• Corporate  |  AUGUST 5, 2015 12:15 PM

    Initial MH370 debris drift models gave wrong clues

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    Initial models of where potential debris from a missing Malaysia Airlines passenger jet might first wash up had incorrectly identified Indonesia as the most likely location, the Australian body leading the search said on Wednesday. Flight MH370 disappeared without a …

  • World Biz  |  AUGUST 5, 2015 12:04 PM

    Disney shares drop after company lowers cable outlook

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    Walt Disney Co lowered profit guidance for its cable networks unit and reported quarterly revenue slightly below Wall Street forecasts, sending its shares down 6% on Tuesday. The media company now expects annual operating income growth at the unit in …

  • Markets  |  AUGUST 5, 2015 11:42 AM

    KL shares slightly higher at mid-morning

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    Bursa Malaysia was in recovery mode since yesterday’s major losses, lifted by mild buying in selected heavyweights, a dealer said. At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose four points to 1,727.73. Gainers outpaced decliners 299 to 232, while …

  • Corporate & Featured and Exclusive  |  AUGUST 5, 2015 11:35 AM

    The Edge gets leave to challenge suspension

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    Publications The Edge Financial Daily and weekend edition The Edge Weekly obtained leave from the High Court in Kuala Lumpur today to challenge the Home Ministry’s three-month suspension order. However, the court refused to grant an interim stay order against …

  • Markets & World Biz  |  AUGUST 5, 2015 11:15 AM

    Rupiah falls to near 17-year low on bond outflows

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    Indonesia’s rupiah fell to near a 17-year low after foreign funds sold the nation’s bonds before data forecast to show growth slowing for a second quarter. Overseas investors pulled a net 6.9 trillion rupiah (RM1.97 billion) from local-currency government debt …

  • Corporate, Markets, Singapore  |  AUGUST 5, 2015 10:58 AM

    Genting S’pore shares fall the most in 6-years

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    Genting Singapore Plc fell the most in six years after the casino operator warned of a significant fall in second-quarter profit on derivative and currency losses, amid a downturn in gambling by mainland Chinese. Genting Singapore fell as much as …

  • Corporate, Featured and Exclusive, Markets  |  AUGUST 5, 2015 10:32 AM

    Ringgit continues to fall to new 16-year lows

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    The ringgit continues to notch up new 16-year lows on a daily basis as the effect of falling commodities, the prospect of a US interest-rate increase and a political scandal linked to state investment company 1Malaysia Development Bhd hurts sentiment.

  • Finance & Markets  |  AUGUST 5, 2015 10:14 AM

    Ringgit opens lower against US dollar

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    The ringgit was traded weaker against the US dollar in the early session today due to renewed interest for the greenback as declining commodity prices hurt investors confidence further. At 9.02 am, the ringgit was quoted at 3.8720/8750 against the greenback from 3.8520/550 …

  • Corporate & Featured and Exclusive  |  AUGUST 5, 2015 10:06 AM

    MACC chiefs go on leave

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    After reports that Malaysian Anti-Corruption Commission’s number two Mohd Shukri Abdull was told to go overseas despite the commission being heavily engaged in the SRC International Sdn Bhd investigation, it is learnt that chief commissioner Abu Kassim Mohamed is also …

  • Markets  |  AUGUST 5, 2015 9:54 AM

    KL shares open higher

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    Shares on Bursa Malaysia were traded higher this morning, supported by China’s positive stock market outcome, a dealer said. At 9.03 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.33 points better at 1,725.06 after opening 0.2 points lower at …

  • Featured and Exclusive, Finance, Markets  |  AUGUST 5, 2015 9:30 AM

    IMF review recommends delaying adoption of yuan

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    The International Monetary Fund (IMF) should put off any move to add the yuan to its Special Drawing Rights currency basket until September 2016, an IMF staff report said, a move that would effectively end the Chinese currency’s chances of …

  • Corporate, Property, Singapore  |  AUGUST 5, 2015 8:30 AM

    Singapore’s CapitaLand 2Q net profit rises 5.8%

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    CapitaLand Ltd, Southeast Asia’s largest property developer, said second-quarter (2Q) profit rose 5.8% on the year mainly due to fair value gains from two properties. CapitaLand reported a profit after tax and minority interest of S$464 million (RM1.28 billion) for the …

  • Issues  |  AUGUST 5, 2015 8:00 AM

    Sona sees opportunities from falling prices

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    Sona Petroleum Bhd has about one year to secure its QA. For its management team, it is crunch time – their reputation and their investments are on the line. In an interview with KINIBIZ, Sona’s CEO and CFO discuss obtaining a QA, how the low oil prices have affected the process and the Spac investment model.

  • Commodities  |  AUGUST 5, 2015 7:40 AM

    Gold pressured by rising dollar

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    Gold retreated from intraday highs on Tuesday as the dollar moved higher and a voting member of the US Federal Reserve said he is ready to support an interest rate increase in September. Platinum dropped to the lowest in 6-1/2 …

  • OTHERS  |  AUGUST 5, 2015 7:31 AM

    Dollar rises on Atlanta Fed chief’s rate-hike view

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    The dollar rose on Tuesday as a top US Federal Reserve official voiced support for an interest rate increase in September despite a batch of disappointing data on wages and manufacturing activity. Atlanta Fed President Dennis Lockhart told the Wall …

  • StockStalk  |  AUGUST 5, 2015 7:30 AM

    Automotive sector: Gearing up in 2H15 and beyond

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    A weaker ringgit and sluggish consumer demand in 1H15 has seen the automotive sector register slow growth overall, with MAA revising its total industry volume downwards by 0.5%. Can the automotive sector move up a gear into 2H15 and beyond?

  • Commodities & Featured and Exclusive  |  AUGUST 5, 2015 7:25 AM

    Oil prices rebound on China stock market gains

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    Global crude prices rose from multi-month lows on Tuesday, helped by a stock market rally in No. 2 oil consumer China, but abundant supply and a weak demand outlook make crude’s rebound unlikely to hold, traders and analysts said. Brent, …

  • Markets  |  AUGUST 5, 2015 7:18 AM

    Wall St moves lower on Apple, interest rate worries

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    Wall Street ended lower on Tuesday for a third straight session as investors worried about a rise in interest rates while Apple’s shares hit their lowest in over six months. The iPhone maker’s shares fell 3.21% to US$114.64, firmly below their …

  • 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 …