• World Biz  |  AUGUST 4, 2015 11:17 PM

    Airlines ban hunting trophies after Cecil’s death

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    Big-game trophies will no longer be carried on the three biggest US airlines, expanding the number of global carriers to adopt such bans amid growing anger over the killing of Cecil the lion in Zimbabwe. American Airlines Group Inc adopted …

  • Corporate  |  AUGUST 4, 2015 9:42 PM

    ‘Water supply takeover can be finalised in 60 days’

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    The federal government is optimistic that the process of handing over the management of water supply services to Pengurusan Air Selangor Sdn Bhd can be settled within 60 days as planned, says Energy, Green Technology and Water Minister Maximus Ongkili. He said a …

  • Corporate  |  AUGUST 4, 2015 9:36 PM

    Flaperon tests under judicial procedure framework

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    Technical examinations will be conducted in the framework of judicial procedure and of the international technical investigation altogether for the examination of the flaperon found in Reunion Island. Malaysia’s Department of Civil Aviation director-general Azharuddin Abdul Rahman said the matter was agreed upon …

  • Corporate  |  AUGUST 4, 2015 9:06 PM

    Edaran Tan Chong posts 8.5% sales growth in 1H

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    Edaran Tan Chong Motor Sdn Bhd (ETCM), the distributor of Nissan brand in Malaysia, has registered an 8.5% growth in sales to 23,294 units in the first half of this year, says executive director Ang Bin Beng. He said the strong momentum would likely …

  • Economy  |  AUGUST 4, 2015 9:01 PM

    TPPA to deepen US’ ties with Asean, says Kerry

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    The US will continue to work with its partners to promote a stable, rules-based order for the Asia Pacific and the Trans-Pacific Partnership (TPP) will spur momentum in that effort, says US Secretary of State John Kerry. For example, he said, the TPP …

  • World Biz  |  AUGUST 4, 2015 8:46 PM

    Uber seen as lab rat for sharing-economy model

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    The most serious challenge to Uber Technologies Inc’s “Be your own Boss” business model might also present an early test to the wider sharing economy as well as undermine its own US$50 billion (RM192.3 billion) valuation. The immediate battle comes …

  • Corporate  |  AUGUST 4, 2015 8:43 PM

    Hibiscus unit awarded concession in Egypt

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    Hibiscus Petroleum Bhd’s wholly-owned unit Gulf Hibiscus Ltd has been awarded the South East Ras El Ush concession (Block 2) in Egypt by the Ganoub El-Wadi Petroleum Holding Co, an entity of the Egyptian Petroleum Ministry In a filing to Bursa Malaysia …

  • Corporate  |  AUGUST 4, 2015 8:26 PM

    Tomei to distribute Perth Mint products in Asia

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    Tomei Consolidated Bhd’s (TCB) unit Tomei Gold and Jewellery Holdings (M) Sdn Bhd has been appointed as distributor with its own right to sell and distribute the Perth Mint Australia products throughout Asia. The distribution agreement was signed recently with Goldcorp Australia, a body …

  • Corporate  |  AUGUST 4, 2015 8:19 PM

    PetGas posts lower 2Q pre-tax profit of RM527.1 mil

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    Petronas Gas Bhd’s pre-tax profit for the second quarter ended June 30, 2015, fell to RM527.1 million from RM578.92 million in the corresponding quarter of 2014. Revenue declined to RM1.08 billion from RM1.1 billion previously due to lower utilities revenue. In a filing …

  • Corporate  |  AUGUST 4, 2015 8:15 PM

    Formosa Prosonic to realise one-off RM8.73 mil gain

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    Formosa Prosonic Industries Bhd (FPI) and its units are expected to realise an estimated one-off net gain of RM8.73 million in relation to its recent disposal, it said in a filing to Bursa Malaysia. Last month, FPI’s unit Winmax Holdings Group Ltd has …

  • Corporate  |  AUGUST 4, 2015 8:09 PM

    Tune Ins awaits approvals for PT Asuransi stake buy

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    Tune Ins Holdings Bhd, an investment holding company, is still in discussions and awaiting the necessary approvals from the regulators to proceed with the acquisition of a 50%-plus-one-share equity interest in Indonesian insurer PT Asuransi Staco Mandiri (ASM). “Tune Ins will continue to …

  • Corporate  |  AUGUST 4, 2015 8:04 PM

    Tiger Synergy accepts RM5.6 mil term loan

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    Tiger Synergy Bhd’s unit Pembinaan Terasia Sdn Bhd accepts the term equity financing-i of RM5.6 million from Public Islamic Bank Bhd. In a filing to Bursa Malaysia, the company said the loan was for the acquisition of property under Islamic principle with a …

  • World Biz  |  AUGUST 4, 2015 8:00 PM

    Microsoft’s offshore profit pile surges past RM415 bil

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    Microsoft Corp’s stockpile of offshore profits rose to US$108 billion (RM415.3 billion), with a 17% increase over the past year as the company continues reaping profits in low-tax foreign jurisdictions. The company crossed the US$100 billion mark, making it just …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 7:53 PM

    Suitors cautiously eye 1MDB power assets amid scandal

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    At least half a dozen suitors have bid for energy assets of Malaysia’s debt-laden state fund 1Malaysia Development Bhd (1MDB), despite it being at the centre of the country’s ongoing political crisis, according to four people familiar with the matter. …

  • Corporate  |  AUGUST 4, 2015 7:38 PM

    Hartalega posts 1Q PAT of RM62.7 mil

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    Hartalega Holdings Bhd’s profit after tax improved to RM62.7 million for its first quarter ended June 30, 2015, a 14.1% increase from the preceding quarter. Revenue came in at RM320.5 million, up by 5% from the preceding quarter. The results were attributable to …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 7:26 PM

    Arrest warrant for S’wak Report editor

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    The Malaysian police obtain an arrest warrant for Sarawak Report editor Clare Rewcastle-Brown. The warrant is in connection with offences allegedly committed under Section 124B and 124I. In a statement, Bukit Aman said it would also proceed with applications to place …

  • Markets  |  AUGUST 4, 2015 7:06 PM

    Ringgit ends weaker against US dollar

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    The ringgit ended lower against the US dollar on bearish demand for the local note and capped by falling commodity prices. At 5pm, the ringgit was quoted at 3.8520/550 against the greenback from 3.8510/8550 on Monday. MIDF Amanah Investment Bank Bhd’s research arm …

  • Corporate  |  AUGUST 4, 2015 7:05 PM

    F&N posts higher 3Q pre-tax profit of RM98.3 mil

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    Fraser & Neave Holdings Bhd’s (F&N) pre-tax profit for the third quarter ended June 30, 2015, rose to RM98.3 million from RM71.21 million in the corresponding quarter of 2014. Revenue expanded 10.8% to RM1.08 billion from RM971.13 million previously. In a filing to Bursa …

  • Featured and Exclusive & Finance  |  AUGUST 4, 2015 7:02 PM

    Greece expects to conclude bailout deal by Aug 18

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    Greece expects to conclude a bailout deal with international lenders by Aug 18, with the drafting of the accord starting on Wednesday, government spokesperson Olga Gerovasili says. “The first phase of negotiations ends today and the second phase starts, which really …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 6:59 PM

    MAHB: Bent wheel not due to parking bay pavement

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    Malaysia Airports Holdings Bhd (MAHB) says initial findings showed that the aircraft rollback incident on July 17, 2015 was not due to parking bay pavement at klia2. “There were six other aircraft, all of which are owned by AirAsia Indonesia, that had docked …

  • Corporate  |  AUGUST 4, 2015 6:56 PM

    Alam Maritim secures RM40.7 mil contract

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    Alam Maritim Resources Bhd’s unit Workboat International DMCCO secures a RM40.7 million contract for the provision of one unit of standby rescue vessel. The contract, inclusive of an extension period, was secured from Allianz Middle East Ship Management LLC, a company incorporated in the …

  • Launches  |  AUGUST 4, 2015 6:04 PM

    Lotus introduces limited edition Elise Great Britain

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    Lotus Cars Malaysia, a wholly-owned unit of Proton Holdings Bhd, introduces a special limited edition Lotus Elise Great Britain to the Malaysian market. In a statement today, Proton said the model, priced at RM254,888, is available in three metallic colours – metallic silver, metallic …

  • Commodities  |  AUGUST 4, 2015 5:51 PM

    Rubber market ends lower

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    The Malaysian rubber market ended lower today in line with the movement on regional futures markets, dealers say. A dealer said the prices of commodities as copper, crude oil, and sugar also fell due to growing concerns over demand from China on …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 5:43 PM

    KL shares end lower on profit taking; CI falls 1.17%

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    Bursa Malaysia ended lower today on major profit taking, dealers say. A dealer told Bernama the selling occurred throughout the trading session, prompted by a weaker ringgit and discouraging China stock market performance which led most regional markets to be on negative territory. …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 5:37 PM

    MAHB: Every measure taken for klia2 safety

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    Malaysia Airports Holdings Bhd (MAHB) assures that every measure is being taken to ensure public safety at klia2, despite concerns about the budget airport’s structural faults. “MAHB, as the airport operator for klia2, abides by the standards and safety regulations …

  • Corporate  |  AUGUST 4, 2015 5:16 PM

    UMW Industries opens new building

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    UMW Industries (1985) Sdn Bhd opens its new building at Jalan Utas, Seksyen 15 to cater to its growing business and serve its customers better. UMW group president and chief executive officer Syed Hisham Syed Wazir said as the sole distributor for Toyota’s industrial equipment since …

  • Corporate  |  AUGUST 4, 2015 5:09 PM

    Mier expects ringgit to rebound by year-end

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    The Malaysian Institute of Economic Research (Mier) expects the ringgit to rebound by year-end in line with the World Economic Forum’s (WEF) 2015 crude oil price forecast of between US$58 and US$59. Executive director Professor Zakariah Abdul Rashid said crude oil prices as of …

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 5:00 PM

    ‘Policy initiatives needed to arrest ringgit decline’

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    “The current factors driving the ringgit to the weak side is obvious; the sharp decline in FX reserves, the political uncertainty, and the risk of rise in US interest rates.”

  • Corporate & Featured and Exclusive  |  AUGUST 4, 2015 4:29 PM

    Husni: Global events causing poor sentiment over ringgit

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    The ringgit’s ongoing weakness against the US dollar is being driven by poor sentiment as a result of global economic events, says Second Finance Minister Ahmad Husni Mohamad Hanadzlah.

  • Featured and Exclusive & Opinion  |  AUGUST 4, 2015 4:29 PM

    The secret to a great economy

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    Almost nothing in economics is more important, or mysterious, than productivity. It means the amount of stuff — goods, services, economic value — produced for a given amount of input. It is productivity that separates today’s rich, modern consumer societies …

  • Featured and Exclusive & Markets  |  AUGUST 4, 2015 4:08 PM

    Athens shares fall 4.5%, after 16.2% plunge yesterday

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    Greek stocks were down 4.5% in early trade on Tuesday, dragged down by another near 30% plunge in banking stocks, a day after sustaining record losses when the bourse opened following a five-week shutdown. The main Athens index lost 16.2% on Monday, …

  • Corporate & Launches  |  AUGUST 4, 2015 3:59 PM

    REDtone launches comms app for citizens, local councils

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    Integrated telecommunications solutions provider REDtone International Bhd unveils its first Internet of Things (IoT) application for Smart City known as CitiAct, a citizen engagement mobile application that facilitates communication between citizens and their respective local councils. CitiAct, developed by REDtone’s …

  • Featured and Exclusive & Opinion  |  AUGUST 4, 2015 3:57 PM

    It’s a RM2.6 bil ‘donation’…stupid?

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    Finally, there is confirmation from the investigations that some RM2.6 billion was indeed transferred into prime minister Najib Abdul Razak’s accounts but they were “merely from donors”. Is this a corrupt act or not?

  • Markets  |  AUGUST 4, 2015 3:44 PM

    KL shares stay lower at mid-afternoon; CI down 17.31 pts

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    Bursa Malaysia was easier at mid-afternoon today on selling activities led by foreign investors, a dealer says. At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,726.88, down 17.31 points. “The rapid foreign cash-off today was due to numerous …

  • Corporate  |  AUGUST 4, 2015 3:33 PM

    Xin Hwa unit bags RM1.8 mil contracts from MMHE

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    Newly-listed Xin Hwa Holdings Bhd’s unit Xin Hwa Trading & Transport Sdn Bhd secures two contracts worth RM1.8 million. In a filing to Bursa Malaysia today, Xin Hwa said the first contract from Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) is for …

  • 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 a shaprly 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

    Story by

    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 …