Ho Hup secures RM87m contract from Johor Corp

Ho Hup Construction Company Bhd has secured a RM87mil contract from Johor Corporation to build an integrated army complex.

Apex Equity records gain of RM14.9m from Australia firm sale

Apex Equity Holdings Bhd expects to record a gain of RM14.9mil from the disposal of 17 million shares in Finbar Group Limited, which is listed on the Australian Stock Exchange.

KLCI closes slightly lower on profit taking

The FBM KLCI, which recorded several record highs in recent days, saw the 30-stock retreating slightly to end Thursday in the red on some mild profit taking but the undertone was still firm.

Tenaga Nasional posts RM619m net profit in Q3

Tenaga Nasional Bhd posted net profit of RM619.10mil in the third quarter ended May 31, 2012 compared with net loss of RM179.20mil a year ago.

Axiata to issue multi-currency US$1.5b Sukuk

Axiata Group Bhd's unit, Axiata SPV2 Bhd is undertaking a multi-currency Sukuk programme of up to US$1.5bil that would provide it with further financial agility for the long term.

NAPIC sees office rentals in KL suburbs rising

Rentals for purpose-built offices in suburban areas outside Kuala Lumpur are expected to rise with vibrant business activities, good information and communications technology (ICT) and government projects there.

MAA: H1 total industry volume up slightly to 301,224 units

Malaysian Automotive Association reports total industry volume for the January-June period increased to 301,224 units.

Petronas, Italy's Versalis in elastomer plants JV

Petroliam Nasional Bhd is teaming up with Italy-based Versalis SpA to undertake elastomer plants project at its proposed RM60bil RAPID complex in Pengerang, Johor.

Jalur Lebar to invest RM850m in hi-speed broadband infrastructure

Jalur Lebar Nasional Sdn Bhd (Jalenas) has signed an MoU with Metroverse Sdn Bhd that would see Jalenas investing RM850mil over five years on high speed broadband infrastructure using technology distributed by Metroverse.

Tabung Haji still has RM3.5b to buy properties, says group MD

Lembaga Tabung Haji (LTH), which is in the midst of finalising its first commercial property acquisition in London, still has the cash to make more acquisitions.

Shares gain on earnings optimism, debt auctions eyed

LONDON: European shares rose to 11-week highs on Thursday as strong U.S. corporate profits lifted sentiment, while signs of stress in the European debt market kept the single currency trading just above a two-year low.

Top Glove to invest RM3b over 15 yrs to expand

Top Glove Corp Bhd plans to invest RM3bil over the next 15 years in a move to boost its production capacity and expand into upstream and downstream.

China company, Medini Iskandar in RM2.6b condo project

China's Qingdao Zhuoyuan Investment Holdings is teaming up with Iskandar Investment Bhd's subsidiary, Medini Iskandar Malaysia Sdn Bhd to undertake a high-end condominium project.

Honda Malaysia's RM350m 2nd line to double output to 100,000 units

Honda Malaysia Sdn. Bhd expects the RM350mil investment in its second production line in Pegoh, Malacca to double the number of cars produced to 100,000 units a year.

Manchester United set to kick off IPO

NEW YORK: Football powerhouse Manchester United is expected to launch its IPO in New York as early as next week, for pricing in early August, after earlier attempts in Hong Kong, Singapore and the UK.

IOI, Public Bank lift KLCI, regional bourses up

All key regional markets chalked up gains at midday on Thursday, July 19, 2012, as sentiment was boosted by earnings from US, amid signs of recovery in the economy.

SapuraKencana Petroleum up in active trade

The securities of SapuraKencana Petroleum Bhd advanced in active trade, riding on the rebound in oil prices due to geopolitical uncertainties and after it was rated a new buy at BofA-Merrill Lynch.

RAM Ratings reaffirms Affin Bank's ratings, stable outlook

RAM Rating Services has reaffirmed Affin Bank Bhd's long- and short-term financial institution ratings at A1 and P1, respectively, with a stable outlook.

Templeton adds Thai, Indonesian stocks; likes frontier markets

BANGKOK: Franklin Templeton has raised exposure to Thai and Indonesian equities, foreseeing that domestic consumption will continue to increase and Bangkok and Jakarta's stock exchanges will perform very well over the next five years.

China big four banks' new loans double in early July

SHANGHAI: China's big four state banks doubled their pace of lending in the first half of July from a month earlier, although Chinese banks' total new lending in the month is expected to fall by about a third to 650 billion yuan ($102 billion), the state-run Shanghai Securities News said on Thursday, citing sources.

Moody's rates CIMB Bank's US$ senior unsecured notes A3

Moody's Investors Service assigned an "A3" rating to CIMB Bank Bhd's fixed rate US dollar-denominated senior unsecured notes. The rating outlook is stable.

Blue chips firmer, SK Petro in focus

Malaysia stocks climbed on Thursday, underpinned by gains in financial-related counters and plantations while SapuraKencana Petroleum was in focus as more investments pour into the oil and gas sector.

CIMB Research raises Bursa Malaysia to Trading Buy

CIMB Equities Research has upgraded Bursa Malaysia from Neutral to Trading Buy on the expectation of an active equity market in the third quarter which has a few big IPOs lined up.

RHB Research maintains Market Perform on MBSB

RHB Research Institute is maintaining its Market Perform call on Malaysia Building Society Bhd (MBSB) and fair value of RM2.46 based on 10 times fully-diluted 2012 earnings per share.

HDBSVR sees Asian equities extending rally

Hwang DBS Vickers Research (HDBSVR) expects Asian equities to extend their rally on Thursday, underpinned by the firmer overnight close on Wall Street.

Yum's profit disappoints, hurt by China costs

LOS ANGELES: KFC parent Yum Brands Inc reported quarterly profit that missed Wall Street's view as inflation in China cut into margins in that country, its top market.

IBM raises earnings outlook despite weak tech spending

NEW YORK/BOSTON: IBM raised its full-year earnings target, even as it posted a quarterly revenue shortfall, reflecting its ability to manage costs as global technology spending sputters.

Euro drops, bonds rise after Merkel comments

NEW YORK: The euro fell broadly on Wednesday after comments by German Chancellor Angela Merkel reignited worries about the euro zone debt crisis and government bond prices rose over fears of slow economic growth.

SC’s new measures

KUALA LUMPUR: As part of new initiatives for the capital market, the Securities Commission (SC) will introduce a mercantile exchange to facilitate investments in gold futures and other precious metals, as well as a trading venue for unlisted firms to raise funds.

MISC sees profit after exiting liner business

KUALA LUMPUR: MISC Bhd is confident of returning to the black in the second quarter ended June 30 after making a total provision of RM1.67bil from exiting its liner business. This provision was the main factor dragging down the shipping giant – one of the world’s leading owner-operator of liquefied natural gas (LNG) vessels – into the red in the previous two quarters.

Water restructuring talks hit dry note

PETALING JAYA: The restructuring of the water industry in several states in Peninsular Malaysia is still meandering. Years after Pengurusan Aset Air Bhd (PAAB) began negotiating with the various state governments to take over the water infrastructure, there are no deals yet in five states.

Stable office rentals in KL

KUALA LUMPUR: Rental rates for purpose-built offices in Kuala Lumpur were generally stable in the last three years, except for certain suburban and city centre areas which showed an upward trend, according to the 2011 Purpose Built Office Rent Index (PBO-RI) for Federal Territory of Kuala Lumpur.

Malaysia remains world’s 3rd best global services location

GEORGE TOWN: Malaysia is ranked the world’s third best global services location for eight years in a row. Multimedia Development Corp (MDeC) global sourcing cluster division director Michael Warren said this rank was based on the latest AT Kearney Global Services Location Index 2004-2011 report.

George Kent still awaits LRT bid result

KUALA LUMPUR: George Kent (M) Bhd has not received any indication on the award of the RM960mil Ampang light rail transit (LRT) line extension contract, said chairman Tan Sri Tan Kay Hock.

Axiata rallies on capital management speculation

PETALING JAYA: A mixture of foreign buying and speculation on capital management has seen Axiata Bhd touch its 52-week high of RM6.23 on Monday.

CIMB CEO wins outstanding contribution award

PETALING JAYA: CIMB Group Bhd group chief executive Datuk Seri Nazir Razak has received the 2012 Euromoney Award for Outstanding Contribution to Asian financial markets.

PNB attracts investments for 9.95 billion units

MALACCA: Permodalan Nasional Bhd (PNB) succeeded in attracting net investments for 9.95 billion units through its nine unit trust funds in the first six months of this year.

Ken Holdings to buy land for green township project

PETALING JAYA: Ken Holdings has proposed to acquire land owned by Malaysia Building Society Bhd (MBSB) for RM56.17mil for the development of a green township.

Crude oil prices face further downward pressure

PETALING JAYA: Crude oil prices, which rose steadily from July 11 only to come off a seven-week high yesterday, will continue to see downside risks for the remainder of the year as a global economic slowdown impacts demand.

CSR setting up centre in Perak for long-term prospects

KUALA LUMPUR: China’s CSR ZhuZhou Electric Locomotive Co Ltd (CSR ZELC) has dismissed the idea that its proposed RM400mil facility in Batu Gajah, Perak, is an indication that it is set to secure the RM1.6bil rolling stock contract offered by Mass Rapid Transit Corp Sdn Bhd.

June CPI rises on higher food, beverage costs

KUALA LUMPUR: The Consumer Price Index (CPI) for June rose 1.6% to 104.8 from 103.2 a year earlier following a higher costs for food and non-alcoholic beverages.

Bursa cautious on 2nd half

KUALA LUMPUR: Bursa Malaysia Bhd is cautious on its outlook and financial performance for the second half of this year because of the challenges ahead faced by the global economy, particularly in Europe and the United States, said its chief executive officer Datuk Tajuddin Atan.

Pembinaan BLT’s 4th sukuk oversubscribed

KUALA LUMPUR: Pembinaan BLT Sdn Bhd’s fourth sukuk issuance via an accelerated bookbuilding process has been oversubscribed by nine times.

CEOs turn to social media

PETALING JAYA: IBM’s Global CEO Study 2012 shows that the use of social networks is expected to go up to 68% from the current 25%, with Asean chief executive officers planning a step-change from traditional to social media while continuing face-to-face engagement.

Yung Kong to buy rest of Starshine

KUALA LUMPUR: Yung Kong Galvanising Industries Bhd plans to acquire the remaining 45.51% stake in Starshine Holdings Sdn Bhd not owned by it for RM16.61mil.

Tanjung Offshore unit wins project

KUALA LUMPUR: Tanjung Offshore Bhd’s unit, Gas Generators (M) Sdn Bhd, has received a purchase order for the supply of gas generator packages amounting to about RM40mil.

Hua Yang profit up as works progress

PETALING JAYA: Hua Yang Bhd posted a higher net profit of RM16.47mil for its first quarter ended June 30, compared with RM11.48mil in the previous corresponding period. Revenue surged to RM97.96mil from RM61.75mil previously.

Longer validity for Zelan job

PETALING JAYA: Zelan Bhd has received a letter from Mudajaya Corp Bhd to extend the validity period of the letter of intent (LOI) dated Oct 25, 2011, to Jan 25, 2013.

Perodua keeps sales target

KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is maintaining its target of selling 188,000 cars in 2012 despite the slow start early this year due to the implementation of Bank Negara’s responsible lending guidelines.

Carmaker will invest RM160mil to upgrade Rawang plant

KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) will invest RM160mil to upgrade its plant in Rawang, Selangor.

Major shareholders must provide fair exit to minorities

LAST week we had news of three privatisations, two from the Tan Sri Syed Mokthar Albukhary’s stable – United Malayan Land Bhd (UMLand) and Aliran Ihsan Resources Bhd (AIRB) – while the other is rubber glove maker Adventa Bhd. All three are retail-based stocks.

Etiqa rating reaffirmed

PETALING JAYA: Fitch Ratings has affirmed Etiqa Insurance Bhd’s insurer financial strength (IFS) rating at A with stable outlook.

Managing your retirement money

EXTENDING the retirement age of private sector employees to 60 years of age has been almost universally welcomed by most people but the consequence of that extension has not.

Plan puts Affin on firmer ground

Support Line

By K.M. LEE

June home prices show signs of China economy turning

BEIJING: China home prices broke eight straight months of decline in June in a tentative sign that pro-growth policies are gaining traction in the world’s second biggest economy, now in its longest sequential slowdown since the global financial crisis.

Indonesia sets bank stake limits

JAKARTA: Indonesia’s central bank will set ownership limits in local banks at a maximum of 40%, but will allow exemptions that leave open the door for DBS Group’s US$7.2bil bid for Indonesia’s Bank Danamon.

Heineken unsettled by Thai tycoon’s move

SINGAPORE: Heineken, the world’s third largest brewer, warned it would act to protect its interests in Asia, after the founder of Thailand’s leading beer and spirits group bid for a stake worth US$1.6bil in its partner in the region.

Credit Suisse raises capital

ZURICH: Credit Suisse has unveiled a string of measures to boost its capital base as it battles to restore investor confidence following damaging criticism from the Swiss central bank.

German state buys new data on suspected tax evasion

BERLIN: Authorities in Germany have bought new data on German clients of a Swiss bank suspected of tax fraud, a report said, the second such purchase in a month amid a growing fiscal spat between the two neighbours.