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SapuraKencana files statement of claim against ONGC

SapuraKencana Petroleum Bhd's unit has started arbitration proceedings against India's state-owned Oil and Natural Gas Corporation Ltd (ONGC) following a dispute over a contract to revamp 26 well platforms.

Spain eyes pension reform with aid package in sight

MADRID: Spain is considering freezing pensions and speeding up a planned rise in the retirement age as it races to cut spending and meet conditions of an expected international sovereign aid package, sources with knowledge of the matter said.

Consumer dividend stocks slump

Shares of consumer dividend stocks fell on Friday as investors stayed on the sidelines while the FBM KLCI was in the red, weighed down by losses in Axiata and Genting.

PM: Astro listing reconfirms Malaysia's reputation as best destination for investment

Kenanga sees 25m shares crossed at 85 sen each

K&N Kenanga Holdings Bhd's 25 million shares were transacted in an off-market deal on Friday at 85 sen each.

AirAsia CEO says listing of long-haul budget carrier imminent

SINGAPORE: AirAsia Bhd CEO Tan Sri Tony Fernandes said the public listing of his long-haul budget carrier, AirAsiaX, was progressing and appeared imminent, but he provided no exact date in a speech to the Foreign Correspondents Club of Singapore on Friday.

Malaysia conducive for foreign investors, says China-Malaysia forum

Malaysia has a conducive environment for foreign investors, according to delegates at the China-Malaysia strategic business partner forum.

RCE Capital mulls Islamic pawnbroking

RCE Capital Bhd is exploring opportunities in the Islamic pawnbroking business.

MIDA approves 469 projects valued at RM27.5b in January-July

The Malaysian Industrial Development Authority (MIDA) approved 469 manufacturing projects valued at RM27.5bil in January to July this year, which are expected to generate 46,137 jobs.

KLCI slips back into red, investors cautious

Blue chips slipped into the red at midday on Friday as buying support turned cautious, especially after the sharp pullback on Thursday, while key regional markets were mostly higher.

Malaysia produced 80m tonnes oil oil palm biomass in 2011

Malaysia produced an estimated 80 million tonnes dry weight of oil palm biomass in 2011, reflecting the importance and significant potential of biomass, said Plantation Industries and Commodities Deputy Minister Datuk Hamzah Zainudin.

Astro's indicative price of RM3 per share for retail portion

Astro Malaysia Holdings Bhd is raising RM1.42bil from its initial public offering (IPO) through the sale of 474.30 million new shares at an indicative RM3 per share for the retail portion.

Mid Valley Capital redeems RM200m bonds

Mid Valley Capital Sdn Bhd (MVCap) has redeemed the RM200mil outstanding balance on its bonds ahead of the expected maturity date of Sept 15, 2016

Blue chips higher in early trade, IGB REIT in focus

Blue chips climbed in early trade on Friday, shrugging off a hesitant opening, with IGB REIT in focus on its debut.

IGB REIT expects Southkey Megamall to be injected by 2015

IGB Real Estate Investment Trust (REIT) expects the upcoming Southkey Megamall that is being developed by IGB Corporation in Johor Baru to be injected into its portfolio by late 2015.

Report: Malaysia's DRB-Hicom to sell 30% Bank Muamalat stake

KUALA LUMPUR: Malaysia's auto-to-insurance conglomerate DRB-Hicom plans to sell 30 percent of its 70 percent stake in partly state-owned Islamic lender Bank Muamalat Malaysia, a source with knowledge of the deal said on Thursday.

HDBSVR sees the KLCI remaining under selling pressure

Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI to remain under selling pressures with the psychological support level currently seen at 1,600.

RHB Research: IGB REIT fair value RM1.43

RHB Research Institute has initiated coverage on IGB REIT, which will be listed on Friday, with an Outperform call and a DDM-based fair value of RM1.43, based on a cost of equity assumption of 7%. The offer price is RM1.25.

Fed stimulus won't end until unemployment hits 6%: Gross

PIMCO'S Bill Gross, who runs the world's largest bond fund, said on Thursday that he does not see the Federal Reserve pulling back from its quantitative easing policies until the U.S. unemployment rate at least drops to 6 percent.

Maybank Research maintains Buy on Gamuda, TP RM4.10

Maybank Investment Research maintains a Buy on Gamuda with a RM4.10 RNAV-based target price.

CIMB Research keeps Genting top pick among gaming stocks

CIMB Equities Research said fears of higher gaming taxes following the 2013 Budget proposals could be valid this time round.

Wall Street cuts losses on hope for lift from easy money

NEW YORK: The Dow edged up while the S&P 500 and Nasdaq cut most of their losses on Thursday as investors shifted attention from weak manufacturing data around the world to the belief that central banks' easy money policies will help revive the global economy.

Malaysia-Market factors to watch today (Friday)

KUALA LUMPUR: Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the local market.

M'sian Govt does not want to increase foreign debt

KUALA LUMPUR: There is hesitation by the Government to enter into new foreign debt after issuing its global sukuk last year, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said.

AirAsia Eyes India, Zest Airways

PETALING JAYA: AirAsia Bhd may be expanding its wings to India through a new start-up with an Indian partner and also strengthening its presence in the Philippines by acquiring a stake in Zest Airways, newspapers reported in the two countries.

AirAsia calls for truly low-cost hub for Kota Kinabalu

KOTA KINABALU: AirAsia group chief executive officer and director Tan Sri Tony Fernandes has urged the Government to build a truly low-cost airline hub in Kota Kinabalu, saying Sabah is strategically located in the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area.

Call to introduce Goods and Services Tax in M'sia now

KUALA LUMPUR: Malaysia should introduce the Goods and Services Tax (GST) now as the country is still enjoying a fairly strong economic growth.

Malaysia has room for improvement

MACAU: Malaysia still has room to improve on its policies to promote the development of entrepreneurship in the country.

MCKIP gears up for investors at China expo

NANNING, China: The Malaysia-China Kuantan Industrial Park (MCKIP) in Gebeng, Pahang is making rapid headway on the ground as it gears up for domestic and international investors.

Johor oil storage capacity seen hitting 10 million cu m

JOHOR BARU: Johor expects its oil storage capacity to hit 10 million cu m in the years 2017-2020 which will see it emerging as Asia’s new oil storage hub, said Johor Petroleum Development Corporation Bhd (JPDC).

Harrisons unit ordered to pay tax

KUALA LUMPUR: The Customs Department has ordered Harrisons Holdings (Malaysia) Bhd’s unit to pay RM91.75mil for duties and sales tax not paid under the Customs Act 1967 despite protests that it was not liable to pay them.

Strong interest prompts IIB to launch EduPark

JOHOR BARU: Interest in Iskandar Malaysia’s EduCity @Nusajaya near here remains strong and has prompted Iskandar Investment Bhd (IIB) to embark on a second similar project.

Romania gateway for palm oil into East Europe

BUCHAREST: Romania is set to become the gateway for Malaysian palm oil to penetrate East European markets.

Finance

Islamic financial assets are US$1.2tril, but it is only 1% of global system and can grow

KUALA LUMPUR: Although the size of Islamic financial assets are roughly US$1.2 trillion (RM3.72 trillion) to US$1.3 trillion (RM4.03 trillion) globally, it is only about 1% of the entire global financial system and hence, there are huge opportunities for growth.

CEO sees inherent risks in cross-border Islamic transactions

KUALA LUMPUR: While Islamic financial cross-border transactions are fast gaining popularity, they also face a set of inherent risks and challenges, according to Dubai-based Fajr Capital Ltd’s CEO, Iqbal Khan.

Corporate sukuk outperforming sovereign

KUALA LUMPUR: Malaysia’s corporate Islamic bonds are returning twice as much as government sukuk this quarter as economic stimulus spending boosts investors’ risk appetite.

Stocks

PNB invests big in Astro

PETALING JAYA: Permodalan Nasional Bhd (PNB) is said to be one of the biggest cornerstone investors out of the 22 that the country’s largest pay-TV operator – Astro Malaysia Holdings Bhd has secured for its US$1.5bil (RM4.5bil) initial public offering (IPO).

DRB-Hicom plans foreign partner for Proton, mega Islamic bank

SHAH ALAM: DRB-Hicom Bhd plans to introduce a foreign partner to Proton Holdings Bhd and create a mega Islamic bank.

Long wait to meet Chin boon Long, new major shareholder of Ingens

IT must have been very disappointing for the minority shareholders that braced the morning traffic to attend the Ace market-listed Ingenuity Solutions Bhd (Ingens) AGM which was held in a club tucked away in Bukit Jalil only to find out that the man they had hoped to question the RM90mil controversial offer did not show up.

Ingens’ Chin fails to show up at AGM

KUALA LUMPUR: Chin Boon Long, a major shareholder of Ingenuity Solutions Bhd (Ingens), did not show up at the company’s annual general meeting (AGM) yesterday although he did send his proxies to the meeting.

Lawyer Sreesanthan files several other applications in insider-trading case

KUALA LUMPUR: Datuk E. Sreesanthan filed several applications in relation to his insider-trading case, including one that seeks to have his charges struck out on the basis of the consent for prosecution being null and void in law.

Aeon denies Carrefour M’sia bid

TOKYO: Japanese supermarket chain Aeon Co has denied it is in talks to buy the Malaysian business of French retailer Carrefour SA, following a Reuters report the previous day that the two were negotiating a US$300mil deal.

Analysts: Genting S’pore disposal of stake will only result in marginal loss

PETALING JAYA: The disposal of Genting Singapore PLC’s entire 4.8% stake in Australia’s Echo Entertainment Group Ltd is unlikely to have a material impact on the Singapore-based hospitality and resorts specialist, according to analysts.

Coastal makes RM111mil sale

KUALA LUMPUR: Coastal Contracts Bhd will sell two Anchor Handling Tug Supply (AHTS) units and one Subsea Support Vessel (SSV) for RM111mil.

KNM plans to list German unit on Singapore stock exchange

KUALA LUMPUR: World-renowned process equipment company, KNM Group Bhd, has obtained backing from its shareholders at its EGM for the proposed renounceable rights issue of 488,920,659 new shares at an indicative issue price of RM1 for each rights share.

MWE sells stake in Davex Malaysia

KUALA LUMPUR: MWE Holdings Bhd through its wholly-owned subsidiary, Davex Holdings Bhd, has proposed to dispose of its entire 93.06% stake in Davex Malaysia Sdn Bhd (DMSB) to GLC (Asia) Holdings Ltd for RM170.3mil.

TNB loses RM113mil suit

TNB appeals for loss in RM113mil lawsuit

Final BBB+ rating for Maybank notes

PETALING JAYA: Fitch Ratings has assigned Malayan Banking Bhd’s (Maybank) US$800mil (RM2.456bil) 3.25% fixed rate subordinated notes due 2022, issued under the bank’s US$5bil (RM15.35bil) multi-currency medium-term note programme, a final rating of BBB+.

Trough valuations for airlines

WE take a second quarter 2012 snapshot of the regional aviation sector. We maintain a “neutral” call on airlines, where the performance was worse than expected.

Earnings

Berjaya Land net profit surges

PETALING JAYA: Berjaya Land Bhd has posted a sterling jump in net profit to RM6.9mil for its first quarter ended July 31, compared with a net profit of RM1.88mil a year earlier.

Property

PBLT completes 3 major facilities

KUALA LUMPUR: Pembinaan BLT Sdn Bhd (PBLT), a unit owned by Ministry of Finance Inc, has completed three major police facilities bringing the total gross development value to RM239mil.

Listari in Malacca mixed development project

PETALING JAYA: Little-known property developer Listari Marina (M) Sdn Bhd is building a mixed development at Klebang, Malacca with a gross development value of RM183mil and aimed at largely mainland Chinese buyers and Japanese investors seeking to invest in the country.

Auto

Vehicle sales down 12.9% in August

KUALA LUMPUR: Motor vehicle sales in August fell by 7,644 units or 12.9% to 51,823 units from the 58,382 units in the same month last year, according to the Malaysian Automotive Association (MAA).

Japan carmakers hit

TOKYO: Japanese automakers, led by Nissan Motor Co, have lost an estimated US$250mil in output because of anti-Japan protests in China this week and now face the risk that sales will sputter in the world’s largest car market.

Foreign News

Oracle sees software growth amid weak hardware sales

BOSTON/NEW YORK: Oracle Corp's hardware sales are expected to drop further after tumbling 24 percent from a year ago, the software maker said, as it strives to turn around its Sun computer division amid tight technology budgets.

U.S. power market regulator threatens to suspend JPMorgan

NEW YORK: U.S. federal energy regulators threatened on Thursday to suspend JPMorgan Chase & Co's right to sell electricity at market rates after accusing the bank of misleading authorities -- a measure that would effectively banish it from the power market.

U.S. mortgage task force to act soon

NEW YORK: The mortgage task force formed by President Barack Obama to probe misconduct that contributed to the financial crisis will soon take legal action, New York Attorney General Eric Schneiderman said on Thursday.

Microsoft, HP skirted taxes via offshore units-U.S. Senate panel

WASHINGTON: Microsoft Corp and Hewlett-Packard Co pushed back against claims by a U.S. Senate panel on Thursday that they used offshore units and loopholes to shield billions of dollars in profits from U.S. taxes.

News Corp to give James Murdoch more control of US TV operations

NEW YORK: James Murdoch will be given more responsibility over News Corp's U.S. television operations more than a year after he became a central figure in the company's telephone hacking scandal in the UK, two sources familiar with the matter said.

Some progress on Greek debt deal, gaps remain

ATHENS: Negotiators discussing Greece's bailout came closer to an accord in late night talks on Thursday but are still short of a final deal over some 11.5 billion euros (9.1 billion pounds) of spending cuts demanded by international creditors, officials said after talks concluded.

U.S. electric car policy to cost $7.5 billion by 2019: CBO

NEW YORK: U.S. federal policies to promote electric vehicles will cost US$7.5 billion through 2019 and have "little to no impact" on overall national gasoline consumption over the next several years, the Congressional Budget Office said in a report issued on Thursday.

Japan firms say China protests affect business plans - poll

TOKYO: About 41 percent of Japanese firms see friction with China affecting their business plans, with some considering pulling out of the country and shifting operations elsewhere, a Reuters poll showed, amid growing tensions sparked by a territorial dispute.

Export surge could help U.S. add 5 million factory jobs by 2020: study

BOSTON: Rising U.S. factory productivity, spurred by falling natural gas prices, could help the nation boost exports of products such as locomotives and factory machinery and add as many as 5 million manufacturing jobs by the decade's end, a new analysis found.

Deutsche Bank to start job cuts in Germany: paper

FRANKFURT: Thousands of jobs may go at Deutsche Bank AG in Germany, with a first round of losses at its base in Frankfurt and its Postbank unit in Bonn, a German newspaper reported on Friday.

Vietnam's Petrolimex seeks 70,000 tonnes of gasoline for Oct

SINGAPORE: Petrolimex, Vietnam's top fuel importer and distributor, is seeking 70,000 tonnes of gasoline for October after earlier buying a similar volume for September, traders said on Friday.

Bullard: Fed should not target explicit level for unemployment

SOUTH BEND, Indiana: St. Louis Federal Reserve President James Bullard disagreed sharply on Thursday with the suggestion of a fellow Fed official over the merits of explicitly targeting the rate of unemployment to guide U.S. monetary policy.

Apple's iPhone 5 uses chips from Qualcomm, Avago, Skyworks

MELBOURNE/SAN FRANCISCO: Apple's iPhone 5 uses chips from Qualcomm, Avago and Skyworks Solutions, according to repair firm iFixit, which pried one open.

Long queues greet Apple's iPhone 5 in Sydney, Tokyo

SYDNEY/TOKYO: Apple Inc's iPhone 5 hit stores around the globe on Friday, giving the consumer giant a boost ahead of the crucial end-of-year holiday season as rival Samsung Electronics Co stepped up its legal challenge over key technologies.

AU Optronics fined US$500mil in U.S. for price fixing

TAIPEI/SAN FRANCISCO: Taiwan-based AU Optronics Corp was fined $500 million by a U.S. judge for price fixing in the market for liquid crystal display panels, but the company's shares jumped as much as 5 percent early on Friday amid relief the fine wasn't larger.

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