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Thursday, March 15, 2012 | Stocks | Stock Analysis | Earnings | Letters To The Editor | Commodities | Energy | Telecommunication | Property | Economy | Banking | Foreign News |

More classification needed for minimum wage policyLatest News

The Associated Chinese Chambers of Commerce & Industry of Malaysia (ACCCIM) is of view that the proposed minimum wage policy needs more detailed classification to match the different capabilities of SMEs.

FBM KLCI closed higherLatest News

The FBM KLCI closed 3.67 points higher at 1579.38 with the buying in selected bluechips lifting the local baromented up.

Are management changes in DRB-Hicom connected to Proton?

PETALING JAYA: A number of internal changes have taken place in DRB-Hicom Bhd that seem to be positioning the company for its rationalisation and turnaround plans for its latest member of the family, Proton Holdings Bhd.

DRB-Hicom all set to make changes in management of Proton

PETALING JAYA: DRB-Hicom Bhd is set to take charge of Proton Holdings Bhd, with changes made to its management and to rationalise its manufacturing facilities.

AirAsia Thai IPO expected to raise RM500mil

PETALING JAYA: The listing of AirAsia Thai is expected to raise 5 billion baht (RM500mil) and will likely take place in Bangkok by early July this year, while the prospectus will be out in May, said sources close to the deal.

TA Global to jointly develop project in Canada with GDV of RM1.53bil

PETALING JAYA: TA Global Bhd and Birkbeck Trust planned to jointly develop a high-rise mixed-use project consisting of hotel and residences in Vancouver, British Columbia, Canada.

EPF to invest more overseas

KUALA LUMPUR: The Employees Provident Fund plans to raise holdings of overseas investments to 30% by 2017 to boost returns.

IJM’s purchase into concessionaire of West Coast Expressway seems positive

PETALING JAYA: IJM Corp Bhd’s decision to buy into the concessionaire of the West Coast Expressway (WCE) is welcomed by the market as a strong indicator that the controversial project is on track for implementation.

Phison’s silicon wafer plan

GEORGE TOWN: Phison Electronics Corp’s partner Silterra Malaysia Sdn Bhd may undertake the production of silicon wafer in Kulim Hi-Tech Park for the flash memory chips to be developed and designed in Penang.

Consider investing in Myanmar, Malaysian companies told

JOHOR BARU: The Government wants more Malaysian companies and businessmen to look at Myanmar as their next foreign investment destination.

Women on board can help avoid crisis

KUALA LUMPUR: If the Lehman brothers were the Lehman sisters, the West would not be in the mess it is in, said NAM Institute for the Empowerment of Women (NIEW) director Tan Sri Dr Rafiah Salim.

Schenker expands ops More space for logistics provider

KULIM: Schenker Logistics (M) Sdn Bhd expects its trucking and warehousing business in Malaysia to grow by about 10% this year.

UTM, KPJ plan to set up research-based hospital in Johor

JOHOR BARU: Universiti Teknologi Malaysia (UTM) is collaborating with KPJ Healthcare Bhd to set up a research-based hospital at the university’s main campus in Skudai here.

Stocks

AsiaEP tussle heats up

PETALING JAYA: A faction of the major shareholders in AsiaEP Resources Bhd has lodged a report with the Minority Shareholder Watchdog Group (MSWG) about a failed construction venture.

Is there more to Etisalat’s exit from XL Axiata?

PETALING JAYA: Emirates Telecommunications Corp’s (Etisalat) planned sale of its entire 13.29% stake in PT XL Axiata Tbk may be nothing more than an investor finding an opportunity to exit an industry where growth is not as exciting anymore.

Bursa reprimands PetOne for ambiguity in financial results

PETALING JAYA: Bursa Malaysia Securities Bhd has reprimanded Petrol One Resources Bhd (PetOne) for not taking into account the adjustments stated in the company’s announcement dated Nov 9, 2010 in its last quarter results in 2010.

EP in acquisition deal

PETALING JAYA: Automotive parts manufacturer EP Manufacturing Bhd plans to enter into an acquisition agreement which will result in a significant change in business direction, it told Bursa Malaysia.

New investor in Gamuda

PETALING JAYA: Everest Champion Sdn Bhd has become Ipmuda Bhd’s largest shareholder after acquiring 7.87% stake, or 5.7 million shares, in the building materials company.

Support Line

K.M. Lee writes on M-Mode, Perisai Petroleum and Sinaria Corp

Sin Heng Chan soars despite query

PETALING JAYA: Sin Heng Chan (Malaya) Bhd shares continued to soar despite Bursa Malaysia’s issue of an unusual market activity (UMA) query.

Stock Analysis

Analyst Reports - Record profit seen for Gamuda

Second-quarter financial year (FY) 2012 results will be out at the end of March and will lead Gamuda to a record year RM481mil net profit in FY2012 forecast.

Earnings

Cathay Pacific earnings down 61%

HONG KONG: Cathay Pacific Airways Ltd, Asia’s No. 4 carrier by market value, posted a bigger-than-expected 61% drop in 2011 net profit amid high fuel costs and a slowing global economy, and warned of a more challenging year ahead.

Letters To The Editor

MAS decision made by board

WE refer to the news report in StarBiz today (March 14) titled MAS-AirAsia deal rumoured scrapped, but nothing concrete so far.

Commodities

Palm oil seen to climb to year’s high

KUALA LUMPUR: Palm oil, used in everything from candy bars to instant noodles, will advance 3.2% to the highest in more than a year by June as cooking-oil supplies drop to the lowest in more than three decades, a survey showed.

DuPont has centre of excellence plan for KL

SHAH ALAM: DuPont Malaysia Sdn Bhd is considering making Kuala Lumpur its centre of excellence for oil palm, said managing director Ong Ewe Hock.

Energy

SIGGas works on details of gas supply projects in Bintulu

KUCHING: SIG Gases Bhd (SIGGas) is working out the details of its proposed industrial gas production plant and refilling plant projects to supply liquid products and compressed gases to industries in Samalaju Industrial Park, Bintulu.

San Miguel seeks RM1.8bil loan for ExxonMobil buy

HONG KONG: Philippines’ San Miguel Corp is seeking a US$600mil (RM1.8bil) to US$800mil (RM2.4bil) equivalent in ringgit loan to back its purchase of ExxonMobil’s Malaysia assets, banking sources told Thomson Reuters.

Telecommunication

TM’s HSBB service in economically viable areas soon

KUALA LUMPUR: Telekom Malaysia Bhd (TM), which has been progressively rolling out high speed broadband (HSBB), will introduce the service to commercially-driven areas beyond 2012.

European Commission mulls telecom probe

PARIS: Leading European telecommunications operators might be investigated by the European Commission to determine if meetings of their bosses led to collusion, the Financial Times said.

Property

Sunway REIT will spend about RM200mil to rejuvenate Putra Place

PETALING JAYA: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (REIT), will refurbish Sunway Putra Place to rejuvenate and reposition the property as an exciting tourism and shopping destination.

Meda plans to buy land

PETALING JAYA: Property developer Meda Inc Bhd has proposed to buy a piece of land measuring 256.04 acres in Sungai Siput, Perak, from Majuperak Energy Resources Sdn Bhd to facilitate its plan for a township development.

Economy

Cautious outlook on global recovery

PETALING JAYA: Although indicators like the Organisation for Economic Cooperation and Development (OECD) composite leading index (CLI) are showing signs of global recovery by registering its third successive month of gains since January, there are still risks that could impact the recovery.

India’s headline inflation edges up

NEW DELHI: India’s headline inflation picked up for the first time in five months on higher food prices, giving the central bank a reason to hold off on a much-awaited interest rate cut when it reviews its policy today.       

Sri Lanka holds rates, cuts target

COLOMBO: Sri Lanka’s central bank kept its key policy rates steady, contrary to market expectations for an increase, and cut this year’s economic growth target to 7.2% from 8%.       

Hungary to address EU budget issue

BUDAPEST: Hungary’s government will address the European Union’s budget concerns next month, a top government official said yesterday, a day after Brussels moved to suspend some EU funds for the country for failing to keep its budget in check.

Banking

Banks to lead RM2.05bil merger loan

HONG KONG: AmBank (M) Bhd, CIMB Bank Bhd and Malayan Banking Bhd (Maybank) have been mandated for a RM2.05bil loan to back the merger of oil and gas companies SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, according to sources.

Asian firms to hurt as European banks cut lending

SINGAPORE: European banks will continue to reduce their lending in Asia, posing problems for companies in the region as local financial institutions lack the capacity to make up the shortfall, Singapore’s central bank chief warned.

Most banks pass stress tests

NEW YORK: Most of the largest US banks passed their annual stress test, according to the Federal Reserve, in a conservative report card that underscored the recovery of the financial sector but called out a few laggards, including Citigroup.

Alpha Bank pulls out of planned merger

ATHENS: Greece’s Alpha Bank will propose pulling out of a planned merger with Eurobank because of the impact of the country’s bond swap deal on the banks, the lender said yesterday.       

Foreign News

Disney CEO Iger adds chairman role despite objections

KANSAS CITY: Walt Disney Co chief executive Bob Iger (pic) has added the post of chairman despite objections from a governance group and state treasurer about the dual roles.

Taiwan’s LCD maker to appeal US court verdict

TAIPEI: Taiwan’s AU Optronics Corp will appeal a guilty verdict by a US court in a price-fixing suit over liquid crystal display (LCD) panels that could leave it facing a fine of up to US$1bil just as it looks to recover from a series of losses.

Sharp names new president as losses mount

OSAKA: Sharp Corp named Takashi Okuda as its new president as the electronics company heads for a record annual net loss, the latest Japanese firm to shake up management after tumbling into the red on slumping TV sales.

Nokia working on own tablet - design chiefLatest News

Nokia design chief Marko Ahtisaari is spending a third of his time on creating a tablet for the cellphone maker, which would stand out among hundreds of iPad-challengers, he said in an interview with Finnish magazine Kauppalehti Optio.

Samsung loses bid to ban iPhone, iPad sales in NetherlandsLatest News

SEOUL (Reuters) - Samsung Electronics Co said on Thursday a Dutch court rejected its 3G patent bid to ban sales of Apple's iPhone and iPad in the Netherlands.

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