• Corporate  |  AUGUST 4, 2015 3:19 PM

    MISC posts higher 2Q pre-tax profit of RM772.57 mil

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    The national shipping line MISC Bhd recorded sharply a higher pre-tax profit of RM772.57 million in the second quarter ended June 30, 2015 from RM344.56 million in the same period last year. Revenue rose 2.4% to RM2.6 billion from RM2.54 billion previously. …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 3:16 PM

    Kelantan gets stay of hearing in Petronas oil royalty suit

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    The High Court today granted the Kelantan government a stay of the hearing of its suit against Petroliam Nasional Berhad or Petronas for alleged breach of contract over oil royalty, pending an appeal at the Court of Appeal. Lawyer S …

  • Corporate  |  AUGUST 4, 2015 3:14 PM

    RM2.6 bil donation for PM not a crime, says KJ

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    It is not a crime for Prime Minister Najib Abdul Razak to receive RM2.6 billion in political donation from supporters in the trust of Umno, says Khairy Jamaluddin. “In Malaysia, there’s no law to prohibit political parties from receiving contributions …

  • Corporate, Economy, Featured and Exclusive  |  AUGUST 4, 2015 3:05 PM

    Kerry: Good progress made on TTPA despite talks failure

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    US Secretary of State John Kerry says “good progress” was made towards a 12-nation Trans-Pacific trade deal last week, even though negotiators failed to reach an accord in marathon talks in Hawaii. “As with any complex negotiation… there remain details to …

  • Finance & Markets  |  AUGUST 4, 2015 3:00 PM

    MIDF not expecting Ringgit to fall to RM4

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    The ringgit is expected to be in the range of RM3.80-RM3.90 by year-end, says MIDF Amanah Investment Bank Bhd’s research arm, MIDF Research. In a statement today, MIDF research said to-date, none of the analyst forecasts expected the ringgit to fall to RM4.00 …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:53 PM

    Court allows K’tan stay of hearing in oil royalty suit

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    The High Court grants the Kelantan government a stay of the hearing in its suit against Petronas for alleged breach of contract over oil royalty, pending an appeal at the Court of Appeal. Lawyer S Sitpah, who acted for the state …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:43 PM

    FGV to conclude due diligence on EHP stake buy by end-Aug

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    Felda Global Ventures Holdings Bhd (FGV) hopes to conclude its due diligence exercise pertaining to the acquisition of 37% stake in PT Eagle High Plantations (EHP) by end-August. Chief executive officer Mohd Emir Mavani Abdullah said to date, the group has reached 75% …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 2:30 PM

    Hibiscus suspended after announcing stake acquisition

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    Oil and gas exploration outfit Hibiscus Petroleum Bhd has been suspended from trading since mid-morning pending a material announcement. In a regulatory filing, Hibiscus said it requested the suspension until 5pm today and added the request was made under paragraph …

  • World Biz  |  AUGUST 4, 2015 2:19 PM

    Toyota profit beats estimates on weak yen

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    Toyota Motor Corp says quarterly profit beat analyst estimates, as a weak yen trumped a sales decline that cost the company its position as the world’s top-selling automaker. Net income in the April-to-June period rose to 646.4 billion yen (RM20 …

  • Finance  |  AUGUST 4, 2015 2:13 PM

    India central bank keeps rate unchanged

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    Indian central bank governor Raghuram Rajan keeps interest rates unchanged, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia. Raghuram left the benchmark repurchase rate at 7.25% after three cuts this year, …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 2:01 PM

    RAM: Ringgit unlikely to touch 4 against US dollar

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    The ringgit is not expected to breach the 4.00 to a US dollar level this year and next year, says RAM Ratings. Economist and head of research Kristina Fong said there are a lot of external uncertainties which are fuelling the volatility …

  • Finance & World Biz  |  AUGUST 4, 2015 1:59 PM

    Thailand expected to keep policy rate steady on Wed

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    Thailand’s central bank is expected to leave its policy interest rate steady again on Wednesday even though the economy continues to stumble more than a year after the military took power in a bid to end political unrest. Twenty of …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 1:41 PM

    MH370 ‘social media hype’ hurting MAS demand

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    Media coverage of the search for missing Flight 370 is hurting ticket sales at Malaysia Airlines, chief executive officer Christoph Mueller said. “Particularly pronounced” coverage of the search for MH370, which is thought to have crashed in the Indian Ocean …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 1:34 PM

    China dethroned as world’s most liquid stock market

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    China has lost its title as the world’s most liquid stock market as trading halts and regulatory efforts to curb bearish transactions drive away investors. Daily turnover on mainland exchanges has averaged the equivalent of US$202 billion (RM776.8 billion) over …

  • World Biz  |  AUGUST 4, 2015 1:30 PM

    Greece agree pension reforms to apply from July

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    Greece and its lenders discussing a third multi-billion-euro bailout deal have agreed that pension reforms will affect only those who retired after the end of June, labour ministry officials said on Monday. When creditors agreed in July to negotiate a …

  • Commodities  |  AUGUST 4, 2015 1:19 PM

    KLTM ends US$120 lower at US$16,080 a tonne

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    The Kuala Lumpur Tin Market (KLTM) fell US$120 to close at US$16,080 a tonne today in the line with the decline in the metal price on the London Metal Exchange (LME), a dealer says. LME tin price fell sharply by US$345 …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 1:12 PM

    MCMC to meet stakeholders before changes to Act

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    The Malaysian Communications and Multimedia Commission (MCMC) will meet with 45 stakeholders in the Internet service before amendments to the Communications and Multimedia Act 1998 and Communications and Multimedia Commission Act 1998 are made in October. Deputy Communications and Multimedia …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 1:12 PM

    KL shares lower at mid-day; CI drops 18.29 pts

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    Bursa Malaysia ended the morning session lower today on growing concerns over China’s disappointing stock market performance and factory data letdown which translated into a two-year low, a dealer says. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 18.29 points to 1,725.9, …

  • Markets  |  AUGUST 4, 2015 1:01 PM

    UEM shares rise on news of Melbourne acquisition

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    The share price of UEM Sunrise Bhd edged up half-a-sen to 97 sen as of 12.17 am today on news of its third property acquisition in Melbourne. In a note, Kenanga Research maintained a “market perform” call on the company with a target …

  • Commodities & Featured and Exclusive  |  AUGUST 4, 2015 12:56 PM

    Rubber set for bear market on oversupply concerns

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    Rubber is poised to enter a bear market as a slowdown in China, the world’s largest consumer, is worsening a global glut amid rising shipments from producers.

  • Economy & Singapore  |  AUGUST 4, 2015 12:34 PM

    S’pore to release detailed 2Q GDP data on Aug 11

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    Singapore will report detailed data on gross domestic product (GDP) for the April-June quarter on Aug 11, the Ministry of Trade and Industry said on Tuesday. The Economic Survey of Singapore containing detailed breakdowns of GDP for the second quarter …

  • Corporate  |  AUGUST 4, 2015 12:26 PM

    1MDB critics will never be satisfied, says Salleh

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    Communications and Multimedia Minister Salleh Said Keruak said today critics of the 1MDB issue would never be satisfied whatever the explanation given. This was evident from the continuous criticism hurled by some quarters against Najib Abdul Razak even after the Malaysian Anti-Corruption Commission had …

  • Markets  |  AUGUST 4, 2015 12:00 PM

    KL shares remain lower at mid-morning

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    Bursa Malaysia was lower mid-morning today dragged by declining West Texas Intermediate crude oil prices which is revolving around US$45 per barrel, dealers said. A dealer told Bernama that the Organisation of the Petroleum Exporting Countries (Opec) output had peaked to the highest …

  • World Biz  |  AUGUST 4, 2015 11:56 AM

    Deutsche Bank to pay ex-staff RM11.5 mil in damages

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    Wall Street’s industry-funded watchdog on Monday asked Deutsche Bank to pay US$3 million (RM11.5 million) in compensation damages to Jorge Usandivaras, the former head of its Latin American Strategic Transactions unit. Usandivaras had initially filed for US$45 million in compensatory …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 11:48 AM

    1MDB cleared of fund transfer allegations, says Arul

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    1MDB says that the recent statement by the Malaysian Anti-Corruption Commission (MACC) clears the company from allegations that funds were transferred from the company to the Prime Minister Najib Razak. “1MDB welcomes the clear statement from the Malaysian Anti-Corruption Commission, …

  • OTHERS  |  AUGUST 4, 2015 11:46 AM

    KINIBIZ Magazine: Is the Spac model still relevant?

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    Issue 009 of the KINIBIZ Magazine hits the stands today and this time we delve into the fascinating conundrum around special purpose acquisition companies (Spacs) in Malaysia. KiniKIn such an eventful July just past, some may have missed a little …

  • Corporate, Featured and Exclusive, Markets  |  AUGUST 4, 2015 11:27 AM

    Ringgit falls to RM3.865 per dollar on weak oil

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    Malaysia’s ringgit fell for a fourth day as Brent crude dropped below US$50 a barrel for the first time since January, weighing on the net oil exporter’s revenue. The currency declined 0.3%t to 3.8650 per dollar as of 10:01 a.m. …

  • World Biz  |  AUGUST 4, 2015 11:12 AM

    Samsung fights to save mobile market share

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    For four years Samsung Electronics Co Ltd has basked in the success of its Galaxy smartphones, making billions of dollars competing with Apple Inc in the premium mobile market. The coming years are set to be more sombre for the …

  • Markets & World Biz  |  AUGUST 4, 2015 10:50 AM

    JPMorgan: Get out of US two-year notes before rate hike

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    Treasury short-term yields may almost double and prices will fall as the Federal Reserve prepares to raise interest rates, according to JPMorgan Chase & Co. Two-year yields will climb to 1.25% by year-end, from 0.67% Tuesday, analysts at the company …

  • World Biz  |  AUGUST 4, 2015 10:07 AM

    Greek stocks plunge, banks hammered, 5-week shut down

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    Greece’s stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone. Bank shares plummeted 30% before loss limits kicked in to stop …

  • Markets  |  AUGUST 4, 2015 9:56 AM

    KL shares open lower as oil falls below US$50/ bbl

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    Bursa Malaysia opened lower Tuesday as concerns mount over West Texas Intermediate crude oil prices which breached below US$50 per barrel. A dealer told Bernama that Asian stocks dropped after crude slid below US$50 and currently lingered around US$45 a barrel. At 9.07 …

  • Finance & Markets  |  AUGUST 4, 2015 9:42 AM

    Ringgit opens lower against the US dollar

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    The ringgit opened lower against the US dollar today on weaker demand for the local unit, dealers said. At 9 am, the ringgit was quoted at 3.8665/8695 against the greenback from 3.8510/8550 recorded on Monday. A dealer said investors’ interest shifted more …

  • World Biz  |  AUGUST 4, 2015 9:00 AM

    S&P lowers outlook on European Union to negative

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    Standard & Poor’s Ratings Services lowered its outlook on the European Union to negative from stable as it expects that the EU would provide first-loss guarantee support for financing connected to the Juncker investment plan. The ratings service said the …

  • World Biz  |  AUGUST 4, 2015 8:30 AM

    RBI expected to maintain policy

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    India’s central bank policy review is expected to yield little in the way of action on Tuesday, but its statement will be pored over for clues as to whether there is a chance of another interest rate cut this year. …

  • Issues  |  AUGUST 4, 2015 8:00 AM

    Is the Spac investment model right?

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    [email protected]

    With two Spacs yet to secure a qualifying asset in the final year of their three-year deadline, and in view of the SC’s increasingly stringent rules, are Spacs as attractive to the market as they were originally when they were first introduced. And have they become any safer for investors

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 8:00 AM

    Spacs’ risk-free returns better than FD, says HLIB

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    [email protected]

    HLIB believes there is an investment case to be made that Spacs can offer better risk-free returns than fixed deposits in its pre-qualifying phase.

  • Commodities  |  AUGUST 4, 2015 7:52 AM

    Gold down on dollar after worst month in two years

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    Gold dropped on Monday, after falling by the most in two years in July, as the dollar rose and investors monitored US economic indicators for clues on the timing of a hike in US interest rates. Spot gold was down …

  • Finance & Markets  |  AUGUST 4, 2015 7:43 AM

    US Dollar gains on expected strong jobs data

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    The dollar gained on Monday as investors looked ahead to jobs data on Friday that is expected to show a still strengthening labor market.

  • Commodities & Featured and Exclusive  |  AUGUST 4, 2015 7:36 AM

    Oil dives 5% to 6-month low under US$50 on China worry

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    Oil prices lurched 5% lower on Monday to their lowest since January, taking global benchmark Brent below US$50 a barrel as weak factory activity in China deepened a commodity-wide rout. Growing concerns over excess global oil supplies, heavy selling in …

  • Markets  |  AUGUST 4, 2015 7:28 AM

    Weak oil prices, China worries drag Wall Street lower

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    Wall Street ended lower on Monday as tumbling oil prices dragged energy shares to a three-year low and factory data from China raised concerns about the world’s second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors. …

  • Featured and Exclusive, Markets, Singapore  |  AUGUST 3, 2015 10:59 PM

    SGX resumes derivatives trade after breakdown

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    Derivatives trading on Singapore Exchange Ltd (SGX) resumes late Monday after a near two-hour disruption caused by a technical fault. SGX, Southeast Asia’s biggest bourse, said its derivatives market reopened at 9.30pm Singapore time after it was suspended at 7.56pm. Trading resumed …

  • Opinion  |  AUGUST 3, 2015 10:54 PM

    Star Trek economics: Life after the dismal science

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    I grew up watching ‘Star Trek: The Next Generation’ (easily the best of the ‘Star Trek’ shows). There’s one big, obvious thing missing from the future society depicted in the programme. No one is doing business. There is almost no …

  • Featured and Exclusive & World Biz  |  AUGUST 3, 2015 10:44 PM

    Former Libor ringmaster guilty of manipulating rates

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    Former UBS Group AG and Citigroup Inc trader Tom Hayes, the first person to stand trial for manipulating the London interbank offered rate (Libor), was found guilty of eight counts of conspiracy to rig the benchmark rate. After a week of …

  • Corporate  |  AUGUST 3, 2015 10:37 PM

    M’sian MH370 investigators meet with French officials

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    The Malaysian investigators arrived at the Palais de Justice in Paris on Monday for talks with French officials on the latest developments regarding the missing MH370 airliner, according to news agency Agence France-Presse (AFP). Quoting its journalist, the agency reported that the five-man …

  • Economy & Singapore  |  AUGUST 3, 2015 9:10 PM

    Singapore PMI shrinks in July

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    Activity in Singapore factories including the key electronics sector contracted in July, a survey shows, as uneven global growth hurt the trade-dependent economy. The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ index (PMI) fell to 49.7 in July. …

  • Corporate  |  AUGUST 3, 2015 9:02 PM

    Pos awards RM40.37 mil contract to Synergycentric

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    posmaPos Malaysia Bhd has awarded a RM40.37 million procurement contract to Synergycentric Sdn Bhd to provide optimisation and enhancement of wide area networks (WAN) services. “Synergycentric has proposed a solution that aims to develop an up-to-date network solution and service management services which …

  • Corporate  |  AUGUST 3, 2015 8:57 PM

    No clue to sharp rise in share price, says HLI

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    Hong Leong Industries Bhd (HLI) is not aware of any corporate development relating to its business and affairs that has not been previously announced that would account for the recent sharp rise in the price of its shares. In reply to a Bursa …

  • Featured and Exclusive, Markets, Singapore  |  AUGUST 3, 2015 8:54 PM

    SGX temporarily suspends derivatives market

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    Singapore Exchange says trading on the derivatives market was temporarily suspended in the evening on Monday. “We are investigating and will update the market as soon as possible,” the bourse said, adding that the suspension happened at 7.56pm Singapore time. Last …

  • Corporate  |  AUGUST 3, 2015 8:51 PM

    SapuraKencana to explore opportunities in Brunei

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    SapuraKencana (B) Sdn Bhd (SapuraKencana Brunei), a unit of SapuraKencana Petroleum Bhd, is establishing a joint venture (JV) to explore business opportunities in Brunei Darussalam. In a filing with Bursa Malaysia today, the integrated oil and gas (O&G) company said it had entered …

  • Finance  |  AUGUST 3, 2015 8:34 PM

    ‘Greece unlikely to ask for more ECB liquidity for weeks’

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    Greece is unlikely to ask for an increase in emergency funding from the European Central Bank (ECB) for weeks, because its liquidity buffer has risen thanks to cash inflows and central bank help, two sources familiar with the situation tell …