Business Times (Malaysia) articles from January 2009

Business Times (Malaysia) archives from January 2009

Panasonic to close Malacca plant, relocate Selangor factory.
January 31, 2009... PANASONIC Malaysia Sdn Bhd confirmed it is closing its Malacca plant and relocating its Selangor factory but said only 490 workers have been laid off, of which 60 per cent have already got new jobs. In a statement yesterday, Panasonic...

Plenitude looking at second project in 2010.
January 31, 2009... Byline: Marina Emmanuel PROPERTY developer Plenitude Bhd, which launched its maiden Penang development "Bayu Ferringhi" on the island yesterday, is looking at a second property project next year. The company's executive chairman Chua...

VivaKi appointments for Malaysian ops.
January 31, 2009... STARCOM Worldwide, MediaVest Worldwide and Optimedia, which were consolidated last year under VivaKi, have announced key appointments for their Malaysian operations. Nick Drew and Jennifer Yean have been promoted to managing director and...

KL Convention Centre wins CEI award.
January 31, 2009... KUALA Lumpur Convention Centre has clinched the CEI 2009 Industry Awards' Asia's Best Convention and Exhibition Centre and a joint third place for "Asia's Best MICE sales team". CEI Asia Pacific, one of the region's leading titles for the...

Regional potential for our healthcare sector.
January 31, 2009... Byline: Azlan Abu Bakar THE present economic downturn presents a good opportunity for Malaysia's healthcare sector to steal market share from their more established regional rivals, OSK Research Sdn Bhd says. The research house said...

You can test drive any Honda model.
January 31, 2009... HONDA Malaysia is running a two-month test drive campaign from February 4 to March 30 at all its authorised dealers nationwide. Customers that test drive any Honda model during this period are entitled for limited edition Honda merchandise...

Alliance: Investment bank made RM20m loss.
January 31, 2009... ALLIANCE Financial Group Bhd has clarified that its investment bank made a loss of RM20 million in the second quarter to September 30 2008, versus a profit of RM6 million in the first quarter. Business Times had reported that the first...

KLCI puts on resilient show.
January 31, 2009... Byline: S. N. Lock SHARE prices on Bursa Malaysia rebounded in step with the technical rebounds on regional stock markets over the last three trading days. The Kuala Lumpur Composite Index (KLCI) continued to stay below its critical...

Roslan named TDM chairman.
January 31, 2009... INVESTMENT holding company TDM Bhd has appointed Datuk Roslan Awang Chik to helm the company as chairman and non-independent non-executive director. Roslan, who is also a senator, has 40 years of experience in the construction and veterinary...

Standard Chartered to lower base lending rate.
January 31, 2009... STANDARD Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd yesterday announced the reduction of their base lending rate (BLR) and base financing rate (BFR) respectively from 6.5 per cent to 5.95 per cent per annum, effective...

Choosing to fade away?
January 31, 2009... Byline: Shahriman Johari IT IS a new year and another company could be taken private by its owners. This time, it is Isyoda Corp Bhd, a construction company. On the surface, it looks like investors may not lose much without a company...

Jobs aplenty in MSC Malaysia firms: MDeC.
January 31, 2009... Byline: Chong Pooi Koon THERE are about 2,000 vacancies within the MSC Malaysia companies, including non-information technology positions, and the government will offer re-training to help retrenched workers fill those jobs. The...

IOI stocks' suspension fuels buyout talk.
January 31, 2009... SHARES of IOI Corp Bhd and IOI Properties Bhd will be suspended for two days next week, as the plantation group plans to make a material announcement regarding its property arm. "The suspension is in view of the pending release of an...

Low interest in loans.
January 31, 2009... Byline: Adeline Paul Raj APPLICATIONS for loans in Malaysia fell by 19 per cent in December from a year ago, reflecting cautious sentiment amid the slowing economy. This, however, was an improvement over a 33 per cent slump seen...

Bearish outlook on Tanjung earnings.
January 31, 2009... Byline: Zuraimi Abdullah TANJUNG Offshore's earnings forecasts for 2009 and 2010 have been slashed by a research house on bearish outlook in the oil and gas industry. AmResearch Sdn Bhd has also cut its forecast on Tanjung by 3-10...

Kencana aims to maintain RM1b turnover: Bank.
January 31, 2009... Byline: Zuraimi Abdullah KENCANA Petroleum Bhd has yet to see cancellations or deferments of its offshore fabrication projects, Maybank Investment Bank Bhd said. Kencana also aims to maintain RM1 billion annual turnover from the...

Three more foreign firms join Islamic capital market.
January 30, 2009... Byline: Roziana Hamsawi THE Securities Commission has given approvals for three foreign Islamic fund management companies to start operations here. They are Aberdeen Islamic Asset Management Sdn Bhd, BNP Paribas Islamic Asset...

Maybank-TNB new online bill service.
January 30, 2009... MAYBANK and Tenaga Nasional Bhd (TNB) yesterday launched a new Online Bill service for customers who can now view and then pay their electricity bills via Maybank2u.com, without having physical possession of the bills. With this service,...

AmResearch says non-banking ops a worry for Alliance Financial.
January 30, 2009... THE management of Alliance Financial Group Bhd, parent of Alliance Bank Bhd, is worried about the performance of its non-banking businesses like stockbroking and wealth management, AmResearch said. This is the main concern, rather than an...

HLG cool on insurers but likes LPI Capital.
January 30, 2009... HLG Research is not too excited about the insurance sector, but it is telling investors to buy LPI Capital Bhd because the stock is a "sustainable yield play". "LPI Capital continues to be well managed even during difficult times and is an...

Ride on big firms' success, smaller players told.
January 30, 2009... Byline: Sharen Kaur SMALLER Malaysian firms should ride on the success of bigger companies like IJM Corp Bhd and WCT Bhd, as they seek contracts in West Asia, says a top trade agency official. "These companies have strong brand names....

MAS slashes international fuel surcharge.
January 30, 2009... MALAYSIA Airlines (MAS) has slashed fuel surcharge on international flights by up to 73 per cent due to the decline in fuel prices, competitive pressures and the need to boost air travel during the current economic slowdown. Beginning...

Call for speedier action on RM7b stimulus.
January 30, 2009... Byline: Azlan Abu Bakar THE Federation of Malaysian Manufacturers (FMM) has urged the government to speed up implementation of its RM7 billion stimulus package to help ease the burden faced by manufacturers in the current economic...

Alam Maritim expected to benefit from saturation diving system.
January 30, 2009... AMRESEARCH expects the purchase of a saturation diving system for US$7.85 million (RM28.26 million) to be positive for Alam Maritim Resources Bhd in the long run. Its underwater services division made up 7 per cent of revenue and 8 per...

Hektar REIT a buy because of high dividend yield: S&P.
January 30, 2009... INVESTORS should buy Hektar Real Estate Investment Trust because of its high dividend yield and the share is now trading at a low price to net tangible asset of 0.7 times, Standard & Poor's said. The 58 per cent fall in its share price...

RHB hires risk intelligence provider.
January 30, 2009... THE RHB Banking Group has hired World-Check, a risk intelligence provider, to help improve its anti-money laundering and terrorism financing controls and systems. World-Check has a global database of known money launderers, financial...

Brief consolidation seen.
January 30, 2009... Byline: S.N. Lock CONTINUING rebounds on regional stock markets sent share prices on Bursa Malaysia rebounding in tandem yesterday. Advancing counters outpaced declining counters by 200 to 172. The Kuala Lumpur Composite Index (KLCI)...

'Ang pows' for Bandar Bukit Raja house buyers.
January 30, 2009... SIME Darby Property Bhd will be giving "ang pow" treats to house buyers of the Bandar Bukit Raja township between January 26 and February 9. Ang pows worth RM3,888 will be given to all intermediate house buyers and RM6,888 to those who...

Allianz SE gets nod to set up separate fund.
January 30, 2009... ALLIANZ Re said Allianz SE Life Reinsurance Branch Labuan (ARLL) has received approval from authorities to set up a separate fund to support its life and health retakaful business. In a statement, the company said ARLL will provide retakaful...

Naza plans to freshen up line-up at Gurun plant.
January 30, 2009... Byline: Zuraimi Abdullah NAZA Group will phase out several "older" Naza and Kia car models assembled at its manufacturing plant in Gurun, Kedah, and replace them with fresher models, its chief said. Executive chairman and chief...

Time dotCom hopes to boost revenue by 18pc this year.
January 30, 2009... Byline: Jeeva Arulampalam TELECOMMUNICATIONS company Time dotCom Bhd seeks to grow revenue by 18 per cent as it streamlines its business focus and cuts cost. While the company is aware of prevailing market conditions, it will focus...

Comprehensive package.
January 30, 2009... Byline: Hamisah Hamid BUDGET 2010 should be prepared earlier and include stimulus packages so that all efforts to address the economic slowdown are presented comprehensively. Economist Datuk Dr Zainal Aznam Yusof believes that this...

Air passenger traffic falls, Asia-Pacific carriers hardest hit.
January 30, 2009... INTERNATIONAL passenger traffic for last month continued to fall, with Asia Pacific carriers taking the biggest hit, said the International Air Transport Association (IATA). Passenger traffic dropped 4.6 per cent in December from a year...

B. Braun to reinvest RM300m.
January 30, 2009... Byline: Marina Emmanuel GLOBAL supplier of healthcare products, B. Braun Melsungen AG, will reinvest RM300 million over the next three years to expand its intravenous catheters (IVC) business in Penang. The German firm, whose...

Economist: Revisit social safety net programme.
January 30, 2009... Byline: Hamisah Hamid THE government should re-visit the social safety net programme (SSNP) for groups affected by the current economic crisis, economist Datuk Dr Zainal Aznam Yusof said. Zainal Aznam, who is also an Economic Council...

AmResearch maintains 'hold' call on Tan Chong Motor.
January 29, 2009... AMRESEARCH Sdn Bhd has maintained its "hold" call on automotive group Tan Chong Motor Bhd, citing the weak economic situation and deteriorating consumer confidence. The research house also maintained its fair value for Tan Chong's share...

Rising demand spurs Felda settlers to breed new poultry bird.
January 29, 2009... MALAYSIA has begun a project aimed at producing a new poultry bird which is a cross breed between a cockerel and a hen quail. According to a statement from the East Coast Economic Region, the new bird is intermediate in size, between a...

BNM to issue RM1b Merdeka savings bond.
January 29, 2009... BANK Negara Malaysia yesterday announced the issuance of Bon Simpanan Merdeka 01/2009, amounting to RM1 billion on March 18 2009. This is the first issue of the two series of three-year RM1 billion bond each in 2009. The bond, which will be...

Isyoda jumps on news to take firm private.
January 29, 2009... SHARES of Isyoda Corp Bhd jumped 11 per cent to close at 70 sen yesterday after its major shareholders made an offer to take the company private. Last week, the owners, holding a combined 63.98 per cent, offered 71.5 sen apiece or RM17...

Good chance of stabilisation in H2 this year or 2010.
January 29, 2009... THE outlook for the global economy will be challenging at least until the second half of this year. The world economy is forecast to grow only 1 per cent this year, with the developed markets experiencing recession. Many global financial...

LCL may consolidate further.
January 29, 2009... Byline: S.N. Lock REBOUNDS on regional stock markets lifted market sentiment on the local bourse, rebounding in tandem with other regional stock markets yesterday. Its overall advancing counters out-paced its declining counters by...

Bursa Malaysia to delist Techventure.
January 29, 2009... SHARES of Techventure Bhd, a financially troubled company, will be taken off Bursa Malaysia on February 10 2009. This will be done after Bursa Malaysia rejected Techventure's appeal against the decision to delist the company's securities, it...

Gulf Petroleum to continue US$5b project despite global meltdown.
January 29, 2009... QATAR'S Gulf Petroleum Ltd said it has no plans to cancel or defer the development of a US$5 billion (RM18 billion) integrated oil and gas complex in Malaysia despite the global financial crisis and the plunging oil price. President Ir...

RAM rated RM89b worth of bonds last year.
January 29, 2009... RAM Ratings said it had completed ratings of RM89 billion worth of bonds in 2008, but only half of them saw the light of day as the deepening global financial turmoil affected market confidence. In a statement, RAM said RM20.8 billion of...

More US food giants using heart-healthy palm oil.
January 29, 2009... Byline: Ooi Tee Ching MALAYSIA'S palm oil exports for food and fuel climbed 12 per cent last year to 15.41 million tonnes. In an interview with Business Times, Malaysian Palm Oil Council CEO Tan Sri Yusof Basiron explains to OOI TEE...

CPO export record to China snaps.
January 29, 2009... Byline: Ooi Tee Ching MALAYSIA'S 23-year record of rising palm oil exports to China ended last year when shipments dipped by 1 per cent to 3.8 million tonnes. However, there is no need to be alarmed, said Malaysian Palm Oil Council...

Benz Malaysia registers 16pc higher sales in 2008.
January 29, 2009... MERCEDES Benz Malaysia Sdn Bhd has beaten its 2008 sales target by selling a total of 6,151 vehicles, 16 per cent more than 2007. However, it did not say what was its sales target. In the passenger car segment, Mercedes Benz recorded...

Sensors for improving the air in building interiors.
January 29, 2009... SIEMENS is currently developing sensors that will be used as sense organs in buildings. According to a report in the research magazine Pictures of the Future , thousands of these sensors installed throughout a building could notify the...

RHB, Hong Leong lower lending rates.
January 29, 2009... THE RHB Banking Group and Hong Leong Banking Group have announced lending rate cuts that will take effect from February 3 2009. RHB Bank Bhd and Hong Leong Bank Bhd will cut their base lending rate (BLR) to 5.95 per cent from 6.5 per...

FireFly likely to use Sepang LCCT.
January 29, 2009... Byline: Marina Emmanuel MALAYSIA Airlines (MAS) is contemplating using the low-cost carrier terminal (LCCT) in Sepang, in the event that AirAsia Bhd moves out. And the likely user of the budget terminal will be the national carrier's...

Pintaras may pay out special dividend: OSK.
January 29, 2009... PINTARAS Jaya Bhd, a construction firm, could pay out a special dividend due to its large cash pile, OSK Research said in a report. The company, which mainly does foundation work, has RM50 million in cash after deducting for debt, as at...

1,550 jobs may be at risk.
January 29, 2009... Byline: Sharen Kaur SOME 1,550 jobs could be on the line as Japan's Panasonic is set to shut a plant next month while the fate of those working for Germany's Qimonda is uncertain. Qimonda's factory in Batu Berendam, Malacca, employs...

Remanufacture vehicles to save costs, companies told.
January 28, 2009... Byline: Azlan Abu Bakar SMALL- and medium-sized enterprises (SMEs) may turn to remanufacturing their vehicles as part of efforts to reduce maintenance cost, thus putting more money into their pockets in the current gloomy market...

Government expands services export fund.
January 28, 2009... THE Services Export Fund (SEF), a fund established to assist Malaysian service providers in venturing globally, has recently been expanded to include a wider range of programmes and activities. The scope of the SEF was expanded in response to...

DraftFCB offers one-stop solution for advertising.
January 28, 2009... ADVERTISING agency DraftFCB is offering a one-stop solution where both topline and downline advertising activities are done in-house. Chief executive officer T. Renganathan said the firm is now in a better position to provide all the services...

Jobs abound in India's infrastructure sector: Envoy.
January 28, 2009... Byline: Rupa Damodaran MALAYSIAN construction companies have a strong edge to take advantage of new jobs in India's infrastructure sector that have been rolled out under its stimulus package to cushion its economy. Indian High...

IJM on track to complete Delhi Metro Line project.
January 28, 2009... Byline: Balan Moses A MALAYSIAN company is well on track towards completing a crucial part of the 19km New Delhi-Indra Gandhi Internatonal Airport Metro Line by next year. A Delhi Metro spokesman said IJM Corp Bhd, one of six foreign...

TAE exploring best way to structure property unit's IPO.
January 28, 2009... Byline: Sharen Kaur STOCKBROKING firm TA Enterprise Bhd (TAE) may delay plans to list its property unit on the local bourse for the second time, due to a weak stock market, industry sources said. TAE, which has the Securities...

Benjamin Graham's timeless key investing principles.
January 28, 2009... "TO ACHIEVE satisfactory investment results is easier than most people realise; to achieve superior results is harder than it looks." - these were the wise words of Benjamin Graham, the father of two fundamental investment disciplines -...

Interest rate cut: Proton dealers see small impact on sales.
January 28, 2009... PROTON Edar Dealers Association Malaysia (Peda) says the latest cut in Bank Negara Malaysia's (BNM) key interest rate will have a negligible effect on Proton car sales. This is because the interest rates for owners of new Proton cars are...

Supermax to start 2009 with a clean slate.
January 28, 2009... Byline: Zaidi Isham Ismail SUPERMAX Corp Bhd, the world's second largest rubber glovemaker, looks forward to a business environment in 2009 that is no longer bogged down by its loss-making 14 per cent associate APL Industries Bhd. ...

SilTerra: No plans to close down business.
January 28, 2009... Byline: Rupa Damodaran SEMICONDUCTOR wafer foundry SilTerra Malaysia Sdn Bhd has no plans to close down its business and will continue to operate its facility in Kulim, Kedah, into the "foreseeable future". The firm said as a key...

High-end projects set to put MLB on profit track.
January 28, 2009... Byline: Sharen Kaur MULPHA Land Bhd (MLB) is launching four high-end projects worth RM1.03 billion in Kuala Lumpur and Johor this year, in a bid to turn around. MLB slipped into the red in the 12 months to December 2007, incurring a net...

ACE Malaysia to offer a slew of specialty lines products.
January 28, 2009... Byline: Rupinder Singh ACE Synergy Insurance Bhd (ACE Malaysia) plans to launch a slew of specialty lines insurance products in the next 12 months to entrench itself as leaders in the segment. Specialty personal lines are insurance...

Mobile operators see fall in enterprise segment this year.
January 28, 2009... Byline: Goh Thean Eu MOBILE operators expect to see a decline in their enterprise segment and business users this year, as employers downsize staff strength and reduce employees' benefits. The trend is ongoing in several countries in...

Mavcap adds investment in TNcentury.
January 28, 2009... Byline: Rupinder Singh MALAYSIAN Venture Capital Bhd (Mavcap) has made its second investment in TNcentury Sdn Bhd, boosting its stake to 24.29 per cent of the IT security company. Mavcap first invested RM1.3 million in 2006 and added...

Full plate of projects.
January 28, 2009... Byline: Shahriman Johari JANAKUASA Sdn Bhd expects its plate to be full with projects to build power plants with a combined capacity of 4,400 megawatts (MW) over the next few years, its chief executive officer (CEO) said. The...

KTMB: Privatisation not the only way to profit.
January 28, 2009... Byline: Kang Siew Li KERETAPI Tanah Melayu Bhd (KTMB), the country's national railway company, does not need to be privatised in order to become profitable or to progress, says its managing director Abd Radzak Abd Malek. "A...

Shenyang Islamic development project plan on track.
January 28, 2009... Byline: Hamisah Hamid THE proposed RM11 billion commercial and residential development in Shenyang, China, that will utilise Syariah-compliant financing from Malaysian banks is on track despite the current global economic downturn. ...

A rush of power from building energy plants.
January 28, 2009... Byline: Shahriman Johari SOME people seek excitement from mountain climbing, marathons, or maybe bungee jumping. But not Ti Chee Liang. He gets his fix from building power plants. Six years after he helped build a...

Hubline profit declines 38pc.
January 26, 2009... HUBLINE Bhd, a shipping company, said its audited profit for the year to September 30 2008 fell 38 per cent as the value of an investment in an associate company fell. Its audited profit stands at RM35 million from RM56 million before, it...

Cashing in on credit needs.
January 26, 2009... Byline: Adeline Paul Raj MALAYSIANS are increasingly relying on credit cards and easy payment schemes to maintain their lifestyle needs amid the slowing economy, says AEON Credit Service (M) Bhd. AEON Credit, a provider of such...

Plan to dispose of Wisma MBSB for RM48m.
January 26, 2009... Byline: Vasantha Ganesan THE Malaysia Building Society Bhd (MBSB), a subsidiary of the Employees Provident Fund (EPF), plans to sell Wisma MBSB on Lebuh Ampang, Kuala Lumpur, for RM48 million. The decision came following a move by...

Analysts bullish on AEON.
January 26, 2009... Byline: Adeline Paul Raj ANALYSTS are enthusiastic about AEON Credit Service (M) Bhd's growth prospects, saying it will continue to see good demand for its consumer finance products despite the slowing economy. All of at least five...

Nik Hussain quits MTD InfraPerdana.
January 26, 2009... DATUK Nik Hussain Abdul Rahman has resigned from his post as chairman and executive director of MTD InfraPerdana Bhd. Nik Hussain, 70, is the founder of MTD Capital Bhd, an infrastructure group. MTD InfraPerdana did not say why he resigned.

TM Asia Life eyes RM20m premiums.
January 26, 2009... TM ASIA Life Malaysia Bhd is optimistic of capturing RM20 million in premiums this year, on new product offerings including the newly-launched Asia PRISM. Asia PRISM is a whole-life endowment policy that offers customers retirement and...

DiGi's no-frills Happy service.
January 26, 2009... DIGI Telecommunications Sdn Bhd has launched a new plan under its no-frills prepaid mobile service Happy, allowing its customers within the same Happy network to make calls of up to 45 minutes anytime between 9am and 5pm for 99 sen. For...

Telenor upbeat on Asia's mobile broadband growth.
January 26, 2009... Byline: Goh Thean Eu TELENOR, Norway's biggest phone company, believes the growth of mobile broadband in Asia will outpace other regions, driven by Asians' thirst for new technology and information. "The adoption rate, or take-up...

BSN sees big growth in micro finance.
January 26, 2009... Byline: Azlan Abu Bakar BANK Simpanan Nasional (BSN) expects its micro finance business to grow to more than RM250 million by the end of 2009, backed by strong demand for such loans among small entrepreneurs. Its deputy chief...

Window of opportunity for exporters.
January 26, 2009... Byline: Datuk Noharuddin Nordin FOR the past year, the combination of the subprime crisis in the US - which eventually led to the economic meltdown faced by the world today - and the drastic decline in world commodity prices, particularly...

New markets, products to boost BAE business by 40pc.
January 26, 2009... Byline: Vasantha Ganesan MULTI-LEVEL marketing company BAE International Inc Sdn Bhd expects to grow its business in 2009 by close to 40 per cent to RM36 million as it gains a bigger market in Malaysia and Indonesia and taps into India....

Institute to boost maritime studies in the region.
January 26, 2009... A DUTCH Maritime Institute will be set up in Malaysia to offer studies to Malaysians and students from other Southeast Asian countries. The location of the institute will be identified in July while two branch campuses are expected to be...

Bears likely to dominate KLCI futures market.
January 26, 2009... Byline: Bernard THE January contract on the Bursa Malaysia Derivatives Bhd closed lower at 867.50 with an open interest of 20,055 contracts last week. Last week, we saw protracted selling pressure which drove the spot contract to the low...

Uncertain, confused but players still bullish.
January 26, 2009... Byline: W.Q. Mun LONG-TERM TREND - Bullish SHORT-TERM TREND - RM1,800 - RM1,900 consolidation phase trading range market Momentum Index: +285 Relative Strength Index: 52 THE Kuala Lumpur CPO futures market basis the actively-traded April...