• Featured and Exclusive & World Biz  |  JUNE 30, 2015 12:10 PM

    Apple Music streaming service debuts today

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    Apple’s answer to music streaming debuts today, as the global tech company attempts to leverage its entertainment clout in the booming on-demand music business. “We are profoundly passionate about music,” the company declared on its website, so we’ve set out …

  • Markets  |  JUNE 30, 2015 11:53 AM

    KL shares higher at mid-morning

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    Bursa Malaysia was higher at mid-morning today on a technical rebound after yesterday’s steep decline, said Kenaga Research. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.86 points higher at 1,697.78. “We are anticipating Fitch Rating’s sovereign credit rating revision …

  • Economy & World Biz  |  JUNE 30, 2015 11:40 AM

    Thai baht set for worst quarter since 2013

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    Thailand’s baht headed for its biggest quarterly drop since 2013 as global funds sold the nation’s assets amid a deepening economic slowdown and the prospect of higher US interest rates. Overseas investors withdrew a net US$980 million (RM3.69 billion) from …

  • World Biz  |  JUNE 30, 2015 11:33 AM

    ‘Brexit’ would be a disaster for UK, says industry group

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    A British exit from the European Union (EU) would be disastrous for the UK financial industry and could prompt companies to leave the country, the sector’s main lobby group said on Tuesday. TheCityUK also said the British government should hold …

  • Featured and Exclusive, Finance, Markets  |  JUNE 30, 2015 11:13 AM

    Ringgit rebounds from 10-year low after Zeti reassures

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    The ringgit rebounded from a 10-year low after Bank Negara Malaysia governor Zeti Akhtar Aziz said its weakness isn’t sustainable. The currency snapped a five-day decline after Zeti said the exchange rate reflected market sentiment and not underlying economic fundamentals …

  • Featured and Exclusive & World Biz  |  JUNE 30, 2015 10:58 AM

    Greeks rally to back Tsipras’ anti-austerity stance

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    Tens of thousands of Greeks rallied on Monday to back their leftwing government’s rejection of a tough international bailout after a clash with foreign lenders pushed Greece close to financial chaos and forced a shutdown of its banking system. With …

  • Finance & Markets  |  JUNE 30, 2015 10:16 AM

    Ringgit opens firmer against US dollar

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    The ringgit pared yesterday losses against US dollar to open firmer, bolstred by commercial demand, dealers said. At 9.15 am, the local currency was quoted at 3.7785/7815 against 3.7825/7855 yesterday. The ringgit, however, opened lower against other major currencies. It weakened against the …

  • Markets  |  JUNE 30, 2015 10:12 AM

    KL shares open higher but turn easier thereafter

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    Share prices opened higher but turned easier thereafter, tracking the performance of regional peers amid negative signals from Wall Street over the Greece’s debt settlement, dealers said. At 9.14 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.15 of a …

  • World Biz  |  JUNE 30, 2015 8:40 AM

    Greek PM says he won’t be the one to pursue austerity

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    Greece’s left-wing government will respect a Greek decision to press ahead with austerity long-term, “but we will not be the ones to carry it out,” Prime Minister Alexis Tsipras said on Monday. Tsipras said the result of a referendum on …

  • Corporate & World Biz  |  JUNE 30, 2015 8:20 AM

    Meeting to finalise TPP set for last week of July

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    A ministerial meeting aimed at finalizing the 12-nation Trans-Pacific Partnership, or TPP, trade deal is set for the last week of July, a source close to the negotiations said on Monday on condition of anonymity. The meeting of trade ministers …

  • Issues  |  JUNE 30, 2015 8:00 AM

    Why are investors selling down the ringgit?

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    The ringgit hit a 10-year low yesterday morning, at 3.7843 against the US dollar. Its weakness has been attributed to factors such as Malaysia’s falling forex reserves, falling oil prices and a possible sovereign rating downgrade by Fitch. But are they the real reasons? Are investors’ concerns overdone? KINIBIZ investigates.

  • Commodities  |  JUNE 30, 2015 7:49 AM

    Gold firms as Greece fears pressure global stock markets

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    Gold firmed on Monday, as the prospect of a Greek debt default hit global shares, offsetting wariness among investors over the metal’s longer-term outlook. US stocks added to a global selloff as Greece veered toward a default on its debt, …

  • Finance & Markets  |  JUNE 30, 2015 7:45 AM

    Euro drops on Greek worries while rallying against dollar

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    The euro fell against most other major currencies on Monday as Greece’s debt crisis worsened and moved the nation closer to exiting the euro zone. Still, the euro rose nearly 1% against the dollar after dropping earlier, as some investors …

  • Commodities & Featured and Exclusive  |  JUNE 30, 2015 7:37 AM

    Oil hits 3-week lows as Greek crisis worsens

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    Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied …

  • Featured and Exclusive & Markets  |  JUNE 30, 2015 7:23 AM

    Wall St falls as investors flee equities on Greek debt crisis

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    US stocks fell sharply in heavy trading on Monday and the S&P 500 and the Dow had their worst day since October after a collapse in Greek bailout talks intensified fears that the country could be the first to exit …

  • World Biz  |  JUNE 29, 2015 10:45 PM

    Two Uber executives taken into police custody in France

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    French police have brought in two executives from US technology company Uber for questioning as the government’s clampdown on the taxi and ride-sharing service intensifies, says a person from the prosecutor’s office. Thibaud Simphal, the manager of Uber France, and Pierre-Dimitri …

  • Corporate  |  JUNE 29, 2015 9:23 PM

    Ire-Tex eyes 30% revenue growth this year

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    Corrugated packaging services provider Ire-Tex Corp Bhd expects revenue growth of about 30% for the financial year ending Dec 31, 2015 (FY15) after registering RM108.2 million last year. Group managing director Yap Tatt Keat said Ire-Tex is looking at revenue of RM130 million for FY15 …

  • Corporate  |  JUNE 29, 2015 9:17 PM

    Hiap Teck posts pre-tax loss of RM4.83 mil in 3Q

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    Hiap Teck Venture Bhd reported a pre-tax loss of RM4.83 million for the third quarter ended April 30, 2015, from a pre-tax profit of RM11.67 million in the same period a year ago. Revenue, however, rose to RM335.05 million from RM296.74 million, …

  • Corporate  |  JUNE 29, 2015 9:13 PM

    ‘Bigger allocation needed to improve broadband services’

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    The development of telecommunications infrastructure to improve the quality of broadband services in the country requires a bigger allocation than what was initially provided by the government. Communications and Multimedia Minister Ahmad Shabery Cheek said in order to achieve the target of having …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 9:05 PM

    TNB, Mitsui get addendum to LOA for Project 3B

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    Tenaga Nasional Bhd (TNB) says that the company and Mitsui & Co Ltd have received an additional addendum to the letter of award dated June 3, 2014 for the coal-fired 3B power plant project from the Energy Commission (EC). In a filing …

  • Corporate  |  JUNE 29, 2015 8:58 PM

    State Reserve Fund to get RM880 mil funding

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    The National Finance Council has agreed that the federal government provide an additional RM350 million to the State Reserve Fund (KWRN) for 2015 and 2016, says Prime Minister Najib Abdul Razak. Najib, who is also the finance minister, said the federal government …

  • Corporate  |  JUNE 29, 2015 8:50 PM

    Yinson to reinvest RM228 mil into O&G projects

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    Yinson Holdings Bhd plans to reinvest RM228 million into lucrative oil and gas (O&G) projects with higher internal rate of returns following the sale of the group’s non-core assets. Executive chairman Lim Han Weng said the proceeds would enable the group to drive …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 8:46 PM

    Sunway plans other listings after SunCon IPO

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    Malaysian quarry-to-property conglomerate Sunway Group has plans to list some of its other businesses after the initial public offering (IPO) of its construction arm takes place in July, its founder and chairman Jeffrey Cheah says. “We do have (plans), but …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 8:39 PM

    Sunway Construction to raise up to RM550 mil from IPO

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    Sunway Construction Group Bhd (SunCon), a unit of Sunway Bhd, is expected to raise proceeds of up to RM550 million from its initial public offering (IPO) of 398.7 million shares and an overallotment option of up to 59.8 million shares based on a …

  • Corporate, Economy, Featured and Exclusive  |  JUNE 29, 2015 7:17 PM

    Najib: Greece crisis has no systemic effects on M’sia

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    Prime Minister Najib Abdul Razak says the financial crisis in Greece will not have any systemic effect on the Malaysian economy. Najib, who is also the finance minister, said he will monitor developments in Greece over the next one or two days. …

  • Singapore  |  JUNE 29, 2015 7:08 PM

    Peter Lim’s firm acquires Ronaldo’s image rights

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    Mint Media, a Hong Kong-based company owned by Singapore businessman Peter Lim, acquires the image rights for football star Cristiano Ronaldo, paving Lim’s entry into the business of sports marketing. Under the deal with Ronaldo, Mint Media will own and administer all of Ronaldo’s …

  • Corporate  |  JUNE 29, 2015 7:00 PM

    Scientex acquires land in Johor for RM219 mil

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    Scientex Bhd’s wholly-owned subsidiary Scientex Quatari Sdn Bhd acquires 130.4ha of freehold land in Pulai, Johor Bahru for RM219 million from two vendors. The first piece of land measuring 100.8ha was acquired from Bukit Gambir Co Sdn Bhd, while the remaining 29.6ha was bought …

  • World Biz  |  JUNE 29, 2015 6:54 PM

    European banks erase RM168 bil as Greece edges toward exit

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    European banks slumped the most since 2011, erasing more than 40 billion euros (RM168.2 billion) in market value, after Greece imposed capital controls and shut lenders. The Stoxx 600 Banks Index fell as much as 4.4%, the biggest intraday decline …

  • Economy  |  JUNE 29, 2015 6:26 PM

    Labour participation rate rises to 67.5% in 2014

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    The participation rate of the labour force in Malaysia improved to 67.5% in 2014 from 67% previously, says the Statistics Department. In a statement today, the department said the increase of 0.5 percentage point was contributed by the rise in the number of employed …

  • Featured and Exclusive & Markets  |  JUNE 29, 2015 6:20 PM

    KL shares end lower; CI falls to lower level this year

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    Bursa Malaysia ended on easier note today with the key index closed at its lowest level so far this year on persistent selling pressures across the board, dealers say. Amid weak internal and external sentiments, the FTSE Bursa Malaysia KLCI fell 18.55 points …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 6:01 PM

    Data show short-sellers targeting AirAsia

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    Short-sellers are targeting AirAsia Bhd amid accounting worries at Asia’s biggest budget carrier, with its shares among the most borrowed securities in Southeast Asia in recent weeks, data show. Loaned stock for Malaysia’s AirAsia rose to a high of 47 …

  • Featured and Exclusive & World Biz  |  JUNE 29, 2015 6:00 PM

    The Greek damage, in one chart

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    Now that Greece and its European creditors have set the country on a perilous path into the unknown, it’s worth considering the economic damage that almost a year of political turmoil and brinkmanship has wrought. Nowhere is this clearer than with …

  • Corporate  |  JUNE 29, 2015 5:52 PM

    Tabung Haji inks charter deal with MAS

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    Tabung Haji (TH) enters into an agreement with Malaysia Airlines (MAS) Charter Services to carry pilgrims to the Holy Land during the 1436H/2015 Hajj season. TH and MAS’ Hajj partnership started back in the 1980s. The airline’s experience and competency in managing …

  • Featured and Exclusive & Markets  |  JUNE 29, 2015 5:44 PM

    Ringgit ends at 10-year low against US$; at 2.8 against S$

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    The ringgit fell to a 10-year low in cautious trading following concerns over Greece’s debt default, dealers say. At 5pm, the local note was quoted at 3.7825/7855 against the greenback from 3.7660/7690 on Friday. Jitters over a possible Fitch Ratings downgrade on …

  • Commodities  |  JUNE 29, 2015 5:38 PM

    Rubber market closes lower

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    The Malaysian rubber market extended its losses to close lower today amid negative response on reports that Greece failed to strike a deal with its lenders to secure emergency funding, a dealer says. The dealer said investors were also cautious over …

  • Opinion  |  JUNE 29, 2015 5:30 PM

    Why Latin America’s center is holding

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    SANTIAGO – The Viennese writer Stefan Zweig allegedly said, “Brazil is the country of the future – and always will be.” Likewise, centrist politics in Latin America has perpetually been on the horizon – until now. To outsiders, the region …

  • Featured and Exclusive & World Biz  |  JUNE 29, 2015 5:19 PM

    Greece in shock as banks shut after debt talks break down

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    Greeks woke up to shuttered banks, closed cash machines and a climate of rumours and conspiracy theories on Monday as a breakdown in talks between Athens and its creditors plunged the country deep into crisis. After receiving no extra emergency …

  • Corporate  |  JUNE 29, 2015 5:03 PM

    ‘Mara’s Australian structure early warning sign of issues’

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    The use of offshore companies and layers of shield entities in Majlis Amanah Rakyat (Mara)’s property investment in Melbourne raises suspicion, according to PKR’s secretary general, Rafizi Ramli. In a press conference held at the National Oversight and Whistleblowers center …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 4:55 PM

    Husni: No proposal to change 1MDB board members

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    There is no proposal to change the board members of 1Malaysia Development Bhd (1MDB) appointed earlier, says Second Finance Minister Ahmad Husni Hanadzlah. Ahmad Husni said the arrest of former PetroSaudi International Ltd executive Xavier Justo in Thailand recently has much impact …

  • TigerTalk  |  JUNE 29, 2015 4:45 PM

    A new RM17.8 bil twist in 1MDB ‘guarantee’

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    MP Tony Pua and 1Malaysia Development Bhd (1MDB) are in dispute over whether there’s a government guarantee or not over US$4.71 bil (RM17.8 bil) IPIC loans to the latter. But taking off the semantics and just maintaining the meaning shows Pua is clearly right.

  • Markets  |  JUNE 29, 2015 3:50 PM

    KL shares dip further at mid-afternoon

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    Bursa Malaysia continued to decline further at mid-afternoon today in line with regional peers, dealers say. At 3.03pm, the FTSE Bursa Malaysia KLCI, dropped 20.8 points to 1,689.67 points. A dealer said regional markets were sluggish following Greece’s imposition of capital controls to …

  • Corporate  |  JUNE 29, 2015 3:44 PM

    BPMB appoints new president/group MD

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    Bank Pembangunan Malaysia Bhd (BPMB) has appointed Mohammed Rafidz Ahmed Rasiddi as president and group managing director effective June 15. Prior to joining BPMB, he was the deputy chief executive officer and head of corporate investment banking at MIDF Amanah Investment Bank. Mohammed …

  • Corporate, Economy, Featured and Exclusive  |  JUNE 29, 2015 3:37 PM

    Putrajaya to make good 1MDB-IPIC white knight deal

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    Putrajaya has committed to making good 1Malaysia Development Bhd (1MDB)’s commitment in its recent transaction with International Petroleum Investment Company (IPIC), which saw the later provide billions in early June to repay some debt. A filing to the London Stock …

  • TigerTalk  |  JUNE 29, 2015 3:37 PM

    How about ‘no’, Rajawali?

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    There is a fine line between confidence and audacity, and Tiger thinks Rajawali may very well have crossed it with their offer. 21% shares in FGV in exchange for control of EHP? Tiger advocates no.

  • Corporate  |  JUNE 29, 2015 3:34 PM

    Eversendai bags contracts worth RM250 mil

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    Eversendai Corp Bhd is confident of doubling its revenue and hit the RM2 billion mark by the financial year ending Dec 31, 2017 (FY17). Executive chairman and group managing director AK Nathan said the group could even reach the target a year earlier …

  • World Biz  |  JUNE 29, 2015 3:20 PM

    EU tries to look beyond Greece to deepen China ties

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    The European Union (EU) will briefly put aside worries about Greece to broaden its relations with China at a summit in Brussels on Monday, hoping for Chinese investment in Europe’s new infrastructure fund and support for a global climate deal. …

  • Corporate & Featured and Exclusive  |  JUNE 29, 2015 3:12 PM

    Dr M: What will IPIC get from taking over 1MDB’s loans?

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    What are the assets that UAE’s International Petroleum Investment Company (IPIC) will receive in exchange for taking over 1MDB’s loans, former prime minister Dr Mahathir Mohamad wants to know. “Curiously no mention is made of what the 1MDB assets are, …

  • Corporate  |  JUNE 29, 2015 3:07 PM

    Exporters urged to use yuan in trades with China

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    Malaysian exporters are encouraged to use Chinese yuan in their trades with China to help mitigate the volatility of foreign exchange, especially in the current economic situation. Malaysia External Trade Development Corp (Matrade) chief executive officer (CEO) Dzulkifli Mahmud said the yuan is …

  • Opinion  |  JUNE 29, 2015 2:38 PM

    Serenity in the South China Sea

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    CANBERRA – Diplomats and alcoholics don’t always have as much in common as is sometimes assumed. But there is useful guidance for policymakers in the Reinhold Niebuhr prayer that Alcoholics Anonymous has made its own: “God, grant me the serenity …

  • Corporate  |  JUNE 29, 2015 2:30 PM

    MAHB to raise passenger movements target

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    Malaysia Airports Holdings Bhd (MAHB) expects to revise upwards its passenger movements at Malaysia’s airports before year-end from the current forecast of 85.8 million. Managing director Badlisham Ghazali said MAHB sees healthy growth from across Asia-Pacific region and expects the trend to continue …