The Star Online: Business

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ECB to discuss collateral changes in September: Draghi

FRANKFURT: The European Central Bank will discuss loosening its collateral rules further next month and could repeat previous measures like its injections of long-term, ultra-cheap loans, ECB President Mario Draghi said on Thursday.

ECB drawing up plans for bond purchases: Draghi

FRANKFURT: The European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilize stressed euro zone borrowing costs, ECB President Mario Draghi said on Thursday.

Knight seeks financing after $440 million trading loss

NEW YORK: Trading firm Knight Capital is being forced to raise money after an erroneous trading position wiped out $440 million of the firm's capital, Knight said in a statement on Thursday.

WCT gets SC nod for RM600m MTN programme

WCT Bhd’s unit Jelas Puri Sdn Bhd has received the Securities Commission’s approval for a RM600mil medium term note (MTN) programme.

Silver Bird Group gets letters of demand for payment of RM78.49m

Silver Bird Group Bhd has received three letters of demand from Maybank Islamic Bhd and Malayan Banking Bhd demanding payment of RM78.49mil.

SapuraKencana Petroleum gets RM50m Australian job

SapuraKencana Petroleum Bhd (SKPetro) has secured a A$14.8mil(RM50mil) contract in Australia to provide a vessel to support hook-up and commissioning activities.

New Hoong Fatt Q2 earnings up 33.8% to RM9.45m

New Hoong Fatt Holdings Bhd's earnings rose 33.8% to RM9.45mil in the second quarter ended June 30, 2012 from RM7.07mil a year ago, boosted by higher income from sale of steel scrap as well as the strengthening of US dollar against the ringgit.

Tenaga lifts KLCI, F&N top gainer

Blue chips closed a tad higher on Thursday, powered by gains in Tenaga while F&N was the top performer as its major shareholder and Singapore-listed Fraser & Neave Ltd weighed a takeover bid by Heineken

SC: Bonds outstanding at RM941b at end-June

The total amount of bonds outstanding stood at RM941bil as at end-June 2012, reflecting the continued growth of the Malaysian bond market, the Securities Commission said.

Tenaga advances, plans up to RM7.5b capital spending

Tenaga Nasional rose on Thursday to RM6.95 as investors viewed its plans to boost capital spending for work on new power plants as positive.

Shares, euro tread water ahead of ECB meeting

LONDON: Uncertainty over the outcome of a keenly-watched European Central Bank meeting kept European shares, oil and the euro stuck in narrow ranges on Thursday.

Pasukhas to raise RM10.8m from IPO

Pasukhas Group Bhd plans to raise RM10.80mil from its proposed listing on the ACE Market of Bursa Malaysia.

Heineken bid for Singapore brewer comes to a head

SINGAPORE: A battle for control of Tiger Beer, 24 breweries in Asia and lucrative soft-drink brands should be decided by Friday as Fraser and Neave weighs a takeover bid by Heineken that could break up the Singapore beverage and property group.

MMHE Q2 net profit dn 29.9% to RM55.3m on-year

Malaysia Marine and Heavy Engineering Holdings Bhd's (MHB) earnings fell 29.9% to RM55.32mil from RM79.02mil a year ago mainly due to lower operating profit of the offshore segment.

Genting drags KLCI into the red, key markets down

Most key Asian markets were in the red at midday on Thursday as investors were disappointed the US Federal Reserve took no action except to pledge to provide additional support for the world's largest economy if necessary during its meeting.

Perisai advances to highest since mid-July

Shares of Perisai Petroleum Bhd advanced to 92.5 sen on Thursday, the highest since July 19 as interest in the small oil and gas (O&G) player perked up.

Multi-Code falls after share price surge

Multi-Code Electronics Industries (M) Bhd's share price fell on Thursday, giving up about half of its previous day's gains as investors were quick to take profit.

F&N up on report Coca-Cola keen on major shareholder's beverage business

Shares of F&N Holdings Bhd advanced on Thursday on market talk that Coca-Cola Co. was keen on its major shareholder, Fraser and Neave Ltd's beverage business.

Blue chips inch higher in early trade

Blue chips traded higher early Thursday but the gains were limited following the weaker overnight performance on Wall Street.

Chinese investors to buy stake in Inter Milan

MILAN: Inter Milan said a group of Chinese investors would buy a minority stake in the top Italian football club, becoming its second biggest shareholder.

RHB Research maintains Outperform for TRC Synergy, FV 84 sen

RHB Research Institute expects TRC Synergy’s 1HFY12/12 results to come in at only a fraction of its full-year net profit forecast of RM26.3mil and the full-year net profit consensus of RM24.3mil.

S.Korea Central Bank says bought 16 tonnes of gold in July

SEOUL: South Korea's central bank said on Thursday that it bought 16 tonnes of gold in July as easing financial markets after a turbulent June allowed it to push ahead with efforts to diversify its massive foreign exchange reserves.

Kenanga Research maintains Market Perform for KLK

Kenanga Investment Bank Research is maintaining a Marker Perform recommendation for Kuala Lumpur Kepong (KLK) with a target price of RM23.50.

Error by Knight Capital rips through U.S. stock market

NEW YORK: A technology breakdown at a major trading firm roiled the prices of 140 stocks listed on the New York Stock Exchange on Wednesday, undermining fragile investor confidence in the stability of U.S. stock markets.

GLOBAL MARKETS-Stocks fall, dollar rallies after no US Fed action

NEW YORK: U.S. stocks fell and the dollar rallied on Wednesday after the Federal Reserve acknowledged that the economic recovery had lost momentum but announced no new measures to stimulate growth.

Shares ease after Fed inaction and ahead of ECB

TOKYO: Asian shares eased on Thursday as investors turned increasingly cautious as hopes of stimulus action by central banks thinned ahead of a European Central Bank's meeting later in the day and after the U.S. Federal Reserve took no action a day earlier.

HDBSVR sees KLCI trading lower after Wall Street decline

Hwang DBS Vickers Research (HDBSVR) sees stocks on Bursa Malaysia trading slightly downwards on Thursday after the overnight fall on Wall Street.

Industry players all for local mercantile exchange

PETALING JAYA: The idea for the creation of a mercantile exchange to facilitate the trading of precious metals such as gold is a good one considering it represents a legal and structured way for such trading to take place, said industry players.

Fitch affirms Malaysia’s long-term foreign, local currency ratings

KUALA LUMPUR: Fitch Ratings has affirmed Malaysia’s long-term foreign and local currency issuer default ratings (IDRs) at A- and A respectively while the outlook for both ratings is stable.

Listed firms' failure to release audited reports on time is unacceptable

PETALING JAYA: Industry experts say the failure of listed companies to release their audited reports on time is unacceptable, for whatever the reasons.

All cement producers, except CMS, have raised prices

PETALING JAYA: Local cement manufacturers have decided to raise their prices of the building material, mirroring an earlier move by the country’s largest producer, Lafarge Malayan Cement Bhd, according to Master Builders Association Malaysia (MBAM) president Matthew Tee.

Big plans for Penang Port

KUALA LUMPUR: Seaport Terminal Sdn Bhd wants to position Penang Port as a regional port to tap opportunities as far out as India and for that it plans grow its capacity and invest nearly RM1bil in capital expenditure over the next five years.

MRT project moves into active construction phase

PETALING JAYA: Mass Rapid Transit Corp (MRT Corp) has announced that the country’s biggest infrastructure project, the Sungai Buloh-Kajang Mass Rapid Transit Line is on schedule.

Mudajaya secures RM30mil contract

KUALA LUMPUR: Mudajaya Group Bhd’s unit has secured a contract worth RM30mil to undertake a project to construct the entrance and exit road from the North South Highway to a site at Kampung Sungai Serai in Rawang, Selangor.

Banking

Data show loan growth slowing, but stable

PETALING JAYA: Banking statistics released by Bank Negara showed that loan growth was stable despite slowing loan growth indicators, an indication of more downside in the months to come.

Maybank upbeat on growth

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is confident of continuing its growth momentum for this year on the back of solid economic growth regionally.

StanChart stands tall

HONG KONG: Standard Chartered (StanChart) is stepping up hiring and investment to take advantage of rivals retreating from its core Asian markets, after a strong first six months set it up for a 10th straight year of record profits.

Auto

Strike and vacation hit Hyundai, Kia sales

SEOUL: South Korean carmaker Hyundai Motor saw its monthly global sales expand at its slowest pace in 16 months in July, as two-day, partial walkout by its domestic factory workers, along with summer vacations, hurt production.

Economy

Indonesian exports slump

JAKARTA: Indonesia’s June exports saw their biggest drop in nearly three years on softer Chinese demand, causing the trade deficit to widen to its biggest in more than a decade and adding to investor worries about the rupiah.

S. Korea July exports, inflation dip

SEOUL: Exports in July suffered the worst showing in nearly three years and manufacturing activity shrank at its sharpest pace this year as South Korean’s export-reliant economy reeled from the effects of the eurozone crisis.

China factory sector barely growing

BEIJING: China’s official factory purchasing managers’ index fell to an eight-month low of 50.1 in July, suggesting the sector is barely growing, while a rival HSBC survey indicated the more market-sensitive private sector is starting to recover.

More jobless in the EU

ROME: Joblessness in the eurozone hit its highest level since the single currency was born, a further sign of economic desperation as hopes erode that the bloc will be saved by its central bank this week.

Earnings

Macau's July gambling revenue growth slowest since 2009

HONG KONG: Gambling revenue in Macau, the world’s largest gambling market, inched up 1.5% in July from a year earlier, the slowest growth since the financial crisis in 2009 as a tropical storm reduced visitor numbers, compounding subdued demand from Chinese gamblers.

SocGen profit slumps on TCW, Rosbank charges

PARIS: French bank Societe Generale (SocGen) reported a worse-than-expected 42% drop in second-quarter earnings yesterday, hit by one-off writedowns on US fund unit TCW and Russian subsidiary Rosbank.

Avon net earnings plunge 70%

NEW YORK: Avon Products Inc, the world’s largest direct-seller of cosmetics, said second-quarter profit plunged 70% as it again sold fewer items and continued to lose sales representatives in key markets. Avon shares were down 3.2% to US$15 in pre-market trading yesterday.

ICE profit up 18% on good demand

NEW YORK: Intercontinental-Exchange Inc (ICE) reported an 18% increase in quarterly profit yesterday, topping expectations, as revenue rose on strong demand for the exchange and clearing house operator’s energy futures.

Better results at Harley-Davidson

NEW YORK: Harley-Davidson Inc reported a better-than-expected 29.7% rise in quarterly profit, as its success in attracting young motorcycle buyers helped push sales higher.

Travel trends boost Hyatt

NEW YORK: Hyatt Hotels Corp reported a higher quarterly profit yesterday, as increased demand and renovations aided room rates and occupancy in North America. The company said it was “encouraged” by recent travel trends of individuals and groups.

Time Warner net profit lower

NEW YORK: Time Warner Inc posted lower second-quarter net income of US$429mil, as the media company saw declines in its film and TV entertainment and publishing units. Revenue in its film and TV entertainment unit fell 8% compared with a year ago.

Stocks

Silver Bird sues ex-directors, ex-GM, firms and auditors

KUALA LUMPUR: Silver Bird Group Bhd has filed a suit against two of its former directors, an ex-general manager, several companies and its auditors at the Kuala Lumpur High Court claiming RM125.03mil as special damages, general damages, punitive and aggravated damages, interest and costs.

Multi-Code surges after court judgment (Update)

KUALA LUMPUR: Multi-Code Electronics Industries (M) Bhd shares closed sharply higher yesterday, surging 38 sen to RM1.60 after the Kuala Lumpur High Court ruled in favour of the company against 11 defendants, including its former directors.

Multi-Code surges after court judgment (Update)

George Kent ends higher after landing LRT contract

PETALING JAYA: George Kent (M) Bhd stock closed 5 sen higher to RM1.08 after the company and joint-venture partner Lion Pacific Sdn Bhd (known together as the GKM consortium) was awarded the lucrative contract for the Ampang light rail transit (LRT) line extension.

AmBank issues five new call warrants

KUALA LUMPUR: AmBank (M) Bhd is issuing five new European style cash settled structured call warrants over the shares of IJM Land Bhd, KLCC Property Holdings Bhd, Sunway Bhd, Bandar Raya Developments Bhd and Eastern & Oriental Bhd to meet investors’ demand for trading and investment opportunities in the current market scenario.

Halex proposes bonus issue

KUALA LUMPUR: Halex Holdings Bhd has proposed a one-for-four bonus issue under its corporate exercise which includes a share buyback of 10% of its paid-up.

KLK Islamic bonds get AA1, P1 ratings

PETALING JAYA: Kuala Lumpur Kepong Berhad’s (KLK) proposed ten-year multi-currency Islamic medium-term notes programme of up to RM1bil or the equivalent in foreign currencies have been given a preliminary long- and short-term AA1 and P1 ratings with stable outlook, according to RAM Ratings.

Daibochi dividend attractive

DAIBOCHI remains an outperform and our top pick in the flexible packaging sector. We retain our valuation basis of 10.6 times calendar year 2013 PE (price-to-earnings) based on a 20% discount to our target market PE.

Maple bid for TMX gets shareholders approval

TORONTO: The takeover of Canadian stock market operator TMX Group by a group of financial institutions has been approved by TMX’s shareholders, bringing all of Canada’s main securities exchanges under a single umbrella.

Property

Irda plans more theme parks in Iskandar Malaysia

JOHOR BARU: Iskandar Regional Development Authority (Irda) is looking at having more theme parks in Iskandar Malaysia.

Amcorp Properties in joint venture to invest in real estatein London

PETALING JAYA: Amcorp Properties Bhd is the latest to venture into the London property market. The company announced that it had entered into a joint venture (JV) to acquire a freehold property in London via wholly owned subsidiary Old Burlington Ltd (OBL) with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd.

Aussie house prices enjoy surprise rise

SYDNEY: House prices in Australia’s major cities recorded a surprise increase last quarter, the first in more than a year and perhaps an early sign that recent cuts in interest rates are stabilising demand in what has been a very subdued market.

Investments

MMHE sees oil prices just right for investment in O&G sector

KUALA LUMPUR: Malaysia Marine & Heavy Engineering Bhd (MMHE) believes the acquisition of Sime Darby’s fabrication yard in Pasir Gudang will bode well for the company’s future oil and gas (O&G) operations.

Commodities

CPO export quota plan explained

PUTRAJAYA: The Ministry of Plantation Industries and Commodities (MPIC) has reassured palm oil industry players that the latest two million tonnes increase in the duty-free crude palm oil (CPO) export quota is only a temporary measure aimed at stock management and ensuring the renumerative prices for local palm oil producers.

KKB Engineering eyes lucrative smelting plant contract in Bintulu

KUCHING: KKB Engineering Bhd, which secured a RM171mil contract from Pertama Ferroalloys Sdn Bhd on Tuesday, is setting its eyes next on a lucrative contract to be dished out by OM Materials (Sarawak) Sdn Bhd for the construction of a manganese and ferrosilicon alloy smelting plant in Samalaju Industrial Park, Bintulu.

BHP to focus on cost cutting

SYDNEY: The world’s biggest mining firm BHP Billiton says it will focus on cutting costs, three weeks before it is expected to report its first drop in annual profits since the 2008 global financial crisis due to weakening commodity demand.

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