• Commodities  |  AUGUST 4, 2015 1:19 PM

    KLTM ends US$120 lower at US$16,080 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) fell US$120 to close at US$16,080 a tonne today in the line with the decline in the metal price on the London Metal Exchange (LME), a dealer says. LME tin price fell sharply by US$345 …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 1:12 PM

    MCMC to meet stakeholders before changes to Act

    Story by

    The Malaysian Communications and Multimedia Commission (MCMC) will meet with 45 stakeholders in the Internet service before amendments to the Communications and Multimedia Act 1998 and Communications and Multimedia Commission Act 1998 are made in October. Deputy Communications and Multimedia …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 1:12 PM

    KL shares lower at mid-day; CI drops 18.29 pts

    Story by

    Bursa Malaysia ended the morning session lower today on growing concerns over China’s disappointing stock market performance and factory data letdown which translated into a two-year low, a dealer says. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 18.29 points to 1,725.9, …

  • Markets  |  AUGUST 4, 2015 1:01 PM

    UEM shares rise on news of Melbourne acquisition

    Story by

    The share price of UEM Sunrise Bhd edged up half-a-sen to 97 sen as of 12.17 am today on news of its third property acquisition in Melbourne. In a note, Kenanga Research maintained a “market perform” call on the company with a target …

  • Commodities & Featured and Exclusive  |  AUGUST 4, 2015 12:56 PM

    Rubber set for bear market on oversupply concerns

    Story by

    Rubber is poised to enter a bear market as a slowdown in China, the world’s largest consumer, is worsening a global glut amid rising shipments from producers.

  • Economy & Singapore  |  AUGUST 4, 2015 12:34 PM

    S’pore to release detailed 2Q GDP data on Aug 11

    Story by

    Singapore will report detailed data on gross domestic product (GDP) for the April-June quarter on Aug 11, the Ministry of Trade and Industry said on Tuesday. The Economic Survey of Singapore containing detailed breakdowns of GDP for the second quarter …

  • Corporate  |  AUGUST 4, 2015 12:26 PM

    1MDB critics will never be satisfied, says Salleh

    Story by

    Communications and Multimedia Minister Salleh Said Keruak said today critics of the 1MDB issue would never be satisfied whatever the explanation given. This was evident from the continuous criticism hurled by some quarters against Najib Abdul Razak even after the Malaysian Anti-Corruption Commission had …

  • Markets  |  AUGUST 4, 2015 12:00 PM

    KL shares remain lower at mid-morning

    Story by

    Bursa Malaysia was lower mid-morning today dragged by declining West Texas Intermediate crude oil prices which is revolving around US$45 per barrel, dealers said. A dealer told Bernama that the Organisation of the Petroleum Exporting Countries (Opec) output had peaked to the highest …

  • World Biz  |  AUGUST 4, 2015 11:56 AM

    Deutsche Bank to pay ex-staff RM11.5 mil in damages

    Story by

    Wall Street’s industry-funded watchdog on Monday asked Deutsche Bank to pay US$3 million (RM11.5 million) in compensation damages to Jorge Usandivaras, the former head of its Latin American Strategic Transactions unit. Usandivaras had initially filed for US$45 million in compensatory …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 11:48 AM

    1MDB cleared of fund transfer allegations, says Arul

    Story by
    [email protected]

    1MDB says that the recent statement by the Malaysian Anti-Corruption Commission (MACC) clears the company from allegations that funds were transferred from the company to the Prime Minister Najib Razak. “1MDB welcomes the clear statement from the Malaysian Anti-Corruption Commission, …

  • OTHERS  |  AUGUST 4, 2015 11:46 AM

    KINIBIZ Magazine: Is the Spac model still relevant?

    Story by
    [email protected]

    Issue 009 of the KINIBIZ Magazine hits the stands today and this time we delve into the fascinating conundrum around special purpose acquisition companies (Spacs) in Malaysia. KiniKIn such an eventful July just past, some may have missed a little …

  • Corporate, Featured and Exclusive, Markets  |  AUGUST 4, 2015 11:27 AM

    Ringgit falls to RM3.865 per dollar on weak oil

    Story by

    Malaysia’s ringgit fell for a fourth day as Brent crude dropped below US$50 a barrel for the first time since January, weighing on the net oil exporter’s revenue. The currency declined 0.3%t to 3.8650 per dollar as of 10:01 a.m. …

  • World Biz  |  AUGUST 4, 2015 11:12 AM

    Samsung fights to save mobile market share

    Story by

    For four years Samsung Electronics Co Ltd has basked in the success of its Galaxy smartphones, making billions of dollars competing with Apple Inc in the premium mobile market. The coming years are set to be more sombre for the …

  • Markets & World Biz  |  AUGUST 4, 2015 10:50 AM

    JPMorgan: Get out of US two-year notes before rate hike

    Story by

    Treasury short-term yields may almost double and prices will fall as the Federal Reserve prepares to raise interest rates, according to JPMorgan Chase & Co. Two-year yields will climb to 1.25% by year-end, from 0.67% Tuesday, analysts at the company …

  • World Biz  |  AUGUST 4, 2015 10:07 AM

    Greek stocks plunge, banks hammered, 5-week shut down

    Story by

    Greece’s stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone. Bank shares plummeted 30% before loss limits kicked in to stop …

  • Markets  |  AUGUST 4, 2015 9:56 AM

    KL shares open lower as oil falls below US$50/ bbl

    Story by

    Bursa Malaysia opened lower Tuesday as concerns mount over West Texas Intermediate crude oil prices which breached below US$50 per barrel. A dealer told Bernama that Asian stocks dropped after crude slid below US$50 and currently lingered around US$45 a barrel. At 9.07 …

  • Finance & Markets  |  AUGUST 4, 2015 9:42 AM

    Ringgit opens lower against the US dollar

    Story by

    The ringgit opened lower against the US dollar today on weaker demand for the local unit, dealers said. At 9 am, the ringgit was quoted at 3.8665/8695 against the greenback from 3.8510/8550 recorded on Monday. A dealer said investors’ interest shifted more …

  • World Biz  |  AUGUST 4, 2015 9:00 AM

    S&P lowers outlook on European Union to negative

    Story by

    Standard & Poor’s Ratings Services lowered its outlook on the European Union to negative from stable as it expects that the EU would provide first-loss guarantee support for financing connected to the Juncker investment plan. The ratings service said the …

  • World Biz  |  AUGUST 4, 2015 8:30 AM

    RBI expected to maintain policy

    Story by

    India’s central bank policy review is expected to yield little in the way of action on Tuesday, but its statement will be pored over for clues as to whether there is a chance of another interest rate cut this year. …

  • Issues  |  AUGUST 4, 2015 8:00 AM

    Is the Spac investment model right?

    Story by
    [email protected]

    With two Spacs yet to secure a qualifying asset in the final year of their three-year deadline, and in view of the SC’s increasingly stringent rules, are Spacs as attractive to the market as they were originally when they were first introduced. And have they become any safer for investors

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 8:00 AM

    Spacs’ risk-free returns better than FD, says HLIB

    Story by
    [email protected]

    HLIB believes there is an investment case to be made that Spacs can offer better risk-free returns than fixed deposits in its pre-qualifying phase.

  • Commodities  |  AUGUST 4, 2015 7:52 AM

    Gold down on dollar after worst month in two years

    Story by

    Gold dropped on Monday, after falling by the most in two years in July, as the dollar rose and investors monitored US economic indicators for clues on the timing of a hike in US interest rates. Spot gold was down …

  • Finance & Markets  |  AUGUST 4, 2015 7:43 AM

    US Dollar gains on expected strong jobs data

    Story by

    The dollar gained on Monday as investors looked ahead to jobs data on Friday that is expected to show a still strengthening labor market.

  • Commodities & Featured and Exclusive  |  AUGUST 4, 2015 7:36 AM

    Oil dives 5% to 6-month low under US$50 on China worry

    Story by

    Oil prices lurched 5% lower on Monday to their lowest since January, taking global benchmark Brent below US$50 a barrel as weak factory activity in China deepened a commodity-wide rout. Growing concerns over excess global oil supplies, heavy selling in …

  • Markets  |  AUGUST 4, 2015 7:28 AM

    Weak oil prices, China worries drag Wall Street lower

    Story by

    Wall Street ended lower on Monday as tumbling oil prices dragged energy shares to a three-year low and factory data from China raised concerns about the world’s second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors. …

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

    SGX resumes derivatives trade after breakdown

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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’

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by
    [email protected]

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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 …