• Economy & World Biz  |  MAY 7, 2015 10:15 AM

    IMF: China’s FX policy should allow more flexibility

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    China should allow greater flexibility in its exchange rate policy by reducing intervention, as part of its efforts to secure a gradual moderation in growth while pursuing economic reforms, the International Monetary Fund (IMF) said on Thursday. “To help deliver durable and balanced …

  • Corporate, Featured and Exclusive, Property  |  MAY 7, 2015 10:00 AM

    Bumper payout for Liew as he leaves SP Setia

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    Former long-time SP Setia chief Liew Kee Sin received a bumper remuneration for his final six months at the company, according to its annual report. According to the 2014 annual report, Liew received a total remuneration of RM13.6 million for …

  • Corporate, Featured and Exclusive, Markets  |  MAY 7, 2015 9:52 AM

    KL shares open sharply lower, Petronas Gas down 46 sen

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    KL shares open sharply lower in tandem with the lower Wall Street performance overnight on higher bond yields and crude oil prices as well as anticipation of weaker jobs report due tomorrow.

  • Finance & Markets  |  MAY 7, 2015 9:36 AM

    Ringgit opens slightly lower against the US dollar

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    The ringgit opened slightly lower against the US dollar today on mild profit taking, a dealer said. At 9.10 am, the ringgit was quoted at 3.5755/5785 against the greenback compared with 3.5680/5860 on Wednesday. The ringgit was also quoted mostly higher against …

  • Economy, Featured and Exclusive, Finance, World Biz  |  MAY 7, 2015 9:26 AM

    European lenders dash Greek hopes for quick aid deal

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    European lenders on Wednesday dashed Greece’s hopes for a quick cash-for-reforms deal in the coming days, leaving Athens in an increasingly desperate financial position ahead of a major debt payment next week. Talks between the two sides have dragged on for …

  • Economy, Featured and Exclusive, World Biz  |  MAY 7, 2015 9:13 AM

    EU unveils digital strategy to break US domination

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    The EU unveiled plans to shake up rules for online services in the hope that breaking down borders can revive the bloc’s economy, but risks accusations of trying to throw up new barriers to the US firms that dominate its …

  • World Biz  |  MAY 7, 2015 8:50 AM

    Tesla posts wider loss, highlights energy storage demand

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    Tesla Motors Inc reported a wider first-quarter net loss on Wednesday, but outperformed expectations and stuck to key milestones for the year ahead, despite pressure on margins. Chief executive officer Elon Musk said during a conference call that demand for …

  • World Biz  |  MAY 7, 2015 8:34 AM

    France probes JPMorgan over role in tax evasion case

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    US bank JPMorgan Chase has been placed under formal investigation in France as part of a probe into alleged tax evasion by senior managers at investment firm Wendel, a court official said on Wednesday. A Paris-based spokesman for JPMorgan declined …

  • Commodities  |  MAY 7, 2015 8:04 AM

    Gold down as strong US yields offset weaker dollar

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    Gold edged down on Wednesday, as the impact of higher US real yields counteracted the effects of a sharply weaker dollar, soft US data and doubts the Federal Reserve will raise interest rates at its June meeting. Spot gold was …

  • Enterprise & Issues  |  MAY 7, 2015 8:00 AM

    More to life than cutting hair

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    A Cut Above’s Winnie Loo had an eventful journey as a hairstylist, but there was more to come for the hairstylist-turned-entrepreneur, as she soon discovered. She tells KINIBIZ about her experiences and the plans she has for her business.

  • Finance & Markets  |  MAY 7, 2015 7:46 AM

    US dollar plunges against euro on rising European yields

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    The US dollar hit its lowest level against the euro since late February on Wednesday after a rise in European yields drove demand for the euro and weak US data supported expectations that the Federal Reserve will delay hiking interest …

  • Commodities & Featured and Exclusive  |  MAY 7, 2015 7:26 AM

    Oil hits 2015 peak after first US crude drawdown since Jan

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    Oil prices hit 2015 peaks on Wednesday amid the first drawdown in US crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally. The dollar’s tumble had also fed …

  • Markets  |  MAY 7, 2015 7:14 AM

    US stocks ends lower amid Fed warns of high valuations

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    US stocks ended weaker on Wednesday after US Federal Reserve Chair Janet Yellen warned of high valuations, adding to anxiety about future interest rates and a global bond rout. The S&P 500 ended at a low not seen since early …

  • Featured and Exclusive & World Biz  |  MAY 6, 2015 10:54 PM

    Old girls club does big deals just like old boys club

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    Maggie Wilderotter reached out to the best dealmakers she knew to pull off an acquisition that earlier this year doubled the size of Frontier Communications Corp, where she had been chief executive officer for more than a decade. To negotiate …

  • Featured and Exclusive & World Biz  |  MAY 6, 2015 10:32 PM

    BHP Billiton shareholders OK to demerger

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    BHP Billiton shareholders approved the spin-off of the global miner’s smaller assets into South32 on Wednesday, paving the way towards a listing on May 18. More than 98% of the votes cast by shareholders in Australia and Britain were in favour of the demerger …

  • Corporate  |  MAY 6, 2015 10:25 PM

    Ministry probes 642 cases of price hike

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    A total of 642 cases are currently investigated under the Price Control and Anti-Profiteering Act 2011 via Ops Catut on 223,834 business premises since the goods and services tax (GST) was implemented on April 1. Domestic Trade, Cooperatives and Consumerism Ministry secretary-general Alias Ahmad …

  • Property  |  MAY 6, 2015 10:19 PM

    GuocoLand’s DC Residency near completion

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    Damansara City, a luxury-integrated development worth RM2.5 billion in gross development value by GuocoLand (Malaysia) Bhd, will open a special pre-launch sale for Singaporean investors between 11am and 7pm from Saturday to Sunday at The Island Suite, Marina at Keppel Bay, Singapore. GuocoLand is …

  • Corporate  |  MAY 6, 2015 10:11 PM

    TNB warns of phishing emails

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    Tenaga Nasional Bhd (TNB) today said there are emails going around purportedly from TNB claiming the recipient is a winner of RM150,000 in cash from the company. TNB senior general manager (corporate affairs and communications), Mohd Aminuddin Mohd Amin, said TNB did …

  • Finance & World Biz  |  MAY 6, 2015 10:07 PM

    Apple said to plan US dollar bond to back share buybacks

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    Apple Inc is planning to sell bonds in the iPhone maker’s fourth multi-billion US dollar offering since 2013 as it borrows to return capital to shareholders while preserving its cash holdings abroad. The company will issue the securities in as …

  • Commodities & Featured and Exclusive  |  MAY 6, 2015 9:27 PM

    Never mind oil, Iran’s about to shake pistachio market

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    Iran is ready to return to the global commodities market, flooding it with fresh supplies and risking a slump in prices. Oil? Possibly, but there’s a second industry that could be even more disrupted by a nuclear pact between Iran …

  • Commodities  |  MAY 6, 2015 9:19 PM

    Ministry to monitor Indonesia’s CPO levies

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    The Plantation Industries and Commodities Ministry will closely monitor the palm oil industry and analyse any possible impact on the local market, following the announcement by Indonesia to impose levies for palm oil exporters. In a statement today, Plantation Industries and Commodities Minister …

  • Enterprise  |  MAY 6, 2015 9:01 PM

    RM115 mil fund allocated to Johor bumi entrepreneurs

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    A total of RM115 million will be allocated to bumiputera entrepreneurs in the state in the government’s effort to continue to stimulate entrepreneurial development especially in Iskandar Malaysia. Bumiputera Agenda Steering Unit (Teraju) chief executive officer Husni Salleh, when announcing this, said RM100 …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 8:46 PM

    Genting breaks ground on Resorts World Las Vegas

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    Genting Group today conducted the groundbreaking ceremony of its Chinese-themed Resorts World Las Vegas (RWLV) – the first Las Vegas Strip development project in nearly a decade — witnessed by Nevada Governor Brian Sandoval and Clark County commissioners. “After 50 years of developing …

  • Corporate  |  MAY 6, 2015 8:40 PM

    Press Metal nearly doubles Q1 pre-tax profit

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    Press Metal Bhd’s pre-tax profit almost doubled to RM70.16 million for the first quarter ended March 31, 2015, from RM36.39 million registered in the same period last year. Revenue rose to RM1.06 billion from RM897.11 million previously, due to the higher production output …

  • Corporate  |  MAY 6, 2015 8:36 PM

    Highway authority denies toll hike in August

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    The Malaysian Highway Authority (LLM) has refuted an article entitled ‘Toll Rate Hike in August?’ uploaded in the Free Malaysia Today website yesterday. LLM director-general Ismail Md Salleh said to date, the government has not made any decision on raising the toll rate. …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 8:28 PM

    Xin Hwa signs underwriting agreement for IPO

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    Xin Hwa Holdings Bhd (XHH) today signed an underwriting agreement with Public Investment Bank Bhd for its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia. Public Investment Bank will be the principal adviser, sole underwriter, and sole placement agent …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 8:21 PM

    Daiwa keen on minority stake in Affin Hwang IB

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    Japanese’s Daiwa Securities Group Inc is keen to buy a minority stake in Malaysia’s Affin Hwang Investment Bank Bhd, parent Affin Holdings Bhd said on Wednesday. Affin, Malaysia’s smallest lender by market value, said on Wednesday the central bank has no objection in principle …

  • Featured and Exclusive, Finance, World Biz  |  MAY 6, 2015 8:18 PM

    God’s new bankers

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    Pope Francis listens attentively at the front of the packed lecture hall, a one-man island of white amid a sea of cardinals in black cassocks and scarlet zucchettos, or skullcaps. The pope and these “princes” of the Roman Catholic Church …

  • Corporate  |  MAY 6, 2015 8:17 PM

    Khazanah announces changes to senior leadership team

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    Khazanah Nasional Bhd today announced the appointment the promotion of Mohamed Nasri Sallehuddin, from director and head of corporate and support services (CSS) to executive director, effective April 1, 2015. In a statement, the investment holding arm of the government, also announced the reappointment …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 7:05 PM

    FGV to dispose of non-core businesses by Q3

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    Felda Global Ventures Holdings Bhd (FGV) will complete the disposal of its non-core businesses by the third quarter of 2015, said group president and chief executive officer Mohd Emir Mavani Abdullah. The disposal, which includes Felda Travel, Felda Property, and Felda Prodata Systems, will …

  • Commodities  |  MAY 6, 2015 6:59 PM

    Mistry turns bearish on CPO prices

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    In less than two months, vegetable oils trader Dorab Mistry’s view on crude palm oil (CPO) prices for the latter half of 2015 has taken a bearish turn. The CPO price analyst is frequently seen at palm oil industry gatherings. …

  • Corporate  |  MAY 6, 2015 6:43 PM

    KLIA Main Terminal receives Airport Carbon Accreditation

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    KL International Airport (KLIA)’s Main Terminal is now certified with the Airport Carbon Accreditation by the Airports Council International (ACI). Malaysia Airports Holdings Bhd (MAHB) said KLIA has reduced its carbon emission intensity by 42.86%. “One of the pillars in the company’s …

  • Commodities  |  MAY 6, 2015 6:33 PM

    Rubber market closes higher

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    The Malaysian rubber market closed higher today on continued buying momentum despite a stronger ringgit against the US dollar today, a dealer said. He said investors took the cue from the higher rubber prices on the Tokyo Commodity Exchange. At the close, the …

  • Corporate  |  MAY 6, 2015 6:30 PM

    FSPB releases first Code of Ethics exposure draft

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    The Financial Services Professional Board (FSPB) has released its first exposure draft on a proposed Code of Ethics for the financial services industry (FSI) that outlines a set of five broad fundamental principles which include professionalism and integrity. The others are fairness, confidentiality, …

  • World Biz  |  MAY 6, 2015 6:20 PM

    Rolex runs ads saying Italian govt disparaged its image

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    Rolex ran full-page newspaper ads in Italy saying the Italian government damaged its image by portraying the perpetrators of a violent protest as spoiled children whose parents could afford to buy them timepieces made by the luxury Swiss watchmaker. In …

  • Corporate, Featured and Exclusive, World Biz  |  MAY 6, 2015 6:15 PM

    Shell CEO in China to lobby for RM251 bil deal

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    The biggest obstacle to Royal Dutch Shell Plc’s US$70 billion (RM251.96 billion) offer for BG Group Plc probably lies in China. Shell chief executive officer Ben Van Beurden visits the country this week to convince officials that the combination of …

  • Corporate  |  MAY 6, 2015 5:55 PM

    MIDA introduces hub incentive to grow services sector

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    The Malaysian Investment Development Authority (MIDA) hopes to improve the services sector’s contribution to Gross Domestic Product to 65% by 2020 from the current 55% with the introduction of the principal hub incentive. MIDA deputy chief executive officer Phang Ah Tong said …

  • Corporate  |  MAY 6, 2015 5:44 PM

    Puncak Semangat opens data centre in Senai

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    Puncak Semangat Sdn Bhd, an associate company of the Al-Bukhary group, is set to tap the growing data market in Malaysia as well as the region with the setting up of a RM180 million data centre in Senai. Puncak Semangat chairman Syed Azmin …

  • Corporate & Singapore  |  MAY 6, 2015 5:42 PM

    S’pore’s HUS unveils hydrogen fueled rotor UAV

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    Hycopter, the world’s first hydrogen fuel cell powered multi-rotor UAV is being readied for a record flight endurance for four hours, or around eight to 10 times of the average flight duration of equivalent systems. Horizon Unmanned Systems (HUS), a Singaporean company, has …

  • Markets  |  MAY 6, 2015 5:35 PM

    KL shares end lower on selling pressure

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    The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended the day in negative territory today on selling activities in selected heavyweights led by Petronas-related counters. At 5pm, the index was 6.45 points lower at 1,820.97 after fluctuating between 1,813.01 and 1,824.21 throughout the …

  • Markets  |  MAY 6, 2015 5:28 PM

    Busy markets lift Euronext profit as CEO makes early exit

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    Pan-European exchange Euronext confirmed its revenue growth and cost saving targets after a 38% jump in first-quarter profit on strong cash trading activity and a surge in the listing of smaller companies. Interim CEO Jos Dijsselhof said on Wednesday the …

  • Markets  |  MAY 6, 2015 5:28 PM

    Ringgit ends higher against US dollar

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    The ringgit ended higher against the US dollar today on continued buying interest for Asian emerging currencies including the local unit, a dealer said. At 5pm, the ringgit was quoted at 3.5680/5860 against the greenback compared to 3.6080/6120 on Tuesday. The dealer said …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 5:24 PM

    Puncak Niaga: Resolve S’gor water issues to avoid dry taps

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    The issues related to restructuring of the water industry in Selangor needs to be resolved at the soonest to avoid taps running dry in the state with water reserves at below 5%. “We need the Langat 2 now and additional water supply …

  • Corporate  |  MAY 6, 2015 5:14 PM

    Petronas, MISC, MMHE alter ship into mobile sea base

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    Petronas, together with MISC Bhd and Malaysia Marine Heavy Engineering (MMHE), has converted Tun Azizan, a cargo vessel, into a mobile sea base ship with the necessity features to function as a long-term national security asset. Petronas senior vice-president of corporate strategy and …

  • Corporate  |  MAY 6, 2015 5:02 PM

    Unisem targets 10% revenue increase for 2H15

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    Semiconductor packaging and test service provider, Unisem Bhd, is eyeing a 10% increase in revenue for the second half of this year. Group chief operating officer Lee Hoong Leong said the rosy outlook is supported by strong global demand for its products such …

  • Corporate & Featured and Exclusive  |  MAY 6, 2015 4:50 PM

    EPF: Initial results show full withdrawal at 55 favoured

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    Preliminary results from the Employees Provident Fund’s (EPF) enhancement initiatives members’ consultation reveal strong support for the option to maintain full withdrawal at age 55. The largest public consultation in the country, which was closed today after running for two weeks starting April …

  • Corporate  |  MAY 6, 2015 4:40 PM

    Iskandar records RM8 bil new investments in 1Q15

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    Iskandar Malaysia recorded RM7.98 billion in new investments in the first quarter of this year. It brought the cumulative committed investments secured to RM166.1 billion from 2006 until March 31, 2015. Announcing the investment figures, Johor Menteri Mohamed Khaled Nordin said of the …

  • Corporate  |  MAY 6, 2015 4:33 PM

    Pharmaniaga downgraded on share price surge: CIMB

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    Bank-backed research house CIMB IB downgraded Pharmaniaga Bhd to a “reduce” recommendation, due to the pharmaceuticals player having a valuation which is rich in comparison to its regional peers, as well as the potential for earnings disappointments and cuts in …

  • Corporate  |  MAY 6, 2015 4:27 PM

    Cypark eyes 30% boost in revenue on LTM project

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    Cypark Resources Bhd is aiming for a 30% boost in revenue or about RM100 million annually from 2017 on its waste-to-energy project in Ladang Tanah Merah (LTM), Negeri Sembilan. Cypark Resources is an integrated environmental technology and engineering provider. Group chief executive officer …

  • Commodities  |  MAY 6, 2015 4:09 PM

    Malaysian palm oil stocks to hit 5-month high – CIMB

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    CIMB’s equities research arm expects Malaysian palm oil stocks to hit a five-month high of 2.24 million tonnes for April, following the the banking group’s futures team’s survey of 22 planters, a report today revealed. This, CIMB Research said, could …