• Corporate & Featured and Exclusive  |  AUGUST 4, 2015 5:37 PM

    MAHB: Every measure taken for klia2 safety

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    Malaysia Airports Holdings Bhd (MAHB) assures that every measure is being taken to ensure public safety at klia2, despite concerns about the budget airport’s structural faults. “MAHB, as the airport operator for klia2, abides by the standards and safety regulations …

  • Corporate  |  AUGUST 4, 2015 5:16 PM

    UMW Industries opens new building

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    UMW Industries (1985) Sdn Bhd opens its new building at Jalan Utas, Seksyen 15 to cater to its growing business and serve its customers better. UMW group president and chief executive officer Syed Hisham Syed Wazir said as the sole distributor for Toyota’s industrial equipment since …

  • Corporate  |  AUGUST 4, 2015 5:09 PM

    Mier expects ringgit to rebound by year-end

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    The Malaysian Institute of Economic Research (Mier) expects the ringgit to rebound by year-end in line with the World Economic Forum’s (WEF) 2015 crude oil price forecast of between US$58 and US$59. Executive director Professor Zakariah Abdul Rashid said crude oil prices as of …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 5:00 PM

    ‘Policy initiatives needed to arrest ringgit decline’

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    “The current factors driving the ringgit to the weak side is obvious; the sharp decline in FX reserves, the political uncertainty, and the risk of rise in US interest rates.”

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 4:29 PM

    Husni: Global events causing poor sentiment over ringgit

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    The ringgit’s ongoing weakness against the US dollar is being driven by poor sentiment as a result of global economic events, says Second Finance Minister Ahmad Husni Mohamad Hanadzlah.

  • Featured and Exclusive & Opinion  |  AUGUST 4, 2015 4:29 PM

    The secret to a great economy

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    Almost nothing in economics is more important, or mysterious, than productivity. It means the amount of stuff — goods, services, economic value — produced for a given amount of input. It is productivity that separates today’s rich, modern consumer societies …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 4:08 PM

    Athens shares fall 4.5%, after 16.2% plunge yesterday

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    Greek stocks were down 4.5% in early trade on Tuesday, dragged down by another near 30% plunge in banking stocks, a day after sustaining record losses when the bourse opened following a five-week shutdown. The main Athens index lost 16.2% on Monday, …

  • Corporate & Launches  |  AUGUST 4, 2015 3:59 PM

    REDtone launches comms app for citizens, local councils

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    Integrated telecommunications solutions provider REDtone International Bhd unveils its first Internet of Things (IoT) application for Smart City known as CitiAct, a citizen engagement mobile application that facilitates communication between citizens and their respective local councils. CitiAct, developed by REDtone’s …

  • Featured and Exclusive & Opinion  |  AUGUST 4, 2015 3:57 PM

    It’s a RM2.6 bil ‘donation’…stupid?

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    Finally, there is confirmation from the investigations that some RM2.6 billion was indeed transferred into prime minister Najib Abdul Razak’s accounts but they were “merely from donors”. Is this a corrupt act or not?

  • Markets  |  AUGUST 4, 2015 3:44 PM

    KL shares stay lower at mid-afternoon; CI down 17.31 pts

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    Bursa Malaysia was easier at mid-afternoon today on selling activities led by foreign investors, a dealer says. At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,726.88, down 17.31 points. “The rapid foreign cash-off today was due to numerous …

  • Corporate  |  AUGUST 4, 2015 3:33 PM

    Xin Hwa unit bags RM1.8 mil contracts from MMHE

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    Newly-listed Xin Hwa Holdings Bhd’s unit Xin Hwa Trading & Transport Sdn Bhd secures two contracts worth RM1.8 million. In a filing to Bursa Malaysia today, Xin Hwa said the first contract from Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) is for …

  • Corporate  |  AUGUST 4, 2015 3:19 PM

    MISC posts higher 2Q pre-tax profit of RM772.57 mil

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    The national shipping line MISC Bhd recorded a shaprly higher pre-tax profit of RM772.57 million in the second quarter ended June 30, 2015 from RM344.56 million in the same period last year. Revenue rose 2.4% to RM2.6 billion from RM2.54 billion previously. …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 3:16 PM

    Kelantan gets stay of hearing in Petronas oil royalty suit

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    The High Court today granted the Kelantan government a stay of the hearing of its suit against Petroliam Nasional Berhad or Petronas for alleged breach of contract over oil royalty, pending an appeal at the Court of Appeal. Lawyer S …

  • Corporate  |  AUGUST 4, 2015 3:14 PM

    RM2.6 bil donation for PM not a crime, says KJ

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    It is not a crime for Prime Minister Najib Abdul Razak to receive RM2.6 billion in political donation from supporters in the trust of Umno, says Khairy Jamaluddin. “In Malaysia, there’s no law to prohibit political parties from receiving contributions …

  • Corporate, Economy, Featured and Exclusive  |  AUGUST 4, 2015 3:05 PM

    Kerry: Good progress made on TTPA despite talks failure

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    US Secretary of State John Kerry says “good progress” was made towards a 12-nation Trans-Pacific trade deal last week, even though negotiators failed to reach an accord in marathon talks in Hawaii. “As with any complex negotiation… there remain details to …

  • Finance & Markets  |  AUGUST 4, 2015 3:00 PM

    MIDF not expecting Ringgit to fall to RM4

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    The ringgit is expected to be in the range of RM3.80-RM3.90 by year-end, says MIDF Amanah Investment Bank Bhd’s research arm, MIDF Research. In a statement today, MIDF research said to-date, none of the analyst forecasts expected the ringgit to fall to RM4.00 …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:53 PM

    Court allows K’tan stay of hearing in oil royalty suit

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    The High Court grants the Kelantan government a stay of the hearing in its suit against Petronas for alleged breach of contract over oil royalty, pending an appeal at the Court of Appeal. Lawyer S Sitpah, who acted for the state …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:43 PM

    FGV to conclude due diligence on EHP stake buy by end-Aug

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    Felda Global Ventures Holdings Bhd (FGV) hopes to conclude its due diligence exercise pertaining to the acquisition of 37% stake in PT Eagle High Plantations (EHP) by end-August. Chief executive officer Mohd Emir Mavani Abdullah said to date, the group has reached 75% …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:30 PM

    Hibiscus suspended after announcing stake acquisition

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    Oil and gas exploration outfit Hibiscus Petroleum Bhd has been suspended from trading since mid-morning pending a material announcement. In a regulatory filing, Hibiscus said it requested the suspension until 5pm today and added the request was made under paragraph …

  • World Biz  |  AUGUST 4, 2015 2:19 PM

    Toyota profit beats estimates on weak yen

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    Toyota Motor Corp says quarterly profit beat analyst estimates, as a weak yen trumped a sales decline that cost the company its position as the world’s top-selling automaker. Net income in the April-to-June period rose to 646.4 billion yen (RM20 …

  • Finance  |  AUGUST 4, 2015 2:13 PM

    India central bank keeps rate unchanged

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    Indian central bank governor Raghuram Rajan keeps interest rates unchanged, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia. Raghuram left the benchmark repurchase rate at 7.25% after three cuts this year, …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 2:01 PM

    RAM: Ringgit unlikely to touch 4 against US dollar

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    The ringgit is not expected to breach the 4.00 to a US dollar level this year and next year, says RAM Ratings. Economist and head of research Kristina Fong said there are a lot of external uncertainties which are fuelling the volatility …

  • Finance & World Biz  |  AUGUST 4, 2015 1:59 PM

    Thailand expected to keep policy rate steady on Wed

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    Thailand’s central bank is expected to leave its policy interest rate steady again on Wednesday even though the economy continues to stumble more than a year after the military took power in a bid to end political unrest. Twenty of …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 1:41 PM

    MH370 ‘social media hype’ hurting MAS demand

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    Media coverage of the search for missing Flight 370 is hurting ticket sales at Malaysia Airlines, chief executive officer Christoph Mueller said. “Particularly pronounced” coverage of the search for MH370, which is thought to have crashed in the Indian Ocean …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 1:34 PM

    China dethroned as world’s most liquid stock market

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    China has lost its title as the world’s most liquid stock market as trading halts and regulatory efforts to curb bearish transactions drive away investors. Daily turnover on mainland exchanges has averaged the equivalent of US$202 billion (RM776.8 billion) over …

  • World Biz  |  AUGUST 4, 2015 1:30 PM

    Greece agree pension reforms to apply from July

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    Greece and its lenders discussing a third multi-billion-euro bailout deal have agreed that pension reforms will affect only those who retired after the end of June, labour ministry officials said on Monday. When creditors agreed in July to negotiate a …

  • Commodities  |  AUGUST 4, 2015 1:19 PM

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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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?

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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?

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    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

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    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

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    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

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    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

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    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 …