• Economy  |  JULY 1, 2015 10:50 PM

    US construction spending rises to 6-1/2-year high

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    US construction spending rose in May to its highest level in just over six and a half years as outlays increased across the board, the latest sign of momentum in the economy. Construction spending increased 0.8% to an annual rate of …

  • Corporate  |  JULY 1, 2015 10:39 PM

    Maybank NY to boost US loan market visibility

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    Malayan Banking Bhd New York (Maybank NY) has hired Peter Sonza, former executive director and head of the loan markets group at Sumitomo Mitsui Banking Corp (SMBC), as head of corporate banking and loan syndication, according to an internal memo …

  • OTHERS  |  JULY 1, 2015 10:00 PM

    How Greece went bust

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    It was a small room with a plain wooden table a few feet wide. The Greek Prime Minister Alexis Tsipras sat on one side, along with a translator and Angela Merkel, the German chancellor. On the other sat President Francois Hollande …

  • Economy  |  JULY 1, 2015 9:07 PM

    Construction sector to contribute 10%-12% to GDP

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    The construction sector will maintain its 10% to 12% contributions to the national gross domestic product (GDP) this year, driven by the number of projects from the ministry and private sector. Works Minister Fadillah Yusof said several projects will be completed this year, including …

  • Economy & Featured and Exclusive  |  JULY 1, 2015 8:33 PM

    US trade rep hopes to wrap up TPPA by year-end

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    US Trade Representative Michael Froman says he hopes to wrap up a trade deal with 11 other Pacific Rim nations soon and send it to the US Congress for approval before the end of the year. “I think the likelihood …

  • World Biz  |  JULY 1, 2015 8:13 PM

    Sao Paulo city council votes to ban Uber

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    The city council of Sao Paulo, South America’s largest metropolis, votes to ban the US-based Uber ride-sharing service late Tuesday, the latest setback for the company after several countries took similar steps in recent months. City lawmakers decided 48 to …

  • Corporate  |  JULY 1, 2015 7:38 PM

    Innity sees up to 30% regional adex growth

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    Innity Corp Bhd, an online media and advertising technology provider, expects its digital advertising expenditure (adex) to grow at an average of 20% to 30% year-on-year across the region. Chief executive officer Peter Phang Chee Leong said the region’s digital adex growth is slightly higher than …

  • Corporate  |  JULY 1, 2015 7:29 PM

    NCB reappoints Idris Kechot as Northport chairman

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    NCB Holdings Bhd reappoints Idris Kechot as the board of directors’ chairman of its wholly-owned subsidiary Northport (Malaysia) Bhd effective today. The appointment comes after the resignation of Northport chairman and director Wan Abdul Rahman Wan Yaacob, the company said in a …

  • Corporate  |  JULY 1, 2015 7:25 PM

    MMC denies approaching KWAP for NCB stake

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    MMC Corp Bhd refutes a newspaper report saying that it approached Retirement Fund Inc (KWAP) to acquire an interest in NCB Holdings Bhd. “We wish to clarify that MMC Corp did not approach KWAP to acquire its interest in NCB Holdings as published by …

  • Featured and Exclusive & Finance  |  JULY 1, 2015 7:19 PM

    Tsipras offers conditional OK to bailout; creditors sceptical

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    Greek Prime Minister Alexis Tsipras has written to international creditors saying Greece could accept a bailout offer published on June 28 if several conditions were changed, but Germany said the letter had come too late and did not go far enough. …

  • Corporate, Economy, Markets  |  JULY 1, 2015 7:09 PM

    StanChart: Reprieve from ringgit temporary

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    Although the ringgit has experienced an initial rebound following Fitch Ratings’ revision of Malaysia’s sovereign rating from “A- negative” to “A- stable”, this reprieve may be temporary, according to Standard Chartered Bank. In a report today, the bank attributed the …

  • Featured and Exclusive & Opinion  |  JULY 1, 2015 7:00 PM

    The future for emerging markets

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    BERKELEY – Over the past year, the global economic environment changed markedly and in unexpected ways. Energy and commodity prices plunged. Growth in China (which accounts for about 40% of global growth) fell to its lowest rate since 1996, even …

  • TigerTalk  |  JULY 1, 2015 6:53 PM

    Time to act on construction safety, Putrajaya

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    Tiger read with great alarm yesterday that over 90% of construction sites inspected during the first five months of 2015 did not comply with safety regulations. With the construction sector being an important contributor to the nation’s GDP, something must be done about this. And soon.

  • Corporate, Economy, Markets  |  JULY 1, 2015 6:38 PM

    Franklin Templeton positive on Fitch rating move

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    Franklin Templeton Investments expresses optimism towards Fitch Ratings’ latest revision to Malaysia’s sovereign rating from “A- negative” to “A- stable”. “We are pleased to see that our sovereign credit outlook has been upgraded to ‘stable’ by Fitch, while Standard & …

  • Corporate & Featured and Exclusive  |  JULY 1, 2015 6:27 PM

    CIMB books RM443.3 mil charge in MSS exercise

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    CIMB Group Holdings Bhd, Malaysia’s second-largest lender by assets, says it will book RM443.3 million in costs from a voluntary redundancy programme in Malaysia and Indonesia. CIMB, which employs 40,000 people, has been implementing cost-cutting measures to improve efficiency after a period of …

  • Markets  |  JULY 1, 2015 6:10 PM

    KL shares end higher; CI up 1.25%

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    Bursa Malaysia closed on a firm note in buoyant trading today with the benchmark index surging forward as the market reacted positively to the “stable” outlook status accorded by Fitch Ratings on the Malaysian economy. At 5pm, the FTSE Bursa Malaysia KLCI finished …

  • Featured and Exclusive & Finance  |  JULY 1, 2015 5:58 PM

    Greece accepts proposals but disagrees on pensions, taxes

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    Greek Prime Minister Alexis Tsipras accepts creditors’ proposals as a basis for compromise to end a standoff over its bailout. In a letter to European Commission president Jean Claude Juncker, European Central Bank president Mario Draghi, and International Monetary Fund …

  • Markets  |  JULY 1, 2015 5:54 PM

    Ringgit ends stronger against US dollar

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    The ringgit closed firmer against the US dollar today as the “stable” outlook by Fitch Rating Agency helped bolstered demand for the local unit. At 5pm, the local currency was quoted at 3.7480/7530 against 3.7740/7770 yesterday. Fitch affirmed Malaysia’s long-term foreign currency issuer …

  • Economy  |  JULY 1, 2015 5:45 PM

    Ukraine halts Russian gas imports after pricing talks fail

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    Ukraine halted natural gas imports from Russia on Wednesday after energy officials from the two countries failed to agree on quarterly prices, state transport monopoly Ukrtransgaz says. “From today, Ukraine is not getting gas from Russia. Transit supplies are as normal,” …

  • Economy  |  JULY 1, 2015 5:37 PM

    China aims to become mid-developed economy by 2050

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    China aims to graduate from its status as a developing country by the middle of this century, Chinese Premier Li Keqiang says. “China remains the world’s biggest developing country,” Li said at the Organisation for Economic Co-operation and Development. “Our …

  • Commodities  |  JULY 1, 2015 5:30 PM

    Rubber market ends mixed

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    The Malaysian rubber market closed mixed today on renewed buying interest, a dealer says. He said the regional market also rebounded today in tandem with the Tokyo Commodity Exchange rubber futures on short-covering after a four-session losing streak. However, he said investors remained …

  • Featured and Exclusive & Finance  |  JULY 1, 2015 5:25 PM

    Greek PM Tsipras said to accept bailout – FT

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    Tsipras will accept creditors’ conditions that are on the table this weekend with only a handful of minor changes, the Financial Times reported, citing a letter the prime minister sent on late Tuesday night which the newspaper obtained. — By Alan Soughley & …

  • Economy  |  JULY 1, 2015 5:14 PM

    S’wak to push for 20% oil royalty

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    Sarawak will receive corporate social responsibility (CSR) contributions totalling RM450 million from Petronas for 2015 to 2019. Chief Minister Adenan Satem said this indicates that Petronas has always been a responsible and generous corporate citizen of Malaysia. He was speaking at a function …

  • Economy & Featured and Exclusive  |  JULY 1, 2015 5:08 PM

    Najib says govt is addressing concerns raised by Fitch

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    The government is taking firm steps to address concerns including the country’s narrowing current account surplus and smaller external liquidity ratio as raised by Fitch Ratings Agency, says Prime Minister Najib Abdul Razak. He also assured that the government will look into the …

  • Economy  |  JULY 1, 2015 4:56 PM

    ‘Stable outlook a relief, gratifying to M’sia’

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    The “stable” outlook status accorded by Fitch Ratings for the Malaysian economy is indeed a relief and gratifying to the country, says Asian Strategy & Leadership Institute and Centre of Public Policy Studies chairman Ramon Navaratnam. The US-based ratings agency affirmed the country’s …

  • Featured and Exclusive & Finance  |  JULY 1, 2015 4:46 PM

    Greece seeks Eurogroup, ECB support after IMF default

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    Greece is appealing to its euro zone partners and the European Central Bank (ECB) on Wednesday to keep it afloat after defaulting on its debt to the International Monetary Fund (IMF) and losing frozen international bailout money. Athens is due …

  • Economy  |  JULY 1, 2015 4:32 PM

    China adopts security law to make systems ‘controllable’

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    China’s legislature adopts sweeping national security law on Wednesday that covers everything from territorial sovereignty to measures to tighten cyber security, a move likely to rile foreign businesses. A core component of the law, passed by the standing committee of the …

  • Economy  |  JULY 1, 2015 4:21 PM

    ‘Improving fiscal trends augur well for credit outlook’

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    The improving fiscal trends as indicated by Fitch Ratings augur well for Malaysia’s medium- and long-term sovereign credit outlook. Yeah Kim Leng, dean, School of Business, Malaysia University of Science and Technology, said with Fitch’s rating upgrade, all the big three global credit research …

  • Markets  |  JULY 1, 2015 4:13 PM

    Exchange denies Goldman shorting China’s stock market

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    China’s Financial Futures Exchange squashes rumours that foreign investors including Goldman Sachs have been shorting Chinese stocks using index futures, the latest move by regulators to calm market anxiety following two weeks of panic selling. The deep correction in China …

  • Featured and Exclusive & Opinion  |  JULY 1, 2015 4:11 PM

    A new mission for the World Bank

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    WASHINGTON, DC – The Green Revolution is considered one of the great successes in the history of economic development. In the 1960s and 1970s, the creation and adoption of high-yielding cereal varieties transformed the Indian economy and saved billions of …

  • Corporate  |  JULY 1, 2015 4:03 PM

    MIDF: UEM Sunrise may be privatised

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    UEM Sunrise Bhd, one of the master developers in Iskandar Malaysia, may be privatised, according to an analyst report by MIDF. “There is a possibility that Khazanah may privatise UEM Sunrise due to its deep valuation currently,” said MIDF in …

  • Markets  |  JULY 1, 2015 3:52 PM

    KL shares broadly higher at mid-afternoon

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    Bursa Malaysia was broadly higher at mid-afternoon today helped by the overnight Fitch Ratings’ upgrade on Malaysia’s outlook. At 3.03pm, the FTSE Bursa Malaysia KLCI, increased 27.79 points to 1,734.43 points. MISC led the rise in the composite index with 3.572 points, followed …

  • Singapore  |  JULY 1, 2015 3:47 PM

    SDiX launches physically settled diamond exchange

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    Singapore Diamond Investment Exchange (SDiX) announces the coming launch of the world’s first commodities exchange in physically settled diamonds here, which is targeted to go live in September 2015. Vertex Ventures Holdings, a fully-owned venture capital unit of Temasek Holdings, is an investor of SDiX. …

  • Corporate  |  JULY 1, 2015 3:36 PM

    ‘Broadband speed test report inaccurate’

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    Deputy Communication and Multimedia Minister Jailani Johari dismisses information in a report released by global broadband speed test operator Ookla that the Internet speed in the country is worse than in Cambodia and Vietnam as inaccurate. He said the method of calculation used by Ookla only …

  • Corporate  |  JULY 1, 2015 3:27 PM

    Shell Refining in midst of settling short-term loan

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    Shell Refining Co (Federation of Malaya) Bhd’s (SRC) is in the midst of settling its short-term loan of RM450 million by year-end. SRC had in 2010 obtained the RM450 million loan to be used as working capital. It is required to make the …

  • Corporate & Property  |  JULY 1, 2015 3:20 PM

    UEM Sunrise unveils RM7 bil GDV Puteri Harbour project

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    UEM Sunrise Bhd unveils the Estuari series of residential properties, surrounding Puteri Harbour area, with a gross development value of RM7 billion. Acting chief marketing officer Zadil Hanief Mohamad Zaidi said the project’s selling point would be the different concept of residential projects over a …

  • Featured and Exclusive & Markets  |  JULY 1, 2015 3:14 PM

    Stocks, ringgit rally after Fitch refrains from rating cut

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    Malaysian stocks rallied by the most since 2013 and the ringgit rose along with bonds after Fitch Ratings held off from cutting the nation’s credit rating. Fitch raised the outlook on its fourth-lowest investment grade of “A-” to “stable” from …

  • Finance  |  JULY 1, 2015 2:41 PM

    France tries to seek deal with Greece before referendum

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    France will still try to reach a goal with Greece before a referendum on Sunday, French Finance Minister Michel Sapin says, hours before euro zone finance ministers hold their second conference call in two days to discuss Greece. “Our aim is …

  • Corporate  |  JULY 1, 2015 2:17 PM

    Pacific Mutual sees equity market to rebound in 2H15

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    Investment management company Pacific Mutual Fund Bhd expects a rebound in the Malaysian equity market in the second half of this year (2H15) after a significant pullback in the second quarter of 2015. In a statement today, chief investment officer Koh Huat …

  • Corporate  |  JULY 1, 2015 2:06 PM

    Qatar Airways raises Doha-KL route frequency

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    Qatar Airways will increase flight frequency to Kuala Lumpur from Doha to 24 times weekly from its current 21 times beginning July 2, 2015 until Aug 29, 2015. “This will help to fulfil busy travel demand during this summer season,” the carrier said …

  • Opinion  |  JULY 1, 2015 2:00 PM

    From bubbles to bridges

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    LONDON – As the season in which public companies hold their annual general meetings progresses, one persistent issue is the lack of genuine dialogue between company officials and the general public. In place of robust debate and discussion among investors, …

  • Commodities  |  JULY 1, 2015 1:58 PM

    KLTM ends US$380 lower at US$14,000 a tonne

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    Higher offerings and buyers’ reserve saw the Kuala Lumpur Tin Market (KLTM) dipped to a five-year low of US$14,000 per tonne, down US$380. Most buyers were adopting a wait-and-see attitude anticipating prices to drop further, said a dealer, adding that sellers seemed desperate …

  • Markets  |  JULY 1, 2015 1:52 PM

    KL shares bullish at mid-day; CI soars 30.56 pts

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    The unexpected upward revision by Fitch Ratings of Malaysia’s outlook to “stable” from “negative” prompted saw share prices to spiral across the board. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 30.56 points better at 1,737.20, after opening higher at 1,1709.77. …

  • Corporate & Featured and Exclusive  |  JULY 1, 2015 1:45 PM

    Berita Publishing opts out of magazine publishing

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    Berita Publishing Sdn Bhd, one of the oldest publishers in the country, is opting out of the magazine publishing business, a company official says today. Sources had earlier told KINIBIZ that staff of the company’s various magazines had been laid …

  • World Biz  |  JULY 1, 2015 1:09 PM

    Macau casino revenue hits lowest since Nov 2010

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    Macau casino revenue fell to the lowest since November 2010 amid China’s slowing economy and a graft crackdown that deterred high rollers. A surprise easing of Chinese travel restrictions to the city may bring some relief. Gross gaming revenue in …

  • Economy  |  JULY 1, 2015 1:00 PM

    Najib: Pan Borneo Highway to boost S’wak economy

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    Prime Minister Najib Abdul Razak expresses optimism that the Sarawak stretch of the Pan Borneo Highway would trigger intensive economic growth and transform the life of the people in the state. He said the highway would also help realise the government efforts to bring development …

  • Opinion  |  JULY 1, 2015 12:42 PM

    The real reason Tsipras wants a referendum on debt deal

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    As the government of Prime Minister Alexis Tsipras closes banks and imposes capital controls, Greece is closer than ever to the euro exit door. Tsipras’ decision to call for a referendum effectively ended negotiations with euro zone and international creditors, at …

  • Economy  |  JULY 1, 2015 12:21 PM

    ‘Gov’t officers must understand M’sia’s economy’

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    Government officers need to know about the country’s financial and economic situation, besides understanding clearly issues of interest to the public, said International Trade and Industry Minister Mustapa Mohamed. He said as the frontline machinery of the government, they could play an important …

  • Corporate & Featured and Exclusive  |  JULY 1, 2015 12:14 PM

    Mercedes: B10 compatible with diesel vehicles

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    Mercedes-Benz Malaysia has announced that the B10 biodiesel blend is fully compatible with its diesel-powered vehicles, based on evaluation conducted on its current diesel vehicle fleet in Malaysia.

  • Economy & Markets  |  JULY 1, 2015 12:10 PM

    ‘Fitch’s stable outlook eases pressure on ringgit’

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    The latest rating by Fitch Ratings on Malaysia’s outlook sparks positive sentiment in the local foreign exchange market, lifting the ringgit higher against the US dollar this morning. Hong Leong Investment Bank (HLIB) economist, Sia Ket Ee, said the upgrade, which came in …