Business Times (Malaysia) articles from August 2008

Business Times (Malaysia) archives from August 2008

Online insurance scheme for those who fly MAS.
August 30, 2008... Byline: Rupinder Singh MALAYAN Banking Bhd's insurance arm, Etiqa Insurance Bhd, said its latest travel insurance designed for Malaysia Airlines (MAS) customers is expected to rake in some RM20 million in gross premium for the financial...

Deficit expected to hit 4.8pc.
August 30, 2008... Byline: Rupa Damodaran MALAYSIA'S budget deficit is expected to rise to 4.8 per cent this year, its highest in six years, prompting concern that its credit ratings could be downgraded, economists said. The steep increase, from an...

IOI pays RM587m for owner of Menara Citibank.
August 30, 2008... PLANTATION group IOI Corp Bhd has agreed to buy Inverfin Sdn Bhd (ISB), the owner of 50-storey Menara Citibank in Kuala Lumpur, for RM586.7 million cash. Inverfin, which is owned by US lender Citigroup, Singapore's CapitaLand Ltd and...

Malaysian glove makers win case against Tillotson.
August 30, 2008... Byline: Ooi Tee Ching MALAYSIAN nitrile glove makers have won their case against US-based nitrile glove maker Tillotson Corp, which claimed infringement of its patent for thin disposable nitrile gloves. "Tillotson's claim has been...

'Good initiatives for people but more can be done for REITs'.
August 30, 2008... Ngian Siew Siong Managing director Sunway City Bhd (property development division) BUDGET 2009 is announced amid very challenging times in view of the rising food and energy costs. The government has introduced various measures to help...

Malaysia to chair rail project meeting.
August 30, 2008... Byline: Kamarul Yunus SINGAPORE: Malaysia will chair a special working group that oversees the implementation of the multi-billion rail project connecting Singapore to Kunming in China. The group's meeting will be held on November 22...

Move to boost talent pool.
August 30, 2008... Byline: Hamisah Hamid THE RM47.7 billion allocation for training, which represents 23 per cent of Budget 2009 allocation, is expected to create a skilled workforce that will help attract foreign direct investment (FDI). Malaysian...

Kulim bullish despite lower CPO prices.
August 30, 2008... PLANTATION and fast food group Kulim (Malaysia) Bhd more than doubled its second quarter net profit and is bullish on prospects for the rest of the year despite lower crude palm oil (CPO) prices. Its managing director Ahamad Mohamad said...

'Keep close tabs on project implementation'.
August 30, 2008... Byline: Jeeva Arulampalam THE local business community said Budget 2009 should have focused on reviving consumer sentiment to revitalise the country's economy. Although there are incentives to ease the public's burden, especially the...

FMM: Enough incentives to spur growth sectors.
August 30, 2008... Byline: Presenna Nambiar THE Federation of Malaysian Manufacturers (FMM) says that the government has given adequate incentives to ensure growth in the sectors of economy that the government wants to promote. "While it is true that...

Rebound takes KLCI above key support level.
August 30, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded strongly in late trading yesterday, with the benchmark Kuala Lumpur Composite Index (KLCI) erasing its losses posted in the previous four days. The index perched precariously...

AMMB, ANZ plan business venture.
August 30, 2008... AMMB Holdings Bhd and the Australia and New Zealand Banking Group Ltd (ANZ) plan to establish an AmBank Group foreign exchange, interest rate and commodities derivatives business. Both parties have entered a technical services agreement where...

Berjaya gets two seats on TMC board.
August 30, 2008... BERJAYA Corp Bhd, which holds 26.5 per cent of TMC Life Sciences Bhd, has won two seats on the board of the fertility treatment company. Freddie Pang Hock Cheng and Robin Tan Yeong Ching have been appointed as directors of the company, TMC...

AmInvestment sets up AmIslamic Funds.
August 30, 2008... AMMB Holdings Bhd says wholly-owned AmInvestment Group Bhd established a 100 per cent-owned unit called AmIslamic Funds Management Sdn Bhd. Approval from Bank Negara Malaysia for the setting up had been obtained earlier, AMMB told Bursa...

Pos Malaysia expects all strategic units to post growth.
August 30, 2008... Byline: Sharen Kaur POS Malaysia Bhd said revenue and profit for 2008 will improve as it offers new products and services under its strategic business units (SBUs) and expand the international network for express mail. For fiscal...

New takeover offer for Harrisons at higher price.
August 30, 2008... THE major shareholders of Harrisons Holdings (Malaysia) Bhd have raised their stake in the consumer goods trader for the second time in less than two months, triggering a new takeover offer at a higher price. However, the new offer price...

RHB first-half net surges.
August 30, 2008... RHB Capital Group's net profit surged 60 per cent to RM493.5 million for the half year ended June 2008, mainly from higher net interest income, lower loan loss allowances and the repurchase of minority interests in RHB Bank Bhd. Revenue...

MASwings takes delivery of first ATR aircraft.
August 30, 2008... Byline: Adeline Paul Raj TOULOUSE: MASwings, a Malaysia Airlines (MAS) subsidiary that operates full-serviced flights in Sabah and Sarawak, expects to carry 1.2 million passengers by the end of next year once it has taken delivery of all...

Ho Hup suspends managing director.
August 30, 2008... HO Hup Construction Co Bhd has suspended its managing director Datuk Low Tuck Choy until furher notice. The decision was made at its board meeting on Thursday, Ho Hup said in a Bursa Malaysia statement yesterday. The company is now managed by...

MBM in deal with S. Korean company.
August 30, 2008... MBM Resources Bhd's wholly-owned Summit Vehicle Body Works has signed an initial pact with One Auto Korea to market a truck refrigeration system. The system will be sold to automotive Original Equipment Manufacturers, car manufacturers,...

Capital market perks.
August 30, 2008... Byline: Chong Pooi Koon SHARE prices of real estate investment trusts (REITs) are likely to rise when market starts on Tuesday as investors may rush in after the government cut tax on dividends received by them. Foreign funds...

Tanjung Offshore bidding for RM1b jobs.
August 30, 2008... Byline: Goh Thean Eu MARINE services company Tanjung Offshore Bhd is bidding for more than 50 jobs worth some RM1 billion and it is confident of winning a third of that. These contracts, valued from as low as RM100,000 to a high of...

Q2 growth beats expectations.
August 30, 2008... Byline: Rupa Damodaran MALAYSIA'S economy grew at a 6.3 per cent pace in the second quarter of 2008, slower than the 7.1 per cent recorded in the first quarter. The growth rate, however, beat market expectations and a Business Times...

Tax break on hybrid cars to encourage local assembly.
August 30, 2008... Byline: Zuraimi Abdullah THE local automotive sector gets most of the things it wanted from Budget 2009. One of them is the waiver of import and excise duties for fuel-efficient hybrid cars. Another goodie is the reduction of the...

Shipping players say ...
August 30, 2008... Byline: Presenna Nambiar THE Malaysia Shipowners Association (Masa) applauds the RM2 billion boost in funding for the shipping industry, but urges proper guidelines be put in place. "Preference should be given to only Malaysian...

Some cheer for firms.
August 30, 2008... Byline: Rupinder Singh BUDGET 2009 may trigger a mixed response from companies with its focus on alleviating poverty and helping the lower-income groups. However, some measures could bring cheer, tax experts said. "A significant...

KL, Singapore lead Asean team in talks with India.
August 29, 2008... Byline: Kamarul Yunus SINGAPORE: After concluding their free trade agreement (FTA) negotiations for trade in goods, Asean and India yesterday launched their next round of negotiations on services and investments, a futher step towards...

Genting Q2 net profit falls 46pc.
August 29, 2008... GAMING and power group Genting Bhd said second quarter net profit fell 46 per cent due to lower exceptional gains. However, excluding the gains, almost all of its businesses showed improvements in the quarter to June 30 2008, it said in a...

Glomac sees KL projects boosting 2009 earnings.
August 29, 2008... Byline: Sharen Kaur GLOMAC Bhd expects to improve its net profit in fiscal 2009, thanks to sales of its Glomac Tower and Suria Stonor projects in Kuala Lumpur. The property developer made net profit of RM35.1 million in the year...

Gurney Plaza's new wing almost fully occupied.
August 29, 2008... Byline: Marina Emmanuel GURNEY Plaza shopping mall in Penang has leased out almost 100 per cent of its retail space at the new wing, ahead of its opening in November. Among the new retailers will be international brands like Cortina...

Watchdog group: Reject plan to cut Unico-Desa capital.
August 29, 2008... Byline: Rupinder Singh THE Minorities Shareholder Watchdog Group (MSWG) has called on minority shareholders of unlisted Unico Holdings Bhd to reject the proposed capital reduction and distribution of Unico-Desa Plantations Bhd shares....

CTRM aims to get listed in 2010.
August 29, 2008... Byline: Hamisah Hamid COMPOSITE Technology Research Malaysia Sdn Bhd (CTRM), a composites aero and non-aero components maker, plans to float its shares on Bursa Malaysia in 2010. The company, which is on track to meet its targeted...

Media Prima Q2 net profit rises 23pc.
August 29, 2008... MEDIA Prima Bhd, Malaysia's biggest media group, saw a 23 per cent rise in second-quarter net profit, bolstered by improved operational results in its associate company The New Straits Times Press (Malaysia) Bhd (NSTP) and exceptional profits...

Penang Port: Fast track project to deepen channel.
August 29, 2008... Byline: Marina Emmanuel PENANG Port Sdn Bhd wants the government to fast track a project to deepen its north channel as it risks losing out to rivals like Singapore. The government deferred the RM322 million project in its Ninth...

Directors approve plan to list unit on Ghana bourse.
August 29, 2008... MEDIA Prima Bhd subsidiary, TV3 Network Ltd Ghana (TV3 Ghana), has received approval from the board of directors for its listing plans on the Ghana Stock Exchange and the submission of the necessary listing documentation to the Ghana...

Sunrise pays RM179m for land near Petronas Twin Towers.
August 29, 2008... Byline: Ooi Tee Ching SUNRISE Bhd may carry out a mixed development project on a piece of prime land opposite the Petronas Twin Towers where Wisma Angkasa Raya now sits. This could include hotels, offices and serviced apartments,...

Liam proposes additional relief.
August 29, 2008... THE Life Insurance Association of Malaysia (Liam) wants additional tax relief to help prompt Malaysians to buy insurance policies. Current tax reliefs are limited to RM6,000 for life insurance or takaful premiums and contribution to the...

Middle-class deserve tax break, says association.
August 29, 2008... Byline: Jeeva Arulampalam THE government may continue to relax rules and procedures in the upcoming budget, which include having open tenders for government contracts and enhancing public sector delivery, local commerce chambers said....

Iris wins RM50m contract in Egypt.
August 29, 2008... IRIS Corp Bhd says it won a RM50.4 million contract in Egypt to provide technical solutions for the country's national identification cards production centre. The contract was signed with The Fund for the Development of the Civil Status...

Furniture exports hitby slowing US economy.
August 29, 2008... Byline: Rupinder Singh MALAYSIA'S furniture export sales fell as much as four per cent to RM4.12 billion in the first six months of this year as the US economy slowed down, coupled with a stronger ringgit, a deputy minister said. ...

TM completes sale of Guinea unit.
August 29, 2008... TELEKOM Malaysia Bhd (TM) has completed the sale of its 60 per cent stake in Societe des Telecommunications de Guinee (Sotelgui) to the government of Guinea. TM first bought the stake in 1995 with the government holding the rest. Sotelgui...

BLand seals deal with Libyan parties.
August 29, 2008... BERJAYA Land Bhd has sealed an initial pact with two Libyan parties to jointly develop 345ha in Tripoli into an integrated golf resort cum residential and commercial development. The pact was signed with the Economic and Social Development...

Berjaya Sports Toto stages rebound.
August 29, 2008... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded yesterday, on the eve of the unveiling of Budget 2009. Its overall advancing counters out-paced declining counters by 290 to 224. The Kuala Lumpur Composite Index (KLCI)...

Limited mobile number portability starts today.
August 29, 2008... CELULAR phone companies can charge up to RM25 each time a subscriber decides to change their operators under the mobile number portability (MNP) service. MNP, which will start in the Klang Valley on a limited basis today, lets users...

Hong Leong Bank to reorganise units.
August 29, 2008... HONG Leong Bank Bhd says it will reorganise certain direct and indirect wholly-owned subsidiaries to make it more efficient. Among subsidiaries involved are HLF Credit (Perak) Bhd, Gensource Sdn Bhd, Hong Leong Leasing Sdn Bhd, HLB Realty Sdn...

Public Bank wins big again.
August 29, 2008... FOR the second year in a row, Public Bank Bhd has beaten all other Malaysian companies in four categories under the FinanceAsia - Best Managed Companies Awards. Public Bank was tops in Best Managed Company, Best Investor Relations, Best...

Oilcorp seeks more time to submit report.
August 29, 2008... OILCORP Bhd has asked for more time from Bursa Malaysia to submit its quarterly report for the period ended June 30 2008. The company said the extension was needed as it is unsure if any adjustments to its yearly 2007 accounts could affect...

'Amount owed to MAHB settled'.
August 29, 2008... BUDGET carrier AirAsia Bhd says it has settled the amount owed Malaysia Airports Holdings Bhd (MAHB) for its operation at the Low-Cost Carrier Terminal (LCCT) in Sepang. "We have reached an amicable resolution with MAHB. We have paid the...

AirAsia Q2 net profit plummets.
August 29, 2008... Byline: Jeeva Arulampalam LOW-COST carrier AirAsia Bhd said second quarter net profit plunged 95 per cent to RM9.4 million due to foreign exchange losses and high fuel costs. It had a forex loss of RM76.9 million because a weaker...

UEM makes RM288m buyout offer.
August 29, 2008... UEM Group Bhd has made a total buyout offer of RM288 million for the rest of shares it does not own in Opus Group Bhd and Pharmaniaga Bhd. The offer is the second part of its restructuring plan under which it seeks to list property unit...

MAHB Q2 earnings rise 19pc.
August 29, 2008... Byline: Presenna Nambiar MALAYSIA Airports Holdings Bhd registered a 19 per cent increase in second quarter net profit as it made more money from running its airports as well as from non-airport operations. The group also operates...

Celcom to focus more on enterprise solutions segment.
August 29, 2008... Byline: Azlan Abu Bakar CELCOM (Malaysia) Bhd will focus more on growing business clients as competition is set to heat up with the launch of a new service that lets subscribers choose operators without changing their numbers. Its...

Prepaid packs for students.
August 29, 2008... CELCOM (Malaysia) Bhd, the country's second-largest mobile operator, yesterday launched two new prepaid starter packs that cater to the student market. The main feature of the new plans is that they let users keep their numbers until...

Proton confident of sustaining sales momentum.
August 29, 2008... Byline: Zaidi Isham Ismail PROTON Holdings Bhd said it will be able to sustain sales momentum and financial performance for this year and in the future, supported by good demand for new, uplifted and existing car models. Its chairman...

Smart Wash to go regional.
August 29, 2008... Byline: Azlan Abu Bakar HOME-GROWN launderette franchisor Smart Wash Sdn Bhd plans to expand into regional markets next year, with Indonesia and Singapore as initial targets. Its manager Syed Saiful Adzim said the company is now in...

Room Service for Cyberjaya by year-end.
August 29, 2008... Byline: Kamarul Yunus FOOD delivery company Room Service Deliveries plans (RSD) to win more corporate customers this year as it expands out of the Klang Valley. About 70 per cent of its clients order from home, while the rest are...

January start for Q-Cell Selangor plant.
August 29, 2008... Byline: Neville Spykerman Q-CELL of Germany's solar cell manufacturing plant in Selangor will start operations in January, Selangor Menteri Besar Tan Sri Khalid Ibrahim said yesterday. The company will operate on a 25ha site at the...

UEM World first-half net earnings fall 74pc.
August 29, 2008... INFRASTRUCTURE group UEM World Bhd saw a 74 per cent drop in its first-half net profit, hit by reduced contribution from its construction division. Net profit for the six months ended June 30 2008 fell to RM158.4 million, compared with...

Jerasia eyes bigger exports to European marts.
August 28, 2008... Byline: Azlan Abu Bakar MANUFACTURER and retailer of fashion apparel and accessories Jerasia Capital Bhd hopes to further grow its market in Europe to equalise export contribution from the company's biggest market, the US. Executive...

Talent shortage hampers builders' aim to go global.
August 28, 2008... Byline: Zaidi Isham Ismail MALAYSIAN construction companies aspire to become global players, but some cannot pursue the aim because they are hampered by an acute shortage of trained white-collar workers. Chartered Institute of...

NSTP posts 75pc surge in H1 profit after tax.
August 28, 2008... THE New Straits Times Press (Malaysia) Bhd (NSTP) has reported a 39.71 per cent increase in net profit for the second quarter ended June 30 2008 to RM10.97 million as revenue increased to RM145.87 million. First-half profit after tax...

QL Resources plans buyout, expansion.
August 28, 2008... Byline: Chong Pooi Koon QL RESOURCES Bhd, a diversified agriculture group, may spend RM170 million a year on capital expenditure in the current fiscal year and next to buy out rivals and expand in the region. Managing director Chia...

Maybank's 8-year plan.
August 28, 2008... Byline: Zuraimi Abdullah MALAYAN Banking Bhd wants to become a "truly regional" financial services group and be among the top five in terms of assets and market performance in South and Southeast Asia by 2015. The country's largest...

Etiqa sees RM13m premium in 1st year.
August 28, 2008... Byline: Hamisah Hamid MALAYAN Banking Bhd, via its insurance arm Etiqa, expects its latest policies for women to fetch a premium of RM13 million in its first year. It aims to sign up some 52,000 customers for the Pesona Lady and...

E&O unit signs deal for RM472m loan facility.
August 28, 2008... EASTERN & Oriental Bhd's (E&O) subsidiary, Matrix Promenade Sdn Bhd, has entered into a facility agreement for a syndicated term loan facility of up to RM472 million. Affin Investment Bank Bhd is the lead arranger, facility agent and...

LTKM expects profit despite higher costs.
August 28, 2008... Byline: Roziana Hamsawi EGG producer LTKM Bhd is confident of registering reasonable profit for the year ending March 31 2009, despite anticipating more difficult times ahead for the layer industry. Its managing director Tan Kok said...

S. Korea keen on tourism ventures with Malaysia.
August 28, 2008... Byline: Rupa Damodaran SOUTH Korea, which is developing its tourism and leisure industry as a future growth engine, is keen to draw from the experience and strength of Malaysian companies. "The Chinese tourism industry provides huge...

EON mulls all options.
August 28, 2008... Byline: Goh Thean Eu CAR distributor Edaran Otomobil Nasional Bhd (EON) is looking at all options to meet the public shareholding spread requirement by June 29 next year, so that its shares can be traded again. "We are now looking at...

Bernas to set up Thai joint venture.
August 28, 2008... PADIBERAS Nasional Bhd (Bernas) is looking to set up a joint-venture firm in Thailand that processes and sells rice. It entered into a shareholders agreement with Bernas Production Sdn Bhd and Thailand citizen Pornchai Tantivirasut. Bernas,...

Proton back in the black in Q1.
August 28, 2008... NATIONAL carmaker Proton Holdings Bhd is back in the black in the first quarter of its current financial year, helped by strong sales of its main models, Persona and Saga. It posted a net profit of RM52.03 million in the quarter to June...

Encorp records RM15m Q2 profit.
August 28, 2008... ENCORP Bhd yesterday reported a net profit of RM15.1 million for the second quarter to June 30, smaller than the RM75.38 million achieved in the previous corresponding period. On the quarterly basis, however, the second quarter profit of...

Sunway stages mild technical rebound.
August 28, 2008... Byline: S.N. Lock FOLLOWING the outcome of the Permatang Pauh by-election, share prices on Bursa Malaysia moved sideways yesterday. Its overall declining counters outpaced its advancing counters by 357 to 180. The Kuala Lumpur...

Siemens receives IECex certification.
August 28, 2008... SIEMENS Industrial Workshop, a part of Siemens Industrial Solutions, has received IECex certification of European Standard, which gives it competitive advantage with customers in the areas of oil and gas, petrochemicals and the marine...

Telcos seek more broadband incentives.
August 28, 2008... TELECOMMUNICATIONS companies are hoping that Budget 2009 would contain incentives to address Malaysia's low broadband usage and spur reinvestments. TM International Bhd group chief executive officer Datuk Jamaludin Ibrahim is suggesting...

'Cut import duty on hybrid cars'.
August 28, 2008... Byline: Zuraimi Abdullah LOCAL car distributors and importers want the government to halve the import duty on hybrid cars and give other incentives to help spur the use of fuel-efficient vehicles here. Hybrid cars are now slapped...

Maybank profit lower.
August 28, 2008... Byline: Zuraimi Abdullah MALAYAN Banking Bhd (Maybank) yesterday reported a lower net profit of RM2.93 billion for the year ended June 30 2008 on account of increased provision for bad loans for a non-refundable deposit made in its bid...

(Malayan Banking Bhd's (Maybank) ... ).
August 28, 2008... MALAYAN Banking Bhd's (Maybank) potential loss of RM483.3 million in non-refundable deposit for the purchase of a controlling 56 per cent stake in Bank International Indonesia (BII) could be offset by a big gain from its Singapore dollar fund...

Milestone for United Plantations.
August 28, 2008... Byline: Rupa Damodaran UNITED Plantations Bhd has been awarded as the world's first certified producer of sustainable palm oil by The Roundtable on Sustainable Palm Oil (RSPO). The RSPO is a business-to business-initiative and not...

RCE Cap expects lower loan growth.
August 28, 2008... Byline: Jeeva Arulampalam RCE Capital Bhd, a provider of consumer credit to public servants, expects a lower loan growth in the current financial year due to tougher market conditions. "Last year was a bumper year, in terms of loan...

Asean Green lane plan may create up to US$30b.
August 28, 2008... Byline: Kamarul Yunus SINGAPORE: The proposed special green lanes for land transportation could generate potential business transactions of up to US$30 billion (RM101 billion) per year, if fully implemented throughout Asean (Association...

UMW teams up with Chinese partner.
August 28, 2008... UMW Corp Sdn Bhd, a wholly-owned subsidiary of UMW Holdings Bhd, has teamed up with a Chinese partner to manufacture and process lubricants in China. It signed a letter of intent yesterday with Hong Kong-based Dah Chong Hong (Motor Service...

Economic growth expected to moderate in Q2.
August 27, 2008... Byline: Rupa Damodaran THE Malaysian economy is expected to moderate in the second quarter of this year from a robust 7.1 per cent in the first quarter, due largely to the slowing domestic consumption. Economists expect the impact of...

Proton optimistic of sustaining sales.
August 27, 2008... Byline: Sharen Kaur NATIONAL carmaker Proton Holdings Bhd is confident it can sustain car sales this year despite tough market conditions. This will be achieved with aggressive marketing and promotion, managing director Datuk Syed...

Property developers to get goodies.
August 27, 2008... Byline: Sharen Kaur PROPERTY developers can expect to get some goodies from Budget 2009 to help them cushion the impact of rising fuel prices and raw material costs. Housing and Local Government Minister Datuk Seri Ong Ka Chuan said...