• Corporate  |  MAY 22, 2015 10:37 PM

    Petronas never asked to consider TRX

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    Petronas confirms that it was never asked to look at the Tun Razak Exchange (TRX) development. “In fact, we have sufficient ongoing developments at KLCC, comprising office buildings, a hotel, and extension of retail space being undertaken by KLCC Holdings (our property arm) …

  • Corporate  |  MAY 22, 2015 9:01 PM

    Pos Malaysia posts lower PBT of RM181.31 mil for FY15

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    Pos Malaysia Bhd’s pre-tax profit for the financial year ended March 31, 2015 fell to RM181.31 million compared with RM223.39 million registered in the same period last year. Revenue rose to RM1.49 billion for the period under review from RM1.43 billion previously, the …

  • Singapore  |  MAY 22, 2015 8:57 PM

    SGX, Zhengzhou bourse to develop commodities markets

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    Singapore Exchange Ltd (SGX) and China’s Zhengzhou Commodity Exchange plan to collaborate on developing commodities markets, SGX says on Friday. The two exchanges signed a memorandum of understanding to collaborate in areas including development of new commodity derivative products, it said in a statement. SGX’s …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 8:53 PM

    Liow says AG will audit klia2

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    An audit of the klia2 airport for low-cost carriers in Sepang will be conducted following the cabinet’s green light, says Transport Minister Liow Tiong Lai. He said the auditor-general will be requested to undertake the task. “The Transport Ministry fully supported the …

  • Corporate  |  MAY 22, 2015 8:41 PM

    AMMB to grow Islamic offerings, SME segment

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    AMMB Holdings Bhd aims to further grow its Islamic offerings as well as small and medium enterprise (SME) business for the financial year ending March 31, 2016 (FY16), says chief financial officer Mandy Simpson. She said more assets and initiatives will be …

  • Corporate & Property  |  MAY 22, 2015 8:34 PM

    IGB plans more local, overseas projects

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    Property developer IGB Corp Bhd is planning more mixed development projects in domestic and overseas markets over the next five to eight years with a gross development value of RM10 billion. Group managing director Robert Tan said the company is still “on the …

  • Opinion  |  MAY 22, 2015 8:34 PM

    Global bank FX fine scorecard

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    The foreign-exchange settlements are very hard to keep straight so I made a little scoreboard of the various fines that various banks have paid to various regulators: I hope it’s comprehensive! But I probably missed some regulator somewhere. Anyway, US$10.3 billion (RM37.1 billion) seems like a lower …

  • Economy  |  MAY 22, 2015 8:24 PM

    AllianceDBS expects 2015 inflation at 3%

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    AllianceDBS Research Sdn Bhd expects full-year 2015 inflation at 3%, at the low end of its previous estimation of 3% to 3.5%. The April consumer price index (CPI) accelerated to 1.8% year-on-year (y-o-y), up from 0.9% in March, largely attributable to the …

  • Corporate  |  MAY 22, 2015 8:17 PM

    Jaks’ Q1 pre-tax profit rises slightly to RM8.24 mil

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    Jaks Resources Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose to RM8.24 million compared with RM7.88 million registered in the same period of last year. Revenue increased 2% to RM111.83 million from RM109.68 million previously, mainly due to higher …

  • Corporate  |  MAY 22, 2015 8:11 PM

    IGB posts higher pre-tax profit of RM129.4 mil in Q1

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    IGB Corporation Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose 12% to RM129.4 million compared with RM115.55 million registered in the same quarter last year. Revenue increased 14% to RM334.28 million from RM294.07 million previously, mainly due to higher …

  • Corporate, Featured and Exclusive, Property  |  MAY 22, 2015 8:02 PM

    Sime Darby unconcerned over Liew’s project near Battersea

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    Battersea is a BMW, while the other is a mass market which shall not be named, says Sime Darby chief Mohd Bakke

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 7:48 PM

    Sime Darby lowers forecast, says will miss KPI this year

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    Plantation-based conglomerate Sime Darby Bhd is now eyeing at least RM2 billion in net profit for the full financial year ending June 30, 2015 (FY15), after continuing slump in the commodities market derailed its target for RM2.5 billion. Speaking to …

  • Corporate  |  MAY 22, 2015 7:03 PM

    Oriental Interest Q3 PBT jumps 182% to RM15.65 mil

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    Oriental Interest Bhd’s (OIB) pre-tax profit for the third quarter ended March 31, 2015 jumped 182% to RM15.65 million from RM5.55 million in the same quarter of 2014. Revenue soared 373% to RM82.01 million from RM17.35 million previously. In a filing to …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 6:43 PM

    Petronas 1Q15 earnings fall 39%

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    Petronas profit after tax (PAT) for the first quarter of financial year 2015 (1Q15) fell 39% year-on-year (y-o-y) to RM11.4 billion, the company declares in a media conference today. The state oil company attributed this steep fall in earnings to …

  • Corporate  |  MAY 22, 2015 6:39 PM

    Mega First posts higher Q1 PBT of RM33.42 mil

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    Mega First Corporation Bhd’s (MFCB) pre-tax profit rose to RM33.42 million in the first quarter ended March 31, 2015 from RM31.66 million in the same period of last year. In a filing to Bursa Malaysia today, MFCB said revenue slipped to RM135.84 …

  • Corporate  |  MAY 22, 2015 6:36 PM

    Hua Yang FY15 pre-tax profit climbs to RM153.44 mil

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    Property developer Hua Yang Bhd’s pre-tax profit rose to RM153.44 million for its financial year ended March 31, 2015 from RM112.36 million in the same period last year. In a filing to Bursa Malaysia today, the company said revenue rose to RM583.58 million …

  • Finance  |  MAY 22, 2015 6:26 PM

    BNM i’ntl reserves at RM393.4 bil as at May 15

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    The international reserves of Bank Negara Malaysia (BNM) amounted to RM393.4 billion as at May 15, 2015. The reserves position is sufficient to finance eight months of retained imports and is 1.1 times the short-term external debt, BNM said in a statement today. The …

  • Corporate  |  MAY 22, 2015 6:17 PM

    CDC opens on June 1 to support exiting MAS staff

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    The Corporate Development Centre, created to support exiting Malaysia Airline system Bhd’s (MAS) employees with their career transitions, will officially open on June 1. CDC offers free outplacement and training services for the employees to help them make the most of their …

  • Markets  |  MAY 22, 2015 5:53 PM

    KL shares end lower on profit taking

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    Shares on Bursa Malaysia ended lower today as foreign investors took profits in selected blue chips, dealers say. At 5pm today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.54 points to 1,787.5, after hovering between 1,780.11 and 1,798.46 throughout the day. …

  • Corporate  |  MAY 22, 2015 5:49 PM

    S’wak Plantation Q1 PBT falls to RM7.27 mil

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    Sarawak Plantation Bhd’s pre-tax profit for the first quarter ended March 31, 2015 fell to RM7.27 million from RM21.86 million in the same quarter of 2014. Revenue dropped to RM70.91 million during the period under review from RM104.01 million registered previously. In a …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 5:40 PM

    Petronas decision on RM100 bil Canada project in 2Q15

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    Petronas is expecting a conditional final investment decision (FID) in the second quarter of 2015 (2Q15) for its RM100 billion liquefied natural gas (LNG) project in Canada, says Petronas president and group chief executive officer (CEO) Wan Zulkiflee Wan Ariffin. …

  • Commodities  |  MAY 22, 2015 5:33 PM

    Rubber market closes higher

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    The Malaysian rubber market closed higher today, supported by the crude oil price increase and positive sentiment from the Tokyo Commodity Exchange futures market. “Oil prices jumped more than 2% on Thursday and boosted optimism that a supply glut was easing,” the dealer …

  • Markets  |  MAY 22, 2015 5:26 PM

    Ringgit ends stronger against US dollar

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    The ringgit strengthened against the US dollar at close on Friday, on continued demand for the local unit. At 5pm, the local unit was sharply higher against the greenback at 3.5835/5865 from 3.6010/6030 on Thursday. A dealer said investors were monitoring the …

  • Corporate  |  MAY 22, 2015 5:19 PM

    Judge reserves verdict on MAS, AirAsia appeals

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    The Competition Appeal Tribunal reserves its judgment on the appeals by the country’s two major carriers over breach of market-sharing prohibition under the Competition Act 2010. The appeals were filed by Malaysia Airlines (MAS) and AirAsia Bhd against a decision by the Malaysia …

  • Commodities  |  MAY 22, 2015 5:09 PM

    Sime Darby sees palm oil at RM2,200-RM2,400 year-end

    Story by

    Palm oil prices will likely trade between RM2,200 and RM2,400 per tonne between now to the end of the year, says the chief executive officer (CEO) of Sime Darby Bhd, the world’s top oil palm planter by land size. The CEO Mohd Bakke Salleh …

  • Corporate  |  MAY 22, 2015 4:57 PM

    EPF includes ASB2 in Members Investment Scheme

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    The Employees Provident Fund (EPF) decides to include the Amanah Saham Bumiputera 2 (ASB2) into its Members Investment Scheme (EPF MIS) list of approved funds. “With the addition of ASB2, there are nine funds offered under the EPF MIS managed by Amanah …

  • Corporate & Economy  |  MAY 22, 2015 4:48 PM

    MIDF: Execution key to achieving 11MP goals

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    MIDF Research says the growth goals set out in the 11th Malaysia Plan are attainable, but new methods to drive the economy will have to be employed in order to for it to succeed.

  • Corporate  |  MAY 22, 2015 4:21 PM

    63% retirees worry about ability to support families

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    Living inheritance is a cause for concern for retirees in Malaysia where 63% of retirees are worried about not being able to support family or friends financially, according to an HSBC’s report. It said Malaysia has the highest percentage of concern for this …

  • Singapore & World Biz  |  MAY 22, 2015 4:14 PM

    Bumi Resources gets 5-month extension of debt moratorium

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    PT Bumi Resources, Asia’s most-indebted coal miner, obtained a five-month extension of a debt moratorium, allowing it to fend off creditors after it defaulted on two of its dollar bonds last year. The extra time granted by a Singapore court …

  • Corporate  |  MAY 22, 2015 4:09 PM

    Govt urged to reconsider GST on domestic flights

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    The Sabah state government hopes the federal government will reconsider the goods and services tax (GST) on the cost of flights involving Sabah, Sarawak, and the Peninsular Malaysia in efforts to enhance national integration. Sabah Tourism, Culture and Environment Minister Masidi Manjun said the …

  • Markets  |  MAY 22, 2015 4:00 PM

    KL shares remain easier at mid-afternoon

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    Shares on Bursa Malaysia resumed the afternoon session easier as profit taking and foreign selling in blue chips continued to curb gains. At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,788.63, down 6.41 points. However, a dealer said the …

  • Economy & Featured and Exclusive  |  MAY 22, 2015 3:53 PM

    KL seen to grow 5% annually through 2019 — report

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    Move over, Shanghai. The fastest growing city in Asia over the next five years will be Delhi, according to Oxford Economics. Chinese cities make up only three of its top 10 list, with India accounting for six. Ho Chi Minh …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 3:23 PM

    Sime Darby profit plunges further, may miss profit target

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    [email protected]

    With one quarter to go, Sime Darby is at the farthest it had been from its annual KPI profit target in at least five years.

  • World Biz  |  MAY 22, 2015 3:19 PM

    Mazda, Subaru & Mitsubishi joins in Takata air bag recall

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    Japan’s Mazda Motor Corp, Fuji Heavy Industries Ltd and Mitsubishi Motors Corp said on Friday they would recall about 720,000 more cars equipped with air bag inflators made by parts supplier Takata Corp. The recalls follow similar moves last week by other Japanese automakers to …

  • Property & World Biz  |  MAY 22, 2015 3:11 PM

    Indonesia to ease mortgage rule for first home buyers

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    Indonesia’s central bank will ease the loan-to-value requirement for mortgages to 80% from the current 70% for first-home buyers, Bank Indonesia governor told reporters on Friday. The changes will only apply for banks who manage a healthy mortgage portfolio with a non-performing ratio at …

  • Corporate & Featured and Exclusive  |  MAY 22, 2015 3:00 PM

    AMMB FY15 pre-tax profit up 6.3% to RM2.6 bil

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    AMMB Holdings Bhd recorded a higher pre-tax profit of RM2.6 billion for the financial year ended March 31, 2015 (FY15), up 6.3% compared with RM2.45 billion recorded in 2014. Profit after tax rose 9.3% and crossed the RM2 billion mark to reach RM2.04 …

  • Finance & World Biz  |  MAY 22, 2015 2:56 PM

    AIIB aims to be operational by year-end

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    China-backed Asia Infrastructure Investment Bank (AIIB) on Friday set an ambitious target to become operational by the end of the year after a three-day meeting of prospective founding member nations in Singapore. AIIB said in a statement that the meeting …

  • Corporate  |  MAY 22, 2015 2:02 PM

    Telcos support Shabery’s call for lower rates

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    Telcos express their support to Communications and Multimedia Minister Ahmad Shabery Cheek’s call for lower rates to customers. In a statement, Celcom Axiata chief executive officer (CEO) Shazalli Ramly said it has introduced innovative and affordable plans such as the New Internet …

  • Featured and Exclusive & Finance  |  MAY 22, 2015 1:56 PM

    China, India said to be largest shareholders of AIIB

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    China will likely take a 25% to 30% stake in the Asian Infrastructure Investment Bank (AIIB) and India is likely to be the second-largest shareholder, delegates attending a meeting of the bank’s founding members say on Friday. China’s share in the US$100 billion (RM359.87 …

  • Corporate  |  MAY 22, 2015 1:49 PM

    MCMC to ensure telcos reduce rates soon

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    The Malaysian Communications and Multimedia Commission (MCMC) will ensure that the reduction in tariff rates for mobile phones will be implemented as soon as possible. MCMC chairman Halim Shafie said that service providers have given positive feedback on the proposal to reduce the …

  • Economy  |  MAY 22, 2015 1:35 PM

    CPI rises 1.8% to 111.9 in April

    Story by

    The consumer price index (CPI) increased 1.8% to 111.9 in April 2015 compared with 109.9 recorded in the same month last year, the Statistics Department says. It attributed the increase to the significant rise in the index for alcoholic beverages and tobacco group, …

  • Commodities  |  MAY 22, 2015 1:31 PM

    KLTM ends US$110 lower at US$15,850 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) closes US$110 lower at US$15,850 a tonne today on lack of buying support, a dealer says. He said KLTM also took the cue from the lower price of the metal on the London Metal Exchange (LME), …

  • Markets  |  MAY 22, 2015 1:27 PM

    KL shares lower at mid-day

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    Shares on Bursa Malaysia end the morning session lower today, dampened by losses in selected heavyweights amid the strengthening of the ringgit, dealers say. At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 3.14 points to 1,791.9 after moving …

  • Corporate  |  MAY 22, 2015 1:19 PM

    Jiankun expects turnaround in FY15

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    Jiankun International Bhd, which is currently reporting financial losses, expects to return to the black by the end of financial year ending Dec 31, 2015 (FY15), says executive chairman Lim Siang Chai. The property developer is expected to report a profit by the …

  • Corporate  |  MAY 22, 2015 1:10 PM

    Turbo-Mech plans to expand S’pore operations

    Story by

    Turbo-Mech Bhd hopes to maintain its performance this year despite the global economic uncertainty. It is set to expand its existing market in Singapore, says executive director Gan Kok Ten. He said as most of the company’s clients are based there and …

  • Corporate & Property  |  MAY 22, 2015 12:32 PM

    UEM Sunrise downgraded on weak Johor market

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    [email protected]

    Property developers UEM Sunrise has been downgraded by AmResearch analysts who cite the uncertainties in the Johor property market as a key factor. “Our revised outlook reflects the continued weakness in the Johor property market amid policy uncertainties – the …

  • Property  |  MAY 22, 2015 12:08 PM

    Sultan of Johor buys stake in Perth’s historic hospital

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    The Sultan Ibrahim Ismail of Johor has acquired part of Perth’s old Sunset Hospital in the suburb of Dalkeith for A$8.5 million (RM24.2 million), according to the Australian Associated Press (AAP). The West Australian state Premier Colin Barnett has assured concerned parties the …

  • Markets  |  MAY 22, 2015 11:54 AM

    KL shares trading lower at mid-morning

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    Shares on Bursa Malaysia traded lower at mid-morning today, dampened by losses in selected key heavyweights amid the strengthening ringgit, dealers said. At 11 am, the benchma rk FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.56 points lower at 1,792.48. Among heavyweights, Maybank …

  • World Biz  |  MAY 22, 2015 11:37 AM

    Peugeot’s Chinese JV to start production in Vietnam

    Story by

    French automaker PSA Peugeot Citroen and its Chinese joint venture partner Dongfeng Motor Group will open an assembly plant in Vietnam and have already begun production in Malaysia, Chinese state media reported on Wednesday. Dongfeng Peugeout Citroen Automobile is producing …

  • Featured and Exclusive & World Biz  |  MAY 22, 2015 11:11 AM

    US Senate advances fast-track trade bill sought by Obama

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    President Barack Obama on Thursday moved closer to winning the power to speed trade deals through the US Congress when the Senate advanced legislation important to his Asian trade push. Senators voted 62-38 to set up a speedy decision on …