• Corporate & Economy  |  JULY 3, 2015 1:15 PM

    ‘Fitch rating a vote of confidence for Malaysia’

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    Maybank Group said getting the positive ratings from Fitch Ratings is a vote of confidence in the country’s economic strength in terms of the current account, trade and the amount of reserves that the country have accumulated over the years. Media Prima’s …

  • Featured and Exclusive & World Biz  |  JULY 3, 2015 12:45 PM

    IMF warns of huge financial hole as Greek vote looms

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    The International Monetary Fund (IMF) delivered a stark warning on Thursday of the huge financial hole facing Greece as angry and uncertain voters prepare for a referendum that could decide their country’s future in Europe. Days after Greece defaulted on …

  • World Biz  |  JULY 3, 2015 12:10 PM

    Sony’s RM13.4 bil fundraising may lead to tax saving

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    Sony Corp’s first share sale in 26 years is fuelling speculation the company may buy full control of Sony Financial Holdings Inc, a move that could save taxes and help the parent meet performance targets.

  • Corporate & Featured and Exclusive  |  JULY 3, 2015 11:53 AM

    1MDB: We did not transfer money to Najib

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    1Malaysia Development Bhd (1MDB) denies that it provided funds to Prime Minister Najib Razak, despite reports today claiming that almost US$700 million (RM2.63 billion) from 1MDB found its way into Najib’s personal bank accounts. “In reference to media reports published …

  • OTHERS  |  JULY 3, 2015 11:45 AM

    KL shares lower at mid-morning

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    Bursa Malaysia waded into negative territory at mid-morning today after posting slight gains in the early session, on lack of liquidity and mild profit taking, dealers said. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.39 points lower at 1,725.49. …

  • World Biz  |  JULY 3, 2015 11:45 AM

    Japan’s corporate reforms burnish stocks, but bruise yen

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    Japan’s efforts to boost its economy through better corporate governance has drawn foreign investors into its stock markets but with the unintended side-effect of weakening the yen. The Nikkei share index is scaling multi-year highs on the back of Prime …

  • Corporate  |  JULY 3, 2015 11:06 AM

    Mohd Sidek will extend tenure with Petronas

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    Mohd Sidek Hassan will be continuing his tenure as Non-Executive Chairman of Petroliam Nasional Bhd (Petronas) for another three years, beginning July 1, 2015. Mohd Sidek was first appointed to the Petronas board of directors in 2012. Prior to that, he spent …

  • World Biz  |  JULY 3, 2015 10:37 AM

    Four allies quit Tsipras’ coalition over referendum

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    A referendum on bailout terms that has morphed into a plebiscite on Greece’s future in Europe has created the first real splits in Prime Minister Alexis Tsipras’ ruling coalition. Four members of the right-wing Independent Greeks, uneasy bedfellows whose 13 …

  • Markets  |  JULY 3, 2015 9:59 AM

    KL shares open higher

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    Bursa Malaysia opened higher today driven by follow through support and persistent buying interest in selected heavyweights, dealers said. At 9.04 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 3.38 points at 1,737.71, after opening 2.35 points higher at 1,737.23. Market breadth …

  • Corporate & Featured and Exclusive  |  JULY 3, 2015 9:45 AM

    WSJ: Links found between 1MDB & PM’s bank accounts

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    Malaysian Prime Minister Najib Razak had close to US$700 million (RM2.63 billion) in deposits from troubled state fund 1MDB wired into his personal account, the Wall Street Journal reported on Friday, citing documents from a government probe. There were five …

  • Finance & Markets  |  JULY 3, 2015 9:34 AM

    Ringgit opens marginally higher against US dollar

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    The ringgit was traded marginally higher against the US dollar this morning on back of mild buying support for the local note, a dealer said. At 9.08 am, the local currency was quoted at 3.7710/7760 against 3.7760/7800 yesterday. The dealer said positive sentiment …

  • World Biz  |  JULY 3, 2015 9:00 AM

    ING on course to win auction for HSBC’s Turkish bank

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    Dutch lender ING Group is set to win the auction to buy HSBC’s Turkish business, people familiar with the matter said on Thursday. Four people familiar with the situation said HSBC had narrowed the field to one suitor, with two …

  • World Biz  |  JULY 3, 2015 8:20 AM

    BP reaches RM70 bil settlement over deadly 2010 spill

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    BP Plc will pay up to US$18.7 billion (RM70.4 billion) in penalties to the US government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement …

  • Commodities  |  JULY 3, 2015 7:48 AM

    Gold above 3-1/2 month low after tepid US jobs data

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    Gold on Thursday rebounded slightly from an earlier 3-1/2 month low after data showed the US labor market was weaker in June than expected, indicating that the Federal Reserve may hold off from raising interest rates in September. US job …

  • Finance & Markets  |  JULY 3, 2015 7:42 AM

    Dollar slips after US jobs data signals later Fed rate hike

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    The US dollar slipped against a basket of major currencies on Thursday after disappointing US jobs data pushed out bets for a Federal Reserve rate hike to 2016, while caution ahead of this weekend’s Greek referendum limited losses. Nonfarm payrolls …

  • Commodities  |  JULY 3, 2015 7:32 AM

    Oil flat as US rig count rise cools gains

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    Crude oil prices ended little changed on Thursday as the first weekly gain in the US rig count this year pared earlier gains. Pulling crude futures off highs was the latest data on the US oil rig count from Baker …

  • StockStalk  |  JULY 3, 2015 7:30 AM

    Ikhmas Jaya: Eyeing RM5 bil construction projects

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    Bore piling and bridging specialist Ikhmas Jaya is set for a RM72 million IPO and eyeing RM5 billion construction projects under 11MP. With the extra funds, will the company flex its muscles and soar to greater heights?

  • Markets  |  JULY 3, 2015 7:26 AM

    Wall St edged down on Greece worries, tepid US data

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    US stocks closed down slightly on Thursday after the International Monetary Fund (IMF) warned Greece ahead of its Sunday referendum that it faces a huge financial hole, and mixed jobs data dampened the US economic outlook. While the IMF was …

  • Featured and Exclusive & Finance  |  JULY 2, 2015 9:42 PM

    ECB to discuss emergency Greek funding on Monday

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    European Central Bank (ECB) policy setters plan to discuss the provision of emergency funding for Greek banks on Monday, a person familiar with the matter says. The governing council of euro zone central bank chiefs and ECB president Mario Draghi’s executive will …

  • Singapore  |  JULY 2, 2015 9:12 PM

    S’pore June PMI at 7-month high; electronics expands

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    Activities at Singapore’s factories hit a seven-month high in June thanks to an increase in new orders, with the key electronics sector returning to growth, a survey shows. The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ index (PMI) …

  • World Biz  |  JULY 2, 2015 9:00 PM

    Alibaba-owned football club to be first to list in Asia

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    China’s Evergrande Real Estate Group Ltd and Alibaba Group Holding Ltd are planning a stock market listing for football club Evergrande Taobao, former Asian Champions League winners, in what would be a first for a team in the region. The club, …

  • Singapore  |  JULY 2, 2015 8:40 PM

    Singapore tweaks proposed Reit market reforms

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    Singapore’s central bank announced tweaks to its proposed reforms of the real estate investment trust (Reit) market on Thursday, including changes to the leverage cap and more transparency to protect investors. Singapore’s Reit sector is the biggest in Asia outside …

  • Corporate  |  JULY 2, 2015 8:30 PM

    Country remains important for Shell Malaysia

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    Malaysia remains an important country for Shell Malaysia and its businesses are not affected by developments at the Shell Refining Co (Federation of Malaya) Bhd (SRC). SRC is a separate independent entity from Shell’s other operating units in Malaysia, and refining overcapacity and …

  • Launches  |  JULY 2, 2015 7:45 PM

    Najib launches Social Public Private Partnership

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    A new social service model for the government and private sector to collectively move forward towards developing projects in the social sphere – Social Public Private Partnership (Social PPP) – is launched. Prime Minister Najib Abdul Razak when launching the Social PPP today …

  • Economy  |  JULY 2, 2015 7:29 PM

    Mustapa: Fitch rating to clear up misconceptions

    Story by

    Fitch Rating’s decision to upgrade Malaysia’s outlook to “stable” from “negative” will help clear up lingering misperceptions among investors and could further enhance Malaysia’s attractiveness as a preferred investment destination. In a statement today, International Trade and Industry Minister Mustapa Mohamed said the upgrade …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 7:12 PM

    Aussie property scam – Mara Inc top two suspended

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    Two top officials at Majlis Amanah Rakyat’s (Mara) investment arm Mara Inc Sdn Bhd have been temporarily “relieved from their duties” pending investigations over alleged wrongdoings in Mara Inc controversial property purchases in Melbourne. They duo are Mara Inc chairman …

  • World Biz  |  JULY 2, 2015 6:44 PM

    BBC to cut over 1,000 jobs in cost saving

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    The British Broadcasting Corp (BBC) will axe more than 1,000 jobs by merging some divisions, cutting management, and simplifying areas like marketing, human resources, and IT. The world’s biggest public broadcaster is in the midst of an overhaul to deliver …

  • Featured and Exclusive, Finance, Markets  |  JULY 2, 2015 6:36 PM

    Ringgit likely to face continuous pressure

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    The ringgit is likely to face continuous pressure despite Fitch Ratings’ upgrading Malaysia’s sovereign rating outlook to stable from negative. ForexTime Ltd chief market analyst Jameel Ahmad said the ringgit was now entering the third quarter and edging very close to an anticipated …

  • Markets  |  JULY 2, 2015 6:27 PM

    Ringgit ends weaker against US dollar

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    The ringgit reversed yesterday’s gains to close easier against the US dollar today, dampened by profit-taking activities, a dealer says. At 5pm, the local currency was quoted at 3.7760/7800 from 3.7480/7530 yesterday. The dealer said mild selling emerged as investors booked profit following Fitch …

  • World Biz  |  JULY 2, 2015 6:23 PM

    Allies dump Trump over ‘dumping ground’ comment

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    On June 16, Donald Trump stood on the ground floor of the Manhattan trophy tower bearing his name, which dares to cast a shadow over the Apple Store. Light beamed down upon him, as teenage girls from Iowa – who’d …

  • World Biz  |  JULY 2, 2015 6:20 PM

    Dijsselbloem: Greek ‘no’ would not help its position

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    A “no” vote in Greece’s referendum on Sunday would not strengthen the country’s negotiating position and would place both Greece and Europe in a “very difficult” position, the chair of the council of Eurozone finance ministers said. The question to …

  • Corporate  |  JULY 2, 2015 6:05 PM

    Secret Recipe gets back halal certification

    Story by

    Secret Recipe has received its halal certification back following the renovation and upgrading works of its central kitchen in Taman Mayang and its new plant in Kota Damansara. The certificates from the Department of Islamic Development Department Malaysia (Jakim) affirmed that the …

  • Markets  |  JULY 2, 2015 5:58 PM

    KL shares close higher on Fitch upgrade

    Story by

    Bursa Malaysia ended higher today on better sentiment due to the Fitch Ratings’ decision to upgrade the country’s credit rating from negative to stable yesterday, dealers said. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,733.88, up by 5.92 points, after moving …

  • World Biz  |  JULY 2, 2015 5:57 PM

    Thailand plans RM4 bil purchase of three Chinese subs

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    Thailand’s navy has approved a 36 billion baht (RM4 billion) plan to buy three submarines from China, the southeast Asian nation’s defence minister said on Thursday, in what could be a sign the country is cosying up to the regional …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 5:48 PM

    Govt to compensate RM1.08 bil if toll rates not raised

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    The government is expected to pay RM1.08 billion in compensation to 23 concessionary companies involving 30 highways nationwide if there is no increase in toll rates, says Works Minister Fadillah Yusof. He said the government is compelled to pay a compensation of RM580 …

  • Corporate & Featured and Exclusive  |  JULY 2, 2015 5:26 PM

    Azmin writes to DPM over Selangor water issues

    Story by

    Selangor Menteri Besar Mohamed Azmin Ali has written a letter to Deputy Prime Minister (DPM) Muhyiddin Yassin to ensure issues concerning the restructuring of the state’s water industry can be resolved immediately. Azmin said the restructuring process is now in the final stage …

  • Commodities  |  JULY 2, 2015 5:16 PM

    Rubber market ends mixed

    Story by

    The Malaysian rubber market closed mixed today amid cautious sentiment on the regional market, a dealer says. He said the positive factor of a weak yen was countered by profit taking. The Malaysian Rubber Board’s official price at noon for tyre-grade …

  • Featured and Exclusive & Finance  |  JULY 2, 2015 5:14 PM

    Malaysian credits rally amid better sentiment

    Story by

    Financial markets were back on firmer territory after Hong Kong reopened today following a holiday yesterday. Fitch’s surprise move on Tuesday night to affirm Malaysia’s A- rating saw credits from the country become firmer. Having widened some 13 basis points (bp), Petronas 2025s …

  • Corporate  |  JULY 2, 2015 4:59 PM

    1MDB discussed with Fitch prior to rating upgrade

    Story by

    1Malaysia Development Bhd (1MDB) had conversations with Fitch Ratings in advance of the credit rating upgrade on Malaysia in which it discussed the company’s current situation. In a statement today, president and group executive director, Arul Kanda, said the strategic development company, wholly-owned …

  • World Biz  |  JULY 2, 2015 4:44 PM

    Say ‘Konnichi Wa’ to robots in Tokyo Airport

    Story by

    The Tokyo city airport will lease 11 robots in September that will clean the facilities and carry baggage. Authorities say that’s just the beginning, and if the robots are good at the work then more airports around the country will …

  • World Biz  |  JULY 2, 2015 4:28 PM

    Frustrated Jokowi launches charm offensive

    Story by

    Exasperated by the performance of his economics team, Indonesia’s president has personally taken on the job of promoting Southeast Asia’s largest economy to skeptical investors, said palace officials and economists. Joko Widodo’s unusual intervention in a closed-door meeting with fund …

  • Singapore  |  JULY 2, 2015 4:27 PM

    OCBC Bank signs MOUs with 10 Myanmar banks

    Story by

    OCBC Bank signs memorandum of understandings (MOUs) with 10 Myanmar banks in conjunction with the official opening of its branch in Myanmar. The MOUs are focused on collaboration in training and capability-building of cash management, trade finance, and treasury solutions to support the anticipated …

  • Featured and Exclusive & Finance  |  JULY 2, 2015 4:07 PM

    Poll shows Greek referendum on bailout too close to call

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    Greek voters are almost evenly split heading into a referendum in three days that European leaders say could plunge the country into economic darkness. A GPO poll cited by said 47% leaned toward a “yes” vote, an endorsement of austerity …

  • Corporate  |  JULY 2, 2015 4:06 PM

    China gets supply of GSK’s new HIV drug in new deal

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    China will receive cut-price supplies of GlaxoSmithKline’s new HIV drug Tivicay, following a deal for Shanghai-based Desano Pharmaceuticals to become an additional manufacturer of the medicine’s active ingredient. The collaboration between GSK’s HIV unit ViiV Healthcare and Desano marks an …

  • Corporate & Economy  |  JULY 2, 2015 3:57 PM

    1MDB trumpets Fitch upgrade

    Story by

    1MDB today trumpeted Fitch’s Rating’s upgrade of the country’s economic outlook despite claims that the Finance Ministry-owned company was weighing down the economy. 1MDB president and group executive officer Arul Kanda said Fitch Rating was briefed by 1MDB about its …

  • Economy, Featured and Exclusive, World Biz  |  JULY 2, 2015 3:43 PM

    Plight of Greek pensioners heaps pressure on Tsipras

    Story by

    Long lines of pensioners jostling to get into a limited number of banks opened specially to pay out retirement benefits have become a powerful symbol of the misery facing Greece and the problems mounting for Prime Minister Alexis Tsipras. With …

  • Markets  |  JULY 2, 2015 3:39 PM

    KL shares remain higher at mid-afternoon

    Story by

    Bursa Malaysia remained higher at mid-afternoon, supported by consistent buying in Petronas-linked stocks and finance counters, a dealer says. At 3.03pm, the FTSE Bursa Malaysia KLCI increased 6.9 points to 1,734.86 points. MISC led the rise in the composite index with 8.16 points, …

  • Economy  |  JULY 2, 2015 3:35 PM

    Euro zone inflationary pressures at four-year high

    Story by

    Euro zone inflationary pressures are at a four-year high, suggesting the European Central Bank’s trillion-euro bond-buying programme is working, an indicator designed to predict cyclical trends shows. The Eurozone Future Inflation Gauge (EZFIG), a measure of the outlook for inflation published …

  • Economy  |  JULY 2, 2015 3:29 PM

    Plight of Greek pensioners heaps pressure on Tsipras

    Story by

    Long lines of pensioners jostling to get into a limited number of banks opened specially to pay out retirement benefits have become a powerful symbol of the misery facing Greece and the problems mounting for Prime Minister Alexis Tsipras. With …

  • OTHERS  |  JULY 2, 2015 3:26 PM

    BoE deputy: Greek crisis ‘very dangerous’ but no contagion

    Story by

    Greece’s deepening debt crisis has become “very dangerous” but there is no sign yet of it spreading to other countries on the periphery of the euro zone, Bank of England (BoE) deputy governor Jon Cunliffe said on Thursday. “We’re not …