Bright future
Former Prime Minister Tun Dr Mahathir Mohamad warned Malaysia that it is lagging in the IT stake to its …
Read moreBigger role
Prime Minister Datuk Seri Mohd Najib Razak says the Employees Provident Fund (EPF) should step up its investment approach …
Read moreSMEs must step up
Malaysian small and medium enterprises (SMEs) have been asked to continually improve their businesses performance even more.
Read moreBright future
Bigger role
SMEs must step up
Corporate Malaysia
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Dr M: Malaysians drifting apart but future bright
Former Prime Minister Tun Dr Mahathir Mohamad warned Malaysia that it is lagging in the IT stake to its neighbours, who will be fierce competitors in the next decades.Speaking at the Perdana Leadership Foundation CEO Forum 2013 yesterday, Dr Mahathir said Malaysians will need to work together to face this...
Kazi Mahmood | 19 Jun 2013
MAHB takes legal action on KLIA2 delay
Malaysia Airports Holdings Bhd (MAHB) has invoked a legal clause to collect nearly RM200,000 per day from the contractors of the severely overdue Kuala Lumpur International Airport 2 (KLIA2) airport for each day that it remains incomplete.In an exchange filing yesterday, MAHB said it will charge contractors, UEMC-Bina Puri JV,...
Kamalavacini Ramanathan | 18 Jun 2013
Seeburger targets to secure 2 key Malaysian customers
Secure file transfer specialist, Seeburger Asia Pacific Ltd, says it is well on the way to securing two new Malaysian customers before the end of the year as it seeks to win more business from large enterprises and financial institutions.Seeburger Asia Pacific MD James Hatcher (picture) said the company is...
Farah Adilla | 18 Jun 2013
EPF to grow offshore investment portfolios
The Employees Provident Fund (EPF) expects its offshore investment portfolios to grow this year and aims to focus on property markets in Europe, though it forms only a small portion of its total investment.“Right now about 18% of our assets are non-ringgit denominated and we are progressing well. We expect...
P Vijian | 18 Jun 2013
Property bubble ‘not likely’
Malaysia’s housing and property sector is safe from a property bubble with the future looking bright for the industry, said Ken Holdings Bhd group MD Tan Chek Siong.He cited the robust demand and the existing supply as the main reasons for the company’s trust in the future growth of the...
Kazi Mahmood | 17 Jun 2013
Developers to study Korean housing model
Local property developers will study the South Korean housing model in an apparent bid to avoid having to adopt what they deem as the more costly “build and sell” alternative that is being pushed forward by the authorities.“We are studying the system practised in South Korea where they have a...
Kazi Mahmood | 17 Jun 2013
Hard times ahead for global economy
A renowned American investor has cautioned that the global economy is heading towards difficult times. His reason: The US Federal Reserve (Fed) continues with its seemingly endless efforts to kick start the global economy with “printing money” post the 2008 global financial crisis.Jim Rogers criticised the stance taken by Fed...
Ranjit Singh | 14 Jun 2013
Mah Sing sees property prices escalating in future
Mah Sing Group Bhd expects property prices in the Klang Valley to escalate to another level in the future, from a single-digit to 10% growth for 2013 and 2014.Its corporate and investment ED Datuk Steven Ng Poh Seng said this is due to the proposed implementation of the goods and...
Farah Adilla | 14 Jun 2013
PM urges EPF to play bigger role in market
Prime Minister Datuk Seri Mohd Najib Razak says the Employees Provident Fund (EPF) should step up its investment approach following the government’s easing of its policies on foreign investments.He said the fund management industry, including public sector funds, should play a bigger role, particularly in good quality midcap stocks.“By setting...
Kazi Mahmood | 14 Jun 2013
Foreign investors up from 20% to 30% after polls
Bursa Malaysia Bhd CEO Datuk Tajuddin Atan said the fact that foreign participation increased from 20% to 30% following the results of the general election is testimony to their confidence in the government’s economic transformation programme.“Foreign investor confidence is well justified by the higher dividend yields that Malaysian companies give...
Sathish Govind | 14 Jun 2013
Glomac in talks with PR1MA on building houses in Selangor
Property developer Glomac Bhd is talking to PR1MA Bhd, the government’s affordable urban housing scheme, about contributing to the programme in Selangor.PR1MA is dedicated to providing affordable homes for middle income earners in our cities, where prices have outpaced their earnings.“We are talking with PR1MA where we can work together...
Kazi Mahmood | 14 Jun 2013
Malaysian SMEs urged to step up performance
Malaysian small and medium enterprises (SMEs) have been asked to continually improve their businesses performance even more.SME Corp Malaysia (SMECorp) chairman Datuk Dr Mohamed Al-Amin Abdul Majid said since the SMIDEX showcase for SMEs was launched in 2010, a total of 166 companies have been recognised for exemplary performance in...
Charles Fernandez | 13 Jun 2013
Astro 1Q net profit drops 6.6%
Astro Malaysia Holdings Bhd has reported a 6.6% drop in net profit for its first-quarter (1Q) to April 30, 2013, compared to a year ago mainly due to higher depreciation of RM57.8 million.Revenue for the period was 14% higher to RM1.12 billion from the RM986 million registered a year before,...
Azli Jamil | 13 Jun 2013
Market expected to grow to RM5.1b by 2015
The implementation of the Medical Devices Regulations (MDR) is not expected to have an immediate significant impact on market share and growth. But over time, it may result in as much as an 8% to 10% annual growth.An industry expert, citing the current estimated revenue for 2013 is RM3.7 billion,...
Linda Archibald | 13 Jun 2013
AirAsia may seek other partners for Japan routes
Low-cost carrier (LCC) AirAsia Bhd may look for other partners to continue servicing its Japanese routes if its current joint venture (JV) with Air Nippon Airways (ANA) is dissolved following disagreements between the two airlines.An aviation analyst at TA Securities Holdings Bhd said the fallout with ANA will not impact...
John Gilbert | 12 Jun 2013
Politics / General
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EC says only High Court can decide on by-election
Only the High Court can decide on by-elections in relation to the 13th General Election, said Election Commission (EC) chairman Tan Sri Abdul Aziz Mohd...
Dr Ali Hamsa warns of action against civil servants who continue politicking
Chief Secretary to the government Tan Sri Dr Ali Hamsa (left) yesterday warned of action against civil servants who continue to engage in politicking. He...
The ‘Datuk Onn syndrome’, 60 years on
Call it what you want — rebranding, reconstruction or repositioning of Umno and Barisan Nasional (BN) in the aftermath of the divisive 13th General Election....
N. Korean leader Kim Jong Un sends special envoy to China
SEOUL • North Korean leader Kim Jong Un sent a “special envoy” to China as ties with his biggest benefactor showed signs of strain over...
Honda rejoins F1 to chase car-race glory
TOKYO • Honda Motor Co will return to Formula One (F1) as an engine supplier to help develop its technology after exiting the racing...
Some new faces in Cabinet
The new Cabinet unveiled by Prime Minister (PM) Datuk Seri Mohd Najib Razak yesterday is heavy with Umno old guards and new faces from Sabah...
MCA must ‘reinvent’ itself to stay relevant
Reeling from one of its worst elections, MCA is now grappling with the question on how to stay relevant in the changing political landscape in...
Najib to meet King at Istana Negara on new Cabinet today
Prime Minister Datuk Seri Mohd Najib Razak (picture) will have an audience with the Yang di-Pertuan Agong Tuanku Abdul Halim Muadzam Shah at Istana Negara...
Why PAS lost Kedah to Barisan Nasional
The people’s disillusionment over the bickering PAS administration, a well-managed campaign by Barisan Nasional (BN) and the Datuk Mukhriz Mahathir factor, are the main reasons...
Snap News
Hua Yang acquires land in Seri Kembangan
Hua Yang Bhd is acquiring a piece of leasehold land in Seri Kembangan, Selangor, from Amazing Borneo Sdn Bhd to develop two blocks of serviced apartment and retail units. In an exchange filing yesterday, the property developer said the purchase of the 3.73 acres (1.5ha) land is for a total cash consideration of RM56.9 million. The proposed development has an estimated total gross development value of RM285 million. The development cost of the land will be funded by internally generated funds and bank borrowings, it said.
18 Jun 2013
Parkson incorporates company in China
Parkson Holdings Bhd’s sub subsidiary, Shanghai Lion Parkson Investment Consultant Co Ltd, has received the business licence of Shanghai Shi Jie Fashions Co Ltd following its incorporation by Shanghai Lion Parkson in the People’s Republic of China on May 28. Shanghai Shi Jie is wholly owned by Shanghai Lion Parkson. Post the transaction, Shanghai Shi Jie will become a wholly owned subsidiary of Parkson Retail Group Ltd (53%-owned by Parkson Holdings Bhd and listed on the Hong Kong Stock Exchange) and hence, a subsidiary of the company. Shanghai Shi Jie will have a registered capital of 10 million yuan (RM5 million) and will be principally involved in retail operations. In an exchange filing yesterday, the company said the incorporation of Shanghai Shi Jie will not have a material impact on the group.
18 Jun 2013
United Malacca sells 25% Niro Ceramic stake
United Malacca Bhd (UMB) has disposed its 25% equity in Niro Ceramic (M) Sdn Bhd (NCSB) to exit from property-related business and fully concentrate on its core plantation sector. The RM7.9 million money raised from the sale will be used to further expand its plantation business. In a filing to Bursa Malaysia yesterday, UMB said it sold about 11 million ordinary shares of RM1 each for a cash consideration of RM36.31 million. “The proposed disposal offers a good opportunity for UMB to unlock and crystallise the value of its investments in NCSB,” said UMB.
18 Jun 2013
Sanichi Technology proposes private placement to raise over RM3m
Sanichi Technology Bhd has proposed a private placement of up to 39.9 million new shares of 10 sen each in the company. The new issue of shares is expected to raise a minimum of RM3.01 million and a maximum of RM3.99 million. In an exchange filing last Friday, the company said the funds will be used for the expansion of the group’s operations in Thailand. The group is principally engaged in design and fabrication of precision mould and tooling for the automobile, electrical and electronic industry from its manufacturing units in Malaysia and Thailand. In its filing, the company said that considering the impact of the floods in Thailand, the group intends to increase its production capacity in Thailand to meet the demand of the market there. It said with the slowdown in the production of precision mould and tooling due to the exit of some players and some badly affected by the floods, there is a shortage in the supply of precision mould and tooling in Thailand where the company can contribute.
17 Jun 2013
Starhill REIT to raise RM800m through private placement
Starhill Real Estate Investment Trust (REIT) will raise RM800 million through a private placement of new units and raise its fund size from about 1.32 billion units to about 2.12 billion units. In an announcement to the exchange last Friday, Starhill REIT said that the funds will be used to repay the borrowings of RM788 million which partly relate to the acquisition of Sydney Harbour Marriott Hotel. Raising the funds to repay borrowings will lead to interest savings and reduction in Starhill REIT’s gearing level, it said adding that the reduction in gearing level will provide it with headroom to use debt financing in the future to undertake yield accretive acquisitions. It added that the enlarged capital base is expected to enhance the liquidity and marketability of the units on the stock exchange.
17 Jun 2013
Money
Suncorp sells RM4.8b loans to Goldman Sachs
SYDNEY • Suncorp Group Ltd, an Australian lender and insurer, sold A$1.6 billion (RM4.79 billion) of mostly sour loans to Goldman Sachs Group Inc at a discount and expects its...
14 Jun 2013
Shareholders approve CP All’s RM19b Siam Makro takeover
BANGKOK • CP All pcl shareholders approved the Thai retailer’s 189 billion baht (RM19.1 billion) acquisition of Siam Makro pcl, the country’s biggest ever takeover.About 87% of shareholders who attended...
13 Jun 2013
Libor oversight by ESMA being considered
BRUSSELS • The European Union (EU) is considering whether to hand oversight of the scandal-ridden London interbank offered rate (Libor) to the European Securities and Markets Authority (ESMA).The European Commission...
07 Jun 2013
Huishang Bank planning RM3.1b IPO
HONG KONG • Huishang Bank Corp, a lender in China’s eastern Anhui province, is preparing for an initial public offering (IPO) that could raise about US$1 billion (RM3.08 billion), according...
06 Jun 2013
Daiwa raises executives pay as Nomura resumes bonuses
TOKYO • Daiwa Securities Group Inc doubled compensation for its top executives last fiscal year and Nomura Holdings Inc resumed paying cash bonuses as profit surged amid a market rally...
06 Jun 2013
Julius Baer CEO calls Japan’s stock declines short term
SINGAPORE • Japan’s stock declines from record highs last month are temporary and shares will rebound as Prime Minister Shinzo Abe’s economic and monetary policies take hold, Julius Baer Group...
05 Jun 2013
World
Fitch revises India rating outlook to stable
NEW DELHI • India’s credit-rating outlook was revised to stable from negative by Fitch Ratings, following a nine-month policy push by the government to pare the nation’s budget deficit and...
14 Jun 2013
Thai baht hits 9-month low, bonds fall on sell-off
BANGKOK • The baht touched a nine-month low and government bonds fell after foreign funds cut holdings of Thai assets amid speculation the Federal Reserve (Fed) will trim monetary stimulus.Overseas...
13 Jun 2013
Tokyo May office vacancies fall to lowest
TOKYO • Office vacancies in Tokyo fell for a third straight month in May to the lowest in more than three years amid a lack of new supply and more...
07 Jun 2013
S’pore web licensing does not impede online freedom
SINGAPORE • The Singapore government’s regulation introduced last week to licence news websites does not impede individuals’ freedom of expression online, a minister said.The regulation, an extension of the rules...
06 Jun 2013
RBA holds key rate at record-low 2.75%
SYDNEY • Australia’s central bank left its benchmark interest rate at a record low, saying it has room to cut further and judged that the nation’s exchange rate remains high...
05 Jun 2013
Indonesia trade deficit rises to near record
JAKARTA • Indonesia’s trade deficit was near a record in April as exports dropped amid lower commodity prices, adding pressure on the government to narrow the gap.The shortfall was US$1.6...
04 Jun 2013
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SingTel said to get bids for Optus satellite unit
Singapore • Eutelsat SA, SES SA and KKR & Co made offers for Singapore Telecommunications Ltd’s (SingTel) Australian satellite unit, said three people with knowledge of the matter.The bidders, which...
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