• Corporate & Finance  |  MAY 25, 2015 11:01 AM

    MBSB plans to raise loan-loss coverage ratio to 100%

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    Malaysia Building Society Bhd, a lender controlled by the country’s biggest pension fund, plans to adopt stricter coverage standards for loan impairments as it prepares to become an Islamic bank. The company known as MBSB wants to raise its loan-loss …

  • Singapore & World Biz  |  MAY 25, 2015 10:46 AM

    S’pore aims to boost trade with New Zealand

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    Trade and economic links will be on the agenda in talks between New Zealand Foreign Minister Murray McCully and his Singaporean counterpart this week. Singaporean Foreign Minister K Shanmugam will be in New Zealand on Monday and Tuesday, Xinhua news agency reported. “This …

  • Finance & Markets  |  MAY 25, 2015 10:34 AM

    Ringgit halts rally after US indicates rate hike this year

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    The ringgit halted a two-day gain after Federal Reserve Chair Janet Yellen said the US is on course to raise interest rates this year, in contrast to Malaysia where borrowing costs will likely stay on hold. The ringgit dropped 0.5% …

  • World Biz  |  MAY 25, 2015 10:21 AM

    Sharp’s default risk jumps as gov’t rescue prospects fade

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    Sharp Corp’s bond risk jumped the most since 2012 on waning prospects for a state-backed rescue. The cost to insure debt in the Japanese supplier of displays to Apple Inc. rose 210 basis points to 751 on May 21, credit-default …

  • Finance & Markets  |  MAY 25, 2015 9:59 AM

    Ringgit opens lower against US dollar

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    The ringgit eased against the US dollar in early trade today on softer demand for the local unit, said a dealer. At 9.07 am, the local unit was lower at 3.6035/6065 against the greenback from 3.5835/5865 at 5 pm on Friday. The dealer …

  • Markets  |  MAY 25, 2015 9:55 AM

    KL shares open lower on weak global data

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    Share prices on Bursa Malaysia opened lower due to weak buying sentiment weighed down by the hawkish US Federal Reserve statement and discouraging global economic data. At 9.24 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.21 points easier at 1,781.29 …

  • Corporate & Featured and Exclusive  |  MAY 25, 2015 9:45 AM

    Khazanah appoints PwC chief as MAS administrator

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    Khazanah Nasional Bhd has appointed Mohammad Faiz Azmi as administrator for Malaysia Airlines (MAS) as part of the airlines’ transition to a new company Malaysia Airlines Bhd (MAB), according to a media statement today. Faiz is executive chairman of consultancy …

  • World Biz  |  MAY 25, 2015 9:22 AM

    Alibaba fosters local brands to fight counterfeit goods

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    Criticized and even sued by luxury brand Gucci and others for facilitating the counterfeit goods trade, Chinese e-commerce giant Alibaba Group Holding Ltd has been quietly piloting a scheme to try to curb fakes at source. In the coastal city …

  • Featured and Exclusive & World Biz  |  MAY 25, 2015 8:53 AM

    No money to pay IMF in June, says Greek minister

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    Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, its interior minister said on Sunday, the most explicit remarks yet from Athens about the likelihood of default if talks …

  • OTHERS  |  MAY 25, 2015 8:18 AM

    China Inc is coming to America

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    Japan led a wave of investment into America in the 1980s. Now it’s China’s turn. A new report described as the first of its kind has broken down how much Chinese money is flowing into America, where it’s going and …

  • Commodities  |  MAY 25, 2015 7:59 AM

    Gold falls as Yellen points to rate hike

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    Gold eased on Friday, on course for its first weekly decline in four weeks, after US Federal Reserve Chair Janet Yellen said she expected an interest rate hike this year. The dollar extended gains following the speech, after initially climbing …

  • Finance & Markets  |  MAY 25, 2015 7:47 AM

    US dollar rallies on US price data, Fed’s Yellen rate talk

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    The US dollar turned higher on Friday, spurred off early losses after a US inflation report that indicated underlying pressures are building bolstered the case for the US Federal Reserve to raise interest rates later this year. Remarks by Fed …

  • StockStalk  |  MAY 25, 2015 7:30 AM

    Construction: Helping at the 11th hour?

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    The construction sector has always been a vital part of a nation’s growth, with Malaysia being no exception. With the contents of the 11th Malaysia Plan, is the sector being used as a catalyst to achieve economic targets by 2020?

  • Commodities  |  MAY 25, 2015 7:27 AM

    Oil down 2% ahead of long US Memorial Day weekend

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    Oil fell about 2% on Friday as a rallying dollar and profit-taking ahead of a long US holiday weekend cut short a two-day run-up in crude prices. Heating oil, a proxy play for diesel, also fell almost lost 2% while …

  • Markets  |  MAY 25, 2015 7:17 AM

    Wall St ends lower on Friday

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    US stocks ended weaker on Friday after Federal Reserve chair Janet Yellen indicated that the central bank was poised to raise interest rates this year, in line with Wall Street’s expectations. Lackadaisical trading volume during the session ended a week …

  • World Biz  |  MAY 24, 2015 9:39 PM

    Fall-off in Indian weddings bodes ill for jewellers

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    Fewer auspicious days later this year compelled Ramesh Phalke, an auto company employee in India’s Maharashtra state, to hold his daughter’s wedding in May. This bride was lucky because many other weddings will likely be postponed – to the dismay of the country’s jewellers. …

  • Corporate  |  MAY 24, 2015 5:38 PM

    M’sia-Japan trade in 2014 up 1.4%

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    Malaysia’s total trade with Japan increased by 1.4% in 2014, reaching RM137.45 billion (US$42 billion), said Malaysian Ambassador to Japan Ahmad Izlan Idris. He said Malaysia recorded exports of RM82.71 billion (US$25.26 billion), an increase of 4.4%, while imports from Japan dropped by …

  • Corporate  |  MAY 24, 2015 5:21 PM

    Avoid bankruptcy with good financial planning

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    The public, especially young people, should have a thorough understanding of financial planning to ensure quality savings, the Malaysian Financial Planning Council (MFPC) said. Its deputy president, Michael Kok Fook On said only with proper financial planning, the public could prepare for a …

  • World Biz  |  MAY 24, 2015 4:55 PM

    Bank of England confirms EU exit research

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    The Bank of England plans to assess the implications of a possible British exit from the European Union, it said in a statement, confirming an email it inadvertently sent to a newspaper about the supposedly confidential research project. The Guardian reported that an aide …

  • World Biz  |  MAY 24, 2015 1:08 PM

    Hanergy undone in a few minutes of frantic trading

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    Not long after Hanergy Thin Film Power Group began its annual shareholder meeting at a plush Hong Kong hotel this week, the Chinese solar company’s shares went into free fall. After opening down 0.3% at 9.30 am on Wednesday, shares in the manufacturer of …

  • Commodities  |  MAY 23, 2015 6:20 PM

    Sarawak needs 6 palm mall mills

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    The Plantation Industries and Commodities Ministry will propose to the Sarawak government to allow at least six palm oil mills to be built to cater to the needs of the industry in the state. Its minister, Douglas Uggah Embas said the matter would …

  • World Biz  |  MAY 23, 2015 5:58 PM

    Thai passes first inheritance tax

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    Thailand’s military government has passed the country’s first inheritance tax bill, as part of tax reforms to broaden the tax base and boost revenue in a lacklustre economy. The bill, approved by the National Legislative Assembly late on Friday, will require inheritors of assets …

  • World Biz  |  MAY 23, 2015 5:50 PM

    S.Korea seeks cooperation with Japan on AIIB

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    South Korea called on Saturday for deeper cooperation with Japan on a China-led development bank, while Japan remained cautious about the lender, which it and ally the United States have held back from joining. A meeting between the Japanese and South Korean finance ministers …

  • World Biz  |  MAY 23, 2015 4:49 PM

    China and Peru to study transcontinental rail link

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    China and Peru have agreed to study the feasibility of a controversial 5,300 km (3,300 miles) transcontinental railroad that will connect Peru’s Pacific coast with Brazil’s Atlantic coast, China’s official Xinhua News Agency reported. The agreement came as Chinese Premier Li Keqiang arrived in Peru, …

  • Corporate  |  MAY 23, 2015 1:47 PM

    AmBank Group FY15 pat up 9.3% to RM2,044.6 mil

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    AMMB Holdings Berhad (AmBank Group or the Group) today announced financial results for the full year of 2015. Profit after tax (PAT) crossed the RM2 billion mark to reach RM2,044.6 million, underpinned by non-interest income and lower allowances. The Group proposed a final …

  • Commodities  |  MAY 23, 2015 1:35 PM

    Rubber to extend gains; increase demand for tyres

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    The Malaysian rubber market is expected to extend its gains next week in line with demand increase for rubber tyres that would compensate slow economic growth in China. “In addition, top rubber producers’ efforts to boost prices will also give a positive sentiment …

  • Commodities  |  MAY 23, 2015 1:29 PM

    Tin price to trade around US$15,800 a tonne

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    The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to trade around US$15,800 a tonne level next week, supported by demand from European and Japanese traders. A trader said the performance of the market trendsetter, the London Metal Exchange (LME), …

  • Commodities  |  MAY 23, 2015 1:23 PM

    Gold on Bursa to trade higher

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    Gold futures contract on Bursa Malaysia Derivatives is likely to be on an uptrend next week, supported by continued buying momentum, a dealer said. Phillip Futures Sdn Bhd dealer Azim Faris Ab Rahim said gold prices were expected to see an upward movement …

  • Finance  |  MAY 23, 2015 1:18 PM

    Ringgit to strengthen against USD

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    The ringgit is expected to strengthen further next week against the US dollar in the range of between 3.56 and 3.62, riding on weaknesses of the greenback in the global market, an analyst said. “We expect the ringgit to trend higher next …

  • Markets  |  MAY 23, 2015 1:14 PM

    FBM KLCI to consolidate sideways

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    The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to consolidate sideways between 1,800 and 1,780 level next week, weighed down by the hawkish US Federal Reserve statement and weak global economic data. Affin Hwang Investment Bank vice-president and head of retail …

  • Editor's Picks & Featured and Exclusive  |  MAY 23, 2015 10:00 AM

    Rohingya crisis shows up Asean

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    The plight of the Rohingya, who have been driven away from their homes for some time, finally caught the imagination of the Malaysian public at large this month. We are now offering aid alongside some of our neighbours. But the …

  • Corporate  |  MAY 22, 2015 10:37 PM

    Petronas never asked to consider TRX

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    Petronas confirms that it was never asked to look at the Tun Razak Exchange (TRX) development. “In fact, we have sufficient ongoing developments at KLCC, comprising office buildings, a hotel, and extension of retail space being undertaken by KLCC Holdings (our property arm) …

  • Corporate  |  MAY 22, 2015 9:01 PM

    Pos Malaysia posts lower PBT of RM181.31 mil for FY15

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    Pos Malaysia Bhd’s pre-tax profit for the financial year ended March 31, 2015 fell to RM181.31 million compared with RM223.39 million registered in the same period last year. Revenue rose to RM1.49 billion for the period under review from RM1.43 billion previously, the …

  • Singapore  |  MAY 22, 2015 8:57 PM

    SGX, Zhengzhou bourse to develop commodities markets

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    Singapore Exchange Ltd (SGX) and China’s Zhengzhou Commodity Exchange plan to collaborate on developing commodities markets, SGX says on Friday. The two exchanges signed a memorandum of understanding to collaborate in areas including development of new commodity derivative products, it said in a statement. SGX’s …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 8:53 PM

    Liow says AG will audit klia2

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    An audit of the klia2 airport for low-cost carriers in Sepang will be conducted following the cabinet’s green light, says Transport Minister Liow Tiong Lai. He said the auditor-general will be requested to undertake the task. “The Transport Ministry fully supported the …

  • Corporate  |  MAY 22, 2015 8:41 PM

    AMMB to grow Islamic offerings, SME segment

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    AMMB Holdings Bhd aims to further grow its Islamic offerings as well as small and medium enterprise (SME) business for the financial year ending March 31, 2016 (FY16), says chief financial officer Mandy Simpson. She said more assets and initiatives will be …

  • Corporate & Property  |  MAY 22, 2015 8:34 PM

    IGB plans more local, overseas projects

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    Property developer IGB Corp Bhd is planning more mixed development projects in domestic and overseas markets over the next five to eight years with a gross development value of RM10 billion. Group managing director Robert Tan said the company is still “on the …

  • Opinion  |  MAY 22, 2015 8:34 PM

    Global bank FX fine scorecard

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    The foreign-exchange settlements are very hard to keep straight so I made a little scoreboard of the various fines that various banks have paid to various regulators: I hope it’s comprehensive! But I probably missed some regulator somewhere. Anyway, US$10.3 billion (RM37.1 billion) seems like a lower …

  • Economy  |  MAY 22, 2015 8:24 PM

    AllianceDBS expects 2015 inflation at 3%

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    AllianceDBS Research Sdn Bhd expects full-year 2015 inflation at 3%, at the low end of its previous estimation of 3% to 3.5%. The April consumer price index (CPI) accelerated to 1.8% year-on-year (y-o-y), up from 0.9% in March, largely attributable to the …

  • Corporate  |  MAY 22, 2015 8:17 PM

    Jaks’ Q1 pre-tax profit rises slightly to RM8.24 mil

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    Jaks Resources Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose to RM8.24 million compared with RM7.88 million registered in the same period of last year. Revenue increased 2% to RM111.83 million from RM109.68 million previously, mainly due to higher …

  • Corporate  |  MAY 22, 2015 8:11 PM

    IGB posts higher pre-tax profit of RM129.4 mil in Q1

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    IGB Corporation Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose 12% to RM129.4 million compared with RM115.55 million registered in the same quarter last year. Revenue increased 14% to RM334.28 million from RM294.07 million previously, mainly due to higher …

  • Corporate, Featured and Exclusive, Property  |  MAY 22, 2015 8:02 PM

    Sime Darby unconcerned over Liew’s project near Battersea

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    Battersea is a BMW, while the other is a mass market which shall not be named, says Sime Darby chief Mohd Bakke

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 7:48 PM

    Sime Darby lowers forecast, says will miss KPI this year

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    [email protected]

    Plantation-based conglomerate Sime Darby Bhd is now eyeing at least RM2 billion in net profit for the full financial year ending June 30, 2015 (FY15), after continuing slump in the commodities market derailed its target for RM2.5 billion. Speaking to …

  • Corporate  |  MAY 22, 2015 7:03 PM

    Oriental Interest Q3 PBT jumps 182% to RM15.65 mil

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    Oriental Interest Bhd’s (OIB) pre-tax profit for the third quarter ended March 31, 2015 jumped 182% to RM15.65 million from RM5.55 million in the same quarter of 2014. Revenue soared 373% to RM82.01 million from RM17.35 million previously. In a filing to …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 6:43 PM

    Petronas 1Q15 earnings fall 39%

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    [email protected]

    Petronas profit after tax (PAT) for the first quarter of financial year 2015 (1Q15) fell 39% year-on-year (y-o-y) to RM11.4 billion, the company declares in a media conference today. The state oil company attributed this steep fall in earnings to …

  • Corporate  |  MAY 22, 2015 6:39 PM

    Mega First posts higher Q1 PBT of RM33.42 mil

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    Mega First Corporation Bhd’s (MFCB) pre-tax profit rose to RM33.42 million in the first quarter ended March 31, 2015 from RM31.66 million in the same period of last year. In a filing to Bursa Malaysia today, MFCB said revenue slipped to RM135.84 …

  • Corporate  |  MAY 22, 2015 6:36 PM

    Hua Yang FY15 pre-tax profit climbs to RM153.44 mil

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    Property developer Hua Yang Bhd’s pre-tax profit rose to RM153.44 million for its financial year ended March 31, 2015 from RM112.36 million in the same period last year. In a filing to Bursa Malaysia today, the company said revenue rose to RM583.58 million …

  • Finance  |  MAY 22, 2015 6:26 PM

    BNM i’ntl reserves at RM393.4 bil as at May 15

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    The international reserves of Bank Negara Malaysia (BNM) amounted to RM393.4 billion as at May 15, 2015. The reserves position is sufficient to finance eight months of retained imports and is 1.1 times the short-term external debt, BNM said in a statement today. The …

  • Corporate  |  MAY 22, 2015 6:17 PM

    CDC opens on June 1 to support exiting MAS staff

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    The Corporate Development Centre, created to support exiting Malaysia Airline system Bhd’s (MAS) employees with their career transitions, will officially open on June 1. CDC offers free outplacement and training services for the employees to help them make the most of their …

  • Markets  |  MAY 22, 2015 5:53 PM

    KL shares end lower on profit taking

    Story by

    Shares on Bursa Malaysia ended lower today as foreign investors took profits in selected blue chips, dealers say. At 5pm today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.54 points to 1,787.5, after hovering between 1,780.11 and 1,798.46 throughout the day. …