• Economy  |  JULY 30, 2015 10:55 PM

    Cameron invites investors to invest in Northern England

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    British Prime Minister David Cameron invites Malaysian investors to explore the enormous investment opportunities elsewhere in Britain, particularly the northern side. He said northern England, with a population of 70 million and has over 600,000 businesses, is a driving force of the UK …

  • Economy  |  JULY 30, 2015 10:49 PM

    Tiny Monaco plans expansion with RM4.2 bil platform

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    The tiny principality of Monaco plans to expand its territory further into the sea by building a 6ha (15-acre) neighbourhood over a 1-billion-euro (RM4.2 billion) platform to be built by France’s Bouygues over the next 10 years. Monaco, the principality best known …

  • Corporate  |  JULY 30, 2015 10:39 PM

    ‘M’sia ideal location for setting up regional offices’

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    Malaysia remains an ideal location for foreign investors to set up regional office, thanks to its strong and diversified base across multiple industries, says Malaysian Investment Development Authority (Mida) chairman Amirsham Abdul Aziz. As at first quarter of this year, Mida has approved …

  • Corporate  |  JULY 30, 2015 10:30 PM

    KTMB may partner airlines to boost ETS connectivity

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    Keretapi Tanah Melayu Bhd (KTMB) is looking at collaborating with regional and local low-cost airlines flying to the northern region towards improving its KL-Padang Besar Electric Train Service (ETS) connectivity. President Lt Kol (Rtd) Sarbini Tijan said KTMB would offer door-to-door service to airline …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 10:19 PM

    MTES approves applications related to Langat 2

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    The Selangor Economic Action Council (MTES) has approved several applications made by agencies and local authorities to ensure the smooth implementation of Langat 2 water project. Menteri Besar Mohamed Azmin Ali said the approval involved planning permission and construction work …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 10:09 PM

    New AG in the dark about ‘charge sheet’ against PM

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    Newly appointed attorney-general (AG) Mohamed Apandi Ali is in the dark regarding a purported draft of a charge sheet prepared by his predecessor against Prime Minister Najib Abdul Razak. “I don’t know anything about the report so I cannot comment, …

  • Corporate & World Biz  |  JULY 30, 2015 8:50 PM

    Maybank’s BII posts 13.9% rise in 1H Patami

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    PT Bank Internasional Indonesia Tbk (BII) announces its profit after tax and minority interest (Patami) increased 13.9% to 388 billion rupiah (RM108.63 million) for the first half year ended June 30, 2015 from 341 billion rupiah in the same period in 2014 despite the macroeconomic …

  • Corporate  |  JULY 30, 2015 8:15 PM

    MCMC to introduce star-rating system for telcos

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    The Malaysian Communications and Multimedia Commission (MCMC) will introduce star-rating system for telcos to ensure that the telcos would provide better service to their customers. Deputy Communications and Multimedia Minister Jailani Johari said it is similar to the star-rating system for hotels, as …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 8:04 PM

    With or without Gani, MACC vows to complete probe

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    The Malaysian Anti-Corruption Commission (MACC) vows to complete its investigation even in the absence of Abdul Gani Patail as attorney-general. “In the case of (former 1MDB subsidiary) SRC International Sdn Bhd, with or without the special task force (probing 1Malaysia Development …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 7:54 PM

    Ciggie minimum price at RM9 from Aug 1

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    Beginning this Saturday (Aug 1), the minimum price of cigarettes will be increased from RM7 to RM9 a packet, Health Minister Dr S Subramaniam announces. He said the decision was made at a meeting of the Steering Committee for the Framework Convention …

  • Corporate  |  JULY 30, 2015 7:46 PM

    Khazanah to set up London office

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    Malaysia’s state investor Khazanah Nasional Bhd says its wholly-owned unit Khazanah Europe Investments will set up an office in London this year. The opening of the office, to be operational by the third quarter of 2015, will help deepen Khazanah’s exposure …

  • Singapore  |  JULY 30, 2015 7:42 PM

    Neptune Orient logs first profit after six quarters

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    Singapore’s Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. “The group’s container shipping business continued to face a …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 7:38 PM

    MACC: Our officers not part of topple govt plot

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    The Malaysian Anti-Corruption Commission (MACC) denies its senior officers are involved in a plot to topple the government. Responding to statements published in blogs, MACC described the allegation as false and baseless. “The action taken by MACC senior officers is clearly …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 7:04 PM

    Najib says plane debris sent to France

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    Malaysia’s Prime Minister Najib Abdul Razak says Thursday that plane debris washed up on Reunion island in the Indian Ocean is “very likely” from a Boeing 777, and will be shipped to French authorities in Toulouse to verify if it came …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 6:55 PM

    TNB 3Q revenue, profits fall

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    Tenaga Nasional Bhd (TNB) saw its revenue and profit before tax for the third quarter ended May 31, 2015 fall by 13.86% to RM11.5 billion and 60.7% to RM734.9 million respectively, compared to the previous corresponding quarter. In a filing …

  • World Biz  |  JULY 30, 2015 6:48 PM

    Tourism boom drives Japan to convert offices into hotels

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    Record tourists to Japan are stretching the ability of hotels to accommodate them in a sector constrained by high costs, forcing developers to think out of the box for means to quickly increase lodging options without breaking the bank. Japan …

  • Economy  |  JULY 30, 2015 6:40 PM

    Tsipras suggests referendum to overcome split in Syriza

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    Greek Prime Minister Alexis Tsipras calls for his Syriza party to hold an emergency congress next month to overcome divisions but says a snap party referendum would be acceptable if leftist dissenters wanted a quicker solution. In a speech to Syriza’s …

  • Featured and Exclusive, Finance, Markets  |  JULY 30, 2015 6:20 PM

    Bank Negara grips ringgit tightly as troubles mount

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    Protecting the ringgit from political fallout out may end up costing Malaysia more than any bailout for the debt-ridden 1Malaysia Development Bhd (1MDB) state fund, given the rate at which the central bank has been using its reserves in recent …

  • Corporate  |  JULY 30, 2015 6:06 PM

    MAHB posts RM1.68 mil pre-tax profit in 2Q

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    Malaysia Airports Holdings Bhd (MAHB) has posted a pre-tax profit of RM1.68 million for the second quarter ended June 30, 2015 from a pre-tax loss of RM37.73 million recorded in the same period last year. Revenue was lower at RM939.96 million from RM1.18 …

  • Commodities  |  JULY 30, 2015 6:03 PM

    Rubber market ends mixed

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    The Malaysian rubber market closed mixed for the second consecutive day today in quiet trading on mild interest amid a weaker ringgit against the US dollar, dealers say. The local currency closed at 3.8150 against the greenback from 3.8095 on Wednesday. A dealer …

  • Singapore  |  JULY 30, 2015 5:58 PM

    S’pore unemployment rises as job growth slows

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    Singapore’s employment grew at a moderate pace, while unemployment edged up slightly amid softer economic conditions, according to the Manpower Ministry (MOM). Key preliminary findings from the “Employment Situation, Second Quarter 2015” report released by the Manpower Research and Statistics Department, MOM showed a …

  • Markets  |  JULY 30, 2015 5:47 PM

    KL shares close almost flat

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    Bursa Malaysia ended almost flat today after a flurry of last-minute selling erased some of earlier gains, dealers say. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.93 point to 1,699.92 after fluctuating between 1,695.66 and 1,706.26 throughout the day. …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 5:41 PM

    Lloyd’s to apply for reinsurance licence in M’sia

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    Specialist insurance market Lloyd’s of London says it plans to apply for an onshore reinsurance licence in Malaysia, as part of its push into emerging markets. Lloyd’s has a strategy to expand into developing markets, where insurance typically has low penetration …

  • Markets  |  JULY 30, 2015 5:32 PM

    Ringgit ends weaker against US dollar

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    The ringgit has erased yesterday’s gains to end lower against the US dollar, in line with most emerging Asian currencies. At 5pm, the ringgit was quoted at 3.8150/8170 against the US dollar from 3.8095/8125 recorded on Wednesday. A dealer said investors’ interest …

  • Featured and Exclusive & Finance  |  JULY 30, 2015 5:24 PM

    Amount of ETF shares being traded surpasses US GDP

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    Everyone is talking about how exchange-traded funds (ETFs) have now overtaken hedge funds in terms of total assets. That’s small change compared with how much ETFs trade nowadays. In the past 12 months investors traded US$18.2 trillion (RM69.2 trillion) worth of ETF shares, according to …

  • Corporate  |  JULY 30, 2015 5:12 PM

    M’sians believe telcos most vulnerable to data breaches

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    Latest research reveals that Malaysians believe telcos are most vulnerable to the breach of the consumer’s personal data over the next 12 months as compared to many other organisations. The research was carried out by Unisys Corporation via Unisys Security Insights. In Malaysia, it was conducted …

  • Corporate  |  JULY 30, 2015 5:06 PM

    Sunway Hotels & Resorts teams up with AirAsia BIG

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    Sunway Hotels & Resorts teams up with AirAsia BIG to enable members of AirAsia BIG loyalty programme to earn BIG points when they book rooms with Sunway Hotels & Resorts in Malaysia, Cambodia, and Vietnam. In a statement today, Sunway Hotels said the …

  • World Biz  |  JULY 30, 2015 4:50 PM

    Zuckerberg asks Wall Street for patience

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    Patience is a rare investor virtue. Mark Zuckerberg thinks he has the track record to ask for it. Facebook Inc had just reported second-quarter revenue on Wednesday that beat analysts’ estimates, and on a conference call some of the same …

  • Corporate & World Biz  |  JULY 30, 2015 4:39 PM

    China-Asean trade sees strong growth

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    Trade and investment relations between China and the Association of Southeast Asian Nations (Asean have grown significantly, Vietnam News Agency (VNA) reported Chinese Deputy Minister of Commerce Gao Yan as saying on Wednesday. Speaking at the press briefing on the 12th China-Asean Expo, …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 4:31 PM

    BNM denies rumours of Zeti’s resignation

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    Malaysia’s central bank denies rumours circulating in local media and financial markets that its governor Zeti Akhtar Aziz has resigned. When asked to comment on the the rumour, a central bank spokesperson said: “This is not true.” On Tuesday, the government …

  • World Biz  |  JULY 30, 2015 4:04 PM

    Deutsche Bank profit jumps on surge in trading revenue

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    Deutsche Bank AG, which runs Europe’s biggest investment bank, said second-quarter profit more than tripled after a surge in trading revenue more than offset higher legal expenses. The stock rose 3%. Net income was 796 million euros (RM3.3 billion), up …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 3:44 PM

    Zeti heart attack claim false, says Bank Negara

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    Bank Negara Malaysia (BNM) has denied claims its governor Zeti Akhtar Aziz suffered a heart attack, according to Astro Awani. A spokesperson from the central bank’s corporate communication department dismissed the claim that Zeti is now hospitalised. The spokesperson said …

  • Markets  |  JULY 30, 2015 3:30 PM

    KL shares remain higher at mid-afternoon

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    Shares on Bursa Malaysia remained higher at mid-afternoon today lifted by gains on selected key heavyweights. At 3 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.84 points higher at 1,703.83. The broader market was positive with gainers outpacing losers …

  • Corporate, Featured and Exclusive, World Biz  |  JULY 30, 2015 3:30 PM

    Shell to cut jobs, spending to cope with lower oil prices

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    Royal Dutch Shell on Thursday reported a 37% drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and …

  • Corporate  |  JULY 30, 2015 3:29 PM

    MBSB, Bank Muamalat in merger talks: StarBiz

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    Malaysia Building Society Bhd and Bank Muamalat are said to have entered into merger discussions, according to unnamed StarBiz sources.

  • Corporate  |  JULY 30, 2015 3:23 PM

    PAAB confident on water assets transfer completion

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    Pengurusan Aset Air Bhd (PAAB) is optimistic that the transfer of water assets in Selangor to the company can be completed ahead of the 60-day expiration deadline. Chief executive officer (CEO) Ahmad Faizal Abdul Rahman said cooperation from all parties is good as there …

  • Corporate & Featured and Exclusive  |  JULY 30, 2015 2:51 PM

    PBB sees 14.2% profit growth in 1H15

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    Public Bank Bhd (PBB) recorded a 14.2% increase in net profits for the first half of their 2015 (1H15) financial year, with the group attributing the growth to the healthy growth of loans and deposits, as well as stable asset …

  • World Biz  |  JULY 30, 2015 2:31 PM

    Shell cuts 2015 capex again to face oil downturn

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    Royal Dutch Shell says it will further reduce 2015 capital investment to US$30 billion (RM114.1 billion), down by 20% from a year ago as it expects the downturn in oil prices to “last for several years”. Shell earlier this year cut …

  • Corporate  |  JULY 30, 2015 2:24 PM

    M’sia-Bangladesh trade to improve in 2H

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    Bilateral trade between Malaysia and Bangladesh, which fell 26.4% as of May this year, is expected to improve in the second half, amid a better economic environment. From January to May 2015, bilateral trade declined to US$412 million (RM1.6 billion) from US$560 million during …

  • Corporate & World Biz  |  JULY 30, 2015 2:23 PM

    Pacific trading partners stuck on medical monopoly periods

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    Pacific trading partners are deadlocked over intellectual property protections, including monopoly periods for next-generation drugs, JapaneseEconomy Minister Akira Amari said on Wednesday. Amari said he saw no sign of the United States backing down on a demand to protect for 12 years data …

  • Corporate  |  JULY 30, 2015 2:14 PM

    Unisem’s 2Q15 profit jumps to RM34 mil

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    Unisem (M) Bhd’s pre-tax profit for the second quarter ended June 30, 2015, jumped to RM34.93 million from RM14.44 million recorded in the same quarter last year. Revenue rose to RM298.79 million from RM251.58 million previously, the company said in a filing to …

  • Corporate, Featured and Exclusive, Finance  |  JULY 30, 2015 2:12 PM

    Digitisation to drive Islamic banking

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    Hong Leong Islamic Bank Bhd’s chief executive officer (CEO) sees small steps in digital banking as the key to leapfrogging rivals with hundreds of branches. The Malaysian lender, which won an award for digital innovation from Hong Kong-based The Asset …

  • Corporate  |  JULY 30, 2015 2:04 PM

    Muhibbah Engineering bags RM158 mil Pengerang project

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    Muhibbah Engineering (M) Bhd has accepted the award from Toyo Thai Malaysia Sdn Bhd for civil, concrete and buildings of offsite areas in Pengerang, Johor for RM158.2 million. “The construction is scheduled to commence in August 2015 and is expected to be completed …

  • Economy & Featured and Exclusive  |  JULY 30, 2015 1:49 PM

    Barter booms in cash-squeezed rural Greece

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    Wild boar and power cuts were Greek cotton farmer Mimis Tsakanikas’ biggest worries until a bank shutdown last month left him stranded without cash to pay suppliers, and his customers without money to pay him. Squeezed on all sides, the …

  • Corporate & Property  |  JULY 30, 2015 1:45 PM

    UOBKH upgrades WCT Holdings to ‘buy’

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    UOB Kay Hian (UOBKH) has upgraded its call for construction and property developer, WCT Holdings to “buy”, with a revised target price of RM1.80 from RM1.73 previously, on the back of prospective improvement in the company’s medium term outlook should …

  • World Biz  |  JULY 30, 2015 1:35 PM

    Network gear maker Nokia posts surprise profit rise

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    Nokia, the world’s no. 3 network equipment maker, on Thursday reported a surprise rise in second-quarter profits, helped by high-margin software sales and fewer low-priced contracts at its mainstay telecom network equipment business. Finland’s Nokia, which in April proposed a …

  • Commodities  |  JULY 30, 2015 1:23 PM

    KLTM closes US$70 lower at US$16,180 per tonne

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    The Kuala Lumpur Tin Market (KLTM) closed US$70 lower at US$16,180 per tonne today despite the higher price of the metal on the London Metal Exchange (LME). The LME tin price was US$50 higher at US$16,200 per tonne. A dealer said the …

  • Markets  |  JULY 30, 2015 1:11 PM

    KL shares higher at mid-day

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    Bursa Malaysia ended the morning session higher today following improved external sentiments, dealers say. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) perked 5.74 points to 1,704.73, after moving between 1,695.66 and 1,704.73 throughout the session. A dealer said local sentiment …

  • TigerTalk  |  JULY 30, 2015 12:30 PM

    Cry my beloved country, Malaysia

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    If there is one thing we can consistently be proud of as Malaysians, it is our well-recognised, inexhaustible wit and humour in the face of adversity, scandals, and high-profile shopping sprees. But maybe we are just in denial of our helplessness.

  • Featured and Exclusive & Opinion  |  JULY 30, 2015 11:59 AM

    Letting China’s bubble burst

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    NEW YORK – The problems with China’s economic growth pattern have become well known in recent years, with the Chinese stock market’s recent free-fall bringing them into sharper focus. But discussions of the Chinese economy’s imbalances and vulnerabilities tend to …