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Genting subsidiary in US$1b power project in west Java

Genting Bhd's 95%-owned subsidiary is undertaking a coal-fired power plant project in Banten province, west Java which is estimated to cost about US$1bil (RM3.19bil).

Tabung Haji buying UOA Devt's boutique office building

Lembaga Tabung Haji is buying a 13-storey boutique office building in Bangsar South here for RM102.20mil from UOA Development Bhd.

KLCI closes at all time high, plantations in focus

The FBM KLCI closed at an all-time high of 1,624.29 on Tuesday, underpinned by buying in small and larger capitalised plantation stocks, enabling the market to buck the weaker regional bourses.

DiGi, Maybank in JV for OTC remittance service

DiGi.Com Bhd's unit DiGi Telecommunications Sdn Bhd and Malayan Banking Bhd have teamed up to provide an over-the-counter (OTC) remittance service that enables users to remit cash to nine countries across Asia.

Apex Equity sees 6.3% stake crossed, sharply below market price

Stockbroker Apex Equity Holdings Bhd's 13.49 million shares were transacted in several off-market deals on Tuesday at 92 sen each, which was sharply below the current market price.

Euro dips but European shares gain on Spanish deal

LONDON: Limited progress at a euro zone finance ministers meeting left the single currency near a two-year low on Tuesday, while oil fell $2 a barrel after a slowdown in China's imports fuelled anxiety about the global economy.

JP Morgan upbeat on Malaysian marginal oil fields

JP Morgan Asia Pacific Equity Research is upbeat on Malaysia's marginal oil field risk service contracts (RSC) due to the favourable risk reward, and local skillsets upgrade.

Raymond Chan sells down Ariantec Global stake

Corporate player Datuk Raymond Chan Boon Siew sold down his stakes in Ariantec Global Bhd and associate company Metronic Global Bhd.

KLCI hits record intra-day high of 1,625

Blue chips regained their momentum on Tuesday, with plantations and banks helping the FBM KLCI to chart a fresh intra-day record high of 1,625.04 while key regional markets fell except for Singapore.

Survey: Many Wall St execs says wrongdoing is necessary

NEW YORK: If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere. A quarter of Wall Street executives see wrongdoing as a key to success

Scope's 13m shares crossed, sharply below market price

Scope Industries Bhd's 13 million shares were transacted in an off-market deal on Tuesday at 20 sen each.

JP Morgan to increase staff strength by 65% in Malaysia

JP Morgan Treasury Services plans to increase its staff strength in Malaysia by 65% by end-2014 as it expands its presence.

Plantations lead blue chips higher

Plantations led blue chips higher in late morning trade on Tuesday, following the recent rebound in the crude palm oil (CPO) prices.

Moody's sees Asian steelmakers' profitability to remain low

Asian steelmakers' profitability will remain low by historical standards, weighed down by oversupply, China's moderating growth rate and still elevated input costs, according to Moody's Investors Service.

Rolls-Royce to provide total service for MAS' A380 Trent engines

Rolls-Royce has extended its total care services support to Malaysia Airlines' (MAS) Trent 900 engines for use in MAS's six Airbus A380 aircraft.

HDBSVR sees marginal negative bias for KLCI

Hwang DBS Vickers Research (HDBSVR) expects the key FBM KLCI to trade sideways with a marginal negative bias on Tuesday following the weaker overnight close on Wall Street.

RHB Research maintains Market Perform call on LPI Capital

RHB Research Institute is maintaining its Market Perform recommendation on LPI Capital following the release of its second quarter results ended June 30.

CIMB Research maintains Gas Malaysia target price at RM2.84

CIMB Equities Research is maintaining its target price of RM2.84 for Gas Malaysia with its Outperform recommendation.

Intel funds next-gen chipmaking, buys into ASML for US$4.1bil

SAN FRANCISCO: Intel Corp will spend more than US$4 billion to buy a stake in ASML and bankroll its research into costly next-generation chipmaking technology, a major vote of confidence in the Dutch company that sent its U.S. shares soaring 6 percent on Monday.

Global stocks fall on worries about economic growth, Europe(update)

NEW YORK: Stocks on major world markets fell on Monday as investors fretted about disappointing economic data in Asia, while EU finance ministers met again to grapple with the euro zone's debt crisis.

Situation fluid for Genting amid S’pore casino law review

PETALING JAYA: There is much uncertainty as to how the Singapore government’s proposed changes to its casino law will impact Genting Bhd and its 52%-owned unit Genting Singapore, whose Resorts World Sentosa is one of only two casino resorts in the island-republic.

Gamuda Land in RM600mil commercial project in Kelana Jaya

PETALING JAYA: Gamuda Land Sdn Bhd, the property arm of Gamuda Bhd, has purchased 4.86-acre freehold land in Kelana Jaya for RM95mil.

Are Malaysian companies paying too much?

TWO recent deals have raised questions as to whether Malaysian companies are over paying in acquiring assets abroad.

Significan flow of foreign funds into local stocks last week

KUALA LUMPUR: There was significant foreign inflow to the local bourse last week, with a cumulative RM6.7bil net inflow of foreign funds to Malaysia for the year up to last Friday, a research house said.

Chinese auto firms keen to work with local players in view of the revised NAP

PETALING JAYA: Several China-based automotive companies have expressed interests to tie up with local players to fast track their presence into Malaysia based on expectations that the revised National Automotive Policy (NAP) would liberalise the local automotive sector.

Boustead unit to issue up to RM900mil bonds

PETALING JAYA: Boustead Holdings Bhd’s unit Mercuro Properties Sdn Bhd has proposed to issue up to RM900mil in nominal value of bonds.

Infineon to pump RM500mil into Malacca ops over two years

MALACCA: Infineon Technologies has announced a RM500mil investment to expand research and development (R&D) and manufacturing activities over a two-year period at its largest backend manufacturing operation here.

CCM formulating next generation corporate governance

PETALING JAYA: The Companies Commission of Malaysia (CCM) said work is under way to formulate the next generation definition of corporate governance for Malaysia.

Lysaght unit gets additional job

PETALING JAYA: Lysaght Galvanized Steel Bhd’s wholly-owned subsidiary, Lysaght Marketing Sdn Bhd, has been awarded additional works worth RM22.75mil by Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd. Lysaght said the additional works pertained to its four existing subcontracts for the supply, fabrication, delivery, installation and handing over of antenna poles for the latter.

Myanmar wants more Malaysian investments

KUALA LUMPUR: Myanmar, possibly the last frontier in Asia for business and investment, invites more participation from Malaysian business community to tap the vast opportunities on the table, after 60 years of isolation, mainly in food commodity and tourism.

Foundation to increase financing funds to RM1bil

SONGKLA: Foundation for Islamic Development Malaysia (YaPEIM) will be raising the funds for Ar-Rahnu financing to RM1bil next year from RM800 million this year.

Coastal Contracts units sell vessels worth RM446mil

PETALING JAYA: Coastal Contracts Bhd’s units have collectively secured contracts for the sale of 10 offshore support vessels and two low-end vessels for approximately RM446mil.

Guan Chong boosts output with second production line

KUALA LUMPUR: Guan Chong Bhd, one of the leading cocoa processors in the region, has commissioned a second production line at its plant in Batam, which takes the group’s total annual capacity to 200,000 tonnes.

Danainfra sells RM2.4bil bonds

KUALA LUMPUR: Danainfra Nasional Bhd, a state-owned company, started marketing RM2.4bil of Islamic bonds to yield 20 to 33 basis points over similar-maturity local government bonds, two people familiar with the matter said.

The qualities that make an exceptional independent non-executive director

THE twenty-first century independent non-executive director (NED) operates in a volatile, complex and unpredictable world. At the same time, the financial crisis has put corporate governance under the microscope to an unprecedented degree.

Preparing the 2013 budget

WHILE busy preparing for the coming general election, the national leaders of the party in power are now equally busy preparing the 2013 annual budget.

Fund to aid bumi firms in infrastructure projects

PUTRAJAYA: The Government has allocated RM600mil for a facilitation fund to help bumiputra companies implement infrastructure projects costing a minimum of RM5mil, with a maximum funding of 15% of the overall cost of the project.

Stocks

MPHB shares sold off-market

PETALIG JAYA: Multi-Purpose Holdings Bhd’s (MPHB) 11.94 million shares were transacted off-market at an average price of RM3.59 yesterday.

CGML no more big shareholder of INIX

PETALING JAYA: CGML IPB for Gleneagle Securities (Aust) Pty Ltd has ceased to be a substantial shareholder of INIX Technologies Holdings Bhd since last month. This came about after it disposed of a 2.54% stake in the latter.

Chan sells Metronic stake

PETALING JAYA: Corporate player Datuk Raymond Chan Boon Siew has disposed of his entire 5.18% stake or 32.9 million shares in integrated system provider Metronic Global Bhd at an undisclosed price, according to a filing to the stock exchange.

KPJ unit in Indonesian deal

PETALING JAYA: KPJ Healthcare Bhd said its wholly-owned subsidiary, Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), has entered into a related party transaction to acquire up to 80% equity interest in PT Khidmat Perawatan Jasa Medika (PT KPJ Medika) in Indonesia for a total cash consideration of RM15.84mil.

BTM MD sells shares off-market

Petaling Jaya: BTM Resources Bhd managing director Datuk Seri Yong Tu Sang has disposed of 2.3 million shares of the timber company through Sung Lee Timber Trading Sdn Bhd via off-market deals at 21 sen per share, filings to the stock exchange showed.

Aberdeen disposes of AEON shares

PETALING JAYA: Aberdeen Asset Management Sdn Bhd has ceased to be a substantial share of AEON Co (M) Bhd after it disposed of 217,800 shares in the latter.

MMC to privatise AIRB

PETALING JAYA: MMC Corp Bhd has proposed to privatise its 62.82%-owned subsidiary Aliran Ihsan Resources Bhd (AIRB) via a selective capital reduction and repayment exercise (SCR).

Cworks Systems proposes private placement exercise

Petaling Jaya: Information system developer Cworks Systems Bhd is proposing to undertake a private placement of up to 10% of the issued and paid-up share capital of the company for working capital purposes after making a loss for the financial year ended Dec 31, 2011.

El Nino to hit plantation sector

WE are upgrading the plantation sector to overweight from neutral previously on expectations that palm oil price is on the cusp of a three-year upcycle.

Bursa Malaysia easier on profit-taking

SHARE prices on Bursa Malaysia closed slightly easier on continued profit taking after a record high last Friday and coupled with a soft external markets performance, dealers said.

Earnings

LPI Capital sees rise in Q2 profit

Petaling Jaya: Insurance provider LPI Capital Bhd posted a 28.69% rise in net profit to RM40.43mil in the second quarter ended June 30 compared to the corresponding quarter a year ago on better underwriting results stemming from growth in the general insurance segment.

Property

Astral Asia unit secures grant for park development

PETALING JAYA: Astral Asia Bhd has secured a government grant via its wholly-owned subsidiary Tasja Development Sdn Bhd to facilitate the phase one development of the Kuantan Hi-Tech Park.

SMEs

SME masterplan will define direction for next 8 years

KUALA LUMPUR: The SME Masterplan 2012-2020, to be unveiled on Thursday, will define the direction where small and medium enterprises should be in the next eight years to achieve the sector’s target to raise its gross domestic product contribution to 41% from 32% currently.

Banking

Maybank targets RM32mil from new account

KUALA LUMPUR: Malayan Banking Bhd aims to attract RM32mil investment on its latest precious metals product Maybank Silver Investment Account within the first year.

Hong Leong targets growing Gen-Y market with new brand

KUALA LUMPUR: Hong Leong Bank Bhd is aiming to expand its reach among the Generation-Y segment via its Mach brand.

Insurance

Four Aviva suitors enter second stage of bidding

SINGAPORE: Four potential buyers, including Prudential Plc and Manulife, have made it through to a second stage of bidding for Aviva’s insurance business in Malaysia in a deal worth about US$500mil, sources said.

Aviation

AIROD signs RM50mil agreement with US firm

PETALING JAYA: AIROD Sdn Bhd, the country’s leading aircraft maintenance, repair and overhaul (MRO) company, has inked an agreement with US-based AAR Airlift Group Inc to provide repair, overhaul and support services for latter GE CT58-140-2 engines and associated accessories at estimated contract value of RM50mil.

Energy

IRIS unit to buy stake in Oil Field

PETALING JAYA: IRIS Corp Bhd plans to acquire 2.55 million shares or a 51% stake in Oil Field Services Ltd via its unit for an indicative purchase consideration of RM11.2mil.

Commodities

Steel players to submit recommendations to Miti

PETALING JAYA: Steel players will make their views known to the International Trade and Industry Ministry (Miti) on Thursday regarding the findings of the study undertaken by Boston Consulting Group (BCG) to resolve the long-standing issues plaguing the industry.

Foreign News

Alcoa sees strong aluminum demand

NEW YORK: Alcoa Inc's quarterly revenue and profit beat Wall Street's expectations even though prices for its aluminum are at nearly two-year lows, and it forecast growing demand in the aerospace and auto sectors.

New York Governor Cuomo signs cyber-bullying measure

NEW YORK: New York teachers who learn that a student has been bullied online will be required to report the incident to school administrators within one day, under a law signed by Governor Andrew Cuomo on Monday.

Study: Expensive, newer stents not better for all

NEW YORK: Many heart patients get newer, pricey stents inserted during artery-clearing procedures, even if it's not clear they would be worse off with more basic, less expensive stents, a new study suggests.

Patriot Coal files for bankruptcy protection

NEW YORK: Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas.

Norway intervenes to avert oil industry closure

OSLO: Norway's government ordered on Monday a last-minute settlement in a dispute between striking oil workers and employers in a move to alleviate market fears over a full closure of its oil industry and a steep cut in Europe's supplies.

New York City "micro" apartments aim to be cozy, not cramped

NEW YORK: Could apartments in New York City get any smaller? Mayor Michael Bloomberg hopes so.

Cell phone companies see spike in surveillance requests

WASHINGTON: Mobile phone carriers received more than 1.3 million requests last year from U.S. law enforcement agencies for their customers' phone records and the requests are on the rise, according to data gathered as part of a congressional inquiry into cell phone surveillance.

PFGBest customer bank account missing some US$220mil

New York: One of U.S. broker PFGBest's main customer bank accounts was found to be missing around $220 million in segregated funds earlier on Monday, the U.S. futures industry group said as it froze the broker's funds.

Alcoa sees strong aluminum demand

BP suspends costly US$1.5bil Alaska oil project

ANCHORAGE, Alaska: BP has indefinitely suspended a $1.5 billion offshore oil project in Alaska due to cost overruns and technical setbacks, a company spokeswoman said on Monday.

Queen's Jubilee boosts UK June retail sales

LONDON: British retail sales rose at their fastest annual pace since December during June, boosted by the Jubilee holiday and a warm start to the month, the British Retail Consortium said on Tuesday.

UK's Green Food Project too vague, says WWF

LONDON: A UK government project to overhaul the UK's food system to meet rising global demand without harming the environment, yet keeping prices affordable, drew criticism for its lack of clear time lines and targets.

US broker PFGBest freezes funds after founder's suicide

CHICAGO/NEW YORK: Independent U.S. futures broker PFGBest said it had effectively frozen customer accounts on Monday after a suicide attempt by the company's founder set off an investigation into possible "accounting irregularities."

RIM marketing boss sees silver lining in BlackBerry delay

TORONTO: A delay in the launch of the new generation of BlackBerrys until next year will give retailers more time to focus on the revamped smartphones once they hit store shelves, Research In Motion Ltd's new marketing chief said on Monday.

Barclays finance chief jumps ship to Apollo

NEW YORK{ Apollo Global Management LLC said on Monday it appointed Martin Kelly, a top financial controller at Barclays Plc, the British bank tainted with an interest rate rigging scandal, as its next chief financial officer.

US lawmaker asks Tuvalu to stop reflagging Iran oil tankers

WASHINGTON: A prominent U.S. lawmaker has asked the small South Pacific island nation Tuvalu to stop reflagging Iranian oil tankers and warned its government of the risks of running afoul of U.S. sanctions.

Spain to get longer to reach budget goal

BRUSSELS: European ministers were set to grant Spain an extra year to reach its deficit targets in exchange for further budget savings but remained far from pinning down details of bank rescues and emergency bond-buying that are of greater concern to markets.

Philippines plans record infrastructure budget for 2013

MANILA: The Philippines plans to spend a record 404.6 billion pesos (US$9.6bil) on infrastructure next year as it aims to push its growth rate to 8% in subsequent years, Budget Secretary Florencio Abad said on Monday.

China inflation slows

BEIJING: China’s inflation slowed in June to its lowest level in 29 months, official data showed, giving the government more flexibility in its efforts to reboot the world’s second biggest economy.

Tough times for Macau junket operators

MACAU: The shadowy companies that bring China’s millionaires to the gambling tables of Macau are facing their toughest time since the 2008 collapse of Lehman Brothers, and some of the smaller players may soon drop out of the game for good.

Lippo stake lures private equity to Indonesia

JAKARTA: Indonesia’s PT Lippo Karawaci may sell as much as 49% of its unit Siloam Hospitals in a deal that would value the firm at more than US$1bil, drawing a slew of private equity firms to the sale as they bet on growth in healthcare spending in South-East Asia’s biggest economy, sources said.

CapitaLand unit seeks acquisitions in Europe

SINGAPORE: Ascott Ltd, the serviced residences arm of South-East Asia’s largest property developer CapitaLand Ltd, is looking for acquisitions in Europe as the sovereign debt crisis forces some property owners to sell.

S’pore GDP likely slowed in Q2, possible contraction

SINGAPORE: Singapore’s economy probably slowed and may even have contracted sequentially during the second quarter of 2012 amid lacklustre performance by manufacturers and weakness in the financial sector.

BoJ confident of recovery Central bank expected to keep policy rate unchanged

TOKYO: The Bank of Japan (BoJ) is expected to hold off on easing monetary policy on Thursday, convinced that the country’s economy is headed for a moderate recovery as strength in domestic demand eases the pain from slowing global growth.

Biggest banks target Korean conglomerates

TOKYO: Japanese banks, facing sluggish loan demand at home, are increasingly targeting South Korea where conglomerates such as Samsung Electronics and Hyundai Motor are seeking funds to expand globally.

Nomura loses more bond deals

TOKYO: Japan’s leading brokerage Nomura Holdings was excluded as underwriter from two bond issues planned by a government-owned housing agency as an insider trading scandal takes an increasing toll on its business.

Japan core machinery orders tumble

TOKYO: Japan’s core machinery orders tumbled in May in a sign that lingering worries about Europe’s debt crisis, a slowing Chinese economy and weak economic data from the United States are hindering the country’s recovery from last year’s devastating earthquake.

New Panasonic chief pledges to revive fortunes

TOKYO: In today’s world of fast gadgets and fickle consumers, managers at Panasonic Corp, the sprawling, and struggling, Japanese electronics manufacturer, still refer to a 250-year business plan their founder wrote between the two world wars.

Companies’ performance likely to be affected by European debt crisis

LONDON: Growing disillusion over the latest steps to resolve Europe’s debt crisis and policy easing by major central banks will dominate market sentiment in the coming week, with equity investors also braced for a new company reporting season.

German exports, imports rebounded strongly in May

BERLIN: German exports jumped more than expected in May but imports gained even more, narrowing the trade surplus, as Europe’s largest economy shrugged off the euro debt crisis and revived hopes it can shore up regional growth.

Czech May output down 2.4%

PRAGUE: Czech industrial output dropped by 2.4% on an annual basis in May, deeper than market expectations of a 1.5% contraction.

Branson says airport crisis will damage UK

FARNBOROUGH: Britain’s economy will fall behind the rest of Europe unless London’s capacity-constrained Heathrow hub gets a third runway and the government improves immigration services, serial entrepreneur and Virgin Atlantic founder Richard Branson said.