• Opinion  |  JULY 1, 2015 12:42 PM

    The real reason Tsipras wants a referendum on debt deal

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    As the government of Prime Minister Alexis Tsipras closes banks and imposes capital controls, Greece is closer than ever to the euro exit door. Tsipras’ decision to call for a referendum effectively ended negotiations with euro zone and international creditors, at …

  • Economy  |  JULY 1, 2015 12:21 PM

    ‘Gov’t officers must understand M’sia’s economy’

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    Government officers need to know about the country’s financial and economic situation, besides understanding clearly issues of interest to the public, said International Trade and Industry Minister Mustapa Mohamed. He said as the frontline machinery of the government, they could play an important …

  • Corporate & Featured and Exclusive  |  JULY 1, 2015 12:14 PM

    Mercedes: B10 compatible with diesel vehicles

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    Mercedes-Benz Malaysia has announced that the B10 biodiesel blend is fully compatible with its diesel-powered vehicles, based on evaluation conducted on its current diesel vehicle fleet in Malaysia.

  • Economy & Markets  |  JULY 1, 2015 12:10 PM

    ‘Fitch’s stable outlook eases pressure on ringgit’

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    The latest rating by Fitch Ratings on Malaysia’s outlook sparks positive sentiment in the local foreign exchange market, lifting the ringgit higher against the US dollar this morning. Hong Leong Investment Bank (HLIB) economist, Sia Ket Ee, said the upgrade, which came in …

  • Finance & World Biz  |  JULY 1, 2015 11:58 AM

    China’s LGFV downgrades escalate as growth dwindles

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    Local government financial vehicles (LGFV) in China are being downgraded at an escalating rate as their financial position weakens amid a slowing economy. The credit scores of four so-called LGFVs were lowered last half, according to China Merchants Securities Co, …

  • Corporate, Featured and Exclusive, Markets  |  JULY 1, 2015 11:43 AM

    M’sian stocks jump the most in 2-years on Fitch outlook

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    Malaysian stocks rallied as Fitch Ratings raised its outlook for the nation after signaling a rating downgrade earlier in the year. The FTSE Bursa Malaysia KLCI Index climbed 1.7%, poised for the biggest increase since May 2013, at 10:30 am …

  • Markets  |  JULY 1, 2015 11:35 AM

    KL shares continue uptrend at mid-morning

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    Share prices on Bursa Malaysia continued their uptrend at mid-morning today, lifted by plantation and consumer counters, a dealer said. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 29.81 points higher at 1,736.45. Leading the top gainers list was Kuala …

  • World Biz  |  JULY 1, 2015 11:31 AM

    Xiaomi to start selling smartphones in Brazil

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    Xiaomi Corp will start selling smartphones in Brazil this month, its first market for the low-priced devices outside Asia. The Redmi 2 will sell for 499 reais (RM596.48) online as the company’s first phone made outside China, Hugo Barra, vice …

  • Commodities & Corporate  |  JULY 1, 2015 11:18 AM

    M’sian crude oil selling price falls to US$66.89 for June

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    The official selling price of a basket of Malaysian crude oil for June-loading has been calculated at US$66.89 a barrel, down US$2.48 from the previous month, traders said on Wednesday. Petronas introduced a new benchmark starting January 2014, based on …

  • Markets & World Biz  |  JULY 1, 2015 11:05 AM

    Shanghai’s top ETFs see strong inflows for second day

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    About 15 billion yuan (RM9.2 billion) flowed into Shanghai’s top four exchange-traded funds (ETFs) on Tuesday, the second consecutive day of strong inflows into the blue chip-focused funds, strengthening expectations that state-backed investors are stepping in to arrest a two-week-long …

  • Featured and Exclusive & World Biz  |  JULY 1, 2015 10:49 AM

    Greece defaults on IMF loan despite plea to creditors

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    Greece’s last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund (IMF). The IMF confirmed that Greece …

  • Featured and Exclusive & Markets  |  JULY 1, 2015 10:09 AM

    KL shares open higher boosted by Fitch’s latest ratings

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    Bursa Malaysia extended its gains to open higher today as the latest ratings by Fitch on Malaysia’s outlook fueled optimism on the country’s economy, dealers said. Fitch affirmed the country’s long-term foreign currency rating at A-and revised upwards its outlook to stable from …

  • Featured and Exclusive, Finance, Markets  |  JULY 1, 2015 10:01 AM

    Ringgit opens sharply higher against US dollar

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    The ringgit opened sharply higher against the US dollar this morning, bolstered by strong demand for the local note after the positive announcement by Fitch Ratings, which revised Malaysia’s outlook to stable. At 9 am, the local currency was quoted at 3.7330/7380 against …

  • World Biz  |  JULY 1, 2015 9:54 AM

    Two 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 said on Tuesday, part of a French crackdown on what the government calls an illegal taxi service. Thibaud Simphal, manager of Uber France, …

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

    Fitch’s stable outlook the result of gov’t policies: 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 as much as 0.7% in early trade on Wednesday after a surprise move by Fitch to keep Malaysia’s credit rating at A- and raise its outlook to stable from negative. “This is a positive surprise. …

  • 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

    Story by

    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

    Story by

    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

    Story by

    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’

    Story by

    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

    Story by

    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

    Story by

    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 …