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KLCI closes at fresh record high for fourth day

Malaysia's FBM KLCI has set a new record for closing at fresh record highs for the fourth consecutive day this week when the 30-stock index closed at 1,620, underpinned by fund buying of Genting stocks and banks.

GLOBAL MARKETS-Spanish borrowing costs jump despite c.bank action

LONDON: Policy loosening by a trio of major central banks failed to impress investors on Friday, pushing Spanish borrowing costs back up to unsustainable levels reached before last week's EU summit took measures designed to ease pressure on them.

MMC considering privatising AIRB

MMC Corporation Bhd is considering the privatisation of its 62.82%-owned Aliran Ihsan Resources Bhd (AIRB).

Maybank gets extension to sell down BII

Malayan Banking Bhd has received an extension of another six months from Indonesia's regulator to fulfill the sell-down requirement of its stake in PT Bank Internasional Indonesia Tbk (BII).

UEM Group MD's contract extended 3 more yrs

UEM Group Bhd's group managing director and chief executive officer Datuk Izzaddin Idris' employment contract has been extended for another three years with effect from Saturday.

Spanish yields jump as central banks disappoint

LONDON: New steps by three major central banks to boost global growth failed to impress investors on Friday, sending Spanish borrowing costs back near unsustainable levels and hitting European stocks.

Allianz Malaysia hopes to sustain double-digit earnings

Allianz Malaysia Bhd hopes to sustain its double-digit earnings for this year amid uncertainty in global economic growth.

OSK Property plans mixed devt in PJ, GDV of RM1b

OSK Property Holdings Bhd plans a mixed development in Damansara Jaya, Petaling Jaya, with a gross development value (GDV) of RM1 billion.

First Indian Bank in Malaysia to be launched next week

NEW DELHI: The first Indian Bank in Malaysia, India International Bank (Malaysia) Bhd (IIBB), will be launched next week.

Japan's government could run out of cash by October

TOKYO: Japan's government could run out of money by the end of October, halting all state spending including salaries, pensions and unemployment benefits, because of a standoff in parliament that has blocked a bill to finance the deficit.

All key regional markets in the red, KLCI barely higher

All key regional markets were in the red at midday on Friday as investors worried whether the interest rate cuts in Europe and China could shore up economic growth.

Teraju, SME Bank launch RM500m loan facility

Teraju (Unit Peneraju Agenda Bumiputera) and SME Bank have launched a RM500mil Islamic loan facility called TeraS Fund targeted at high performing bumiputera companies under the TeraS programme.

Fitters Group's green mill makes inroads into Indonesia

Fitters Group Bhd has secured a US$3.87mil (RM12.28mil) contract with PT United Kingdom Indonesia Plantations (UKINDO) for its green mill project.

Zelan inks govt concession for RM391m campus (Update)

Zelan Bhd has sealed a concession agreement with the government and International Islamic University Malaysia (IIUM) to build a campus in Gambang, Pahang.

Crude prices down in Asia on ECB, China rate cuts

SINGAPORE: Crude prices slipped in Asia Friday as worries over the global economy were rekindled following interest rate cuts by central banks in Europe and China, analysts said.

Coastal Energy inks small risk service contract with Petronas

Toronto-listed Coastal Energy Company will develop and produce oil from three small fields offshore Peninsular Malaysia under a small field risk service contract with Petroliam Nasional Bhd.

Blue chips higher in early trade

Blue chips advanced in early trade on Friday, lifted by gains in BAT, KLK and Petronas Dagangan.

Trading in Adventa suspended for 3 days

Trading in the securities of glove maker Adventa Bhd was suspended for three days from Friday to Tuesday.

RHB Research values Al-Hadharah Boustead REIT at RM2.25

RHB Research Institute is valuing Al-Hadharah Boustead REIT, which is the only plantation-based REIT in Malaysia, at RM2.25, based on DDM.

Kenanga Research maintains Market Perform on SP Setia

Kenanga Investment Research is maintaining its Market Perform on SP Setia with a target price of RM4.05.

GLOBAL MARKETS-Stocks, euro slip as US jobs report awaited

NEW YORK: U.S. stocks and the euro slid on Thursday as new stimulus measures by major central banks failed to spur confidence, with investors keenly awaiting the monthly U.S. jobs report for signs of whether the European debt crisis is weighing on the U.S. recovery.

Soaraway sales of Galaxy smartphone sees record US$5.9bil Q2 profit at Samsung

SEOUL: Soaraway sales of the Galaxy smartphone drove record quarterly profit of $5.9 billion at Samsung Electronics, though the South Korean tech giant is fretting over how Europe's debt crisis is denting demand in its biggest market for televisions and home appliances.

HDBSVR: KLCI may retreat to 1,610

Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI may retreat to test the resistance-turned-support level of 1,610 following the weaker overnight close on Wall Street.

Shares pressured by growth worries despite stimulus, focus on US jobs

TOKYO: Asian shares paused on Friday, pressured by falls overnight in global shares as sentiment remained cautious despite new stimulus steps taken by three major central banks, with focus now pinned to the U.S. jobs data due later in the day.

Is it time to buy gold?

PETALING JAYA: Now is the time to invest in gold as its price is consolidating and likely to climb over the next few years, according to one expert of the commodity.

Much ado about info leak at MAS – what caused it?

AHMAD Jauhari Yahya is at it again, to plug leakages of information. This time around, he has sent a stern e-mail, of which the copy is available for viewing on the Net, on Wednesday to warn Malaysia Airlines (MAS) employees that it is a breach of confidentiality to leak out passenger reservation list

EPF takes a stake in joint venture developing Battersea site in London

PETALING JAYA: Sime Darby Bhd, together with SP Setia Bhd, is teaming up with the Employees Provident Fund (EPF) to develop the 39.1-acre freehold Battersea power station site in London with a projected gross development value of £8bil (RM39.4bil) comprising a mix of residential and commercial properties.

IHH Healthcare IPO said to be 60 times subscribed by funds

KUALA LUMPUR: IHH Healthcare Bhd, Asia’s biggest hospital operator, has received orders for about 60 times the shares available to institutions in a US$2bil share sale in Malaysia and Singapore, two people familiar with the matter said.

Sabah State attracts RM112.8b since launch of SDC

KOTA KINABALU: Since the launch of the Sabah Development Corridor (SDC) in 2008 and as of June 30 this year, Sabah has attracted planned and committed investments of RM112.8bil.

Budget 2013 focus group meetings to conclude by end-july

KUALA LUMPUR: The Finance Ministry expects to complete the focus group meetings on Budget 2013 by end-July, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said.

Financial sector urged to be more attentive to environmental issues

PETALING JAYA: Financial institutions are now forced to sit up and pay attention to how their activities affect the environment, said Credit Guarantee Corp Malaysia Bhd (CGC) managing director Datuk Wan Azhar Wan Ahmad.

ACCA: CFOs must step up role

KUALA LUMPUR: Chief financial officers (CFOs) must step up to be effective gatekeepers in business, said Association of Chartered Certified Accountants (ACCA) president Dean Westcott.

Good prospects in Brazil, investors told

JOHOR BARU: Malaysian investors and businessmen should visit Brazil to explore the business opportunities and prospects there.

Stocks

Economist: FGV, IHH likely FBM KLCI constituents

KUALA LUMPUR: Felda Global Ventures Bhd (FGV) and IHH Healthcare Bhd are the most promising candidates for inclusion in the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) during the index’s next revision in December 2012, according to an economist.

OSK won’t be PN17 firm after stake sale

KUALA LUMPUR: OSK Holdings Bhd has received confirmation from Bursa Malaysia that it will not trigger a PN17 criteria upon the completion of its proposed disposal.

Gunung Capital in tie-up for project bid

KUALA LUMPUR: Gunung Capital Bhd is teaming up with Saudi Arabia’s Mohammad Abdulaziz Al-Habib & Sons Holding Co to tender for a bus transit system project in Riyadh.

Hektar REIT bullish on strategies

KUALA LUMPUR: Hektar Real Estate Invesment Trust (REIT) is firmly confident and bullish that its strategies in acquiring neighbourhood malls that are not necessarily located in the Klang Valley will pay off for its unitholders, especially in times of economic trouble.

Sumatec submits regularisation plan

KUALA LUMPUR: Sumatec Resources Bhd, a PN17 company, has submitted a business regularisation plan to Bursa Malaysia for approval.

Gaming players still attractive bet for investors

GAMING sector has conventionally offered attractive investment propositions to investors in view of its defensiveness, earnings resiliency and bright growth prospects. We believe that these appealing attributes remain largely intact for the gaming players in the Asian region.

Canada approves TMX takeover

TORONTO: Canada’s top regulators approved the takeover of the country’s biggest stock exchange operator by a group of Canadian financial firms on Wednesday, pushing a protracted process tantalizingly close to the finish line.

Rinehart scales back Fairfax stake

SYDNEY: Mining mogul Gina Rinehart has sold down her stake in ailing Australian media firm Fairfax, offloading 50.1 million Australian dollars in shares following a row over board and editorial influence.

Concern over HK IPO applications

HONG KONG: Many companies looking to list in Hong Kong are failing to provide meaningful disclosure, according to the city’s market regulator, underscoring the concerns that have pushed it to call for fines or jail time for bankers found to have misled investors on IPOs.

Property

HSL wins RM291m campus contract

PETALING JAYA: Hock Seng Lee Bhd (HSL) has secured a RM291mil contract to build campus facilities for a proposed Universiti Teknologi Mara in Mukah, Sarawak, pushing the value of its projects in hand to a record RM2.07bil.

TA Global to ‘add value’ to its Phuket resort

KUALA LUMPUR: TA Global Bhd, a 74% subsidiary of financial services group TA Enterprise Bhd, is looking into building a new block of hotel rooms for its latest acquisition, Movenpick Karon Beach Resort and Spa in Phuket, Thailand.

Auto

Nasim unveils facelifted Peugeot cars

PETALING JAYA: Nasim Sdn Bhd, the official distributor for Peugeot cars in Malaysia, has launched facelifted models of the Peugeot 308 VTi and 308 Turbo.

Aviation

No reason for KLIA2 to cost RM5b

KUALA LUMPUR: Suggestions that KL International Airport 2 (KLIA2), the new low-cost terminal at Sepang, will cost RM5bil due to cost overruns appear to be misguided, said sources close to the project.

MAS targets 20-30 per cent digital revenue growth

KUALA LUMPUR: Malaysia Airlines (MAS) aims to achieve 20%-30% growth in digital revenue this year from 10%-15% previously, driven by the PayPal payment method for its ticket bookings.

Insurance

Liam eyes 4% higher market penetration

KUALA LUMPUR: The Life Insurance Association of Malaysia (Liam is eyeing an additional 4% market penetration by year-end from 43% currently, its president Vincent Kwo said.

Economy

Bank Negara maintains OPR at 3%

KUALA LUMPUR: Bank Negara has maintained the overnight policy rate (OPR) at 3% after the monetary policy committee (MPC) meeting yesterday, a move widely expected by economists.

UNCTAD cautiously optimistic on FDIs

PETALING JAYA: The United Nations Conference on Trade and Development (UNCTAD) is cautiously optimistic on the prospects of global foreign direct investments (FDIs) despite FDIs losing momentum this year.

ECB cuts rates to stimulate economy

FRANKFURT: The European Central Bank (ECB) pared back interest rates at a meeting yesterday to give a push to progress made by EU leaders in fighting the crisis at their summit last week.

Hungary may miss 2013 deficit goal

BUDAPEST: Hungary will likely overshoot its 2013 budget deficit target even if the government uses up all its emergency fiscal reserves, according to the central bank.

Banking

StanChart expects to grow at fast pace in Asia, Africa and Mideast

KUALA LUMPUR: Standard Chartered Plc expects to grow at a fast pace despite the problems in the West, in particular Europe, and economic momentum in Asia starting to ebb.

China cuts interest rates

BEIJING: China’s central bank announced it had cut interest rates for the second time in a month, the latest measure by authorities to boost growth in the world’s second-biggest economy.

French banks cut interbank fees

PARIS: France’s banks have agreed to slash fees charged to each other for bill payments by direct debit, among the highest in Europe, according to antitrust authorities.

Foreign News

Greek PM tackles EU-IMF auditors on bailout terms

ATHENS: New Greek Prime Minister Antonis Samaras began talks with EU-IMF auditors yesterday, hoping to renegotiate Greece’s second bailout as the country’s international creditors show signs of impatience.

PTT plans US$11bil capex by 2020, mulls new cracker

BANGKOK: Thailand’s largest petrochemical maker, PTT Global Chemical Pcl, plans to invest US$11bil by 2020 to expand capacity and focus on high-margin specialties and green products.

Report says China stockpiling rare earths

SHANGHAI: China has started stockpiling rare earths for strategic reserves, according to a state-backed newspaper, in a move which may raise more worries over Beijing’s control of the coveted resources.

Japan’s foreign deals hit record

TOKYO: ,Japanese firms went on a record buying spree of foreign companies in the first half of the year, according to a new survey, as the strong yen prompts them to eye overseas acquisitions.

U.S. album sales slump, digital rises in first-half 2012

LOS ANGELES: U.S. album sales for the first half of 2012 slumped after seeing growth last year, while digital track sales rose, according to music sales figures released by Nielsen SoundScan on Thursday.

Judge orders JPMorgan to explain withholding emails

NEW YORK: A U.S. judge has ordered JPMorgan Chase & Co to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest.

Virus could black out nearly 250,000 PCs

BOSTON: About a quarter-million computer users around the world are at risk of losing Internet access on Monday because of malicious software at the heart of a hacking scam that U.S. authorities shut down last November.

UK rejects Roche's Avastin in advanced breast cancer

LONDON: Roche Holding AG's cancer drug Avastin has been rejected by Britain's healthcare cost agency as a first-line treatment for advanced breast cancer, the latest in a series of setbacks for this medicine.

Pfizer sued by retailers for generic Lipitor delay

NEW YORK: Five big U.S. retailers filed an antitrust lawsuit against Pfizer Inc and India's Ranbaxy Laboratories Ltd on Thursday, accusing them of conspiring to delay sales of generic versions of Lipitor, the best-selling drug in history.

Yahoo CEO search down to Levinsohn, Hulu's Kilar

NEW YORK: The race to become Yahoo Inc's next chief executive appears to have come down to two candidates: current interim CEO Ross Levinsohn and Hulu CEO Jason Kilar.

Microsoft stumbles into crucial financial year

SEATTLE: An ugly first week for Microsoft Corp's new financial year, probably its most important to date, has done little to inspire confidence that the software giant can jumpstart a stubbornly stagnant share price.

VW needs boost in U.S. to reach global sales goals

DETROIT: If Volkswagen AG Chairman Ferdinand Piech and his protégé, CEO Martin Winterkorn, hope to consolidate VW's position as the world's largest automaker by 2018, American consumers will need to buy a lot more new Volkswagens, Audis and Porsches.

Analysis: Anxiety mounts as economy limps into second half

WASHINGTON: A slew of weak economic data is casting doubts over expectations of a pick-up in growth in the second half of the year.

Boeing seeks Farnborough orders under new boss

SEATTLE: Boeing Co heads to the year's biggest air show under a new leader looking to make a hit with its latest single-aisle aircraft and undermine Airbus' leadership of the global $100-billion-a-year airliner market.

VW says Porsche deal clears path to global leadership

WOLFSBURG/FRANKFURT, Germany: Volkswagen AG moved closer to its aim of becoming the world's top car maker by buying up the remaining half of Porsche in a deal that ends a protracted takeover struggle that has sparked family feuds and investor lawsuits.

Three central banks take action in sign of alarm

BEIJING/FRANKFURT: China, the euro zone and Britain loosened monetary policy in the space of less than an hour on Thursday, signaling a growing level of alarm about the world economy, although suggestions of coordinated action were played down.

China may miss 2012 trade growth target

BEIJING: China will have difficulty meeting its 10 percent trade growth target this year, Vice Premier Wang Qishan said in comments published late on Thursday, underlining challenges to supporting critical pillars for the world's second-biggest economy.