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Panasonic Malaysia rewards shareholders with RM1.05 dividends

Panasonic Manufacturing Malaysia Bhd is rewarding its shareholders with dividends totaling RM1.05 per share for the financial year ended March 31, 2012.

Muhibbah: CIMB Bank withdraws support for APH restructuring

CIMB Bank Bhd has withdrawn its support for the proposed scheme to restructure the Asia Petroleum Hub Sdn Bhd (APH) project.

UMW in RM684mil deal to expand drilling operations

UMW Holdings Bhd is investing US$214mil (RM684mil) to expand its drilling operations with the acquisition of offshore contractor S.D. Standard Drilling's unit and a mobile drilling rig.

Glomac Q4 earnings up 49.1% to RM22.24m

Glomac Bhd's earnings rose to RM22.24mil in the fourth quarter ended April 30, 2012 and expected earnings growth to be underpinned by its unbilled sales of RM731mil and development projects with a gross development value (GDV) of RM7bil.

KLCI closes at 1,594, near day’s low

Investors' hopes that the Malaysian stock market could continue to buck the cautious regional markets leading up to the listing of Felda Global Ventures, scheduled on Thursday, were likely a disappointed lot on Tuesday.

PFCE sees good prospects in O&G after RTO exercise

PFCE Bhd (formerly known as APP Industries Bhd) hopes to be profitable next year after the completion of a reverse takeover (RTO) exercise this year, which is expected to transform PFCE into one of the leading players in the oil and gas (O&G) industry.

PBA Holdings positive of business performance this year

PBA Holdings Bhd (PBAHB), a water treatment operator, is maintaining a positive outlook of its business performance this year despite the challenging global environment.

Scomi monorail project in Brazil to start in July

Scomi Group's unit, Scomi Engineering Bhd, will start work on the monorail project in Sao Paolo, Brazil, next month, its group chief executive officer Shah Hakim Zain said.

Japan parliament passes sales tax rise; ruling party splits

TOKYO: Japanese Prime Minister Yoshihiko Noda won on Tuesday lower house approval for his signature tax-increase plan, but enough ruling party rebels rejected the plan to threaten a break-up of the party which could trigger an early election.

Goh Ban Huat sees pick up in demand for clay pipes

Goh Ban Huat Bhd (GHB), which returned to the black in the financial year ended Dec 31, 2011 after five years of losses, is optimistic about the outlook for its clay pipes and tableware products.

Censof targets government projects

Censof Holdings Bhd, the renamed entity of Century Software Holdings Bhd, is eyeing to secure one or two more big government projects this year.

Puncak Niaga minority shareholders want legal action against Syabas

Puncak Niaga Holdings Bhd's minority shareholders have urged the board to initiate legal action against Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) to recoup the outstanding RM1.09bil owed.

UDA Holdings to vacate BB Plaza by year-end

UDA Holdings Bhd will need to vacate BB Plaza by year end to make way for the construction of a mass rapid transit (MRT) station.

Genting, IOI drag KLCI into the red

The market slipped further into the red in the morning session on Tuesday, weighed down by losses in Genting and IOI, reflecting the cautious outlook in the key regional markets.

Aeon Credit top loser as dividend goes ex

Shares of Aeon Credit Bhd fell the most at midday on Tuesday as its first single tier dividend of 16.8c went ex while investors took profit also after the recent rally in its share price.

Global shares down over EU summit scepticism

TOKYO: Asian shares were down on Tuesday as investors remained skeptical that a European leaders summit later this week will produce any substantive measures to solve the region's protracted debt crisis.

Apex off early high of RM1.22 after boardroom change

Shares of Apex Equity Holdings Bhd, which saw a change in boardroom, rose to a high of RM1.22 in morning trade on Tuesday, June 26, 2012, but gave up the gains later in line with the weaker market.

Affin bucks cautious market on M&A speculation

Shares of Affin Holdings Bhd bucked the overall cautious market on Tuesday on a possible merger and acquisition (M&A) exercise.

Regulator: Malaysia's Genting seeks to raise stake in Australia's Echo(update)

SYDNEY: Malaysia's Genting Group is seeking to increase its stake in Australian casino company Echo Entertainment Group above the 10 percent threshold, a state regulator said on Tuesday.

HDBSVR sees Malaysian equities coming under selling pressure

Hwang DBS Vickers Research expects the FBM KLCI, which hit an all-time intra-day high of 1,611.50 on Monday, to face selling pressure on Tuesday.

CIMB maintains Underperform on Top Glove

CIMB Equities Research is maintaining its Underperform recommendation on Top Glove Corporation with a target price of RM4.20.

Maybank Research maintains Buy on Berjaya Sports Toto

Maybank Investment Bank Research is maintaining its Buy recommendation on Berjaya Sports Toto and discounted cashflow-based (DCF) target price of RM5.

Blue chips slip in early trade, Axiata, Genting weigh

Malaysian equities opened lower on Tuesday, as investors' sentiment was dampened by the overnight fall on Wall Street and weak regional markets.

GLOBAL MARKETS-Stocks, euro slide on European summit doubts

NEW YORK: Global stock indexes and the euro sank on Monday on doubts that a European summit this week would move any closer to solving the region's festering debt crisis, a pessimistic outlook that sparked a bid for safe-haven assets.

Moody's cuts 28 Spanish banks on sovereign downgrade

NEW YORK: Moody's Investors Service on Monday downgraded the long-term debt and deposit ratings for 28 Spanish banks and two issuer ratings, following on the heels of a cut to Spain's sovereign rating to just above junk status earlier this month.

Facebook taps COO Sandberg to be first woman on board

SAN FRANCISCO: Facebook Inc named Chief Operating Officer Sheryl Sandberg a director on Monday, adding the first woman to a board that includes seven men.

Volatile ringgit

PETALING JAYA: Views are still mixed on the ringgit for the remainder of the year as external and domestic uncertainties continue to have an impact on the currency’s performance.

New speculation on possible Affin merger and acquisition

PETALING JAYA: Speculation has surfaced yet again about a possible merger and acquisition (M&A) exercise involving the country’s second smallest banking group Affin Holdings Bhd.

KPJ Healthcare sets aside RM2bil capital expenditure to boost position

JOHOR BARU: KPJ Healthcare Bhd is allocating RM2bil in capital expenditure (capex) over the next five years to further strengthen its position in the country’s private healthcare sector.

Many throughout the globe inspired to work better after the death of selfless bus driver

MANY of you would have read the news about Wu Bin – “The Most Beautiful Driver in China.” He was accorded a city-level funeral and bereavement for his selfless act of driving 25 passengers to safety after an iron object flew into the bus he was driving and pierced his stomach.

Malaysia bags four silvers, two bronzes at Cannes

PETALING JAYA: Malaysia netted four silvers and two bronzes Lions at the week-long Cannes Lions International Festival of Creativity.

Investment in paper and printing stays at RM533mil

GEORGE TOWN: The investment in the paper and printing industries in Malaysia this year is expected to be maintained at last year’s figure of RM533.6mil due to the global economic challenges.

Zecon vies to get contract for 250-bed specialist hospital in Cheras

KUCHING: Zecon Bhd is vying for a contract to build a 250-bed university specialist hospital in Cheras, Kuala Lumpur under the private finance initiative (PFI).

Nasir Ali re-elected MNPA chairman

KUALA LUMPUR: Datuk Mohd Nasir Ali (pic), group executive director of Utusan Melayu (M) Bhd, has been re-elected chairman of the Malaysian Newspaper Publishers Association (MNPA) at its AGM held recently for an unprecedented eighth term. He has held the chairman’s post since 2005.

Privasia to expand in Peninsular Malaysia

PETALING JAYA: ACE market company Privasia Technology Bhd (Privasia) hopes to expand its operations in Peninsular Malaysia.

Stocks

FBM KLCI hits all-time intra-day high but ends the day flat

PETALING JAYA: Bucking regional trend, the Malaysian stock market kicked off the week on a positive note, as buying momentum picked up pace on a somewhat improved sentiment.

Positive outlook for Malaysia’s real estate investment trusts

KUALA LUMPUR: The outlook for Malaysia’s real estate investment trusts (M-REITs) continues to be positive, with plenty of room for further growth, according to speakers at the two-day REITs conference at Hotel Istana.

Top Glove unit to buy PT Agro stake for RM22mil

KUALA LUMPUR: Top Glove Corp Bhd’s wholly-owned sub-subsidiary, Best Advance Resources Ltd, will acquire 95% equity or 5,700 shares in PT Agro Pramata Sejahtera for RM22mil.

Apex issued with unusual market activity query

PETALING JAYA: Financial services company Apex Equity Holdings Bhd had been issued with an unusual market activity (UMA) query by the stock market regulator after its share price hit limit-up.

Telco stocks offer shelter

DESPITE offering sustainable and visible dividend distribution, telecommunications stocks are underappreciated for their high yields vs consumer peers.

Off-market trade in SP Setia shares

KUALA LUMPUR: SP Setia Bhd saw 45.198 million shares or 2.3% of its paid-up capital transacted in an off-market deal.

76mil Luster shares change hands

KUALA LUMPUR: Luster Industries Bhd saw 76.139 million shares transacted in an off-market deal.

Earnings

Lower Felda Global Ventures Q1 profit

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGVH)’s net profit fell 87% to RM192.17mil in its first quarter ended March 31, 2012, from RM359.05mil a year earlier, on higher cost of sales and administrative expenses as well as the incurrence of fair value changes in a land lease agreement.

Kelington sees more earnings

KUALA LUMPUR: Kelington Group Bhd, which installs ultra-high purity gas and chemical infrastructure, expects contribution to earnings from recently acquired Puritech Tech Ltd in the second half of this year.

BLand sees profit in Q4 through property, gaming, hotel units

PETALING JAYA: Berjaya Land Bhd (BLand) raked in a net profit of RM58.64mil for its fourth quarter ended April 30, 2012, from a net loss of RM4.69mil a year ago.

Property

Dijaya subsidiary to buy Johor land

PETALING JAYA: Dijaya Corp Bhd’s 80%-owned subsidiary, Aliran Peluang Sdn Bhd, has entered a sales and purchase agreement to buy 11 parcels of land, measuring a total of 2.4 million sq ft, or 55.07 acres, in Mukim Pulai, Johor, for a total cash consideration of RM105.07mil from the vendor, Chua Joo Cheng @ Chua Su Yin.

SMEs

Platform to help SMEs penetrate European e-commerce sector

KUALA LUMPUR: Malaysian small and medium enterprises (SMEs) can soon penetrate the European e-commerce sector through an integrated platform provided by e-commerce and payment solutions provider Multimedia Prospect Sdn Bhd and Belgium national post service Bpost International.

Energy

Maegma seals natural gas deal with Petronas

IPOH: Maegma Steel HRC Sdn Bhd, a steel manufacturing company, has signed a gas sales agreement (GSA) with Petroliam Nasional Bhd (Petronas) for the supply of 60 million standard cu ft per day of natural gas, after a seven-year delay.

Petronas Dagangan to build warehouses, LPG terminals to maintain growth

KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) would be allocating RM200mil in capital expenditure to nurture its recent downstream acquisitions, in a bid to maintain its growth momentum.

Commodities

Minister urges plantation players to initiate own action plans

KUALA LUMPUR: Plantation industry players should initiate their own action plans to meet future challenges while the Government continues to assist them by identifying measures to ensure the industry’s long-term resilience, said Primary Industries and Commodities Minister Tan Sri Bernard Dompok.

Land acquisitions to speed up

KUALA LUMPUR: Acquisitions of both greenfields and brownfields for oil palm and rubber plantations are expected to hasten up given continued interest to invest in plantation agriculture crops in the next decade, said Malaysian Palm Oil Council (MPOC) chief executive officer Tan Sri Dr Yusof Basiron.

Bernas plans to expand and allocates RM100mil for new mills, foreign joint ventures

KUALA LUMPUR: Padiberas Nasional Bhd (Bernas) has allocated RM100mil for new mills acquisition in the country and joint-venture (JV) arrangement with foreign mills for the next two years.

Economy

Experience, policy flexibility helping M'sian economy

PUTRAJAYA: Although strong external headwinds continue to dog Malaysia’s economy, its experience after the Asian financial crisis and relative flexibility in policy-making are factors working in its favour, according to Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop.

Singapore May inflation slows to 5%

SINGAPORE: Singapore’s inflation slowed to 5% in May from a year earlier and authorities cited moderating price pressures from wages and other business costs, indicating the central bank might have room to ease monetary policy slightly in October.

Foreign News

Asia investment banks launch round of job cuts

HONG KONG: Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe’s debt crisis and China’s economic slowdown bite into the region’s financial activity.

Greek PM to miss summit

Athens: Illness means both Greece’s new prime minister and finance minister will miss an anxiously awaited summit of European leaders later this week and delayed a visit by the country’s international lenders.

Morgan Stanley’s German head offers to quit

FRANKFURT: The head of Morgan Stanley’s German unit has offered to step down following an uproar over emails he reportedly exchanged with a regional politician, and the bank has not yet decided whether to accept his resignation, according to two people familiar with the matter.

Merkin to pay US$410mil

NEW YORK: Money manager Ezra Merkin has agreed to pay US$410mil to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Ponzi schemer Bernard Madoff, according to New York Attorney General Eric Schneiderman.

Sony, Panasonic team up on next-generation TVs

TOKYO: Struggling Japanese electronics giants Sony and Panasonic said they would team up to develop televisions with advanced technology, in a bid to claw back market share from overseas rivals.

Lennar in China Devt Bank talks for $1.7 billion capital

Lennar Corp, the third-largest U.S. homebuilder, is in talks with China Development Bank about raising $1.7 billion capital, the Wall Street Journal reported, citing people familiar with the discussions.

Nomura downgrades top three Greek banks

Nomura cut its earnings outlook for Greek banks as financial institutions face sovereign concerns, growth challenges and higher loan-loss charges, and downgraded its rating on the country's three largest lenders.

Ocado says trade disrupted by Jubilee celebrations

LONDON: British online supermarket Ocado said trade in its third quarter was disrupted by celebrations to mark Queen Elizabeth II's Diamond Jubilee as it posted a 4.5 percent rise in underlying first half earnings.

News Corp considering splitting into two

Rupert Murdoch's News Corp is thinking of splitting into two companies, the Wall Street Journal reported, citing people familiar with the situation

German consumer morale unexpectedly improves

BERLIN: Consumer morale in Germany unexpectedly edged up going into July on improving income expectations, but worries over the euro zone crisis risk hurting consumption in the months ahead, a survey by GfK market research group showed on Tuesday.

Carpetright profit drops 76 pct on weak UK sales

Britain's biggest floor coverings retailer Carpetright Plc's full-year underlying profit fell by 76 percent, weighed down by weaker UK sales.

DBS Indonesia deal may dodge new bank ownership rules

SINGAPORE/JAKARTA: The gloom surrounding DBS Group's $7.2 billion bid for Indonesia's Bank Danamon is giving way to renewed optimism, with signals from the central bank in Jakarta on Tuesday suggesting the Singapore lender's takeover may just scrape through.

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