Allianz Malaysia targets RM3b in gross written premium
KUALA LUMPUR (Bernama): Allianz Malaysia Bhd is aiming for a 15% growth to RM3bil this year from RM2.6bil in 2011 for gross written premiums in its life and general insurance segments……
Lipper: Funds fell 0.31% on average in April
Funds registered for sale in Malaysia fell 0.31% on average for April, their first month of reporting a negative return since November 2011, according to the Lipper Fund Market Insight Report……
SC chairman elected member of IOSCO board
The chairman of the Securities Commission (SC) Datuk Ranjit Ajit Singh has been elected as a member of the Board of the International Organisation of Securities Commissions (IOSCO)……
Won leads Asia FX slide on Spain, Greece; seen down more
SINGAPORE (Reuters): Emerging Asian countries weakened again on Friday as investors kept slashing risky assets due to worries about Spanish banks, and the South Korean won was on track for its worst week in eight months……
Key markets in the red, KLCI down 13pts at midday
All key regional markets were in a sea of red at midday on Friday, as worries in Europe and weakening US manufacturing sector continued to erode investors’ confidence……
Asia shares plunge on worries over Spain banks, growth
TOKYO (Reuters): Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid signs of growing instability among Spanish banks and political turmoil in Greece, with investors adding the latest weak U.S. data to the…..
CIMB Research maintains trading Buy on JCY, TP RM2.22
CIMB Equities Research is maintaining a trading buy on JCY International with a target price of RM2.22 from its current price of RM1.57……
Boustead, UAC suspended for corporate exercise
Trading in the securities of Boustead Holdings Bhd and its 65.21% subsidiary UAC Bhd has been voluntarily suspended from 9am on Friday until 5pm on Monday, May 21……
KLCI sharply lower in early trade
Blue chips fell in early trade on Friday, following growing worries about the health of Spain’s banks and the political turmoil in Greece, with key regional indices registering more than 2% in losses……
HDBSVR maintains Buy on APM, TP RM5.60
Hwang DBS Vickers Research said APM Automotive Bhd’s results for the first quarter were within expectations and maintained its Buy rating and target price of RM5.60……
MIDF Research revises TP for AMMB to RM6.60
MIDF Equities Research has revised AMMB Holdings Bhd target price to RM6.60 from RM6.50……
HDBSVR sees KLCI testing 1,530
Hwang DBS Vickers Research said the FBM KLCI, after staging a mild technical rebound on Thursday, could give back all its gains and more on Friday……
Facebook sets prices at top of range in landmark IPO
NEW YORK/SAN FRANCISCO: Facebook Inc priced its initial public offering at the top of its target range to raise more than US$16 billion, as strong demand, particularly from retail investors, fuels anticipation of a big pop in the stock when it begins…..
Asia shares fall steeply on worries over Spain banks, growth
TOKYO (Reuters): Asian shares fell steeply on Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for in…..
US, Asian, global stocks fall amid fears for Spanish banks, growth(update)
NEW YORK: World stocks fell for a fifth day and Brent oil prices dropped 2 percent on Thursday on concerns about the health of Spain’s banks and the prospect of Greece leaving the euro zone……
Contrasting fortunes for MAS, AirAsia
PETALING JAYA: It is going to be another quarter of losses for Malaysia Airlines (MAS) when it releases its first quarter 2012 results by month-end but its rival AirAsia Bhd will continue to grow its earnings amid rising jet fuel prices that is putti…..
EPF’s buyout portion in KFCH and QSR will be around RM1.26bil
KUALA LUMPUR: The Employees Provident Fund (EPF) says it is participating in the buyout of QSR Brands Bhd and KFC Holdings (M) Bhd (KFCH), alongside Johor Corp (JCorp) and private equity firm CVC Capital Partners……
Are consumers getting fair data deals?
LAST July Verizon Wireless of the United States dropped its US$30-a-month unlimited data plan for new customers……
Thai affiliate of AirAsia to raise RM443mil
BANGKOK: Asia Aviation Pcl, owner of the Thai affiliate of Malaysia-based budget carrier AirAsia Bhd , has set an IPO price of 3.7 baht (37 sen) a share to raise 4.5 billion baht (RM443mil) in the Thai market this month, sources close to the deal sai…..
KHSB, HK firm plan eco-development in Kuala Selangor
SHAH ALAM: Kumpulan Hartanah Selangor Bhd (KHSB) and Hong Kong-based Sun Lohas Group Ltd signed a memorandum of understanding (MOU) on the proposed eco-development concept of a 2,013ha land in Bestari Jaya, Kuala Selangor……
OUM to export programmes to China
KUCHING: Open University Malaysia (OUM) is targetting China and Zambia as the next destinations to expand its educational programmes after setting foot in seven countries in Asia and the Middle East……
IHH RM4.7bil dual listing in KL and S’pore in July
KUALA LUMPUR: The planned US$1.5bil (RM4.7bil) listing of Integrated Healthcare Holdings Sdn Bhd (IHH) is expected to debut on the Malaysian and Singapore bourses by the end of July, two sources with direct knowledge of the matter said……
Ho Hup gets leave to appeal in case watched by corporate world
PUTRAJAYA: The Federal Court has granted leave to Ho Hup Construction Co Bhd to appeal against the Court of Appeals decision on the development rights of over 60 acres of land in Bukit Jalil……
SapuraKencana closes lower in first-day trading
KUALA LUMPUR: Shares in SapuraKencana Petroleum Bhd finished 14 sen lower at RM2.10 in a higher broader market after the stock opened six sen higher over its reference price of RM2.24……
Crest proposes share placement
PETALING JAYA: Crest Builder Holdings Bhd has proposed a placement of 12.4 million new shares representing up to 10% of its issued and paid-up share capital……
Scomi exits Nigeria machine shop ops
KUALA LUMPUR: Scomi Group Bhd has entered into a conditional agreement with AOS Orwell Ltd for the disposal of its 100% equity interest in Scomi Nigeria Pte Ltd (SNPL) and 2% equity interest in Oiltools Africa Ltd (OAL) for a total US$39.8mil (RM123……
Formis buys 20% stake in Microlink
KUALA LUMPUR: Formis Resources Bhd said its unit Formis Holdings Bhd (FHB) has acquired a 20% stake in Microlink Solutions Bhd from Technology World Company for RM4.587mil cash……
AsiaEP becomes GN3 firm
PETALING JAYA: AsiaEP Resources Bhd said it has been classified as a Guidance Note 3 (GN3) company by Bursa Malaysia……
Offer for TMS ‘not fair but reasonable’, says adviser
PETALING JAYA: The minority shareholders of TSM Global Bhd have been advised by independent adviser TA Securities Holdings Bhd to accept the voluntary general offer (VG0) for their shares at RM1.25 each from the major shareholders……
CIMB: Tough for HLB to maximise value creation at present
DESPITE the enlarged loan base following the merger (with EON Capital Group), the groups loan loss provisioning (LLP) slumped by 62.5% year-on-year to only RM44.4mil in its nine-month financial year ended March 31, 2012 (9MFY12)……
Another record year for AmBank group
KUALA LUMPUR: AMMB Holdings Bhd grew its net profit by 12.5% year-on-year to RM1.51bil for the financial year ended March 31, 2012 and the banking group has attributed this to faster non-interest income growth……
Three Gas Msia shareholders to receive RM734mil
PETALING JAYA: The three major shareholders of Gas Malaysia Bhd will receive a total of RM734mil from the sale of their shares in the formers impending initial public offering (IPO)……
KJCF posts lower profit despite higher revenue
KUALA LUMPUR: Kian Joo Can Factory Bhds (KJCF) pre-tax profit for the first quarter ended March 31 fell to RM33.584mil from RM38.556mil a year earlier……
JCY profit soars on better deals
KUALA LUMPUR: JCY International Bhd has posted a 1,209% spike in its second-quarter ended March 31 net profit to RM163.09mil, compared with RM12.46mil a year earlier, fueled by better average selling price of its products, favourable exchange rates a…..
Toshiba aims to double operating profit
TOKYO: Japans Toshiba Corp said it aims to more than double its annual operating profit in three years to US$5.6bil, by expanding its social infrastructure business and boosting sales of electronics devices……
HSBC turnaround on target
HONG KONG: HSBC doubled the annual revenue boost expected from its turnaround plan to US$2bil, as Europes biggest bank targets emerging markets and cost cuts to lead its battle to recover from the financial crisis and cope with new regulations……
National Grid full-year profit up 5%, outlook positive
LONDON: National Grid, Britains biggest energy distributor, reported a 5% increase in full-year profit, in line with estimates, and said it was positive on its outlook for next year……
Amcorp Properties sells London flats
PETALING JAYA: Amcorp Properties Bhd is selling an apartment development in London, England for £9.3mil (RM46mil) to International Trading Group (Holding) SAL and Universal Distributors Holding SAL……
Bank Negara signs MoU with Turkey central bank
KUALA LUMPUR: Bank Negara has signed a memorandum of understanding (MoU) with Central Bank of Turkey to foster strategic cooperation between the two countries……
HLM Takaful names new chief
KUALA LUMPUR: Hong Leong MSIG Takaful Bhd (HLM Takaful) has appointed Mohd Fauzi Yaakub as its new chief executive officer (CEO)effective May 15. …..
Fajarbaru wins RM13.6mil contract
KUALA LUMPUR: Fajarbaru Builder Group Bhds (FBG) wholly owned subsidiary, Fajarbaru Builder Sdn Bhd has bagged a RM13.6mil contract from Malaysia Airports Holdings Bhd for the works on supply, installation, testing and commissioning of Visual Dockin…..
EWOC launches oil palm investment scheme
PETALING JAYA: East West One Consortium Bhd (EWOC) has launched an oil palm investment scheme that promises annual returns of between 8% to 10% over six to eight year periods……
Glencore tightens grip on global zinc market
LONDON: Commodity trader Glencore is tightening its grip on the global zinc market by moving material to inaccessible locations, forcing industrial users to pay high physical premiums for a metal that is in surplus. …..
Singapore growth lower than expected
SINGAPORE: Singapore said its economy grew 1.6% year-on-year in the first quarter, unchanged from its earlier estimate, confounding economists who had predicted an upward revision……
Spain in recession
MADRID: Spain officially slipped into recession in the first quarter, final figures confirmed yesterday, leaving the country threatened with a prolonged slump as the turmoil-wracked eurozone struggles to balance austerity with growth……
High funding costs threaten Spain’s robust exports
MADRID: Spain’s small and medium-sized exporters are struggling to compete with European rivals due to high borrowing costs, as fallout from the country’s banking crisis hurts one of the few bright spots in a contracting economy……
Japan economy rebounds in Q1
TOKYO: Japans economy bounced back in the first quarter from a year-end lull, powering ahead of other major industrial nations thanks to rebuilding of the tsunami-battered northeast, solid private spending and some improvement in exports……
Greece slides in political paralysis
ATHENS: Prolonged electoral uncertainty has put Greece into a state of deep freeze, meaning whoever finally emerges as the new leader will take over a country already falling behind on its promises to lenders……
Exports lift UK April car production
LONDON: British car production rose by 9.3% on the year in April, boosted by strong export demand, and suggesting the industry can provide some support to Britain’s flagging economy, data showed yesterday……
GM chooses UK plant for new Astra
LONDON: General Motors Co (GM) will build the next generation of its Astra compact in Britain after workers at its factory in Ellesmere Port, northwest England, overwhelmingly agreed to a new labour deal, leaving its plant in Bochum, Germany, in dang…..
China Q1 gold demand hits record
SINGAPORE: Chinas gold demand hit a record high in the first quarter on investor worries over inflation and property market curbs, the World Gold Council (WGC) said, bucking a lower trend in global consumption driven by higher gold prices……
BoJ may hold off boosting asset purchases
TOKYO: The Bank of Japan (BoJ) is expected to hold off on boosting asset purchases when it reviews policy next week, preferring instead to save ammunition as Europes deepening debt crisis could warrant action in coming months to fend off damage to t…..
Euromoney sees upside to euro woes
LONDON: Euromoney, the financial information arm of Daily Mail & General Trust, reported a 13% rise in first-half sales, boosted by acquisitions, and said it saw business opportunities in the eurozone crisis……
Greece needs growth as well as debt cuts – French PM
PARIS (Reuters) – Greece’s European partners took too long to help the country and the goal must now be to spur economic growth as well as cutting the debts of the euro zone country, French Prime Minister Jean-Marc Ayrault said on Friday……
G8 leaders look to head off euro zone crisis
WASHINGTON (Reuters) – Leaders of major industrial economies meet this weekend to try to head off a full-blown crisis in Europe where fears are growing that Greece could leave the euro zone bloc, threatening the future of the common currency……
Euro zone market turmoil to last 12-24 months: German finance minister
PARIS (Reuters) – German Finance Minister Wolfgang Schaeuble said on Friday that market turmoil surrounding the euro zone crisis could last another 12 to 24 months and he urged Greeks to decide whether they wished to stay in the single currency……
China second quarter GDP growth seen at 7.5%: Govt think-tank
BEIJING (Reuters) – China’s annual economic growth could slow to 7.5 percent in the second quarter, largely due to curbs on the property sector and headwinds from external demand, the State Information Center, a government think-tank, said in a repor…..
MF Global clients bash fat fees, seek quick wind-down
NEW YORK (Reuters) – The legal team winding down MF Global’s bankruptcy estate, led by former FBI director Louis Freeh, estimates the fees charged by the team and other professionals have reached nearly US$25 million since the bankruptcy was filed in…..
GE aims to double China JVs to around 56 in five years
HONG KONG (Reuters) – General Electric Co aims to double the number of joint ventures it has in China from the current 28 in roughly five years, its vice-chairman said on Friday…..
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