• Commodities  |  JULY 28, 2015 4:03 PM

    Indonesia changes export tax system for palm oil

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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

    Story by

    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%

    Story by

    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

    Story by

    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

    Story by

    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’

    Story by

    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

    Story by
    [email protected]

    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

    Story by

    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’

    Story by

    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

    Story by

    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

    Story by

    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

    Story by
    [email protected]

    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 …

  • Markets  |  JULY 28, 2015 11:51 AM

    KL shares rebound at mid-morning

    Story by

    Bursa Malaysia rebounded at mid-morning today, lifted by mild buying in selected heavyweights, a dealer said. At 11.13 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.65 points to 1,711.41. Decliners outpaced gainers 446 to 198, while 286 counters were unchanged, 895 …

  • World Biz  |  JULY 28, 2015 11:44 AM

    China probes shipping lines on antitrust claims

    Story by

    China’s top economic planning agency is investigating allegations of monopolistic practices by shipping lines that move vehicles, according to people familiar with the matter. The National Development and Reform Commission probe involves several companies but focuses on Japan’s Mitsui OSK …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 11:23 AM

    1MDB Probe: ‘Datuk’ released on bail

    Story by

    A managing director of a company with the title of ‘Datuk’ was ordered to be released by Magistrate Court here today after being held in remand for four days to facilitate investigations into 1Malaysia Development Bhd (1MDB). Magistrate Nik Isfahanie Tasnim Wan Ab …

  • Corporate & Featured and Exclusive  |  JULY 28, 2015 11:14 AM

    Apandi Ali replaces Gani Patail as AG

    Story by

    Abdul Gani Patail’s service as the attorney-general has ended yesterday. According to Bernama, chief secretary to the government Ali Hamsa announced that Abdul Gani’s service ended due to ‘health problems’. Former Federal Court judge Mohamed Apandi Ali has been appointed …

  • Corporate, Economy, Featured and Exclusive  |  JULY 28, 2015 10:58 AM

    Keeping calm: M’sia lets ringgit fall below 1998-2005 peg

    Story by

    For the past three weeks, Malaysian authorities have allowed the ringgit to trade below levels that in 1998 prompted them to impose a dollar peg and capital controls. Economists expect more downside, with the Federal Reserve set to raise US …

  • Finance & Markets  |  JULY 28, 2015 10:13 AM

    Ringgit opens slightly higher against US dollar

    Story by

    The ringgit was slightly higher against the US dollar today on mild demand for the local note. At 9.24 am, the ringgit was quoted at 3.8120/8150 against the greenback from the 3.8140/8160 recorded at 5 pm yesterday. A dealer said investors are …

  • Markets  |  JULY 28, 2015 10:10 AM

    KL shares open lower in line with Asian peers

    Story by

    Bursa Malaysia was easier at today’s opening in line with its Asian peers, dealers said. At 9.17 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.17 point lower at 1,709.59, after opening 1.14 points easier at 1,708.62. A dealer said …

  • Markets & World Biz  |  JULY 28, 2015 9:44 AM

    PBOC to inject 50 bil yuan via reverse repos

    Story by

    China’s central bank will inject 50 billion yuan (RM31.1 billion)into the money markets through seven-day reverse bond repurchase agreements on Tuesday, traders said. The injection is the largest through open market operations since March 5. On Monday, China’s benchmark CSI …

  • Commodities  |  JULY 28, 2015 9:34 AM

    LKTN introduces scheme to increase income of B40 group

    Story by

    The National Kenaf and Tobacco Board (LKTN) has introduced a scheme to help residents in kenaf planting states to increase their income by producing kenaf-based products. Its director-general, Samsudin Noor said the scheme targetted residents in the Bottom 40 (B40) group with monthly …

  • Corporate, Featured and Exclusive, Markets, Property  |  JULY 28, 2015 9:28 AM

    SunCon debuts with 7 sen premium

    Story by
    [email protected]

    Sunway Construction Group Bhd (SunCon), identified as the largest listed pure-play construction company by revenue, listed on the Main Market of Bursa Malaysia this morning, debuting at a 7 sen premium. “I am happy to see the share price going …

  • OTHERS  |  JULY 28, 2015 9:00 AM

    Baidu profit weighed down by offline mobile services push

    Story by

    baidBaidu Inc’s quarterly profit missed analysts’ estimates as China’s biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Baidu’s shares fell more than 8% in extended trading …

  • Economy, Featured and Exclusive, Markets  |  JULY 28, 2015 8:30 AM

    China vows to support market as shares tumbles 8%

    Story by

    China said on Monday it was prepared to buy shares to stabilise the stock market and avert “systemic risks”, after major indices plunged more than 8% in the biggest one-day fall since 2007. The securities regulator also said market authorities …

  • Corporate & Economy  |  JULY 28, 2015 8:00 AM

    PMO welcomes S&P’s latest assessment

    Story by

    The Prime Minister’s Office (PMO) has expressed satisfaction with the Standard & Poor’s (S&P) reaffirmation of its ratings in various ‘A’ categories for short and long-term credit ratings for Malaysia. In its latest Facebook post tonight, the PMO said the rating agency …

  • Enterprise & Issues  |  JULY 28, 2015 8:00 AM

    Success beyond his wildest dreams

    Story by
    [email protected]

    When Chan Kee Siak started a computer hardware business, he had no idea where it would lead him. He certainly didn’t expect to quit college to pursue his dreams, but that’s exactly what he did. And his journey so far has been a good one, he shares in an interview with KINIBIZ.

  • Commodities  |  JULY 28, 2015 7:24 AM

    Gold loses traction, closes in on 5-1/2-year low

    Story by

    Gold lost ground on Monday, moving closer to last week’s 5-1/2-year lows below US$1,100 per ounce, with expectations for a near-term U.S. interest rate hike seen keeping momentum firmly with the bears. While the market has been fixated on US …

  • Featured and Exclusive, Finance, Markets  |  JULY 28, 2015 7:19 AM

    Dollar tumbles as China share plunge spurs flight to safety

    Story by

    The US dollar hovered around a nearly two-week low against a basket of major currencies on Monday after the biggest drop in Shanghai shares in eight years drove demand for the safe-haven yen and led traders to trim bets against …

  • Commodities & Featured and Exclusive  |  JULY 28, 2015 7:13 AM

    Oil hits 4-month low on China stock market dive

    Story by

    Crude oil futures hit four-month lows on Monday after a steep drop in China’s stock markets sparked concern about the economic health of the world’s biggest energy consumer, while evidence of a growing crude glut mounted. Oil was also pressured …

  • Featured and Exclusive & Markets  |  JULY 28, 2015 7:07 AM

    Wall St drops as China stock slump stokes growth fears

    Story by

    Wall Street sank on Monday, with the Nasdaq losing almost 1% after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world’s no. 2 economy could hurt China’s trading partners. The Dow Jones …

  • Corporate  |  JULY 27, 2015 11:17 PM

    KL-Padang Besar ETS records over 12,000 in ridership

    Story by

    More than 12,000 people have used the Electric Train Service (ETS) between Kuala Lumpur and Padang Besar since it began operations on July 11. Keretapi Tanah Melayu (KTM) northern region manager Rasul Yahaya said six carriages that can accommodate 720 passengers would …

  • Corporate & Featured and Exclusive  |  JULY 27, 2015 11:04 PM

    ‘Petronas’ Canada LNG project set to start in Sept’

    Story by

    The US$36 billion (RM137.3 billion) liquefied natural gas (LNG) export terminal project in Canada is expected to commence this September, says British Columbia (BC) Finance Minister Michael de Jong. “The construction will begin soon… this fall. All other prerequisites have now been dealt …

  • Economy & Featured and Exclusive  |  JULY 27, 2015 10:42 PM

    M’sia upgraded in US human trafficking report

    Story by

    Malaysia obtains an upgrade in the US Trafficking in Persons (TIP) report confirming weeks of speculation and removing a possible deal-breaker for US’ ambitious 12-nation Trans-Pacific Partnership Agreement (TPPA) trade agreement. It is now placed on the report’s Tier 2 Watch List …

  • Corporate & Featured and Exclusive  |  JULY 27, 2015 10:34 PM

    Govt says S&P’s rating a testament to its efforts

    Story by

    The government welcomes Standard & Poor’s (S&P) reaffirmation of Malaysia’s long-term foreign currency credit rating at “A-” with a stable outlook. Treasury secretary-general Mohd Irwan Serigar Abdullah said the reaffirmation of the sovereign credit rating was a testament to the government’s continuous efforts in ensuring …

  • Corporate & Featured and Exclusive  |  JULY 27, 2015 8:57 PM

    Perwaja Steel director charged with IRB rule breach

    Story by

    A director of Perwaja Steel Sdn Bhd was charged in the Kemaman magistrate’s court today with allegedly violating Inland Revenue Board regulations. According to a statement from the law firm of Gan and Zul, a report by Bernama had erroneously …

  • Corporate  |  JULY 27, 2015 8:48 PM

    Bursa seeks feedback on new listing requirements

    Story by

    Bursa Malaysia Securities Bhd is seeking public feedback on the proposal to enhance sustainability practices and disclosures in the marketplace, which includes changes to the listing requirements. The consultation paper, which includes a Sustainability Reporting Guide, would help the listed issuers recognise sustainability-related issues …

  • Featured and Exclusive & Finance  |  JULY 27, 2015 8:43 PM

    New Greek bailout talks start; creditors seek more action

    Story by

    Talks between Greece and its international creditors on a third bailout begin in Athens, but the lenders want to see more reforms turn into law before they disburse the first loans to keep the near-bankrupt country afloat. The government of Prime Minister …

  • Corporate & Featured and Exclusive  |  JULY 27, 2015 8:17 PM

    FGV denies WSJ allegations on human rights abuses

    Story by

    Felda Global Ventures Holdings Bhd (FGV) denies The Wall Street Journal’s (WSJ) and subsequent media reports quoting WSJ on allegations of human rights abuses on its plantations. In a statement today, the plantation conglomerate said it has provided complete responses to WSJ, which …

  • Economy & Property  |  JULY 27, 2015 8:05 PM

    Tebrau Bay declared as part of international zone in Johor

    Story by

    Tebrau Bay has been declared as being part of the international zone in Johor in line with the state government’s effort to make Iskandar Malaysia a metropolis in future. Johor Menteri Besar Mohamed Khaled Nordin said with the declaration, Teluk Tebrau will be …

  • Corporate  |  JULY 27, 2015 7:53 PM

    UEM Edgenta, RDM Asia to form JV company

    Story by

    UEM Edgenta Bhd teams up with Resource Data Management (RDM) UK’s unit RDM Asia Sdn Bhd to set up and operate a private limited company in Malaysia with a paid-up capital of RM1 million. In a filing to Bursa Malaysia today, UEM …

  • Corporate & Featured and Exclusive  |  JULY 27, 2015 7:44 PM

    Govt cannot locate Jho Low, says PAC

    Story by

    The Finance Ministry fails to locate business tycoon Low Taek Jho to issue him a summons to attend the Public Accounts Committee’s (PAC) Sept 8 hearing on 1Malaysia Development Bhd’s (1MDB) business dealings. “We don’t know where he is. We have to …