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Goldman reshuffles management at merchant banking unit-WSJ

NEW YORK: Goldman Sachs Group disclosed the departures of three senior executives from its merchant banking business in the latest top-level reshuffle at the firm, the Wall Street Journal reported on Friday.

Wall Street Week Ahead: Greek elections to keep tensions high

NEW YORK: Instead of backyard barbecues and beer, this Father's Day could see many investors with their minds on Greece.

Facebook sketches out IPO-mess defense; CTO departs

NEW YORK/SAN FRANCISCO: Facebook Inc , facing a raft of lawsuits from investors seeking to recoup losses from its botched IPO, laid out on Friday how cascading Nasdaq trading glitches might have stoked the confusion that marred its May 18 debut.

Ex-business titan Gupta guilty of insider trading

NEW YORK: Rajat Gupta, a consummate business insider who once sat on the board of Goldman Sachs Group Inc, was convicted on Friday of leaking secrets about the investment bank at the height of the financial crisis, a major victory for prosecutors seeking to root out illicit trading on Wall Street.

Hope lifts Wall Street before Greek election

NEW YORK: Stocks rallied on Friday to close a second straight week of gains on hopes of collective action from global central banks if Sunday's election in Greece triggers market turmoil.

OSK may look at new core business

KUALA LUMPUR: OSK Holdings Bhd, which is in the midst of merging its investment bank with RHB Capital Bhd, will possibly look for a new core business upon completion of the current merger deal with RHB.

Report: Khazanah to gain RM4.9bil

PETALING JAYA: The listing of IHH Healthcare Bhd will see Khazanah Nasional Bhd raking in RM4.9bil in the form of unrealised profit via the 62% stake it holds in the international health service provider company, according to a Bernama report.

Kenanga to carve niche in retail

KUALA LUMPUR: With ECM Libra Financial Group Bhd’s investment bank now in its fold, K&N Kenanga Holdings Bhd is gearing up to carve a niche in what it sees as a lucrative sector – retail investors.

Wah Seong sees positive outlook on launch of ETP projects

GEORGE TOWN: Pipe-coating specialist Wah Seong Corp Bhd is upbeat on its outlook for the current financial year ended 31 December 2012 following the Government’s strategy to intensify exploration activities in Malaysia to increase oil and gas production as set out in the Economic Transformation Programme (ETP), it said in a statement.

Branding association members won’t shrink ad expenditure

GEORGE TOWN: The 250 members of Branding Association of Malaysia (BAM) will not shrink their advertisement expenditure this year despite the current global economic challenges.

Expert tips from renowned speakers in Malacca workshop

PARTICIPANTS at the upcoming Star Business Awards (SOBA) Learning Series workshop in Malacca can expect expert tips on how to build a winning formula from renowned speakers that include past winners.

Ong: Team must be dynamic, efficient and competent

Tan Sri Ong Leong Huat, the low profile founder of OSK Investment Bank, speaks in a rare media briefing on various aspects of the merger deal with RHB Capital Bhd and other implications for his group, OSK Holdings Bhd. Below are excerpts of the media question-and-answer session.

U Mobile, Intel, Acer tie-up to offer bundle plans

KUALA LUMPUR: U Mobile Sdn Bhd, a third-generation (3G) service provider, will collaborate with Acer and Intel Malaysia to launch unique bundled packages targeted at business users.

Your 10 questions with Tan Sri Mahmood Adam

Public Services Commission chairman Tan Sri Mahmood Adam answers your 10 questions.

Up Close and Personal with Sanjeev Nanavati

Sanjeev Nanavati is passionate about building a team that is ready for changes and challenges, and believes in the importance of continuing a legacy.

Cover feature

Transforming the nation

His goal is to help Malaysia towards Vision 2020. Pemandu chief Datuk Seri Idris Jala talks about the Economic Transformation Programme.

Remodelling the economy

Remodelling the national economy is not a job for the faint-hearted. What’s more when Malaysia is at the crossroads as the global economy is in a very challenging period with the eurozone crisis.. It looks almost like an impossible task, but Performance Management and Delivery Unit (Pemandu) CEO and Minister in the Prime Minister’s Department Datuk Seri Idris Jala (pic) takes the challenge in his stride, choosing to remain optimistic in ensuring Malaysia remains on the right track. He takes some time off his busy schedule to answer questions from StarBizWeek. Below are the excerpts:

Enduring lessons from first job

DATUK Seri Idris Jala has come a long way since his first job as an industrial relations officer in Shell Malaysia. If not for an interesting twist of fate, he could well have been an unknown professor sharing his insights to a limited audience – a classroom of undergraduates or at an international conference with his peers.

It is a challenge to get the majority of Malaysians to understand the ETP

MALAYSIA is in for an exciting journey, and Datuk Seri Idris Jala is eager to get this message across to all Malaysians.

Companies & Strategies

KPJ making healthy strides

KPJ Healthcare Bhd is on overdrive in its search for perfect-fit acquisitions as well as building new hospitals. “The name of the game is expansion. The private healthcare industry in Malaysia has been coming up very strongly. KPJ and other players are on the expansion mode. The demand is there because of the affluent society and good economy,” managing director Datin Paduka Siti Sa’diah Sheikh Bakir tells StarBizWeek.

Taking PFC to new heights

AMERICAN independent scholar and futurist Joel Barker once said: “Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.”

News

EPMB shares up after Maju Expressway deal hits snag

PETALING JAYA: News that EP Manufacturing Bhd’s (EPMB) proposed purchase of the RM1.7bil Maju Expressway (MEX) has supposedly hit a snag went down well with the market with the stock advancing 5% to a one-month high of 82sen.

MMVB: Strong national brands good for economy

KUALA LUMPUR: The organisers of this year’s Malaysia’s Most Valuable Brands (MMVB) believe that having strong national brands are vital for the creation of a commanding economy.

Sarawak Plantation to carry out planting of oil palm trees on 8,500ha

KUCHING: Sarawak Plantation Bhd (SPB) is carrying out new planting of oil palm trees on 8,500ha this year.

Maxwell: Henan land purchase went through proper bidding process

KUALA LUMPUR: Maxwell International Holdings Bhd has said that its decision to do without any independent valuation of the piece of land it recently bought in Henan province should not be a cause for concern as the acquisition was done through a proper bidding process.

Tambun Indah to expand landbank

PETALING JAYA: Property developer Tambun Indah Land Bhd is seeking to increase its land bank size, particularly in the Klang Valley.

Takaful M’sia plans special purpose vehicle in Labuan IOFC

PETALING JAYA: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) will set up a wholly-owned subsidiary as a special purpose vehicle (SPV) in Labuan International Offshore Financial Centre (IOFC) to invest and hold its overseas property investment.

Ananda may re-list Astro by end-September

KUALA LUMPUR: Malaysian tycoon Ananda Krishnan plans to re-list Astro All Asia Networks by end-September in a deal that would give the pay-TV firm a market capitalisation of up to RM15bil, sources said.

FGVH will raise nearly RM10bil from share offer

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGVH) will raise a total RM9.93bil from its initial public offering (IPO) based on an institutional price of RM4.55 per share and a final retail price of RM4.45 per share.

Genting chief’s son made non-exec director

PETALING JAYA: Lim Keong Hui, the son of Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay, has been appointed a non-independent and non-executive director of the company.

Personal Finance

Why money matters in marriage

THEY say that love is the most important ingredient for a successful marriage. However, money (which some people say isn’t everything) is also a vital component for a sustainable matrimonial union.

View Points

Malaysia will soon get two giant pandas. Will there be giant earnings?

Errol Oh provides a comical take on the pandas that are coming from China and the bearing they might have on our economy.

Contagion is a problem of confidence

P Gunasegaram feels that Asia can weather the much-discussed impact of the eurozone crisis by being self-relient and not falling for the rashness of rating agencies, research firms and fund managers.

Asia feels the heat

Lin See-Yan analyses the impact of a Greece exit from the euro particularly on Asian economies.

Needing money to grow trees?

Tan Thiam Hock advises those contemplating on venturing into farming on how to go about securing loans.

Land & Property

UEM Land best play for Iskandar Malaysia

UEM Land is optimistic Nusajaya will help it achieve its grand target of 50% growth in revenue and 40% in net profit.

Is there a real reprieve in prices?

Thean Lee Cheng discusses property prices that seem to be easing in the Klang Valley.

Cahaya Alam offers aesthetics, functionality and after-sales services

FOR many, buying a house is not about the purchase of blocks of concrete and a patch green, it is about owning a place to be with loved ones.

Letters To The Editor

Customers should not be charged for bills

From Communications and Multimedia Consumer Forum of Malaysia

Billings & Advertising

Nestle gets consumers involved in its 100th year celebration

YOU can hardly find a household in Malaysia that has no Nestle products, and its products, from Milo to Maggi, have a special place in the hearts of many Malaysians.

BBDO creative talent relocates to Singapore

RONALD Ng, one of Malaysia’s most-awarded creative talent, is returning to South-East Asia after more than two years at BBDO New York as executive vice-president and executive creative director.

Stocks

Outcome in Greece dictates direction

MARKET TREND - By K.M. LEE

Eye on Stock

HIL Industries Bhd

Books

Bob Frisch looks at getting results

THERE are countless business titles in the market that address the issue of how to make teams perform better. What makes Who’s in the Room? different, and, dare one ask, better?

Leave the decision-making role

The writer opines that not everyone should be bogged down by corporate decision-making responsibilities and explains why.

Business