• Corporate  |  JULY 28, 2015 9:03 PM

    Jiankun inks JV pact to develop land in Petaling

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    Jiankun International Bhd’s wholly-owned unit JKI Development Sdn Bhd and Fivestar Development (Puchong) Sdn Bhd are embarking on a joint-venture pact to develop a land in Petaling, Selangor. Jiankun International, in a filing to Bursa Malaysia today, said the land had been slated …

  • Economy  |  JULY 28, 2015 8:57 PM

    China idles solar power for 1st time amid grid congestion

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    China halted power flows from solar panels for the first time as congestion on its electricity grid prevented renewable energy from reaching customers. About 9% of the nation’s solar capacity sat idle in the first six months of the year, …

  • World Biz  |  JULY 28, 2015 8:52 PM

    Facebook ordered to allow pseudonyms

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    Facebook Inc was ordered by a German privacy watchdog to allow users to have accounts under pseudonyms on the social network. Facebook may not unilaterally change such accounts to the real names of users and may not block them, Johannes …

  • World Biz  |  JULY 28, 2015 8:47 PM

    Gucci owner calls for HK rent cuts as market wilts

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    Luxury companies including Kering SA are demanding lower Hong Kong store rents to reflect the island city’s waning appeal with wealthy Chinese shoppers. The owner of the Gucci brand may close some of its shops there if those costs don’t …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 8:15 PM

    IGP: Edge owner, publisher to be called up again

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    Media group The Edge chairman Tong Kooi Ong and its publisher Ho Kay Tat will be called up again by the federal police to facilitate investigations into articles on 1Malaysia Development Bhd (1MDB), which was published by The Edge Financial Daily. Inspector-general of …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 8:05 PM

    PM: New cabinet line-up will boost public confidence

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    Prime Minister Najib Abdul Razak is confident the new cabinet line-up will increase public confidence in the government and BN ahead of the 14th general election. “Insha’Allah (God willing), I believe that the new cabinet line-up will drive forward the …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 7:59 PM

    I’ll have to relinquish PAC post, says Nur Jazlan

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    Following his appointment as deputy home minister, Nur Jazlan Mohamed says he would have to relinquish his position as Public Accounts Committee (PAC) chief. He also revealed the committee’s hearings concerning 1Malaysia Development Bhd (1MDB) in August will have to …

  • Corporate  |  JULY 28, 2015 7:43 PM

    NGO asks MACC to probe 1BestariNet

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    The Pertubuhan Minda dan Sosial Prihatin submits a memorandum to the Malaysian Anti-Corruption Commission (MACC) seeking an investigation into the 1BestariNet project of the Education Ministry. Its economic advisor Suud Ridzuan handed over the memorandum to MACC integrity policy management officer Kamaruddin Ariffin.

  • Corporate  |  JULY 28, 2015 7:40 PM

    TAS’ FY15 pre-tax profit drops to RM12.93 mil

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    TAS Offshore Bhd’s pre-tax profit for the financial year ended May 31, 2015 (FY15) fell to RM12.93 million from RM34.3 million last year. Revenue, however, rose to RM275.87 million from RM254.27 million previously, the company said in a filing to Bursa Malaysia today. …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 7:31 PM

    MAHB: No compromise on safety at airports

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    Malaysia Airports Holdings Bhd (MAHB) is committed to ensure that operations at all its airports, including klia2 terminals, apron, and taxiways are safe. In a statement today, MAHB said the differential settlement at klia2’s apron and taxiways is only affecting 2.3% of …

  • Commodities  |  JULY 28, 2015 7:24 PM

    Rubber market ends lower

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    The Malaysian rubber market closed lower today following a weaker trend in crude oil prices and a firmer ringgit, dealers say. At 5pm, the local currency was quoted at 3.8130 against the US dollar from 3.8140 recorded on Monday. US benchmark West Texas …

  • Corporate  |  JULY 28, 2015 7:15 PM

    BAT posts lower 2Q pre-tax profit of RM286.88 mil

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    British American Tobacco (M) Bhd’s pre-tax profit for the second quarter ended June 30, 2015 slipped to RM286.88 million from RM330.41 million in the same quarter last year. Revenue declined to RM1.09 billion from RM1.23 billion previously. In a filing to Bursa …

  • Featured and Exclusive & Markets  |  JULY 28, 2015 7:08 PM

    KLCI drops 10 points to close at 1699

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    The FBM KLCI fell 10 points to close the day’s trading in negative territory on the back of a cabinet reshuffle which saw the former deputy prime minister Muhyiddin Yassin being replaced by Ahmad Zahid Hamidi.

  • TigerTalk  |  JULY 28, 2015 7:00 PM

    Join ride-sharing, taxi drivers!

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    With the advent of ride-sharing apps, as well as the turning of the tide (yet again) of Uber winning one of its lawsuits, Tiger ponders if it may be time for taxi drivers here in Malaysia to consider driving for ride-sharing apps.

  • Corporate  |  JULY 28, 2015 6:33 PM

    Globetronic’s 2Q PBT slightly lower at RM20.77 mil

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    Globetronics Technology Bhd’s pre-tax profit for the second quarter ended June 30, 2015 declined to RM20.77 million from RM20.78 million in the same period last year. Its revenue fell to RM89.03 million from RM90.62 million previously. In a fling to Bursa Malaysia …

  • Corporate  |  JULY 28, 2015 6:27 PM

    Fajarbaru unit accepts RM111 mil banking facilities

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    Fajarbaru Builder Group Bhd’s (FBG) 51%-owned indirect unit Fajarbaru-Beulah (Melbourne) Pty Ltd accepts banking facilities of A$39.94 million (RM111.04 million) from Maybank International Labuan branch. In a filing to Bursa Malaysia today, FBG said, as a security for the banking facilities, it …

  • Corporate  |  JULY 28, 2015 6:19 PM

    Country View’s 2Q pre-tax profit falls to RM4.29 mil

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    Country View Bhd’s pre-tax profit for the second quarter ended May 31, 2015 fell to RM4.29 million from RM29.39 million in the same quarter last year. Revenue declined to RM27.52 million from RM46.87 million previously. In a filing to Bursa Malaysia today, …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 6:12 PM

    AirAsia not moving to KKIA Terminal 1, says Aireen

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    AirAsia Bhd makes a firm decision to remain in Kota Kinabalu International Airport (KKIA) Terminal 2 and declines to move its operation to Terminal 1. Chief executive officer Aireen Omar said the reason why AirAsia had declined to move to Terminal 1 was because …

  • Corporate  |  JULY 28, 2015 6:04 PM

    ‘Automobile makers not ready for B10 biodiesel’

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    Many automobile makers in Malaysia are not ready to support the B10 biodiesel blend (constituting 10% palm oil, 90% diesel) for their manufactured vehicles, according to Malaysian Automotive Association (MAA) president Aishah Ahmad. Asked on a consensus view regarding the …

  • Corporate  |  JULY 28, 2015 5:57 PM

    ‘Felda settlers could be duped by unlicensed bauxite miners’

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    Some Felda Bukit Goh settlers are not only forced to face environmental pollution, they also face the possibility of being cheated by unlicensed bauxite mine operators. Felda Bukit Goh village chief Mat Zahari Derahman said his records showed that about 200 settlers from …

  • Markets  |  JULY 28, 2015 5:43 PM

    Ringgit ends slightly stronger against US dollar

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    The ringgit ended slightly higher against the US dollar today on mild demand for the local note following the greenback’s overnight retreat. At 5pm, the ringgit was quoted at 3.8130/8150 against the US dollar from 3.8140/8160 recorded on Monday. A dealer said investors …

  • World Biz  |  JULY 28, 2015 5:37 PM

    Birkin bags, Apple 1 make good investments

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    Bruce Marchant says he has found the protection he needs against stock market gyrations: in the arms of an amazon in a white bikini. She adorns his vintage poster of the 1958 sci-fi flick ‘Attack of the 50 Foot Woman’, …

  • World Biz  |  JULY 28, 2015 5:12 PM

    Etihad says RM122,000 first-class suite a hit with travellers

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    Even at US$32,000 (RM122,095), people are lining up to book Etihad Airways PJSC’s three-room suite between Abu Dhabi and New York. The Residence, as Etihad calls its over-the-top luxury offering, will be available on New York-Abu Dhabi flights in December …

  • Markets & World Biz  |  JULY 28, 2015 5:04 PM

    Confusion reigns in China’s markets after Monday’s crash

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    It’s days like Monday that reassure Tony Hann he was right to avoid stocks in mainland China. The severity of an 8.5% drop in the Shanghai Composite Index is bad enough, but what irks him the most is not knowing …

  • Corporate  |  JULY 28, 2015 4:55 PM

    Mitsui & Co in JV with Nusajaya Tech Park

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    Tokyo-based Mitsui and Co Ltd enters into a joint-venture (JV) agreement with Nusajaya Tech Park Sdn Bhd to undertake a 10.7ha development, comprising build-to-suit (BTS) properties for lease in Iskandar Malaysia. The project will have an estimated gross development value of RM468 million over four …

  • Corporate & Launches  |  JULY 28, 2015 4:41 PM

    OCBC introduces online savings account

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    OCBC Bank (Malaysia) Bhd introduces the OCBC e-SmartSavers account, an online savings account open to non-customers of the bank. Prior to this, people could only make online applications for online savings accounts at banks with which they already have an …

  • Corporate & OTHERS  |  JULY 28, 2015 4:36 PM

    MHB 2Q15 profit falls to RM17.57 mil

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    Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) pre-tax profit decreased to RM17.57 million in the second quarter (Q2) ended June 30, 2015 from RM25.70 million in the same period a year ago. In a filing to Bursa Malaysia, MHB said revenue …

  • Corporate  |  JULY 28, 2015 4:30 PM

    MAA cuts automobile sales forecast by 0.5%

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    The Malaysian Automotive Association (MAA) revises its total industry volume (TIV) forecast for the year 2015, with a 0.5% decrease from its original forecast of 680,000 units made earlier this year, to 670,000 units. This comes on the back of a …

  • Featured and Exclusive & World Biz  |  JULY 28, 2015 4:22 PM

    Greek creditors seek third wave of reforms before loan

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    International creditors want Greece to enact a third wave of politically sensitive reforms before they will release any money to keep the near bankrupt country afloat under a third bailout they began negotiating on Monday. The government of Prime Minister …

  • Commodities  |  JULY 28, 2015 4:03 PM

    Indonesia changes export tax system for palm oil

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    Indonesia has issued a regulation that changes the way export taxes are calculated for crude palm oil and other palm products, a finance ministry official said on Tuesday, and they will now be expressed in dollars rather than a percentage of the palm …

  • Markets  |  JULY 28, 2015 3:49 PM

    KL shares turn lower at mid-afternoon

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    Shares on Bursa Malaysia returned to red after trading marginally higher earlier on selling activity in local stocks, a dealer says. At 3.03pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.65 points lower at 1,704.11. Among the top losers, Kuala Lumpur …

  • Corporate, Featured and Exclusive, Finance  |  JULY 28, 2015 3:44 PM

    AirAsia hires Credit Suisse, CIMB for bond issuance

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    AirAsia Bhd has hired investment banks Credit Suisse and CIMB to help the Malaysia-based budget airline raise at least US$200 million (RM763 million) in convertible bonds at its Indonesian and Philippine associates, people familiar with the deal said. AirAsia’s finances …

  • Commodities  |  JULY 28, 2015 3:34 PM

    KLTM closes US$250 higher at US$15,600 a tonne

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    The Kuala Lumpur Tin Market (KLTM) closed higher at US$15,600 a tonne today, up US$250, in line with the increase in the metal price on the London Metal Exchange (LME). The tin price on the LME rose US$295 to finish at US$15,700 …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 3:30 PM

    Nur Jazlan out of PAC, whither probe

    Story by

    The removal of Abdul Gani Patail as the attorney-general, as well as the cabinet reshuffle points in the direction of Prime Minister Najib Abdul Razak consolidating his position amidst the raging 1Malaysia Development Bhd (1MDB) imbroglio. One interesting development is …

  • Economy  |  JULY 28, 2015 3:19 PM

    Pacific Rim ministers cautiously optimistic on TPPA

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    Ministers from Pacific Rim nations hoping to finalise an ambitious free trade deal this week warned on Monday that hurdles remained including intellectual property and dairy. The US and Japan, the two biggest economies in the talks, are both keen for …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 3:15 PM

    AirAsia X ready to team up if the price is right

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    AirAsia X Bhd is ready to team up with potential investors but only if the price is right, its acting chief executive officer, Benyamin Ismail said. He said several carriers, businesses and partners had shown interest in investing in AirAsia X over the …

  • Commodities & World Biz  |  JULY 28, 2015 3:00 PM

    BP misses 2Q profit forecast on spill charge

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    BP’s second-quarter profits (2Q) missed expectations on Tuesday after the British oil and gas company took a US$9.8 billion (RM37.3 billion) pretax charge related to a settlement of the 2010 Gulf of Mexico spill. The company also lowered its expected …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 2:55 PM

    Najib’s new cabinet line-up

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    Below is a partial list of Prime Minister Najib Abdul Razak’s new cabinet line-up: Ministers Najib Abdul Razak – Prime minister and finance minister Ahmad Zahid Hamidi – Deputy prime minister and home minister Liow Tiong Lai – Transport minister …

  • Economy & World Biz  |  JULY 28, 2015 2:47 PM

    Thailand cuts 2015 GDP forecast to 3%

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    Thailand’s finance ministry on Tuesday cut its economic growth forecast for the third time this year due mainly to shrinking exports, a big obstacle to the trade-dependent country regaining traction. The ministry now expects the economy to grow 3% this year, …

  • Corporate  |  JULY 28, 2015 2:44 PM

    Only World unit buys 60% stake in Escaperoom

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    Only World Group Holdings Bhd (OWG), via its wholly-owned unit Believe It or Not Sdn Bhd signs a conditional share sales agreement (SSA) to acquire 60% stake in Escaperoom Holdings Sdn Bhd (EHSB) for RM5.4 million. EHSB is a registered proprietor of Escape Room …

  • Corporate  |  JULY 28, 2015 2:35 PM

    Alam Maritim unit gets RM6 mil Petronas contract

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    Alam Maritim Resources Bhd’s unit Alam Maritim (M) Sdn Bhd secures a RM6 million splash zone structural repair and maintenance contract from Petronas Carigali Sdn Bhd. In a filing to Bursa Malaysia, the company said the contract is for two years, effective June 8, 2015 …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 2:27 PM

    ‘Axing Muhyiddin difficult but necessary’

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    Prime Minister Najib Abdul Razak says removing Muhyiddin Yassin as his deputy was a difficult decision but it was necessary to ensure the cabinet can function as one. “The decision to replace Muhyiddin was a difficult decision, but I was …

  • Corporate & Launches  |  JULY 28, 2015 2:20 PM

    AirAsia X to fly direct to Sapporo from Oct 1, 2015

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    Long-haul budget carrier AirAsia X will fly four times weekly to Sapporo, a city in Hokkaido in Northern Japan from Oct 1, 2015.

  • Finance, Singapore, World Biz  |  JULY 28, 2015 2:10 PM

    S’pore’s war on dirty money hampered by lack of experts

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    Singapore’s fight to stem illicit fund inflows has shoved private bankers into a new quandary – finding enough qualified compliance specialists to ensure the money passing through their accounts is clean. Like other wealth management centers around the world, Singapore …

  • Corporate  |  JULY 28, 2015 1:49 PM

    ‘No PMO statements ahead of 1MDB probe teams’

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    The Prime Minister’s Office (PMO) will not issue any statement ahead of the teams investigating the 1Malaysia Development Bhd case, said the Prime Minister’s special functions officer Rizal Mansor. He said PMO could not precede the investigation team, including the Public Accounts Committee, the …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 1:40 PM

    Muhyiddin dropped, Zahid named as DPM

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    Muhyiddin Yassin has been dropped as deputy prime minister in the latest cabinet reshuffle unveiled by Prime Minister Najib Abdul Razak this afternoon. Umno vice-president and current Home Minister Ahmad Zahid Hamidi has been named as the new number two. …

  • Featured and Exclusive & Finance  |  JULY 28, 2015 1:35 PM

    Bank CEO resignation adds to uncertainties in sukuk sales

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    The resignation of the chief executive officer (CEO) of CIMB Group Holdings Bhd’s Islamic unit adds to clouds over Malaysia’s sukuk market, amid a probe into a state investment company and a renewed global commodity rout. Badlisyah Abdul Ghani, aged …

  • Markets  |  JULY 28, 2015 1:18 PM

    KL shares remain in positive territory at mid-day

    Story by

    Bursa Malaysia remained in positive territory at mid-day today in tandem with some of its Asian peers, lifted by some buying in selected heavyweights, dealers say. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.73 points to 1,711.49 after moving between …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 1:09 PM

    Budget long-haul workable, says AirAsia X CEO

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    AirAsia X Bhd’s acting CEO Benyamin Ismail is confident that the airline can make the long-haul budget carrier model work now that there is more rationality in the market.

  • World Biz  |  JULY 28, 2015 12:36 PM

    China economy still facing downward pressure

    Story by

    China’s economy still faces downward pressure and growth momentum is “insufficient”, the country’s top economic planning agency said on Tuesday. The flow of capital into the real economy is not smooth, Li Pumin, secretary general of the National Development and …