Business Times (Malaysia) articles from February 2009

Business Times (Malaysia) archives from February 2009

Maybank plans to raise RM6b from rights issue.
February 28, 2009... Byline: Roziana Hamsawi MALAYAN Banking Bhd (Maybank) has proposed to raise RM6 billion through a rights issue offering to meet its target of becoming one of Asia's best capitalised banks. President and chief executive officer Datuk...

CIMB expects RM6.5b growth in retail deposits.
February 28, 2009... Byline: Azlan Abu Bakar CIMB Group, Malaysia's second largest banking group, expects retail deposits and structured products to grow by another 18 per cent in 2009. Last year, the business grew by about 19 per cent to RM36.5...

Faisal's drive: From VW to Maserati.
February 28, 2009... Byline: Mustapha Kamil; Zuraimi Abdullah IT IS always tough to sell a used and scrap-status Volkswagen Beetle. Its even tougher for a 13 year-old to do it, more so when the sale is to be his baptism of fire. SM Faisal SM Nasimuddin...

Encyclopaedia on Islamic finance comes at right time.
February 28, 2009... AN ISLAMIC finance encyclopaedia was launched in Kuala Lumpur yesterday to serve as a reliable reference guide amid growing interest in the US$1 trillion (RM3.7 trillion) global industry. Securities Commission (SC) chairman Datuk Seri...

Celcom user base up 22pc last year.
February 28, 2009... Byline: Goh Thean Eu MOBILE operator Celcom (Malaysia) Bhd says its customer base grew by 22 per cent in 2008, the fastest in three years, despite a saturated market. Almost everyone in Malaysia, or about 93 per cent, has a...

Mumbai deal puts Scomi on right track.
February 28, 2009... Byline: Marina Emmanuel INDIA'S financial and entertainment capital - Mumbai - is home to a population of over 12 million. More than half of the city's residents live in ramshackle huts packed near train stations or in the shadows of...

Zelan slips on earnings shock.
February 28, 2009... SHARES of Zelan Bhd fell yesterday after the builder, which was highly exposed to the Middle East market, reported an unexpected third-quarter loss. The shares fell by 2.5 per cent to 77.5 sen. Some 12.9 million shares changed hands - a...

Proton posts RM74.6m net loss for third quarter.
February 28, 2009... PROTON Holdings Bhd posted a net loss of RM74.6 million in its third quarter ended December 31 2008, compared to a net profit of RM10.3 million in the corresponding period of the previous year, as car sales slumped amid the global financial...

Oh heads Chevron KL.
February 28, 2009... CHEVRON Malaysia Ltd has appointed Jeremy Oh as its new country chairman for Malaysia and Cambodia. He also serves as general manager for Retail and Commercial & Industrial division for Malaysia, Singapore and Cambodia, having been in this...

Media Prima reports RM117.7m net profit.
February 28, 2009... MEDIA Prima Bhd (MPB), the country's biggest media group, announced it recorded an unaudited net profit after tax and minority interest, excluding results of assets held for transfer, of RM117.7 million, for the year ending 2008, maintaining...

New Tesco store.
February 28, 2009... HYPERMARKET operator Tesco Stores (M) Sdn Bhd has opened its newest store in Kuala Selangor, its 29th in Malaysia and the 10th in Selangor. "It's been a tough environment with the price of energy, fuel and animal feed hitting the cost of...

It's 4.6pc growth for Malaysia in 2008.
February 28, 2009... Byline: Farrah Naz Karim MALAYSIA has registered a growth of 4.6 per cent for 2008, Deputy Prime Minister and Finance Minister Datuk Seri Najib Razak announced yesterday. The earlier gross domestic product (GDP) target for 2008 was 5...

RM177m Q4 loss for AirAsia.
February 28, 2009... Byline: Jeeva Arulampalam BUDGET carrier AirAsia Bhd made its second consecutive quarterly loss of RM176.9 million for its fourth quarter, as it took a hit from an exceptional item loss of RM426 million. Group chief executive officer...

Big is beautiful? Think again.
February 28, 2009... THE Employees Provident Fund (EPF) is one of Malaysia's success stories. The pension fund was the world's seventh biggest state pension fund in 2006, according to a Watson Wyatt study. Today, it manages more than RM300 billion of...

Asean unity crucial to deal with global crisis.
February 28, 2009... Byline: Lokman Mansor MAKE no mistake...we live in precarious times. The regional economy, while better off than those in the far west and east, is still facing grave challenges. The global downturn has resulted in a drastic drop in...

KLCI slips into consolidation mode.
February 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia moved sideways after last week's technical pullbacks. The Kuala Lumpur Composite Index (KLCI) to stay below its overhead resistance of 900 when it closed at 890.67 points yesterday. ...

MAS unit plans airframe MRO venture in Hyderabad.
February 28, 2009... A UNIT of Malaysia Airlines plans to set up a joint venture company offering airframe maintenance, repair and overhaul (MRO) services in Hyderabad, India. MAS Aerospace Engineering (MAE) signed an agreement yesterday with GMR Hyderabad...

MEASAT-3a satellite set for June launch.
February 28, 2009... MEASAT Satellite Systems Sdn Bhd said it has received confirmation from Intelsat Corporation that the MEASAT-3a satellite has been scheduled for launch in June. MEASAT-3a has been returned to the Orbital Sciences facility in Dulles, US after...

Moody's downgrades outlook on MISC.
February 28, 2009... MOODY'S Investors Service has downgraded its outlook on MISC Bhd to negative from stable for its A2 issuer and senior unsecured debt ratings, driven by the shipping firm's declining profitability in the past nine months. Moody's...

Malaysian economy seen contracting this year.
February 28, 2009... Byline: Rupa Damodaran ECONOMISTS, caught by surprise by the slower economic growth in 2008's last quarter, expect to see contraction in the Malaysian economy this year due to softer domestic demand and dismal exports. Maybank Investment...

Dell still holding its cards close to its chest.
February 28, 2009... Byline: Marina Emmanuel DELL Inc, the world's second biggest personal computer maker, remains non-committal about its operations in Malaysia. Dell Asia-Pacific and Japan president Steve Felice did not give any indication if the...

Making a strong impression in subcontinent.
February 28, 2009... Byline: Marina Emmanuel HAVING gained a foothold in the Indian market with its maiden monorail project in Mumbai, Scomi Engineering Bhd wants to make a strong impression in the subcontinent. "India offers a lot of potential and the...

10,500 visit expo.
February 28, 2009... THE Malaysia Technology Expo attracted some 10,500 visitors this year, with over 460 inventions and innovations showcased. The first Malaysia technology Expo in 2002 had 75 inventions and innovations from various universities, the public and...

Scan Assoc explains.
February 28, 2009... SCAN Associates Bhd said it was unable to release its fourth quarter results as an investigative audit is being finalised to determine the financial impact on Scan. "The company is also unable to release its research report for the six-month...

WCT falls on news of Q4 loss.
February 28, 2009... WCT Bhd, the builder that lost a US$1.3 billion (RM4.80 billion) contract to build a racecourse in Dubai last month, fell in the stock market yesterday after sinking to a fourth-quarter loss. Its shares shed 5.6 per cent to RM1.01, its...

Group still in talks to buy stake in MCIS Zurich.
February 27, 2009... EON Bank is still negotiating with MCIS Zurich Insurance Bhd's shareholders to acquire up to 40 per cent stake in the insurer. EON Bank chief executive officer Albert Lau Yiong said the parties are in initial discussions and no target...

EON buys IBM server to upgrade infrastructure.
February 27, 2009... Byline: Hamisah Hamid EON Bank Bhd, Malaysia's seventh largest lender, is preparing for the economic upturn by investing RM20 million to upgrade its infrastructure for better and faster services. Chief executive officer Albert Lau...

Rights issue to be fully subscribed, says TMI.
February 27, 2009... Byline: Goh Thean Eu MOBILE operator TM International Bhd (TMI), which saw full-year earnings fall 72 per cent, said its rights issue exercise to raise RM5.25 billion will be fully subscribed. Khazanah Nasional Bhd, TMI's largest...

Towards a proper road network in Sabah.
February 27, 2009... WHEN it comes to roads, the rural people of Sabah have not been forgotten. This assurance comes from the Works Ministry. The ministry's secretary-general Datuk Seri Dr Abdul Munit Kasmin agreed that the absence of a proper road network,...

Syarikat Takaful, Jaycorp reprimanded.
February 27, 2009... BURSA Malaysia Securities Bhd yesterday publicly reprimanded two public listed companies for a deviation of more than 10 per cent between their unaudited and audited results for the fourth quarter. Insurer Syarikat Takaful Malaysia Bhd...

Spansion to lay off almost half of Penang workforce.
February 27, 2009... Byline: Marina Emmanuel MORE layoffs are expected in Penang by the end of this week, when US flash memory chipmaker Spansion Inc sheds almost half of its Penang workforce. Penang Chief Minister Lim Guan Eng said the State Manpower...

Scomi Marine aiming for more balanced revenue base.
February 27, 2009... Byline: Sharen Kaur SCOMI Marine Bhd will continue to expand its offshore marine support business, albeit cautiously, to conserve its cash reserves amid a slowing global economy. The associate company of Scomi Group Bhd wants to grow...

Maserati muscle for Naza Group.
February 27, 2009... Byline: Zuraimi Abdullah NAZA Group has clinched the local distributorship for Italy's iconic luxury marque Maserati, with launch of two stylish models yesterday. Naza, through its subsidiary Naza Italia Sdn Bhd, is the sole...

Banks to cut key rates effective March 2.
February 27, 2009... BOTH CIMB and RHB banking groups will revise their annual base lending rate (BLR) and base financing rate (BFR) from 5.95 per cent to 5.55 per cent effective March 2. Asian Finance Bank will also reduce its BFR the same day, but to 5.50...

Diversified income streams will stand Boustead in good stead.
February 27, 2009... BOUSTEAD Holdings Bhd, one of the country's oldest diversified conglomerates, said it is confident of growing through the crisis this year, as it continues with its strategy of focusing on its core businesses. "While it is clear that the...

Nestle Q4 profit more than doubles.
February 27, 2009... NESTLE (Malaysia) Bhd, the world's largest food and beverage company, said its net profit more than doubled in the fourth quarter ended December 31 2008, helped by strong performance across all its divisions. Net profit grew 128 per cent...

'Govt has managed economy well and will do better'.
February 27, 2009... Byline: Roziana Hamsawi CHIEF Secretary to the Government, Tan Sri Mohd Sidek Hassan, yesterday refuted claims that the government has not done enough to address the impact of the global financial crisis. He said the government has...

Pos falls sharply on rate cut.
February 27, 2009... POS Malaysia Bhd fell sharply yesterday after Credit Suisse cut its rating on the stock following a disappointing set of earnings. The stock shed 11 sen or 5.1 per cent to close at a two-week low of RM2.03. Credit Suisse cut its rating to...

Litrak may re-test resistance.
February 27, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia stage another follow-through consolidation yesterday. Its overall declining counters outpaced its advancing counters by 267 to 190. The Kuala Lumpur Composite Index (KLCI) fell from...

Capacity, cost cuts.
February 27, 2009... MALAYSIA Airlines (MAS) will reduce capacity further by 5 per cent this year, cutting flight frequencies because of declining passenger demand globally. "We have looked at the forward bookings on some flights and reduced the frequencies....

NSTP group posts strong growth in net earnings.
February 27, 2009... THE New Straits Times Press (Malaysia) Bhd (NSTP) has reported a 2.8 per cent increase in net profit to RM7.19 million for the fourth quarter ended December 31 2008. Fourth quarter revenue declined 7.27 per cent to RM137.66 million. ...

JPMorgan, OSK upgrade rating on Resorts World.
February 27, 2009... AT least two research houses have upgraded their rating on Resorts World Bhd, the casino operator that reported a fourth-quarter loss on Wednesday. JPMorgan raised the stock to "overweight" from "neutral", saying the company's casino...

Lower CPO prices weigh on Sime Darby Q2 profit.
February 27, 2009... Byline: Zaidi Isham Ismail LOWER crude palm oil prices dragged Sime Darby Bhd's second quarter net profit down 65.1 per cent to RM278.5 million from RM800 million a year ago. In the quarter to December 31 2008, the world's largest...

MAS flies into turbulence.
February 27, 2009... Byline: Jeeva Arulampalam MALAYSIA Airlines (MAS) said yesterday that net profit plunged 81 per cent to RM46.2 million in the fourth quarter due to weaker passenger revenue as global demand fell. Managing director and chief executive...

Venture firm disburses RM2.2b to local firms.
February 27, 2009... MALAYSIA Debt Ventures Bhd (MDV) said it has disbursed RM2.2 billion to 249 locally incorporated companies as at December 2008. The state-owned venture capital firm approved 78 loan applications worth RM658 million in the 2008/2009...

Highway operators rise on toll rate increase news.
February 27, 2009... SHARES of highway operators rose yesterday on news that toll rates on five highways would be increased from March 1. The higher tolls are for the North South Expressway (NSE), Sprint highway, Ampang elevated highway, Sungai Besi highway...

Woohing is authorised retailer for Rolex, Tudor.
February 27, 2009... WITH reference to the article "For ATG, it's a good time to expand" published on February 17 2009, it should have been reported that Woohing KL Sdn Bhd is an authorised retailer for both Rolex and Tudor watches in Malaysia, and not the...

'Oil palm industry still hiring'.
February 27, 2009... Byline: Ooi Tee Ching MALAYSIA'S robust palm oil exports can help ensure job security for more than a million people, of which half are working in the estates. "We're exporting more palm oil and the sector continues to recruit. So...

'Respectable' growth figure for 2008 likely.
February 27, 2009... Byline: Rupa Damodaran MALAYSIA'S economic growth will likely slow to 1.23 per cent year-on-year in the fourth quarter of 2008, the lowest since 2001, on lower production and exports. But Business Times' poll of economists predicts...

Shaziman: We're not sabotaging Selangor.
February 27, 2009... Byline: Mustapha Kamil THE federal government is not sabotaging Selangor by making direct offers to take over water assets of the four private concession companies in the opposition-ruled state. Minister of Energy, Water and...

Adjustment to loan repayments.
February 26, 2009... COMMERCIAL banks have the choice to cut monthly repayments or shorten the loan period with the drop in lending rates, The Association of Banks in Malaysia (ABM) said yesterday. But banks have agreed to lower monthly repayments instead to...

Lower retail sales forecast.
February 26, 2009... MALAYSIA'S retail sales growth forecast has been cut for the second time to 3 per cent, the slowest growth in eight years, as consumer spending is hit by job cuts and the global economy. Retail Group Malaysia Sdn Bhd, which tabulates retail...

Ahmad Zaini is MBSB's new CEO.
February 26, 2009... MALAYSIA Building Society Bhd (MBSB) has appointed Ahmad Zaini Othman as its chief executive officer (CEO) effective today, in line with MBSB's move to reposition itself in the Islamic financial market. Ahmad Zaini, who has over 24 years of...

MAHB Q4 net profit drops 46pc to RM57.2m.
February 26, 2009... Byline: Jeeva Arulampalam MALAYSIA Airports Holdings Bhd (MAHB)'s fourth-quarter net profit dropped 46 per cent to RM57.2 million, due to expenses in hosting Routes 2008 and lower contribution from its agriculture operation. However,...

Tabung Haji warns of tough year ahead.
February 26, 2009... Byline: Zaidi Isham Ismail LEMBAGA Tabung Haji, manager of Muslim funds, said last year's income was hit by a weak stock market and warned that it could be worse for 2009. It maintained a 5 per cent regular dividend for 2008,...

eXfuze, institute to help develop entrepreneurs.
February 26, 2009... Byline: Azlan Abu Bakar MULTI-LEVEL marketing firm eXfuze Asia Pacific Sdn Bhd and the Entrepreneurship Institute of Malaysia (EIM) have jointly launched an initiative to help boost the number of trained entrepreneurs in the country. ...

Resorts World posts RM388m Q4 loss.
February 26, 2009... RESORTS World Bhd (RWB), which owns and operates Genting Highlands Resort, said this year is challenging for the local leisure and hospitality industry amid a worsening global economy. The group expects consumer sentiment to be affected...

Maybank keen to offer more co-branded credit cards.
February 26, 2009... Byline: Hamisah Hamid MALAYAN Banking Bhd (Maybank) hopes to introduce more co-branded credit cards as consumers are increasingly attracted to the extra privileges offered by the bank and its partners. Co-branded credit cardholders...

BLR cut to 5.55pc from March 2.
February 26, 2009... MAYBANK, the country's biggest lender, will reduce its base lending rate (BLR) from 5.95 per cent to 5.55 per cent effective March 2. The base financing rate (BFR) of its Islamic banking unit will similarly be revised downwards from 5.95...

Encorp posts RM53m profit for 2008.
February 26, 2009... ENCORP Bhd yesterday reported a RM17 million net profit for its final quarter to December 31 2008, helped largely by its property development business and interest income after completion of its teachers' quarters project. For annual...

Modern Barter forecasts RM30m deals via e-platform.
February 26, 2009... Byline: Zurinna Raja Adam BARTER trade, where goods and services are exchanged instead of cash purchases, could make a comeback during the current economic downturn. Modern Barter (M) Sdn Bhd, which operates an online platform called...

Kuwait Finance House expands into Sarawak.
February 26, 2009... Byline: Firdaus Abdullah ISLAMIC bank Kuwait Finance House (Malaysia) Bhd (KFHMB) has opened a new branch in Kuching, Sarawak, bringing the total number of branches to seven in the country. Managing director Datuk K. Salman Younis...

Analyser a strong partner in the lab.
February 26, 2009... SIEMENS has developed a laboratory system for diagnostic tests that combines multiple methods of analysis, dramatically accelerating work flows. In one hour the system can analyse 200 samples and reliably determine 1,500 diagnostic...

Malaysia must have cost attractiveness.
February 26, 2009... Byline: Marina Emmanuel MALAYSIA'S position as a preferred outsourcing hub could be in jeopardy as investors turn to cheaper locations during these tough economic times, an industry official said. "While we may fare well with...

Public Bank to maintain strong dividend.
February 26, 2009... Byline: Chong Pooi Koon PUBLIC Bank Bhd is optimistic of solid earnings growth this year despite a tough economy and has pledged to maintain a high dividend payment. The largest lender in the country based on market value, and among...

Economists: Step up govt spending.
February 26, 2009... Byline: Rupa Damodaran THE government should step up spending to complement interest rate cuts and rejuvenate the economy, said economists. Bank Negara Malaysia has slashed the Overnight Policy Rate (OPR), which determines banks'...

OCBC to expand maritime financing business.
February 26, 2009... Byline: Presenna Nambiar OCBC Bank (Malaysia) Bhd wants to grow its maritime financing business, despite increasing number of banks that are reluctant to extend credit to the troubled sector. The shipping sector has been badly hit...

Analysts doubt banks will lend more.
February 26, 2009... Byline: Rupa Damodaran ALTHOUGH Bank Negara Malaysia has released more funds to banks, analysts are not convinced that they will lend more. "Given the system's ample liquidity and heightened risk aversion, we think the banks are...

UMW Q4 net profit slips to RM116.4m.
February 26, 2009... UMW Holdings Bhd's net profit dipped to RM116.14 million on RM2.92 billion revenue for the fourth quarter ended December 31 2008, as all segments of the group recorded lower margins for the final three months of the year. The group...

Follow-through rebound likely.
February 26, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated within tight trading ranges yesterday. Its overall declining counters outpaced its advancing counters by 250 to 219. The Kuala Lumpur Composite Index (KLCI) rebounded from...

Germany defers ruling on Malaysian, Indonesian biodiesel.
February 26, 2009... Byline: Ooi Tee Ching BIODIESEL exports from Malaysia and Indonesia have gotten a reprieve from Germany, the world's biggest biodiesel producer and consumer. The German government has decided to defer until the end of the year an...

MBSB loss mainly due to tax charge.
February 26, 2009... MALAYSIA Building Society Bhd swung into a fourth quarter loss mainly due to a tax charge and not because of provisions for losses on loans. MBSB made a higher provision of RM19.8 million for the quarter to December 31 2008, but this resulted...

TM to return RM3.51b to shareholders, pay dividends.
February 25, 2009... Byline: Goh Thean Eu DOMINANT fixed-line phone company Telekom Malaysia Bhd (TM), which posted a 73 per cent fall in 2008 net profit, said it will return RM3.51 billion cash to shareholders after sister company TM International Bhd (TMI)...

Mah Sing Q4 earnings down.
February 25, 2009... MAH Sing Group Bhd registered a drop in its net profit for the fourth quarter to RM16.54 million compared with RM20.49 million recorded in the same period last year. Fourth quarter revenue, however, was higher at RM151.66 million from...

Deloitte sets up Islamic finance centre.
February 25, 2009... Byline: Roziana Hamsawi DESPITE the significant drop in the issuance of Islamic bonds due to the global financial crisis, there is still a lot of interest from the international community for Islamic products, said Deloitte Asia Pacific...

Airlines facing greater competition to fill planes.
February 25, 2009... Byline: Jeeva Arulampalam THE gloom and doom of the aviation industry has spread to even the best of legacy carriers. Although oil prices have come off tremendously, the switch in woes to the global economic crisis has seen a direct...

Understanding effects of economic indicators on the stock market.
February 25, 2009... IF YOU have been following the news on a daily basis, you surely would have heard the repeated news on the fall of the US and European markets that are currently spreading gloom across the globe. With the risk of global recession on the...

Now is the best time to invest in China, businessmen told.
February 25, 2009... CHINA'S four trillion yuan economic stimulus package provides various investment opportunities for Malaysian businessmen, said a visiting Chinese state investment company official. "China still posts strong growth despite the downturn,...

Niam revamps life insurance product, adds more benefits.
February 25, 2009... THE National Insurance Association of Malaysia (Niam) has revamped its life insurance product to include additional benefits such as coverage for critical illnesses and hospitalisation needs. The product called Teras Malaysia has been...

France's Mazars expands into Malaysia.
February 25, 2009... Byline: Kang Siew Li FRENCH accountancy and advisory firm Mazars has expanded its practice into Malaysia after successfully merging with Moores Rowland Malaysia in September last year. As a result of this merger, Moores Rowland...

Bursa to host global palm oil exhibition.
February 25, 2009... BURSA Malaysia Bhd will host the global premier Annual Palm & Lauric Oils Conference and Exhibition: Price Outlook 2009/2010 at the Kuala Lumpur Convention Centre from March 10-12. Keynote address will be delivered by Plantation Industries...

Kelly: Think long term before making pay cuts.
February 25, 2009... Byline: Presenna Nambiar THINK again before you give that much valued employee a pay cut, a human resource consultant says, it may come back to haunt you during the good times. Kelly Services outsourcing and consulting group senior...

MISC Q3 profit dips due to liner business losses.
February 25, 2009... MISC Bhd, the world's biggest carrier of liquefied natural gas, said its third quarter net profit almost halved due to losses in the liner business. The group's liner or container shipping business suffered a loss of RM570.9 million for...

Bank Rakyat announces record RM1.23b profit.
February 25, 2009... Byline: Chong Pooi Koon BANK Rakyat announced yesterday a record profit for 2008, but departed from past trend in not stating a dividend payout for the year. The development bank traditionally pays out high dividends, but has not...