• Finance  |  JULY 6, 2015 11:03 PM

    Greek banks said to stay closed at least until Friday

    Story by

    Greece’s banks will stay closed at least until Friday, four banking sources say on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse. Greece issued a decree last week imposing …

  • Corporate  |  JULY 6, 2015 10:50 PM

    Govt retains AP policy for used car imports

    Story by

    The government still retains the approved permit (AP) policy for the import of used cars, International Trade and Industry Minister Mustapa Mohamed says. He said the abolishment of the policy is still being studied as it is a rather complex exercise. “At the …

  • World Biz  |  JULY 6, 2015 10:45 PM

    Uber says drivers intimidated in S Africa after taxi protests

    Story by

    Ride-hailing service Uber says its drivers had faced intimidation in South Africa following a protest last week by members of metered taxi associations who say the online app competes unfairly for business. Drivers of metered taxis harassed Uber drivers at the …

  • Featured and Exclusive & Finance  |  JULY 6, 2015 10:37 PM

    IMF says ready to help Greece if asked to do so

    Story by

    The International Monetary Fund (IMF) says it is monitoring the situation in Greece and is ready to lend a hand if asked following a referendum that rejected the bailout conditions of international creditors. “IMF has taken note of yesterday’s referendum …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 10:34 PM

    Shafie: Mara made paper gain in Melbourne

    Story by

    Rural and Regional Development Minister Mohd Shafie Apdal defends Mara Inc Sdn Bhd’s property purchases in Melbourne, on grounds that they were good buys. At a press conference today, Shafie said as of December 2014, all the properties had increased in …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 10:30 PM

    Najib says he didn’t betray country; vows to uphold truth

    Story by

    Prime Minister Najib Abdul Razak said he would strive to seek the truthful path to rebut all allegations against his leadership. Najib said he was thankful to the support given by Umno leaders and PAS spiritual leader Haron Din who dismissed allegations on …

  • Corporate, Economy, Featured and Exclusive  |  JULY 6, 2015 10:11 PM

    Moody’s says 1MDB does not pose systemic risk

    Story by

    Malaysia’s economy, its banking system and government finances are not under systemic risk from developments at state fund 1Malaysia Development Bhd (1MDB), rating agency Moody’s says. A Wall Street Journal (WSJ) report on Friday said investigators had traced nearly US$700 …

  • Featured and Exclusive & Finance  |  JULY 6, 2015 8:36 PM

    Greek PM said to present aid proposal tomorrow

    Story by

    Greek Prime Minister Alexis Tsipras spoke by phone on Monday with Germany’s Angela Merkel and agreed to present a Greek proposal for an aid deal at Tuesday’s EU summit, a Greek government official says. The official, who spoke on condition …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 8:13 PM

    FGV: Eagle High land bank an unparalleled strategic fit

    Story by

    The Eagle High Plantation (EHP) land bank, which presents the largest contiguous land bank from a single vendor, is also an unparalleled strategic fit for Felda Global Ventures Holdings Bhd (FGV). In a statement today, FGV said it has been looking …

  • Corporate  |  JULY 6, 2015 7:26 PM

    MMC appoints Shamsul Azhar Abbas as chairman

    Story by

    MMC Corp Bhd appoints Shamsul Azhar Abbas as the chairman to replace Syed Abdul Jabbar Syed Hassan effective July 16, 2015. In a filing to Bursa Malaysia today, MMC said Shamsul Azhar will also take over from Syed Abdul Jabbar as the chairman …

  • Corporate  |  JULY 6, 2015 7:11 PM

    AlloyMtd gets nod to redevelop London site

    Story by

    Malaysian developer AlloyMtd Group receives unanimous approval from the London Borough of Hackney’s (LBH) Planning Committee on its plans to redevelop One Crown Place London EC2 in London. AlloyMtd, via unit AlloyMtd (Jersey) Ltd, acquired the strategic and landmark property development site two years …

  • Featured and Exclusive & Finance  |  JULY 6, 2015 6:49 PM

    Greek voters say ‘no’, so what now?

    Story by

    Greek voters delivered a decisive verdict on proposals put forward by international creditors. The following scenarios are based on conversations with officials working on how to handle the Greek crisis, along with investors and economists. The results In Sunday’s referendum, …

  • Markets  |  JULY 6, 2015 6:04 PM

    KL shares end lower; CI down 1%

    Story by

    Shares on Bursa Malaysia ended lower today on subdued buying support in tandem with regional peers, dealers say. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,717.05, down 17.19 points, or 0.99%, after moving between 1,706.60 and 1,728.43 throughout the day. …

  • Corporate  |  JULY 6, 2015 5:59 PM

    UAE bank seeks acquisition opportunity in M’sia

    Story by

    Abu Dhabi Islamic Bank (Adib), which recently failed in its bid for Citigroup’s Egypt retail business, is targeting acquisitions in 2016 in Asia, the Middle East, and North Africa, its chief executive says. Tirad al-Mahmoud said the bank is looking …

  • Featured and Exclusive & Markets  |  JULY 6, 2015 5:33 PM

    Ringgit ends at 16-year low against US dollar

    Story by

    The ringgit fell to a 16-year low against the US dollar on the heightened risk that Greece may exit the eurozone, dealers say. At 5pm, the ringgit was quoted at 3.8050/8080 from 3.7760/7790 on Friday. The ringgit hovered between 3.8025 and 3.8075 …

  • Economy  |  JULY 6, 2015 5:27 PM

    ‘LNG plants not suitable for Sabah’

    Story by

    Liquefied Natural Gas (LNG) plants are unsuitable for Sabah, says Chief Minister Musa Aman. “Clearly, Sabah does not produce as much LNG as Sarawak, which has more of it and less oil. “So, an LNG plant in Sabah, such as the one …

  • Commodities  |  JULY 6, 2015 5:20 PM

    Rubber market ends lower

    Story by

    The Malaysian rubber market closed lower today in line with the decline in crude oil prices, dealers say. He said the market also responded negatively to reports that Greece has declined to accept the conditions for a rescue package, hence throwing the future …

  • Launches  |  JULY 6, 2015 5:14 PM

    ValueCAP unveils ESG fund

    Story by

    ValueCAP Sdn Bhd’s subsidiary Vcap Asset Managers (Vcam) Sdn Bhd launches its Malaysian Environmental, Social, and Governance (ESG) Opportunity Fund to promote sustainable and responsible domestic capital market. Chief executive officer Shan Kamahl Mohammad said the open-ended equity growth fund will be investing in 25 constituent …

  • Featured and Exclusive & Finance  |  JULY 6, 2015 5:11 PM

    Greek PM says Athens ready to return to negotiating table

    Story by

    Greek Prime Minister Alexis Tsipras hails a “no” vote in Sunday’s referendum on a bailout offer and says his government is ready to return immediately to negotiations with creditors in a bid to get shuttered banks open again. Dismissing talk …

  • Featured and Exclusive, Finance, Markets  |  JULY 6, 2015 4:45 PM

    Greek vote becoming much ado about nothing for euro

    Story by

    The Greek vote is turning out to be much ado about nothing for the euro. While Europe’s currency slid, it only reached a one-week low. Price moves have been “muted,” according to Standard Chartered Plc. Investors expected a bigger decline, …

  • Markets  |  JULY 6, 2015 4:38 PM

    ‘Bursa downtrend caused by external factors’

    Story by

    Bursa Malaysia’s downtrend is driven by external factors, including Greece’s referendum, says Affin Hwang Investment Bank vice-president and head of retail research Nazri Khan Adam Khan. “There are now serious concerns whether Greece will still remain as a member of the EU. It has …

  • World Biz  |  JULY 6, 2015 4:20 PM

    Google’s Waze to start carpooling pilot program

    Story by

    Google-owned online mapping company Waze is launching a carpooling pilot program in Israel where commuters pay fellow drivers a small fee for a ride to and from work. The new application, called RideWith, will use Waze’s navigation system to learn the …

  • Markets  |  JULY 6, 2015 4:06 PM

    SE Asia stocks fall on Greece worries; M’sia at 1-week low

    Story by

    Most Southeast Asian stock markets fell over 1% on Monday as worries over the Greek debt crisis sparked selling across major sharemarkets, with the Malaysian index sliding to a near one-week low amid graft allegations linked to the Prime Minister. Selloffs in the …

  • Markets  |  JULY 6, 2015 4:02 PM

    KL shares easier at mid-afternoon; CI down 1.22%

    Story by

    Bursa Malaysia was easier at mid-afternoon today on selling activities led by finance-related counters. At 3.17pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,713.08, down by 1.22%. Of the heavyweights, Maybank lost 9 sen to RM9.19, Public Bank fell 8 sen to …

  • Corporate  |  JULY 6, 2015 3:58 PM

    MPRC applauds Platts’ move on FOB Straits Oil benchmark

    Story by

    The Petroleum Resources Corp (MPRC) applauds Platts’ recent move to approve four terminals in southern Malaysia as part of the free-on-board (FOB) Straits oil benchmark pricing which is the process of price assessment for refined oil products. The four terminals are Pasir Gudang, Tanjung …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 3:53 PM

    Analysts positive on TNB’s 3B pickup

    Story by
    [email protected]

    Tenaga Nasional Bhd (TNB) receives positive comments from various analysts regarding the power player’s acquisition of the Track 3B project, with analysts noting that the deal is fair, and would mean higher earnings in the long term for TNB. The positivity …

  • Corporate  |  JULY 6, 2015 3:30 PM

    Public Bank collaborates with Japanese banks

    Story by

    Public Bank Bhd inks a memorandum of understanding (MOU) with Japan’s Saitama Resona Bank and Kinki Osaka Bank to promote and strengthen cooperation between the respective banks. The MOU would also facilitate the joint development of business opportunities on the basis of equality …

  • Corporate  |  JULY 6, 2015 3:18 PM

    OSK gets nod to acquire OSK Property, PJ Development

    Story by

    OSK Holdings Bhd obtains approval from its shareholders to acquire OSK Property Holdings Bhd and PJ Development Holdings Bhd for RM346.4 million and RM223.6 million respectively. Chief executive officer Ong Leong Huat said the move will see OSK Holdings emerge as a first-tier property …

  • Corporate  |  JULY 6, 2015 3:11 PM

    AAX turnaround unlikely in 2015, says Maybank analyst

    Story by
    [email protected]

    AirAsia X’ hopes for a turnaround and return to profitability in financial year 2015 may not happen, as it will be faced with more competition, a low yield environment, and be impacted by the weaker ringgit.

  • Featured and Exclusive & Finance  |  JULY 6, 2015 2:57 PM

    Greece to name Varoufakis successor

    Story by

    A replacement for Greek Finance Minister Yanis Varoufakis, who resigned on Monday, will be named after a meeting of political leaders due to begin at 10am (0700 GMT), a government spokesperson says. Some of the possible contenders cited in Greek media to …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 1:50 PM

    ‘I am not a thief,’ says PM as money trail probed

    Story by

    Malaysian Prime Minister Najib Razak rejected accusations he misappropriated funds as he faces his biggest crisis since coming to power in 2009. A task force is investigating a money trail that allegedly showed funds ending up in Najib’s bank accounts, …

  • Featured and Exclusive & Finance  |  JULY 6, 2015 1:46 PM

    Greek Finance Minister Yanis Varoufakis resigns

    Story by

    Greek Finance Minister Yanis Varoufakis announces his resignation, a day after Greeks delivered a resounding “no” to the conditions of a rescue package. In a statement, Varoufakis said he had been “made aware” that some members of the euro zone …

  • Corporate  |  JULY 6, 2015 1:43 PM

    Jaks in JV to develop power plant in Vietnam

    Story by

    Jaks Resources Bhd signs a joint-venture agreement (JV) with China Power Engineering Consulting Group Co Ltd to develop a 1,200MW thermal power plant in Hai Duong Province, Vietnam worth RM7.05 billion. The power plant is a 25-years build-operate-transfer (BOT) contract. The project …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 1:37 PM

    Sunway Construction closes IPO to institutions early

    Story by

    Malaysia’s Sunway Construction Group Bhd has closed the institutional portion of its RM478 million initial public offering (IPO) ahead of schedule, IFR reported on Monday citing a person close to the transaction. Sunway Construction closed the portion on Friday though …

  • Economy & Featured and Exclusive  |  JULY 6, 2015 1:33 PM

    M’sia to see biggest relative gains from TPPA – study

    Story by

    Buy Japan. Buy Vietnam. Buy US media stocks. Buy Mexican food stocks. Sell China. For investors wanting to take advantage of the Pacific Rim free trade pact that appears to be nearing completion, that’s what a savvy stock strategy might …

  • Markets  |  JULY 6, 2015 1:18 PM

    KL shares lower at mid-day; CI falls 22.6 pts

    Story by

    Bursa Malaysia ended the morning session lower undermined by losses in selected heavyweights, especially finance and trading services stocks. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) trimmed 22.6 points to 1,711.64, after opening lower at 1,728.43. Among heavyweights, Maybank eased 9 …

  • Commodities  |  JULY 6, 2015 1:14 PM

    KLTM ends US$200 lower at US$14,250 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) closed US$200 lower at US$14,250 per tonne on weaker buying demand, a dealer says. He said traders took cues from the metal’s price on the London Metal Exchange (LME), which fell US$50 to US$14,350 per tonne. …

  • Corporate & Featured and Exclusive  |  JULY 6, 2015 1:10 PM

    Forbes: Najib may now find it hard to survive

    Story by

    Najib Abdul Razak will either be weakened or face problems surviving as prime minister following the latest scandal of US$700 million (RM2.6 billion) from the 1MDB funds transferred into his personal bank account, says US business journal Forbes. “If it …

  • Corporate  |  JULY 6, 2015 1:09 PM

    Trina Solar plant application rejected – Malaysian Reserve

    Story by

    Malaysia opposed an investment application from Trina Solar Ltd to build a manufacturing plant in the country, The Malaysian Reserve reported. The nation is trying to protect its solar industry amid concerns that some Chinese companies are using the country …

  • Finance  |  JULY 6, 2015 1:05 PM

    M’sian bonds retreat as ringgit falls against US dollar

    Story by

    Malaysia’s government bonds fell as the ringgit sank to a 10-year low, bucking the global trend for demand for safety as Greece teeters on the brink of a euro exit. The 10-year yield rose six basis points to 4.04% as …

  • OTHERS  |  JULY 6, 2015 12:50 PM

    KINIBIZ Magazine: Who needs RM40 bil high-speed rail?

    Story by
    [email protected]

    Issue 007 of KINIBIZ Magazine hits the stands today with it’s lead story asking who exactly needs a RM40 billion high-speed rail link to Singapore. Trains provide cheaper and comfortable rides across nations and even across continents. I have been …

  • TigerTalk  |  JULY 6, 2015 12:50 PM

    A reformer’s downfall

    Story by
    [email protected]

    That man came with sweet promises, swaying voters with pledges of change. But the reformer’s tune soon shifted as the days, then the years dragged on, culminating in a scandal that rocked the country. He came to power as two …

  • Finance & World Biz  |  JULY 6, 2015 12:06 PM

    Asian bond risk jumps on Greek ‘No’ vote

    Story by

    Greek voters’ rejection of austerity sent ripples through Asian credit markets as bond risk surged to a six-month high. The Markit iTraxx Asia index of credit-default swap prices leapt 6 basis points to 117 basis points, prices from Westpac Banking …

  • World Biz  |  JULY 6, 2015 11:45 AM

    US fund Elliott intensifies Samsung merger battle

    Story by

    Elliott Associates has bought shares in Samsung Fire & Marine Insurance Co Ltd, a spokeswoman for the South Korean firm said on Monday, potentially strengthening US hedge fund’s hand in its bid to block an US$8 billion (RM30.2 billion) proposed …

  • OTHERS  |  JULY 6, 2015 11:38 AM

    China market meddling risks denting Beijing’s ambitions

    Story by

    China’s response to wild swings in its stock markets risks an embarrassing setback to the country’s push to internationalize its financial system, according to investors. Two weeks of panic selling in China’s stock markets has prompted largely ineffective lever-pulling by …

  • Markets  |  JULY 6, 2015 11:33 AM

    KL shares plunges at mid-morning, down 21.85 pts

    Story by

    Bursa Malaysia remained lower at mid-morning today dampened by continued losses in selected key heavyweights, dealers said. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 21.85 points lower at 1,712.39. Market breadth was bearish with decliners thumping gainers 560 to …

  • Markets & Singapore  |  JULY 6, 2015 11:04 AM

    Manulife to delay S’pore REIT listing

    Story by

    Canada’s Manulife Financial Corp said on Monday it was delaying a plan to raise US$421 million (RM1.59 billion) through a Singapore listing of a real estate investment trust (REIT), citing unfavourable market conditions. “In light of increased volatility in the …

  • World Biz  |  JULY 6, 2015 10:52 AM

    Investors lower Samsung Q2 expectations on S6 doubts

    Story by

    Doubts over the sales prospects of Samsung Electronics Co Ltd's new flagship smartphones are damping expectations of a rapid turnaround for the South Korean giant, even though profit likely continues to recover from last year's troughs.

  • Finance & Markets  |  JULY 6, 2015 10:27 AM

    Ringgit breaches 3.80 level against US dollar

    Story by

    The ringgit breached the 3.80 level against the US dollar this morning — the level at which it was pegged against the greenback in September 1998. The peg, introduced during the East Asia financial crisis to arrest a slide in the currency, was …

  • Markets  |  JULY 6, 2015 10:02 AM

    KL shares open lower

    Story by

    Bursa Malaysia opened lower this morning following lower demand for selected heavyweights, dealers said. At 9.22 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 26.42 points easier  at 1,707.82, after opening 5.81 points lower at 1,728.43. Market breadth was …