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KKB Engineering to oppose Global Upline's RM31.6m claim

KKB Engineering Bhd will oppose a claim by Global Upline Sdn Bhd which is seeking RM31.64mil over the termination of a sub-contract.

Palm oil slips off 5-week high, US drought supports

Malaysian crude palm oil futures edged lower on Wednesday, off a five-week high, as traders booked profits from a weather-fuelled rally that had boosted prices by more than 3 percent this week.

KLCI sets another fresh record high for second day

The Malaysian stock market saw its benchmark FBM KLCI record a fresh record closing high of 1,613.7 on Wednesday, the second consecutive day, underpinned by fund buying of plantations to banks.

Tenders for 31 Sg Buloh-Kajang MRT line packages to be called this quarter

Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) is considering inviting tenders for the 31 packages of the Sungai Buloh-Kajang mass rapid transit (MRT) line in the current quarter.

Ho Hup falls to low of 71 sen

Shares of Ho Hup Construction Company Bhd hit a low of 71 sen in afternoon trade on Wednesday following the amicable settlement with Malton Bhd over the developmental rights of the 60-acre land in Bukit Jalil.

Tricubes revamp plan rejected, deemed unviable by Bursa

Bursa Malaysia Securities Bhd rejected Tricubes Bhd's regularisation plan as the latter was unable to demonstrate that it could return to profitability and also the viability of the new business segments.

Malaysia's May exports 6.7% to RM58.7b, surplus shrinks

Malaysia's exports rose 6.7% to RM58.78bil in May with electrical and electronics (E&E) products accounting for 32.8% or RM19.29bil of total exports.

KLK, IOI boost KLCI as market sentiment stays firm

KUALA LUMPUR: Kuala Lumpur Kepong and IOI Corp were the main movers among the FBM KLCI stocks at midday on Wednesday, as the 30-stock index extended its gains, underpinned by local fund buying as sentiment was bolstered by regional bourses.

Global semicon sales up 1.4% to US$25.4b in May

Worldwide sales of semiconductors reached US$24.4bil in May, up 1.4% from April's sales of US$24.1bil, the third consecutive month of growth, but a sluggish global economy could impact the upward trend.

KLCI advances to fresh all-time intra-day high

The FBM KLCI climbed to an all-time intra-day high of 1,614.79 on Wednesday on extended buying of selected index-linked stocks, as investors hoped for an easing in monetary policies in China and Europe.

Tricubes share price tumbles ahead of suspension

Shares of Tricubes Bhd tumbled on Wednesday ahead of its suspension of July 11 after Bursa Malaysia Securities rejected its proposed regularisation plan.

JF Apex Research upgrades glove sector to Overweight

JF Apex Securities Research has upgraded the glove manufacturing sector to Overweight from Marketweight as it expects the raw material price to continue to languish at the low level in near term.

HDBSVR sees a chance for KLCI to extend gains

Hwang DBS Vickers Research (HDBSVR) sees a chance for the FBM KLCI, which closed at an all-time high of 1,607 on Tuesday, extending its upward trend on Wednesday.

CIMB Research upgrades Perdana Petroleum to Outperform

CIMB Equities Research sees the possibility of a turnaround for Perdana Petroleum in 2Q, 2012 and has upgraded the stock from Trading Buy to Outperform and raised the target price to 86 sen from 80 sen.

Shares rise on hopes of more monetary stimulus

TOKYO: Asian shares rose on Wednesday as investors kept hopes high for more monetary policy stimulus to support the faltering global economy, but trading may be subdued with U.S. markets closed for the Independence Day holiday.

CIMB Research maintains Outperform on Wah Seong

CIMB Equities Research is maintaining its Outperform recommendation on Wah Seong Corp after the acquisition of Perdana Petroleum’s 26.9% stake in Petra Energy.

US stocks gain for third day as stimulus hopes rise(update)

NEW YORK: U.S. stocks extended a rally for a third day on Tuesday as sharp gains in oil prices lifted energy shares and traders factored in increased expectations for central bank stimulus.

Manchester United picks New York Stock Exchange to make its market debut

NEW YORK: Manchester United Ltd picked the New York Stock Exchange to make its market debut, ending months of speculation over where the world's best-supported football club would list.

H&F presses on with US$4bil Getty Images sale

NEW YORK Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday.

IHH ‘plate is full’

KUALA LUMPUR: IHH Healthcare Bhd is not looking for acquisitions at the moment as the company tries to integrate recent acquisitions which include the Turkish Acibadem group completed earlier this year, according to managing director Dr Lim Cheok Peng.

Khazanah to gain most from listing of IHH Healthcare

NO one would fault the guys at Khazanah Nasional Bhd for feeling somewhat vindicated, perhaps even a little smug, about the impending listing of IHH Healthcare Bhd.

Can diverse Asean nations form a community by 2015?

IN the minds of the economic architects of Asean in 2006 as they sat around the table crafting the economic future of the grouping, 2015 would see a region that would be economically integrated. Translation: the free movement of goods and services; and an even freer movement of capital and talents among the 10 member states.

Harrods Hotel to open in KL

KUALA LUMPUR: Malaysia could be home to the world’s first Harrods Hotel if everything goes according to plan under a RM2bil collaboration between Qatar Holding LLC and Jerantas Sdn Bhd.

Plans to make Johor electronics manufacturing services hub

JOHOR BARU: Plans are in the pipeline to further develop, strengthen and position Johor to be a leading electronics manufacturing services (EMS) hub in Malaysia.

External factors lift M'sian market to all-time high

PETALING JAYA: Better market breadth and improving external factors saw the FBM KLCI close 6.89 points higher to a new all-time high of 1,607.74 yesterday.

MASB defers adoption of MFRS for another year (Update)

KUALA LUMPUR: The Malaysian Accounting Standards Board (MASB) has decided to allow agriculture and real estate companies as transitioning entities, to defer adoption of the Malaysian Financial Reporting Standards (MFRS), for another year.

Stocks

Leader Universal to be delisted

PETALING JAYA: Penang-based cable and wire producer Leader Universal Holdings Bhd will be delisted tomorrow, according to an AmInvestment Bank Bhd announcement on behalf of the company.

Tricubes to be suspended on July 11

PETALING JAYA: Trading in Tricubes Bhd will be suspended from July 11 and the ACE Market-listed company would then be delisted on Aug 7 unless an appeal against the rejection of the regularisation plan and delisting can be submitted to the stock exchange regulator by Aug 2.

REITs stand to gain, defensive qualities will shine in current trying times

PETALING JAYA: Real estate investment trusts (REITs), which focus on higher-than-market average yields, will stand out in the current uncertain economic and market environment due to their defensive qualities.

BIMB awaits response from Indonesian bank

KUALA LUMPUR: Bank Islam Malaysia Bhd (BIMB) is awaiting response from an Indonesian Islamic bank on its proposed offer to acquire 30% to 40% stake, said managing director Datuk Seri Zukri Samat.

Tebrau Teguh receives offer from IWH

PETALING JAYA: Tebrau Teguh Bhd has received an offer from Iskandar Waterfront Holdings Sdn Bhd (IWH) for the latter to acquire all the remaining shares not already owned by it in Tebrau Teguh for 76 sen per share.

Wah Seong buys Petra Energy stake

PETALING JAYA: Wah Seong Corp Bhd has entered into a conditional share sale agreement for the acquisition of 26.9% equity interest in Petra Energy Bhd for RM96.94mil from Perdana Petroleum Bhd.

Construction jobs flow to continue

THE second quarter of 2012 (Q2’12) saw domestic contracts totalling RM5.1bil from jobs from the Klang Valley Mass Rapid Transit Sungai Buloh-Kajang (MRT SBK) line rolling out progressively.

China Auto to issue 90mil shares

PETALING JAYA: China Automobile Parts Holdings Ltd, whose exposure prospectus was released on the Securities Commission website, would see a public issue of 90 million new shares or 15% of its enlarged share capital from an issued and paid-up capital of 600 million shares worth US$60mil (RM180mil).

Nomura dumped from bond issues over insider trading probe

TOKYO: Japan’s leading brokerage Nomura Securities has been dropped as an underwriter for planned bond offerings by the Development Bank of Japan and a unit of Resona Holdings because of its involvement in insider-trading scandals.

Regulator probes David Jones offer

SYDNEY: Australian regulators are probing the withdrawn A$1.65bil takeover offer for David Jones by a little-known Britain-based firm that sent shares in the country’s No. 2 department store chain on a roller-coaster ride.

Transportation

MRT financing deal to be finalised in Q1

KUALA LUMPUR: Danainfra Nasional Bhd, a wholly-owned subsidiary of Ministry of Finance Inc, expects to finalise the total financing required for the Sungai Buloh – Kajang (SBK) Mass Rapid Transit (MRT) line by the first quarter of next year.

More than half of Syscorp’s Swee Joo vessels in service

KUCHING: Shin Yang Shipping Corp Bhd (Syscorp) has put into service more than half of the 20 vessels, including chemical tankers, it acquired from Swee Joo Bhd.

Property

Ho Hup and Malton settle out of court

PETALING JAYA: Ho Hup Construction Co Bhd and its 70%-owned Bukit Jalil Development Sdn Bhd (BJD) have agreed to discontinue their appeal to the Federal Court and have opted to settle out of court with Pioneer Haven Sdn Bhd, a subsidiary of property developer Malton Bhd.

Jetson unit teams up with Fortress Effect

KUALA LUMPUR: Kumpulan Jetson Bhd has entered into a heads of agreement with Fortress Effect Sdn Bhd for the joint development of a luxury residential development project.

HDB flat prices up again in Q2

SINGAPORE: Resale HDB flat prices have inched upwards yet again, this time by 1.3% in the second quarter of this year, according to the Housing Board’s flash estimates released on Monday.

Banking

Beefing up for mobile banking

PETALING JAYA: Banks are stepping up initiatives and making key investments in mobile banking in line with the industry’s participation in this digital banking channel by the middle of next year.

RHB appoints new group CFO

PETALING JAYA: The RHB banking group has appointed Prem Kumar as group chief financial officer with effect from July 2.

Barclays CEO quits over rate rigging

LONDON: Barclays Plc chief executive Bob Diamond quit yesterday under a barrage of fire from politicians, the highest-profile casualty of an interest rate-rigging scandal that spans more than a dozen major banks across the world.

Diamond’s parting gift

BOB Diamond’s gift to the UK, perhaps a parting one, is that he has managed his bank badly enough to provoke real reform but, perhaps out of luck, not so badly as to blow up the whole economy.

Bank of England seen restarting stimulus as economy falters

LONDON: The Bank of England (BoE) is expected to launch a third round of monetary stimulus tomorrow, moving to counter a recession and the effects of a worsening debt crisis in the eurozone, just two months after calling a halt to the programme.

Telecommunication

TdC in submarine cable system deal

PETALING JAYA: Time dotCom Bhd has entered into a construction and maintenance agreement for the Asia-Pacific Gateway (APG) submarine cable system connecting Malaysia to Korea and Japan.

Tribunal divided on 3G row

NEW DELHI: An Indian telecoms tribunal gave a split verdict on a petition by mobile-phone operators seeking to overturn a government order that bans them from forming pacts to offer 3G services outside their licensed zones, delaying a resolution to a six-month dispute.

Aviation

ANA may raise US$2.6bil

TOKYO: All Nippon Airways Co (ANA) says it is raising up to US$2.6bil in a share sale to buy new planes and to bolster its finances as it faces a resurgent rival in Japan Airlines (JAL) and increased competition from budget airlines.

Boeing hikes 20-year forecast

LONDON: US planemaker Boeing raised its 20-year market forecast, predicting demand for 34,000 new aircraft worth US$4.5 trillion, on growth in emerging regions and as airlines seek efficient new planes to counter high fuel costs.

UAE overhauls Etisalat board

DUBAI: The United Arab Emirates (UAE) overhauled the board of No. 1 telecoms operator Etisalat yesterday after a persistent profit slump hit the major source of federal revenue.

Foreign News

Microsoft takes US$6bil charge

SEATTLE: Microsoft Corp admitted its largest acquisition in the Internet sector was effectively worthless and wiped out any profit for the last quarter, as it announced a US$6.2bil charge to write down the value of an online advertising agency it bought five years ago.

Reactor restarts, but Japan's energy policy in flux

TOKYO: Buffeted by industry worries about high electricity costs on one side and public safety fears about nuclear power on the other, Japan's leaders are still struggling to craft a coherent energy policy more than a year after the Fukushima disaster.

Mexico's Slim not eyeing more Europe buys for now

MEXICO CITY: Mexican tycoon Carlos Slim said on Tuesday he has no immediate plans for further telecommunications purchases in Europe after buying into Dutch firm KPN and Telekom Austria.

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