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Genting Bhd's Q2 earnings down 20.6% to RM534.5mil

Genting Bhd's earnings fell 20.6% to RM534.55mil in the second quarter ended June 30, 2012 from RM673.22mil a year ago, impacted by a decline in casino business and weaker plantations performance.

MPHB Q2 earnings up 93.1% to RM134.6m, boost from financial services

Multi-Purpose Holdings Bhd's (MPHB) earnings surged 93.1% to RM134.62mil in the second quarter ended June 30, 2012 from RM69.69mil a year ago, boosted by its financial services segment.

Telekom Malaysia Q2 earnings jump 173% to RM348.4m

Telekom Malaysia Bhd's earnings rose 173% to RM348.45mil in the second quarter ended June 30, 2012 from RM127.24mil a year ago and it rewarded shareholders with an interim dividend of 9.8 sen a share.

KL Kepong Q3 earnings slump 46% to RM233m

Kuala Lumpur Kepong Bhd's (KLK) earnings fell 46.1% to RM233.08mil in the third quarter ended June 30, 2012 from RM432.76mil a year ago as plantations profit fell by more than half.

Bursa queries Pasukhas after share price surges 400%

Bursa Malaysia Securities has queried Pasukhas Group Bhd after its share price surged 404% to close at 60.5 sen on its first trading day on the ACE Market on Wednesday.

Crude palm oil futures slide, plantations down

Crude palm oil (CPO) futures fell on Wednesday, dragging plantation stocks and the 30-stock FBM KLCI lower, on speculation that the stockpile could have increased.

Petronas gets Progress Energy shareholders' nod for acquisition

Canada's Progress Energy Resources Corporation's shareholders have given their approval for Petroliam Nasional Bhd to acquire the company for C$22 a share.

AirAsia gets Indonesia's approval for Batavia Air purchase

AirAsia Bhd and its Indonesian partner PT Fersindo Nusaperkasa have received the Indonesian government's approval to acquire budget airline Batavia Air.

Sime Darby to double planted oil palm to 1m ha by 2016

Sime Darby Bhd is working towards expanding its landbank of oil palm trees to more than one million hectares, by expanding in Africa and Indonesia.

European shares slip on growth concerns

LONDON: European shares fell on Wednesday, with traders citing worries over the weak global economic outlook and nervousness ahead of a key gathering of central bankers on Friday.

Ninetology offers to buy 39.44% of Ingenuity Solutions shares

Ninetology Marketing Sdn. Bhd has offered to acquire 214.29 million shares of Ingenuity Solutions Bhd, or a 39.44% stake, at 55 sen a share.

EIU mulls raising Malaysia GDP to above 4.7%

The Economist Corporate Network, a unit of the UK-based Economist group, is considering raising its full year gross domestic product (GDP) growth forecast for Malaysia to above 4.7% following the country's robust economic performance in the second quarter and first half of the year.

Higher selling prices boost Masteel Q2 earnings by 22.6% to RM19m

Malaysia Steel Works (KL) Bhd's earnings increased by 22.6% to RM18.99mil from RM15.48mil a year ago, boosted by higher selling prices and improved margins.

Hock Seng Lee Q2 earnings up 7.5% to RM22.46m

Construction-property company Hock Seng Lee Bhd's earnings rose 7.5% to RM22.46mil in the second quarter ended June 30, 2012 from RM20.88mil a year ago due to higher revenue and improved margins from projects carried out.

AirAsia may order up to 100 Airbus planes

AirAsia Bhd may order up to 100 planes from Airbus at the Berlin airshow next month, Bloomberg said.

KLCI snaps 4-day losses, Pasukhas surges on debut

Some fund buying of DiGi, banking stocks and Sime Darby helped the FBM KLCI snap the four days of losses in a lacklustre market while Pasukhas surged on its trading debut.

IJM slips, core earnings below expectations

Shares of IJM Corporation Bhd fell to a low of RM5.08 on Wednesday after its core net profit for the first quarter ended June 30, 2012 was below market expectations.

Cagamas issues RM215m conventional notes

Cagamas Bhd has issued conventional medium term notes (CMTNs) amounting to RM215mil which would be used to purchase conventional housing loans from the financial system.

S&P sees timely reforms of Vietnam enterprises, banks essential

Standard & Poor's Ratings Services believes Vietnam must undertake timely reforms of the country's state-owned enterprises and its banking sector, especially after the recent arrest of one of the founders of Asia Commercial Bank (ACB).

Bonia shares fall as takeover offer below market price

Shares of Bonia Corp Bhd fell on Wednesday as investors were disappointed with group executive chairman cum CEO Chiang Sang Sem's takeover offer at RM2.04 cash per share.

HDBSVR sees KLCI trading range bound

Hwang DBS Vickers Research (HDBSVR) sees the FBM KLCI trading range bound amid mixed market breadth for the time being in the absence of strong overseas leads and due to earnings disappointments.

CIMB Research: FGVH’s H1 core earnings below expectations

CIMB Equities Research said Felda Global Ventures Holdings’s (FGVH) first half core earnings came in below expectations at only 40% of its and 39% of consensus full-year earnings.

Pasukhas makes strong debut at 27 sen

Shares of Pasukhas Group Bhd opened at 27 sen, or 15 sen above its offer price of 12 sen, when it made its debut on the ACE Market of Bursa Malaysia on Wednesday.

Kenanga Research maintains Outperform on IJM Land, TP RM2.75

Kenanga Investment Research is maintaining its Outperform recommendation on IJM Land and a target price of RM2.75.

GLOBAL MARKETS-US stocks little changed, Euro up on ECB hopes

NEW YORK: The euro rose against the U.S. dollar o n T uesday on bets the European Central Bank will soon act to tackle the bloc's debt crisis, while U.S. crude oil prices rallied as Hurricane Isaac approached the Gulf Coast. Stocks were little changed on Wall Street

HDBSVR maintains Buy on HL Bank, ups TP to RM17

Hwang DBS Vickers Research (HDBSVR)is maintaining a Buy on Hong Leong Bank and raised the target price to RM17 after rolling over its valuation base to CY2013.

Tokyo Gas signs deal to buy LNG from Malaysia

TOKYO: Japan's top city gas supplier Tokyo Gas said it has signed a basic agreement to buy 900,000 tonnes per year of liquefied natural gas (LNG) from Malaysia for 10 years from April 2015.

Sime Darby Q4 earnings down 16.2% to RM1.09 (Update)

Sime Darby Bhd's earnings fell 16.2% to RM1.099bil in the fourth quarter ended June 30, 2012 from RM1.312bil a year ago on higher operating expenses. However it rewarded shareholders with a dividend of 25 sen a share.

ESPN in US$5.6bil deal for baseball TV rights

NEW YORK: The ESPN sports network agreed to pay Major League Baseball US$5.6 billion over eight years for a package of television and digital rights through the 2021 season, a deal that reflects the strong demand for live sports content.

No property bubble in M'sia; Sunway chairman says local prices affordable

PETALING JAYA: The local property industry continues to face many obstacles despite signs of steady economic growth, which was announced recently for the second quarter and the first-half, underpinned among other factors by a jump in construction activity as well as healthy consumption.

Sterling performance for IHH Healthcare post-listing

KUALA LUMPUR: IHH Healthcare Bhd net profit for the second quarter ended June 30 jumped by a whopping 426% to RM403.5mil on revenue of RM2.7bil that reflected an increase of 231% year-on-year.

AirAsia soaring towards another good year

PETALING JAYA: Low-cost carrier AirAsia Bhd posted a 3% drop in net operating profit to RM130.94mil for the second quarter ended June 30 compared with the quarter a year ago on a drop in ancillary income and a marginally lower seat-load factor of 80%.

Global Ventures hit by CPO prices, profit down

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGVH) made a net profit of RM188.4mil, or 5.20 sen per share, for its second quarter ended June 30, 32.5% lower than the net profit of RM279.3mil, or 15.80 sen per share, for the same period a year earlier.

Irda confident Iskandar can breach RM100bil mark by year-end

JOHOR BARU: Iskandar Regional Development Authority (Irda) is confident of breaching the RM100bil cumulative committed investments by the end of the year.

Lynas says plant will play important role in global market

KUALA LUMPUR: Lynas Corp Ltd, which has completed construction of Phase One of the Lynas Advanced Materials Plant (LAMP) in Malaysia, is now poised to play an important role in a critical global market.

IJM eyes RM4bil jobs

SUBANG JAYA: IJM Corp Bhd is hopeful of clinching new contracts worth some RM4bil from the West Coast Expressway (WCE) project, according to CEO and managing director Datuk Teh Kian Ming.

Stocks

Ingenuity says not in talks with any party regarding takeover

PETALING JAYA: ACE Market-listed Ingenuity Solutions Bhd has come forward to clarify that it is currently not involved in any discussion related to an intention of a party to take over the company.

UM Land shares to be suspended

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

DRB-Hicom prospects seen bright

PETALING JAYA: The market remains positive about DRB-Hicom Bhd’s prospects despite the conglomerate posting a steep 64% year-on-year drop in net profit to RM32.6mil for its first quarter ended June 30.

Bonia gets take-over offe

PETALING JAYA: Bonia Corp Bhd has received a take-over offer from Freeway Team Sdn Bhd, Chiang Sang Sem and Chiang Fong Yee (the joint offerors) to buy the 49.83% stake in the company which is not already owned by the joint offerors and the persons acting in concert (PACs) with them for RM2.04 per share.

Wah Seong completes buy

PETALING JAYA: Pipe-coating specialist Wah Seong Corp Bhd has completed the acquisition of 57.7 million shares in Petra Energy Bhd at RM1.68 per share.

Shippers in choppy waters

FOR shipping companies across the container, dry bulk and tanker segments, the past few weeks have been very challenging as rates have fallen sharply due to the weak outlook for demand and the glut of vessels. This is not helped by the recovery in bunker fuel prices.

IOI stock remains steady despite disappointing Q4

PETALING JAYA: The share price of plantation heavyweight IOI Corp Bhd closed unchanged at RM5.12 after reaching an intraday high of RM5.14 following the release of a weak set of quarterly earnings on Monday which disappointed investors.

Aberdeen to debut Asia funds as stocks rebound

KUALA LUMPUR: Aberdeen Asset Management Plc plans to start its first syariah-compliant stock funds targeted at Asian individuals as regional economies expand at more than 30 times the pace of the United Kingdom.

Confidence in IGB REIT

KUALA LUMPUR: IGB Real Estate Investment Trust has set a tight price range for the institutional tranche of its up to US$266mil (RM823mil) initial public offering (IPO), according to a term sheet seen by Reuters, indicating confidence in demand for the offer.

HK regulator takes Ernst & Young to court on work papers

HONG KONG: Hong Kong’s securities regulator, in an unprecedented move, took Ernst & Young to court after the audit giant failed to turn over accounting records related to a China-based company.

Foxconn Intl falls after worst-ever first-half loss

HONG KONG: Shares of Foxconn International Holdings Ltd (FIH), the world’s biggest contract maker of cellphones, fell more than 8% to a two-week low on Tuesday after it posted its worst-ever first-half net loss due to dismal orders.

Earnings

Mixed season with few surprises

THE second-quarter results season threw up a mixed bag but few major surprises, according to industry observers.

Carlsberg earnings up 22% in Q2

PETALING JAYA: Carlsberg Brewery Malaysia Bhd posted a 21.7% jump in net profit in the second quarter ended June 30 to RM37.7mil on 11% higher revenue of RM383.4mil.

Better profit for PCG

PETALING JAYA: Petronas Chemicals Group Bhd (PCG) boosted its profit for the second quarter ended June 30 by 8% year-on-year to RM900mil.

GAB: Mainstream market key

PETALING JAYA: Guinness Anchor Bhd (GAB) sees the mainstream alcoholic beverage market as the key battleground, after announcing yet another set of stellar results for its financial year ended June 30.

SMEs

Malaysia, Russia to sign MoU on SMEs

KUALA LUMPUR: Malaysia and Russia expect to sign a memorandum of understanding (MoU) this September which would enhance economic ties between the two and see their joint cooperation in supporting the development of their respective small and medium-sized enterprises (SMEs).

Banking

HLB: Banking sector outlook remains challenging

KUALA LUMPUR: Hong Leong Bank Bhd (HLB), the country’s fourth largest bank by profit size, said the outlook for the banking industry “remains challenging” on the backdrop of changing industry dynamics and increased regulations.

RHB Cap to expand customer base

KUALA LUMPUR: RHB Capital Bhd (RHB Cap) is looking at expanding its customer base especially in the premier banking segment.

CCM in currency swap deal

KUALA LUMPUR: Chemical Company of Malaysia Bhd (CCM) announced it has entered into an agreement to execute the drawdown with Bank of Tokyo-Mitsubishi UFJ, Ltd for a cross-currency swap amounting to RM100mil equivalent in US dollar.

Mazars: Banks must have strong risk management

KUALA LUMPUR: Banks intending to venture overseas or expand their international footprint should, among others, have a strong risk management system in place to expedite growth, according to international professional services company Mazars.

Aviation

Two more airlines to fly into Malaysia

PETALING JAYA: At least two more airlines – Ethiopian Airlines and Zest Air – are expected to fly into Malaysia this year after four made their debut earlier this year.

Airbus wins US$7bil PAL order despite US lobby

MANILA: Airbus won a US$7bil order to help more than triple Philippine Airlines Inc’s fleet, beating Boeing Co to a deal despite the United States support for Manila in a diplomatic dispute with China.

Telecommunication

DiGi expanding its electronic payment touch points nationwide

KUALA LUMPUR: DiGi Telecommunications Sdn Bhd is expanding and upgrading its electronic flexible payment platform infrastructure to 14,000 new customer touch points nationwide.

Thailand to hold 3G auction soon

BANGKOK:Thailand’s telecoms regulator will hold a long-awaited auction of 3G mobile phone licences on Oct 15 or Oct 16, a key step towards reforms in the sector, which will enable operators to tap more revenue from fast-growing data services.

Economy

Pikom sees sustained growth for Malaysia

KUALA LUMPUR: The National ICT Association of Malaysia (Pikom) is optimistic of sustained growth for the Malaysian economy despite the continuing fallout from the global financial crisis.

Continued growth in M’sia-China trade

PETALING JAYA: The Malaysia-China Chamber of Commerce (MCCC) is confident that bilateral trade will continue to grow this year as there are increasing opportunities from China’s inland cities.

Singapore economy slowed by weaker global demand

WASHINGTON: Singapore’s economy is set to weaken this year on the back of weaker global demand and related international financial and trade strains emanating from the eurozone debt crisis, the International Monetary Fund (IMF) said.

Myanmar in pact with Japanese to develop economic zone

YANGON: Myanmar’s government has agreed a deal with a Japanese consortium to develop jointly a special economic zone on the edge of the commercial capital, Yangon, as part of moves to expand industry and bring in much needed investment.

Eurozone loans pick up in July

FRANKFURT: Eurozone bank loans to the private sector, which had practically dried up in recent months, rose in July, and growth in eurozone money supply also accelerated, new data showed yesterday.

Greece plans economic zones

ATHENS: Greece plans to set up “special economic zones” to attract private investment and help lift its debt-laden economy out of depression, the government said.

Commodities

Thailand defers spending US$480mil more to prop up rubber prices

BANGKOK: The Thai cabinet has turned down a plan to spend another 15 billion baht (US$480mil) on buying rubber to prop up prices but will monitor the situation to see if further intervention is necessary, the deputy agriculture minister said.

Foreign News

Greece mulls T-bills to bridge extension funding gap

ATHENS: Greece estimates that a two-year extension on its bailout would create a financing gap of less than 18 billion euros (US$22.5bil), which it could cover by issuing short-term debt rather than pleading for more money from lenders, government officials have told Reuters.

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