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Tradewinds still in talks with UDA on BB Plaza

Tradewinds Corp Bhd said it has held discussions with UDA Holdings Bhd on the Bukit Bintang Plaza (BB Plaza) redevelopment but nothing has been finalised.

EP Manufacturing expects more than RM100m in revenue if MEX takeover goes ahead

If the proposed takeover of Maju Expressway Sdn Bhd (MEX) materialises, EP Manufacturing Bhd (EPMB), expects an excess of RM100mil in revenue in 2013, said its executive chairman, Hamidon Abdullah.

Maybank fully committed to Singapore operations

Malayan Banking Bhd (Maybank) is fully committed to its operations in Singapore, said its president and CEO, Datuk Seri Abdul Wahid Omar said.

KLCI ends Q2 on firmer note, but just below 1,600

Key regional markets including Malaysia ended the second quarter on a firmer note, chalking up late gains on Friday after European leaders meeting in Brussels agreed to ease repayment terms for Spain's banks.

BNM: Net financing to private sector up RM22.3bil in May

Banks' net financing to the private sector rose RM22.3bil in May, mainly through banking system loans, to RM1,398.9bil from RM1,376.6bil in April, according to Bank Negara Malaysia (BNM).

EU summit deal sends shares, euro sharply higher

LONDON: European shares were sharply higher and the single currency surged over 1 percent on Friday after euro zone leaders agreed a deal to stabilize the region's debt markets and recapitalize its banks, easing the funding strains on Spain and Italy.

Ingenuity Solutions sees substantial shareholder boosting stake

Ingenuity Solutions Bhd saw a substantial shareholder Chin Boon Long raising his stake in the loss-making company with the recent acquisition of 11 million shares.

Tradewinds Corp to redevelop Crowne Plaza, Kompleks Antarabangsa

Tradewinds Corp Bhd confirmed that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6 billion mixed development project.

China Stationery ventures into anti-tampering plastic envelope

China Stationery Ltd (CSL), an integrated plastic stationery company, has secured an anti-tampering plastic envelope trial order contract from China Post.

MPHB's 13m shares transacted off-market at RM43.68m

Multipurpose Holdings Bhd (MPHB) saw a total of 13 million shares transacted in an off-market deal valued at RM43.68mil.

Sing dlr, ringgit lead gains after EU steps; set for Q2 losses

SINGAPORE: Most emerging Asian currencies rose on Friday as investors covered short positions after European leaders unexpectedly agreed on measures to ease fiscal strains in Italy and Spain, although regional units are set to see quarterly losses.

Key Asian markets rally, KLCI up nearly 8 pts

Key Asian markets rallied in the morning session on Friday after European leaders unexpectedly agreed on measures to ease fiscal strains in Italy and Spain while the FBM KLCI climbed nearly eight points, powered by gains in plantation stocks and banks.

Public Mutual declares distributions for 10 funds

Public Mutual has declared distributions of between one sen per unit to six sen per unit for 10 of its funds for their financial year ending June 30, 2012.

Maybank prepared to locally incorporate S'pore retail ops-CEO

Malaysia's top lender Maybank is prepared to locally incorporate its retail operations in Singapore if the city state's government requires it, a top company official said on Friday.

Stocks, euro surge on EU bond support

TOKYO: Asian shares and the euro surged on Friday after European leaders agreed that euro zone banks could be recapitalized without adding to government debt and opened the way for tapping a rescue fund, soothing fears over growing credit strains in Italy and Spain.

OCK Group to raise RM27m from listing exercise

OCK Group Bhd plans to raise RM27mil from its proposed listing on the ACE Market of Bursa Malaysia Securities, which involves the issuance of 75 million new shares at an issue price of 36 sen each.

Gabungan AQRS to raise RM73.1m from IPO

Construction and property development group Gabungan AQRS Bhd, which is seeking a listing on the Main Board of Bursa Malaysia Securities, plans to raise RM73.10mil from its listing exercise.

KLCI rebounds to 1,600, KLCPP at new high

Blue chips advanced in late morning on Friday, with the FBM KLCI crossing the psychologically important 1,600 level on some mild window-dressing activities on the last day of the first half of 2012.

RHB Research maintains Market Perform on Perdana Petroleum

RHB Research Institute is maintaining its Market Perform call on Perdana Petroleum with an unchanged fair value of 62 sen.

Maybank Research maintains Buy on Gamuda, TP RM4.10

Maybank Investment Bank Research said Gamuda’s nine-months net profit of RM407mil (up 36% on-year) which included a gain from the sale of land in Celadon City, was 76% of its full-year forecast and 78% of consensus.

HDBSVR sees slight positive bias for KLCI

Hwang DBS Vickers Research said the key FBM KLCI may be range bound with a slight positive bias on Friday.

Battle over Spain, Italy rescue erupts at EU summit

BRUSSELS: Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.

CIMB Research: Still more upside for KLCCP

CIMB Equities Research said although KLCC Property’s share price has surged by 20% over the past month, it believes that there is still upside as it could rise to its fully-diluted RNAV of RM5.55 a share if a REIT pans out.

UK banks face new scandal with Barclays boss in peril

LONDON: Britain will expose on Friday a second scandal involving the country's banks in as many days, as Barclays boss Bob Diamond clings to his job after regulators slapped a record fine on the lender for rigging interest rates.

JPMorgan likely to post $4 billion to $6 billion trade loss

NEW YORK: JPMorgan Chase & Co's losses from disastrous derivatives trades will likely amount to $4 billion to $6 billion in the second quarter, far more than the original estimate of at least $2 billion, according to a person familiar with the matter.

Wall Street pares losses late, ends modestly lower

NEW YORK: Stocks fell on Thursday but pared back sharp losses late in the session on talk of progress by European leaders in easing the region's debt crisis, while a Supreme Court ruling upholding a landmark healthcare law hit large health insurers.

News

Petronas to acquire Canadian firm Progress Resources Corp

KUALA LUMPUR: Petronas, via its subsidiary Petronas Carigali Canada Ltd, has reached an agreement to acquire Progress Energy Resources Corp for about 5.5 billion Canadian dollars.

MD says Muhibbah to cope despite APH setback

SHAH ALAM: Muhibbah Engineering (M) Bhd will be able to cope financially despite CIMB Bank Bhd’s withdrawal from Asia Petroleum Hub Sdn Bhd’s (APH) restructuring exercise which resulted in a repayment delay from APH for services rendered.

MBfH selling card business

PETALING JAYA: MBf Holdings Bhd (MBfH) has confirmed it is undertaking a tender process to sell its card and payment services business. Group chief executive officer Tan Sri Dr Ninian Mogan Lourdenadin said the company had received some very good bids and would definitely consider some of them.

Probe on steel wire rods

PETALING JAYA: The International Trade and Industry Ministry (Miti) has developed a set of questionnaires to investigate the imposition of anti-dumping duty on steel wire rod imports.

Sumatec sells subsidiary

PETALING JAYA: Sumatec Resources Bhd announced that as part of its regularisation plan, it will dispose of its entire stake in wholly-owned subsidiary North Malaysia Terminal Sdn Bhd to Aliran Ketara Sdn Bhd.

FGVH on right track

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGVH) is confident about achieving its performance targets for 2012, provided crude palm oil (CPO) prices remain at around RM3,000 per tonne.

Gamuda’s profit higher

KUALA LUMPUR: Gamuda Bhd announced a higher pre-tax profit of RM196.03mil for the third quarter ended April 30 compared with RM158.37mil in the previous corresponding quarter.

A structured funding programme for special children is needed

IT is heartening to know that there is a push towards the setting up of a school for children affected with autism.

TH Heavy Engineering expects to boost its order book

KUALA LUMPUR: TH Heavy Engineering Bhd, formerly known as Ramunia Holdings Bhd, expects to boost its order book over the next six months following RM1.5bil worth of tenders it has submitted.

Tradewinds shareholders approve building buy

KUALA LUMPUR: Tradewinds (M) Bhd’s shareholders have approved its plan to buy a building at Jalan Raja Laut for RM510mil cash.

Wijaya changes name to Tadmax

PETALING JAYA: Wijaya Baru Global Bhd has announced to Bursa Malaysia that it has changed its name to Tadmax Resources Bhd.

LBS declares first dividend since 2005

PETALING JAYA: Property-based LBS Bina Group Bhd (LBS) is paying a first and final dividend payout of 2.5 sen per share for the financial year ended Dec 31, 2011.

Perdana Nautika gets RM86m job

KUALA LUMPUR: Perdana Petroleum Bhd’s unit, Perdana Nautika Sdn Bhd, has secured a RM86mil contract from Murphy Sabah/ Sarawak Oil Co Ltd.

SILK secures RM24mil contract

KUALA LUMPUR: SILK Holdings Bhd has secured a RM23.725mil extension contract from Talisman Malaysia Ltd to provide an anchor handling tug supply vessel.

Apex Equity to find out why some directors not re-elected

KUALA LUMPUR: The board of directors of the stockbroking operator Apex Equity Holdings Bhd will investigate and study the rationale behind the decision not to re-elect the chairman and independent non-executive director by certain shareholders.

UMW buys rig for RM684mil

KUALA LUMPUR: UMW Holdings Bhd’s unit UMW Drilling 4 (L) Ltd (UMW D4) has signed a sale and purchase agreement with SD Drilling Pte Ltd to acquire a jack-up drilling rig for US$214mil (RM684.13mil).

Petronas in Asia’s top 10 list

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), along with Samsung Group, Toyota Motors and Tata Group, were in the list of Hay Group’s Asia’s top 10 best companies for leadership.

Lower earnings for Berjaya in Q4

KUALA LUMPUR: Berjaya Corp Bhd’s pre-tax profit declined to RM161.79mil in the fourth quarter ended April 30 from RM261.61mil in the same quarter last year.

Retailing

Parkson investing RM48mil in five stores in Indonesia

JAKARTA: Malaysian retailer Parkson Retail Group will invest US$15mil (RM47.9mil) to open five new stores in Indonesia next year, said managing director Datuk Alfred Cheng.

Construction

Crest Builder unit to build RM1.3bil project

KUALA LUMPUR: Crest Builder Holdings Bhd’s 51%-owned subsidiary, Landasan Bayu Sdn Bhd, had received a letter of intent from Lembaga Getah Malaysia (Malaysian Rubber Board) for the mixed property development with an estimated gross development value (GDV) of RM1.33bil.

IJM to appeal with revised plan for highway extension

PETALING JAYA: IJM Corp Bhd says the Government had scrapped its plans for a proposed extension of the New Pantai Elevated Highway Extension. However, the company intends to appeal for a reconsideration of the proposal with a revised alignment.

Auto

Pils is new BMW president

PETALING JAYA: Gerhard Pils has been appointed BMW Group Malaysia’s new president. He will assume his role effective July 1.

MCE to supply parts to Proton

KUALA LUMPUR: Multi-Code Electronics Industries (M) Bhd (MCE) has received letters of acceptance from Perusahaan Otomobil Nasional Sdn Bhd (Proton) to supply parts for a new car model.

Transportation

KTB: Tablet will boost monthly revenue by RM2mil

KUALA LUMPUR: Konsortium Transnasional Bhd (KTB) aims to rake in an additional revenue of RM2mil every month via its latest offering of lifestyle entertainment tablet to its express bus passengers.

MRT awards two viaduct contracts

KUALA LUMPUR: Two more viaduct contracts were awarded by Mass Rapid Transit Corp Sdn Bhd (MRT) following the sitting of its One-Stop Procurement Committee (OSTC) in Putrajaya yesterday.

Stocks

Analysts see difficult upward struggle for FBM KLCI

KUALA LUMPUR: Global economic events, the tapering out of foreign fund inflows coupled with the loss of momentous support from local institutional funds on the FTSE Bursa Malaysia KL Composite Index will definitely bleak its outlook in the near term.

Commodities

Govt to host roundtable on oil palm seed export

SERI KEMBANGAN: The Government will host a roundtable discussion with the private sector, especially players in the plantation industry, on the details of a proposal to export excess oil palm seeds.

Banking

15% sukuk growth seen

KUALA LUMPUR: The Islamic finance industry will grow 15% annually in the next decade, after syariah- compliant banking assets surged in Asia in the past year, according to a global standards-setting body.

Foreign News

Rare earths battle heightens

BRUSSELS: The European Union (EU), the United States and Japan asked the World Trade Organisation on Wednesday to form a panel to resolve a dispute over China’s export restrictions on rare earths.

Indian PM to issue ‘explanatory note’ on tax policy

NEW DELHI: India’s Prime Minister Manmohan Singh will seek within the next two to three weeks to clear up confusion over tax policy that has rattled investor confidence in Asia’s third largest economy, a government official said.

China plans test zone for yuan’s convertibility

HONG KONG: China sent a strong signal it intends to push towards a freely tradable yuan, announcing plans for a test zone for the currency’s convertibility in Shenzhen, the same city that first tried out China’s broader economic reforms some 30 years ago.