• Corporate, Economy, Featured and Exclusive  |  JULY 1, 2015 9:46 AM

    Fitch’s stable outlook the result of gov’t’s policies, says PM

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    Fitch Ratings’ upward revision of Malaysia’s outlook to stable, is indeed a reflection of the government’s financial management and economic policies, says Prime Minister Najib Abdul Razak. “I am pleased that Fitch, the international ratings agency, has maintained Malaysia’s credit rating and …

  • Featured and Exclusive & Markets  |  JULY 1, 2015 9:40 AM

    Malaysian shares rise after Fitch raises outlook

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    Malaysia’s benchmark stock index rose 0.6% in early trade on Wednesday after Fitch kept Malaysia’s credit rating at A- and raised its outlook to stable from negative. The market opened up 0.2% at 1,709.77 points and extended its gains in …

  • Property & Singapore  |  JULY 1, 2015 9:18 AM

    S’pore home prices on longest losing streak since 2002

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    Singapore’s home prices dropped for a seventh consecutive quarter, the longest losing streak in 13 years, as tighter mortgage curbs cooled demand in Asia’s second- most expensive housing market. An index tracking private residential prices fell 0.9% in the three months …

  • Featured and Exclusive, Finance, Markets, World Biz  |  JULY 1, 2015 9:08 AM

    US Fed’s Bullard: Sept rate hike still ‘very much’ in play

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    The Federal Reserve is on track to raise interest rates this year, with September still “in play,” a top Federal Reserve official said on Tuesday, despite growing market volatility and anxiety in the wake of Greece’s debt default. St. Louis …

  • Featured and Exclusive, Finance, Markets  |  JULY 1, 2015 8:59 AM

    Ringgit soars, up 1% as Fitch affirms credit rating

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    The Malaysian ringgit jumped on Wednesday as Fitch Ratings maintained the country’s sovereign ratings, erasing concerns that it might cut them because of state fund 1MDB’s debt problems. The ringgit rose as much as 1.1% to 3.7330 per dollar, its strongest …

  • Corporate & World Biz  |  JULY 1, 2015 8:52 AM

    US walrus protections hit Shell’s Arctic drilling plan

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    The Obama administration dealt a setback to Royal Dutch Shell’s Arctic oil exploration plans on Tuesday, saying established walrus and polar bear protections prevent the company from drilling with two rigs simultaneously at close range, as it had planned. The …

  • Commodities  |  JULY 1, 2015 8:25 AM

    Gold slips as Greek crisis knocks euro

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    Gold prices fell on Tuesday as the prospect that Greece would default on a repayment to the International Monetary Fund knocked the euro against the dollar, and as investors remained wary over the metal’s longer-term prospects. The chairman of the …

  • Finance & Markets  |  JULY 1, 2015 8:15 AM

    Euro falls ahead of Greek IMF repayment deadline

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    The euro was broadly lower on Tuesday as investors braced for the near certainty that Greece will default on a loan from the International Monetary Fund (IMF), while the US dollar benefited from month- and quarter-end buying. The euro was …

  • Commodities  |  JULY 1, 2015 8:06 AM

    Oil bounces off 3-week lows as Greek debt default looms

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    Oil prices ended higher as it rebounded from three-week lows on Tuesday with US refined fuel trading leading the rally on bets for strong summer demand, even as Greece’s move toward a debt default threatened to jolt global markets. The …

  • Enterprise & Issues  |  JULY 1, 2015 8:00 AM

    From paper dolls to ethnic chic

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    BritishIndia founder and group chief executive officer Pat Liew began an illustrious career in fashion by making outfits for her paper dolls. Here she tells KINIBIZ how she started premium clothing brand BritishIndia and shares the trials and tribulations she encountered along the way.

  • Markets  |  JULY 1, 2015 7:45 AM

    Wall St ends up on Greek hopes ahead of debt deadline

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    US stocks finished up after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default. Greece, hours from missing a 1.6 …

  • StockStalk  |  JULY 1, 2015 7:30 AM

    Plantation sector: Headwinds in the way of gains

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    In a bid to prop up palm oil prices, the Indonesian government is set to roll out its export levy on processed palm oil and crude palm oil starting today. This comes following the lacklustre price performance of crude palm oil in the first half of 2015, despite biodiesel mandates practised by various governments in the region. With this we explore the outlook for the plantation sector in the second half of the year.

  • Corporate, Economy, Featured and Exclusive  |  JULY 1, 2015 7:15 AM

    Fitch affirms M’sia’s credit rating at A-, outlook to ‘stable’

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    Fitch maintained Malaysia’s long-term foreign currency issuer default rating (IDR) at A- and local currency at A, with the outlook revised to stable from negative previously. Fitch said in a statement that Malaysia’s fiscal finances have improved and views progress …

  • World Biz  |  JUNE 30, 2015 11:21 PM

    Crowdfunding aims to save Greece from default

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    Help is at hand for the indebted Greek people: a bailout fund has been set up for them on crowdfunding website Indiegogo. The campaign goal is to raise 1.6 billion euros (RM6.7 billion), the same amount Greece was expected to fail …

  • Corporate  |  JUNE 30, 2015 11:15 PM

    Tabung Haji urged to evaluate carefully on TRX land sale

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    Pilgrims fund Tabung Haji (TH) must carefully evaluate the sale of its land at the Tun Razak Exchange (TRX) due to the potential of the valuable lot, says Minister in the Prime Minister’s Department Jamil Khir Baharom. He said an evaluation must be …

  • Corporate  |  JUNE 30, 2015 11:10 PM

    Berjaya Corp FY15 pre-tax profit jumps to RM1.43 bil

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    Berjaya Corp Bhd’s pre-tax profit for the financial year ended April 30, 2015 rose to RM1.43 billion from RM523.87 million a year ago. In a filing to Bursa Malaysia, the group said its revenue increased to RM9.6 billion from RM8.73 billion previously. The …

  • Corporate  |  JUNE 30, 2015 11:05 PM

    UEM Sunrise disposes of Nusajaya building

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    UEM Sunrise Bhd’s unit UEM Land Bhd is selling the Imperia Building in Nusajaya to UEM Group Bhd for RM137.8 million cash. In a filing to Bursa Malaysia, the company said the gross proceeds from the sale will be used to redeem part …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 11:01 PM

    Azmin: S’gor water deal to be finalised soon

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    The Selangor government assures that the restructuring of the state’s water supply industry will be finalised soon. Menteri Besar Mohamed Azmin Ali said only one more issue is left to be resolved between the state and federal governments after further discussions with the …

  • World Biz  |  JUNE 30, 2015 10:57 PM

    Uber executives to go on trial in France on Sept 30

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    Two executives from California-based Uber will face trial in France on Sept 30, the Paris public prosecutor says on Tuesday, part of a French crackdown on what the government calls an illegal taxi service. Thibaud Simphal, manager of Uber France, …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 10:51 PM

    Greece submits new proposal, seeks debt restructuring

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    Greece has submitted to creditors a new two-year aid proposal calling for parallel debt restructuring, the office of Prime Minister Alexis Tsipras says on Tuesday, in what seemed like a last-ditch effort by Athens to resolve an impasse with lenders. The …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 10:46 PM

    RON95 price up by 10 sen from midnight

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    Pump prices of RON95 petrol will go up by RM0.10 per litre beginning midnight amidst falling global crude oil prices since June 10. Prices of RON97 petrol will go up by RM0.20 per litre while diesel prices remain unchanged. This …

  • Corporate  |  JUNE 30, 2015 9:31 PM

    George Kent targets RM3 bil order book this year

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    George Kent (M) Bhd aims to have an order book of up to RM3 billion this year, says group chairman Tan Kay Hock. Tan said the current order book stands at over RM1 billion and the outlook for the company is excellent. …

  • Corporate  |  JUNE 30, 2015 9:24 PM

    Berjaya Corp proposes to dispose of stake in unit

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    Berjaya Corp Bhd (BCorp) proposes to dispose of 100% stake in Berjaya Environmental Engineering (Foshan) Co Ltd to Foshan City Nanhai Grandblue Solid Waste Treatment Holding Co Ltd for RM76.68 million. BCorp said the proposed disposal would provide an opportunity to unlock its investment in Berjaya …

  • Finance  |  JUNE 30, 2015 9:22 PM

    Islamic banking on track to meet financing target

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    Malaysia’s Islamic banking sector is on track to meet its target of 40% of total financing by 2020, driven by the industry’s ability to continuously tap opportunities to finance the activities of the real economy. Bank Negara Malaysia (BNM) deputy governor Muhammad Ibrahim …

  • Finance  |  JUNE 30, 2015 9:16 PM

    Islamic banking to grow 18% y-o-y in next 5 years

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    Malaysia’s Islamic banking sector is expected to grow at an average rate of 18% year-on-year (y-o-y) in the next five years to US$296.26 billion (RM1.1 trillion) by 2019 compared with US$141.77 billion in 2013. The Islamic Research and Training Institute (Irti) director-general Professor Mohamad …

  • Corporate  |  JUNE 30, 2015 9:07 PM

    ‘Suria KLCC no longer supports local brands’

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    Suria KLCC Sdn Bhd’s action to ask BTC Clothier Sdn Bhd to move to a new location gave an impression that it discriminated against Malaysian brands. This was said by Pat Liew, 64, the founder, chief executive officer (CEO), and director of …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 8:35 PM

    1MDB: Energy asset purchase benefits nation

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    1Malaysia Development Bhd (1MDB) reiterates that energy asset purchase represents compelling long-term value and benefits to the nation. “We believe that the value we paid – which may have involved a premium in certain instances, as is common when acquiring another business – …

  • Corporate  |  JUNE 30, 2015 8:25 PM

    Agrobank becomes full-fledged Islamic bank

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    Agrobank will move away from its conventional-based operations and become a full-fledged Islamic bank starting tomorrow. Agriculture and Agro-based Industry Minister Ismail Sabri Yaakob said Agrobank’s transition to an Islamic banking system is in line with the government’s aim to increase Islamic funding to …

  • Finance  |  JUNE 30, 2015 8:07 PM

    Back to the drachma? Greek lawmaker touches a nerve

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    An opposition lawmaker in Greece touched a nerve on Tuesday when he told parliament the left-wing government had a team preparing the ground for a return to the drachma, a prospect many Greeks fear would bring chaos. The government of Prime …

  • TigerTalk  |  JUNE 30, 2015 7:45 PM

    How is 1MDB on the right track, Husni?

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      With whistle-blower Xavier Justo blamed for controversies around 1Malaysia Development Berhad (1MDB) and all other ills in the world, the Ministry of Finance has claimed 1MDB is really “on the right track”. But down what road? There was much …

  • OTHERS  |  JUNE 30, 2015 7:26 PM

    Yong Tai to dispose of stakes in loss-making units

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    Yong Tai Bhd signs agreements with Extreme Riches Sdn Bhd to dispose of its stakes in loss-making units. In a statement today, Yong Tai said it will sell its 100% equity interest in Golden Vertex Sdn Bhd and The Image Outlet Sdn Bhd …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:17 PM

    Greece will not pay IMF debt on Tuesday

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    Greece will not pay the 1.6-billion-euro (RM6.7 billion) debt instalment to the International Monetary Fund due on Tuesday, but Athens still holds out hope of a last-minute deal with creditors on an aid package, Finance Minister Yanis Varoufakis says. Asked …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:11 PM

    Greek official says ‘initiatives’ underway on last-minute deal

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    Last-minute contacts are underway between Athens and Brussels on Tuesday to try to reach an accord over bailout terms for Greece, a Greek official says, just hours before the package is due to expire. “There are initiatives,” the official said, without …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:04 PM

    BNM international reserves at RM390.2 bil

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    The international reserves of Bank Negara Malaysia (BNM) were at RM390.2 billion as at June 15; sufficient to finance 8.1 months of retained imports and 1.1 times the short-term external debt. In a press statement today, the central bank noted …

  • Featured and Exclusive & Opinion  |  JUNE 30, 2015 7:00 PM

    Squashing the superbugs

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    LONDON – Current antibiotics are becoming increasingly ineffective, not only at fighting common illnesses like pneumonia and urinary tract infections, but also at treating a range of infections, such as tuberculosis and malaria, which now risk again becoming incurable. With …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 6:56 PM

    1MDB: Talks with Ipic to reduce debt ongoing

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    The negotiations between 1Malaysia Development Bhd (1MDB) and the International Petroleum Invest Co (Ipic) following a binding term sheet are still ongoing, 1MDB says in a statement. These discussions include what assets 1MDB will transfer to Ipic as part of …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 6:54 PM

    ‘Fuel price change notice only for retailers’

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    There will no longer be any notification on fuel price change to the public and such a notice will only be issued to retailers at midnight on the last day of the month. Domestic Trade, Cooperatives, and Consumerism Minister Hasan Malek said this …

  • Corporate  |  JUNE 30, 2015 6:51 PM

    PM witnesses signing of S’wak Pan Borneo Highway MOU

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    Prime Minister Najib Abdul Razak witnesses the signing ceremony of a memorandum of understanding (MOU) for the construction of the 1,090km Sarawak Pan Borneo Highway involving the federal government, Sarawak state government, and Lebuhraya Borneo Utara Sdn Bhd (LBU). LBU was appointed the project …

  • World Biz  |  JUNE 30, 2015 6:38 PM

    Sony’s RM13.5 bil share sale strains investor faith

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    The company plans to raise about 440 billion yen (RM13.5 billion) by selling common stock and convertible bonds to help finance an increase in production of image sensors used in smartphones, Sony said Tuesday in a statement. The stock, which …

  • Markets  |  JUNE 30, 2015 6:23 PM

    KL shares close higher on technical rebound

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    Bursa Malaysia ended higher today on technical rebound after Monday’s steep decline, bolstered by gains in consumer and key finance counters, a dealer says. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,706.64, up 14.72 points, after fluctuating between 1,691.03 and …

  • Finance, Markets, World Biz  |  JUNE 30, 2015 6:23 PM

    Currency traders seek clarity as policy gaffes stoke volatility

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    If there’s one thing currency traders want from politicians and central bankers in the second half of the year it’s more clarity — and fewer gaffes — on policy direction. The headlines from the Greek talks are the latest example: …

  • Corporate  |  JUNE 30, 2015 6:17 PM

    Spad says KL-Padang Besar ETS not approved yet

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    The Kuala Lumpur-Padang Besar, Perlis Electric Train Service (ETS) route can only operate after getting the approval of the Land Public Transport Commission (Spad). Spad chairman Syed Hamid Albar said Spad is still inspecting the ETS trains and railway tracks. “We have told …

  • Markets  |  JUNE 30, 2015 6:09 PM

    Ringgit ends higher against US dollar

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    The ringgit pared yesterday’s losses to close firmer against the US dollar, bolstered by commercial demand, dealers say. At 5pm, the local note was quoted at 3.7740/7770 against the greenback from 3.7825/7855 on Monday. A dealer said apart from month-end commercial demand …

  • Commodities  |  JUNE 30, 2015 6:06 PM

    KLTM ends US$480 lower US$14,380 a tonne

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    The Kuala Lumpur Tin Market (KLTM) closed US$480 lower at US$14,380 per tonne today due to increased offerings and buyers’ reserve, says a dealer. He noted that the KLTM price was at its lowest level of US$14,300 per tonne in 2010. “The current …

  • Commodities  |  JUNE 30, 2015 6:03 PM

    Rubber market ends sharply lower

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    The Malaysian rubber market closed sharply lower due to the strengthening of the ringgit, a dealer says. He said the market was also in fear of uncertainty over Greece’s debt crisis, as reports said tens of thousands of Greeks rallied to back …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 5:58 PM

    Tough choice, but Greeks better off saying no: Stiglitz

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    As the Greek debt crisis deepens ahead of a referendum on accepting bailout terms by European partners, Nobel laureate economist Joseph Stiglitz has presented an argument in favour of saying no. In a Project Syndicate column published by The Guardian …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 5:44 PM

    Greek PM Tsipras considers latest offer from creditors

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    Greek Prime Minister Alexis Tsipras is considering a last-minute bailout proposal by the European Commission, the Greek daily Kathimerini reported on Tuesday, with the clock ticking down to the expiration of the bailout programme. “The prime minister’s office has told …

  • Corporate  |  JUNE 30, 2015 4:47 PM

    SRC confident Shell Overseas on track to settling loan

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    Shell Refining Co (Federation of Malaya) Bhd (SRC) is confident that its major shareholder Shell Overseas Holdings Ltd is on track to settling its short-term loan of RM450 million by year-end. SRC had in 2010 obtained the RM450 million loan to be …

  • Corporate  |  JUNE 30, 2015 4:46 PM

    Shell Refining confident that RM450 mil loan will be settled

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    Shell Refining Co (Federation of Malaya) Bhd (SRC)is confident that its major shareholder, Shell Overseas Holdings Ltd, is on track to settling its short-term loan of RM450 million by year-end. SRC had in 2010 obtained the RM450 million loan to be used …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 4:21 PM

    Unions in East M’sia pledge support for MAS restructuring

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    Four unions in Sabah and Sarawak today declared their full support for the MAS restructuring plan and for Christoph Mueller, the chief executive officer of Malaysia Airlines Berhad (MAB), the company replacing Malaysian Airline System Berhad (MAS). The four unions are the …