The Star Online: Business

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Public Bank to launch mixed asset fund on Tuesday

KUALA LUMPUR: Public Bank Bhd will launch a mixed asset fund, PB Dynamic Allocation Fund on Tuesday which will invest in equities and fixed income securities in local and foreign markets.

Tenaga inks MoU with Indonesia's PT Bukit Asam

Tenaga Nasional Bhd (TNB) has inked a memorandum of understanding with PT PLN, the Indonesian state owned utility company, and PT Bukit Asam, a company primarily involved in coal mining and a holder of the Production Operation Mining Permit in Indonesia.

Yahoo hires former Google director to lead ad revenue

SAN FRANCISCO: Yahoo Inc has hired former Google director and media veteran Michael Barrett to help lead its efforts to reemerge as an entertainment and information destination that wins advertising revenue.

Relieved Europe hints at more time for Greece

BERLIN/ATHENS: Euro zone paymaster Germany, relieved at a narrow election victory for Greece's pro-bailout parties, signaled on Monday it may be willing to grant Athens more time to meet its fiscal targets to avert a catastrophic euro exit.

Key Asian markets close higher

Key Asian markets closed higher at the end of Monday's trade, as investor sentiment was buoyed by the election victories of pro-bailout politicians in Greek elections.

Felda Global Ventures confident of a successful listing

KUALA LUMPUR: Felda Global Ventures Holdings (FGVH) is confident of a successful listing on Bursa Malaysia, saying its strong business model would enable it to face global economic uncertainties.

Nadayu Properties Bhd targeting 100% sales growth

KUALA LUMPUR: Nadayu Properties Bhd is targeting to achieve almost 100% sales growth to RM400 million this year, backed by upcoming several housing projects launch.

New Hoong Fatt eyes regional automotive market

KUALA LUMPUR: Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) plans to capitalise on the growing automotive market, especially in the neighbouring region.

Mudajaya confident of securing projects worth RM500mil to RM1bil

KUALA LUMPUR: Mudajaya Group Bhd is confident of securing projects worth between RM500 million and RM1 billion this year, both at home and overseas, says its Managing Director Anto Joseph

Isuzu eyes sale of 12,000 pick-up trucks, commercial vehicles

ALOR SETAR: Isuzu Malaysia Sdn Bhd aims to sell 12,000 units of pick-up trucks and commercial vehicles by year-end, said chief executive officer, Kimithoshi Kurokawa.

Revision of screening for Shariah-compliant status

KUALA LUMPUR: The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has announced the adoption of a revised screening methodology to determine the Shariah-compliant status of listed companies.

Bursa Malaysia offers CDS Straight-Through Processing facility

KUALA LUMPUR: Bursa Malaysia has introduced the CDS Straight-Through Processing (CDS-STP) facility for its market participants to better manage transactions performed by Central Depository System (CDS) account holders

Asian markets higher at noon

KUALA LUMPUR: Key Asian markets were higher in Monday's early afternoon trade, as investor sentiment was buoyed by the election victories of pro-bailout politicians in Greek elections. The results of the Greek election calmed fears that Greece might leave the euro currency union, and at 1.30pm today, Tokyo's Nikkei 225 was up 1.98% to 8,739.31 while Hong Kong's Hang Seng Index was higher by 1.17% to 19,459.45.

No plans to re-enter China, says GHL Systems

Kuala Lumpur: GHL Systems Bhd is not re-entering the Chinese market in the immediate future after the irregular transactions that took place in FY2011 but will focus on the opportunities ASEAN countries offer.

Aireen Omar is new AirAsia CEO for Malaysia

KUALA LUMPUR: AirAsia has appointed Aireen Omar as its new chief executive officer (CEO) of Malaysian operations as AirAsia group CEO Tan Sri Tony Fernandes resigns as Malaysia CEO.

Mudajaya eyes additional projects

KUALA LUMPUR: Mudajaya eyes additional projects to increase in recurring income rather than focusing on 'cyclical construction activities', said managing director Anto Joseph.

Share price rebound may be coming for Rimbunan Sawit, says HLIB Research

KUALA LUMPUR: Hong Leong Investment Bank (HLIB) Research opined that a rebound is in the pipeline, concerning the share price of Rimbunan Sawit Bhd.

Asian markets higher on Monday

KUALA LUMPUR: Key Asian markets were higher in Monday's morning trade, as investor sentiment was buoyed by the election victories of pro-bailout politicians in Greek elections.

Pharmaniaga issued with UMA query

KUALA LUMPUR: Bursa Malaysia has issued an Unusual Market Activity query to Pharmaniaga Bhd due to the consecutive limit up in the company's shares.

Telekom Malaysia remains as top pick for CIMB Research

KUALA LUMPUR: CIMB Research remains Neutral on the mobile telecommunications sector, and said it rmained cautious on DiGi.Com Bhd given that the migrant market contributes to a hefty 20% of its revenue.

Maybank IB Research maintains buy call on Eversendai

KUALA LUMPUR: Maybank Investment Bank (IB) Research is maintaning its Buy call on Eversendai Corp, with an unchanged target price of RM2.17 (based on 12 times 2012 price to earnings ratio).

HDBSVR maintains buy on SapuraKencana at RM2.70

KUALA LUMPUR: Hwang DBS Vickers Research is maintaining a buy on SapuraKencana Petroleum at RM2.70.

GLOBAL MARKETS-Euro, shares jump on relief over Greek vote

LONDON: Investors breathed a sigh of relief on Monday after Greece's election eased fears that Europe's currency bloc would break up, boosting shares and sending the euro to a one-month high.

HDBSVR sees KLCI extending gains

KUALA LUMPUR:Hwang DBS Vickers Research said a sense of relief could boost Asian equities on Monday.

RHB Research upgrades MRCB to Trading Buy

KUALA LUMPUR: RHB Research Institute has upgraded Malaysian Resources Corp Bhd to Trading Buy from Market Perform and raised the fair value by 10% from RM1.83 to RM2.02.

CIMB aiming to be top 10 in Cambodia

KUALA LUMPUR: CIMB Bank plc, which aims to be among the top 10 banks in Cambodia over the next five years, is targeting more than US$100mil (RM317mil ) in deposits and US$90mil (RM285mil) in total loan size by year-end.

Analysts watching signs of stock selling pressure from foreign funds

KUALA LUMPUR: Malaysia which had last month bucked the regional trend and recorded net foreign fund inflows for the eighth consecutive month may see some stocks succumb to selling pressure by foreigners in the months ahead, analysts said.

Malaysian shares likely to trend higher this week

KUALA LUMPUR: SHARE prices on Bursa Malaysia are likely to trend higher this week following positive leads from the US market, coupled with impressive recovery from the Greek financial markets, Affin Investment Bank vice-president, head of retail research Dr Nazri Khan said.

PFC plans to double order book to RM2bil by this quarter

KUALA LUMPUR: PFC Engineering Sdn Bhd, a candidate for a reverse takeover (RTO) by PFCE Bhd, plans to double its order book to RM2bil by this quarter.

Construction, renovation sector may not generate RM5bil worth of jobs in Penang

GEORGE TOWN: The construction and renovation industry in Penang may not be able to generate RM5bil worth of jobs this year as forecast by the Penang Master Builders’ and Building Materials Dealers Association (PMBBMDA).

Modenas to expand to more Asian countries in 3 years

KUCHING: Following its success in penetrating markets in Europe and the Middle East, national motorcycle manufacturer Motosikal dan Enjin Nasional Sdn Bhd (Modenas) plans to expand its market further to several Asian countries.

Transformation is about achieving high income and development for all

THE entire transformation programme is anchored on one over-riding aim – to become a high-income, developed nation by 2020. That is our true north. Everything that is being done and will be done in future is to enable us to get there.

Astino to bank on its extensive network

GEORGETOWN: Astino Bhd is counting on its extensive manufacturing and sales network in the northern and central regions of the country to generate growth for the group.

Stocks

Bonus/Rights Issues

FBM KLCI futures contracts on Bursa M'sia Derivatives expected to trend higher

KUALA LUMPUR: The FBM KLCI futures contracts on Bursa Malaysia Derivatives are expected to trend higher this week as investors take the cue from the positive developments in the US and Europe, dealers said.

Maybank to lead in Asean

SINCE the launch of Malayan Banking Bhd’s Global Wholesale Banking (GWB) operations, which included corporate banking and investment banking in July 2010, the group has made significant progress in building up the GWB’s business. We are convinced that it’s Maybank’s wholesale banking would eventually become a leading player in the Asean region.

KUB streamlining fast food business

PETALING JAYA: KUB Malaysia Bhd is streamlining its fast-food restaurant franchise businesses, A&W in Malaysia and Thailand, and concentrating on profitable outlets.

Greek polls will keep Wall Street tensions high

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

GE wants to buy German firm

FRANKFURT: General Electric Co aims to buy a medium-sized business in Germany to expand its technological footprint, according to German daily Sueddeutsche Zeitung, citing a manager at the US conglomerate.

Waddell & Reed lifts F1 stake

LONDON: US asset management company Waddell & Reed increased its stake in the Formula One motor racing business to 20.9% from around 14.4% in a US$500mil deal after the motor racing business put flotation plans on hold.

Japanese stocks may rise again this week

TOKYO: JAPANESE shares may rise again this week after Greek elections at the weekend, which will offer more clarity about the debt-hit nation’s future in the embattled eurozone, analysts said last Friday.

Banking

K&N Kenanga-ECM Libra merger will create Malaysia's top independent investment bank

PITY the small banks. Since consolidation began in the sector, and coupled with its obsession for ever larger, more regional banking empires, the standalone financial institutions have had to shout to be heard.

SBI to borrow up to US$2bil

MUMBAI: State Bank of India (SBI), the country’s biggest lender, planned to borrow US$1bil to US$2bil from the overseas market in the next three months, chairman Pratip Chaudhuri told reporters on the sidelines of a banking event.

Credit Suisse CEO: No plans for capital hike

ZURICH: Credit Suisse has no plans to issue new shares after the Swiss central bank called on it to improve its capital base this year, according to chief executive Brady Dougan.

Commodities

Palm oil mill expert to bank on current interest to cultivate oil palm

PETALING JAYA: Palm oil mill expert, CB Industrial Product Holdings Bhd (CBIP) will focus on increasing its order book for its Modipalm mills in Malaysia and overseas while pursuing acquisitions of greenfield landbank in Indonesia for oil palm plantations this year.

CPO futures market seen to be cautious this week

KUALA LUMPUR: Crude palm oil (CPO) futures market is expected to remain cautious this week following uncertainties in the global market, dealers said.

Rubber market expected to remain cautious this week

KUALA LUMPUR: The Malaysian rubber market is expected to remain cautious this week as the eurozone debt crisis will most likely continue to influence trading, dealers said.

KLTM expected to pick up this week

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) is set to pick up this week on expected increase in buying activities, dealers said.

Billings & Advertising

Companies likely to increase adex this year

GEORGE TOWN: Companies in the country are expected to increase their advertising expenditure by about 15% this year from RM10.7bil in 2011.

Insurance

Labuan to be centre for reinsurance

LABUAN: Efforts are in the pipeline to position Labuan as the centre for reinsurance driven by the future prospect and performance of the insurance sector here last year.

Energy

SCB says it has capability to develop several small projects in the country

KUCHING: Sarawak Cable Bhd (SCB), which will build its first mini hydro-power plant in North Sumatra, Indonesia, plans to develop several similar projects in Peninsular Malaysia.

Economy

France seeks EU package

PARIS: France wants the European Union to agree before the end of 2012 on growth-boosting measures worth 120 billion euros, the weekly Journal du Dimanche said yesterday, citing a proposal circulated by France ahead of an end-June summit.

Foreign News

Election fever grips Greeece but winner will offer little respite

ATHENS: Greece’s election is too close to call and could push the debt-ridden country out of the European single currency, rocking the euro to its core and sowing turmoil in global financial markets.

Facebook agrees to pay US$10mil

SAN FRANCISCO: Facebook Inc has agreed to pay US$10mil to charity to settle a lawsuit that accused the site of violating users’ rights to control the use of their own names, photographs and likenesses, according to court documents made public over the weekend.

Parties supporting a bailout saving Greece from bankruptcy secure ruling majority

ATHENS: Parties supporting a bailout saving Greece from bankruptcy won a slim parliamentary majority on Sunday, beating radical leftists who rejected austerity and bringing relief to the euro zone which was braced for fresh financial turmoil.

G7 - Greece should remain in euro, respect commitments

WASHINGTON: The Group of Seven industrialized economies said it was in "all our interests" for Greece to remain in the euro zone while respecting its international bailout commitments.

US stock index futures rise after Greek election

NEW YORK: U.S. stock index futures rose on Sunday with Greek parties that support a bailout for the country set to win a slim parliamentary majority, bringing some relief to a world braced for fresh financial turmoil.

Axa raises US$7biln fund for buyout deals

NEW YORK: Axa Private Equity has raised $7.1 billion from outside investors marking the largest fund targeting investors looking to sell out of their buyout positions, the Financial Times reported on Sunday.

IMF says ready to work with Greece on economy

LOS CABOS, Mexico: The International Monetary Fund is ready to work with a new Greek government to get the country back to economic growth, a spokesman for the IMF said on Sunday.

Wall Street Week Ahead: Greek election results may bring respite

NEW YORK: Greek political parties supporting a bailout for the country won a slim parliamentary majority in Sunday's elections, which may give markets some respite, but any coalition's majority looks set to be narrow and may lack the stability needed to push through painful reforms.

China May home prices fall

BEIJING: Average home prices in China's 70 major cities fell 1.5 percent in May from a year earlier, Reuters calculations based on official data published on Monday showed, and the pace of decline picked up in major cities such as Shanghai.

ECB's Nowotny wants fast Troika-Greece talks

VIENNA: Greece's international partners should start talks with a new government in Athens quickly to ascertain its financing needs, European Central Bank policymaker Ewald Nowotny told an Austrian newspaper.

India stuns, keeps rates steady as growth crumbles

MUMBAI: India's central bank left interest rates and required bank reserves unchanged on Monday, defying widespread expectations for a rate cut and warning that relaxing policy could worsen inflation. Bonds, stocks and the rupee all fell

Germany: substance of Greek reforms non-negotiable

BERLIN: German Foreign Minister Guido Westerwelle said on Monday the substance of Greece's reform programme remained non-negotiable after the election victory for pro-bailout parties, but his country was willing to discuss the time-frame of the reforms.

BOJ more upbeat on exports, output; warns of euro-zone fallout

TOKYO: The Bank of Japan on Monday raised its assessment on exports and output but warned of risks to the economy from slowing Chinese growth and fallout from Europe's sovereign debt crisis.

Greece mustn't be pushed too hard says German minister

BERLIN, June 18 (Reuters) - Germany expects Greece's new government to honour existing commitments under its international bailout agreement and further loan tranches will hinge on its commitment to reforms, German Deputy Finance Minister Steffen Kampeter said on Monday.

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