• Commodities  |  MAY 5, 2015 11:15 PM

    Opec said to maintain output level

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    The Organisation of the Petroleum Exporting Countries (Opec) nations are set to maintain current production levels at a meeting next month, three delegates said, as Gulf states continue to focus on market share and a rally in crude prices mutes calls from other …

  • Corporate  |  MAY 5, 2015 10:58 PM

    F&N 1H pre-tax profit down slightly to RM167.8 mil

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    Fraser & Neave Holdings Bhd’s (F&N) pre-tax profit fell 0.7% to RM167.8 million for the first half of its financial year ended March 31, 2015 from RM168.9 million recorded in the same period last year. Revenue, however, increased 4.9% to RM1.98 billion from …

  • Property  |  MAY 5, 2015 9:09 PM

    ‘Only 20 bungalows under JKP, Perda housing project’

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    There were only 20 bungalow houses priced at RM1.8 million per unit under the Penang Regional Development Authority (Perda) and JKP Sdn Bhd housing projects, said Urban Wellbeing, Housing and Local Government Minister Abdul Rahman Dahlan. He said many of these bungalows are …

  • Economy & Featured and Exclusive  |  MAY 5, 2015 9:02 PM

    Nil hardcore poor by year-end, says T’ganu MB

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    Hardcore poverty in Terengganu will be eradicated by the end of this year, said Terengganu Menteri Besar Ahmad Razif Abdul Rahman. He said Universiti Sultan Zainal Abidin (UniSZA) is assisting the state government in the matter. “Sometimes we do not get sufficient …

  • Corporate  |  MAY 5, 2015 8:58 PM

    M’sia on foreign investors’ radar, says JPMorgan

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    Leading global financial services firm JPMorgan said foreign investors are continuing to pursue opportunities in the Malaysian market. Managing director and senior country officer for Malaysia, Steve Clayton, said the current low interest rates and high liquidity offer good yield potentials. “We’re …

  • Corporate  |  MAY 5, 2015 8:50 PM

    KLCC Reit’s Q1 PBT falls to RM230.93 mil

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    KLCC Real Estate Investment Trust’s (Reit) pre-tax profit decreased to RM230.93 million for the first quarter ended March 31, 2015 from RM243.69 million registered in the same period last year. Revenue also fell to RM326.89 million from RM340.88 million previously. In a …

  • Economy & Featured and Exclusive  |  MAY 5, 2015 8:46 PM

    US trade deficit largest since 2008 as imports surge

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    The US trade deficit surged to its highest level in nearly 6-1/2 years in March as imports rebounded strongly after being held down by a labour dispute at key West Coast ports, suggesting growth contracted in the first quarter. The Commerce Department said on …

  • Singapore  |  MAY 5, 2015 8:36 PM

    Noble Q1 profit falls 30%; offers more disclosures

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    Noble Group, which has rejected claims of improper accounting, reported a 30% fall in quarterly profit and provided more disclosures related to its fair value contracts. Asia’s biggest commodity trader by sales said net fair value on commodity contracts and derivative financial instruments fell to …

  • Corporate  |  MAY 5, 2015 8:18 PM

    ‘M’sia challenges S’pore as regional tech hub’

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    A decade of shrewd government policies are paying dividends in Malaysia, which is challenging Singapore as the region’s technology hub. Scoot, Malaysia’s number one entry-level jobs website, said it will be interesting to see if Singapore rises up the challenge that Malaysia poses …

  • World Biz  |  MAY 5, 2015 7:49 PM

    McDonald’s plan a letdown as investors seek more

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    McDonald’s Corp’s turnaround plan presented on Monday offered many of the corporate fix-up standards: a leadership reorganisation, cost cuts, and plans to return cash to shareholders. Yet investors were hoping for more. While analysts said the moves chief executive officer …

  • Corporate  |  MAY 5, 2015 7:29 PM

    Hartalega posts lower FY15 pre-tax profit of RM276.9 mil

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    Hartalega Holdings Bhd’s pre-tax profit decreased to RM276.9 million for the financial year ended March 31, 2015 (FY15), from RM308.96 million a year ago. In a statement today, the group said revenue, however, was up 3.5% to RM1.15 billion from RM1.11 billion previously, …

  • Corporate  |  MAY 5, 2015 7:11 PM

    Melaka to build Asia’s first dive park

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    AB&T Resources Sdn Bhd and another Malaysian company are expected to tie up with Australia’s Sanderson Group to build Asia’s first dive park in Klebang, Melaka. AB&T Resources chief executive officer, Robbie Krishnan, said the proposed park would include an artificial lagoon …

  • Commodities  |  MAY 5, 2015 7:03 PM

    Rubber market ends higher

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    The Malaysian rubber market closed higher today on a technical adjustment after the long holiday. A dealer said the higher market was also in tandem with regional peers which provided some support to it. The Malaysian Rubber Board’s noon price for tyre-grade …

  • Corporate  |  MAY 5, 2015 6:59 PM

    5 tier-2 builders to bid for Kwasa Land’s next project

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    Kwasa Land Sdn Bhd, the master developer of the iconic Kwasa Damansara township in Sungai Buloh, have named five Tier-2 developers who have successfully pre-qualified for the next request for proposal (RFP) R2-1. Kwasa Land, in a statement, said Tier-2 companies are …

  • Corporate  |  MAY 5, 2015 6:51 PM

    Handal gets RM14.6 mil SapKen crane order

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    Handal Resources Bhd has clinched a letter of award from SapuraKencana Petroleum Bhd for the fabrication of offshore pedestal cranes amounting to RM14.6 million. Awarded to the group’s wholly-owned subsidiary, Handal Offshore Services Sdn Bhd (HOSSB), the contract stipulates that the …

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 6:41 PM

    Sime Darby said to shelve motor IPO plan

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    Malaysia’s Sime Darby Bhd, the world’s largest listed palm oil firm, has indefinitely postponed an initial public offering (IPO) of its automotive business that bankers had said could raise up to US$500 million (RM1.8 billion). The company had in February deferred the IPO …

  • Commodities  |  MAY 5, 2015 6:34 PM

    JPMorgan: Oil price to average at US$62 this year

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    Leading global financial services firm, JPMorgan, expects crude oil price to average about US$62 per barrel this year and US$72 per barrel in 2016 due to tightening supplies and incremental demand. Brent North Sea crude for June delivery, the global benchmark, …

  • Corporate  |  MAY 5, 2015 6:26 PM

    AmResearch initiates coverage on UMWOG

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    Bank-backed research house AmResearch initiated coverage on UMW Oil & Gas Corporation Bhd (UMWOG) with a “hold” recommendation, as well as a fair value of RM2, on the back of the group’s young fleet, as well as their healthy balance …

  • Corporate & Finance  |  MAY 5, 2015 6:19 PM

    CIMB’s RM1.1 bil bond sees healthy demand

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    CIMB Bank Bhd saw healthy demand for its inaugural issuance of a US$313 million (RM1.13 billion) 30-year callable zero coupon notes, to be listed on the Taipei Exchange and the Bursa Malaysia. This is the bank’s maiden issuance in the Taiwanese …

  • Markets  |  MAY 5, 2015 6:14 PM

    Ringgit ends lower against US dollar

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    The ringgit ended slightly lower today on the back of a stronger US dollar, following an increase in new orders for US factory goods, a dealer said. At 5pm, the ringgit was quoted at 3.6080/6120 against the greenback compared to 3.5600/5630 on Thursday. …

  • Corporate  |  MAY 5, 2015 6:08 PM

    MAS appoints new chief information officer

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    Malaysia Airlines (MAS) has appointed Tan Kok Meng as its new chief information officer (CIO), effective May 18, 2015. Prior to his appointment, Tan was the group CIO & head, regional shared services of Malayan Banking Bhd and had served as …

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 6:01 PM

    Maybank launches Greater China­Asean Islamic fund

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    Maybank Asset Management Group (MAMG) and its sister company Maybank Islamic Asset Management has teamed up with Hong Kong­-based Bosera Asset Management International Co Ltd to launch the Maybank Bosera Greater China Asean Equity i­Fund to tap into the Syariah­-compliant …

  • Markets  |  MAY 5, 2015 5:41 PM

    KL shares close higher

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    The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed higher today, lifted by gains in selected heavyweights led by Petronas Chemicals and Genting. At 5pm, the key index rose 9.15 points to 1,827.42 after fluctuating between 1,818.16 and 1,830.9 throughout the day. Petronas …

  • TigerTalk  |  MAY 5, 2015 5:37 PM

    Futile fight over prepaid GST must stop

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    Communications and Multimedia Minister Ahmad Shabery Cheek has been directed by Prime Minister Najib Abdul Razak to handle the goods and services tax (GST) matter concerning mobile prepaid reloads. Will this put an end to the flip-flopping? Tiger hopes so.

  • Corporate  |  MAY 5, 2015 5:24 PM

    Cuepacs hopes for better wages for civil servants

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    The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) is hoping that the government will increase the incentives for civil servants, including for civil servants who are just above the poverty line. Cuepacs president Azih Muda said the implementation …

  • Economy  |  MAY 5, 2015 5:15 PM

    China says more difficult to draw FDI as economy slows

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    It has become more difficult for China to attract foreign direct investment (FDI) as its economy cools, the country’s Trade Ministry said on Tuesday. China’s FDI grew 3.7% to US$128.5 billion (RM462 billion) in 2014, the ministry said in an online statement. …

  • Corporate  |  MAY 5, 2015 4:51 PM

    RM104.2 mil fund approved for 41 S’wak bumi firms

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    The Sarawak Facilitation Fund Committee has approved RM104.2 million in funding for 41 bumiputera companies since last year, said Assistant Minister in the Chief Minister’s Office (Bumiputera Entrepreneur Development) Naroden Majais. He said the 41 projects had an overall investment value of RM748.5 …

  • Corporate  |  MAY 5, 2015 4:43 PM

    Jaya Grocer owner charged under Price Control Act

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    Trendcell Sdn Bhd, which owns Jaya Grocer Supermarket has become the first company in Malaysia to be charged under the Price Control and Anti-Profiteering Act 2011. Trendcell director Ting Pooi Guan, 59, pleaded not guilty to the charge read before Sessions Court Judge …

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 4:31 PM

    S’pore, M’sia commit to high-speed rail project’s success

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    Singapore prime minister Lee Hsien Loong and his Malaysian counterpart Najib Abdul Razak have reaffirmed that both countries are fully committed to the success of the high-speed rail (HSR) project linking the republic and Kuala Lumpur. In a joint statement released after …

  • Corporate  |  MAY 5, 2015 4:27 PM

    MAHB to bid for Jeddah airport maintenance job

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    Malaysia Airports Holdings Bhd (MAHB) will bid for the maintenance job at the King Abdulaziz International Airport, Jeddah (Saudi Arabia), its chairman Wan Abdul Aziz Wan Abdullah said today. The airport operator has already been pre-qualified for the job. “(However) the (tender) …

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 4:17 PM

    S’pore, M’sia push back high-speed rail link deadline

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    Singapore and Malaysia have decided to push back an initial deadline of 2020 for the completion of a high-speed rail link between the wealthy city state and Kuala Lumpur, their prime ministers said on Tuesday, citing the complexity of the project. The Southeast Asian …

  • Opinion  |  MAY 5, 2015 3:51 PM

    How to select the next UN secretary-general

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    OXFORD – When the United Nations elects a new secretary-general next year, the world will face a crucial choice. With crises erupting in every region of the world, the need for strong, decisive leadership is self-evident. And yet the selection …

  • Economy & World Biz  |  MAY 5, 2015 3:46 PM

    ‘Greece must take “major steps” to compromise’

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    Athens must take major steps to compromise with its international creditors but a Greek exit from the euro zone is not an option, European Commission President Jean-Claude Juncker said on Monday. Greek negotiators and representatives of the European Commission, the European Central …

  • Opinion  |  MAY 5, 2015 3:39 PM

    Reengineering government

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    PARIS – Since the financial crisis erupted in 2008, governments in advanced countries have been under significant pressure. In many countries, tax receipts abruptly collapsed when the economy contracted, income dwindled, and real-estate transactions came to a halt. The fall …

  • Economy  |  MAY 5, 2015 3:30 PM

    Pension, labour disputes dog Greek talks as cash dwindles

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    Wide differences over pension and labour reforms continued to dog intensive negotiations between Greece’s leftist government and its international creditors despite progress in other areas as the country’s cash position becomes increasingly critical. Government spokesman Gabriel Sakellaridis sounded the alarm on …

  • Markets  |  MAY 5, 2015 3:24 PM

    KL shares remain in positive territory at mid-afternoon

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    The key index on Bursa Malaysia resumed trading in the positive territory this afternoon, lifted by gains in selected heavyweights led by Petronas Chemicals. At 3.06pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,821.16, up 2.89 points. Petronas Chemicals rose 15 …

  • Economy  |  MAY 5, 2015 3:16 PM

    S’wak, Bayer ink pact on hybrid rice programme

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    The State Agriculture Modernisation Ministry will collaborate with Bayer CropScience to develop an area of 200 hectares in Tanjung Sarudu in the Sri Aman Division for high-yielding hybrid paddy cultivation. Deputy Chief Minister Alfred Jabu said this is part of efforts towards enhancing the …

  • Corporate  |  MAY 5, 2015 2:50 PM

    Downgrades for Westports abound due to high valuation

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    Despite both Westports Holdings Bhd’s earnings and revenue for the quarter ended March 31, 2015 (1Q15) announced last Thursday coming within many research houses’ expectations, it was hit by a slew of downgrades this morning, largely due to its rich …

  • Commodities & Events  |  MAY 5, 2015 2:34 PM

    M’sia to host special session of ANRPC

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    Malaysia will host a ministerial level special session of the Association of Natural Rubber Producing Countries (ANRPC) on Friday to discuss efforts towards ensuring long-term price stability. Discussions would also include balancing supply and demand of natural rubber through, among others, replanting …

  • Corporate  |  MAY 5, 2015 2:24 PM

    MISC downgraded over LNG segment earnings concerns

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    Two research houses have downgraded MISC Bhd over earnings concerns primarily coming from its LNG segment.

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 2:05 PM

    S’pore PM says 2020 timeline unrealistic for HSR

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    Singapore Prime Minister Lee Hsien Loong said a 2020 timeline to build a high-speed rail link between the city-state and Malaysia is unrealistic, adding that the two countries hope to reach an agreement by year-end on when the trains would start running. Singapore and …

  • World Biz  |  MAY 5, 2015 1:56 PM

    New running shoes ‘Boost’ Adidas Q1 earnings

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    Adidas AG reported first-quarter earnings that topped estimates as outgoing chief executive officer Herbert Hainer lays the groundwork for a turnaround. Operating profit rose 12% 345 million euros (RM1.39 billion), Adidas said on Tuesday, compared with the average 321-million-euro estimate …

  • World Biz  |  MAY 5, 2015 1:50 PM

    Lufthansa narrows loss on cheaper fuel

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    Deutsche Lufthansa AG narrowed its operating loss in the first quarter as lower fuel costs countered the effects of a weaker euro and an increase in pension expenses. Lufthansa, based in Cologne, reported a loss before interest and tax of …

  • Economy & Featured and Exclusive  |  MAY 5, 2015 1:38 PM

    Why developing world won’t catch US economy’s cold

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    Last week, the US Commerce Department announced that first-quarter gross domestic product (GDP) growth for 2015 was an anemic 0.2%.  This immediately sparked fears that a US slowdown could lead to a global recession. But the cliché about America sneezing and the rest of the …

  • Commodities  |  MAY 5, 2015 1:20 PM

    Opec says speculation played important role in oil’s decline

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    Oil supply and demand don’t fully justify the 60% drop in prices between June and January as speculation also played a role, according to the Organisation of the Petroleum Exporting Countries (Opec). A rise in supply from outside Opec at …

  • World Biz  |  MAY 5, 2015 1:15 PM

    Cisco veteran Robbins to take over as CEO from Chambers

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    Cisco Systems Inc chief executive John Chambers will step down in July after 20 years at the helm of the network equipment maker, a symbol of the stock boom 15 years ago now struggling to boost its bottom line …

  • Commodities  |  MAY 5, 2015 1:12 PM

    KLTM ends US$270 higher at US$16,050 a tonne

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    The Kuala Lumpur Tin Market (KLTM) closed sharply higher by US$270 today to US$16,050 per tonne, in line with the improvement in the metal price on the London Metal Exchange (LME). The LME tin price was up US$205 to US$16,005 per tonne. …

  • Markets  |  MAY 5, 2015 1:08 PM

    KL shares higher at mid-day

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    The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) remained in positive territory today, supported by buying interest in selected heavyweights led by Petronas Chemicals and IHH Healthcare. At lunch break, the index rose 4.32 points to 1,822.59, after moving between 1,819.07 and 1,830.9 throughout …

  • Corporate & Featured and Exclusive  |  MAY 5, 2015 12:46 PM

    PSD freezes hiring except for ‘critical’ posts

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    At least 15 government agencies have been told to stop hiring new staff, according to a report by Sin Chew Daily. The report states that among the affected agencies are the education ministry, police and the armed forces. This was based …

  • Economy  |  MAY 5, 2015 12:35 PM

    Shrinking economy threatens Jokowi’s growth goal

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    Indonesia’s economy unexpectedly shrank last quarter as exports slumped, underscoring the challenge for President Joko Widodo as he seeks to reignite Southeast Asia’s largest economy. Gross domestic product (GDP) contracted 0.18% in the three months ended March 31 from the …