• Editor's Picks & Featured and Exclusive  |  MAY 30, 2015 10:00 AM

    Dear 1MDB, give us real answers lah

    Story by
    [email protected]

    Earlier this week, Malaysia found out that the Prime Minister’s Office must issue a written approval for all investment decisions made by Terengganu Investment Authority (TIA), which has since morphed into 1Malaysia Development Bhd (1MDB). This raises the question of whether …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 9:52 PM

    Husni appointed as govt’s spokesperson for 1MDB issues

    Story by

    The cabinet today appoints Second Finance Minister Ahmad Husni Hanadzlah as the government’s spokesperson on matters pertaining to its investment arm 1Malaysia Development Bhd (1MDB). Minister in the Prime Minister’s Department Mah Siew Keong said the appointment of a spokesperson was made to avoid …

  • Corporate & Property  |  MAY 29, 2015 9:46 PM

    IJM expects The Light phase 2 to be completed by 2020

    Story by

    IJM Land Bhd expects the phase two development of The Light Waterfront Penang project to be completed by 2022. IJM Land northern region senior general manager Toh Chin Leong said the group and Singapore-based Perennial Real Estate Holdings Ltd (PREH) have teamed up …

  • Corporate  |  MAY 29, 2015 9:40 PM

    Muhibbah 1Q pre-tax profit climbs to RM39.57 mil

    Story by

    Muhibbah Engineering (M) Bhd posted a higher pre-tax profit of RM39.57 million in its first quarter ended March 31, 2015 from RM30.94 million in the same period of last year. Revenue was lower at RM363.21 million against the RM393.95 million in the same …

  • Corporate  |  MAY 29, 2015 8:50 PM

    Bintulu Port 1Q PBT dips to RM47.1 mil

    Story by

    Bintulu Port Holdings Bhd’s pre-tax profit eased to RM47.1 million in its first quarter ended March 31, 2015 from RM52.21 million in the same period a year earlier. In a filing to Bursa Malaysia today, the group said revenue for the quarter was …

  • Corporate  |  MAY 29, 2015 8:47 PM

    Aibim appoints new president

    Story by

    The Association of Islamic Banking Institutions Malaysia (Aibim) names Badlisyah Abdul Ghani, chief executive officer of CIMB Islamic Bank Bhd, as its new president effective June 1. Badlisyah, who will be the seventh president, succeeds Mohd Redza Shah Abd Wahid, chief executive officer of …

  • Corporate  |  MAY 29, 2015 8:38 PM

    MNRB posts lower FY15 pre-tax profit of RM179.13 mil

    Story by

    MNRB Holdings Bhd’s pre-tax profit fell to RM179.13 million for the financial year ended March 31, 2015 compared with RM214.73 million in the same quarter last year. Revenue was slightly lower at RM2.38 billion versus RM2.39 billion. “For the financial year ended …

  • Corporate  |  MAY 29, 2015 8:00 PM

    Lion posts pre-tax loss of RM33.27 mil in 3Q

    Story by

    Lion Industries Corp Bhd reported a pre-tax loss of RM33.27 million in the third quarter ended March 31, 2015 compared to a pre-tax profit of RM10 million registered in the same quarter last year. In a filing to Bursa Malaysia today, the investment …

  • Corporate  |  MAY 29, 2015 7:52 PM

    Tanjung posts 1Q pre-tax loss of RM1.74 mil

    Story by

    Tanjung Offshore Bhd posted a pre-tax loss of RM1.74 million in the first quarter ended March 31, 2015 compared with a pre-tax profit of RM2.25 million in the same quarter last year. Revenue declined to RM8.14 million versus RM34.26 million, the company …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 7:44 PM

    Ipic deal to reduce 1MDB’s debt by RM16 bil

    Story by

    However, in exchange, 1MDB will provide Ipic and Aabar with a number of financial assets, including units that are held in the company’s BSI Singapore account.

  • Corporate  |  MAY 29, 2015 6:59 PM

    TH Heavy posts RM25.32 mil pre-tax loss in 1Q

    Story by

    TH Heavy Engineering Bhd posted a pre-tax loss of RM25.32 million for the first quarter ended March 31, 2015 compared with a pre-tax profit of RM524,000 in the same quarter last year. Revenue declined to RM47.8 million versus RM142.11 million, the company whose …

  • Corporate  |  MAY 29, 2015 6:53 PM

    KSL 1Q pre-tax profit rises 36.5% to RM109.74 mil

    Story by

    KSL Holdings Bhd’s pre-tax profit for the first quarter ended March 31, 2015 jumped 36.5% to RM109.74 million from RM80.37 million recorded in the same quarter of 2014. Revenue rose 26.9% to RM263.83 million from RM207.92 million previously. In a statement today, the property …

  • Corporate  |  MAY 29, 2015 6:43 PM

    CDC to register exiting MAS staff from June 1

    Story by

    The Corporate Development Centre (CDC), a body set up by Khazanah Nasional Bhd to support exiting Malaysian Airlines (MAS) employees in their career transition, will begin registration from June 1. The CDC was set up as part of the 12-point Malaysia Airlines …

  • Corporate  |  MAY 29, 2015 6:36 PM

    Metrod sees stable copper market this year

    Story by

    Metrod Holdings Bhd, a leading manufacturer of oxygen free copper rod, wire, and strips, expects market demand for copper to remain steady this year despite the weak global scenario. President and chief executive Officer Rajan Mittal said, however, there will not be significant growth …

  • Corporate  |  MAY 29, 2015 6:28 PM

    Hubline posts 2Q pre-tax loss of RM356.58 mil

    Story by

    Hubline Bhd reported a pre-tax loss of RM356.58 million for the second quarter ended March 31, 2015 from a pre-tax profit of RM2.25 million in the same quarter last year. Revenue declined to RM45 million versus RM91.78 million due to a drastic drop …

  • Corporate  |  MAY 29, 2015 6:09 PM

    Ann Joo eyes zero borrowings in US dollar by August

    Story by

    Local steelmaker Ann Joo Resources Bhd hopes to achieve zero borrowings in US dollars for its Malaysian operations by August due to the weakening of the ringgit. Managing director Lim Hong Thye said the group has already reduced its borrowings in the currency …

  • Commodities  |  MAY 29, 2015 6:02 PM

    Rubber market closes at 13-month high

    Story by

    The rally in the Malaysian rubber market continued today, ending the week at a 13-month high, lifted by positive sentiment in regional futures markets, a dealer says. “Tokyo Commodity Exchange rubber futures pared initial losses and resumed its up-run, gaining about 1%. Meanwhile, the …

  • Markets  |  MAY 29, 2015 5:54 PM

    Ringgit ends weaker against US dollar

    Story by

    The ringgit closed lower against the US dollar today on lack of demand amid greenback buying interest and lower crude oil prices. At 5pm, the local unit was lower at 3.6660/6690 from 3.6400/5430 on Thursday. Forex Time chief market analyst Jameel Ahmad said …

  • Corporate  |  MAY 29, 2015 5:43 PM

    Alkhair Int’l Islamic Bank appoints new CEO

    Story by

    Alkhair International Islamic Bank Bhd (Akiib) today announced the appointment of Adissadikin Ali as the chief executive officer (CEO) effective June 1, 2015. Prior to this appointment, he was Export-Import Bank of Malaysia Bhd’s (Exim Bank) CEO. Adissadikin succeeds Ikbal Daredia who …

  • Markets  |  MAY 29, 2015 5:30 PM

    KL shares end lower on selling in heavyweights

    Story by

    Shares on Bursa Malaysia ended the week on a bearish note today with the benchmark index 8.04 points lower, as losses in heavyweights continue weighing on it. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,747.52 after hovering between 1,746.06 …

  • Corporate  |  MAY 29, 2015 5:23 PM

    LSE holds steel-cutting ceremony in Bokor

    Story by

    Labuan Shipyard and Engineering Sdn Bhd (LSE) recently held the first steel-cutting ceremony for the helideck fabrication of Bokor redevelopment (phase 3-accelerated infill) project at its fabrication yard. This is the second of three phases of the accelerated infill project to upgrade existing facilities …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 4:54 PM

    Ipic comes to 1MDB’s rescue

    Story by

    The United Arab Emirates’ International Petroleum Investment Co (Ipic) will pay the US$975 million (RM3.57 billion) debt to an international banking consortium that is demanding payment four months ahead of schedule. This was announced by Second Finance Minister Ahmad Husni Hanadzlah, …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 4:43 PM

    Husni: TRX, Bandar M’sia to raise money for 1MDB

    Story by

    Tun Razak Exchange (TRX) and Bandar Malaysia, two major developments under 1Malaysia Development Bhd, will be used to raise funds and help pay off the company’s massive debts, Second Finance Minister Ahmad Husni Hanadzlah announces today. Ahmad Husni said under …

  • Featured and Exclusive & World Biz  |  MAY 29, 2015 4:30 PM

    Macau is world’s worst performing economy

    Story by

    If you think Greece or Ukraine’s economies are in bad shape, the Chinese gambling city of Macau is doing worse than those European countries ever did. The tiny gambling enclave in China’s south saw its gross domestic product (GDP) last quarter …

  • Corporate  |  MAY 29, 2015 4:16 PM

    Ahmad Zaki’s 1Q PBT drops 36% to RM5.64 mil

    Story by

    Ahmad Zaki Resources Bhd’s unaudited pre-tax profit for the first quarter ended March 31, 2015 reduced by 36% to RM5.64 million compared with RM8.88 million in the same quarter last year. This was mainly due to decrease in other operating income and increase …

  • Corporate  |  MAY 29, 2015 4:05 PM

    Moody’s: Petronas’ 1Q results factored into rating

    Story by

    Petronas’ weak results for the first quarter ended March 31, 2015 (1Q15) were within Moody’s Investors Service’s expectations and have been factored into its “A1 stable” ratings. Moody’s vice-president and senior credit officer Vikas Halan said the 1Q15 result could be accommodated within …

  • Markets  |  MAY 29, 2015 3:50 PM

    KL shares remain lower at mid-afternoon

    Story by

    Bursa Malaysia remained lower at mid-afternoon, weighed by losses in plantation and consumer stocks. At 3.04pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.87 points easier at 1,751.69. Market breadth was negative with losers outpacing gainers 387 to 274, while 308 counters …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 3:32 PM

    RHB Cap posts slightly higher 1Q PBT of RM644.82 mil

    Story by

    RHB Capital Bhd posted a higher pre-tax profit of RM644.82 million in the first quarter ended March 31, 2015 from RM637.41 million in the same quarter last year. Revenue rose to RM2.7 billion from RM2.4 billion. “The first quarter of the 2015 …

  • Economy  |  MAY 29, 2015 2:59 PM

    US guilty of same austerity it criticised Europe for?

    Story by

    The US is paying a big price in growth, jobs, and wages by practicing the kind of fiscal austerity that it criticises European nations for pursuing. If federal, state, and local governments were cutting taxes, increasing spending, and expanding hiring …

  • Corporate  |  MAY 29, 2015 2:35 PM

    Kawan Food plans foray into ready-cooked products

    Story by

    Frozen food manufacturer Kawan Food Bhd plans to make a foray into ready-cooked products from convenient raw products, such as its famous parathas and chapatis. Currently, Kawan Food derives 60% of its revenue from its parathas and chapatis and the remaining from spring …

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 2:26 PM

    TM 1Q pre-tax profit slips 38% to RM172.08 mil

    Story by

    Telekom Malaysia Bhd’s (TM) pre-tax profit for the first quarter ended March 31, 2015 slipped 38% to RM172.08 million from RM279.64 million chalked up in the same quarter last year. Revenue, however, edged up 5.9% to RM2.77 billion from RM2.62 billion recorded …

  • Economy  |  MAY 29, 2015 2:13 PM

    Domestic PPI for April dips 8.8% y-o-y

    Story by

    Malaysia’s domestic producer price index (PPI) for April 2015 decreased 0.4% to 104.4 from 104.8 in March, the Statistics Department says today. This was due to a decline in local production index of 0.7%, while the import price index increased 0.4%. Year-on-year comparison …

  • Property  |  MAY 29, 2015 2:00 PM

    MJ’s Neverland Ranch said on market for RM365 mil

    Story by

    Neverland Ranch, the former home of the late pop star Michael Jackson, is up for sale with an asking price of US$100 million (RM364.51 million), according to a person with knowledge of the offering. Thomas Barrack Jr said last July …

  • Economy  |  MAY 29, 2015 1:49 PM

    Net liabilities position of int’l investment at RM1.2 bil

    Story by

    The net liabilities position of Malaysia’s international investment stood at RM1.2 billion at the end of the first quarter, an improvement of RM11.9 billion, from RM13.1 billion registered at the end of last year. The Statistics Department said the financial assets’ position accumulated …

  • Corporate & Property  |  MAY 29, 2015 1:40 PM

    LBS confident of achieving RM1 bil in sales this year

    Story by

    Property developer LBS Bina Group Bhd is confident of achieving RM1 billion in sales this year given the number of new launches in the pipeline, says managing director Lim Hock San. He said the company will launch five projects with a combined …

  • Commodities  |  MAY 29, 2015 1:30 PM

    KLTM ends US$80 firmer at US$15,580 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) closed US$80 firmer at US$15,580 per tonne despite the metal’s decline on the London Metal Exchange (LME), a dealer says. LME tin decreased US$75 to settle at US$15,550 a tonne. “This was mainly due to some …

  • World Biz  |  MAY 29, 2015 1:26 PM

    Google unveils Now on Tap as search loses popularity

    Story by

    What Google just announced at its IO conference is a bombshell for the future of the company. For years the search giant has witnessed the chipping away of its core product – search – due to the rise of mobile …

  • Corporate  |  MAY 29, 2015 1:11 PM

    Tanjung adopts new policy in transparency push

    Story by

    In a bid to provide greater transparency, Tanjung Offshore Bhd (TOB) implements a whistleblowing policy to provide directors and employees a platform to raise their concerns on any malpractice within the group. Chairman Mohd Hafarizam Harun said the move is aimed at strengthening corporate governance …

  • Markets  |  MAY 29, 2015 1:03 PM

    KL shares easier at mid-day

    Story by

    The key benchmark index on Bursa Malaysia ended the morning session 3.25 points easier as investors’ sentiment remained sluggish, but it managed to hold above its key psychological level of 1,750 points. At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood …

  • Singapore  |  MAY 29, 2015 12:56 PM

    S’pore April bank lending down as loans fall

    Story by

    Singapore’s total bank lending fell in April from the previous month on a decline in loans to financial institutions and general commerce, central bank data showed on Friday. Loans and advances by domestic banks in the city-state amounted to S$594.3 billion …

  • Featured and Exclusive & Opinion  |  MAY 29, 2015 12:32 PM

    The Fifa syndrome

    Story by

    LONDON – The arrest of Fifa executives on a raft of fraud and corruption charges has been front-page news in recent days. But the charges brought by the Swiss and American authorities focus on bribery and embezzlement, and do not …

  • Corporate & Markets  |  MAY 29, 2015 12:15 PM

    SapuraKencana share price rises in early trading

    Story by

    Integrated oil and gas services and solutions provider SapuraKencana Petroleum Bhd (SapKen) share price rose in early trade after being reinstated in the Securities Commission's (SC) Syariah-compliant list today.

  • Markets  |  MAY 29, 2015 11:54 AM

    KL shares remain in the red at mid-morning

    Story by

    The key benchmark index edged lower at mid-morning on weak buying sentiment across the board.

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 11:50 AM

    Dr M: 1MDB presumed guilty until money is found

    Story by

    The 1Malaysia Development Bhd (1MDB) management must be presumed guilty unless large sums of its money that remain unaccounted for are found, former prime minister Dr Mahathir Mohamad says.

  • Featured and Exclusive & World Biz  |  MAY 29, 2015 11:33 AM

    Lehman had 27,000 risk managers, says ex-CEO

    Story by

    Lehman Brothers Holdings Inc had 27,000 risk managers -- the firm’s stockholding employees -- before it collapsed in 2008, former chief executive officer Richard Fuld said.

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 11:26 AM

    Public Bank’s co-chairman Thong Yaw Hong passes away

    Story by

    Public Bank Bhd's (PBB) co-chairman Thong Yaw Hong, 85, passed away on Thursday following a period of illness.

  • Markets  |  MAY 29, 2015 10:25 AM

    Ringgit opens lower against US$

    Story by

    The ringgit eased to a five-week low against the dollar at 3.6405/6435, in early trade this morning, on lack of buying interest for the local unit, a dealer said.

  • Markets  |  MAY 29, 2015 10:09 AM

    KL shares marginally lower in early session

    Story by

    Shares on Bursa Malaysia were marginally lower in the early session today, with the key benchmark index weighed by losses in heavyweights on weaker buying demand.

  • Corporate & Featured and Exclusive  |  MAY 29, 2015 10:02 AM

    MP: Why is 1MDB silent on fake papers to other banks?

    Story by

    1MDB may have denied presenting fake documents to Bank Negara Malaysia (BNM) but the company was conspicuously silent on the same allegation involving two other banks, said Petaling Jaya Utara MP Tony Pua.

  • Featured and Exclusive & World Biz  |  MAY 29, 2015 9:26 AM

    Google to launch Android Pay for mobile payments

    Story by

    Google Inc is trying to make its mark in mobile payments with a new feature called Android Pay, which will be available later in 2015.