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Bursa Malaysia uplifts price 'freezing' of Pharmaniaga

Bursa Malaysia Bhd has uplifted the price "freezing" on Pharmaniaga Bhd's share price with effect from Wednesday, two days after the imposition of the curbs.

Aeon Credit targets double-digit growth in credit card issuances

AEON Credit Service (M) Bhd is aiming for double-digit growth in credit card issuance for the financial year ending Feb 20, 2013.

KLCI rallies to 2-month high, eyes 1,600

Blue chips rallied on Tuesday, with the FBM KLCI eyeing the psychological important 1,600 level, on local institutional buying of index-linked stocks as sentiment perked up for the listing of the Felda Global Ventures Holdings (FGVH) on June 28.

RAM Ratings reaffirms Bernas's ratings with stable outlook

RAM Rating Services has reaffirmed Padiberas Nasional Bhd's respective long- and short-term ratings of its RM750mil Islamic commercial papers/medium-term notes programme (2010/2017) (ICP/MTN) at AA3 and P1, respectively; the long-term rating has a stable outlook.

Ivory Properties sees huge jump in revenue next year

Ivory Properties Group Bhd expects to see a huge jump in its revenue next year amid several projects to be launched in the second half of this year and early 2013.

SME Bank expects NPLs to decline to 15% by year-end from 17%

SME Bank Bhd expects its non-performing loans (NPLs) to decrease to 15% by year-end, from 17% last year, given the bank’s good collection rate.

Sing dlr leads rebound, Asia outlook cautious

SEOUL: The Singapore dollar led a rebound among some emerging Asian currencies on Tuesday with the euro recovering some losses but worries about rising Spain's borrowing costs cast doubt over sustainability of regional units' strength.

European stocks edge up, eyeing Spain, ZEW and Fed

LONDON: European equities edged higher on Tuesday, with investors eyeing a Spanish debt auction and German data for fresh clues on the depth of the euro zone crisis, and a U.S. Federal Reserve meeting for possible market-friendly stimulus action.

KPS investing RM23.2m in MVNO

Kumpulan Perangsang Selangor Bhd (KPS) is venturing into the mobile virtual network operations (MVNO) by investing RM23.24mil for a 30% stake in Ceres Telecom Sdn Bhd.

India's PEC tenders to import RBD palmolein of M'sian or Indonesian origin

MUMBAI: Indian state trading company PEC Ltd has issued a tender to import 18,000 tonnes of refined, bleached and deodorised palmolein of Indonesia or Malaysia origin for shipments by July 15.

AZRB eyes redeveloping older buildings along Jalan Sultan Ismail

Ahmad Zaki Resources Bhd (AZRB) is eyeing at private projects including redeveloping older buildings along Jalan Sultan Ismail in Kuala Lumpur.

AIA, Manulife among bidders for Aviva's Malaysia JV

SINGAPORE/HONG KONG: AIA Group , Manulife and Prudential PLC are among companies that have made initial bids for the life insurance joint venture of Malaysia's CIMB Group and Aviva in a deal estimated to be worth at least $400 million, sources said.

Palm edges up on U.S. dry weather outlook

SINGAPORE: Malaysian palm oil futures gained on Tuesday on expectations of higher demand as dry U.S. weather could damage the soybean crop further, tightening global edible oil supply.

Malaysia, Singapore buck regional markets

Malaysia and Singapore markets bucked the regional bourses at midday on Tuesday while the others were cautious after Spain's borrowing costs climbed to a euro-area record.

Genting ups stake in Australia's Echo Entertainment

Genting HK Ltd bought 19.259 million shares of Australia's Echo Entertainment Group Ltd for A$82.55mil (RM264.28mil).

G20 ramps up pressure on Europe over debt crisis

LOS CABOS, Mexico: World leaders pressured Europe on Monday to take ambitious steps to resolve its debt crisis after a victory for pro-bailout parties in a Greek election failed to calm markets or ease worries that wider turmoil could derail the global economy.

RHB Research maintains Neutral on property

RHB Research Institute is maintaining a Neutral recommendation on the property sector as the sector's fundamentals are not supportive enough for a convincing re-rating.

CIMB Research maintains Outperform on BToto, TP RM5.30

KUALA LUMPUR: CIMB Equities Research is maintaining an Outperform recommendation on Berjaya Sports Toto with a target price of RM5.30.

Affin Research maintains Reduce on Tenaga

Affin Investment Research is maintaining its Reduce recommendation on Tenaga Nasional with an unchanged target price of RM6.12, which is a 15% discount to its discounted cashflow of RM7.20 a share, discount rate of 7.5%; growth of 3.0%.

KLCI extends gains, consumer stocks lead

Blue chips extended their gains on Tuesday, with the FBM KLCI up more than five points, with consumer dividend stocks among the major gainers, despite the mixed signals from Europe.

Microsoft launches Surface tablet to fight iPad

LOS ANGELES: Microsoft Corp unveiled a tablet called Surface on Monday, in a move to rival Apple Inc's massively successful iPad.

US stocks gain propelled by Apple and Oracle, Asian shares edge down on European fears

SINGAPORE: Asian shares edged down on Tuesday as rising Spanish bond yields stoked fears its tottering banking system is dragging Madrid deeper into crisis, snuffing out a relief rally that followed a win for mainstream parties in Greece's weekend election.

Tony Fernandes' Tune Group mulls listing some assets

PETALING JAYA: The Tune Group, which owns a cluster of businesses including AirAsia Bhd, may list some of its units by end-2013, according to co-owner Tan Sri Tony Fernandes.

Tony Fernandes move to Jakarta is to grow profit by five-fold

SEPANG: Growing profits by four to five-fold is the aim of Tan Sri Tony Fernandes as he moves to Jakarta to drive AirAsia’s regional expansion after handing over the reins of the airline’s Malaysian operations to 38-year-old Aireen Omar .

How to know when is the right time to quit your job

ASHINI was frustrated with her job. Low pay, long hours and a horrible boss that was pushing her to the brink of collapse. She started wondering if she should quit.

Why did M'sia ship 12 tonnes of biomass to Italy?

LATE last month, Malaysia’s first shipment of oil palm biomass made its way to Italy. The objective is for preliminary analyses, testing and technology adaptation at a pilot plant there to verify whether the 12-tonne biomass comprising palm tree trunks, empty fruit bunches and fronds could be converted to non-edible industrial sugar for commercial-scale production.

JB has land for affordable houses

JOHOR BARU: There are still large tracts of land in Johor Baru that have potential be developed into residential properties with decent built-up area and offered at affordable prices to first-time local house buyers, said Johor Real Estate and Housing Developers Association branch chairman Koh Moo Hing.

Sime banks on Weifang Port

QINGDAO, SHANDONG: Sime Darby Bhd’s energy and utilities division (E&U) business in China is banking on the Weifang Port to be the key driver of growth going forward for its investments in the country as the port is strategically located in the rapidly developing Bohai Rim area.

Kian Joo to invest RM63m in Vietnam ops

KUALA LUMPUR: Kian Joo Can Factory Bhd will invest US$20mil (RM63.17mil) to expand the company’s corrugated carton plant in Hanoi, Vietnam, boosting capacity by 3,000 tonnes per month.

NHF will intensify focus on overseas expansion, says MD

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

Stocks

Robust demand for bonds in M'sia

PETALING JAYA: Industry observers are positive on the local bond market, saying the trimming of foreign investors’ holding of ringgit-denominated debt is a temporary phenomenon amid the worsening eurozone sovereign debt crisis.

Bursa unveils new facility to manage CDS accounts

PETALING JAYA: 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.

SC syariah council plans revised screening method

PETALING JAYA: The Syariah Advisory Council (SAC) of the Securities Commission (SC) has proposed a revised screening methodology to determine the syariah-compliant status of listed companies.

Bursa issues UMA to Pharmaniaga after second limit-up

PETALING JAYA: Drugmaker Pharmaniaga Bhd, which resumed trading last Friday, was issued with an unusual market activity (UMA) query by the stock exchange regulator after hitting limit-up for the second time.

Malaysian stocks firmer on positive sentiment

SHARE prices on Bursa Malaysia closed firmer as investors took cue from the uptrend on regional bourses.

Greece elections offer short term relief to markets

PETALING JAYA: Markets around the world rallied with Asian markets closing higher while European markets opened up after Greek pro-bailout parties won in the elections.

Greece’s problem is huge but the real issue is Spain, say traders

PARIS: Relief that Greeks had given victory to pro-austerity conservatives was short-lived yesterday as traders fretted that Greece’s problems remained huge and that the real issue was Spain.

Pan Sarawak invited to buy 26.9% stake in Petra Energy the company

KUCHING:Sibu-based Pan Sarawak Holdings Sdn Bhd (Pan Sarawak), which controls public-listed Pansar Bhd, is keen to take control of the strategic 26.9% equity interest in Petra Energy Bhd, which has been put up for sale, as it sees a big upside potential in the oil services firm.

BToto deal won’t impact rating

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) proposal to transfer its 100% equity interest in Sports Toto Malaysia Sdn Bhd to a business trust in Singapore will have no immediate impact on the latter’s current rating of AA-/stable on its RM800mil medium-term notes (MTN) programme, Malaysian Rating Corp Bhd (MARC) said.

MRCB revenue loss to be compensated

MALAYSIAN Resources Corp Bhd (MRCB) said that the Government has agreed to make good on toll revenues foregone of MRCB’s newly-completed wholly-owned Eastern Dispersal Link (EDL) in Johor, of which tolling did not commence on May 1 as scheduled.

Support Line

K.M. Lee writes on Berjaya Food, MBf Holdings and Pos Malaysia

HKEx takes a beating

HONG KONG: Investor concern that Hong Kong Exchanges and Clearing Ltd (HKEx), operator of Asia’s largest bourse, is overpaying with its US$2.2bil buy of the London Metal Exchange (LME) knocked its shares down by the most in two weeks.

Earnings

Mudajaya sees India associate profitable by 2013

KUALA LUMPUR: Mudajaya Group Bhd is expecting its 26% owned Indian associate company RKM Powergen Private Ltd to be profitable from 2013 after the coal-fired power plant there starts operations, said group managing director and chief executive officer Anto Joseph.

RM26m lost in China ops sees GHL Systems seeking opportunities in Asean market

KUALA LUMPUR: GHL Systems Bhd, an end-to-end payment services enabler, would focus on Asean after irregular transactions in the China operations led to substantial losses last year.

AEON profit up on card transactions

PETALING JAYA: AEON Credit Service (M) Bhd’s net profit rose 46.4% to RM28.1mil for the three months to May 20, 2012, from a year earlier, on higher transaction and financing volume.

BToto profit slips on higher payouts

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) net profit for the fourth quarter ended April 30 slipped 12.5% to RM91.21mil from RM104.19mil mainly due to higher prize payouts.

Property

Asas Dunia to launch properties worth RM300mil in Seberang Prai

GEORGE TOWN: Asas Dunia Bhd is launching 1,356 units of landed properties worth approximately RM300mil in gross development value in Seberang Prai from now until the end of 2013, due to the growing interest to invest in properties in Seberang Prai.

Home prices fall in major China cities

BEIJING: Prices for new homes in China fell in more than half of major cities in May from April, official data showed, as the government vows to maintain controls over the property market.

Transportation

Three key areas for global logistics sector

SEPANG: Asia, Africa and Latin America represent important growth areas for the global logistics industry in the years to come, as these markets continue to become wealthier, said Deutsche Post DHL chief executive officer Frank Appel.

Foreign News

Fairfax to axe one-fifth of newspaper jobs

MELBOURNE: Australia’s Fairfax Media, publisher of some of the country’s leading newspapers, will overhaul its top mastheads and slash almost one-fifth of its staff, the beginning of a widespread shakeup of Australia’s media sector.

EU ministers to end sanctions on Hungary, say diplomats

BRUSSELS: European Union (EU) finance ministers will lift financial sanctions on Hungary on Friday, two EU diplomats said, restoring Budapest’s access to half-a-billion euros of frozen funds and rewarding Prime Minister Viktor Orban for dealing with budget shortfalls.

EBA chief satisfied with banks’ capital hike plans

PRAGUE: Plans by European Union banks to hike their capital by a combined 115 billion euros (US$145.19bil) by end-June have met the expectations of the bloc’s regulation coordinating body, the European Banking Authority (EBA), its head was quoted as saying yesterday.

Stanford Financial exec to plead guilty for role in US$7bil fraud

Laura Pendergest-Holt, former chief investment officer for Allen Stanford, has agreed to plead guilty and receive a three-year prison sentence for her role in a $7 billion fraud, Bloomberg reported, citing three people familiar with the matter.

China offers US$43bil to round off push for bigger IMF chest

LOS CABOS, Mexico: China on Monday offered $43 billion to the IMF's crisis-fighting reserves, rounding off a global push to nearly double the Fund's war chest to $456 billion to help protect countries from fallout from the euro zone debt crisis.

Oracle releases results early, allays concerns over exec departure

BOSTON/SAN FRANCISCO: Oracle Corp reported stronger-than-expected quarterly profit on Monday, releasing the results three days ahead of schedule after news of the pending departure of a senior sales executive fueled concerns that business was stagnating.

Regulator seen conflicted in Nasdaq's Facebook mess

NEW YORK: It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook's US$16 billion initial public offering.

Asians eclipsing Latinos in immigration to US

WASHINGTON: Asians have surpassed Hispanics as the United States' largest group of new immigrants, according to a report on Tuesday that some experts said reflects decreased demand for migrant labour and highlights the impact of state crackdowns on illegals.

U.S. charitable giving approaches $300bil in 2011

NEW YORK: Donations to charity rose to $298.42 billion last year, but were still $11 billion below a 2007 record as nonprofits battle through the sector's second-slowest recovery from recession in 40 years, a study released on Tuesday said.

Analysis: Investors cling to cash to guard against euro fallout

NEW YORK: Cash isn't just king. For some money managers, it has become jack, queen and ace, too.

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