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Felda Global Ventures Q2 earnings at RM188m, dividend 5.5 sen

Felda Global Ventures Holdings Bhd (FGVH) reported net profit of RM188.37mil in the second quarter ended June 30, 2012 from RM279.31mil a year ago and declared an interim dividend payment of 5.5 sen a share to be paid on Nov 28.

AirAsia Q2 operating profit at RM205.8m

AirAsia Bhd's operating profit for the second quarter ended June 30, 2012 was RM205.82mil compared with RM214.80mil a year ago due to higher aircraft fuel expenses, staff costs and related expenses.

IHH Healthcare Q2 earnings jump 426% to RM403m

IHH Healthcare Bhd's earnings jumped 426% to RM403.54mil in the second quarter ended June 30, 2012 from RM76.66mil.

GAB Q4 earnings up 19.8% at RM34.8m, ups dividend to 55 sen

Guinness Anchor Bhd's earnings rose 19.8% to RM34.83mil in the fourth quarter ended June 30, 2012 from RM29.07mil a year ago following a large increase in malt liquor market volume as its brands continued to grow and take additional market share.

KLCI slips for fourth day, banks weigh

The FBM KLCI slipped for the fourth day on Tuesday in lacklustre trade, dragged by losses in bank stocks, while key Asian markets were mixed on concerns about the global economy.

Bonia executive chairman launches takeover at RM2.04 a share

Bonia Corp Bhd group executive chairman cum CEO Chiang Sang Sem has extended an unconditional mandatory take-over offer for the remaining 49.83% stake not held at RM2.04 cash per share.

Bonia sees 17.3% stake transacted off-market at RM2.04 each

Bonia Corp Bhd, which saw strong trading interest recently, saw 35.03 million shares transacted in several off-market deals on Tuesday.

UM Land shares to be suspended Sept 5

Trading in the shares of United Malayan Land Bhd (UM Land) will be suspended with effect from 9am on Sept 5.

Growth worries depress shares, central banks eyed

LONDON: The euro edged down and European stocks opened lower on Tuesday as the weak economic outlook and uncertainty over the European Central Bank's plans to contain the region's debt crisis combined to put investors in a cautious mood.

Carrefour to shut Singapore stores by year-end

SINGAPORE: French supermarket operator Carrefour said on Tuesday it will shut its two stores in Singapore by the end of this year, two years after it unsuccessfully tried to sell its operations in Singapore and Malaysia.

DiGi expands flexible payment platform to 14,000 new points

DiGi.Com Bhd expanded and upgraded its electronic flexible payment platform infrastructure to 14,000 new customer touch points nationwide.

Wah Seong completes acquisition of 57.7m Petra Energy shares

Pipe-coating specialist Wah Seong Corp Bhd has completed the acquisition of 57.70 million shares in Petra Energy Bhd at RM1.68 per share.

HLFG Q4 earnings at RM273m, FY at RM1.15b

Hong Leong Financial Group Bhd's (HLFG) earnings fell 7.7% to RM273.69mil in the fourth quarter ended June 30, 2012 from RM296.73mil a year ago due to higher interest expense and allowances for impairments.

Hong Leong Bank Q4 earnings up 31.9% to RM394.5m, dividend 27 sen

Hong Leong Bank Bhd earnings rose 31.9% to RM394.57mil in the fourth quarter ended June 30, 2012 from RM299.12mil a year ago and proposed a final dividend of 27 sen per share.

Banks drag KLCI into the red, regional markets down

Gloomy outlook for global economy weighed on regional markets sending most key indices into the red while at Bursa Malaysia, some mild profit taking on banks dragged the FBM KLCI into the red.

Oriental Holdings slump as results disappoint

Shares of automobile-plantations based Oriental Holdings fell the most in recent weeks on Tuesday to its lowest since Aug 3 after its second quarter results disappointed investors.

China's CNOOC tenders another 26 offshore blocks, many in South China Sea

BEIJING: CNOOC, China's top offshore oil producer, is looking to team up with foreign companies this year to explore for oil and gas in another 26 blocks, including 22 in the strategically important South China Sea, although an analyst said none of these were in disputed territory.

Asian shares eases in narrow range, euro dips

TOKYO: Risk assets from stocks, through oil to the Australian dollar fell on Tuesday as investors waited for a gathering of central bankers and economists at Jackson Hole, Wyoming, later in the week, that could shed some light on a possible U.S. Federal Reserve stimulus plan.

Philippine Airlines signs deal for 54 jets with Airbus

MANILA: Philippine Airlines, the country's flag carrier, has ordered 54 jets from Airbus, company president Ramon Ang said on Tuesday

Kian Joo down on weaker Q2 earnings

Shares of Kian Joo Can Factory Bhd fell on Tuesday after the company posted a weaker set of earnings in the second quarter ended June 30, 2012.

IOI Corp shares steady despite lower earnings

Shares of IOI Corp Bhd were steady on Tuesday despite the weaker fourth quarter earnings ended June 30, 2012 as investors expected stronger earnings in the new financial year.

Kenanga Research has Outperform on Coastal Contracts

Kenanga Investment Research has an Outperform on Coastal Contracts with a target price of RM2.53 which is is based on an unchanged 7.5 times targeted price-to-earnings ratio (PER), which is in line with the 7.5 times PER target ascribed to other small-cap oil and gas stocks like Uzma).

KLCI slips in early trade

The FBM KLCI slipped in early trade on Tuesday, weighed down by mild losses in MMHE and BAT but the broader market was firmer.

Oprah Winfrey is highest paid celebrity in the world

LOS ANGELES: Her new television network is struggling, but Oprah Winfrey's bank account is doing just fine, according to financial website Forbes.com, which on Monday named the talk show queen as the highest paid celebrity for the fourth straight year.

CIMB Research ups UOA Devt target price to RM2.25

CIMB Equities Research has raised the target price for UOA Development from RM2.15 to RM2.25.

GLOBAL MARKETS-Stocks flat, but iPhone maker Apple reaches new high

NEW YORK: Global stocks held on to recent gains and U.S. Treasuries prices rose on Monday as expectations of further stimulus from top central banks gave support to markets, while oil was volatile on concerns over a tropical storm in the Gulf of Mexico. The S&P 500 was flat but the Nasdaq Composite edged up, led by gains in Apple, which hit a record closing high of $675.68 after a patent court win on Friday.

HDBSVR sees the KLCI testing 1,650 resistance level

Hwang DBS Vickers Research (HDBSVR) expects slight upward bias for the FBM KLCI on Tuesday after the broadly flattish performance on Monday.

Alliance Research has strong buy on Hong Leong Bank

Alliance Research has a Strong Buy on Hong Leong Bank, which is expected to announce its earnings for the fourth quarter ended June 30 at midday on Tuesday.

Apple seeks quick bans on eight Samsung phones

NEW YORK: Apple Inc is seeking speedy bans on the sale of eight Samsung Electronics phones, moving swiftly to translate its resounding court victory over its arch-foe into a tangible business benefit.

EPF buys land for RM2.3bil to build iconic township

PETALING JAYA: Employees Provident Fund’s (EPF) wholly-owned subsidiary Kwasa Land Sdn Bhd is acquiring the 2,330 acres of Rubber Research Institute (RRI) land in Sungai Buloh from the Malaysian Rubber Board for RM2.28bil or RM22.50 per sq ft, thus confirming reports that the land will cost more than RM2bil.

Opportunities abound for wealth managers in Asia

FOR the past 10 years, Asia has been the highest contributor to cumulative growth in global high net worth wealth.

Your staff is your greatest asset, unfortunately many not maximising usage of their talent

IN human resource and some corporate circles, talent often refers to employees and in most cases, key staff.

Sacked Lotus CEO files suit

KUALA LUMPUR: Dany Bahar, who was sacked by DRB-Hicom Bhd as the chief executive officer of Group Lotus plc, has filed a claim for wrongful dismissal against Lotus and DRB-Hicom.

IGB REIT may buy properties in the US and Europe

KUALA LUMPUR: IGB Real Estate Investment Trust (IGB REIT) may consider inorganic expansion opportunities such as acquisitions in the United States or Europe in view of the dire financial situation there.

IHH targets to capture 30% market share

KUALA LUMPUR: Asia’s largest hospital chain operator, IHH Healthcare Bhd (IHH), aims to achieve about 30% market share in Malaysia following its debut on Bursa Malaysia early last month.

Clarification

With reference to the StarBiz article yesterday titled “WCT impresses analysts”, it has been pointed out that Paradigm Mall’s occupancy rate is 94% and not as reported.

Stocks

Patimas races against time to submit its financial statements to Bursa to avoid possibility of delisting

PETALING JAYA: Troubled technology company Patimas Computers Bhd announced several boardroom changes last week as it scrambled to submit its annual audited accounts and avoid being delisted from Bursa Malaysia.

Yokohama Industries shareholders advised to reject offer

PETALING JAYA: HwangDBS Investment Bhd has advised shareholders of Yokohama Industries Bhd to reject the unconditional takeover offer for all the remaining shares in the company by Spei Holdings Private Ltd.

Analysts upbeat on Aeon outlook

PETALING JAYA: Analysts are upbeat on Aeon Co (M) Bhd’s outlook for the second half of the year as sales will likely be better due to upcoming festive seasons.

Ingenuity may be taken private

KUALA LUMPUR: ACE-market listed Ingenuity Solutions Bhd is expected to be taken private by Ninetology Marketing Sdn Bhd according to sources.

Bonia share price eases on news of acquisition deals

PETALING JAYA: Bonia Corp Bhd fell 10 sen to RM2.49 on news that its group executive chairman cum CEO Chiang Sang Sem intended to acquire certain stakes from several parties with a indicative price that was lower than its market price. The company’s shares reached an intra-day low of RM2.35 with a total of 410,900 shares changing hands yesterday. It’s share price surged last week to a high of RM2.59.

Sharp deal by this week?

TOKYO: Taiwan’s Hon Hai Precision Industry chairman Terry Gou said an agreement to buy a 9.9% stake in Sharp was unchanged “in principle,” and that he hoped to conclude the deal with the struggling Japanese TV maker this week.

Sundance agrees to lower Hanlong offer

SYDNEY: Australian miner Sundance Resources says it has accepted a lower takeover offer worth A$1.37bil (US$1.42bil) from China’s Hanlong Group, a move that could conclude a deal that has dragged on for a year.

Support Line

K.M. Lee writes on Globetronics Technology, Integrated Rubber Corp and YSP.

Earnings

6.6 sen income distribution for Amanah Saham Nasional 2020

KUALA LUMPUR: Permodalan Nasional Bhd’s (PNB) wholly owned subsidiary Amanah Saham Nasional Bhd (ASNB) has announced an income distribution of 6.6 sen per unit for Amanah Saham Wawasan 2020 (ASW 2020) for the financial year ending Aug 31, 2012 (FY12).

Sime seen meeting expectations in Q4, core earnings estimated at RM4bil

PETALING JAYA: Sime Darby Group Bhd is likely to achieve financial results within consensus estimates for its fourth quarter ended June 30, registering a core earnings year-on-year growth of about 4% for the entire fiscal year.

KFH aims to return to the black

KUALA LUMPUR: After three year of losses, Kuwait Finance House (M) Bhd (KFH) hopes to return to profitability in current financial year 2012 with a pre-tax profit of at least RM80mil, according to chief executive officer Datuk Jamelah Jamaluddin.

IOI Q4 earnings dip on lower profit from plantation segment

PETALING JAYA: IOI Corp Bhd reported lower earnings of RM401.64mil in the fourth quarter ended June 30 and RM1.79bil for the financial year.

Parkson in stake deal, profit up in Q4

KUALA LUMPUR: Hong Kong-listed Parkson Retail Group Ltd has agreed to acquire 100% equity interest in Victor Crest Ltd from Parkson Holdings Bhd for 420 million yuan (RM205.8mil).

RHB Capital records 19% increase in earnings

PETALING JAYA: RHB Capital Bhd posted a 18.99% higher net profit of RM453.85mil for the second quarter ended June 30 from RM381.39mil a year ago.

Market cautious on IHH Healthcare results

PETALING JAYA: The market seems to have taken a relatively cautious stance on what to expect from the financial results of stock market debutante IHH Healthcare Bhd that will be revealed later today.

I-Bhd posts profit in Q2 on leisure segment, one-off gain

KUALA LUMPUR: I-Bhd posted a net profit of RM2.96mil for the second quarter ended June 30, 2012, against a net loss of RM129,000 in the same quarter of last year.

Malaysia's Q1 retail sales below forecast

PETALING JAYA: Malaysia’s retail industry recorded sales growth of 6.9% in the first quarter of this year, which was lower than retailers’ initial forecast of 12.1%, according to Retail Group Malaysia.

United Plantations Q2 net profit down

KUALA LUMPUR: United Plantations Bhd’s net profit for the second quarter ended June 30 declined by 42% to RM77.1mil from a year ago.

Rusal Q2 profit falls 72% on weak aluminium prices

HONG KONG: Russia’s United Company Rusal Plc, the world’s top aluminium producer, posted a 72% drop in quarterly profit on weak prices and said it expected to cut up to 150,000 tonnes of aluminium capacity by the end of this year.

Billabong's second half profit slumps below analyst forecasts

MELBOURNE: Australian surfwear company Billabong International has launched a turnaround strategy to fend off a A$694mil (US$723mil) private equity bid, even as it posted a collapse in second-half profit.

Property

IJM Land targets higher property sales in FY13

SUBANG JAYA: IJM Land Bhd looks forward to another year of growth due to the strong demand for properties in the country.

Economy

Unilever expects poverty to rise in Europe

FRANKFURT: Dutch food and cosmetics giant Unilever expects poverty to rise in Europe as a result of the eurozone crisis and is therefore rethinking its marketing, according to a newspaper report.

Rich-poor gap hinders Asean integration

PHNOM PENH: South-East Asian nations must redouble efforts to bridge development gaps which threaten the region’s efforts to create an EU-style single market, Cambodia’s prime minister said.

Spain’s GDP figures revised

MADRID: Spain’s economy contracted by more than previously estimated in 2010, and grew by less than first published in 2011, according to revised data from the National Statistics Institute released yesterday.

Telecommunication

Apple’s legal victory raises concerns about its smartphone business

SEOUL: Samsung Electronics shares tumbled more than 7%, wiping US$12bil off the South Korean giant’s market value, as Apple Inc’s sweeping legal victory in their US patent battle raised concerns about its smartphone business – its biggest cash cow.

India spectrum auction planned

NEW DELHI: India aims to stage its auction of mobile airwaves in November after the Supreme Court scrapped the telecom licences of eight carriers due to a graft-tainted allocation process.

Foreign News

Newcrest suspends output at Lihir gold mine over landowner dispute

SYDNEY: Australia's Newcrest Mining said on Tuesday it had suspended production at its flagship Lihir gold mine in Papua New Guinea due to a dispute with landowners.

Australia Treasurer says lower commodity prices won't hurt budget

SYDNEY: An unforeseen drop in commodity prices won't hurt Australia's plan to return its budget to surplus by July 2013, Australian Treasurer Wayne Swan said on Tuesday, hosing down concerns the declines will weaken government revenues.

Judge overturns suspension of Brazil's US$13bil Belo Monte dam

BRASILIA: A Brazilian judge said on Monday construction could resume on the controversial US$13 billion Belo Monte dam in the Amazon, alleviating concerns that key work would not be done ahead of the rainy season.

Foxconn Intl shares slide after worstever H1 loss

HONG KONG: Shares of Foxconn International Holdings Ltd (FIH), the world's biggest contract maker of cellphones, fell more than 8 percent to a twoweek low on Tuesday after it posted its worstever firsthalf net loss due to dismal orders.

Fonterra cuts 2012/13 payout forecast on strong New Zealand dollar

WELLINGTON: New Zealand's Fonterra, the world's biggest dairy exporter, cut the forecast payout to its farmer-share-holders for the year by 5 percent on Tuesday as a strong currency offset recovering global dairy prices.

Philippines' June imports growth at 10mth high

MANILA: Philippine imports in June rose 13.3 percent from a year earlier, the fastest since August last year helped by a rebound in electronics shipments and delivery of Boeing jets ordered by the country's flag carrier Philippine Airlines.

Philippines sees Aug inflation at 2.9 to 3.8 pct y/y

MANILA: The Philippine central bank said on Tuesday it expects annual inflation in August at 2.9 to 3.8 percent due to higher food prices and utility rates, but sees consumer prices staying manageable over the policy horizon.

Australia new home sales retreat in July

SYDNEY: Sales of new homes in Australia fell 5.6 percent in July to end three months of gains, a reminder that housing construction remains one of the weakest sectors of the economy, an industry survey showed on Tuesday.

Kian Joo down on weaker Q2 earnings

Shares of Kian Joo Can Factory Bhd fell on Tuesday after the company posted a weaker set of earnings in the second quarter ended June 30, 2012.

China's Sun Art Retail H1 net jumps 75%

HONG KONG: China's largest hypermarket chain, Sun Art Retail Group Ltd, posted a 75 percent jump in first-half net profit on Tuesday, helped by effective cost controls and an expanded sales network, highlighting its resilience to an economic slowdown that has sapped consumer demand and bloated inventories.