Asian markets mixed, KLCI up on UMW’s gains
Key regional markets were mixed at midday on Wednesday as investors worried about the slowing global growth while at Bursa Malaysia, heavyweights Tenaga, TM and UMW underpinned the FBM KLCI……
Public Mutual declares distributions for 10 funds
Public Mutual Bhd has declared gross distributions for 10 of its funds ranging from 0.5 sen to 5.25 sen for the financial year ended July 31, 2012……
Alliance Research maintains Overweight on banking sector
Alliance Research is maintaining its Overweight outlook on the banking sector with Hong Leong Bank its top pick for the sector and Affin Holdings for mid-cap exposure……
Lafarge advances on cement price hike
Shares of Lafarge Cement rose to a high of RM8.20 on Wednesday on news that it had raised cement prices by about 6%……
China HSBC PMI hits 49.3 in July, output rosier
BEIJING: A contraction in China’s factory sector activity eased in July as output picked up for the first time in five months even as orders stayed under pressure, a survey showed on Wednesday……
Blue chips reverse losses, UMW, PetGas lift
Blue chips reversed their early losses on Wednesday, as mild buying of key stocks liked UMW and Petronas Gas helped the FBM KLCI start August on a firmer note……
Amcorp Properties’ RM117.6m London property JV
Amcorp Properties Bhd is teaming up to purchase a freehold property in London, which would see it investing £23.75mil (RM117.6mil) for its share……
Patimas tumbles on unresolved accounting, audit queries (Update)
Shares of Patimas Computers Bhd tumbled on Wednesday after it delayed the issuance of the annual audited financial statements (AAFS) and also removed the financial functions of the executive directors……
Kenanga Research maintains Outperform on Naim Holdings
Kenanga Investment Bank Research is maintaining its Outperform recommendation on Naim Holdings Bhd due to the attractive upside (+66%) to its target price of RM2.94……
Manchester United fans group slams Glazers’ IPO plan
LONDON: A group of Manchester United fans accused the American Glazer family of milking the English Premier League football team for cash after IPO terms revealed they planned to take half of the proceeds of its flotation……
GLOBAL MARKETS-Stocks dip as markets hedge bets ahead of US Fed, ECB
NEW YORK: U.S. stocks fell on Tuesday while European shares snapped a three-day winning streak and oil slipped on fear that central banks may not deliver enough stimulus to quell concerns about a global slowdown……
RHB Research upgrades Lafarge FV to RM9.05
RHB Research Institute has raised the fair value for Lafarge Cement by 23% from RM7.34 to RM9.05 and upgraded it to an Outperform from Market Perform……
Shares fall as stimulus hopes fade, eyes on China PMI
TOKYO: Asian shares fell on Wednesday after four days of gains, as expectations of stimulus action this week by the U.S. Federal Reserve and the European Central Bank fade, and following signs of deepening Asian economic stress……
Google delays widely-panned “”Nexus Q”" orb gadget
SAN FRANCISCO: Google Inc is postponing the launch of the Nexus Q, the Internet giant’s first self-designed and marketed consumer electronics device, in a smudge on its budding hardware credentials……
Microsoft revamps Hotmail as social-friendly Outlook
SEATTLE: Microsoft Corp unveiled a revamped, Facebook-friendly version of its free, online email service on Tuesday in an attempt to reverse market share losses to Google Inc’s fast-growing Gmail……
New Govt action plan for crude palm oil
PETALING JAYA: Plantation companies with crude palm oil (CPO) export licence will soon be issued with an additional two million tonnes of duty-free CPO export quota by the Government, said an industry source……
AirAsia acquisition of Batavia Air flies into turbulence, regulator threatens to annul deal
JAKARTA: The Business Competition Supervisory Commission (KPPU) is demanding full disclosure from Malaysia-based AirAsia Bhd and PT Fersindo Nusaperkasa on their plan to acquire a controlling stake in Metro Batavia, the owner of Batavia Air, in a tra…..
Can there be a time when too much disclosure is bad for the market?
CAN there ever be a time when too much disclosure is bad for the market? One instance where that question crops up every now and then relates to companies that disclose indicative takeover prices……
Eight companies will fight for digital terrestrial television contract
PETALING JAYA: Only eight out of the 60 companies that collected tender documents for the digital terrestrial television (DTTB) infrastructure build-up submitted their bids at the close of the tender last week, according to sources……
Risda eyes Bursa listing
KUALA LUMPUR: The Rubber Industry Smallholders Development Authority (Risda) is reportedly eyeing an initial public offering but will have to get approval from the Government on the move due to the differing ownership structure of the land compared w…..
Rehabilitation of the Klang River and Gombak River jobs on schedule
KUALA LUMPUR: The 14 packages of the River of Life project worth RM400mil are expected to be completed by October next year……
Kiswire to inject RM1.8bil to bolster M’sian operations
JOHOR BARU: Kiswire Malaysia, a division of South Korea’s major steel wire producer Kiswire Ltd, will inject RM1.8bil in fresh investments in Johor as it embarks on a mission to turn Malaysia into a production hub for high-carbon steel wire pro…..
George Kent-Lion Pacific JV gets LRT extension job
PETALING JAYA: The Ampang light rail transit (LRT) line extension project has been awarded to a joint venture between George Kent (M) Bhd and Lion Pacific Sdn Bhd……
MRCB-Nusa link stirs excitement
PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) is being linked with a major property takeover deal, management changes and a RM1bil infrastructure deal although the company itself is tight-lipped about its recent news flow……
All hot over costlier cement
THE usually staid cement industry got a bit hot under the collar recently when rumours surfaced of a hike in prices that will, in fact, take effect today……
Silk Holdings gets Petrofac job
PETALING JAYA: Silk Holdings Bhd has secured a RM24mil contract from Petrofac (Malaysia-PM304) Ltd, to provide an anchor-handling tug supply vessel……
Muhibbah’s Islamic bonds rating reaffirmed
PETALING JAYA: RAM Ratings has reaffirmed the AAA(s) rating of Muhibbah Engineering (M) Bhd’s RM130mil Islamic bonds……
Bandar Raya Developments’ share price hits 4-year high
PETALING JAYA: Bandar Raya Developments Bhd (BRDB) shares reached the highest level in almost four years following announcement that its major shareholder may offer to buy out the company at RM2.90 per share and RM1.80 per warrant……
Mixed response to move for trading venue for unlisted firms
PETALING JAYA: The move to start a trading venue for unlisted firms to raise funds has brought mixed response from industry players……
EcoFirst gains from revaluation
PETALING JAYA: EcoFirst Consolidated Bhd sees a gain of RM22.4mil from the revaluation of 1Segamat Mall. This translates to a 3.45 sen increase in assets per share to 19.85 sen……
Key West fails to submit report
PETALING JAYA: Key West Global Telecommunications Bhd has failed to submit its annual report for the financial year ended Jan 31, 2012 to Bursa Malaysia……
Biosis gets query for unusual activity
PETALING JAYA: Biosis Group Bhd, has been issued with an unusual market activity (UMA) query by the stock market regulator yesterday after sharp spike of share price and trading volume recently ……
Ex-director sues Silver Bird
PETALING JAYA: Silver Bird Group Bhd has been served a writ of summons by former executive director Ching Siew Cheong via the Kuala Lumpur High Court. Ching was suspended on April 30 after the company’s AGM……
Gas Malaysia stable, profitable
GAS Malaysia Bhd principally sells, markets and distributes natural gas in Peninsular Malaysia. It acts as the last mile operator to industrial, commercial and residential consumers who use initially 2 million std cu ft day (mmscfd) of gas and belo…..
AQRS shines despite weak market
KUALA LUMPUR: Construction firm Gabungan AQRS Bhd, which made its debut on the Main Market of Bursa Malaysia, closed up 4 sen to RM1.22 despite a marginal drop in the local bourses benchmark FBM KLCI……
Kenanga gets approval to buy ECM
PETALING JAYA: Shareholders of K&N Kenanga Holdings Bhd (Kenanga Holdings) have approved the acquisition of ECM Libra Investment Bank Bhd (ECM IB) through its wholly owned subsidiary, Kenanga Investment Bank Bhd……
Singapore”"s GIC returns hold steady
SINGAPORE: Sovereign wealth fund Government of Singapore Investment Corp (GIC) said its long-term returns held steady in the year to March but it had changed its investment mix amid fears of greater volatility ahead……
Bintai revises net profit
PETALING JAYA: Bintai Kinden Corp Bhd has made a huge adjustment to its audited net profit after tax for the financial year ended March 31, 2012 after recording an additional impairment loss on receivables of RM26.6mil……
Khazanah invests RM115mil in theme park in Nusajaya
PETALING JAYA: Themed Attractions and Resorts Sdn Bhd (TAR), a wholly-owned subsidiary of Khazanah Nasional Bhd, has invested RM115mil into its Puteri Harbour Family Theme Park in Nusajaya, Johor……
AmMutual open to more REIT buys
KUALA LUMPUR: AmMutual, which is positive on the Asia-Pacific real estate investment trusts (REITs) market, is keeping its options open on buying more REITs in the region, but much will depend, among others, on the liberalisation of a countrys REIT…..
Aussie home approvals in June surprisingly strong
SYDNEY: Approvals to build new homes in Australia were surprisingly strong in June as the multi-unit sector continued to revive, a welcome sign of coming activity in what had been one of the softest areas of the economy……
Real estate back in favour
LONDON: Treated by many as a pariah after the US subprime collapse triggered the 2007 global financial crisis, real estate is increasingly bouncing back with insurance, pension and sovereign wealth funds……
Banks still well-capitalised
PETALING JAYA: The banking system remained well-capitalised in June with a risk-weighted capital ratio and core capital ratio of 14.7% and 12.9% respectively……
Local, regional banks to continue expansion
PETALING JAYA: Expansion of banks in Singapore, Hong Kong, and Malaysia are likely to continue over the next few years, said Standard & Poors Rating Services (S&P). This is to take advantage of higher yields and the growth potential in emergi…..
Bond gains prop up Japan banks amid weak loan growth
TOKYO: Japan’s top banks continued to suffer weak loan demand at home in their financial first quarter and remained heavily dependent on Japanese government bond trading gains amid a worsening outlook for the global economy……
Indian central bank holds rates steady
MUMBAI: Indias central bank left interest rates unchanged for the second straight review, showing that bringing down stubbornly high inflation is its top priority even as economic conditions deteriorate……
MD: Yinson will bid for more Vietnam O&G jobs
JOHOR BARU: Yinson Holdings Bhd will continue to bid for new contracts in the Vietnamese oil and gas (O&G) sector despite having RM3.5bil in book orders there……
Eurozone jobless rate at record 11.2% in June
BRUSSELS: Unemployment across the recession-hit eurozone was a record 11.2% in June, with more jobs lost in the single currency area, official data show……
Macau govt probes Sands over document transfer to U.S
HONG KONG/LOS ANGELES: The Macau government has launched an official investigation into Sands China, owned by billionaire Sheldon Adelson, after the company transferred documents linked to a wrongful dismissal case to the United States from Macau……
China big city spenders confound global gloom
BEIJING: Consumer optimism in China’s biggest cities rose to its highest in nearly three years in the second quarter of 2012 even as global economic gloom knocked the national average down from a more than six-year high, a survey showed on Wednesday……
China labors, Asian exporters struggle
BEIJING: Asia’s powerhouse manufacturing centers suffered weak export orders and declining output in July, surveys of purchasing managers showed on Wednesday, as misery wrought by the euro zone debt crisis poured pessimism over the region……
Australian finance minister’s economic hero? Springsteen, not Keynes
CANBERRA: Anyone looking for early signs of distress in an economy should forget John Maynard Keynes or Milton Friedman and listen instead to Bruce Springsteen……
Record joblessness in euro zone; hope fades for quick ECB cure
ROME/FRANKFURT: Joblessness in the euro zone hit on Tuesday its highest level since the single currency was born, a further sign of economic desperation as hopes erode that the bloc will be saved by its central bank this week……
Fed to signal more easing but stop short of big steps
WASHINGTON: The Federal Reserve is likely to show on Wednesday that it is ready to act against a weakening U.S. economy but stop short of aggressive measures for now……
U.S. raises pressure for euro zone crisis action
FRANKFURT/HELSINKI: The United States raised pressure on euro zone leaders to take decisive action to solve the region’s debt crisis, notably by lowering troubled members’ borrowing costs, on the eve of a crucial European Central Bank meeting…..
Thai July inflation up but interest rates to stay low
BANGKOK: Thailand’s inflation rate of 2.73 percent in July was higher than forecast but still gives the central bank room to hold rates or cut them if necessary to support the economy, which is recovering from last year’s floods but now faces global …..
Indonesian June exports post biggest drop since 2009, CPI picks up
JAKARTA: Indonesia’s June exports saw their biggest drop in nearly three years on softer Chinese demand, causing the trade deficit to widen to its biggest in more than a decade and adding to investor worries about the rupiah……
World Bank to help Myanmar clear arrears
YANGON: The World Bank will provide a restructuring loan to help Myanmar clear US$397 million in arrears by January, a senior official said on Wednesday, as the Washingtonbased development bank opened an office in the country and prepared to step up …..
Shanghai shares close up 0.9%, lifted by regulator’s buyback call
Shanghai: Sshares outperformed peers on Wednesday and bounced up from a 41-month low the previous day, boosted by comments by an official of the country’s securities regulator encouraging companies with strong capital to buy back shares……
Australia shares snap 4-day winning run; BHP leads fall
SYDNEY: Australian shares snapped a fourday winning streak to end 0.15 percent lower on Wednesday, pulled down by miners as weakerthanexpected economic data in China, a key consumer of Australian resources, hurt sentiment……
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