• Corporate & Featured and Exclusive  |  JULY 7, 2015 4:25 PM

    Three of six frozen accounts belonged to PM, says source

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    The special taskforce reveals it has frozen six bank accounts in connection with the allegation that RM2.6 billion of 1Malaysia Development Bhd (1MDB) funds were transferred into the personal accounts of Prime Minister Najib Abdul Razak. While the taskforce remained …

  • Corporate  |  JULY 7, 2015 4:15 PM

    Halim Saad loses final bid to restore RM1.8 bil lawsuit

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    Tycoon Halim Saad lost his final legal bid to restore his RM1.8-billion civil suit against Khazanah Nasional Berhad and two others over his settlement to give up control of Renong Berhad. A Federal Court five-member panel chaired by Court of Appeal President …

  • Featured and Exclusive & Markets  |  JULY 7, 2015 4:07 PM

    Chinese firms freeze RM5.3 tril worth of shares amid rout

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    Chinese companies have found a guaranteed way to prevent investors from selling their shares: suspend trading. Almost 200 stocks halted trading after the close on Monday, bringing the total number of suspensions to 745, or 26% of listed firms on …

  • Property  |  JULY 7, 2015 3:55 PM

    London luxury home sales drop from year earlier

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    London luxury homeowners, who rushed to offer their houses and apartments for sale after the Conservative Party won May’s national election, are finding fewer buyers are interested. In the city’s prime central districts, such as Knightsbridge and Mayfair, 228 existing …

  • World Biz  |  JULY 7, 2015 3:53 PM

    Samsung 2Q profit misses estimates on low S6 sales

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    Samsung Electronics Co profit for the second quarter (2Q) missed analysts’ estimates as new Galaxy S6 smartphones failed to lure enough customers from Apple Inc’s iPhones and cheaper devices made in China. Operating income fell 4% to 6.9 trillion won …

  • Markets  |  JULY 7, 2015 3:40 PM

    KL shares slightly lower at mid-afternoon

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    Bursa Malaysia was easier at mid-afternoon today on losses in selected key consumer counters, dealers say. At 3.02pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,714.22, down 2.83 points. Among the consumer counters, UMW lost 24 sen to RM10, Panasonic …

  • Singapore  |  JULY 7, 2015 3:33 PM

    Temasek portfolio value jumps to RM745 bil

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    Singapore state investor Temasek Holdings Pte Ltd said the value of its portfolio jumped by almost a fifth to be worth a record S$266 billion (RM745 billion), helped by stock gains for China banks and Singapore companies. Temasek also said …

  • Corporate  |  JULY 7, 2015 3:25 PM

    French firm SNCF optimistic HSR timeline will be met

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    French national railway company SNCF Group is optimistic the timeline of the 300km high-speed rail (HSR) project linking Kuala Lumpur and Singapore will be met. Senior vice-president business development for India, South Asia, and Southeast Asia Philippe Lorand said there is a good level …

  • Corporate, Featured and Exclusive, Finance  |  JULY 7, 2015 3:25 PM

    M’sian banks enjoys lowest level of bad loans since 1998

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    Malaysian banks have the lowest bad loans in at least 17 years. They shouldn’t get used to it. While the lenders’ non-performing ratios are at the lowest levels in data going back to 1998, they’ve begun ticking up and Standard …

  • Corporate & Markets  |  JULY 7, 2015 3:18 PM

    Bursa issues UMA query to HB Global

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    Bursa Malaysia issues an unusual market activity (UMA) query on HB Global Ltd due to the recent sharp rise in its share price. As at 12.30pm, the share price stood at 13 sen up 3.5 sen, or 37%, from yesterday’s closing, with 4.45 million …

  • Featured and Exclusive & Singapore  |  JULY 7, 2015 3:13 PM

    Temasek says CEO Ho Ching to return after sabbatical ends

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    Singapore state investor Temasek Holdings says chief executive Ho Ching will return in her role after her three-month sabbatical ends later this month. Neil McGregor, a senior managing director at Temasek, said the board looks at succession policies each year, …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 3:09 PM

    Merkel: Greece’s running out of time to save place in euro

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    Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro as citizens endure a second week of capital controls. German Chancellor Angela Merkel said “time is running out” as …

  • Featured and Exclusive, Finance, Markets  |  JULY 7, 2015 2:56 PM

    Sukuk spreads more than halved in M’sia

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    The extra yield Malaysia’s sukuk offer over regular debt has more than halved since the Shariah notes were added to a global index and tighter spreads look set to last. The yield premium for the 10-year Islamic bonds fell 13 …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 1:55 PM

    6 accounts frozen over alleged RM2.6 bil for PM probe

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    A special taskforce probing the alleged misappropriation of 1Malaysia Development Bhd’s funds announces it has frozen six bank accounts related to the case. “The order to freeze the six bank accounts belonging to those believed to be involved in this case …

  • Commodities  |  JULY 7, 2015 1:23 PM

    KLTM ends US$50 higher at US$14,300 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) erased yesterday’s losses to close US$50 higher at US$14,300 per tonne on fresh demand and despite the metal’s lower price on the London Metal Exchange (LME). LME tin price fell US$50 to US$14,300 per tonne. On …

  • Markets  |  JULY 7, 2015 1:18 PM

    KL shares almost flat at mid-day

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    Bursa Malaysia ended the morning session almost flat today on a lack of catalysts and amid bearish external sentiment, dealers say. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.86 point lower at 1,716.19, after opening 2.78 points lower at 1,714.27. …

  • Featured and Exclusive & Finance  |  JULY 7, 2015 1:11 PM

    Sukuk spreads nearly wiped out after index inclusion

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    The extra yield Malaysia’s sukuk offer over regular debt has more than halved since the Syariah notes were added to a global index and tighter spreads look set to last. The yield premium for the 10-year Islamic bonds fell 13 …

  • TigerTalk  |  JULY 7, 2015 1:08 PM

    Greece: Can birds of different feathers flock together?

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      Tiger was having a weekend reunion with family from all over the world. After dinner (and over a glass of vodka that cousin Siberian Tiger brought along), Tiger was pondering that last week was one full of excitement and …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 1:02 PM

    Business confidence expansionary despite 3Q dive

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    The business optimism of Malaysian firms has remained expansionary, despite strong downward moderation in the third quarter of 2015 (3Q15), according to a study by Dun & Bradstreet Malaysia (D&BM). According to the database company’s business optimism index study, the …

  • Economy & Singapore  |  JULY 7, 2015 12:31 PM

    Singapore to release advance 2Q GDP data on July 14

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    Singapore will provide advance estimates of gross domestic product (GDP) for the second quarter (2Q) at 8 am (0000 GMT) on July 14, the Ministry of Trade and Industry said on Tuesday. A quarterly survey by the Monetary Authority of Singapore …

  • Markets  |  JULY 7, 2015 12:02 PM

    KL shares turn lower at mid-morning

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    Bursa Malaysia turned lower at mid-morning today on external pressures and amid falling crude oil prices, dealers said. At 11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.68 points lower at 1,712.37. A dealer said oil prices declined after Greece’s …

  • Corporate & Featured and Exclusive  |  JULY 7, 2015 11:53 AM

    S’wak Report posts pix of PM, Jho Low & Petrosaudi boss

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    Whistle-blower website Sarawak Report has published a group photo of the prime minister and his family alongside businessman Low Taek Jho or Jho Low and Petrosaudi International chief Prince Turki bin Abdullah Al Saud. Allegedly taken aboard a rented luxury …

  • Corporate  |  JULY 7, 2015 11:25 AM

    Halim Saad wins ‘Friend of New Zealand Award’

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    Former UEM-Renong group chief Halim Saad has won the “Friend of New Zealand Award” at the World Class New Zealand Awards ceremony, according to a statement from the businessman’s office.

  • World Biz  |  JULY 7, 2015 11:19 AM

    Britain depends increasingly on services sector for growth

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    Britain was more heavily dependent on services companies to drive its economy during the second quarter as manufacturing growth ebbed, according to a business survey that said greater efforts are needed to boost investment and exports. The British Chambers of …

  • Corporate, Economy, Featured and Exclusive  |  JULY 7, 2015 11:15 AM

    M’sia plans more subsidy cuts with 1MDB raising policy risk

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    Malaysia plans to cut more subsidies and move billions of dollars in government employee housing loans off its balance sheets to bolster its fiscal position, even as a growing scandal threatens Prime Minister Najib Abdul Razak’s ability to implement potentially …

  • Commodities  |  JULY 7, 2015 11:03 AM

    LPT2 opens tomorrow, toll to be announced later

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    The second phase of the East Coast Expressway (LPT2) will be opened for traffic starting tomorrow, said the Malaysian Highway Authority (LLM). In a statement here, LLM said motorist heading to Terengganu and Kelantan would have to pay toll at the Jabor Toll …

  • Markets  |  JULY 7, 2015 10:41 AM

    KL shares rangebound in early trade

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    Bursa Malaysia was rangebound in early trade today as buying emerging against a backrop of domestic and external uncertainties, dealers said.

  • Markets  |  JULY 7, 2015 10:37 AM

    Ringgit opens weaker against US$

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    The ringgit opened weaker against the US dollar on lack of demand following negative sentiment brought about by Greece's debt crisis.

  • Featured and Exclusive & Opinion  |  JULY 7, 2015 10:00 AM

    Najib digs in for the long haul

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    With Umno polls postponed, it looks like Najib will lead Umno and Barisan Nasional into the next elections which have to be held by mid-2018. His fate at the next party polls will then depend very much on the elections showing.

  • Corporate  |  JULY 7, 2015 9:52 AM

    FGV to halt acquisitions spree after Eagle High

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    Malaysian palm plantation firm Felda Global Ventures Holdings Bhd is putting a hold on acquisitions after a three-year, US$2.5 billion (RM9.4 billion) spree designed to boost output and will now focus on consolidating investments. The new strategy, disclosed in a …

  • Featured and Exclusive & World Biz  |  JULY 7, 2015 9:00 AM

    Markets barely blink at the prospect of ‘Grexit’

    Story by

    Banks scrambled to increase the chances of Greece leaving the euro after Sunday’s referendum, but euro markets only flickered and many investors doubted the `No’ vote was the watershed moment some had feared. Greece’s rejection of the conditions its European …

  • OTHERS  |  JULY 7, 2015 8:15 AM

    Shafie Apdal: Mara’s Australian purchases profitable

    Story by

    The purchase of properties in Australia by Mara Incorporated Sdn Bhd (Mara Inc) was made at lower prices than the current value of the properties, said Rural and Regional Development Minister Mohd Shafie Apdal. He said the property purchase in Australia was …

  • Issues  |  JULY 7, 2015 8:00 AM

    Is HSR necessary for Malaysia?

    Story by
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    Proponents of the HSR link to Singapore suggest that it is more than just a rail link because it will come with an economic multiplier effect. Critics, meanwhile, ask if the economic benefits generated would justify the RM40 billion (at …

  • Finance & Markets  |  JULY 7, 2015 7:49 AM

    Euro declines, but off lows after Greek ‘No’ vote

    Story by

    The euro tumbled across the board on Monday, but was off the lows of the day, after Greece voted to reject the conditions tied to the troubled country’s debt bailout deal. The resignation of Greek Finance Minister Yanis Varoufakis, however, …

  • Commodities  |  JULY 7, 2015 7:41 AM

    Gold firms in safe-haven spurt after Greece rejects bailout

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    Gold eked out small gains on Monday in a rare spurt of safe-haven buying after Greek voters rejected terms of a bailout package, deepening the country’s economic woes, and offsetting pressure from a rising US dollar. In a referendum on …

  • Commodities & Featured and Exclusive  |  JULY 7, 2015 7:36 AM

    Oil crashes 8% as Greek vote, Iran talks set off exodus

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    Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8% as Greece’s rejection of debt bailout terms and China’s stock market woes set off a deepening spiral of losses. Adding to the pressure on …

  • Markets  |  JULY 7, 2015 7:26 AM

    Energy leads Wall St lower with eyes on Greece, China

    Story by

    US stocks fell in a volatile Monday session as Greeks resoundingly backed their government in rejecting the austerity terms of a bailout and China implemented emergency measures to stop a selloff in Shanghai’s market. Greek Prime Minister Alexis Tsipras promised …

  • Finance  |  JULY 6, 2015 11:03 PM

    Greek banks said to stay closed at least until Friday

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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?

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    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. …