• Featured and Exclusive & Finance  |  JULY 7, 2015 10:12 PM

    Greece said maybe will submit proposal on Wednesday

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    Greece will submit a new aid proposal to European creditors “maybe” on Wednesday, a senior euro zone official says, with Athens’ European partners convening in Brussels for emergency talks. “They say they will submit a new request and outline of proposals …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 10:05 PM

    Was Bank Negara aware of 1MDB fund transfers?

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    The authorities have frozen six bank accounts in the investigation into 1Malaysia Development Bhd (1MDB) and allegations that US$700 million (RM2.6 billion) from it had been transferred into Prime Minister Najib Abdul Razak’s personal accounts. However, the question that remains is …

  • Corporate, Featured and Exclusive, World Biz  |  JULY 7, 2015 9:11 PM

    Indonesia orders IAA to raise equity or risk losing licence

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    Indonesia threatens to suspend the operating licences of 13 airlines including the affiliate of Malaysian carrier AirAsia Bhd unless they raise new equity by the end of this month. These airlines were found to have “negative equity” – meaning that the value …

  • Finance  |  JULY 7, 2015 8:24 PM

    ECB: Loans for Greek banks can’t be overly generous

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    The European Central Bank (ECB) cannot provide emergency funding to banks on “overly generous” terms or against insufficient collateral, it says in a document, spelling out strict terms for banks in Greece and elsewhere to obtain emergency funding. ECB, which has …

  • Corporate  |  JULY 7, 2015 7:58 PM

    Bumi Armada unit secures RM2.9 bil loan

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    Bumi Armada Bhd’s wholly-owned unit Armada Kraken Pte Ltd secures a syndicated term loan facility and a standby letter of credit facility of US$755 million (RM2.88 billion). In a filing to Bursa Malaysia, the offshore supply vessel provider said the facility is, to among …

  • Corporate  |  JULY 7, 2015 7:46 PM

    Azmin says water deal may be delayed again

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    The restructuring of the water services industry in Selangor, which would be finalised soon, may be deferred yet again, says Selangor Menteri Besar Mohamed Azmin Ali. He said the problem arose due to the state government having received a notice from the Attorney-General’s Chambers today, …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 7:27 PM

    BNM defends tumbling ringgit amid political storm

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    Malaysia’s central bank intervened for a third successive trading day on Tuesday to support the ringgit currency, traders say, as corruption allegations swirled round Prime Minister Najib Abdul Razak, raising doubts over his grip on power. Thanks to Bank Negara’s damage …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 7:10 PM

    New Greek proposal little changed

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    Proposals that Greece’s new finance minister will present to the Eurogroup on Tuesday do not differ significantly from the reform plans that Greeks rejected in a referendum on Sunday, according to Germany’s Sueddeutsche Zeitung. Without citing a source, the Sueddeutsche …

  • TigerTalk  |  JULY 7, 2015 7:02 PM

    What the Fitch?

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    A potential downgrade by Fitch Ratings agency caused all sorts of panic among Malaysia’s investors. Was the fear justified or is there more than meets the eye?

  • Corporate  |  JULY 7, 2015 6:39 PM

    EPF among major shareholders of Yinson

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    The Employees Provident Fund (EPF) emerges as one of the major shareholders of Yinson Holdings Bhd, after having increased its stake in the company from 4.9% to 10.13%. Through a proposed private placement, EPF took up 60 million shares at RM2.83 per share, in …

  • Economy  |  JULY 7, 2015 6:33 PM

    Kulim airport study ready by November

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    The feasibility study on building the proposed Kulim International Airport (KXP) is expected to be fully completed in November. Kedah Industry and Investment Committee chairman Ku Abd Rahman Ku Ismail said the study is being carried out by the Economic Planning Unit under the …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 6:23 PM

    Aeon Co said interested in buying Tesco M’sia

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    Japan’s Aeon Co Ltd is interested in buying the Malaysian operations of Britain’s Tesco Plc, valued at about GBP900 million pounds (RM5.34 billion), people familiar with the matter told Reuters. Japan’s largest retailer has been venturing into Southeast Asia where purchasing …

  • Commodities  |  JULY 7, 2015 5:48 PM

    Rubber market ends mixed

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    The Malaysian rubber market closed mixed today with investors staying on the sidelines amid uncertainty over Greece’s position in the European Union, dealers say. A dealer said the volatility in China’s share market also contributed to the mixed closing. However, on the Tokyo …

  • Markets  |  JULY 7, 2015 5:40 PM

    KL shares close lower

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    Shares on Bursa Malaysia closed lower today, dampened by losses on Petronas Chemicals, AMMB Holdings, and UMW, dealers say. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,712.3, down 4.75 points, after moving between 1,708.64 and 1,718.03 throughout the day. Petronas Chemicals …

  • Markets  |  JULY 7, 2015 5:31 PM

    Ringgit closes weaker against US dollar

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    The ringgit ended lower against the US dollar today on persistent uncertainties surrounding Greece’s debt crisis, dealers say. At 5pm, the ringgit was quoted at 3.8060/8080 from 3.8050/8080 on Monday. The ringgit hovered between 3.8045 and 3.8075 throughout the day. A dealer …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 5:22 PM

    WSJ publishes money trail docs online

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    The Wall Street Journal (WSJ) has uploaded documents which allegedly detail how nearly US$700 million (RM2.6 billion) ended up in Prime Minister Najib Abdul Razak’s personal bank account. According to The WSJ, the documents were sourced from “Malaysian government investigation”. …

  • Economy  |  JULY 7, 2015 5:05 PM

    ‘Level of water supply in Klang Valley worrying’

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    The level of water supply in the Klang Valley is worrying as the water reserve margin now stands at approximately 2%, according to Deputy Energy, Green Technology, and Water Minister Mahdzir Khalid. He said the water supply level is indeed low …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 4:25 PM

    Three of six frozen accounts belonged to PM, says source

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    The special taskforce reveals it has frozen six bank accounts in connection with the allegation that RM2.6 billion of 1Malaysia Development Bhd (1MDB) funds were transferred into the personal accounts of Prime Minister Najib Abdul Razak. While the taskforce remained …

  • Corporate  |  JULY 7, 2015 4:15 PM

    Halim Saad loses final bid to restore RM1.8 bil lawsuit

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    Tycoon Halim Saad lost his final legal bid to restore his RM1.8-billion civil suit against Khazanah Nasional Berhad and two others over his settlement to give up control of Renong Berhad. A Federal Court five-member panel chaired by Court of Appeal President …

  • Featured and Exclusive & Markets  |  JULY 7, 2015 4:07 PM

    Chinese firms freeze RM5.3 tril worth of shares amid rout

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    Chinese companies have found a guaranteed way to prevent investors from selling their shares: suspend trading. Almost 200 stocks halted trading after the close on Monday, bringing the total number of suspensions to 745, or 26% of listed firms on …

  • Property  |  JULY 7, 2015 3:55 PM

    London luxury home sales drop from year earlier

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    London luxury homeowners, who rushed to offer their houses and apartments for sale after the Conservative Party won May’s national election, are finding fewer buyers are interested. In the city’s prime central districts, such as Knightsbridge and Mayfair, 228 existing …

  • World Biz  |  JULY 7, 2015 3:53 PM

    Samsung 2Q profit misses estimates on low S6 sales

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    Samsung Electronics Co profit for the second quarter (2Q) missed analysts’ estimates as new Galaxy S6 smartphones failed to lure enough customers from Apple Inc’s iPhones and cheaper devices made in China. Operating income fell 4% to 6.9 trillion won …

  • Markets  |  JULY 7, 2015 3:40 PM

    KL shares slightly lower at mid-afternoon

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    Bursa Malaysia was easier at mid-afternoon today on losses in selected key consumer counters, dealers say. At 3.02pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,714.22, down 2.83 points. Among the consumer counters, UMW lost 24 sen to RM10, Panasonic …

  • Singapore  |  JULY 7, 2015 3:33 PM

    Temasek portfolio value jumps to RM745 bil

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    Singapore state investor Temasek Holdings Pte Ltd said the value of its portfolio jumped by almost a fifth to be worth a record S$266 billion (RM745 billion), helped by stock gains for China banks and Singapore companies. Temasek also said …

  • Corporate  |  JULY 7, 2015 3:25 PM

    French firm SNCF optimistic HSR timeline will be met

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    French national railway company SNCF Group is optimistic the timeline of the 300km high-speed rail (HSR) project linking Kuala Lumpur and Singapore will be met. Senior vice-president business development for India, South Asia, and Southeast Asia Philippe Lorand said there is a good level …

  • Corporate, Featured and Exclusive, Finance  |  JULY 7, 2015 3:25 PM

    M’sian banks enjoy lowest level of bad loans since 1998

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    Malaysian banks have the lowest bad loans in at least 17 years. They shouldn’t get used to it. While the lenders’ non-performing ratios are at the lowest levels in data going back to 1998, they’ve begun ticking up and Standard …

  • Corporate & Markets  |  JULY 7, 2015 3:18 PM

    Bursa issues UMA query to HB Global

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    Bursa Malaysia issues an unusual market activity (UMA) query on HB Global Ltd due to the recent sharp rise in its share price. As at 12.30pm, the share price stood at 13 sen up 3.5 sen, or 37%, from yesterday’s closing, with 4.45 million …

  • Featured and Exclusive & Singapore  |  JULY 7, 2015 3:13 PM

    Temasek says CEO Ho Ching to return after sabbatical ends

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    Singapore state investor Temasek Holdings says chief executive Ho Ching will return in her role after her three-month sabbatical ends later this month. Neil McGregor, a senior managing director at Temasek, said the board looks at succession policies each year, …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 3:09 PM

    Merkel: Greece’s running out of time to save place in euro

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    Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro as citizens endure a second week of capital controls. German Chancellor Angela Merkel said “time is running out” as …

  • Featured and Exclusive, Finance, Markets  |  JULY 7, 2015 2:56 PM

    Sukuk spreads more than halved in M’sia

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    The extra yield Malaysia’s sukuk offer over regular debt has more than halved since the Shariah notes were added to a global index and tighter spreads look set to last. The yield premium for the 10-year Islamic bonds fell 13 …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 1:55 PM

    6 accounts frozen over alleged RM2.6 bil for PM probe

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    A special taskforce probing the alleged misappropriation of 1Malaysia Development Bhd’s funds announces it has frozen six bank accounts related to the case. “The order to freeze the six bank accounts belonging to those believed to be involved in this case …

  • Commodities  |  JULY 7, 2015 1:23 PM

    KLTM ends US$50 higher at US$14,300 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) erased yesterday’s losses to close US$50 higher at US$14,300 per tonne on fresh demand and despite the metal’s lower price on the London Metal Exchange (LME). LME tin price fell US$50 to US$14,300 per tonne. On …

  • Markets  |  JULY 7, 2015 1:18 PM

    KL shares almost flat at mid-day

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    Bursa Malaysia ended the morning session almost flat today on a lack of catalysts and amid bearish external sentiment, dealers say. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.86 point lower at 1,716.19, after opening 2.78 points lower at 1,714.27. …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 1:11 PM

    Sukuk spreads nearly wiped out after index inclusion

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    The extra yield Malaysia’s sukuk offer over regular debt has more than halved since the Syariah notes were added to a global index and tighter spreads look set to last. The yield premium for the 10-year Islamic bonds fell 13 …

  • TigerTalk  |  JULY 7, 2015 1:08 PM

    Greece: Can birds of different feathers flock together?

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      Tiger was having a weekend reunion with family from all over the world. After dinner (and over a glass of vodka that cousin Siberian Tiger brought along), Tiger was pondering that last week was one full of excitement and …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 1:02 PM

    Business confidence expansionary despite 3Q dive

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    The business optimism of Malaysian firms has remained expansionary, despite strong downward moderation in the third quarter of 2015 (3Q15), according to a study by Dun & Bradstreet Malaysia (D&BM). According to the database company’s business optimism index study, the …

  • Economy & Singapore  |  JULY 7, 2015 12:31 PM

    Singapore to release advance 2Q GDP data on July 14

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    Singapore will provide advance estimates of gross domestic product (GDP) for the second quarter (2Q) at 8 am (0000 GMT) on July 14, the Ministry of Trade and Industry said on Tuesday. A quarterly survey by the Monetary Authority of Singapore …

  • Markets  |  JULY 7, 2015 12:02 PM

    KL shares turn lower at mid-morning

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    Bursa Malaysia turned lower at mid-morning today on external pressures and amid falling crude oil prices, dealers said. At 11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.68 points lower at 1,712.37. A dealer said oil prices declined after Greece’s …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 11:53 AM

    S’wak Report posts pix of PM, Jho Low & Petrosaudi boss

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    Whistle-blower website Sarawak Report has published a group photo of the prime minister and his family alongside businessman Low Taek Jho or Jho Low and Petrosaudi International chief Prince Turki bin Abdullah Al Saud. Allegedly taken aboard a rented luxury …

  • Corporate  |  JULY 7, 2015 11:25 AM

    Halim Saad wins ‘Friend of New Zealand Award’

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    Former UEM-Renong group chief Halim Saad has won the “Friend of New Zealand Award” at the World Class New Zealand Awards ceremony, according to a statement from the businessman’s office.

  • World Biz  |  JULY 7, 2015 11:19 AM

    Britain depends increasingly on services sector for growth

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    Britain was more heavily dependent on services companies to drive its economy during the second quarter as manufacturing growth ebbed, according to a business survey that said greater efforts are needed to boost investment and exports. The British Chambers of …

  • Corporate, Economy, Featured and Exclusive  |  JULY 7, 2015 11:15 AM

    M’sia plans more subsidy cuts with 1MDB raising policy risk

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    Malaysia plans to cut more subsidies and move billions of dollars in government employee housing loans off its balance sheets to bolster its fiscal position, even as a growing scandal threatens Prime Minister Najib Abdul Razak’s ability to implement potentially …

  • Commodities  |  JULY 7, 2015 11:03 AM

    LPT2 opens tomorrow, toll to be announced later

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    The second phase of the East Coast Expressway (LPT2) will be opened for traffic starting tomorrow, said the Malaysian Highway Authority (LLM). In a statement here, LLM said motorist heading to Terengganu and Kelantan would have to pay toll at the Jabor Toll …

  • Markets  |  JULY 7, 2015 10:41 AM

    KL shares rangebound in early trade

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    Bursa Malaysia was rangebound in early trade today as buying emerging against a backrop of domestic and external uncertainties, dealers said.

  • Markets  |  JULY 7, 2015 10:37 AM

    Ringgit opens weaker against US$

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    The ringgit opened weaker against the US dollar on lack of demand following negative sentiment brought about by Greece's debt crisis.

  • Featured and Exclusive & Opinion  |  JULY 7, 2015 10:00 AM

    Najib digs in for the long haul

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    With Umno polls postponed, it looks like Najib will lead Umno and Barisan Nasional into the next elections which have to be held by mid-2018. His fate at the next party polls will then depend very much on the elections showing.

  • Corporate  |  JULY 7, 2015 9:52 AM

    FGV to halt acquisitions spree after Eagle High

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    Malaysian palm plantation firm Felda Global Ventures Holdings Bhd is putting a hold on acquisitions after a three-year, US$2.5 billion (RM9.4 billion) spree designed to boost output and will now focus on consolidating investments. The new strategy, disclosed in a …

  • Featured and Exclusive & World Biz  |  JULY 7, 2015 9:00 AM

    Markets barely blink at the prospect of ‘Grexit’

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    Banks scrambled to increase the chances of Greece leaving the euro after Sunday’s referendum, but euro markets only flickered and many investors doubted the `No’ vote was the watershed moment some had feared. Greece’s rejection of the conditions its European …

  • OTHERS  |  JULY 7, 2015 8:15 AM

    Shafie Apdal: Mara’s Australian purchases profitable

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    The purchase of properties in Australia by Mara Incorporated Sdn Bhd (Mara Inc) was made at lower prices than the current value of the properties, said Rural and Regional Development Minister Mohd Shafie Apdal. He said the property purchase in Australia was …

  • Issues  |  JULY 7, 2015 8:00 AM

    Is HSR necessary for Malaysia?

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    Proponents of the HSR link to Singapore suggest that it is more than just a rail link because it will come with an economic multiplier effect. Critics, meanwhile, ask if the economic benefits generated would justify the RM40 billion (at …