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Thursday, February 16, 2012 | Stocks | Earnings | Transportation | Property | Energy | Commodities | Banking | Foreign News |

Selangor to launch RM15bil in infra projectsLatest News

PETALING JAYA: Selangor is expected to launch about RM15 billion in infrastructure development projects over the next two years, said State Executive Councilor, Dr Xavier Jayakumar.

POIC Lahad Datu's success indicates state and fed govt on right trackLatest News

SANDAKAN: The Palm Oil Industrial Cluster (POIC) in Lahad Datu, which opened six years ago, has attracted RM3 billion in investments so far from both foreign and local investors.

Delays in Greece deflates Asian confidenceLatest News

KUALA LUMPUR: Asian bourses traded in the negative territory, swayed in that direction by dipping major US equity following concerns over delays of Greece’s securing international bailout funds.

Malaysia's growth beats consensus

PETALING JAYA: Malaysia’s gross domestic product (GDP) expanded by 5.2% in the fourth quarter of 2011 despite the challenging external environment as domestic demand continued to support growth.

Malaysia should do pretty okay

THE report card for the economy in 2011 is out and by all accounts, Malaysia did pretty okay. With the official forecast of growth at between 5% to 5.5%, there was much scepticism throughout 2011 whether that could be achieved. Who can blame the tea-leave readers out there whose job is to forecast where the economy is heading?

AirAsia keen on the Gulf area

DOHA: AirAsia Group is in discussion with several parties to set up a low-cost carrier (LCC) in the Gulf Cooperation Council (GCC) areas, according to group chief executive officer Tan Sri Dr Tony Fernandes.

Big jump in AirAsia X revenue on positive growth, affordable fares

PETALING JAYA: AirAsia X’s revenue jumped 45% to RM1.9bil last year, due to positive growth for load factor and average fares, according to chief executive officer Azran Osman-Rani.

Gold price set to go up to US$2,000 by mid-year

GEORGE TOWN: The Gold Bullion Entrepreneurs Association of Malaysia (GBEAM) expects gold price to hit US$2,000 per ounce by mid-year from the current US$1,733 per ounce as the weakening global economy would drive more funds to safe-haven investments such as gold.

Indonesia’s withdrawal of ownership ruling to benefit M’sian banks

PETALING JAYA: The move by Indonesia to drop a controversial policy that would limit ownership of its banks is good news for Malaysian banking groups with a position there, but the market’s reaction has been muted.

European crisis to end in two years?

KUALA LUMPUR: The German ambassador to Malaysia Dr Guenter Gruber predicts that the European crisis will be over in two years.

Stocks

Bursa steps up measures to safeguard data and operations

PETALING JAYA: Bursa Malaysia Bhd will continue to review and implement measures to ensure that its systems are adequately protected as it places high priority on the security of its systems and the integrity of its operations and services.

Mulpha to sell stake in HK firm for RM111m

PETALING JAYA: Mulpha International Bhd has entered into a sale and purchase agreement with Eagle Legend International Holdings LTd to dispose of 150 million shares of 1 cent each, representing 75% of the entire issued and paid-up share capital of Manta Holdings Co Ltd for HK$285mil (RM111.15mil) cash.

SapuraCrest, Kencana merger to list by end-March

KUALA LUMPUR: The proposed listing of a combined SapuraCrest and Kencana Petroleum Bhd has been delayed to end-March or early April, a source told Reuters.

Sapura Energy to supply vessel for Berantai field

PETALING JAYA: SapuraCrest Petroleum Bhd’s wholly-owned subsidiary Sapura Energy Ventures has entered a share purchase agreement with Petrofac FPSO Holding Ltd and Kencana Petroleum Ventures Sdn Bhd for the investment on a floating production, storage and offloading vessel (FPSO) to be provided for the Berantai marginal field.

Legal tussle continues for Kian Joo Can Factory

PETALING JAYA: Datuk See Teow Chuan (pic) and 13 other parties have filed an appeal to the Federal Court to review and set aside the ruling that allowed Can-One Bhd to acquire a 32.9% stake in Kian Joo Can Factory Bhd (KJCF).

TMS queried on unsual market activity

PETALING JAYA: Bursa Malaysia has issued an unusual market activity query to The Media Shoppe Bhd (TMS), concerning the sharp fall in price and high volume of the ACE Market-listed company’s shares recently.

Earnings

Berjaya Assets Q2 profit retreats

PETALING JAYA: Berjaya Assets Bhd reported a 18.9% dip in net profit from RM28.19mil to RM22.85mil in its second quarter.

Hup Seng fourth quarter profit soars 183%

PETALING JAYA: Hup Seng Industries Bhd posted a 183% year-on-year jump in net profit to RM7.6mil in its fourth quarter ended Dec 31, 2011 due to better domestic and export sales of its biscuits.

Analysts bullish on Dialog, record earnings expected

PETALING JAYA: Research analysts remain bullish on Dialog Group Bhd stock, saying the group’s latest financial results are within expectations, although below consensus estimates.

Prestariang doubles net profit

PETALING JAYA: Prestariang Bhd posted a RM10.55mil net profit and RM32.63mil revenue its fourth quarter for the financial year ended Dec 31, 2011.

Amway profit up on aggressive sales

PETALING JAYA: Amway (M) Holdings Bhd posted a 36% increase in net profit for its fourth quarter ended Dec 31, 2011 from RM18.32mil to RM24.93mil.

C’wealth Bank Q1 profit up 19%

SYDNEY: Australia’s largest lender Commonwealth Bank booked a A$3.62bil (US$3.87bil) first-half profit but revenues slowed as global ructions rattled consumers and funding costs rose.

Transportation

Kesturi to expand DUKE highway

KUALA LUMPUR: Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) is planning expansion works on the 18km Duta-Ulu Kelang Expressway (DUKE) to ease traffic congestion.

Syscorp builds on fleet, buys vessels worth RM100mil

KUCHING: Shin Yang Shipping Corp Bhd (Syscorp) has acquired more than 20 vessels, mostly container ships and chemical tankers, from Swee Joo Bhd.

Property

Gefung may be injected with properties or plantations

PETALING JAYA: Gefung Holdings Bhd, a company that saw Datuk Allan Lim Kim Huat surface as its largest shareholder back in 2009, may see the injection of new assets in the form of properties or plantations, according to industry sources.

Asia-Pac firms keen on lMalaysian properties

PETALING JAYA: The bulk of the interest in Malaysian properties will be from the companies in the Asia-Pacific region, said Malaysia Property Inc (MPI) chief executive officer Kumar Tharmalingam.

Energy

Parties deciding on gas price

PETALING JAYA: The Energy Commission, Petroliam Nasional Bhd (Petronas) and the Economic Planning Unit are discussing the final recommendation to the Cabinet regarding the price of gas.

Commodities

CPO price fluctuating, but not expected to fall below RM3,000

KUALA LUMPUR: The price of crude palm oil (CPO) will fluctuate but is not likely to drop below RM3,000 per tonne as demand for CPO will stay robust due to rising consumption, said Malaysian Palm Oil Council (MPOC) deputy CEO Dr Kalyana Sundram.

Banking

S&P: Rated banks can withstand pressure

PETALING JAYA: Standard & Poor’s Ratings Services considers most of the rated banks in the Asia-Pacific region capable of withstanding the pressures from the eurozone debt crisis based on their sound financial profiles and current rating levels.

Foreign News

CEO: Apple cash talks intensifying

SAN FRANCISCO: Apple Inc is in very active discussions at the board level about what to do with its cash, according to chief executive Tim Cook, responding to calls for the world’s most valuable electronics company to put its massive reserves to work.

Yahoo-Alibaba talks falling apart

SAN FRANCISCO: Talks between Yahoo Inc and China’s Alibaba Group over the US Internet giant’s Asian assets have hit an impasse, throwing their plans for a US$17bil tax-free asset swap into question, according to sources briefed on the situation.       

The global future of Europe’s crisis

IT is now clear that the eurozone crisis will continue well into 2012, despite early February’s recovery in stock markets.

EU to punish Spain for deficits, inaction        

MADRID: The European Union is likely to take action against Spain’s newly installed government by May for delaying austerity measures ahead of a regional election next month, sources familiar with the situation have told Reuters.       

US$50b boost for CIC’s HK arm

HONG KONG: China’s central bank has transferred US$50bil to a Hong Kong-based arm of the nation’s sovereign wealth fund, China Investment Corp (CIC), giving it more leeway to make direct investments and boost returns on China’s massive foreign exchange holdings.        

Guess loses bid to dismiss Gucci suit

NEW YORK: Gucci can go forward with a lawsuit accusing apparel retailer Guess Inc of selling knock-off products without its permission, according to a US judge.       

L’Oreal generation game poses ownership question

PARIS: L’Oreal’s decision to accept company heiress Liliane Bettencourt’s grandson as her successor on the board kept alive speculation that the family could eventually sell its stake in the world’s largest cosmetics company.       

Apple tweaks apps policy under lawmaker pressureLatest News

SAN FRANCISCO (Reuters) - Under pressure from U.S. legislators, Apple Inc moved Wednesday to quell a swelling privacy controversy by saying that it will begin to require iPhone and iPad apps to seek "explicit approval" in separate user prompts before accessing users' address book data.

Apple asked about iPhone privacy by U.S. legislatorsLatest News

SAN FRANCISCO (Reuters) - U.S. legislators on Wednesday sought more information from Apple Inc regarding its privacy policies, pulling the iPhone manufacturer into a swelling controversy over how developers on its popular iOS mobile platform have been able to access users' private address book data.

Richter helps Sotheby's contemporary sale hit targetLatest News

LONDON (Reuters) - All six works by German artist Gerhard Richter on offer found buyers at Sotheby's London sale of contemporary art on Wednesday, helping to lift the auction total to the upper end of expectations.

Moody's may downgrade 114 banks from 16 European nationsLatest News

NEW YORK (Reuters) - Moody's said it was taking ratings actions on 114 financial institutions in 16 European countries to reflect the impact of the continent's debt crisis and the deteriorating creditworthiness of governments in the region.

Mattel to issue William and Kate dolls for royal anniversaryLatest News

NEW YORK (Reuters) - The Duke and Duchess of Cambridge are really getting dolled up for the first anniversary of their royal wedding.

Australia's Qantas H1 profit halves; flags 500 job cutsLatest News

SYDNEY, Feb 16 (Reuters) - Leading Australian airline Qantas Airways said its profits halved in its fiscal first-half after a bitter industrial dispute and high fuel bills took their toll, and said it planned to cut 500 jobs to reduce costs.

World Bank's Zoellick to step down, U.S. eyes spotLatest News

WASHINGTON (Reuters) - World Bank President Robert Zoellick said on Wednesday he will step down in June and Washington pledged to name a replacement candidate within weeks for a job that has always gone to an American.

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