Bisiness News Onlline
Thai stocks fall after unexpected rate cut; Indonesia extends losses
April 29, 2015 08:58:14 pm
BANGKOK/JAKARTA (April 29): Thai stocks hit a four-week low on Wednesday amid foreign-led selling after an unexpected interest rate cut, while stocks in Indonesia fell for a sixth successive session as weak corporate earnings dented the broader ma......
US economy stalls in Q1 as weather, lower energy prices bite
April 29, 2015 08:42:00 pm
WASHINGTON: US economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up. - Reuters...
MasterCard profit rises on lower tax expense
April 29, 2015 08:41:00 pm
BENGALURU, April 29 — MasterCard Inc, the world’s No. 2 debit and credit card company, reported a 17 per cent rise in quarterly profit as people spent more using its cards and the company paid lower taxes. MasterCard shares were up about 2 per ce...
UOB Malaysia launches PRUwealth gain
April 29, 2015 08:39:00 pm
KUALA LUMPUR: United Overseas Bank Bhd (UOB Malaysia) has launched a new endowment plan, PRUwealth gain, to help Malaysians boost their retirement savings. ...
Greece to present reforms for legislation to lenders
April 29, 2015 08:33:00 pm
ATHENS, April 29 — Euro zone officials will discuss Greece today after Athens said it would present a list of reforms for legislation to show it is serious about acting on pledges to secure aid. The reform list is not expected to offer major new ...
Iskandar Malaysia records RM158 billion in cumulative committed investments
April 29, 2015 08:32:39 pm
KUALA LUMPUR: Iskandar Malaysia, the major development corridor in Johor, recorded a total cumulative committed investments of RM158 billion in the fourth quarter of 2014....
Renewal of worker’s permit to be fully online from May 2, says MyEG
April 29, 2015 08:31:00 pm
KUALA LUMPUR: The renewal of foreign worker’s permit or “Pas Lawatan Kerja Sementara (PLKS)” will be implemented fully online with effect from May 2, said My EG Services Bhd (MyEG)....
Sarawak lowers power tariff for commercial and industrial consumers
April 29, 2015 08:28:10 pm
(April 29): The Sarawak government has made good on its promise to reduce electricity tariffs for commercial and industrial users following reductions for domestic consumers last year. Announcing the rates today, Chief Minister Tan Sri Aden... ...
Chin Teck Plantations sinks into losses in 2Q
April 29, 2015 08:27:48 pm
KUALA LUMPUR (Apr 29): Chin Teck Plantations Bhd sank into losses during the second quarter ended Feb 28, 2015 (2Q15). The plantation firm incurred net loss of RM486,000, compared with net profit of RM1.85 million in the previous correspond... ...
Entrepreneurs should look beyond geopolitical boundaries to expand growth potential: HSBC
April 29, 2015 08:22:27 pm
KUALA LUMPUR: Malaysia’s entrepreneurs have proven their potential, especially in banking, oil and gas and aviation, and should now look beyond geopolitical boundaries to expand their growth potential, says HSBC Bank....
Iran borrowers seen sparking sukuk frenzy as sanctions phase out
April 29, 2015 08:15:35 pm
DUBAI/TEHRAN (April 29): Iranian companies starved of foreign currency are planning sales of dollar-denominated sukuk as soon as sanctions are lifted. About 180 companies are considering Islamic bond sales in 2016 after a decade of internat... ...
Maybank BII’s PATAMI up 33.5pc in Q1
April 29, 2015 08:12:01 pm
KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) subsidiary in Indonesia, PT Bank Internasional Tbk (BII), posted a higher profit after tax and minority interest (PATAMI) of 255.6 billion rupiah (RM1=3,647.58 rupiah) for the first quarter ended March 31...
Euro, bond yields jump on flickers of growth, inflation
April 29, 2015 08:08:09 pm
LONDON/SYDNEY (April 29): The euro and German bond yields rose to their highest level in weeks on Wednesday, after data showed that a measure of bank lending across the bloc stopped shrinking in March and consumer inflation expectations rose for t......
BP unwinding oil storage play as contango narrows
April 29, 2015 08:08:00 pm
LONDON, April 29 — Oil major BP said it will gradually sell throughout 2015 more than US$1.25 billion of oil it had stored earlier this year to seize on a futures market structure to boost profit. Traders including BP bought and stored oil throug...
JV of McDonald's fries supplier fined in China for water pollution - Xinhua
April 29, 2015 08:07:14 pm
SHANGHAI (April 29): A Chinese joint venture of U.S.-based J.R. Simplot, which supplies frozen french fries to McDonald's Corp, was fined 3.92 million yuan ($632,370) on Wednesday by the Beijing city government for water pollution, the official ...
MyEG: Govt to bear RM35 fee for online renewal of foreign workers' permit
April 29, 2015 08:06:19 pm
KUALA LUMPUR (Apr 29): My E.G. Services Bhd (MyEG), which saw its shares plunge as much as 5.5% in intraday trade today, has clarified that the government will bear the convenience fee of RM35 which is charged by the company, for online ren... ...
Taiwan to launch stock trading link with Singapore
April 29, 2015 08:05:00 pm
TAIPEI, April 29 — Taiwan’s plan for a share trading link-up with Singapore took a step forward today with the opening of an office, as the island tries to internationalise its markets and lure overseas investment. The cross-border trading – the ...
Malaysian palm futures slump to eight-month low
April 29, 2015 08:00:28 pm
Malaysian palm oil futures touched a fresh eight-month low on Wednesday, tracking weakness in comparative edible oils, although traders expect selling pressure to reduce ahead of the long weekend. Malaysian palm, which set the tone for global pri...
City & Country: Cover Story: Developer focusing on Ipoh
April 29, 2015 08:00:00 pm
THE economic slowdowns of the 1980s and 1990s took a heavy toll on many Malaysian businessmen. Datuk Lim Si Boon, a manufacturing engineer by profession, should know for he witnessed his father — the late Datuk Lim Keng Kay —... ...
Sunway REIT posts higher 3Q gross revenue, NPI, to pay DPU of 2.13 sen
April 29, 2015 07:54:30 pm
KUALA LUMPUR (Apr 29): Sunway Real Estate Investment Trust (Sunway REIT) posted a higher higher gross revenue of RM110.7 million and net property income (NPI) of RM83.2 million for the third financial quarter ended March 31, 2015 (3QFY15), up 2.4%......
Sunway REIT’s Q3 profit dragged down by hotel and office segments
April 29, 2015 07:48:00 pm
KUALA LUMPUR: Sunway Real Estate Investment Trust (REIT) posted a net profit of RM56.82mil for the third quarter (Q3) ended March 31, down 2.8% from a year earlier mainly due to lower net property income (NPI) from the hotel and office segments....
Fordington to compulsorily acquire Yokohama shares within two months
April 29, 2015 07:41:36 pm
KUALA LUMPUR (Apr 29): Fordington Pte Ltd will compulsorily acquire within two months, any remaining shares for which acceptances have not been received for its proposed takeover of Yokohama Industries Bhd, a filing to Bursa Malaysia revealed this......
UEM Sunrise rescinds from JV to form security service company
April 29, 2015 07:40:10 pm
KUALA LUMPUR (Apr 29): UEM Sunrise Bhd said today that the joint venture agreement (JVA) it entered into with Medini Security Services Sdn Bhd (MSSSB) and Nusajaya Five O sdn Bhd (NFO) to form a security service company to provide enhanced securit......
Knusford acquires 11 retail units from Tropicana Danga Bay for RM9m
April 29, 2015 07:37:47 pm
KUALA LUMPUR (Apr 29): Knusford Bhd has entered into a sale and purchase agreement with Tropicana Danga Bay Sdn Bhd to acquire 11 retail units within Tropez Residences, a mixed development located in Johor Bahru, for a total of RM9.07 million.... ...
AAX fixes rights issue price at 22 sen, warrant exercise price at 46 sen
April 29, 2015 07:34:26 pm
KUALA LUMPUR (Apr 29): Long-haul budget airliner AirAsia X Bhd (AAX), which had proposed a rights issue with warrants in January this year, has fixed the issue price of 22 sen apiece for the rights shares at an entitlement basis of 3 rights share ......
Former senior board member of shipping company charged with insider trading
April 29, 2015 07:34:07 pm
A former deputy executive chairman of a shipping company, Malaysian Merchant Marine Berhad pleaded not guilty in the Sessions Court here today to three counts of insider trading while in possession of inside information of the company's shares....
KL shares lower in sync with Asian bourses
April 29, 2015 07:31:24 pm
KUALA LUMPUR: Bursa Malaysia closed lower today in line with Asian bourses as traders turned cautious ahead of the US Federal Reserve’s (Fed) policy meeting which will indicate the interest rate’s direction....
SPAD: Najib to announce details of HSR next week after Malaysia-Singapore Leaders' Retreat
April 29, 2015 07:25:48 pm
KUALA LUMPUR (Apr 29): Prime Minister Datuk Seri Najib Razak is expected to announce details of the long awaited high speed rail (HSR) linking Kuala Lumpur and Singapore after the annual Malaysia-Singapore Leaders' Retreat next week, said L... ...
Futures down ahead of Fed statement, GDP data
April 29, 2015 07:18:45 pm
(Apr 29): U.S. stock index futures were lower on Wednesday as investors await the outcome of the two-day Federal Reserve meeting and ahead of U.S. economic growth numbers for the first quarter. * The Fed is not expected to raise interest ra... ...
NCB’s 1QFY15 profit rise 144%, declares five sen dividend for FY14
April 29, 2015 07:14:05 pm
KUALA LUMPUR (Apr 29): NCB Holdings Bhd saw its net profit for the first quarter ended Mar 31, 2015 (1QFY15) rise 144% to RM11.64 million or 2.5 sen a share, on better performance from port operation and lower operating expenditure. In a fi... ...
Tambun Indah’s pre-tax profit rises to RM41.29 million in Q1
April 29, 2015 07:12:47 pm
KUALA LUMPUR, April 29 (Bernama) – Tambun Indah Land Bhd’s pre-tax profit for the first quarter (Q1) ended March 31, 2015 rose to RM41.29 million from RM35.28 million in the same quarter of last year....
Sainsbury defends CEO after two-year Egypt prison sentence
April 29, 2015 07:02:00 pm
LONDON, April 29 — J Sainsbury Plc said it “strongly refutes” allegations against its chief executive officer surrounding a long-running commercial dispute in Egypt that led to him being sentenced to two years in prison in his absence. The Britis...
Sarawak road firms eye a piece of Pan Borneo pie
April 29, 2015 07:00:00 pm
LAST WEEK, Sarawak saw the groundbreaking ceremony for the first phase of the Pan-Borneo Highway. The ceremony also signifies the large number of construction contracts that will be awarded to Sarawak-based companies soon. However, t... ...
Oil dips on oversupply after Saudi reshuffle
April 29, 2015 06:58:29 pm
LONDON (Apr 29): Oil prices slipped on Wednesday on oversupply after news that King Salman of Saudi Arabia had altered the kingdom's line of royal succession in a dramatic reshuffle. King Salman bin Abdulaziz sacked his younger half-brother... ...
SPAD: PM to make announcement on HSR after leaders' retreat that will begin on May 5
April 29, 2015 06:57:48 pm
SPAD: PM to make announcement on HSR after leaders' retreat that will begin on May 5 ...
Alibaba's Ma says freezing hiring after growing 'too quickly': report
April 29, 2015 06:52:00 pm
Chinese e-commerce giant Alibaba Group Holding Ltd is freezing hiring for the rest of the year because it has grown "too quickly", executive chairman Jack Ma told staff....
Weak earnings weigh on European shares but Greek market rises
April 29, 2015 06:50:19 pm
LONDON (Apr 29): A batch of weaker-than-expected corporate results weighed on European shares on Wednesday, although the Athens market outperformed on signs that Greece and its lenders remained keen to reach a deal on Greece's debt. The pan... ...
MPI's net profit almost triples in 3QFY15
April 29, 2015 06:50:15 pm
KUALA LUMPUR (Apr 29): Malaysian Pacific Industries Bhd (MPI) saw its net profit rise 187.6% year-on-year to RM30.18 million in the third quarter ended March 31, 2015 (3QFY15) on higher sales of smartphones, strong US dollar and lower material cos......
Khazanah Nasional to launch first social-impact sukuk
April 29, 2015 06:49:55 pm
Khazanah Nasional is set to issue Malaysia's first social-impact sukuk, in a boost to the country's ambitions as a centre for socially responsible investment. Local agency Ram Ratings said the RM1 billion (US$282 million) Sukuk Ihsan prog...
Tambun Indah’s pre-tax profit rises to RM41.29m in Q1
April 29, 2015 06:45:00 pm
KUALA LUMPUR, April 29 — Tambun Indah Land Bhd’s pre-tax profit for the first quarter (Q1) ended March 31, 2015 rose to RM41.29 million from RM35.28 million in the same quarter of last year. The property developer’s revenue surged 16.4 per cent t...
Tiger Synergy enters into JV for Klang development, with GDV of at least RM80m
April 29, 2015 06:43:22 pm
KUALA LUMPUR (Apr 29): Tiger Synergy Bhd has entered into a joint venture agreement with Credence Property Management Sdn Bhd (CPMSB) to undertake a residential cum commercial development project in Klang, Selangor. According to a filing wi... ...
Euro rises above $1.10 as dollar under pressure before Fed, US data
April 29, 2015 06:39:59 pm
LONDON (Apr 29): The euro rose above $1.10 for the first time in three weeks on Wednesday, buoyed by data that showed a euro zone recovery was gathering pace and as investors cut long dollar bets ahead of U.S. growth data and a Federal Reserve sta......
Malaysia segment contribution to Genting down first time in 5 years
April 29, 2015 06:38:00 pm
KUALA LUMPUR: For the first time in five years, Genting Malaysia Bhd reported a drop in annual revenue generated from Malaysian customers in 2014....
Five things everyone will be talking about today
April 29, 2015 06:32:32 pm
(Apr 29): A busy day in the U.S., a spooked bond market and Varoufakis gets attacked. Here are some of the things people will be talking about today.The ECB gives some good news For the first time in three years, bank loans to the private s... ...
Westports Holdings tip significant drop in container traffic
April 29, 2015 06:29:04 pm
Westports Holdings Bhd expects container traffic growth at the port to slow to 5% to 10% this year, compared with a 12% increase to 8.4 million TEUs (20-foot equivalent units) in 2014. Its chief executive officer Ruben Emir Gnanalingam said never...
Hilton profit up 22 pct on higher room rates, occupancy
April 29, 2015 06:28:22 pm
(Apr 29): Hotel operator Hilton Worldwide Holdings Inc reported a 22 percent rise in quarterly profit, helped by higher room rates and increased occupancy. Net income attributable to shareholders rose to $150 million, or 15 cents per share,... ...
KL shares lower in sync with Asian bourses
April 29, 2015 06:28:00 pm
KUALA LUMPUR, April 29 — Bursa Malaysia closed lower today in line with Asian bourses as traders turned cautious ahead of the US Federal Reserve’s (Fed) policy meeting which will indicate the interest rate’s direction. The benchmark FTSE Bursa Ma...
Palm falls to Sept lows, but selling pressure expected to ease
April 29, 2015 06:19:38 pm
KUALA LUMPUR (Apr 29): Malaysian palm oil futures touched a fresh eight-month low on Wednesday, tracking weakness in comparative edible oils, although traders expect selling pressure to reduce ahead of the long weekend. Malaysian palm, whic... ...
KLCI falls 12.13pts before US Fed statement, as ringgit weakens
April 29, 2015 06:17:38 pm
The FBM KLCI fell 12.13 points or 0.7% to its intraday low as investors opted to take profit before an extended weekend. The KLCI, which settled at 1,842.93 points, had fallen ahead of the US Federal Reserve's statement on the country's i...
Willowglen’s 1Q15 net profit rose marginally to RM3.92m
April 29, 2015 06:13:28 pm
KUALA LUMPUR (Apr 29): Willowglen MSC Bhd’s net profit for the first quarter ended March 31, 2015 (1Q15) rose a marginal 1.3% on-year to RM3.92 million from RM3.87 million, despite significantly higher revenue, due to lower margins and higher rese......
Late selling of Petronas stocks sends KLCI down 12 pts
April 29, 2015 06:12:00 pm
KUALA LUMPUR: Late selling pressure on Petronas Dagangan, Petronas Chemicals and other heavyweights sent the FBM KLCI down more than 12 points at the close on Wednesday while trading volume declined....
Euro zone morale largely stable in April, services pick up
April 29, 2015 06:11:34 pm
BRUSSELS (Apr 29): Improving economic confidence in the euro zone's economy took a breather in April, dipping slightly, but the service sector was more sprightly and morale among businesses overall increased. The European Commission's econo... ...
Petrobras bets on iron-ore boss to lead board as debt mounts
April 29, 2015 06:11:25 pm
(Apr 29): If guiding the biggest iron-ore miner through the worst price rout in a decade wasn’t enough, Murilo Ferreira is about to add on a new job. And it’s not just any job. On Wednesday, the 61-year-old chief executive of Vale SA... ...
KL shares lower in sync with Asian bourses
April 29, 2015 06:11:09 pm
KUALA LUMPUR: Bursa Malaysia closed lower today in line with Asian bourses as traders turned cautious ahead of the US Federal Reserve's (Fed) policy meeting which will indicate the interest rate's direction. The benchmark FTSE Bursa Malay...
Tambun Indah earnings up 18% on positive take-up rate
April 29, 2015 06:06:43 pm
KUALA LUMPUR (Apr 29): Penang property developer Tambun Indah Land Bhd’s net profit came in 18.3% higher at RM29.91 million for the first financial quarter ended Mar 31, 2015 (1QFY15) from RM25.29 million a year ago, on positive take-up for its ne......
F&N to rely on own brands for earnings
April 29, 2015 06:00:00 pm
HISTORY repeated itself at Fraser & Neave Holdings Bhd (F&N) last week. The contract of the group’s wholly-owned subsidiary, F&N Beverages Marketing Sdn Bhd, to exclusively distribute Red Bull energy drinks... ...
Khazanah to launch Malaysia's first social impact bond
April 29, 2015 05:59:03 pm
SINGAPORE (Apr 29): Khazanah Nasional is set to issue Malaysia's first social-impact sukuk, in a boost to the country's ambitions as a centre for socially responsible investment. Local agency Ram Ratings said the M$1bn (US$282m) Sukuk Ihsan... ...
Indonesia's finance minister says GDP to grow 5.2-5.7 pct this year
April 29, 2015 05:55:19 pm
JAKARTA (Apr 29): Indonesia's gross domestic product is likely to grow by between 5.2 to 5.7 percent in 2015, Finance Minister Bambang Brojonegoro told a conference on Wednesday. Brojonegoro said that slower growth in China would hinder the... ...
Rubber market ends mostly lower on mixed sentiment
April 29, 2015 05:54:00 pm
KUALA LUMPUR, April 29 — The Malaysian rubber market extended yesterday’s gains to close mostly lower today, reversing its previous gains as mixed sentiment weighed on demand. A dealer said major natural rubber producers in the region plan to cha...
Ringgit ends higher against US dollar
April 29, 2015 05:51:00 pm
KUALA LUMPUR, April 29 — The ringgit ended higher for the third consecutive day against the US dollar today, as US economic data continued to dismay investor confidence. At 5pm, the ringgit was quoted at 3.5580/5610 against the greenback compared...
Gold snaps two-day rally before Fed rate statement
April 29, 2015 05:49:07 pm
LONDON (Apr 29): Gold fell on Wednesday, as investors took profits following a two-day rally on soft U.S. economic data that hurt the dollar and lowered expectations for a Federal Reserve rate hike in June. Spot gold fell 0.6 percent to $1,... ...
Westports sees slower container growth in 2015
April 29, 2015 05:48:03 pm
KUALA LUMPUR (Apr 29): Westports Holdings Bhd expects container traffic growth at the port to slow to 5% to 10% this year, compared with a 12% increase to 8.4 million TEUs (20-foot equivalent units) in 2014. Its chief executive officer Rube... ...
KLCI falls 12.13pts before US Fed statement; ringgit weakens
April 29, 2015 05:46:02 pm
KUALA LUMPUR (Apr 29): The FBM KLCI fell 12.13 points or 0.7% to its intraday low as investors opted to take profit before an extended weekend. The KLCI, which settled at 1,842.93 points, had fallen ahead of the US Federal Reserve's ... ...
Ringgit ends higher against US dollar
April 29, 2015 05:41:32 pm
KUALA LUMPUR: The ringgit ended higher for the third consecutive day against the US dollar today, as US economic data continued to dismay investor confidence. At 5pm, the ringgit was quoted at 3.5580/5610 against the greenback compared with 3.5655/...