• Featured and Exclusive, Markets, Singapore  |  AUGUST 3, 2015 10:59 PM

    SGX resumes derivatives trade after breakdown

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    Derivatives trading on Singapore Exchange Ltd (SGX) resumes late Monday after a near two-hour disruption caused by a technical fault. SGX, Southeast Asia’s biggest bourse, said its derivatives market reopened at 9.30pm Singapore time after it was suspended at 7.56pm. Trading resumed …

  • Opinion  |  AUGUST 3, 2015 10:54 PM

    Star Trek economics: Life after the dismal science

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    I grew up watching ‘Star Trek: The Next Generation’ (easily the best of the ‘Star Trek’ shows). There’s one big, obvious thing missing from the future society depicted in the programme. No one is doing business. There is almost no …

  • Featured and Exclusive & World Biz  |  AUGUST 3, 2015 10:44 PM

    Former Libor ringmaster guilty of manipulating rates

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    Former UBS Group AG and Citigroup Inc trader Tom Hayes, the first person to stand trial for manipulating the London interbank offered rate (Libor), was found guilty of eight counts of conspiracy to rig the benchmark rate. After a week of …

  • Corporate  |  AUGUST 3, 2015 10:37 PM

    M’sian MH370 investigators meet with French officials

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    The Malaysian investigators arrived at the Palais de Justice in Paris on Monday for talks with French officials on the latest developments regarding the missing MH370 airliner, according to news agency Agence France-Presse (AFP). Quoting its journalist, the agency reported that the five-man …

  • Economy & Singapore  |  AUGUST 3, 2015 9:10 PM

    Singapore PMI shrinks in July

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    Activity in Singapore factories including the key electronics sector contracted in July, a survey shows, as uneven global growth hurt the trade-dependent economy. The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ index (PMI) fell to 49.7 in July. …

  • Corporate  |  AUGUST 3, 2015 9:02 PM

    Pos awards RM40.37 mil contract to Synergycentric

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    posmaPos Malaysia Bhd has awarded a RM40.37 million procurement contract to Synergycentric Sdn Bhd to provide optimisation and enhancement of wide area networks (WAN) services. “Synergycentric has proposed a solution that aims to develop an up-to-date network solution and service management services which …

  • Corporate  |  AUGUST 3, 2015 8:57 PM

    No clue to sharp rise in share price, says HLI

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    Hong Leong Industries Bhd (HLI) is not aware of any corporate development relating to its business and affairs that has not been previously announced that would account for the recent sharp rise in the price of its shares. In reply to a Bursa …

  • Featured and Exclusive, Markets, Singapore  |  AUGUST 3, 2015 8:54 PM

    SGX temporarily suspends derivatives market

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    Singapore Exchange says trading on the derivatives market was temporarily suspended in the evening on Monday. “We are investigating and will update the market as soon as possible,” the bourse said, adding that the suspension happened at 7.56pm Singapore time. Last …

  • Corporate  |  AUGUST 3, 2015 8:51 PM

    SapuraKencana to explore opportunities in Brunei

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    SapuraKencana (B) Sdn Bhd (SapuraKencana Brunei), a unit of SapuraKencana Petroleum Bhd, is establishing a joint venture (JV) to explore business opportunities in Brunei Darussalam. In a filing with Bursa Malaysia today, the integrated oil and gas (O&G) company said it had entered …

  • Finance  |  AUGUST 3, 2015 8:34 PM

    ‘Greece unlikely to ask for more ECB liquidity for weeks’

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    Greece is unlikely to ask for an increase in emergency funding from the European Central Bank (ECB) for weeks, because its liquidity buffer has risen thanks to cash inflows and central bank help, two sources familiar with the situation tell …

  • Corporate  |  AUGUST 3, 2015 8:26 PM

    Favelle Favco units bag RM52.8 mil contracts

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    Favelle Favco Bhd’s subsidiaries have secured contracts worth RM52.8 million. In a filing to Bursa Malaysia today, Favelle Favco said its units Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (USA) Inc had secured contracts from Stride High Pty Ltd and TES …

  • Corporate & Property  |  AUGUST 3, 2015 8:23 PM

    Yong Tai to launch RM7 bil GDV projects over 8 years

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    Yong Tai Bhd is confident that the company will be returning to the black in the financial year 2015 through its property development segment, executive director Ng Jet Heong says. He said, however, a significant figure would only be realised after three years, …

  • Corporate & Featured and Exclusive  |  AUGUST 3, 2015 8:07 PM

    No plan for merger talks with AMMB, says RHB

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    There is no plan currently to enter into merger discussions with AMMB Holdings Bhd, says RHB Capital Bhd. “It is business as usual at RHB and we will continue to focus on improving our fundamentals,” it said in a statement today. The …

  • World Biz  |  AUGUST 3, 2015 7:47 PM

    Biggest Greek bank dwarfed by own Turkish unit

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    How bad is investor confidence in Athens? So bad that a medium-sized unit of Greece’s largest bank is now worth more than its owner. Today’s 30% rout in National Bank of Greece (NBG) puts the lender’s market capitalisation at about 2.97 …

  • Economy  |  AUGUST 3, 2015 7:30 PM

    Tanjung Manis to get more infrastructure projects

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    More infrastructure projects will be built under the 11th Malaysia Plan (11MP) following the restructuring of development plans at the integrated port area. Sarawak Second Minister of Resource Planning and Environment Awang Tengah Ali Hassan said the new infrastructure projects include an administrative centre …

  • World Biz  |  AUGUST 3, 2015 7:23 PM

    Why record label wants to be movie studio too

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    Amy Winehouse’s nine-year-old album ‘Back to Black’ is outselling newer records from Beyonce, Adele, and Pitbull, buoyed by critical praise for the documentary about the singer’s sudden rise and fall. ‘Amy’ has grossed more than US$11 million (RM42.05 million) worldwide …

  • World Biz  |  AUGUST 3, 2015 6:45 PM

    TAG Heuer to shut HK store as rental costs bite

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    Swiss watchmaker TAG Heuer is shutting a store in Hong Kong as high rental costs and declining numbers of customers weigh on profitability, according to the head of LVMH Moet Hennessy Louis Vuitton SE’s watchmaking activities. The brand has decided …

  • World Biz  |  AUGUST 3, 2015 6:39 PM

    RM385 bil deal still out there for pharma

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    Why stop at US$221 billion (RM845 billion)? Drug companies are entering another round of dealmaking, after plowing past the global record. Teva Pharmaceutical Industries Ltd’s US$40.5 billion agreement on Monday to purchase Allergan Plc’s generic medicines business puts the mechanism …

  • World Biz  |  AUGUST 3, 2015 6:30 PM

    Sources say Deutsche’s SE Asia IB advisory head left

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    Deutsche Bank’s head of Southeast Asia’s investment banking advisory and coverage Parvati Banati left the German bank last week, people familiar with the matter say. Banati had been with Deutsche since 2010, having joined from UBS. A Deutsche Bank spokesperson declined …

  • Markets  |  AUGUST 3, 2015 6:18 PM

    KL shares turn higher at close; boosted by telcos

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    Bursa Malaysia ended sharply higher today, boosted by strong gains by telco heavyweights on market talk on the introduction of fifth-generation wireless technology, a dealer says. A dealer told Bernama that the last-minute buying of index-linked telco stocks bucked the lacklustre trading for …

  • Corporate  |  AUGUST 3, 2015 6:09 PM

    Maybank begins operations in Myanmar

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    Maybank has become the first and only Malaysian bank to open a branch in Myanmar, with the branch opening for operations today.

  • Corporate & Featured and Exclusive  |  AUGUST 3, 2015 6:06 PM

    MACC: SRC probe still on

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    The Malaysian Anti-Corruption Commission (MACC) is continuing its probe into 1Malaysia Development Bhd (1MDB) former subsidiary SRC International over the RM4 billion loan. A spokesperson also confirmed the commission is probing the claim that RM42 million from SRC was deposited …

  • Featured and Exclusive & Markets  |  AUGUST 3, 2015 5:40 PM

    Ringgit ends at 3.85 against US$, at 6 against GBP

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    The ringgit ended the day 0.7% easier against the US dollar on weaker demand for the local note due to unfavourable manufacturing data and lower oil price. At 5pm, the ringgit was quoted at 3.8510/8550 against the greenback from 3.8230/8260 last Friday. The …

  • Corporate & Featured and Exclusive  |  AUGUST 3, 2015 5:35 PM

    MACC: RM2.6 bil is donation, not from 1MDB funds

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    The Malaysian Anti-Corruption Commission (MACC) has found that the RM2.6 billion purportedly deposited into Prime Minister Najib Abdul Razak’s personal banks accounts came from donation. “The investigation report related to the RM2.6 billion has been referred to the attorney-general. “Investigations …

  • Commodities  |  AUGUST 3, 2015 5:24 PM

    Rubber market ends lower

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    The Malaysian rubber market ended lower today on continued downtrend in oil prices, coupled with renewed concerns over demand from China after its slightly weaker economic data released on Saturday. A dealer quoted the Shanghai Futures Exchange as saying last Friday that …

  • Corporate  |  AUGUST 3, 2015 5:07 PM

    Honda M’sia on track to achieve sales target this year

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    Honda Malaysia is on track to achieve its sales target of 85,000 units for the year with 43,597 units sold in the first half (1H15) of the year. In statement today, Honda Malaysia said it the 1H15 sales contributed 13.5% to the total …

  • Corporate  |  AUGUST 3, 2015 4:57 PM

    Jaks’ order book surges on Vietnam contract win

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    Having secured a RM1.72 billion engineering, procurement and construction (EPC) contract for a power plant in Vietnam, Jaks Resources Bhd will see its order book surge threefold to RM2.44 billion. The contract was awarded by Jaks Hai Duong Power Co Ltd, a 50:50 …

  • Corporate  |  AUGUST 3, 2015 4:49 PM

    Spad to probe claims of refugees operating pirate taxis

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    The Land Public Transport Commission (Spad) will investigate claims that a group of Rohingya refugees are conducting a pirate taxi service in parts of Selangor. “Spad will investigate the matter and if found guilty, we will take stern against those involved,” said Spad …

  • Economy  |  AUGUST 3, 2015 4:43 PM

    Melaka eyes over RM20 bil investments from Guangdong

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    The Melaka state government aims to attract over RM20 billion investments from Guangdong province in China. Melaka Chief Minister Idris Haron said Melaka has a rapid-growing industrial sector that is viewed as a hub to cater to the needs of Guangdong. “Investors …

  • Corporate  |  AUGUST 3, 2015 4:39 PM

    KPJ to build two hospitals in S’wak

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    KPJ Healthcare Bhd will be building two new specialist hospitals in Sarawak in anticipation of an increase in healthcare demand and due to the state’s fast-growing economy. These hospitals are the new KPJ Kuching Specialist Hospital (KCSH) and KPJ Miri Specialist Hospital. KCSH …

  • Corporate  |  AUGUST 3, 2015 4:25 PM

    Maybank starts branch operations in Myanmar

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    Maybank, Malaysia’s largest bank by assets, says it commenced branch operations in Myanmar, becoming the first and only Malaysian bank to open a branch in that country. Maybank, Southeast Asia’s fourth largest bank, is one of the foreign banks ranging from …

  • Corporate  |  AUGUST 3, 2015 4:18 PM

    ‘Barnacles on debris could provide clues to MH370′

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    Barnacles encrusted on a piece of plane debris that washed up on the French island of Reunion might help unravel the mystery of missing Malaysia Airlines flight MH370 that disappeared last year with 239 passengers and crew on board. Malaysia …

  • Corporate  |  AUGUST 3, 2015 4:08 PM

    Malakoff names new vice-presidents

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    Malakoff Corp Bhd has redesignated Habib Husin as its executive vice-president for operations, while Shaharul Farez Hassan was appointed as the executive vice-president for corporate, effective immediately. Habib was Malakoff’s chief operating officer since October 2010 prior to the redesignation, while Shaharul has been …

  • World Biz  |  AUGUST 3, 2015 4:06 PM

    Heineken 1H sales beat analyst estimates on new products

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    Heineken NV, the world’s third-largest brewer, reported first-half sales that beat analysts’ expectations as it introduced more products to drive higher prices in regions of sluggish demand such as Europe. Sales rose 6.7% to 9.9 billion euros (RM41.5 billion), Amsterdam-based …

  • Featured and Exclusive & Opinion  |  AUGUST 3, 2015 4:06 PM

    Changing the way politics is funded

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    Umno’s spokesman Abdul Rahman Dahlan tells the truth when he says that opposition parties opposed reforms which would have required disclosure of political donations. But that’s not the whole truth.

  • Corporate & Featured and Exclusive  |  AUGUST 3, 2015 4:04 PM

    PAC hearing to be put off till ‘later’, 1MDB told

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    Embattled 1Malaysia Development Bhd (1MDB) has been informed that its hearing before the Public Accounts Committee (PAC) has been put on hold till a future date. “Today, we received, through the Finance Ministry, an official notification from the parliamentary secretary/PAC secretary that …

  • Featured and Exclusive & Markets  |  AUGUST 3, 2015 3:47 PM

    Athens Stock Exchange down 23% after 5-week shutdown

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      Greece’s stock market plunged nearly 23% on Monday when it opened after a five-week shutdown brought on by fears the country was about to be dumped from the euro zone. The main Athens stock index plunged in its worst-ever one-day …

  • Markets  |  AUGUST 3, 2015 3:44 PM

    KL shares easier at mid-afternoon

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    Bursa Malaysia was easier at mid-afternoon today on selling activities led by finance-related counters. At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,720.22, down 2.92 points. Of the heavyweights, Maybank declined 3 sen to RM9.17, TNB slid 2 sen to RM12.18, …

  • TigerTalk  |  AUGUST 3, 2015 3:35 PM

    AirAsia’s RM409 mil bombshell – is klia2 safe?

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    AirAsia stuns the aviation industry by claiming RM409 million in damages from klia2 airport operator MAHB, citing breach of contractual duties and losses suffered by the budget airline. The legal action brings into question the central issue – is klia2 really safe?

  • Featured and Exclusive & World Biz  |  AUGUST 3, 2015 3:00 PM

    California’s plan to end auto industry as we know it

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    Sergio Marchionne had a funny thing to say about the US$32,500 (RM124,247) battery-powered Fiat 500e that his company markets in California as “eco-chic”. “I hope you don’t buy it,” he told his audience at a think tank in Washington in …

  • World Biz  |  AUGUST 3, 2015 2:57 PM

    Carmakers buy Nokia’s HERE Maps for RM11.8 bil

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    BMW AG, Audi AG, and Daimler AG will buy Nokia Oyj’s digital map unit for 2.8 billion euro (RM11.8 billion) to gain technology the carmakers said would be the basis for self-driving cars. The world’s three-largest makers of luxury cars will …

  • Markets  |  AUGUST 3, 2015 2:47 PM

    Greece said to extend stock short-selling ban

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    Greece will extend a short-selling ban on stocks that went into effect when capital controls were imposed on June 29 and expires on Monday, a source at the country’s securities regulator tells Reuters. “There will be an extension of the full ban …

  • Corporate & Property  |  AUGUST 3, 2015 2:46 PM

    Ecofirst’s RM145 mil land purchase delayed by 3 months

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    The acquisition of 25 hectares (62 acres) of freehold land in Ulu Klang, Gombak, worth RM145 million, has been delayed by three months due to technical issues on land alignment, said EcoFirst Consolidated Bhd. In a statement today, the property developer said …

  • Corporate, Featured and Exclusive, Markets  |  AUGUST 3, 2015 2:41 PM

    Bursa issues UMA query to HLI

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    Bursa Malaysia issues an unusual market activity (UMA) query to Hong Leong Industries Bhd due to the recent sharp rise in its share price. As at 2.20pm, the company’s share price stood at RM5.84, up 56 sen from yesterday’s closing, with 1,372,700 million …

  • Corporate  |  AUGUST 3, 2015 2:35 PM

    M’sia new exports rise for 6th month straight

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    Malaysia’s new exports rose for the sixth month in a row in July, according to the Nikkei Malaysia Manufacturing Purchasing Managers’ Index (PMI). Financial information services provider Markit, which compiled the survey, said firms attributed the increase to gaining new foreign clients and …

  • Corporate, Featured and Exclusive, Markets  |  AUGUST 3, 2015 2:22 PM

    Ringgit drops most in 4-weeks as factory PMI clouds outlook

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    The ringgit weakened by the most in four weeks as data pointing to a contraction in Malaysia’s factory output dimmed the outlook for an economy reeling from falling oil prices and a political scandal. The spot rate dropped to a …

  • Corporate  |  AUGUST 3, 2015 2:19 PM

    HLI upgraded on good earnings visibility

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    Hong Leong Industries Bhd (HLI) was upgraded to a “buy” recommendation by UOB Kay Hian (UOBKH), on the back of good earnings visibility for the group’s 2016 financial year (FY16). UOBKH also upgraded its target price for the group to RM6.05 …

  • Corporate  |  AUGUST 3, 2015 1:41 PM

    Westports upgraded over likely tariff hike

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    Analysts from several research houses are upgrading Westports Holdings Bhd in anticipation of a port tariffs rate hike being approved by the Transport Ministry.

  • Corporate  |  AUGUST 3, 2015 1:35 PM

    Kenanga upgrades CIMB Group to ‘outperform’

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    Kenanga Research has upgraded its call for CIMB Group to “outperform”, but with a revised target price of RM5.96 at 1.16 times financial year 2016 (FY16) price-to-book, down from RM6.31 previously, on the back of better prospects in the next …

  • Markets  |  AUGUST 3, 2015 1:04 PM

    KL shares slightly lower at mid-day

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    Bursa Malaysia ended the morning session lower today on losses in selected heavyweights, particularly plantation and finance stocks. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.53 points to 1,721.61, after opening lower at 1,716.99. Among heavyweights, Maybank, TNB, and Axiata …