The Star Online: Business

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US retail sales fall for 3rd straight month in June

WASHINGTON: U.S. retail sales fell for a third straight month in June as demand slumped for everything from cars and electronics to building materials, a sign the economic recovery is flagging.

Citigroup second-quarter profit falls on losses from older assets

NEW YORK: Citigroup Inc said second quarter profits dropped as it lost money on the sale of a stake in a Turkish bank and suffered from the drag of its troubled assets left over from the 2007-2008 credit crisis.

Media Chinese Intl proposes 41 sen special dividend

Media Chinese International Ltd (MCIL) has proposed to reward shareholders with a special dividend of US$219.78mil (HK$1.70bil) or 13 cents (41 sen or HK$1.01) a share.

AZRB picks Teraju's Advance Pact under RM600m deal

Ahmad Zaki Resources Bhd's (AZRB) unit has appointed Advance Pact Sdn Bhd - a company under Unit Peneraju Agenda Bumiputera (Teraju) - to provide hospital facilities management services under a RM600mil deal.

Tan Chong expects Grand Livina to drive sales

an Chong Motors Holdings Bhd's unit Edaran Tan Chong Motor Sdn Bhd (ETCM)is optimistic the market share for Nissan cars will recover to 5.6% from 5.3% in the first five months of the year.

KLCI charts all-time record high of 1,635

The Malaysian stock market set a fresh record again on Monday, with the 30-stock FBM KLCI closing at an all-time high of 1,635.96, lifted by gains in heavyweights Tenaga Nasional and Axiata Group.

Construction of Kimanis power plant 66.06% completed

The construction of Kimanis Power Sdn Bhd's 285 MW combined-cycle gas turbine power plant in Kimanis Bay, Sabah is on schedule with physical progress at 66.06% as at May 31, 2012.

Cheng: Lion Group's revamp for steel ops still on

The restructuring plan for Lion Group's steel operations is still on with a merchant banker appointed to look into the matter, said its chairman and chief executive officer Tan Sri William Cheng.

Sabah attracted RM10.2b investments in Q1

Sabah has attracted RM10.2bil in investments in the first quarter of 2012, said Industrial Development Minister, Datuk Raymond Tan Shu Kiah.

Asia markets rise on Wall Street rally

HONG KONG: Asian shares were broadly higher Monday on the back of a strong Wall Street rally, but Chinese stocks slumped after growth in the world's second-largest economy slowed to a three-year low.

Media Chinese International extends trading suspension

Media Chinese International Bhd (MCIL) has sought an extension in the trading suspension until the close of market trading on Monday.

Axiata powers KLCI to record intra-day high

Axiata Group powered the FBM KLCI to an all-time intra day high of 1,635.96 in the morning session while Tenaga also advanced amid the mostly positive regional markets.

Top palm oil producer Indonesia wants to be more refined

JAKARTA/KUALA LUMPUR: For decades, Indonesia has shipped out tanker loads of raw palm oil for processing into higher value cooking oil and margarine in Rotterdam, Mumbai and Kuala Lumpur.

Shares extend rally on China relief, Bernanke next focus

TOKYO: Asian shares extended their rally on Monday as fears of an economic hard landing in China subsided, with Premier Wen Jiabao raising the prospect of more policy stimulus if needed.

Defensive sectors to outperform, says UOB Kay Hian Research

UOB Kay Hian Malaysia Research expects defensive sectors to modestly outperform the market as they did in the first half of 2012 (H1, 2012), amid a low interest rate environment and the global economic slowdown.

Cybertowers loses half of market capitalisation in 3 days

Cybertowers Bhd extended its losses for the third consecutive day on Monday, plunging to a low of 95 sen, the lowest since April 30 in the absence of fresh negative news.

KLCI advances, concerns of hard landing in China eases

The Malaysian stock market started the new week on a firmer note on Monday, lifted by gains in KL Kepong, while small capitalised stocks were among the top gainers.

Public Invest Research initiates coverage of Uzma, TP RM1.85

Public Investment Bank Research has initiated coverage of Uzma Bhd with an Outperform call and target price of RM1.85.

RHB Research maintains Market Perform on Quill

RHB Research Institute is maintaining its Market Perform on Quill Capita with a DDM-based fair value of RM1.29.

RHB Research maintains Market Perform on IJM Plantations

RHB Research Institute is maintaining its Market Perform recommendation on IJM Plantations and raised the fair value to RM3.60 from RM3.40.

HDBSVR sees upward bias for KLCI

Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI to stage an upward bias on Monday, possibly climbing to challenge its immediate resistance line of 1,635.

Shares extend rally on China relief, Bernanke next focus

TOKYO: Asian shares extended their rally on Monday as fears of an economic hard landing in China subsided, with last week's softer growth data within expectations and Premier Wen Jiabao on Sunday raising the prospects of more policy stimulus if needed.

AIA, Manulife, others crunch numbers as final ING US$7bil bids loom

HONG KONG: A wide range of suitors, from the son of Asia's richest man and a former rugby player in New Zealand to more established players including AIA Group and Manulife Financial Corp, are expected to submit binding bids on Monday for ING Groep's Asia insurance business in a deal that could top US$7 billion.

China's Lenovo to overtake HP as world's No. 1 PC maker and seller

HONG KONG: Lenovo Group Ltd is on track to overtake Hewlett-Packard Co as the world's biggest PC maker by sales as soon as this year, making it the first Chinese company to grab the top spot globally in a technology sector.

Plan to float NGC Energy

KUALA LUMPUR: While it is still in the midst of acquiring Shell’s Malaysian liquefied petroleum gas (LPG) business, Oman-based Natural Gas Co SAOG (NGC) is already making plans to take its local unit, NGC Energy Sdn Bhd, to the next level.

Auditor penalised for failure to meet standards

PETALING JAYA: After operating for more than two years, the Audit Oversight Board (AOB) has finally wielded its powers of sanction. The senior partner of a mid-tier accounting firm is the first auditor to be penalised for breaching a condition imposed when he registered with the board.

Manchester United’s US IPO seen a tough sell

LONDON: Manchester United may be one of the most supported sports teams in the world but that doesn’t mean the football club is going to find many investors with an appetite for its planned initial public offering (IPO) in the United States.

Combating corruption beyond party politics

COMBATING corruption is a national mission. Malaysians should not allow party politics to distract them from this mission, the success of which is critical for our very survival.

M'sian stocks likely to continue uptrend this week

KUALA LUMPUR: THE FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to continue its uptrend this week, lifted by external sentiment, which will encourage investors to increase their risk appetite, dealers said.

An efficient MRT system is vital to make KL a great city

THAT the Kuala Lumpur/Klang Valley area needs great improvement in public transport is undeniable for upwards of five to six million people who live and work in this area, with many of them having to commute long distances to get to work.

VS Industry beefs up Indonesia ops

JOHOR BARU: VS Industry Bhd, an electronics manufacturing services (EMS) provider, is investing US$15mil (RM47.8mil) this year to set up its second factory in Indonesia.

Branding guru to give talk

PETALING JAYA: Branding Association of Malaysia president Eric Chong will be a guest speaker at the Star Business Awards (SOBA) Helpdesk on July 20. Chong, who has been a SOBA judge for two years, will give a talk on how judges will be evaluating the submissions at the upcoming awards later this year.

Stocks

Bonus/Rights Issues

Wall Street Week Ahead: Earnings, Bernanke promise active week

NEW YORK: Investors are looking at an onslaught next week. If it's not corporate earnings, it's Ben Bernanke talking about economic issues before Congress.

Wah Seong’s outlook piping hot

PIPE coater Wah Seong is set for a“smokin” hot timegiven its potential exposure to marginal field development via its prospective 26.9% equity in Petra Energy, as revealed during a recent meeting.

SMEs

Call for SME Masterplan custodian

PETALING JAYA: The National SME Development Council (NSDC) has called for a single agency to be the custodian of the SME Masterplan.

Telecommunication

Boost in submarine cable capacity

PETALING JAYA: Time dotCom Bhd (TDC) is now involved in two major submarine cable projects with global partners that will help boost its submarine cable transit capacity to Japan, South Korea and the United States and pushes it to become a serious alternative player that is able to compete with incumbent Telekom Malaysia Bhd (TM).

Commodities

Need to rely on planted forests log supply

KUCHING: Plywood and other timber processing mills in Sarawak need to rely more on planted forests for their supply of raw materials following declining annual log production from natural forests and agro conversion areas.

Insight: Top palm oil producer Indonesia wants to be more refined

JAKARTA/KUALA LUMPUR: For decades, Indonesia has shipped out tanker loads of raw palm oil for processing into higher value cooking oil and margarine in Rotterdam, Mumbai and Kuala Lumpur.

Glencore $6bil takeover of Viterra wins Canada minister's nod

WINNIPEG, Manitoba/NEW YORK: Glencore International Plc, one of the world's largest commodities suppliers, has won a Canadian regulator's approval for its roughly C$6.1 billion (U.S. $6 billion) takeover of grain handler Viterra Inc.

Retailing

Hing Yiap’s fashion statement

IT would appear that the market is positively pricing in Hing Yiap Group Bhd’s proposed acquisition of a variety of brands, which include Anakku, Audrey and Mickey Junior.

Foreign News

Spain Govt to cut US$69bil from public deficit in next 2½ years

MADRID: The Spanish government’s most recent reforms will slash 56.4 billion euros (US$69bil) from the public deficit in the next 2½ years, an official document showed, leaving a gap to be filled by taxes on energy.

UK parties agree on parliamentary investigators into banks

LONDON: Britain’s government and main opposition have agreed on who will participate in a parliamentary inquiry into the professional and ethical standards of bankers, documents from parliament showed, although one lawmaker described the process as a “whitewash”.