• Markets  |  MAY 27, 2015 11:15 PM

    Venezuela currency collapses 30% on black market trade

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    The stunning collapse of Venezuela’s bolivar in black market trading this month — it fell to as low as 423 bolivars per US dollar from 279 at the start of the month — has left Venezuelans scratching their heads, with many wondering …

  • Markets  |  MAY 27, 2015 11:05 PM

    There’s bull run, then there’s Shenzhen Stock Exchange

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    While markets in the US and much of Europe were closed for a long weekend, stocks in China continued to rally. The Shenzhen Composite Index is now up over 100% year to date. Looking at a one year chart of both of …

  • Economy  |  MAY 27, 2015 10:49 PM

    ‘Current account surplus expected for next 2-3 years’

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    Malaysia is expected to maintain a current account surplus for the next two to three years, mainly supported by exports, Moody’s Investors Service says. Its vice-president and senior analyst for sovereign risk group, Christian de Guzman said recent regional export data showed that …

  • Corporate  |  MAY 27, 2015 10:43 PM

    MUI posts pre-tax loss of RM10.15 mil in Q1

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    Malayan United Industries Bhd (MUI) posted a pre-tax loss of RM10.15 million for the first quarter ended March 31, 2015 from a pre-tax profit of RM107,000 in the same quarter last year. Revenue declined to RM106.68 million versus RM109.4 million, due to …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 10:38 PM

    Najib refutes claims of 1MDB’s RM42 bil losses

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    Claims about the loss of RM42 billion in 1Malaysia Development Bhd’s (1MDB) balance sheet appear to be a deliberate twisting of the facts, says Prime Minister Najib Abdul Razak. Najib said the company has not made a loss of that amount, adding the …

  • Corporate  |  MAY 27, 2015 10:19 PM

    Icon Offshore Q1 PBT plunges to RM2.74 mil

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    Icon Offshore Bhd’s pre-tax profit for the first quarter ended March 31, 2015 fell to RM2.74 million from RM19.7 million in the same quarter last year. The offshore support vessel (OSV) provider’s revenue declined to RM63.59 million from RM80.07 million previously, due to …

  • Corporate  |  MAY 27, 2015 9:01 PM

    CCM confident of returning to black for FY15 results

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    Chemical Company of Malaysia Bhd (CCM) is confident of returning to profitability in the current financial year ending Dec 31, 2015, driven by the pharmaceutical and chemical businesses. Group managing director Leonard Ariff Abdul Shatar said the company’s core business has remained strong, …

  • Corporate  |  MAY 27, 2015 8:53 PM

    Khazanah to observe MAS union’s collective agreement

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    Khazanah Nasional Bhd has agreed to observe the retrenchment package for Malaysia Airlines (MAS) employees in accordance with the collective agreement (CA), which includes a 1.5-month salary in lieu of every year of service and not less, MAS Employees Union (Maseu) says. Maseu …

  • Corporate  |  MAY 27, 2015 8:42 PM

    Xingquan’s Q3 PBT leaps to RM61.33 mil

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    Xingquan International Sports Holdings Ltd’s pre-tax profit for the nine-month period ended March 31, 2015 rose to RM165.88 million from RM114.04 million in the same period last year. In a filing to Bursa Malaysia, the China’s outdoor sportswear manufacturer’s revenue also increased to …

  • Corporate  |  MAY 27, 2015 8:22 PM

    MBC posts pre-tax loss of RM23.12 mil in Q1

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    Malaysian Bulk Carrier Bhd (MBC) registered a pre-tax loss of RM23.12 million in the first quarter ended March 31, 2015, down by RM46.36 million from the RM23.24 million profit achieved in the same period of last year. Revenue fell to RM51.75 million from …

  • Corporate  |  MAY 27, 2015 8:13 PM

    Panasonic posts higher pre-tax profit in Q4

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    Panasonic Manufacturing Malaysia Bhd’s pre-tax profit for the fourth quarter ended March 31, 2015 rose to RM31.81 million from RM25.39 million in the same quarter last year. Revenue, however, fell to RM180.18 million from RM195.51 million due to weaker sales in domestic markets …

  • Corporate  |  MAY 27, 2015 8:04 PM

    Selangor Dredging FY15 profit climbs to RM96.52 mil

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    Property developer Selangor Dredging Bhd (SDB) chalked up a pre-tax profit of RM96.52 million for the financial year ended March 31, 2015 from RM77.72 million it posted a year ago. Revenue increased to RM401.33 million from RM377.28 million previously. In a filing …

  • Corporate  |  MAY 27, 2015 7:58 PM

    TH Plantations’ Q1 PBT plunges to RM320,000

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    TH Plantations Bhd’s pre-tax profit fell to RM320,000 for its first quarter ended March 31, 2015 from RM12.02 million in the same quarter last year. Revenue dropped to RM82.3 million from RM124.25 million previously. “The prolonged dry weather in the first half …

  • Corporate  |  MAY 27, 2015 7:50 PM

    AirAsia X Q1 net loss widens

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    Malaysian long-haul budget airline AirAsia X Bhd on Wednesday reported its sixth consecutive quarterly net loss mainly due to foreign-exchange losses. The carrier’s net loss for the January-March period jumped to RM125.92 million from RM11.28 million in the same period last year. Revenue rose …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 7:46 PM

    Is AirAsia making the best use of its 171 aircraft?

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    AirAsia’s rapid network expansion and huge plane orders aimed at meeting what chief executive officer Tony Fernandes, once described as “amazing” demand, are in the spotlight after the carrier fell into the red for the first time since 2008. Malaysia-based AirAsia, Asia’s biggest …

  • Featured and Exclusive & Issues  |  MAY 27, 2015 7:30 PM

    Could Petronas abort RM100 bil Canadian project?

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    [email protected]

    Petronas’ LNG project in British Columbia — one of its biggest-ever investments overseas — is in danger of being derailed due to fierce resistance by Canadian aboriginal communities. Could Petronas be forced to pull the plug on the RM100 billion …

  • Corporate  |  MAY 27, 2015 7:02 PM

    Genting Plantations’ Q1 PBT drops 54% to RM66.55 mil

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    Genting Plantation Bhd’s pre-tax profit and revenue dropped by 54% and 2.5% respectively for the first quarter ended March 31, 2015 (1Q15) due to lower palm product selling prices and fresh fruit bunches (FFB) production. In a filing to Bursa Malaysia, it said …

  • Corporate  |  MAY 27, 2015 6:52 PM

    Malakoff’s 1Q profit before tax hits RM175.53 mil

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    Malakoff Corporation Bhd’s pre-tax profit for the first quarter ended March 31, 2015 soared to RM175.53 million from RM44.57 million in the same quarter last year. Revenue improved to RM1.35 billion versus RM1.24 billion previously, mainly due to higher capacity factor registered by …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 6:42 PM

    Petronas said to end gasoil storage at Tanjung Langsat

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    Malaysia’s state-owned Petronas is not planning to renew its lease to store gasoil at Tanjung Langsat Terminal (One) in Johor, southern Malaysia, once its contract ends in late May, industry sources close to the matter say on Wednesday. The oil major has a one-year …

  • Corporate  |  MAY 27, 2015 6:30 PM

    TM, U Mobile ink pact on network connectivity

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    Telekom Malaysia Bhd (TM) will provide network connectivity to U Mobile Sdn Bhd, with immediate effect. Global and wholesale executive vice-president Rozaimy Rahman said the U Mobile will utilise its next-generation backhaul (NGBH) services for nine years. “This is in line with …

  • Markets  |  MAY 27, 2015 6:18 PM

    Ringgit ends weaker against US dollar

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    The ringgit continued to contract against the US dollar in line with most emerging Asian currencies on Wednesday. At 5pm, the local unit fell against the greenback to 3.6360/5390 from 3.6285/5315 on Wednesday. A dealer attributed the weaker Asian currencies, including ringgit, …

  • Corporate  |  MAY 27, 2015 5:58 PM

    MISC sets aside RM3.6 bil for capex this year

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    Shipping giant MISC Bhd allocates US$1 billion (RM3.63 billion) for capital expenditure (capex) this year to primarily focus on the petroleum segment business, despite lower oil prices in the global market. President and chief executive officer Yee Yang Chien said the capex …

  • Commodities  |  MAY 27, 2015 5:47 PM

    Rubber market ends stronger on positive sentiment

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    The Malaysian rubber market continued its upward momentum for the fifth consecutive session on Wednesday, lifted by persistent buying and positive market sentiment. “Apart from the weakening ringgit and China’s interest, the local rubber market continued its uptrend as producers rallied to boost …

  • Corporate  |  MAY 27, 2015 5:43 PM

    Zeti: Asean businesses need Asean strategies

    Story by

    While the future for Asean looks promising, Asean businesses, including small and medium enterprises (SMEs), need to consider and explore an Asean strategy, says Bank Negara Malaysia governor Zeti Akhtar Aziz today. She said Asean businesses should also view Asean as an increasingly integrated …

  • Corporate  |  MAY 27, 2015 5:31 PM

    Ministry to study GST impact

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    The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) is studying the impact of the goods and services tax (GST) in efforts to improve its implementation to be compatible with the people’s needs. Minister Hasan Malek said there is one or two matters …

  • Markets  |  MAY 27, 2015 5:25 PM

    KL shares close lower on across-the-board selling

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    The local benchmark index on Bursa Malaysia closed lower today on across-the-board selling as unfavourable external developments clouded the local market. At 5pm, the key benchmark FBM KLCI stood at 1,755.05, 9.02 points easier, after hovering between 1,749.78 and 1,758.35 throughout the day. …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 5:17 PM

    Moody’s: Govt’s handling of 1MDB below par

    Story by

    Although Malaysia is keeping its current credit rating, an analyst with the rating agency Moody’s Investors Service says the government’s handling of the 1Malaysia Development Bhd (1MDB) issue is below par. “The government’s handling of 1MDB isn’t as transparent as …

  • TigerTalk  |  MAY 27, 2015 5:13 PM

    Does 1MDB boss like tai chi?

    Story by
    [email protected]

    Many a question has been asked about 1Malaysia Development Bhd or 1MDB and few direct answers have been forthcoming. But maybe this is normal and the controversial company is simply misunderstood by the public at large, who may be overlooking its tremendous progress over the past six months.

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 5:07 PM

    1MDB seen to have limited impact on credit rating

    Story by

    Despite the intensification of the polemics surrounding the 1Malaysia Development Bhd (1MDB) issue, the rating agency Moody’s Investors Service says this will only have a limited impact on Malaysia’s credit rating. Its senior analyst and vice president Christian de Guzman …

  • Corporate  |  MAY 27, 2015 4:24 PM

    Credit growth remains strong, says Zeti

    Story by

    Credit growth in Malaysia remains strong and it is expanding at the rate of 9%, Bank Negara Malaysia governor Zeti Akhtar Aziz says. “Therefore, we believe there continues to be access to financing,” she said when asked on the small and medium enterprises’ …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 4:13 PM

    1MDB’s audited assets worth RM51.4 bil

    Story by

    The total worth of 1Malaysia Development Bhd’s (1MDB) audited assets for the financial year ended March 31, 2014 was RM51.4 billion, the Dewan Rakyat was told today. The assets comprised current assets worth RM19.5 billion and non-current assets valued at RM31.9 billion, according …

  • Corporate  |  MAY 27, 2015 4:00 PM

    Gov’t to launch RM50 mil soft loan for Chinese SMEs

    Story by

    A RM50 million soft loan fund will be launched next month to help Chinese small and medium entrepreneurs (SME) expand their business, says Minister in the Prime Minister’s office Wee Ka Siong said today. He said the revolving fund will be managed by …

  • Corporate  |  MAY 27, 2015 3:51 PM

    Alliance posts lower FY15 PBT of RM703.21 mil

    Story by

    Alliance Financial Group Bhd posted a lower pre-tax profit of RM703.21 million for the financial year ended March 31, 2015 (FY15) from RM749.35 million achieved in the previous year. Revenue, however, rose to RM1.38 billion during the reviewed year from RM1.35 billion previously, …

  • Corporate  |  MAY 27, 2015 3:44 PM

    Construction underway for Genting Premium Outlets

    Story by

    After the success of the Johor Premium Outlets (JPO), Genting Group and its partner, Simon Property Group, will build a RM200 million premium outlet in Genting Highlands. Set to further position Malaysia as a global shopping haven in the region, the 600,000-square-foot …

  • Markets  |  MAY 27, 2015 3:35 PM

    KL shares stay lower at mid-afternoon

    Story by

    Shares on Bursa Malaysia continued the downtrend on weak buying sentiment at mid-afternoon today with the key benchmark index 12.32 points easier. As at 3.18pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,751.75 points. Market breadth was negative with losers outpacing …

  • Corporate  |  MAY 27, 2015 3:22 PM

    ’84% development projects under 10MP completed’

    Story by

    The Works Ministry has completed 4,303 or 84% of the total development projects under the 10th Malaysia Plan (10MP). Minister Fadillah Yusof said as at March 31, the ministry was been entrusted to carry out a total of 5,095 projects nationwide. “Of the …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 3:13 PM

    PAC says 1MDB given over 2-week notice

    Story by

    The Public Accounts Committee (PAC) dismisses claims by 1MDB that the notice for its officials to appear before the committee was too short. PAC chairman Nur Jazlan Mohamed said the Finance Ministry was notified on May 6 that 1MDB president …

  • Opinion  |  MAY 27, 2015 3:12 PM

    Dissecting water issues in the 11MP


    The Association of Water and Energy Research Malaysia (Awer) has prepared comments on 11th Malaysia Plan (11MP). These comments are based on previous reports and suggestions published by Awer compared to information in 11MP (read together with Strategy Papers by …

  • Corporate  |  MAY 27, 2015 3:00 PM

    Dutch Lady hopes to maintain RM1 bil revenue this year

    Story by

    Dutch Lady Milk Industries Bhd, expects to maintain its revenue target of RM1 billion for this year with the introduction of two new products, says managing director Saw Chooi Lee. Speaking to reporters after the company’s annual general meeting, she said the company …

  • World Biz  |  MAY 27, 2015 2:57 PM

    Australia exports RM11 bil cafe culture to the world

    Story by

    Raj and Sharon Sidhu quit their steady public service jobs in Singapore last year to open a cafe in the city-state, one of Asia’s most competitive coffee-selling markets. For an edge, they spent a month learning the trade in Sydney. “That’s where …

  • Corporate & Launches  |  MAY 27, 2015 2:49 PM

    CIMB-Principal eyes RM300 mil from new fund

    Story by
    [email protected]

    CIMB-Principal Asset Management (CIMB-Principal) today launched the CIMB-Principal Global Dividend Maximiser Fund. The fund aims to provide income and potential capital growth to investors through a collective investment scheme which invests in equities or equity-related securities worldwide. CIMB-Principal CEO Munirah …

  • Commodities  |  MAY 27, 2015 2:20 PM

    Iraq about to flood oil market in Opec price war

    Story by

    Iraq is taking the Organisation of Petroleum Exporting Countries’ (Opec) strategy to defend its share of the global oil market to a new level. The nation plans to boost crude exports by about 26% to a record 3.75 million barrels …

  • Corporate  |  MAY 27, 2015 2:06 PM

    Customs Dept reaps RM2.58 bil in GST from imports

    Story by

    The Royal Malaysian Customs Department has collected RM2.58 billion in goods and services tax (GST) from imports since its implementation on April 1. Deputy Finance Minister Chua Tee Yong said the figure, however, is not the exact amount in government revenue, as a …

  • Featured and Exclusive & Finance  |  MAY 27, 2015 1:57 PM

    China wants to internationalise renminbi

    Story by

    You can’t buy a beer with it. You can’t trade in it. Yet China’s push to win an arcane currency status bestowed by the International Monetary Fund (IMF) is driving policymakers in Beijing to ease capital restrictions. Board members of …

  • Commodities  |  MAY 27, 2015 1:22 PM

    KLTM ends US$300 lower at US$15,550 a tonne

    Story by

    The Kuala Lumpur Tin Market (KLTM) closed US$300 lower at US$15,550 a tonne today due to profit taking, dealers say. A dealer said the loss on KLTM was also in tandem with the performance of the metal on the London Metal Exchange …

  • Corporate & Featured and Exclusive  |  MAY 27, 2015 1:20 PM

    MP files complaint against Deloitte over 1MDB debts

    Story by

    A DAP lawmaker has filed a complaint against international auditor Deloitte for failing to raise the alarm over 1Malaysia Development Berhad (1MDB) that resulted in its continued borrowings and subsequent inability to repay its debt. The complaint was filed with …

  • Markets  |  MAY 27, 2015 1:04 PM

    KL shares continue downtrend at mid-day

    Story by

    Shares on Bursa Malaysia ended the morning session easier due to losses in heavyweights. At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 12.43 points to 1,751.64, after moving between 1,750.12 and 1,758.35 throughout the morning session. Market breadth …

  • Corporate  |  MAY 27, 2015 12:59 PM

    UMW’s Q1 pre-tax profit drops to RM320.02 mil

    Story by

    UMW Holdings Bhd’s pre-tax profit fell to RM320.02 million in the first quarter ended March 31, 2015 from the RM479.38 million registered in the same period last year. The company recorded revenue of RM3.24 billion from RM3.58 billion previously, dragged down by lower …

  • Corporate  |  MAY 27, 2015 12:55 PM

    MACC clears Felda over London hotel buy

    Story by

    In its early investigation report, the Malaysian Anti-Corruption Commission (MACC) has cleared the Felda management of alleged embezzlement over Felda Investment Corp’s (FIC) payment of RM538 million for a luxurious hotel in London. “MACC’s early investigation has not found any …

  • World Biz  |  MAY 27, 2015 12:31 PM

    IPO will happen, says Snapchat CEO

    Story by

    Snapchat CEO Evan Spiegel said on Tuesday the company plans to have an initial public offering but did not specify when that would happen. “We have to IPO,” Spiegel said during a talk at a technology conference hosted in Ranchos Palos Verdes, Calif, by …