• Featured and Exclusive & Finance  |  JULY 2, 2015 9:42 PM

    ECB to discuss emergency Greek funding on Monday

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    European Central Bank (ECB) policy setters plan to discuss the provision of emergency funding for Greek banks on Monday, a person familiar with the matter says. The governing council of euro zone central bank chiefs and ECB president Mario Draghi’s executive will …

  • Featured and Exclusive & World Biz  |  JULY 2, 2015 9:29 PM

    BP pays record RM70 bil to settle claims in Gulf oil spill

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    BP Plc will pay a record US$18.7 billion (RM70.11 billion) to resolve claims by the US and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as …

  • Singapore  |  JULY 2, 2015 9:12 PM

    S’pore June PMI at 7-month high; electronics expands

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    Activities at Singapore’s factories hit a seven-month high in June thanks to an increase in new orders, with the key electronics sector returning to growth, a survey shows. The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ index (PMI) …

  • World Biz  |  JULY 2, 2015 9:00 PM

    Alibaba-owned football club to be first to list in Asia

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    China’s Evergrande Real Estate Group Ltd and Alibaba Group Holding Ltd are planning a stock market listing for football club Evergrande Taobao, former Asian Champions League winners, in what would be a first for a team in the region. The club, …

  • Singapore  |  JULY 2, 2015 8:40 PM

    Singapore tweaks proposed Reit market reforms

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    Singapore’s central bank announced tweaks to its proposed reforms of the real estate investment trust (Reit) market on Thursday, including changes to the leverage cap and more transparency to protect investors. Singapore’s Reit sector is the biggest in Asia outside …

  • Corporate  |  JULY 2, 2015 8:30 PM

    Country remains important for Shell Malaysia

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    Malaysia remains an important country for Shell Malaysia and its businesses are not affected by developments at the Shell Refining Co (Federation of Malaya) Bhd (SRC). SRC is a separate independent entity from Shell’s other operating units in Malaysia, and refining overcapacity and …

  • Launches  |  JULY 2, 2015 7:45 PM

    Najib launches Social Public Private Partnership

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    A new social service model for the government and private sector to collectively move forward towards developing projects in the social sphere – Social Public Private Partnership (Social PPP) – is launched. Prime Minister Najib Abdul Razak when launching the Social PPP today …

  • Economy  |  JULY 2, 2015 7:29 PM

    Mustapa: Fitch rating to clear up misconceptions

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    Fitch Rating’s decision to upgrade Malaysia’s outlook to “stable” from “negative” will help clear up lingering misperceptions among investors and could further enhance Malaysia’s attractiveness as a preferred investment destination. In a statement today, International Trade and Industry Minister Mustapa Mohamed said the upgrade …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 7:12 PM

    Aussie property scam – Mara Inc top two suspended

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    Two top officials at Majlis Amanah Rakyat’s (Mara) investment arm Mara Inc Sdn Bhd have been temporarily “relieved from their duties” pending investigations over alleged wrongdoings in Mara Inc controversial property purchases in Melbourne. They duo are Mara Inc chairman …

  • World Biz  |  JULY 2, 2015 6:44 PM

    BBC to cut over 1,000 jobs in cost saving

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    The British Broadcasting Corp (BBC) will axe more than 1,000 jobs by merging some divisions, cutting management, and simplifying areas like marketing, human resources, and IT. The world’s biggest public broadcaster is in the midst of an overhaul to deliver …

  • Featured and Exclusive, Finance, Markets  |  JULY 2, 2015 6:36 PM

    Ringgit likely to face continuous pressure

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    The ringgit is likely to face continuous pressure despite Fitch Ratings’ upgrading Malaysia’s sovereign rating outlook to stable from negative. ForexTime Ltd chief market analyst Jameel Ahmad said the ringgit was now entering the third quarter and edging very close to an anticipated …

  • Markets  |  JULY 2, 2015 6:27 PM

    Ringgit ends weaker against US dollar

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    The ringgit reversed yesterday’s gains to close easier against the US dollar today, dampened by profit-taking activities, a dealer says. At 5pm, the local currency was quoted at 3.7760/7800 from 3.7480/7530 yesterday. The dealer said mild selling emerged as investors booked profit following Fitch …

  • World Biz  |  JULY 2, 2015 6:23 PM

    Allies dump Trump over ‘dumping ground’ comment

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    On June 16, Donald Trump stood on the ground floor of the Manhattan trophy tower bearing his name, which dares to cast a shadow over the Apple Store. Light beamed down upon him, as teenage girls from Iowa – who’d …

  • World Biz  |  JULY 2, 2015 6:20 PM

    Dijsselbloem: Greek ‘no’ would not help its position

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    A “no” vote in Greece’s referendum on Sunday would not strengthen the country’s negotiating position and would place both Greece and Europe in a “very difficult” position, the chair of the council of Eurozone finance ministers said. The question to …

  • Corporate  |  JULY 2, 2015 6:05 PM

    Secret Recipe gets back halal certification

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    Secret Recipe has received its halal certification back following the renovation and upgrading works of its central kitchen in Taman Mayang and its new plant in Kota Damansara. The certificates from the Department of Islamic Development Department Malaysia (Jakim) affirmed that the …

  • Markets  |  JULY 2, 2015 5:58 PM

    KL shares close higher on Fitch upgrade

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    Bursa Malaysia ended higher today on better sentiment due to the Fitch Ratings’ decision to upgrade the country’s credit rating from negative to stable yesterday, dealers said. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,733.88, up by 5.92 points, after moving …

  • World Biz  |  JULY 2, 2015 5:57 PM

    Thailand plans RM4 bil purchase of three Chinese subs

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    Thailand’s navy has approved a 36 billion baht (RM4 billion) plan to buy three submarines from China, the southeast Asian nation’s defence minister said on Thursday, in what could be a sign the country is cosying up to the regional …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 5:48 PM

    Govt to compensate RM1.08 bil if toll rates not raised

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    The government is expected to pay RM1.08 billion in compensation to 23 concessionary companies involving 30 highways nationwide if there is no increase in toll rates, says Works Minister Fadillah Yusof. He said the government is compelled to pay a compensation of RM580 …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 5:26 PM

    Azmin writes to DPM over Selangor water issues

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    Selangor Menteri Besar Mohamed Azmin Ali has written a letter to Deputy Prime Minister (DPM) Muhyiddin Yassin to ensure issues concerning the restructuring of the state’s water industry can be resolved immediately. Azmin said the restructuring process is now in the final stage …

  • Commodities  |  JULY 2, 2015 5:16 PM

    Rubber market ends mixed

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    The Malaysian rubber market closed mixed today amid cautious sentiment on the regional market, a dealer says. He said the positive factor of a weak yen was countered by profit taking. The Malaysian Rubber Board’s official price at noon for tyre-grade …

  • Featured and Exclusive & Finance  |  JULY 2, 2015 5:14 PM

    Malaysian credits rally amid better sentiment

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    Financial markets were back on firmer territory after Hong Kong reopened today following a holiday yesterday. Fitch’s surprise move on Tuesday night to affirm Malaysia’s A- rating saw credits from the country become firmer. Having widened some 13 basis points (bp), Petronas 2025s …

  • Corporate  |  JULY 2, 2015 4:59 PM

    1MDB discussed with Fitch prior to rating upgrade

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    1Malaysia Development Bhd (1MDB) had conversations with Fitch Ratings in advance of the credit rating upgrade on Malaysia in which it discussed the company’s current situation. In a statement today, president and group executive director, Arul Kanda, said the strategic development company, wholly-owned …

  • World Biz  |  JULY 2, 2015 4:44 PM

    Say ‘Konnichi Wa’ to robots in Tokyo Airport

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    The Tokyo city airport will lease 11 robots in September that will clean the facilities and carry baggage. Authorities say that’s just the beginning, and if the robots are good at the work then more airports around the country will …

  • World Biz  |  JULY 2, 2015 4:28 PM

    Frustrated Jokowi launches charm offensive

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    Exasperated by the performance of his economics team, Indonesia’s president has personally taken on the job of promoting Southeast Asia’s largest economy to skeptical investors, said palace officials and economists. Joko Widodo’s unusual intervention in a closed-door meeting with fund …

  • Singapore  |  JULY 2, 2015 4:27 PM

    OCBC Bank signs MOUs with 10 Myanmar banks

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    OCBC Bank signs memorandum of understandings (MOUs) with 10 Myanmar banks in conjunction with the official opening of its branch in Myanmar. The MOUs are focused on collaboration in training and capability-building of cash management, trade finance, and treasury solutions to support the anticipated …

  • Featured and Exclusive & Finance  |  JULY 2, 2015 4:07 PM

    Poll shows Greek referendum on bailout too close to call

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    Greek voters are almost evenly split heading into a referendum in three days that European leaders say could plunge the country into economic darkness. A GPO poll cited by said 47% leaned toward a “yes” vote, an endorsement of austerity …

  • Corporate  |  JULY 2, 2015 4:06 PM

    China gets supply of GSK’s new HIV drug in new deal

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    China will receive cut-price supplies of GlaxoSmithKline’s new HIV drug Tivicay, following a deal for Shanghai-based Desano Pharmaceuticals to become an additional manufacturer of the medicine’s active ingredient. The collaboration between GSK’s HIV unit ViiV Healthcare and Desano marks an …

  • Corporate & Economy  |  JULY 2, 2015 3:57 PM

    1MDB trumpets Fitch upgrade

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    1MDB today trumpeted Fitch’s Rating’s upgrade of the country’s economic outlook despite claims that the Finance Ministry-owned company was weighing down the economy. 1MDB president and group executive officer Arul Kanda said Fitch Rating was briefed by 1MDB about its …

  • Economy, Featured and Exclusive, World Biz  |  JULY 2, 2015 3:43 PM

    Plight of Greek pensioners heaps pressure on Tsipras

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    Long lines of pensioners jostling to get into a limited number of banks opened specially to pay out retirement benefits have become a powerful symbol of the misery facing Greece and the problems mounting for Prime Minister Alexis Tsipras. With …

  • Markets  |  JULY 2, 2015 3:39 PM

    KL shares remain higher at mid-afternoon

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    Bursa Malaysia remained higher at mid-afternoon, supported by consistent buying in Petronas-linked stocks and finance counters, a dealer says. At 3.03pm, the FTSE Bursa Malaysia KLCI increased 6.9 points to 1,734.86 points. MISC led the rise in the composite index with 8.16 points, …

  • Economy  |  JULY 2, 2015 3:35 PM

    Euro zone inflationary pressures at four-year high

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    Euro zone inflationary pressures are at a four-year high, suggesting the European Central Bank’s trillion-euro bond-buying programme is working, an indicator designed to predict cyclical trends shows. The Eurozone Future Inflation Gauge (EZFIG), a measure of the outlook for inflation published …

  • Economy  |  JULY 2, 2015 3:29 PM

    Plight of Greek pensioners heaps pressure on Tsipras

    Story by

    Long lines of pensioners jostling to get into a limited number of banks opened specially to pay out retirement benefits have become a powerful symbol of the misery facing Greece and the problems mounting for Prime Minister Alexis Tsipras. With …

  • OTHERS  |  JULY 2, 2015 3:26 PM

    BoE deputy: Greek crisis ‘very dangerous’ but no contagion

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    Greece’s deepening debt crisis has become “very dangerous” but there is no sign yet of it spreading to other countries on the periphery of the euro zone, Bank of England (BoE) deputy governor Jon Cunliffe said on Thursday. “We’re not …

  • Economy & World Biz  |  JULY 2, 2015 3:02 PM

    Moody’s cuts Greece’s ratings after default

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    Moody’s cut its rating on Greece to ‘Caa3′ from ‘Caa2′ as the country became the first developed economy to default on a loan with the International Monetary Fund (IMF). Moody’s said the likelihood of Greece obtaining support from its creditors …

  • Markets  |  JULY 2, 2015 3:00 PM

    Citi: Fitch takes fear factor out of local equities

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    An unexpected but positive outlook review from debt rating agency, Fitch Ratings, drove the KLCI today, taking away one of the two fear factors that have reduced foreign interest in Malaysian equities to minimal levels, says Citi Research. Fitch revised its outlook on …

  • Economy & Featured and Exclusive  |  JULY 2, 2015 2:42 PM

    Fitch: Global economy to grow 2.4% this year

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    Fitch Ratings forecasts that the global economy will grow by 2.4% in 2015, followed by 2.9% next year and 2.8% in 2017. “The pick-up in 2016 reflects a recovery from recession in Brazil and Russia, albeit a weak one, while …

  • Singapore  |  JULY 2, 2015 2:20 PM

    Dyson plans more hiring in S’pore on Asian demand

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    Dyson Ltd plans to hire 100 engineers in Singapore to develop home appliances and boost output of motors that drive the company’s bagless vacuum cleaners worldwide. Annual production of the engines used in cleaners – including the cordless Fluffy model …

  • Corporate  |  JULY 2, 2015 2:06 PM

    Bintulu Port unit issues LOA for Samalaju project

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    Bintulu Port Holdings Bhd’s unit Samalaju Industrial Port Sdn Bhd issues a letter of acceptance to Senari Machinery Sdn Bhd for the Samalaju port development project. The contract, valued at RM38.08 million, revolves around the works and commissioning of three units of level luffing …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 1:58 PM

    AG says 1MDB interim report completed

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    The interim report on 1Malaysia Development Bhd (1MDB) has been completed according to schedule, that is June 30. The Auditor-General’s (AG) Office said in a statement today that the report will be handed over to the Public Accounts Committee (PAC) at a briefing scheduled …

  • Economy & Featured and Exclusive  |  JULY 2, 2015 1:53 PM

    Investors seek fixes beyond Fitch approval

    Story by

    A rally in Malaysia’s currency and stocks after the nation avoided a Fitch Ratings downgrade may be short-lived if it doesn’t clean up an indebted state investment company and reduce threats to its current account surplus. The ringgit will probably …

  • Corporate  |  JULY 2, 2015 1:44 PM

    SC revokes licence of Magna Prima trader

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    The Securities Commission Malaysia (SC) has revoked the licence of trader Lim Chin Wat for manipulative dealings of Magna Prima Bhd shares. “The Capital Market Services Representative’s Licence (CMSRL) of Lim Chin Wat was revoked from 28 May 2015 under …

  • Singapore  |  JULY 2, 2015 1:32 PM

    MAS gives first warning on SGX stock trading

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    Trade with caution. That’s the message from Singapore’s regulator to investors in the city-state’s exchange operator, which jumped on Wednesday by the most since July 2009. It’s the first time Singapore Exchange Ltd (SGX) has been the subject of such …

  • Corporate  |  JULY 2, 2015 1:32 PM

    1MDB to Pua, “We are being investigated”

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    1MDB (1Malaysia Development Bhd) says that it is cooperating with authorities in several investigations, despite opposition leader Tony Pua claiming otherwise. “1MDB notes certain statements attributed to Tony Pua published online today, questioning why no action has been taken against …

  • Markets  |  JULY 2, 2015 1:23 PM

    KL shares extend gains at mid-day

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    Bursa Malaysia extended gains at mid-day today in riding on Fitch Ratings’ decision to upgrade the country’s credit rating from negative to stable yesterday. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 7.53 points at 1,735.49 after opening higher at 1,1729.56. …

  • Corporate & Finance  |  JULY 2, 2015 1:18 PM

    SapuraKencana tests oil-related sukuk appetite

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    SapuraKencana Petroleum Bhd plans to tap Malaysia’s sukuk market for the first time, helping fill a void in issuance. The nation’s biggest listed oil and gas (O&G) services company, which has businesses in more than 20 countries including Mexico, Indonesia, …

  • Commodities  |  JULY 2, 2015 1:08 PM

    KLTM ends US$500 higher at US$14,500 a tonne

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    The Kuala Lumpur Tin Market (KLTM) rose sharply today to close US$500 higher at US$14,500 a tonne, in line with a similar uptrend in the metal price on the London Metal Exchange (LME), a dealer says. The dealer said the tin price on …

  • TigerTalk  |  JULY 2, 2015 12:00 PM

    Sona and Spacs – do or die?

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    After its botched US$280 million Salamander deal last year, Sona Petroleum is still desperately seeking for assets within the next 12 months. Otherwise, it would have to close shop. Are we seeing the last days of Sona in particular and Spacs in general?

  • Economy, Featured and Exclusive, World Biz  |  JULY 2, 2015 11:30 AM

    Greece’s Tsipras digs in against bailout

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    A defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with European Union partners before a referendum on Sunday that may decide Greece’s future in Europe. Less …

  • Markets  |  JULY 2, 2015 11:25 AM

    KL shares continues its uptrend at mid-morning

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    Bursa Malaysia continued its uptrend at mid-morning today, lifted by Petronas-linked stocks and finance counters, a dealer said. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.68 points higher at 1,732.64. Of the heavyweights, Maybank gained one sen to RM9.27, …

  • Commodities, Corporate, Featured and Exclusive  |  JULY 2, 2015 10:28 AM

    Petrol prices not solely determined by crude oil prices

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    Malaysia's retail petrol prices are determined by an average of Mean of Platts Singapore prices plus a fixed margin for oil companies and dealers. Brent crude oil is only one component which goes into calculating MOPS.