Asian markets rose on positive economic outlook
PETALING JAYA: Key Asian markets rose following the overnight higher closing at Wall Street. Sentiments were lifted when US manufacturing data for August rose more than expected, while Australias economy for the second quarter grew at the fastest pace at 1.2% and Chinas manufacturing activities showed a strong rebound.
BBC workers vote in favor of strikes
LONDON: BBC journalists have voted in favor of strike action in a dispute over pensions.
Canadian Bombardier reports weaker Q2 profits
TORONTO: Bombardier Inc., the world’s third-largest maker of civilian commercial aircraft, reported Wednesday a 27 percent drop in quarterly profit as an uncertain economy continues to hurt its business-jet division.
Spain halves deficit with painful austerity cuts
MADRID: Spain’s deficit is down sharply thanks to an unpopular cocktail of tax hikes and austerity cuts good news for a government fighting to ward off fears it might need a bailout like the one that saved Greece from bankruptcy.
Oil prices head higher on improved manufacturing
NEW YORK: Oil prices sailed higher Wednesday as improvement in the U.S. manufacturing industry eased some fears about the strength of the global recovery.
Manufacturing in US and aboard lifts economy
WASHINGTON: Manufacturing is growing in the United States and abroad, easing fears that the economy might be on the verge of a second recession.
Greenpeace wants Facebook center off coal fuel
AMSTERDAM: Greenpeace said about 500,000 Facebook users have urged the world’s largest online social network to abandon plans to buy electricity from a coal-based energy company for its new data center in the U.S.
Borders 2nd-quarter loss widens
NEW YORK: Borders Group Inc. reported a slightly larger loss in the second quarter and said it will sell more items besides books as it readies for the crucial holiday season.
Ex-Lehman CEO says regulators refused to save firm
WASHINGTON: The former chief of Lehman Brothers told a panel investigating the financial crisis that the Wall Street firm could have been rescued, but regulators refused to help even though they later bailed out other big banks.
ECB may raise projections, but not rates Thursday
BERLIN: The European Central Bank is set to leave interest rates untouched at 1 percent as it meets Thursday amid a still-uncertain global economic outlook, but may raise its 2010 growth projection for the eurozone.
Nigeria on cusp of ‘demographic disaster’
LAGOS, Nigeria: Nigeria could become the fifth most populous country in the world, teetering on the edge of a “demographic disaster” unless its stagnant economy rapidly expands to support its teeming youth population, according to a new report.
Apple refreshes iTunes software, updates iPods
SAN FRANCISCO: Users of Apple Inc.’s iTunes software will now be able to see what songs their friends are buying and where their favorite bands are playing next.
China requires ID to buy mobile phone numbers
BEIJING: China wants people who buy new cell phone numbers to register their personal details, joining many European and Asian countries in curbing the anonymous use of mobile technology.
World’s 2nd largest hamberger seller considers selling company
NEW YORK (AP) Shares of Burger King Holdings Inc., the world’s second largest hamburger seller after McDonald’s, soared nearly 17 percent Wednesday after published reports said the fast food chain was in talks to be acquired by a private equity firm.
Billionaire Buffett’s Berkshire in US$500mil bid for Wesco unit
OMAHA, Nebraska: Berkshire Hathaway Inc. has made a formal offer to buy the roughly 1.4 million shares it doesn’t already own of subsidiary Wesco Financial Corp.
US markets start September with a bang; Dow up 255
NEW YORK: The fear that has been hanging over markets for most of August lifted on Wednesday. For how long remains anyone’s guess.
Apple unveils new TV box for renting movies, shows
Banks to try and prevent speculation on property prices
PETALING JAYA: Bank Negara is engaging with banks on possible measures to curb excessive speculation on property prices while developers caution that it should not be imposed across the board to avoid dampening the property market.
Proper planning needed for Greater Kuala Lumpur
DURING my two-week break, my family took a short holiday to Port Dickson. The journey was pleasant but upon reaching the town after exiting the highway, I was greeted by a facade of cement and steel which was just a huge apartment project.
Samsung, NCSB win RM2.4bil oil terminal job
KUCHING: Samsung Engineering Co and its Malaysian partner, NCSB Engineering Sdn Bhd, have won the contract for the proposed US$776mil (RM2.42bil) Sabah Oil and Gas Terminal.
Selangor water issue still far from over
PETALING JAYA: Despite some form of commitment from parties involved in the restructuring of Selangor water sector recently, the issue is far from being resolved, analysts said.
Four joint ventures issued new takaful licences
PETALING JAYA: Several international organisations were among four joint venture companies that were issued new family takaful licences following the approval from the Finance Ministry, Bank Negara said yesterday.
Petronas to buy BP stakes in units for RM1.2bil
PETALING JAYA: Petroliam Nasional Bhd (Petronas) will acquire BPs 15% and 60% interests in Ethylene Malaysia Sdn Bhd (EMSB) and Polyethylene Malaysia Sdn Bhd (PEMSB) respectively for US$363mil (RM1.2bil) cash.
Taliworks’ plants upgrade to cost RM32m
KUALA LUMPUR: Taliworks Corp Bhd said the technical upgrading of its waste water treatment plants in Yinchuan City, China, is estimated to cost 70 million yuan (about RM32.4mil).
Amphenol to invest RM30mil more in Penang
BUKIT MERTAJAM: Amphenol TCS (M) Sdn Bhd will invest about RM30mil in Penang over the next two years to produce two top-speed connector models.
SapuraCrest wins RM420m oil jobs
PETALING JAYA: SapuraCrest Petroleum Bhd has been awarded RM420.35mil worth of contracts by Carigali Hess Operating Co Sdn Bhd, Carigali PTTEPI Operating Co Sdn Bhd and Seadrill UK Ltd.
Stock valuations not getting any cheaper
PETALING JAYA: Most leading Malaysian firms, led by the big banks, posted robust growth in profits in the three months ended June 30, with quite a few exceeding forecasts.
Remisiers unhappy over Unisem warrant cancellation
PETALING JAYA: Remisiers are still smarting over Bursa Securities cancellation of the trading in Unisem (M) Bhds newly listed warrants for nearly an hour on Monday afternoon.
Kenmark not seeking more time
PETALING JAYA: Troubled Kenmark Industrial Co (M) Bhd will not seek an extension of time for the issuance of the first-quarter ended June 30, 2010 results as relevant information from overseas subsidiaries is unobtainable.
Petra Perdana to issue rights
PETALING JAYA: Shareholders of Petra Perdana Bhd approved the companys proposed renounceable rights issue of 50 sen shares together with free detachable warrants at an EGM yesterday.
Swee Joo plunges over 50% on failure to provide solvency plan
KUCHING: Shipping firm Swee Joo Bhd, classified a PN17 company after it failed to provide a solvency declaration, succumbed to heavy selling pressure yesterday.
Support Line
K.M. Lee writes on Kulim, Vitrox and YTL Power.
Bank Islam posts 34% higher profit before zakat and tax
KUALA LUMPUR: Bank Islam Malaysia Bhd posted 34.3% higher profit before zakat and tax (PBZT) of RM313mil for the financial year ended June 2010 against the previous corresponding period.
Vivendi raises profit target on strong H1 results
PARIS: Europes largest telecom and entertainment group Vivendi raised its annual profit targets after posting first-half forecast-beating results, boosted by its new Brazilian telecoms unit and video games.
Sunway unit secures RM70m jobs
PETALING JAYA: Sunway Holdings Bhds wholly-owned unit, Sunway Construction Sdn Bhd, has secured two contracts worth RM69.88mil from Putrajaya Holdings Bhd for works within the Federal Government administrative centre.
EduCity projects target for completion by 2011
JOHOR BARU: Education@Iskandar Sdn Bhd (EISB) plans to complete the ongoing education-related projects and facilities at EduCity in Nusajaya, Iskandar Malaysia next year.
Hari Raya boost for vehicle sales in August
PETALING JAYA: Local automotive companies are optimistic that vehicle sales in August would be boosted by the Hari Raya holidays next week.
Ngs directorship at EON Cap uncertain
PETALING JAYA: Bank Negaras delay in approving the renewal of Ng Wing Fai as a director of EON Capital Bhd is due to the many events that had transpired at the company since May this year, industry observers reckon.
TMC Lifes managing director resigns
PETALING JAYA: TMC Life Sciences Bhd managing director (MD) and founder Datuk Dr Lee Soon Soo, a former substantial shareholder of the company, has resigned.
Linear appoints three directors
PETALING JAYA: Scandal-hit Linear Corp Bhd, a manufacturer of cooling systems which is under investigation by stock exchange regulators, has appointed three directors.
Aeon to bid for Carrefour ops in S-E Asia
TOKYO: Aeon Co Ltd, Japans second-largest retail group, will bid for the Thai, Malaysian and Singaporean operations of French retailer Carrefour, three sources familiar with the matter said.
Etiqa Takaful expects RM1.2m premium from SMS offerings
SHAH ALAM: Etiqa Takaful Bhd, which has tied up with DiGi.Com Bhd to offer Takaful offerings via SMS (short messaging service) activation, expects premium sales of RM1.2mil in the first year.
Green Packet aims to clinch 3 WiMAX deals
PETALING JAYA: Green Packet Bhd aims to secure two to three contracts worth about US$2.5mil (RM8mil) each by the year-end to supply WiMAX modems to operators in the Middle East and American continents.
Japanese firms keen on palm oil investments
KOTA KINABALU: Japanese companies are developing a heightened interest in the investment opportunities in Sabah and its surrounding territories.
Australia commodity prices scale record high
SYDNEY: The Reserve Bank of Australia’s (RBA) index of commodity prices hit its highest level on record in August, having climbed 53% in the previous 12 months, the central bank said yesterday.
Long-term separation of Asian-US economies happening, says economist
KUALA LUMPUR: Asia may see more decoupling from the United States in future due to increased integration of previously separated economies such as Latin America, sub-Saharan Africa, the Middle East and Asia itself, said HSBC Bank plc group chief economist Stephen King.
Central bank: S. Korea exports slowing but on course
SEOUL: South Korean exports hit a five-month low in August as the world economy cooled, but an expected pick up in inflation will likely prompt the central bank to raise interest rates as early as next week.
Australia GDP grows at fastest pace in 3 years
SYDNEY: Australias economy grew at the fastest pace in three years last quarter as households spent far more than expected while exports enjoyed an Asian-driven boom, reviving the risk of a further rise in interest rates.
Global FX trade jumps to US$4 trillion a day
LONDON: Trade on global currency markets has jumped by a fifth over the past three years to US$4 trillion a day, roughly equal to the annual economic output of Germany, a major central bank survey showed on Wednesday.
Fed support only if outlook worsens
WASHINGTON: The outlook for the US economy would have to deteriorate appreciably to spur fresh support from the Federal Reserve, minutes of the central banks last policy meeting released on Tuesday said.
US turns down China currency probes in two cases
WASHINGTON: The US Commerce Department decided on Tuesday not to investigate whether China subsidises exports to the US by undervaluing its currency, prompting renewed calls for Congress to act on the issue.
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