• World Biz  |  MAY 28, 2015 9:53 PM

    The world has retirement savings issue

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    You can almost feel the shrug in French workers’ responses to questions about retirement. About 60% said they have no retirement plan, and just 8% of those with a plan have it written down. They have lots of company in Poland and …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 9:32 PM

    Brahim’s 1Q pre-tax profit falls over 50% to RM5.51 mil

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    Brahim’s Holdings Bhd’s pre-tax profit for the first quarter ended March 31, 2015 declined to RM5.51 million from RM11.6 million in the same quarter last year. Revenue also decreased to RM85.73 million from RM92.47 million previously, Brahim’s said in its filing to …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 9:21 PM

    Nur Jazlan: PAC won’t compromise on 1MDB probe

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    The Public Accounts Committee (PAC) will not compromise if there are elements of fraud found in the investigation into the government’s strategic investment company 1Malaysia Development Bhd (1MDB). PAC chairman Nur Jazlan Mohamed said PAC would be firm if there were fraudulent actions taken …

  • Corporate  |  MAY 28, 2015 8:50 PM

    Litrak FY15 pre-tax profit rises to RM186.96 mil

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    Lingkaran Trans Kota Holdings Bhd’s (Litrak) pre-tax profit improved to RM186.96 million in the financial year ended March 31, 2015 from RM171.73 million chalked up a year ago. Revenue increased to RM380.73 million from RM373.93 million in the same period, the company said …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 8:41 PM

    Nexgram says in early talks with 1MDB on TRX land

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    Nexgram Holdings Bhd says it is currently in preliminary discussions with 1Malaysia Development Bhd (1MDB) to potentially acquire land in the latter’s Tun Razak Exchange (TRX). In a statement to Bursa Malaysia today, Nexgram said it has not determined the type of development …

  • Corporate  |  MAY 28, 2015 8:37 PM

    D&Y Group to invest RM364 mil in expansion

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    Chinese textile manufacturer D&Y Group will invest about US$100 million (RM364 million) to expand its spindle upscale comb and yarn spinning facility in Sedenak by year-end. D&Y chairman Zhao Huan Chen said the company had invested about US$100 million for the first phase, …

  • Corporate  |  MAY 28, 2015 8:20 PM

    Dominant Enterprise posts slightly lower FY15 net profit

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    Dominant Enterprise Bhd, a Johor-based manufacturer of environmentally friendly flat-laminated wood products and moulded wood components, posted a lower net profit of RM22.43 million compared to RM23.13 million a year ago for the financial year ended March 31, 2015. Its revenue rose 14.6% to RM547.61 million, …

  • Corporate  |  MAY 28, 2015 8:11 PM

    MKH’s 2Q pre-tax profit plunges to RM21 mil

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    MKH Bhd’s pre-tax profit plummeted to RM21 million in the second quarter ended March 31, 2015 from RM74.99 million in the same quarter last year. Revenue, however, rose by 22% to RM229.72 million from RM188.15 million a year ago, mainly contributed by the …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 8:06 PM

    DRB-Hicom FY15 pre-tax profit falls to RM502.21 mil

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    DRB-Hicom Bhd’s pre-tax profit for the financial year ended March 31, 2015 declined to RM502.21 million compared with RM801.74 million recorded last financial year. Revenue slipped to RM13.69 billion from RM14.2 billion previously, the company said in a filing to Bursa Malaysia today. …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 7:24 PM

    AirAsia 1Q net profit up 7% on lower fuel, operating costs

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    Malaysian budget carrier AirAsia says its first-quarter net profit rose 7% from the same year-ago period due to lower fuel and operating costs. AirAsia posted a net profit of RM149.33 million against RM139.72 million in the same period a year ago. In the …

  • Corporate  |  MAY 28, 2015 7:19 PM

    Eversendai’s 1Q pre-tax profit surges to RM21.18 mil

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    Eversendai Corp Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose to RM21.18 million from RM11.31 million recorded in the same quarter last year. The engineering and construction service provider’s revenue increased 74.6% to RM402.78 million from RM230.72 million previously. …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 7:13 PM

    Genting 1Q net profit up 24.6%

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    Malaysian conglomerate Genting Bhd on Thursday posted a 24.6% rise in first-quarter net profit, partly driven by gains on the disposal of financial assets. Net profit for January-March climbed to RM620.06 million from RM497.53 million in the same quarter a year earlier. …

  • Corporate  |  MAY 28, 2015 7:08 PM

    Cradle Fund to invest in 5 tech firms by year-end

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    Cradle Fund Sdn Bhd is seeking opportunities to invest in another five technology-based companies by year-end, each with an investment of up to RM500,000. Chief executive officer Nazrin Hassan said the agency targets to distribute funds to seven companies, but has so far …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 7:00 PM

    Husni: MOF to present 1MDB roadmap tomorrow

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    The Finance Ministry will table the 1Malaysia Development Bhd (1MDB) roadmap to the cabinet tomorrow to counter negative perceptions on the strategic investment fund company. Second Finance Minister Ahmad Husni Hanadzlah said the plan will be able to solve the problems plaguing 1MDB …

  • Corporate  |  MAY 28, 2015 6:49 PM

    WCT unit acquires land in Klang for RM118 mil

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    WCT Holdings Bhd’s subsidiary Gabungan Efektif Sdn Bhd enters into a sales and purchase agreement (SPA) with Elite Asia Pacific Sdn Bhd to acquire three pieces of land worth RM118 million located in Klang, Selangor. In a filing to Bursa Malaysia, WCT said …

  • Corporate  |  MAY 28, 2015 6:38 PM

    Salcon posts RM10.49 mil pre-tax profit in 1Q

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    Salcon Bhd posted a pre-tax profit of RM10.49 million for the first quarter ended March 31, 2015 from a pre-tax loss of RM149,000 in the same period last year. Revenue, however, was 47% lower at RM21.41 million from RM40.42 million previously. Salcon, which …

  • Markets  |  MAY 28, 2015 6:33 PM

    Ringgit ends weaker against US dollar

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    The ringgit continued to contract against the US dollar for the fourth consecutive day due to lack of buying support as investors turned their interest to the greenback. At 5pm, the local unit fell against the greenback to 3.6400/5430 from 3.6360/5390 on Wednesday. …

  • Launches  |  MAY 28, 2015 6:31 PM

    British Airways to fly daily direct to London

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    The arrival of flight BA33 at Kuala Lumpur International Airport at 2.30pm today marked the return of British Airways to Malaysia and the start of the airline’s newest long-haul route. The non-stop service between London Heathrow and Kuala Lumpur will …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 6:24 PM

    IHH posts lower 1Q pre-tax profit of RM232.94 mil

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    IHH Healthcare Bhd’s pre-tax profit for the first quarter ended March 31, 2015 fell to RM232.94 million compared with RM243.05 million in the same quarter last year. Revenue, however, rose 14% to RM2 billion from RM1.76 billion previously, the company said in filing …

  • Corporate  |  MAY 28, 2015 6:18 PM

    M’sia will recover from GST in 2H15, says UOBAM CEO

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    Chief executive officer and executive director of UOB Asset Management Malaysia (UOBAM) Lim Suet Ling says that Malaysia should recover from the implementation of the goods and services tax (GST) in the second half of the year. Lim further explained …

  • Commodities  |  MAY 28, 2015 6:01 PM

    Rubber market closes higher

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    Continued buying momentum influenced the Malaysian rubber market to extend its rally on Thursday, closing the day higher for the sixth consecutive session. The upward performance was also partly aided by the weaker ringgit, a dealer said. The Malaysian Rubber Board’s official physical …

  • Corporate  |  MAY 28, 2015 5:51 PM

    Burger King fined for failure to adhere to KPDNKK’s notice

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    The Sessions Court today fines a Burger King franchise restaurant RM40,000 for failure to produce information on the increased price of goods sold at its premises. Judge Zulqarnain Hassan passed the sentence on Cosmo Restaurants Sdn Bhd, the franchise holder of Burger …

  • Corporate  |  MAY 28, 2015 5:41 PM

    LHA offers premium economy on KL-Frankfurt flights

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    German airline Lufthansa will offer premium economy seats on flights between Kuala Lumpur and Frankfurt starting May 29 until Dec 15. In a statement, Lufthansa said the offer is available on its Airbus A340-300 from RM3,999 until June 24, inclusive of the …

  • Markets  |  MAY 28, 2015 5:31 PM

    KL shares end almost flat

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    The local benchmark index on Bursa Malaysia was 0.51 point higher at the close today, lifted by gains in selected blue chips. At 5pm, the benchmark FBM KLCI stood at 1,755.56 after hovering between 1,750.72 and 1,759.43 throughout the day. Losers outpaced gainers …

  • TigerTalk  |  MAY 28, 2015 5:28 PM

    Canadian mess should be Petronas’ wake-up call

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    [email protected]

    Petronas’ messy RM100 billion Canadian LNG (liquefied natural gas) project is a perfect example of the company’s hubris when investing overseas. Will it be a wake up call and force Petronas to change its free-spending ways?

  • Singapore  |  MAY 28, 2015 5:24 PM

    Salaries in S’pore set to rise 4.5% this year – report

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    Salaries in the Singapore are set for an overall increase of 4.5% – same as 2014, according to the 2015 Asia-Pacific Salary Budget Planning Report. The bi-annual survey compiled by Towers Watson’s Data Services Practice also revealed that in real terms, salaries …

  • Corporate  |  MAY 28, 2015 5:03 PM

    UMW to diversify revenue streams

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    UMW Holdings Bhd is looking to diversify its revenue streams in the current financial year ending Dec 31, 2015 to reduce its dependency on the automotive segment. Chairman Asmat Kamaludin said for the financial year ended Dec 31, 2014, the automotive ‎segment contributed …

  • Corporate  |  MAY 28, 2015 4:53 PM

    KPJ to tap into senior living care business for growth

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    KPJ Healthcare Bhd, which is eyeing potential growth in the senior living care business for the group, is still looking into the right model to serve increasing demand in the local market. President and managing director Amiruddin Abdul Satar said the company is …

  • World Biz  |  MAY 28, 2015 4:44 PM

    YouTube seen worth more than 85% of S&P 500 firms

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    In a note out this morning, Justin Post and his team at Bank of America Merrill Lynch (BofAML) say that YouTube, which is owned by Google, is worth more than US$70 billion (RM254.79 billion) on its own. According to Bloomberg data, only 66 companies in …

  • World Biz  |  MAY 28, 2015 4:19 PM

    Gina Rinehart loses battle to control RM14 bil trust fund

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    Gina Rinehart, Australia’s richest person, lost a four-year legal battle for control of a A$5 billion (RM14 billion) family trust. Her eldest daughter Bianca Rinehart will serve as trustee of the Hope Margaret Hancock Trust, Justice Paul Brereton ruled Thursday …

  • Events  |  MAY 28, 2015 4:07 PM

    LGB holds talks on incubator services

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    Local conglomerate LGB Group today hosted its first value-added programme to commemorate the new incubator and entrepreneurship programme at the Xcel Centre at its headquarters Menara LGB. IT general manager of LGB’s subsidiary Exitra Sdn Bhd, Ian Lim, said the tier …

  • Opinion  |  MAY 28, 2015 3:53 PM

    Sustainable energy issues in 11MP


    This is the second part of the comment by Association of Water and Energy Research Malaysia (Awer) on 11MP. These comments are based on previous reports and suggestions published by Awer compared to information in 11MP (read together with Strategy …

  • World Biz  |  MAY 28, 2015 3:49 PM

    Etihad Airways reports 52% jump in annual profit

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    Abu Dhabi’s Etihad Airways, one of three Gulf airlines that US rivals say benefit from state subsidies, reported a 52% rise in annual profit on higher passenger numbers and increased revenue from cargo and partner airlines. Etihad made a net profit of …

  • World Biz  |  MAY 28, 2015 3:47 PM

    Emerging markets drive smartphone sales

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    Global sales of smartphones to end users hit 336 million units, an increase of 19.3%, in the first quarter of 2015, driven by strong sales in emerging markets, excluding China, says a research firm. Gartner research director Anshul Gupta said the fastest growing …

  • World Biz  |  MAY 28, 2015 3:38 PM

    ECB’s Nowotny says no loosening of Greek funding

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    A European Central Bank (ECB) policymaker played down the prospects for an immediate loosening of funding for cash-strapped Greece, saying that when it came to accepting the country’s bonds as security for central bank credit, the answer remained no. The …

  • Markets  |  MAY 28, 2015 3:32 PM

    KL shares remain lower at mid-afternoon

    Story by

    Bursa Malaysia resumed trading at mid-afternoon on a weaker note with the key benchmark index 3.64 points easier, dragged down by losses in heavyweights. At 3.12pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,751.41. Market breadth was negative with losers …

  • Commodities & Featured and Exclusive  |  MAY 28, 2015 3:22 PM

    Opec sees rivals boosting oil output despite weak prices

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    The North American oil boom is proving resilient despite low oil prices, producer group Opec said in its biggest and most detailed report this year, suggesting the global oil glut could persist for another two years. A draft report of …

  • Corporate  |  MAY 28, 2015 3:14 PM

    Bursa issues UMA query to JHM

    Story by

    Bursa Malaysia issues an unusual market activity (UMA) query on JHM Consolidation Bhd due to 10.84% rise in its share price. As at 2.30pm, the price of the engineering solutions provider’s shares stood at 46 sen, up 4.5 sen higher, with 12.14 …

  • Featured and Exclusive & Opinion  |  MAY 28, 2015 2:56 PM

    Why things like 1MDB happen

    Story by
    [email protected]

    From time to time massive financial scandals just about inundate Malaysia like 1Malaysia Development Bhd or 1MDB now. There is an underlying theme behind this - the interfering ugly hand of money politics in business and the resulting collapse of checks and balances. Until we sort that out, be prepared for more.

  • Finance  |  MAY 28, 2015 2:45 PM

    HK sells RM3.6 bil sukuk in regional hub bid

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    Hong Kong sold US$1 billion (RM3.64 billion) of Islamic bonds in its second sukuk issue since the city’s debut in 2014, as it seeks to become a regional Syariah-compliant finance hub. The five-year debt was priced at 1.894%, with orders …

  • Corporate  |  MAY 28, 2015 2:32 PM

    PIDM posts revenue of RM374 mil in 2014

    Story by

    Perbadanan Insurans Deposit Malaysia (PIDM) recorded a total revenue of RM374.7 million in 2014, comprising RM311 million in premiums and RM63.7 million in investment income. Operating expenditure, which stood at RM83.9 million, was RM17.1 million or 17% below budget, the statutory body said …

  • Corporate, Economy, Featured and Exclusive  |  MAY 28, 2015 2:20 PM

    M’sia slips from 12th to 14th in competitiveness survey

    Story by

    Malaysia has retained its ranking among the top 15 competitive nations, coming in 14th in the latest World Competitiveness Yearbook 2015 (WCY) by the Swiss-based Institute for Management Development (IMD). Though a decline from 12th spot last year, the country had improved …

  • World Biz  |  MAY 28, 2015 1:50 PM

    Honda recalls another 340,000 cars in Japan

    Story by

    Honda Motor Co says on Thursday that it is recalling about 340,000 more cars in Japan to replace air bag inflators made by top supplier Takata Corp. Details for recalls elsewhere were not immediately available, a Honda spokesperson said. Takata is at the …

  • World Biz  |  MAY 28, 2015 1:40 PM

    Coke bottle maker set to default on bonds

    Story by

    Zhuhai Zhongfu Enterprise Co Ltd, a Chinese bottle manufacturer, is poised to become the fourth firm to publicly default in China’s onshore bond markets today. The firm has not raised sufficient funds to fully repay principal and interest due to investors on May 28, …

  • Commodities  |  MAY 28, 2015 1:24 PM

    KLTM ends US$50 lower at US$15,500 a tonne

    Story by

    Low demand for tin saw the metal finishing US$50 lower at US$15,500 a tonne on the Kuala Lumpur Tin Market (KLTM). However, tin price on the London Metal Exchange (LME), which finished US$175 better at US$15,625 a tonne. A dealer said scattered …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 1:17 PM

    Maybank posts slightly higher 1Q PBT of RM2.24 bil

    Story by

    Maybank Group’s pre-tax profit rose to RM2.24 billion for the first quarter ended March 31, 2015 compared with RM2.21 billion chalked up in the same quarter last year. Revenue increased to RM9.18 billion, during the period under review, from RM8.36 billion recorded in …

  • Corporate  |  MAY 28, 2015 1:11 PM

    Mah Sing posts 17% rise in 1Q pre-tax profit

    Story by

    Property developer Mah Sing Group Bhd chalked up a higher pre-tax profit and revenue of RM130.45 million and RM784.14 million respectively for the first quarter (1Q) ended March 31, 2015. The pre-tax profit increased 17% from RM111.38 million, while revenue jumped …

  • Markets  |  MAY 28, 2015 12:58 PM

    KL shares slightly higher at noon

    Story by

    The local bourse reversed its trend to pick up momentum, after being in the red yesterday, on fresh buying support. At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.25 of-a-point better at 1,755.3 points, after moving within a narrow …

  • Economy, Featured and Exclusive, World Biz  |  MAY 28, 2015 12:47 PM

    G7 ponder flagging growth amid Greek crisis fears

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    G7 ministers and central bank heads convened on Wednesday to discuss how to revive global growth and China’s increasing clout, while keeping a close eye on the protracted talks to avoid a Greek default. Although the Greek crisis is not …

  • Corporate & Featured and Exclusive  |  MAY 28, 2015 12:28 PM

    Sarawak Report lied, says 1MDB

    Story by
    [email protected]

    1Malaysia Development Bhd (1MDB) has denied a story in the Sarawak Report claiming that it had provided a false statement  to Bank Negara. “We note with dismay that an online blog, Sarawak Report, continues to carry false information and direct …