• Markets  |  JULY 31, 2015 11:02 PM

    Chua says ringgit’s fall due to external factors

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    The ringgit’s current decline is due to external factors, including the fall in global oil prices and pressure from the US dollar. Deputy Finance Minister Chua Tee Yong said oil prices fell to below US$50 per barrel in July. “In respect of the …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 10:45 PM

    MAHB confirms LOD received from AirAsia

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    Malaysia Airports Holdings Bhd (MAHB) confirms receiving a letter of demand (LOD) from AirAsia Bhd in respect of purported loss and damages incurred in its operation at the klia2 and Low-Cost Carrier Terminal (LCCT). “We are surprised by some of these assertions about …

  • Corporate  |  JULY 31, 2015 9:24 PM

    KPDNKK not involved in determining fuel prices

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    The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) is not involved in determining the rise and fall of petrol and diesel prices, says its new Minister Hamzah Zainudin. He said the function of the ministry is to see users’ acceptance whether the fuel …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 9:14 PM

    FGV to help develop palm oil’s downstream in Indonesia

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    Felda Global Venture Holdings Bhd (FGV) will lead efforts to develop a special economic zone for palm oil downstream processing in Indonesia. Deputy Minister in the Prime Minister’s Department Razali Ibrahim said discussions on the project with the Indonesian government began today, specifically on …

  • Markets  |  JULY 31, 2015 9:04 PM

    Greek stock market aims to reopen on Monday

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    Greece’s stock market aims to reopen on Monday following a five-week shutdown but is still awaiting a Finance Ministry decree detailing new trading rules, the Greek securities regulator’s chairman told Reuters on Friday. The Athens Stock Exchange (ASE) has been …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 8:58 PM

    Petrol, diesel prices to drop by 10 sen

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    Retail prices of RON95, RON97 petrol, and diesel will be reduced by 10 sen a litre for August 2015, effective midnight. The new price after the goods and services tax for RON95 is RM2.05 per litre, while the price for …

  • Corporate  |  JULY 31, 2015 8:55 PM

    Azmin urges PKNS to broaden revenue base

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    Selangor Menteri Besar Mohamed Azmin Ali urges the Selangor State Development Corp (PKNS) to create new revenue streams to generate continuous income base. Mohamed Azmin, who is PKNS chairman, said the corporation, as a developer of residential, commercial, and mixed developments, should dispense …

  • Corporate  |  JULY 31, 2015 7:33 PM

    Hamad Kama Piah ceases to be Sime Darby deputy chair

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    Hamad Kama Piah Che Othman has ceased to be the deputy chairman of Sime Darby Bhd following his resignation as a director of the conglomerate. Hamad Kama Piah, aged 64, has also ceased to be a member of the nomination & remuneration …

  • Corporate  |  JULY 31, 2015 7:25 PM

    Yong Tai to be suspended on Aug 3 pending announcement

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    Trading in the shares of property developer Yong Tai Bhd will be suspended for one market day on Aug 3, pending a material announcement. According to its filing today, Yong Tai said the suspension would take effect from 9am to 5pm. The company …

  • Corporate  |  JULY 31, 2015 7:03 PM

    AirAsia maintains 79% load factor for 2Q

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    AirAsia Bhd’s load factor for second quarter of 2015 (2Q15) was maintained at 79%, with increases across the region except in Indonesia. The group also saw a 10% year-on-year increase in the number of passengers carried to 12.4 million, in …

  • Singapore  |  JULY 31, 2015 6:44 PM

    Noble extends worst rout since 1999 amid SGX warning

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    Noble Group Ltd plunges to extend its biggest monthly drop in 16 years after the Singapore bourse issued a warning on the company’s shares amid a slump in commodity prices. The trading firm sank 12.5% to 45.5 Singapore cents in …

  • Corporate  |  JULY 31, 2015 6:33 PM

    Takaso acquires 51% stake in Masbe Coffee for RM5 mil

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    Takaso Resources Bhd, a rubber and babycare products manufacturer, is acquiring a 51% stake for RM5 million in Masbe Coffee Sdn Bhd (MCSB). The acquisition enables Takaso to venture into residential and commercial development as MCSB intends to develop a 0.15ha land in …

  • Corporate  |  JULY 31, 2015 6:28 PM

    SAM invests RM190 mil to boost production

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    SAM Engineering & Equipment (M) Bhd (SAM Malaysia) is reinvesting another US$50 million (RM190 million) on new machines to produce components for the aviation sector. SAM chairman Philip Yeo said over the last few years, SAM Malaysia has bought new engines and …

  • Commodities  |  JULY 31, 2015 6:17 PM

    Rubber market ends lower

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    The Malaysian rubber market ended lower today, dragged down by sluggish demand on the back of weaker crude oil prices, a dealer says. The Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell 0.5 sen to close at 527 sen a …

  • Corporate  |  JULY 31, 2015 6:11 PM

    SC charges two for Ranhill insider trading

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    The Securities Commission (SC) charges two individuals with insider trading of Ranhill Power Bhd shares under section 89E(2)(a) of the Securities Industry Act 1983, which brings with it a punishment of fines of up to RM1 million, 10 years in …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 6:02 PM

    AirAsia demands RM409 mil damages from MAHB

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    Budget airline AirAsia Bhd is demanding RM409 million from Malaysia Airports Holdings Bhd and Malaysia Airports (Sepang) Sdn Bhd (MAHB) for loss and damages incurred operating from klia2 as well as from the Low-Cost Carrier Terminal (LCCT). “AirAsia in its …

  • Featured and Exclusive & Markets  |  JULY 31, 2015 5:55 PM

    Ringgit posts 3rd monthly loss as 1MDB hurts sentiment

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    Malaysia’s ringgit dropped for a third month and reached a 16-year low as a political scandal linked to a state investment company weighed on investor sentiment already flagging from a slump in oil. A multiple probe into the finances of …

  • Featured and Exclusive & Markets  |  JULY 31, 2015 5:47 PM

    KL shares end higher; CI up 23.22 pts

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    Bursa Malaysia ended higher on a technical rebound following bargain hunting ahead of the weekend, a dealer says. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 23.22 points, or 1.37%, to 1,723.14 after fluctuating between 1,701.31 and 1,723.14 throughout the day. …

  • Corporate  |  JULY 31, 2015 5:41 PM

    REDtone posts higher FY15 PBT of RM14.48 mil

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    REDtone International Bhd’s pre-tax profit was up by RM2.11 million to RM14.48 million for the financial year ended May 31, 2015 from RM12.37 million registered in the previous financial year. Revenue was also higher at RM150.37 million from RM141.76 million previously. In a …

  • Markets  |  JULY 31, 2015 5:37 PM

    Ringgit ends weaker against US dollar

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    The ringgit ended the week on an easier note in line with the bearish performance of most emerging Asian currencies. At 5pm, the ringgit was quoted at 3.8230/8260 against the greenback from 3.8150/8170 yesterday. A dealer said regional currencies, including the ringgit, …

  • World Biz  |  JULY 31, 2015 5:28 PM

    Google refuses order to apply ‘right to be forgotten’ globally

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    Google Inc is refusing to bow to an order from the French privacy watchdog to scrub search results worldwide when users invoke their “right to be forgotten” online, it says, exposing itself to possible fines. The French data protection authority CNIL …

  • World Biz  |  JULY 31, 2015 5:25 PM

    IAG focus on costs as competition intensifies

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    IAG, owner of British Airways and Iberia, said on Friday it will continue to focus on driving down costs as competition intensifies both within Europe and as rivals put on more capacity on its all-important transatlantic routes. IAG, which is …

  • Property  |  JULY 31, 2015 5:14 PM

    Melbourne, Sydney property bubble normal: Nobel winner

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    Sydney and Melbourne property prices have grown at more than 15 % per annum over the last three years, outperforming any other Australian markets and creating a bubble, says Nobel Prize winning economist Professor Vernon Smith. Smith was speaking at …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 4:59 PM

    MACC says ‘charge sheet’ against PM unfounded

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    The existence of a purported charge against Prime Minister Najib Abdul Razak is unfounded because the investigation on SRC International Sdn Bhd is still going on, says the Malaysian Anti-Corruption Agency (MACC). In a statement released today, the commission said the investigation papers on …

  • Singapore  |  JULY 31, 2015 4:52 PM

    Noble Group in worst rout since 1999

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    Noble Group Ltd plunged to extend its biggest monthly drop in 16 years after the Singapore bourse issued a warning on the company’s shares amid a slump in commodity prices. The trader sank 12% to 46 Singapore cents in volume …

  • Featured and Exclusive & World Biz  |  JULY 31, 2015 4:48 PM

    Samsung drops RM38 bil in market cap on slow S6 sales

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    Sluggish sales of Samsung Electronics Co’s Galaxy S6 smartphones helped trigger a share decline that wiped more than US$10 billion (RM38.2 billion) from its market value in July – almost twice the capitalisation of local rival LG Electronics Inc. The …

  • Corporate  |  JULY 31, 2015 4:38 PM

    Moody’s: MAHB’s 1H results within expectations

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    Moody’s Investors Service says Malaysia Airports Holdings Bhd’s (MAHB) first half of financial year 2015 (1H15) results are in line with expectations, and will have no impact on its “A3″ issuer rating. “The rating outlook remains positive, reflecting the outlook for the Malaysian …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 4:10 PM

    MH370 kins renew talk of compensation

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    The discovery of plane debris washed up on a remote island in the southern Indian Ocean has rekindled efforts by family members of passengers on board a missing Malaysia Airlines flight to seek greater compensation, aviation lawyers says. Malaysia Airlines Flight …

  • OTHERS  |  JULY 31, 2015 4:10 PM

    Unisem: 1H15 profit doubles but ‘below expectations’

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      Despite surging earnings halfway through its financial year ended Dec 31, 2015 (FY15), Unisem (M) Bhd’s financial performance for the six-month period to-date came in below expectations, say analysts. According to a regulatory filing yesterday, Unisem reported RM298.7 million …

  • World Biz  |  JULY 31, 2015 3:54 PM

    Consumer spending bolsters US 2Q growth

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    US economic growth accelerated in the second quarter as solid consumer spending offset the drag from weak business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year. Gross domestic …

  • Corporate  |  JULY 31, 2015 3:43 PM

    CIMB Niaga sees 90% net profit fall in 1H15

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    CIMB Niaga, which is a 97.9% owned entity of CIMB Group Holdings Bhd, has recorded a 90% fall in net profit in the first half of 2015 on the back of a slowdown of the Indonesian economy and a challenging business environment.

  • Markets & OTHERS  |  JULY 31, 2015 3:36 PM

    KL shares higher at mid-afternoon

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    Bursa Malaysia was higher at mid-afternoon today lifted by gains on selected key heavyweights, dealers said. At 3 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) surged 15.46 points to 1,715.38. The broader market was positive with gainers outpacing losers by …

  • Corporate  |  JULY 31, 2015 3:31 PM

    Analysts mixed on TNB’s prospects

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    Analysts appeared somewhat mixed about Tenaga Nasional Bhd’s (TNB) prospects following the release of its third-quarter results ended May 31,2015 (3Q15), yesterday. Kenanga Research, which has a “market perform” rating on TNB, said that as the 17-month RM1.82 billion imbalance …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 3:29 PM

    One or two days to verify if debris belongs to MH370

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    A Malaysian team will be able to verify in “one or two days” whether the flaperon found on Reunion Island in the Indian Ocean is part of the missing Malaysia Airlines Flight MH370, said Deputy Transport Minister Datuk Abdul Aziz Kaprawi. He said …

  • Corporate & Featured and Exclusive  |  JULY 31, 2015 3:19 PM

    MH370 search: Flaperon verification in a day or two

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    A Malaysian team will be able to verify in “one or two days” whether the flaperon found on Reunion Island in the Indian Ocean is part of the missing Malaysia Airlines Flight MH370, says Deputy Transport Minister Abdul Aziz Kaprawi. He said the …

  • OTHERS  |  JULY 31, 2015 3:19 PM

    CIMB Niaga 1H15 income increases to RM1.9 bil

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    PT Bank CIMB Niaga Tbk reported an operating income of 6.73 trillion rupiah (RM1.9 billion) for the six months ended June 30, 2015, up 1.5% year-on-year (y-o-y). Net profit for the period amounted to 176 billion rupiah while earnings per share stood at …

  • World Biz  |  JULY 31, 2015 3:11 PM

    Indonesian gov’t to accelerate growth of power network

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    The government said it will accelerate implementation of plan to build 46,000 kilometers of power transmission networks as part of the plan to build power generating plants with a total capacity of 35,000 megawatts until 2019, Indonesia’s Antara news agency reported. …

  • World Biz  |  JULY 31, 2015 2:58 PM

    Uber to invest RM3.82 bil in India

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    Uber Technologies Inc will invest US$1 billion (RM3.82 billion) in India in the next nine months, as the online taxi-hailing company looks to expand its services in its biggest market outside the United States. Uber said it would use the …

  • Corporate, Economy, Featured and Exclusive  |  JULY 31, 2015 2:53 PM

    BNM sees slight forex reserves dip

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    Bank Negara Malaysia (BNM) saw its foreign-exchange reserves dipping slightly month-on-month in its latest disclosure of international reserves for the month of June 2015, coming in at US$96.94 billion (RM370.31 billion) in foreign currency reserves, indicating some amount of levelling …

  • Corporate  |  JULY 31, 2015 2:47 PM

    Westports posts higher 2Q PBT of RM162.05 mil

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    Westports Holdings Bhd’s pre-tax profit for the second quarter ended June 30, 2015 rose to RM162.05 million from RM148.7 million in the same period a year ago. Revenue decreased to RM405.28 million versus RM409.03 million previously, the cargo management and port services provider …

  • World Biz  |  JULY 31, 2015 2:43 PM

    High-tech cars may be vulnerable to hacking

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    The Jeep Cherokee brought to a halt by hackers last week exposed wireless networks as the weakest link in high-tech vehicles, underscoring the need to find fast over-the-air fixes to block malicious intrusions. Features that buyers now expect in most …

  • Commodities  |  JULY 31, 2015 2:29 PM

    TPPA bittersweet for cane growers

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    Japan and the US have been at odds over many things during Pacific free trade talks but they are united in concern over the deal’s potential impact on their domestic sugar producers. The 12-nation Trans-Pacific Partnership (TPP) may allow more sugar …

  • Commodities  |  JULY 31, 2015 1:39 PM

    KLTM falls US$20 to close at US$16,160 a tonne

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    The Kuala Lumpur Tin Market (KLTM) fell by US$20 to close at US$16,160 a tonne today, in tandem with the lower close of the metal on the London Metal Exchange (LME), a dealer said. The LME tin price fell by US$25 to …

  • Markets  |  JULY 31, 2015 1:29 PM

    KL shares remain in positive territory at noon

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    Bursa Malaysia remained in positive territory boosted by buying in selected heavyweights, mainly finance-related stocks, dealers said. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 12.99 points or 0.76% to 1,712.91 after moving between 1,701.31 and 1,713.64 throughout the session. Maybank …

  • Corporate  |  JULY 31, 2015 1:25 PM

    Sime Darby: Sarawak Report claims erroneous

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      Conglomerate Sime Darby Berhad had issued a rebuttal on several claims made by online portal Sarawak Report about the company, requesting corrections on a recent article it published which touched on the conglomerate’s activities. In a statement dated July …

  • Property  |  JULY 31, 2015 1:13 PM

    Tradewinds’ Belfield parcel 1 will have GDV of RM3.8 bil

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    The first parcel of Tradewinds Corporation Bhd’s Belfield development, located in the vicinity of the former Istana Negara, will have a gross development value (GDV) of RM3.8 billion. The company acquired the 4.94 ha (12.2 acres) of land for RM258 million. “The …

  • World Biz  |  JULY 31, 2015 12:51 PM

    Facebook shares dip as results fail to impress

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    Facebook Inc’s shares fell as much as 5% on Thursday, after the company’s weak advertising sales growth outlook dampened investor expectations boosted by Google Inc’s strong report earlier this month. Facebook’s shares rallied 7% since the search giant reported a …

  • Corporate  |  JULY 31, 2015 12:26 PM

    IJM outstanding order book hits RM7 bil

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    Construction group IJM Corp Bhd’s outstanding order book hits a record high of about RM7 billion, fuelled by new projects it secured domestically during its financial year ended March 31, 2015. Major projects secured during the financial year include the West Coast Expressway …

  • Economy, Featured and Exclusive, World Biz  |  JULY 31, 2015 12:24 PM

    TPP negotiators chase elusive final deal in tough talks

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    Pacific Rim trade ministers neared the final spurt of negotiations on an ambitious free trade pact on Thursday, but differences over farm exports and monopoly periods for next-generation drugs kept them short of an elusive final deal. Ministers from the …

  • Corporate, Featured and Exclusive, Markets  |  JULY 31, 2015 12:11 PM

    Analysts disagree with RM4 per US dollar prediction

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    Foreign exchange analysts disagreed with the prediction made by some currency dealers that the ringgit will hit RM4 against the US dollar in three months. In an article today, The Star reported dealers had got offers to enter into a …