• OTHERS  |  JULY 6, 2015 12:50 PM

    KINIBIZ Magazine: Who needs RM40 bil high-speed rail?

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    Issue 007 of KINIBIZ Magazine hits the stands today with it’s lead story asking who exactly needs a RM40 billion high-speed rail link to Singapore. Trains provide cheaper and comfortable rides across nations and even across continents. I have been …

  • TigerTalk  |  JULY 6, 2015 12:50 PM

    A reformer’s downfall

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      That man came with sweet promises, swaying voters with pledges of change. But the reformer’s tune soon shifted as the days, then years dragged on, culminating in a scandal that rocked the country. He came to power as two …

  • Finance & World Biz  |  JULY 6, 2015 12:06 PM

    Asian bond risk jumps on Greek ‘No’ vote

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    Greek voters’ rejection of austerity sent ripples through Asian credit markets as bond risk surged to a six-month high. The Markit iTraxx Asia index of credit-default swap prices leapt 6 basis points to 117 basis points, prices from Westpac Banking …

  • World Biz  |  JULY 6, 2015 11:45 AM

    US fund Elliott intensifies Samsung merger battle

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    Elliott Associates has bought shares in Samsung Fire & Marine Insurance Co Ltd, a spokeswoman for the South Korean firm said on Monday, potentially strengthening US hedge fund’s hand in its bid to block an US$8 billion (RM30.2 billion) proposed …

  • OTHERS  |  JULY 6, 2015 11:38 AM

    China market meddling risks denting Beijing’s ambitions

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    China’s response to wild swings in its stock markets risks an embarrassing setback to the country’s push to internationalize its financial system, according to investors. Two weeks of panic selling in China’s stock markets has prompted largely ineffective lever-pulling by …

  • Markets  |  JULY 6, 2015 11:33 AM

    KL shares plunges at mid-morning, down 21.85 pts

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    Bursa Malaysia remained lower at mid-morning today dampened by continued losses in selected key heavyweights, dealers said. At 11.01 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 21.85 points lower at 1,712.39. Market breadth was bearish with decliners thumping gainers 560 to …

  • Markets & Singapore  |  JULY 6, 2015 11:04 AM

    Manulife to delay S’pore REIT listing

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    Canada’s Manulife Financial Corp said on Monday it was delaying a plan to raise US$421 million (RM1.59 billion) through a Singapore listing of a real estate investment trust (REIT), citing unfavourable market conditions. “In light of increased volatility in the …

  • World Biz  |  JULY 6, 2015 10:52 AM

    Investors lower Samsung Q2 expectations on S6 doubts

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    Doubts over the sales prospects of Samsung Electronics Co Ltd's new flagship smartphones are damping expectations of a rapid turnaround for the South Korean giant, even though profit likely continues to recover from last year's troughs.

  • Finance & Markets  |  JULY 6, 2015 10:27 AM

    Ringgit breaches 3.80 level against US dollar

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    The ringgit breached the 3.80 level against the US dollar this morning — the level at which it was pegged against the greenback in September 1998. The peg, introduced during the East Asia financial crisis to arrest a slide in the currency, was …

  • Markets  |  JULY 6, 2015 10:02 AM

    KL shares open lower

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    Bursa Malaysia opened lower this morning following lower demand for selected heavyweights, dealers said. At 9.22 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 26.42 points easier  at 1,707.82, after opening 5.81 points lower at 1,728.43. Market breadth was …

  • Featured and Exclusive & World Biz  |  JULY 6, 2015 10:00 AM

    German calls for Grexit mount after Greece’s ‘No’ vote

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    France and Germany called for an emergency summit of euro zone leaders to discuss Greece’s stunning referendum vote on Sunday to reject bailout terms, as calls mounted in Berlin to cut Athens loose from Europe’s common currency. German Chancellor Angela …

  • Featured and Exclusive, Finance, Markets  |  JULY 6, 2015 9:56 AM

    Ringgit hits 16-year low on PM graft allegations

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    Malaysia’s ringgit tumbled to the weakest level since a dollar peg was scrapped in 2005 amid the risk Greece will exit the euro and as the government probes reports that Prime Minster Najib Abdul Razak misappropriated funds. The currency dropped …

  • World Biz  |  JULY 6, 2015 9:20 AM

    Investment appetite rebounds in post-election Britain

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    British firms’ appetite for risk has increased since a national election in May, a survey of finance directors showed on Monday, with businesses confident that Prime Minister David Cameron will be able to negotiate better ties with the European Union …

  • Featured and Exclusive, Finance, Markets  |  JULY 6, 2015 9:00 AM

    Euro hammered on Greek ‘No’ vote, market volatile

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    The euro fell sharply on Monday, while the safe-haven Japanese yen rallied after Greeks voted to reject terms of a bailout, setting the country on course to financial ruin that could splinter Europe if creditors refuse further aid. The common …

  • Markets & World Biz  |  JULY 6, 2015 8:50 AM

    BOJ to monitor market moves after Greece vote

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    Bank of Japan (BOJ) governor Haruhiko Kuroda said the central bank will monitor financial market developments carefully, while keeping in close contact with domestic and overseas related institutions. “The direct economic and financial relations between Japan and Greece are limited. …

  • OTHERS  |  JULY 6, 2015 8:40 AM

    Euro markets set for major jolt after Greek ‘No’

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    European stock and bond markets are set to take a sharp hit on Monday after Greece voted ‘No’ to harsh bailout conditions, and bankers said the European Central Bank’s (ECB) response was now key to the extent of contagion. Many …

  • Featured and Exclusive & World Biz  |  JULY 6, 2015 8:20 AM

    Greeks defy Europe with overwhelming ‘No’ vote

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    Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country’s euro zone membership into further doubt and deepening a standoff with lenders. As the euro slid more than 1% against the dollar …

  • Issues  |  JULY 6, 2015 8:00 AM

    High-speed rail not feasible economically

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    There are many issues surrounding the construction of this high-speed rail link to Singapore, although proponents suggest the economic multipliers alone, which could be gained from such a project, are enough to justify its price tag. Critics say the costs, long-term feasibility, and ability to gain an adequate ridership will all make such a link economically unfeasible.

  • Markets & World Biz  |  JULY 6, 2015 7:45 AM

    China takes emergency steps to prevent stock market crash

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    China’s stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world’s second-largest economy. The government is anxiously awaiting the market …

  • StockStalk  |  JULY 6, 2015 7:30 AM

    MAHB: Weak ringgit to draw in the traffic?

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    After four months of negative passenger growth, the 5.9% year-on-year improvement in May’s numbers would have come as a relief for Malaysia Airports Holdings Bhd. With the weakening ringgit, the airport operator will be hoping to be one of the few businesses to benefit from the depreciating ringgit.

  • Corporate, Economy, Featured and Exclusive  |  JULY 5, 2015 5:22 PM

    M’sia probes link of funds to PM as ministers lend support

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    A Malaysian task force is investigating a money trail that allegedly showed funds ending up in Prime Minister Najib Razak’s bank accounts, a claim he says is political sabotage as some cabinet members voiced support. The Attorney-General said Saturday the …

  • Opinion  |  JULY 5, 2015 4:52 PM

    Greece should vote yes and Europe should be ashamed

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    If I had a vote in today’s referendum in Greece, which way would I cast it? With a heavy heart, I’d vote yes. Greeks are being asked whether to support the terms for further financial assistance offered to their government …

  • World Biz  |  JULY 5, 2015 4:35 PM

    Greece votes on bailout terms too close to call

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    Greeks voted on Sunday whether to accept or reject the tough terms of an aid offer to stave off financial collapse, in a referendum that may determine their future in Europe’s common currency. Held against a backdrop of default, shuttered …

  • Corporate, Economy, Featured and Exclusive  |  JULY 5, 2015 4:23 PM

    AG confirms seeing docs on PM graft allegations

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    Attorney-General Abdul Gani Patail has confirmed he has indeed viewed documents related to the alleged transfer of 1MDB funds into Prime Minister Najib Abdul Razak’s accounts. In a statement today, Gani said they were among the documents collected by the …

  • World Biz  |  JULY 5, 2015 3:17 PM

    Rubbing along with robots tackles Abe’s dilemma

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    Factory worker Satomi Iwata has new co-workers, a troupe of humanoid automata that are helping to address two of Japan’s most pressing concerns – a shortage of labour and a need for growth. The 19 robots, which cost her employer …

  • World Biz  |  JULY 5, 2015 3:00 PM

    Philippines may sell US$750 mil global bonds

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    The Philippines may offer about US$750 million of global bonds in 2016 while seeking to keep domestic funding elevated. The Asian nation plans to borrow 747 billion pesos (US$16.6 billion) next year, and will probably sell 33 billion pesos of …

  • World Biz  |  JULY 5, 2015 8:53 AM

    The messy future of a post-euro Greece

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    Introducing a new currency is no small feat. Recent cases — East Germany’s adoption of the deutsche mark, the Czech-Slovak divorce of 1993, and the creation of the euro itself — benefited from years of careful planning and broad popular …

  • World Biz  |  JULY 5, 2015 8:36 AM

    Greeks head to polls divided for referendum

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    Greeks are heading to the polls Sunday, evenly split on a referendum to chart a new course in their five-year economic crisis. “Come Monday, Greece won’t be facing just massive economic problems; it will be a deeply divided country,” said …

  • Corporate, Economy, Featured and Exclusive  |  JULY 4, 2015 4:06 PM

    WSJ: Our report solid, Najib saw gov’t probe

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    Wall Street Journal (WSJ) today defended its investigative article accusing the prime minister of embezzlement, saying it was based on government investigations, the report of which was seen by Najib Abdul Razak himself. In its report yesterday, WSJ revealed that …

  • Corporate, Economy, Featured and Exclusive  |  JULY 4, 2015 3:54 PM

    Najib may take legal action against WSJ

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    Prime Minister Najib Abdul Razak indicates he may take legal action against Wall Street Journal (WSJ) for its report alleging that US$700 million of 1MDB’s fund was deposited into his private bank accounts. Najib’s political secretary Muhammad Khairun Aseh confirmed …

  • Corporate, Economy, Featured and Exclusive  |  JULY 4, 2015 3:39 PM

    PM threatens full force of law against critics

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    Prime Minister Najib Abdul Razak today threatened to use the “full force of law” against critics who had accused him of stealing state funds. He issued the ultimatum after accusing former prime minister Dr Mahathir Mohamad of masterminding the allegations …

  • Corporate, Economy, Featured and Exclusive  |  JULY 4, 2015 1:13 PM

    Najib: Dr M masterminded claim I stole 1MDB’s money

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    Prime Minister Najib Abdul Razak today accused former premier Dr Mahathir Mohamad of masterminding the latest allegation of him siphoning money from 1MDB. “The latest allegation is that I have taken state-linked funds for personal gain. “I believe Tun (Mahathir), …

  • Editor's Picks & Featured and Exclusive  |  JULY 4, 2015 10:30 AM

    If The Wall Street Journal lied, sue them PM!

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    It was a damning report by The Wall Street Journal (WSJ) in the wee hours of Friday, essentially claiming some US$700 million (RM2.63 billion) of money linked to controversial 1Malaysia Development Bhd (1MDB) somehow found its way to personal bank accounts …

  • Economy  |  JULY 3, 2015 11:06 PM

    Govt decided against increasing RON95 by 20 sen

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    The government should have increased the price of RON95 petrol for July by 20 sen but decided on a 10 sen hike, says Youth and Sports Minister Khairy Jamaluddin. Khairy, who is also the Umno Youth chief, said the government had to …

  • Corporate  |  JULY 3, 2015 10:58 PM

    ‘Malaysia taxi service not worst in world’

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    Malaysia must admit that services of its taxi drivers are indeed far below par, says Tourism Malaysia chairman Wee Choo Keong. But he denied that the taxi service in the country is the worst in the world and stressed Malaysia must have the courage …

  • Featured and Exclusive & Finance  |  JULY 3, 2015 8:33 PM

    Greeks use bitcoin to dodge capital controls

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    There is at least one legal way to get your euros out of Greece these days, to guard against the prospect that they might be devalued into drachmas: convert them into bitcoin. Although absolute figures are hard to come by, …

  • Corporate & Featured and Exclusive  |  JULY 3, 2015 7:49 PM

    TNB buys 70% stake in 1MDB’s Jimah East Power

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    Tenaga Nasional Bhd (TNB) signs a share sale and purchase agreement with 1Malaysia Development Bhd (1MDB) to acquire 70% stake in Jimah East Power Sdn Bhd for RM46.98 million. In a statement today, TNB said the signing of the agreement came after it submitted …

  • Corporate  |  JULY 3, 2015 7:34 PM

    Guocoland unit disposes of stake in DC Tower

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    Hong Leong Real Estate Holdings Sdn Bhd enters into a conditional share sale agreement with Hong Leong Bank to dispose of the entire issued and paid-up share capital of DC Tower Sdn Bhd for RM189.33 million. The company is a wholly-owned unit …

  • Corporate  |  JULY 3, 2015 7:14 PM

    AirAsia has one month left to move to KKIA Terminal 1

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    Low-cost airline AirAsia has only a month left to move its operations from Terminal 2 to Terminal 1 at the Kota Kinabalu International Airport (KKIA). Contacted by Bernama, AirAsia staff at KKIA said they are still waiting for a directive from the airline …

  • TigerTalk  |  JULY 3, 2015 6:33 PM

    If Wall Street Journal lied, sue them PM!

    Story by
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    The latest expose by the Wall Street Journal is making waves in Malaysia for all the wrong reasons – never before has a sitting prime minister been accused of receiving large sums of money (US$700 mil or RM2.6 billion at current exchange rates) into his personal bank accounts. If the newspaper lied, the prime minister is duty bound to all Malaysians to deny everything immediately and sue at once.

  • Markets  |  JULY 3, 2015 6:32 PM

    KL shares end mixed on last-minute buying

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    Last-minute buying pushed shares prices into the positive territory at close on Bursa Malaysia today, dealers say. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,734.24, up 0.36 point, after moving between 1,724.50 and 1,738.09 throughout the day. However, market …

  • Commodities  |  JULY 3, 2015 6:25 PM

    Rubber market to trade cautiously next week

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    The Malaysian rubber market is expected to trade cautiously next week as a number of uncertainties continue to loom over the market, says a dealer. Sentiment is expected to be affected by the overall negative global economic condition, but the overall positive rating …

  • Corporate & Featured and Exclusive  |  JULY 3, 2015 6:22 PM

    Rakyat invited to send in suggestions for Budget 2016

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    The government is inviting members of the public and groups including agencies and non governmental organisations to submit suggestions for the Budget 2016 before it is tabled in Parliament on Oct 23. Deputy Finance Minister Ahmad Maslan said memorandums and proposals via letters …

  • World Biz  |  JULY 3, 2015 6:06 PM

    Uber said to suspend UberPOP activities in France

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    US-based Uber Technologies Inc has decided to suspend its UberPOP ride-hailing application in France, where authorities have denounced it as an illegal taxi service, its local manager told Le Monde daily. “We have decided to suspend UberPOP in France from 2000 …

  • Events  |  JULY 3, 2015 6:05 PM

    BFM Enterprise Takeaway 2015

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  • Corporate & Featured and Exclusive  |  JULY 3, 2015 5:44 PM

    Irwan Siregar appointed to Khazanah board

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      Secretary General of Treasury Mohd Irwan Serigar Abdulah has been appointed to the board of directors of Khazanah Nasional Bhd, according to a statement today. Khazanah is the Malaysian government’s strategic investment fund. The appointment was made at Khazanah’s …

  • Markets  |  JULY 3, 2015 5:41 PM

    Ringgit ends unchanged against US dollar

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    The ringgit ended the week flat against the US dollar today as buyers stayed on the sidelines, rather than take major position ahead of the weekend. At 5pm, the local currency was quoted at 3.7760/7790 from 3.7760/7800  yesterday. It hovered between 3.785 …

  • Commodities  |  JULY 3, 2015 5:31 PM

    Rubber market closes mixed

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    The Malaysian rubber market closed mixed today despite weaker sentiments on the local market, on the fall in crude oil prices and worries over supply glut. However, on Tokyo Commodity Exchange, the rubber futures strengthened for the third day, lifted up by short-covering …

  • World Biz  |  JULY 3, 2015 5:29 PM

    European economy shakes off Greek woes on ECB stimulus

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    The euro-area economy strengthened last month, with a business index rising more than initially reported to the highest level in four years. Markit Economics said its composite Purchasing Managers Index increased to 54.2 from 53.6. That’s above the flash number …

  • Economy, Featured and Exclusive, Markets  |  JULY 3, 2015 5:24 PM

    China joins Greece, Puerto Rico on investors’ watchlists

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    Greece’s full-blown debt crisis and Puerto Rico’s unfolding one have dominated headlines all week, but some of the biggest US investors have China at the top of their worry lists. Jeffrey Gundlach, Bill Gross, Dan Ivascyn, Mohamed El-Erian, and David …