricing, lower overhead costs, lower provision for doubtful debts, and higher share of associated companies results in the chemicals division.
Zelan looks for steady concession income
KUALA LUMPUR: Engineering and construction group Zelan Bhd will focus on projects with concessions, such as the Gombak Integrated Transport Terminal (GITT) project, as the company looks for a steady income stream, said company director Datuk Hasni Harun.
Supermax Q2 profit bounces 78% on strong demand for rubber gloves
PETALING JAYA: Supermax Corp Bhd registered a net profit of RM45.9mil for the second quarter ended June 30, 77.9% higher compared with the RM25.8mil posted a year ago, driven by revenue growth and cost savings from higher efficiency and productivity from improved processes and refurbished lines.
XiDeLang shows strong H1 performance, to pay higher dividend
KUALA LUMPUR: Sport shoes and apparel company, XiDeLang Holdings Ltd, has shown strong results in the first half and is announcing its maiden dividend to shareholders since its listing late last year.
Slow BOC Q2 profit growth
SHANGHAI: Bank of China posted its slowest quarterly growth in a year as the benefit of last years lending binge wanes, while Chinese lenders face new uncertainties as Beijing seeks to cool the economy.
Olympia aborts sale of flagship building
PETALING JAYA: Olympia Industries Bhd has decided to abort the proposed disposal of its flagship corporate building Menara Olympia in Kuala Lumpur to Jelita Timur Sdn Bhd.
No fee for unilateral wad currency hedging
PETALING JAYA: Islamic financial institutions can enter into forward foreign currency transactions for hedging purposes based on unilateral wad (promise) but no fee is to be charged on the promisee, according to Bank Negaras Syariah Advisory Council.
Axiata CFO to quit in November
KUALA LUMPUR: Axiata Group Bhd said its group chief financial officer Datuk Yusof Annuar Yaacob will be leaving at the end of November. Yusof will join Goldman Sachs as managing director and chairman of Goldman Sachs Corporate Finance Malaysia. Reuters
Spore casinos likely to contribute S$2b yearly
SINGAPORE: Revenues from two new casino-resorts can contribute as much as S$2bil annually to Singapores economy, which is expected by the government to grow by up to 15% this year, according to DBS Bank.
Australian Q2 investment lower
SYDNEY: Australian business investment unexpectedly fell last quarter as weakness in consumer-exposed sectors overshadowed strength in mining and manufacturing, suggesting the economy was not quite as hot as hoped.
Japan set to draft fresh stimulus
TOKYO: Japan will prepare an outline of fresh economic stimulus measures as soon as possible amid reports that a plan may be ready by the end of the month.
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