• Corporate  |  MAY 26, 2015 5:13 PM

    AmMetLife Takaful appoints new CEO

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    AmMetLife Takaful Bhd receives an approval from Bank Negara Malaysia (BNM) to appoint Mohamad Salihuddin Ahmad as its chief executive officer (CEO) effective May 14, 2015. Mohamad Salihuddin will be responsible in executing a transformation strategy to achieve profitable growth, accelerate shareholder return, …

  • TigerTalk  |  MAY 26, 2015 4:49 PM

    Scrap bumi quota for property

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    [email protected]

    There have been issues with the bumiputera quota system for property for quite a while now. But the government’s latest idea to tackle them is aimed at a syndrome, not the cause. Shouldn’t this system be scrapped already?

  • Corporate & Property  |  MAY 26, 2015 4:40 PM

    Bina Puri makes first foray into Iskandar

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    The property division of Bina Puri Holdings Bhd will form a joint venture (JV) to carry out a residential project in LakeHill Resort City, with a gross development value (GDV) of RM204 million. LakeHill Resort City is a flagship development in the …

  • Corporate  |  MAY 26, 2015 4:13 PM

    HLFG posts lower Q3 pre-tax profit of RM699.72 mil

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    Hong Leong Financial Group (HLFG) posted a pre-tax profit of RM699.72 million for the third quarter ended March 31, 2015 compared with RM727.86 million in the previous corresponding quarter. In a filing to Bursa Malaysia today, HLFG said the lower group results …

  • Corporate & Property  |  MAY 26, 2015 4:03 PM

    ‘No tightening policy for 1st time affordable home buyers’

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    Bank Negara Malaysia (BNM) clarifies that there is no tightening policy for first time buyers of affordable homes. “The tightening requirement is for the third purchase of residential properties to avoid the risk of over-leveraging and an over-indebted situation in the country,” governor Zeti …

  • Corporate  |  MAY 26, 2015 3:55 PM

    SEB: Spike in bills due to ‘implementation’ issues

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    Sarawak Energy Berhad (SEB), the state sole electricity provider, has advised consumers in the state to contact its customer care centre as soon as possible following widespread outcry on the sudden hike of electricity bill. SEB vice president for Retail, Lau Kim …

  • Markets  |  MAY 26, 2015 3:55 PM

    KL shares remain higher at mid-afternoon

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    Shares on Bursa Malaysia resumed the afternoon session on a firmer footing, with plantation counters leading the top gainers’ list. As at 3.16pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 3.75 points to 1,771.13. Plantation company Far East surged 31 …

  • Corporate  |  MAY 26, 2015 3:50 PM

    BIMB posts RM220 mil 1Q profit

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    BIMB Holdings Bhd posted a higher profit before tithe and taxation (PBZT) of RM220.3 million in the first quarter ended March 31, 2015, a 13.3% increase compared with the same period last year. The bank’s revenue rose to RM809.1 million from RM726.9 million …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 3:48 PM

    EPF mulls offering Syariah-compliant scheme

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    The Employees Provident Fund (EPF) is considering to offer contributors the choice of opting for a Syariah-compliant retirement savings scheme or to stick to the existing conventional scheme. Deputy Finance Minister Ahmad Maslan said the initiative is targeted to be implemented in 2017, …

  • World Biz  |  MAY 26, 2015 3:25 PM

    Irish cabinet begins talks on Aer Lingus sale

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    The Irish government is to discuss the sale of the country’s 25% stake in Aer Lingus on Tuesday, four months after the airline’s board recommended the sale to shareholders, Prime Minister Enda Kenny says. Kenny told journalists before his weekly cabinet meeting that Transport Minister …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 3:07 PM

    PM: 1MDB officials will not run from PAC

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    Prime Minister Najib Abdul Razak has promised that 1Malaysia Development Bhd (1MDB) officials will eventually appear before the Public Accounts Committee (PAC). “The 1MDB officials have some things to sort out first,” said Najib, according to Bernama. “They will show up… …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 2:38 PM

    Challenging times ahead for Star Media

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    [email protected]

    Analysts are mixed on the results of the first quarter of 2015 (1Q15) of Star Media Group Bhd (Star), considering the continued overhang of the implementation of the goods and services tax (GST) still hanging over advertising expenditure affecting the …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 2:33 PM

    SRC lost RM185 mil in Mongolian venture

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    Petaling Jaya Utara MP Tony Pua today claimed that finance ministry-owned company SRC International had lost RM185 million after investing in Mongolia-based company Gobi Coal & Energy Limited (GCE). Pua said the investment made in GCE, was partly from borrowings …

  • Corporate & Property  |  MAY 26, 2015 2:14 PM

    UEM Sunrise drops plans for Iskandar mall

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    The principal developer of Iskandar Malaysia, UEM Sunrise Bhd, has ceased its plan to build one of the region’s major projects. Singapore’s The Straits Times reported today that no reason was given for the decision to halt plans to build the huge …

  • Corporate, Featured and Exclusive, Property  |  MAY 26, 2015 2:07 PM

    Tabung Haji to gain small profit on TRX land sale

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    Lembaga Tabung Haji will gain a small profit when it sells the controversial 1.56-acre plot of land in Tun Razak Exchange (TRX) purchased from 1Malaysia Development Bhd (1MDB). Its chairman Abdul Azeez Abdul Rahim said the pilgrims’ fund is finalising …

  • Corporate  |  MAY 26, 2015 1:57 PM

    PUNB to offer loans to green tech entrepreneurs

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    Perbadanan Usahawan Nasional Bhd (PUNB) is making loans available to entrepreneurs involved in the green technology sector in the country. Chairman Mohd Ali Rustam said as a body charged with developing potential entrepreneurs, PUNB is ready to offer such loans as it sees …

  • Commodities  |  MAY 26, 2015 1:49 PM

    Goldman sticks to commodity bear call

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    Commodities will reverse a rally that started in March as a stronger US dollar, cheaper oil, and cooling China again pressure raw materials, especially copper, according to Goldman Sachs Group Inc. Copper will lose at least 16% over the coming …

  • Singapore  |  MAY 26, 2015 1:43 PM

    MMI sounds out investors for up to RM1.1 bil IPO

    Story by

    Singapore’s MMI Technologies, an electronics parts company owned by private equity firm KKR & Co LP, has started meeting with investors for an initial public offering (IPO) worth between US$200 million (RM721.8 million) and US$300 million, IFR reports. Book building will start in mid-June …

  • Featured and Exclusive & Markets  |  MAY 26, 2015 1:31 PM

    China stocks surge most since 2008 for world’s biggest rally

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    Chinese stocks rose, sending the Shanghai Composite Index toward its biggest six-day advance since November 2008, on optimism government plans to boost foreign access to the nation’s markets will spur inflows. Defence-related companies led gains with China Shipbuilding Industry Co …

  • Markets  |  MAY 26, 2015 1:15 PM

    KL shares higher at mid-day lifted by blue chips

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    Shares on Bursa Malaysia ended the morning session on a firm note today, lifted by gains in selected blue chips. At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 6.03 points to 1,773.41, after moving between 1,755.09 and …

  • Commodities  |  MAY 26, 2015 1:09 PM

    KLTM ends US$20 firmer at US$15,850 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) closed US$20 higher at US$15,850 a tonne today, backed by buying support and despite the lack of a market catalyst, a dealer says. The market trendsetter, the London Metal Exchange (LME), was closed for a holiday. …

  • Corporate, Featured and Exclusive, Property  |  MAY 26, 2015 1:04 PM

    11MP: Bumi institutions to buy unsold bumi property lots

    Story by
    [email protected]

    The federal government will allow bumiputera institutions to buy unsold bumiputera lots in property developments as part of its larger effort to help the bumiputera community, according to the 11th Malaysia Plan (11MP). According to the document, the government will …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 12:47 PM

    Ahmad: EPF’s investment in 1MDB ‘low-risk’

    Story by

    Deputy Finance Minister Ahmad Maslan has described the Employees Provident Fund’s (EPF) RM1.72 billion bond invesment in the debt-laden 1Malaysia Development Berhad (1MDB) as ‘low-risk’. “This is a low-risk investment,” said Ahmad during the question-and-answer  at Parliament today. He did not …

  • Corporate & Featured and Exclusive  |  MAY 26, 2015 12:13 PM

    BNM confirms receiving MAS report on 1MDB account

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    Bank Negara Malaysia (BNM) has confirmed that it has received a report from its Singaporean counterpart on a complaint by BSI Bank Ltd Singapore on an account linked to 1Malaysia Development Bhd (1MDB). According to Bank Negara governor Zeti Akhtar …

  • Corporate  |  MAY 26, 2015 12:03 PM

    Boustead shares down due to weak 1Q results

    Story by

    Shares of Boustead Holdings Bhd were 8 sen lower at RM4.32 at mid-morning today on a lower-than-expected first quarter (1Q) ended March 31, 2015 performance. As at 11.02 am, Boustead Holdings also saw 100,400 shares transacted. The company’s pre-tax profit fell to …

  • Corporate  |  MAY 26, 2015 11:51 AM

    1MDB’s PAC no-show ‘unacceptable’, says Nazir Razak

    Story by

    The prime minister’s brother Nazir Razak has described 1Malaysia Development Berhad’s (1MDB) failure to testify at the Public Accounts Committee hearing scheduled for today as “unacceptable”. “Your company has triggered a national crisis and you can be too busy to …

  • TigerTalk  |  MAY 26, 2015 11:37 AM

    1MDB: Cayman money in cash, assets, or units?

    Story by
    [email protected]

    Tiger thought that the worst case of flip-flopping this year had already come and gone with the fiasco on taxi fare hikes. However, it appears Tiger is proven wrong by 1MDB. Now, what in the name of a cat’s nine lives do they mean by units?

  • Corporate  |  MAY 26, 2015 11:28 AM

    Petronas’ Indonesian Bukit Tua field comes on stream

    Story by

    Petronas reached a significant milestone in its upstream operations in Indonesia as its Bukit Tua field came on stream on May 17. Located in the Ketapang block about 110 km offshore East Java, the field is expected to produce 3,700 barrels of oil …

  • Corporate  |  MAY 26, 2015 11:12 AM

    Japan can put in a competitive bid for HSR project, says PM

    Story by

    Prime Minister Najib Abdul Razak believes Japan can put in a competitive bid for the 300km high-speed rail project linking Kuala Lumpur and Singapore. “The Japanese shinkansen and rail technology is very competitive. I believe Japanese companies can put in a competitive bid,” …

  • World Biz  |  MAY 26, 2015 10:56 AM

    Apple names Jony Ive as chief design officer

    Story by

    Jony Ive, Apple Inc’s top designer, will give up day-to-day managerial duties in what the company said is a promotion to the newly created position of chief design officer. Ive, who’s been behind shaping the look and feel of Apple’s …

  • Markets  |  MAY 26, 2015 10:04 AM

    KL shares open lower

    Story by

    The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened lower today due to weak buying sentiment weighed down by Petronas-linked counters. At 9.21 am, the index was 6.53 points easier at 1,760.85 points after opening 0.34 of-a-point lower at 1,767.04 points. However, gainers …

  • World Biz  |  MAY 26, 2015 9:56 AM

    Samsung’s Cheil Industries to acquire affiliate Samsung C&T

    Story by

    Samsung Group’s holding company Cheil Industries Inc said on Tuesday that it will acquire affiliate Samsung C&T Corp by September, the latest step in the restructuring of South Korea’s biggest conglomerate. The move combines what analysts consider as two key companies in the ownership …

  • Enterprise & Issues  |  MAY 26, 2015 9:50 AM

    Building solid foundations

    Story by
    [email protected]

    Versalink Holdings Ltd chief executive officer Matthew Law grew up surrounded by all things furniture and learned to love the family business early on. He shares the company’s beginnings with KINIBIZ.

  • Finance & Markets  |  MAY 26, 2015 9:39 AM

    Ringgit opens lower against the US dollar

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    The ringgit eased against the US dollar in early trade today on lack of demand for the local unit, said a dealer. At 9.07 am, the local unit was lower at 3.6160/6190 against the greenback from 3.6130/5160 at 5 pm on Monday. …

  • World Biz  |  MAY 26, 2015 9:20 AM

    Charter nears RM197 bil deal to buy Time Warner Cable

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    Time Warner Cable Inc is nearing an agreement to be acquired by smaller peer Charter Communications Inc for about US$55 billion (RM197.5 billion), combining the second and third largest US cable operators, people familiar with the matter said on Monday. …

  • Economy & Singapore  |  MAY 26, 2015 8:37 AM

    S’pore’s 1Q economy expands more than expected

    Story by

    Singapore’s economy grew more than initially estimated last quarter as demand for the island’s exports improved amid a recovery in the US. Gross domestic product rose an annualized 3.2% in the three months through March from the previous quarter, the …

  • World Biz  |  MAY 26, 2015 8:26 AM

    Time running out for Greece, ESM head Regling says

    Story by

    Time is running out for Greece to reach an agreement on reforms with lenders and there will be no further funds for Athens without it, the head of the European Stability Mechanism Klaus Regling told Germany’s Bild newspaper on Tuesday. …

  • Corporate  |  MAY 26, 2015 8:04 AM

    ‘Double-tracking railway to be opened to other operators’

    Story by

    The Ministry of Transport has proposed that the double-tracking railway be opened to other operators other than Keretapi Tanah Melayu Berhad (KTMB), to maximise usage. Deputy Transport Minister Abdul Aziz Kaprawi said this was because KTMB was expected to utilise only 30% of …

  • Corporate  |  MAY 26, 2015 7:50 AM

    Minimum wage review to be finalised soon, says minister

    Story by

    The Ministry of Human Resources will submit the proposals in the minimum wage review for finalisation soon. Its minister Richard Riot Jaem said the review was conducted by the Minimum Wage Consultative Council in line with Section 25 of the National Wages Consultative …

  • Commodities  |  MAY 26, 2015 7:29 AM

    Gold edges up as Yellen comments shore up dollar

    Story by

    Gold prices rose sightly on Monday, even as the dollar gained traction against major currency rivals on signs the US Federal Reserve is preparing to tighten monetary policy for the first time in six years in 2015. Fed chair Janet …

  • Commodities  |  MAY 26, 2015 7:17 AM

    Oil prices gain as demand outweighs dollar strength

    Story by

    Crude oil futures rose on Monday as firm global demand offset a strong dollar, although a holiday in the United States and much of Europe kept trading muted. Front-month Brent crude gained 53 cents to US$65.90 a barrel by 1750 …

  • Corporate  |  MAY 25, 2015 10:21 PM

    E&O says property unit seeking listing in London

    Story by

    Malaysian property company Eastern & Oriental Bhd is seeking a London stock market listing for a unit owning three buildings in the British capital, saying a flotation would help the unit expand in the UK. The company has proposed to admit shares and warrants …

  • Singapore  |  MAY 25, 2015 10:16 PM

    Halcyon Agri to be transferred to SGX Mainboard

    Story by

    Natural rubber supply chain manager Halcyon Agri Corporation Ltd announces it has been given the green light from the Singapore Exchange for the transfer of its listing from Catalist to the Mainboard. In a statement, Halcyon Agri executive chairman and chief executive officer Robert …

  • Corporate  |  MAY 25, 2015 10:10 PM

    Cooperatives’ turnover expected to rise 10%

    Story by

    The turnover of cooperatives in the country is expected to rise 10% this year from RM34.95 billion last year due to their involvement in large-scale projects. Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said the target was based on last year’s turnover …

  • Corporate  |  MAY 25, 2015 8:38 PM

    Maybank Kim Eng plans to increase capital in Vietnam

    Story by

    Maybank Kim Eng, the investment banking securities arm of Maybank Group, plans to increase its capital in Vietnam to US$50 million (RM179.62 million) in the next two years from US$40 million in 2014, says chief executive officer John Chong. He said the extra …

  • Corporate & Featured and Exclusive  |  MAY 25, 2015 8:29 PM

    Mueller: Troubled MAS to be completely revamped

    Story by

    Loss-making Malaysia Airlines (MAS) is set to undergo a complete overhaul as it is restructured into a new company, with a rebranding that will be unveiled next week and changes planned to its fleet and network strategies. Christoph Mueller, who joined from Irish national …

  • Corporate  |  MAY 25, 2015 7:54 PM

    Banks to aid low-, middle-income groups to own homes

    Story by

    The Association of Banks in Malaysia (ABM) is fully supportive of the government’s various initiatives to assist low- and middle-income groups to purchase their own homes. Executive director Chuah Mei Lin said member banks, which focus on the retail sector, have been participating …

  • Enterprise  |  MAY 25, 2015 7:48 PM

    TS Global Network plans to double regional sales by 2020

    Story by

    TS Global Network Sdn Bhd (TSGN) plans to double its regional sales by 2020 with an investment of RM250 million in ground and space assets. TSGN is Malaysia’s satellite communication (Satcom) services and solutions specialist. The company will scale up its capacity and …

  • Corporate  |  MAY 25, 2015 7:40 PM

    MBM posts 133% jump in Q1 pre-tax profit

    Story by

    MBM Resources Bhd’s pre-tax profit more than doubled to RM65.18 million in the first quarter ended March 31, 2015, from RM27.97 million in the same quarter last year. The surge of 133% in pre-tax profit was mainly attributable to recognition of revenue from …

  • Corporate  |  MAY 25, 2015 7:35 PM

    Uzma unit bags 2 Petronas contracts worth RM166.5 mil

    Story by

    Uzma Bhd’s associate company, Sazma Aviation Sdn Bhd, has been awarded two contracts worth RM166.5 million by Petronas Carigali Sdn Bhd (PCSB) for the provision of helicopter services. In a statement to Bursa Malaysia, Uzma said the first contract is for helicopter services …