Business Times (Malaysia) articles from April 2009

Business Times (Malaysia) archives from April 2009

Mukhriz to relinquish post as Opcom chairman.
April 30, 2009... Byline: Kamarul Yunus DATUK Mukhriz Mahathir will relinquish his post as chairman of Mesdaq-listed Opcom Holdings Bhd within the time frame given for him to do so. He said an announcement will be made at a later date. "It is a...

Oil, gas and petrochem sectors continue to draw investments.
April 30, 2009... Byline: Kamarul Yunus MALAYSIA continues to draw investment interest in the oil, gas and petrochemical sector, with two projects worth RM1.14 billion approved in the first quarter of this year. Deputy International Trade and Industry...

Silver Bird confident of profit turnaround.
April 30, 2009... Byline: Sharen Kaur BREAD maker Silver Bird Group Bhd said it is optimistic of returning to the black this year, driven by government subsidy for white bread, lower operating cost and wider distribution channels. The main board...

Malaysia on Primus Financial radar.
April 30, 2009... PRIMUS Financial Holdings Ltd, a newly-launched multi-billion global financial services firm based in Hong Kong, has put Malaysia on its investment radar. It is the largest independent investment holding firm in Asia and is a successor...

Corporate loan default may rise to 1.8pc this year.
April 30, 2009... Byline: Rupinder Singh RAM Ratings Services Bhd forecasts the failure rate of corporate borrowers to meet their obligations to rise to 1.8 per cent this year, with a worst-case scenario of 4.8 per cent. It was 1.05 per cent last...

Super powerful drive for new paper factory.
April 30, 2009... SIEMENS has designed one of the world's most powerful, low-voltage paper machine drive systems for packaging manufacturer Pro-group. The powerful yet economical multi-motor drive system has a near-record total output of 30 megawatts (MW),...

NSTP expects to remain profitable.
April 30, 2009... Byline: Zaidi Isham Ismail THE New Straits Times Press (Malaysia) Bhd (NSTP) expects to remain profitable this year, even if advertising revenue declines, because of cost-cutting measures and stable newsprint prices. The country's...

GLC workers union seeks prime minister's intervention.
April 30, 2009... THE GLC Workers Union, which represents some 80,000 members in government-linked corporations (GLCs) like Tenaga Nasional Bhd and Telekom Malaysia Bhd, plans to hand over a memorandum detailing their grouses to Prime Minister Datuk Seri Najib...

Business expo expected to draw better response.
April 30, 2009... MONEY Compass, the organiser of the 5th Public and Business Financial Expo 2009, expects to see a 25 per cent increase in visitors and participants this year as it lines up more activities. Last year, the event attracted 7,000 to 8,000...

Health food to drive Serba Wangi sales.
April 30, 2009... Byline: Zurinna Raja Adam RICE producer Serba Wangi Sdn Bhd expects revenue contribution from its health food segment called "ecoBrown" to double to 10 per cent in two years. This will be achieved with the launch of three new...

Octagon: Green tech firms deserve tax-free status.
April 30, 2009... Byline: Ooi Tee Ching COMPANIES that champion green technologies should be accorded "tax-free" status similar to MSC and Bio-Nexus firms, officials of Octagon Consolidated Bhd say. "Malaysia's green technology-based businesses are...

Mega plans for the north.
April 30, 2009... Byline: Sharen Kaur I'DA World Group Sdn Bhd, controlled by Kedah-born businessman Abdul Rahim Abdul Wahab, has proposed three mega projects in the northern states of Peninsular Malaysia, which it hopes to undertake as a Private Finance...

Bank Negara holds key interest rate at 2pc.
April 30, 2009... Byline: Rupa Damodaran BANK Negara Malaysia left borrowing costs unchanged at 2 per cent yesterday, but cautioned that the Malaysian economy was likely to record a marked contraction in the first quarter. Some signs of moderation in...

Malaysia to adopt IFRS by 2012.
April 30, 2009... Byline: Adeline Paul Raj SOME 150 countries will be using the international financial reporting standards (IFRS) by the time Malaysia fully adopts them in 2012, says the chief of the body that sets those standards. This means that...

Lion Diversified extends consolidations.
April 30, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to extend its follow-through consolidations yesterday. Its overall advancing counters out-paced its declining counters by 396 to 197. The Kuala Lumpur Composite Index (KLCI)...

Malaysia ranks 5th for women in senior positions.
April 30, 2009... MALAYSIA ranked fifth globally for senior positions held by women with 31 per cent compared to the global average of 24 per cent, a recent study by Grant Thornton International said. "Our government has agreed on a policy to ensure at least...

Intelligence report to help car companies strategise.
April 30, 2009... Byline: Zuraimi Abdullah AS PROFITS shrink, car companies must know their buyers as well as buyers of their rivals' products and the type of segment they have in order to stay competitive, an industry consultant said. Hence, ISM...

'Govt will continue to uphold NEP'.
April 30, 2009... Byline: Kamarul Yunus BUMIPUTERAS should not worry about the recent liberalisation of 27 services sub-sectors as the government will continue to uphold and give focus to the New Economic Policy (NEP), said Deputy Minister of...

Mimos bags three design awards for R&D efforts.
April 30, 2009... MIMOS Bhd, an organisation that advises the government on technological development matters, recently bagged three Malaysia Good Design Mark Awards for its research and development (R&D) efforts under the media and home electronics category....

MBSB to use RM500m facility for expansion.
April 30, 2009... Byline: Jeeva Arulampalam MALAYSIA Building Society Bhd (MBSB) has secured a RM500 million facility as alternative funding that will allow it to expand its business. "From next year, we are targetting a more aggressive business plan...

ECER council sets up Terengganu office.
April 29, 2009... THE East Coast Economic Region Development Council (ECERDC) has set up an office in Terengganu to facilitate projects in the development corridor. Terengganu Menteri Besar Datuk Ahmad Said is scheduled to launch the office on Sunday. In...

Suria Capital to tap govt links.
April 29, 2009... Byline: Roy Goh SURIA Capital Holdings Bhd expects to pull through the global financial crisis by tapping into its links with the government. The slowdown, which has made the state government more determined to develop Sabah's...

AirAsia partners Scicom.
April 29, 2009... AIRASIA Bhd has tied up with outsource contact centre operator Scicom (MSC) Bhd to service passengers worldwide. The collaboration streamlines and fully integrates AirAsia's customer service and contact centre operations. The two...

Media Prima eyes ad revenue pick-up in second half.
April 29, 2009... Byline: Adeline Paul Raj MALAYSIA'S biggest media group, Media Prima Bhd, said it hopes to see a pick-up in advertising revenue in the second half of the year on the back of an expected improvement in the economy. Its profits may be...

Naza Bikes pursues new marts.
April 29, 2009... Byline: Zurinna Raja Adam NAZA Bikes Sdn Bhd aims to export 5,000 motorcycles this year as it pursues new markets in the Middle East and Southeast Asia. Yesterday, the company exported its first batch of the 125cc "Flash" model. Some...

Malaysian firms invited to help rebuild Iraq infrastructure.
April 29, 2009... Byline: Rupa Damodaran WAR-RAVAGED Iraq is looking for Malaysian expertise to help rebuild its infrastructure and social amenities, according to an Iraqi investment promotion team. "The southern region of the country has been...

Carlsberg Malaysia in talks to acquire 2 rivals.
April 29, 2009... Byline: Rupinder Singh CARLSBERG Brewery Malaysia Bhd is in talks to buy two rivals in the region this year to help boost future earnings. "We have identified two and are considering both opportunities," Carlsberg Malaysia chairman...

E&E orders picking up, says Mukhriz.
April 29, 2009... THERE has been a pick-up in export orders in certain sectors, such as electrical and electronic (E&E) products, in the current quarter, International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir said in Shah Alam, Selangor,...

Behaviour and projections.
April 29, 2009... THE economic tsunami that has hit the world since late-2007 has left many wondering where it is heading, what to expect, etc. Experts as well as laymen make projections, mostly trying to predict when the stock market will hit bottom....

Deleum bids for up to RM400m deals.
April 29, 2009... Byline: Kamarul Yunus DELEUM Bhd, an oil and gas service provider, is bidding for contracts worth between RM300 million and RM400 million this year. Of these, 50-60 per cent involves existing contracts and the rest will be new,...

Genting may re-test downside support.
April 29, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued yesterday to consolidate their recent gains. Declining counters continued to overwhelm advancing ones by 558 to 135. The Kuala Lumpur Composite Index (KLCI) fell from its...

Toyota maintains pole position.
April 29, 2009... TOYOTA has continued to claim the top spot as the best-selling non-national car make in Malaysia in the first quarter of 2009, with 17,313 units sold. This is more than 6,600 units ahead of its nearest competitor. Toyota has been the...

Pristine Oil gets US$700m funding from UK's Lenstar.
April 29, 2009... Byline: Kamarul Yunus PRISTINE Oil (M) Sdn Bhd has secured US$700 million (RM2.5 billion) funding from UK-based Lenstar Investments Ltd to carry out its proposed crude oil storage terminal and marine facilities in Gurun, Kedah. The...

Firefly in due process with S'pore authority.
April 29, 2009... Byline: Marina Emmanuel NATIONAL turboprop operator Firefly, which was granted rights to fly from six destinations in the country to Singapore, is set to commence its first two services from Subang and Ipoh in July and September,...

Picorp's Sudan job valued at US$144.5m.
April 29, 2009... PROGRESSIVE Impact Corp Bhd (Picorp) says the value of its contract in Sudan more than doubled to US$144.5 million (RM523 million) due to the change in an agreement and the award of another deal. Initially, Picorp had a US$55 million (RM199...

Titan's net profit sizzles on improved margin.
April 29, 2009... Byline: Ooi Tee Ching TITAN Chemicals Corp Bhd's net profit for the first quarter ended March 31 increased by 49 per cent to RM130.16 million from a year ago, thanks to improved polymer-naphtha margin. "We did better in the first...

Blasting a trail in the Mideast.
April 29, 2009... Byline: Zuraimi Abdullah SPECTRABLAST Technologies Sdn Bhd has won a contract worth over RM100 million to help maintain highways in Abu Dhabi in the United Arab Emirates, its chief said. Chief executive officer Jafridin Abdul Rahman...

Auditor charged with abetting firm in submitting false info.
April 29, 2009... Byline: Sharen Kaur AN auditor was charged at the Sessions Court yesterday with abetting United U-Li Corp Bhd, a maker of light fittings and cable support systems, in submitting false information to Bursa Malaysia Securities Bhd. ...

... but analysts lament equity cap on commercial banks.
April 29, 2009... Byline: Adeline Paul Raj ANALYSTS said they were disappointed that Malaysia's latest moves to open up the financial market did not include raising the 30 per cent foreign ownership limit on commercial banks. "We would have preferred...

Bankers upbeat on more job opportunities.
April 29, 2009... Byline: Zuraimi Abdullah THE latest move to allow up to seven new foreign banks to operate in Malaysia by 2012 opens up job opportunities in the local financial sector, the Institute of Bankers Malaysia (IBBM) said. Even before the...

Paramount Venue plans to build apartments in Sentul.
April 28, 2009... Byline: Sharen Kaur DEVELOPER Paramount Venue Sdn Bhd aims to launch six blocks of low-cost and low-medium cost apartments worth RM62 million collectively in Sentul, Kuala Lumpur over the next 8-15 months. The company will launch...

Local firms budget less for pay increases.
April 28, 2009... MALAYSIAN companies are budgeting less for pay hikes and about one fifth are considering laying off some of their workers this year, according to a survey done by Watson Wyatt, a consultant. Its quarterly HR Trends survey shows that the...

Foreigners generate RM300m medical tourism revenue.
April 28, 2009... Byline: Kamarul Yunus MORE than 370,000 foreigners sought medical treatment in the country last year, generating some RM300 million revenue for the medical tourism industry, Health Minister Datuk Seri Liow Tiong Lai said. "Over the...

Pantech revenue surges 84pc in Q4.
April 28, 2009... PANTECH Group Holdings Bhd, which makes pipes and fittings for the oil and gas industry, said its fourth quarter net profit rose 7 per cent due to better sales. The group posted a net profit of RM8.78 million in the quarter to February...

Bank Rakyat plans to disburse RM45m under Mikro-i.
April 28, 2009... Byline: Azlan Abu Bakar BANK Kerjasama Rakyat Malaysia Bhd expects to disburse RM45 million worth of loans under its micro-financing scheme, Mikro-i, by year-end. Backed by strong demand for such loans among small entrepreneurs, the...

Usains expects 15pc rise in revenue.
April 28, 2009... Byline: Marina Emmanuel UNIVERSITI Sains Malaysia's commercial arm, Usains Holding Sdn Bhd, is projecting revenue growth of up to 15 per cent this year. The Penang-based university last year reported revenue of RM20.4 million against...

Waive RM300 fee for skills scheme: Bosses.
April 28, 2009... Byline: Zuraimi Abdullah THE government should waive the RM300 fee per worker that employers or employees themselves must pay to enrol under the National Occupational Skills Standards (NOSS), Malaysian Employers Federation suggested. ...

Halal cert gaining world acceptance.
April 28, 2009... Byline: Zaidi Isham Ismail HALAL Industry Development Corp Sdn Bhd (HDC) has so far issued 12,000 halal certificates to various items produced by 3,500 local and foreign companies. Out of the companies, 85 per cent are non-Muslim...

Survey shows execs' pockets likely to get lighter this year.
April 28, 2009... Byline: Zuraimi Abdullah THE projected increases in salary for 2009 worldwide have fallen to 2.8 per cent from 4 per cent forecast four months ago, according to a global survey by the Hay Group. Hay Group Sdn Bhd director Kala...

Fairlane's brand of hospitality for Malaysia, then the world.
April 28, 2009... Byline: Vasantha Ganesan FAIRLANE Hospitality Sdn Bhd, a Low Yat group company, aspires to be an international serviced apartments management company. Being a fairly new player in the market, it will start managing a total of 300...

Banking on better cost control, efficiency.
April 28, 2009... Byline: Vasantha Ganesan AFTER a bumper 2008, the hotel industry is expecting business to slow down this year. As a fairly new five-star brand in Kuala Lumpur, Grand Millennium may face far more challenges than its more established...

Buying Ramunia will be good for Sime: AmResearch.
April 28, 2009... THE purchase of oil and gas fabricator Ramunia Holdings Bhd would be good for Sime Darby Bhd, AmResearch says, and it thinks the deal is better than its previous plans to plant padi or supply ground water. A business weekly reported that...

BSN's net profit falls 41pc.
April 28, 2009... Byline: Chong Pooi Koon BANK Simpanan Nasional's (BSN) net profit fell 41 per cent to RM168 million last year, but said its profit can be sustained around this level in the next five to 10 years. The government-owned savings bank has...

Citi: Malaysia may have seen worst of recession.
April 28, 2009... Byline: Rupa Damodaran THE worst of the recession may have passed for Malaysia as the manufacturing sector appears to have turned the corner in February, says US investment bank Citi. Economists Kit Wei Zheng and Leon Hiew think the...

Simple way of attracting users.
April 28, 2009... Byline: Hamisah Hamid FOR most businesses, the economic downturn is the biggest challenge, but for some, it is the opportunity knocking on their doors. At a time when most people are tightening their purse strings, a skin-care range...

Ken looks to RM80m HQ for recurring income.
April 28, 2009... Byline: Jeeva Arulampalam PROPERTY developer Ken Holdings Bhd will build its RM80 million headquarters in Taman Tun Dr Ismail to help provide recurring income for the group. The 12-storey office block, to be ready in three years, is...

Hints of no rate cut tomorrow.
April 28, 2009... Byline: Adeline Paul Raj MALAYSIA'S interest rate cuts will only have an impact on the economy nine months after they are made, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said. Zeti expects the economy to improve in...

AirAsia eyes Viet, Philippine affiliates.
April 28, 2009... Byline: Jeeva Arulampalam LOW-COST carrier AirAsia Bhd wants to have new associate units in the Philippines and Vietnam to strengthen its footprint in the Asean region. AirAsia currently has a 49 per cent stake each in affiliate...

'Air travel to stay strong'.
April 28, 2009... Byline: Presenna Nambiar AIRASIA Bhd does not expect the swine flu outbreak to slow down air travel. "If anything, we may see a shift towards more short-haul travel around this region. I am gloomy about the economy, but I'm not too...

Sime Darby says it's in talks with Ramunia.
April 28, 2009... SIME Darby Bhd said it is in talks with Ramunia Holdings Bhd for a potential corporate deal. A business weekly reported that Sime may take over Ramunia in a share swap deal. This would be its second try after abandoning its first proposal as...

Follow-through rebound likely.
April 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated its recent gains in tandem with the technical pullbacks on the regional stock markets yesterday. Its overall declining counters overwhelmed its advancing counters by 508 to...

Packet One 'almost on track' to hit subscriber target.
April 28, 2009... Byline: Goh Thean Eu PACKET One Networks (Malaysia) Sdn Bhd (P1), one of the four wireless broadband provider using Wimax technology, said it is "almost on track" to hit its 250,000 subscriber target by the year-end. The company,...

Exora bookings exceed 6,800 units.
April 27, 2009... MALAYSIA'S first home-grown multipurpose vehicle (MPV), the Exora, has received more than 6,800 orders since bookings were opened in February. Proton Holdings Bhd managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir said the...

Malaysian exporters told to link up with Dutch.
April 27, 2009... Byline: Rupa Damodaran THE ever-expanding European Union (EU) market, with its almost half-billion population, can offer Malaysian exporters more than they bargain for when linkages between the two are improved, says a Dutch trade...

EPIC's 5-year plan focuses on core business.
April 27, 2009... Byline: Kamarul Yunus EASTERN Pacific Industrial Corp Bhd (EPIC) has come out with a five-year expansion blueprint that focuses more on its core business. The expansion plan will cover, among others, its landbank, Kemaman Port,...

YTL submits proposal for Bangladesh project again.
April 27, 2009... Byline: Kamarul Yunus YTL POWER International Bhd has resubmitted a proposal for the 450MW Bibiyana power plant project in Bangladesh, that is being re-tendered for the second time within a year. The utility submitted a bid for...

Economists see lower key interest rate.
April 27, 2009... Byline: Rupa Damodaran BANK Negara Malaysia is likely to cut borrowing costs again this week, as downside risks to the economy and activities continue to weigh down on Malaysia, said economists. Even with the significant fiscal...

KLCI to face profit-taking pressure.
April 27, 2009... Byline: Kaladher Govindan BURSA Malaysia shares extended a breakout rally into the sixth straight week, with the main upside catalyst coming from removal of the 30 per cent Bumiputera equity requirement for 27 services sub-sectors with...

Takaful Ikhlas to focus on consolidation.
April 27, 2009... Byline: Roziana Hamsawi TAKAFUL Ikhlas Sdn Bhd will focus more on consolidation of its operations this year amid the economic slowdown. Its president and chief executive Syed Moheeb Syed Kamarulzaman said the current financial year...

E-Maxim has the right fit for high-end women's wear.
April 27, 2009... Byline: Hamisah Hamid THE uncertainty in the economy is deepening and consumer sentiment is still wobbly, but the growing middle-income urbanites are the target of a new women's clothing boutique franchise. Home-grown Le Ann Maxima...

Plans to take Le Ann Maxima overseas.
April 27, 2009... HE SEARCHED high and low in the worldwide web for experienced consultants based in the US and Europe who can help his company build a franchise system for a chain of women's fashion wear. "I bought a lot of books on franchise. I read...

Celcom wants to be No. 1 in youth segment.
April 27, 2009... Byline: Goh Thean Eu CELCOM (Malaysia) Bhd, the country's second largest mobile operator, aims to secure the largest market share in the youth segment. The company, which was the weakest player in the youth segment in 2005, began to...

Glomac mulls expanding Sg Buloh town ship project.
April 27, 2009... Byline: Sharen Kaur PROPERTY developer Glomac Bhd may expand its ongoing 440ha Bandar Saujana Utama township project in Sg Buloh, Selangor, as demand soars. The RM1.3 billion township, which is 80 per cent developed, is focused on...

Chevron keen to expand Caltex network in Malaysia.
April 27, 2009... Byline: Kamarul Yunus MALAYSIA'S petrol retail market remains viable despite the fluctuating global crude oil price, said Chevron Malaysia Ltd, a unit of US-based Chevron Corp. Country chairman Jeremy Oh said one reason for this...

KLCI futures set to vault over 1,000 mark.
April 27, 2009... Byline: Bernard THE April Kuala Lumpur Composite Index futures contract on Bursa Malaysia Derivatives closed higher at 997 with an increase in open interest to 20,543 contracts on Friday. The projected correction did not take place as...

Making up for lost ground.
April 27, 2009... Byline: Kang Siew Li MALAYSIA'S legal framework for corporate governance has slipped behind developed countries and even some emerging markets in the last four years, said the top executive of the Securities Commission's (SC) education...

RM700m deals expected at machinery expo.
April 27, 2009... Byline: Zaidi Isham Ismail THE 4th Metaltech Malaysia 2009 and MTA-Malaysia 2009 - the largest international machine tool exhibition in Malaysia and the region - expects to equal last year's achievement of RM700 million worth of business...

Al Rayan, Gulf Bridge in US$445m project.
April 27, 2009... MASRAF Al Rayan has partnered Gulf Bridge International (GBI) to launch a US$445 million (RM1.60 billion) maritime communications project. The two parties, together with Al Rayan Investment LLC, a subsidiary of Masraf Al Rayan, have...

ICB Bank on lookout for venture in Zambia.
April 27, 2009... Byline: Rupa Damodaran SWISS-BASED ICB Bank, controlled by former finance minister Tun Daim Zainuddin, is looking to expand its business to Zambia. It recently received the go-ahead from the Bank of Zambia to establish a bank in the...

Logistics firm wins big.
April 27, 2009... GERMAN logistics company DHL has clinched five awards at this year's Asian Freight & Supply Chain Awards (AFSCA) held in Hong Kong last week. The awards were for Best Express Operator, Best Road Haulier Asia, Best Contract Logistics...

Ramunia to stage follow-through rebound.
April 27, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia rallied for the sixth consecutive week. The Kuala Lumpur Composite Index (KLCI) continued to stay above its psychological support of 950 when it closed at 992.68 on Friday. The...

Where's the transparency in WiMAX rollout?
April 27, 2009... Byline: Goh Thean Eu MALAYSIA has become Southeast Asia's first country to commercially launch wireless high speed Internet services using WiMAX technology. WiMAX is the bigger brother to the WiFi technology, said to be able to cover...

MASkargo lifts Best Air Cargo Carrier in Asia award.
April 27, 2009... MALAYSIA Airlines Cargo Sdn Bhd (MASkargo) has been named Best Air Cargo Carrier in Asia by readers of Cargonews Asia. MASkargo general manager of revenue management Jamaluddin Ismail received the award at the 23rd annual Asian Freight...

Government bond yields end mostly lower.
April 27, 2009... THE Malaysian government bond market was quiet at the start of the week as players awaited the release of the March Consumer Price Index figure. It came in at 3.50 per cent year-on-year, slightly lower than the consensus estimate of 3.60...