• Corporate  |  APRIL 29, 2015 12:10 AM

    NKRA strengthens corruption fighting mechanisms

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    According to the Government Transformation Programme (GTP) 2014 Report, the Anti-COR NKRA has strengthened various corruption fighting mechanisms, with the collaboration of the Malaysian Anti-Corruption Commission (MACC) and other agencies. The national key result areas (NKRA) overarching aim is to build a robust anti-corruption …

  • Economy  |  APRIL 29, 2015 12:02 AM

    Najib: Govt efforts help to reduce cost of living

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    The increasing cost of living is one of the main areas of focus of the government under the leadership of Prime Minister Najib Abdul Razak. He said efforts to minimise the cost-of-living hikes were specifically underlined in the seven national key result areas …

  • Corporate  |  APRIL 28, 2015 11:49 PM

    Satisfaction with public transport services rises

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    The government’s efforts to upgrade the urban public transportation system (UPT) under the national key results area (NKRA) since 2010 has resulted in an increase in customer satisfaction towards public transport services, which also led to a positive increase in people using public transport. …

  • Corporate  |  APRIL 28, 2015 11:40 PM

    Govt to continue reducing subsidies

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    The government will continue to reduce other subsidies that distort the market, specifically in used car imports, shipping industry, and small and medium enterprises (SME) corporate tax incentives to achieve a balanced budget by 2020. This is in tandem with the public reform …

  • Corporate  |  APRIL 28, 2015 11:34 PM

    Spad to prioritise enhancing public transport services

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    Public transport ridership is unlikely to increase significantly until the comfort and convenience of using public transport makes it an attractive alternative to the private vehicle. Land Public Transport Commission (Spad) chief executive officer Mohd Nur Ismal Mohamed Kamal was quoted in the …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 10:15 PM

    Transformation programmes a great success, says Najib

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    Malaysia’s ambitious transformation programmes have chalked up commendable success in raising the per capita income to RM10,426 and boosting investments to RM228 billion, creating 1.5 million new jobs, and lowering unemployment and poverty, hence placing the economy on the firm path towards becoming a …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 10:06 PM

    Najib says GTP, ETP producing positive outcomes

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    Prime Minister Najib Abdul Razak today says all programmes planned under the Government Transformation Programme (GTP) and Economic Transformation Programme (ETP) are running smoothly and producing positive outcomes.

  • Corporate  |  APRIL 28, 2015 10:01 PM

    Govt divests stake in 32 firms as of Dec 2014

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    The government has successfully divested stakes in 32 companies as of December last year, in line with the aim to create an environment for the private sector to extend its natural role as the key driver of the economy. In its Economic Transformation …

  • Corporate  |  APRIL 28, 2015 9:52 PM

    Govt eyes 50% LTE penetration by 2017

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    Broadband access in Malaysia has reached 67.3% and the government aims to double the long-term evolution (LTE) penetration to 50% by 2017. Adopting new communication infrastructures would allow industries to seize opportunities for expansion either into new product lines or to reach out …

  • Commodities  |  APRIL 28, 2015 9:48 PM

    Pemandu: Worst may be over for CPO prices

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    The worst may be over for palm oil prices, says the Performance Management and Delivery Unit (Pemandu) in its Economic Transformation Programme (ETP) Annual Report 2014 released today. It said severe droughts registered in the first half of 2014 in the world’s major …

  • Corporate  |  APRIL 28, 2015 9:40 PM

    Teraju identifies 413 Teras firms in 2014

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    The federal government’s Bumiputera Agenda Steering Unit (Teraju) identified 413 new high-performing bumiputera (Teras) companies across various sectors in 2014. On the total, 76 companies which ventured overseas were identified, exceeding the target of 26 companies, The Performance Management and Delivery Unit (Pemandu) said …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 9:32 PM

    Najib: M’sia on track for 2020 target but must diversify

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    Malaysia despite remaining on track to achieve developed nation status by 2020, must continue to diversify its economy while powering on with fiscal reforms, says Prime Minister Najib Abdul Razak.

  • Corporate  |  APRIL 28, 2015 9:22 PM

    BAT posts higher Q1 PBT of RM324.68 mil

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    British American Tobacco (M) Bhd’s pre-tax profit for the first quarter ended March 31, 2015 rose to RM324.68 million from RM301.19 million in the same period last year. Revenue increased to RM1.27 billion from RM1.15 billion previously, the company said in a filing …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 9:20 PM

    Dewan Negara passes sedition (amendment) bill

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    The Dewan Negara today passed the Sedition (Amendment) Act 2015 after a heated debate by 21 senators. Some wanted to know how the government plans to act against Malaysians who fled the country after making provocative statements. Meanwhile, Deputy Home Minister Wan …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 9:14 PM

    Najib: ETP a proven success

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    Prime Minister Najib Abdul Razak says its success is proven since a number of countries like Tanzania, South Africa and India have implemented the same model in the development agenda of their countries using consultancy services from Pemandu.

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 9:03 PM

    PM: Govt shows progress in public service delivery revamp

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    The government is making strides in transforming its public service delivery system, especially in healthcare. Prime Minister Najib Abdul Razak said a programme to revamp the delivery service and care in hospitals has been rolled out nationwide based on the success of the …

  • Corporate  |  APRIL 28, 2015 8:51 PM

    Tune Ins allocates RM36 mil to buy Indonesian firm

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    Tune Ins Holdings Bhd, the insurance arm of Tune Group, will set aside about US$10 million (RM35.54 million) to acquire an insurance firm in Indonesia. Tune Insurance chief executive officer Junior Cho said the commercial terms of the acquisition have been finalised and …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 8:35 PM

    ‘M’sia increasingly less dependent on O&G income’

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    The country is becoming increasingly less dependent on revenue from the oil and gas (O&G) sector, the Economic Transformation Programme (ETP) 2014 annual report revealed today. In a review of the last year, Performance Management and Delivery Unit (Pemandu) CEO …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 8:33 PM

    Carve-outs create RM10.2 bil for bumiputera in 2014

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    A total of RM10.2 billion in contract value was carved-out from mega projects such as the Mass Rapid Transit (MRT) project and reserved for bumiputera companies last year, according to the Economic Transformation Programme (ETP) 2014 annual report released today. …

  • World Biz  |  APRIL 28, 2015 8:32 PM

    Swiss money laundering reports hit record high

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    Switzerland’s money laundering office received a record number of suspicious activity reports last year, in part due to increased vigilance from Swiss banks. The Alpine nation has faced intense international pressure over bank secrecy, tax evasion and money laundering, most recently highlighted by allegations …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 8:31 PM

    Pemandu: On track to high-income nation by 2020

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    Malaysia is on track to become a high-income nation by 2020, according to the Economic Transformation Programme (ETP) 2014 annual report released today by the Performance Management and Delivery Unit (Pemandu), a unit under the Prime Minister’s Department. In 2014, …

  • Corporate  |  APRIL 28, 2015 8:06 PM

    MAHB bags RM23.58 mil project in Qatar

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    Malaysia Airports Holdings Bhd (MAHB)’s unit, Malaysia Airports Consultancy Services Middle East LLC, has secured a RM23.58 million contract at the New Doha International Airport (NDIA) in Qatar. A formal contract will be entered into between the parties by May 1, said MAHB …

  • Corporate & Featured and Exclusive  |  APRIL 28, 2015 8:01 PM

    Icon CEO, COO on 6-month leave to aid MACC probe

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    Oil and gas services company Icon Offshore Bhd said its top management executives, recently roped into a graft probe by the Malaysian Anti-Corruption Commission (MACC), are now on a six-month leave to aid investigations. In a statement released this evening, …

  • Corporate  |  APRIL 28, 2015 7:52 PM

    Cradle Fund up amount for equity co-investment

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    Cradle Fund Sdn Bhd has increased its amount for equity co-investment to RM56.7 million following the inclusion of five new partners. “Cradle and the five new partners provided a combined investment amount of RM28.7 million plus another RM28 million raised from four …

  • Corporate  |  APRIL 28, 2015 7:43 PM

    M’sia a strategic location for startups, says Mercatus MD

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    Malaysia is a strategic location for startup founders to begin their businesses before expanding regionally, said managing director of Mercatus Ventures Sdn Bhd. Mercatus is one of the co-investment partners of Cradle Fund Sdn Bhd. Managing director of Mercatus, Raiyo Nariman, said Malaysia’s …

  • World Biz  |  APRIL 28, 2015 7:34 PM

    Huge demand for bonds even for weakest Irish bank

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    The first Irish lender to sell Europe’s riskiest type of bank bond is also the nation’s weakest. Permanent TSB Group Holdings Plc (PTSB), which failed European financial stress tests last year, is selling 125 million euros (RM482.68 million) of so-called …

  • Corporate  |  APRIL 28, 2015 7:19 PM

    Boustead completes 50% stake acquisition in Irat

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    Boustead Holdings Bhd has completed the acquisition of 50% equity in Irat Properties Sdn Bhd. In a statement today, Boustead said the acquisition involved a third subscription of an additional 24.03 million Irat shares at RM2.13 each for RM51 million. Boustead deputy chairman and group managing director, Lodin Wok Kamaruddin, …

  • Economy  |  APRIL 28, 2015 7:08 PM

    AEC scorecard implementation rate at 90.5%

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    The current implementation rate of the Asean Economic Community (AEC) scorecard, targeted for Asean-wide implementation from 2008-2015, stands at 90.5% out of 506 measures. Continuing progress, adoption of the frameworks of rules, coupled with various liberalisation and facilitation measures, send a strong …

  • Corporate  |  APRIL 28, 2015 6:54 PM

    Agro Ministry to hold talks over floor price-fixing scheme

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    Agriculture And Agro-based Industry Ministry will hold a discussion with the Federal Agriculture Marketing Authority (Fama) and the National Fishermen’s Association (Nekmat) to determine the criteria for floor price-fixing scheme for agricultural and fishery products. Minister Ismail Sabri Yaakob said the floor price-fixing …

  • Economy & Featured and Exclusive  |  APRIL 28, 2015 6:29 PM

    Central banks can’t keep up as inflation outpaces rate cuts

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    Emerging market central banks can’t cut interest rates fast enough. Real rates — benchmarks minus inflation — are higher now than they were at the start of the year in South Korea, Poland and Israel despite easier monetary policy, according …

  • Corporate  |  APRIL 28, 2015 6:22 PM

    M’sia job ads volume up 15% in Q1

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    Malaysia’s overall annual growth in job advertisement volume increased by 15% in the first quarter of 2015, according to the Asia Job Index published by the international recruitment consultancy, Robert Walters (RW). In a statement today, RW said there has been constant growth …

  • Markets  |  APRIL 28, 2015 6:16 PM

    KL shares end lower ahead of Fed’s meeting

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    Share prices on Bursa Malaysia ended lower today as traders stayed on the sidelines ahead of the two-day Federal Reserve (Fed) policy meeting which begins on Tuesday. A dealer said traders were focus on the Fed’s decision on interest rates. “The market …

  • Economy  |  APRIL 28, 2015 6:14 PM

    Calls for Asean People’s Association to be set up

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    The 12th Asean Leadership Forum has called for the setting up of Asean People’s Association and for bottom-up proposals to enhance people-centred Asean. The forum, organised by the Asian Strategy and Leadership Institute (Asli), in conjunction with the 26th Asean Summit, concluded that …

  • Markets  |  APRIL 28, 2015 6:03 PM

    Ringgit ends higher against US dollar

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    The ringgit ended higher for the second consecutive day against the US dollar today, with investors cautious, ahead of the Federal Reserve’s monetary policy meeting this week which may discuss a possible interest rate hike. At 5pm, the ringgit was quoted at 3.5655/5685 …

  • Economy & Featured and Exclusive  |  APRIL 28, 2015 6:00 PM

    UK slower-than-expected growth a blow to Cameron

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    UK economic growth slowed more than economists forecast in the first quarter, dealing a potential blow to Prime Minister David Cameron’s claim that his Conservative Party is best placed to manage the economy’s recovery. The 0.3% pace was just half …

  • Corporate  |  APRIL 28, 2015 5:42 PM

    Analysts mixed on MMHE’s 1Q15 results

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    Analysts returned mixed responses towards Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE)’s first quarter results for their 2015 financial year (1Q15), mostly on the point that some view its order book replenishment assumption as too optimistic. Maybank IB maintained …

  • World Biz  |  APRIL 28, 2015 5:34 PM

    Japan lawmakers submit casino legalisation bill

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    Japan’s pro-casino lawmakers have submitted a casino legalisation bill to Parliament, sources said on Tuesday, a move Prime Minister Shinzo Abe has supported as a part of his economic growth strategy. Lawmakers have said it was unclear when the bill would be passed. It …

  • World Biz  |  APRIL 28, 2015 5:28 PM

    StanChart Q1 profit falls 22% as bad debts jump

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    Asia-focused bank Standard Chartered said on Tuesday profit in the first quarter of 2015 fell 22% from a year ago as losses from bad loans jumped 80% and trading conditions remained challenging. The bank, which is trying to turn around its performance after …

  • Commodities  |  APRIL 28, 2015 5:21 PM

    Rubber market closes higher

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    The Malaysian rubber extended yesterday’s gains to close higher today, backed by buying support for the commodity. “The local rubber market was higher in response to a hike in regional futures markets,” a dealer said. He said according to the Rubber Trade Association …

  • Corporate  |  APRIL 28, 2015 4:57 PM

    Bina Puri clarifies on Utokens and Ufun

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    Bina Puri Holdings Bhd today denied it has any kind of relations with any “Utokens”, and has never participated in any of its promotion or any other promotions by Thailand-based Ufun Group. The company had recently received several enquiries from its close associates …

  • Corporate  |  APRIL 28, 2015 4:50 PM

    Johor Corp plans to list RM900 mil Islamic Reit in Q3

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    Johor Corp (JCorp) plans to list its RM900 million Islamic real estate investment trust (Reit), Al-Salam, on the Main Market of Bursa Malaysia in the third quarter of this year. JCorp president/chief executive officer Kamaruzzaman Abu Kassim said the initial portfolio of Al-Salam …

  • Corporate  |  APRIL 28, 2015 4:42 PM

    Warrior Heritage to develop Sepang Agro-Industrial Park

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    Warrior Heritage Sdn Bhd (WHSB) is expected to start developing the first site in the Malaysia Agro-Industrial Park in Sepang in the third or fourth quarter this year with a potential gross development value of RM5 billion. In a statement today, the company …

  • Featured and Exclusive  |  APRIL 28, 2015 4:38 PM

    Navigating GST with KINIBIZ magazine

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    Issue 002 of KINIBIZ Magazine hits the stands today with a focus on Navigating GST. This is the subject of our cover story. It will be tough to navigate the rough GST waters as it is fraught with many dangers, …

  • Markets  |  APRIL 28, 2015 4:32 PM

    ‘Ringgit likely to strengthen 5% against US dollar this year’

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    The ringgit is expected to appreciate by 5% against the US dollar by year-end as the greenback is now in a stabilisation mode, says UBS Investment Bank’s senior global economist/managing director Paul Donovan. “The ringgit is biased to strengthen in the range of …

  • Commodities & Corporate  |  APRIL 28, 2015 4:12 PM

    Mining firms call for K’tan govt to cut royalty rate

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    Iron ore mining companies in the state have pleaded with the Kelantan state government to reduce the royalty rate following the plunge in the commodity price since last year. Pulai Mining Sdn Bhd chief executive officer Wan Mustapha Wan Ab Hamid said the …

  • World Biz  |  APRIL 28, 2015 4:09 PM

    Deutsche Bank co-CEO on trial for misleading testimony

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    Deutsche Bank co-chief executive Juergen Fitschen went on trial on Tuesday accused of giving misleading evidence in connection with the collapse of the Kirch media empire in a case that could prove a major distraction for a bank pursuing a …

  • Finance & Singapore  |  APRIL 28, 2015 3:58 PM

    S’pore based family office cuts US dollar liquid assets

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    Woodside Holdings Investment Management, a Singapore-based family office, trimmed bets the US dollar will strengthen amid uncertainty as to when the Federal Reserve will start raising interest rates. A family office is a private company that manages the wealth of …

  • Corporate  |  APRIL 28, 2015 3:49 PM

    Bintulu Port’s cargo handling for 2014 rose by 3.63%

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    Bintulu Port’s cargo handling for 2014 rose by 3.63% to 45,395 million tonnes from 43,805 million tonnes in 2013. Bintulu Port Holdings Bhd chairman Ali Hamsa said of the 45,395 million tonnes, 25,487 million tonnes were liquefied natural gas (LNG) and 19.908 million …

  • Markets  |  APRIL 28, 2015 3:45 PM

    KL shares easier at mid-afternoon

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    Bursa Malaysia was easier at mid-afternoon today as investors stayed on the sidelines ahead of the two-day Federal Reserve’s policy meeting, a dealer said. At 3.04 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,853.14, down by 6.38 points. On the …

  • Corporate & World Biz  |  APRIL 28, 2015 3:40 PM

    Honda forecasts flat profit this year after tough 2014/15

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    Honda Motor Co forecast a scant 0.4% rise in net profit for the year that began on April 1, after falling short of its guidance in the year just ended when quality problems delayed vehicle development and hampered sales. Last …