Business Times (Malaysia) articles from June 2001

Business Times (Malaysia) archives from June 2001

NOCs! NOCs! Who's there?
June 29, 2001... Dear Sir, MANY Malaysian leaders, especially Prime Minister Datuk Seri Dr Mahathir Mohamad, have voiced concerns over the possibility of enemies from within, out to create chaos and confusion in the country. The enemies are out to...

'S'pore FTA initiatives not a backdoor to Afta'.
June 29, 2001... Dear Editor, THE Business Times of Malaysia had previously published an editorial in which it alleged that Singapore's FTA initiatives could serve as a 'backdoor' to the Asean Free Trade Area (Afta) for our FTA partners. The Singapore...

Beyond the trade spats.
June 29, 2001... TRADE spats seem to be the order of the day. The dispute between China and Japan is just the latest in a series. Notice that the parties involved are generally huge economies, the same countries that have gone to war with one another....

Index slips 1.4pc.
June 29, 2001... THE MSC IT Index closed at 131.187 points yesterday, decreasing by 1.893 points from 133.080 on Wednesday. This represents a fall of 1.42 per cent over the previous trading day with the market capitalisation of the MSC IT Index decreasing...

Time now to link winning firms and ideas with funding.
June 29, 2001... VENTURE 2001 has been wrapped up. The 10 winners have been announced. Now comes the clincher - linking up the companies and the ideas with funding. Dr Nikolai Dobberstein, a partner of McKinsey & Co, one of the organisers of Malaysia's...

Implement business plans, Venture 2001 winners told.
June 29, 2001... MALAYSIA's first business plan competition, Venture 2001, drew to a close yesterday with the eSmart Team, Accelteam and Zarnet bagging the top three prizes. eSmart Team develops markets and supports software for booking tee times at golf...

Motor stocks trading below earnings estimate: Analysts.
June 29, 2001... MOTOR stocks, despite the occasional interest, is trading way below their earning estimates, analysts say. "Generally, earnings outlook for motor stocks are good. Growth, especially for certain car companies, is expected to be strong...

Malakoff expects to sign gas supply pact with Petronas soon.
June 29, 2001... INDEPENDENT power producer (IPP) Malakoff Bhd expects to sign a gas supply agreement with Petroliam Nasional Bhd (Petronas) soon, managing director Ahmad Jauhari Yahya says. "The agreement has almost been finalised, and there are no...

'Liam members able to meet June 30 deadline'.
June 29, 2001... EXCEPT for two or three insurance companies, all members of the Life Insurance Association of Malaysia (LIAM) will be able to meet Bank Negara Malaysia's new minimum paid-up capital of RM100 million which will take effect tomorrow. LIAM...

OSK Sec to operate as financial adviser.
June 29, 2001... OSK Holdings Bhd's wholly-owned OSK Securities Bhd will operate as corporate financial adviser under the Securities Commission (SC) policies and guidelines on issues or offer of securities. OSK will now offer an end-to-end array of...

SC may not be compelled to take action: IOI lawyers.
June 29, 2001... LAWYERS for IOI Corp Bhd yesterday argued that the Securities Commission (SC) may not be compelled to take a particular action under its discretionary power. They also argued that the SC cannot be compelled to force another party to...

Petra Perdana to expand business to power industry.
June 29, 2001... PETRA Perdana Bhd hopes to assist power generation companies enjoy cost savings of up to 30 per cent once it expands its maintenance and servicing business to the industry. Executive chairman and chief executive officer Tengku Datuk...

Chief: Texchem aims to consolidate position in Asean.
June 29, 2001... WITH the successful transfer of its listing status from the Second Board to the Main Board of the Kuala Lumpur Stock Exchange (KLSE), Texchem Resources Bhd (TRB) will be looking to consolidate its position in the Association of the South-East...

New enemy of the heart.
June 29, 2001... WATCH your cholesterol level! Quit smoking! Check you blood and sugar levels regularly! Don't these sound like familiar warnings that are known to cause heart disease? Now, another equally lethal but lesser know risk factor for heart...

What's art got to do with it?
June 29, 2001... "WE live in a political world", grumbled Bob Dylan in his 1989 album No Mercy. Steeped in the present busy, tug-of-war climate, most of us are wont to feel the same way. But what's art got to do with it? Writing on Malaysian artist...

The fighting side of Emile in music.
June 29, 2001... HE'S been having an affair with music ever since he can remember and it's one Emile Moissinac will continue as long as he can, even though he's been "officially retired" for the last seven years. Moissinac, who's been a household name as...

Hap Seng to spend more on downstream activities.
June 29, 2001... CASH-RICH conglomerate Hap Seng Consolidated Bhd is planning to reinvest a good portion of its funds to expand downstream palm oil activity, in a step to become a fully integrated palm oil manufacturing company. Chief executive John...

OBS sets out to raise RM1.5m for new centre.
June 29, 2001... THE Outward Bound Trust (OBS) of Malaysia is embarking on a fund raising exercise to raise RM1.5 million to build a new centre of excellence at the Outward Bound School in Lumut, Perak. The new centre will include five accomodation blocks...

PrimaDeli's new range of sandwiches.
June 29, 2001... PRIMADELI Franchise (M) Sdn Bhd, a member of the Prima Group, has introduced a new range of sandwiches in its outlets. The gourmet sandwiches are available at PrimaDeli outlets at Subang Parade, the Summit, USJ and the soon-to-be-opened...

Unearthing more than knowledge of dinosaurs.
June 29, 2001... WE HAVE seen them on the screen, we see them in toy stores and they are even depicted on some of the products we buy. Humans seem to harbour a fascination for dinosaurs, and hardly if ever, ponder about how knowledge of these creatures of the...

Dayang Ent projects RM100m turnover.
June 29, 2001... ENGINEERING maintenance company Dayang Enterprise Sdn Bhd has projected RM100 million turnover for both 2001 and 2002 following the award of maintenance works for oil and gas platforms. The company was recently selected as the sole...

Pertamina seeks Iranian oil imports.
June 29, 2001... INDONESIA'S state oil company Pertamina said it was negotiating over possible imports of crude oil from Iran. "Iran has said that Pertamina can buy crude from them. We are still negotiating," Pertamina president director Baihaki Hakim...

Increased oil output will hasten its depletion.
June 29, 2001... INCREASING oil production will hasten the day when demand for oil outstrips supply and will make an inevitable oil crisis far more unmanageable, researchers from the University of Rochester say. Leveling our consumption now, however,...

Nauticalink reducing fleet to three.
June 29, 2001... THE former operator of Kuala Perlis-Langkawi ferry service Nauticalink Bhd is reducing its fleet of 10 vessels to three, which will be deployed to ply international waters only. A Nauticalink spokesperson said the company is also in the...

New container hauliers to form body.
June 29, 2001... THE new container hauliers in the country are in the midst of forming a governing body to increase efficiency and cooperation between the new players in the market. Up until a year ago the haulier market was dominated by five players,...

BCB - first to offer e-payment for income tax.
June 29, 2001... AFTER the successful completion of its migration to a single technology platform, Bumiputra-Commerce Bank Bhd (BCB) became the first bank in the country to offer Internet-based payment service for income tax in collaboration with the Inland...

Coming together in the name of development.
June 29, 2001... THE 10th World Economic Development Congress saw two of the region's top leaders - Malaysia Prime Minister Datuk Seri Dr Mahathir Mohamad and the Philippines President Gloria Macapagal-Arroyo - delivering the opening address on Wednesday. ...

Rafidah: KL sees no need to negotiate new WTO rules.
June 29, 2001... COUNTRIES of the Asia-Europe Meeting (Asem) should focus on trade crossflows between the two regions than engage in debates on new rules in the World Trade Organisation (WTO). International Trade and Industry Minister Datuk Seri Rafidah...

Klibor futures close lower.
June 29, 2001... THREE-month Klibor (Kuala Lumpur Interbank Offered Rate) futures contracts on the Malaysia Derivatives Exchange ended lower yesterday. September 2001 and December 2001 contracts dropped three ticks each to 96.60 and 96.47 respectively....

RGT to offer golf privilege card.
June 29, 2001... "IT IS a win-win situation for everyone, the golf courses, our card members and us," said a smiling Franz Swoboda, executive director of Allied Golfers Network Sdn Bhd (AGN), speaking of Asia Pacific Amateur Golfers (APAG), the golf privilege...

AMMB forecloses Idris stake in Prime Utilities.
June 29, 2001... IDRIS Hydraulic (Malaysia) Bhd's 20.02 per cent stake or 12.01 million Prime Utilities Bhd shares have been foreclosed by AMMB Holdings Bhd to part settle RM324.99 million in debts owing by the company. Idris told the Kuala Lumpur Stock...

Petronas pre-tax up 34pc to RM29b.
June 29, 2001... NATIONAL oil corporation Petroliam Nasional Bhd (Petronas) registered a 34.3 per cent surge in pre-tax profit to RM29.03 billion for the year ended March 31 2001, due largely to strong oil prices, the rebound in global and regional energy...

PNB declares 6.5pc payout for ASN 2.
June 29, 2001... PERMODALAN Nasional Bhd (PNB) yesterday declared a dividend of 6.5 per cent for the Amanah Saham Nasional 2 (ASN2) scheme this year, against its maiden payout of 9 per cent last year. PNB chairman Tan Sri Ahmad Sarji Abdul Hamid said the...

RM1.8b TRI revamp (HL).
June 29, 2001... TECHNOLOGY Resources Industries Bhd (TRI) will offer Naluri Bhd an opportunity to increase its stake in the company to a controlling 27 per cent from 5 per cent now via a special restricted issue. It will cost Naluri, which is sitting on...

EPF may diversify investment portfolio further.
June 29, 2001... THE Employees Provident Fund (EPF) is likely to further diversify and consolidate its investment portfolio as contributors continue to move their funds into other form of savings. Figures released by EPF for the first quarter ended March...

Petronas forays bear fruit.
June 29, 2001... PETRONAS' forays abroad, which began a decade ago, are raking in exceptional returns to contribute to just under a third of total revenue and the group's record performance for the year ended March 31 2001. The national oil corporation's...

12.14 sen per kwh for Malakoff power.
June 29, 2001... TENAGA Nasional Bhd (Tenaga) yesterday signed a long-pending power purchase agreement (PPA) with Malakoff Bhd at the price of 12.14 sen per kilowatt hour, 3 sen cheaper than the 1993 PPA between the two parties. The PPA is for a period of...

Klibor futures end higher.
June 28, 2001... TRADING in three-month Klibor (Kuala Lumpur Interbank Offered Rate) futures contracts on the Malaysia Derivatives Exchange ended higher in the far-month contracts yesterday. The far-month March 2002 and December 2002 contracts were up...

Slowdown unlikely to affect Texchem listing.
June 28, 2001... TEXCHEM Resources Bhd, which is to transfer its listing status to the Main Board of the Kuala Lumpur Stock Exchange (KLSE) today, will unlikely be affected by the economic slowdown, analysts said. "As the company is in the consumer...

Time dotCom able to meet profit forecast, says Time Eng.
June 28, 2001... TELECOMMUNICATION and engineering company Time Engineering Bhd is confident its 45 per cent-owned Time dotCom Bhd will be able to meet its profit forecast this year. Executive vice chairman Datuk David Frederick Wilson said he is...

Banking counters bear brunt of local bourse's decline.
June 28, 2001... GROWING concerns over rising non-performing loans (NPLs) and prospects of a weaker market caused a selldown on banking stocks and dragged the Kuala Lumpur Stock Exchange Composite Index (KLCI) 4.59 points or 0.77 per cent lower to end at...

TA Ent, Hwang DBS post losses in latest quarter.
June 28, 2001... STOCKBROKING firms TA Enterprise Bhd and Hwang-DBS (Malaysia) Bhd have registered losses in the latest quarter, weighted down by shrinking brokerage fees and the adverse Kuala Lumpur Stock Exchange (KLSE) market conditions. TA told the...

Celcom launches pre-paid card for Net use.
June 28, 2001... CELCOM (M) Sdn Bhd yesterday emerged as the first telecommunications company in Malaysia to introduce a prepaid calling card for the Web known as WebcallTM. Celcom vice president Multimedia Services division Mohd Jafri Kudus said the new...

Malaysia fares marginally better in perceived corruption.
June 28, 2001... MALAYSIA performed marginally better in an international survey on perceived level of corruption, possibly due to the emphasis placed on corporate governance in the past year. In the latest report of Transparency International released...

Restraint cannot be one-way affair.
June 28, 2001... "THE Malays are too nice, too accommodating". These are common comments within the community when dealing with situations which are deemed not to their advantage." At the height of the Suqiu controversy, similar phrases were extensively...

'China's entry into WTO not a threat'.
June 28, 2001... CHINA's entry into the World Trade Organisation (WTO) should not be viewed as a threat, despite the country's potential for becoming the world's biggest economy in future, former British Prime Minister John Major said. He said China had...

Analysts give fair value of RM1.20 for Amcorp shares.
June 28, 2001... ARAB Malaysian Corp Bhd's (Amcorp) share price is expected to remain depressed on concerns over the huge overhang of new shares issued, despite the counter trading below its fair value. "Creditors have disposed of their Amcorp shares and...

Banyan Ventures sets up RM100m fund.
June 28, 2001... LOCAL venture capital company Banyan Ventures Sdn Bhd launched its first fund - Banyan Venture One Sdn Bhd - which is expected to close at RM100 million within the next 12 months. Its strategic and anchor investor is Germany-based fund of...

A ludicrous PERCeption.
June 28, 2001... WHEN Malaysia emerged tops in a survey on corporate transparency by the Political and Economic Risk Consultancy (PERC), some quarters were quite unhappy. That was not unexpected. But when these unhappy quarters include the people at the Hong...

No currency crisis despite slower growth in East Asia.
June 28, 2001... THE currency crisis will not occur again in East Asia, Vice Minister of International Affairs of Japan Finance Minister Haruhiko Koruda said. This despite most of the region's economies registering slower growth this year. He said...

Be watchful of 'back-door' trade agreements, Asean told.
June 28, 2001... WORLD Trade Organisation's (WTO) director-general designate Dr Supachai Panitchpakdi is supportive of the "back-door" free trade agreements made by Singapore but cautioned other members of the Association of South-East Asian Nations (Asean)...

Index slips 1.48 points.
June 28, 2001... THE MSC IT Index closed at 133.080 points yesterday, decreasing by 1.447 points from 134.557 on Tuesday, reports www.MSCTimes.com. This represents a fall of 1.08 per cent over the previous trading day with the market capitalisation of the...

Cellular operators to roll out SMS for all networks soon.
June 28, 2001... LOCAL mobile phone operators will roll out short message service (SMS) facilities for all networks by the middle of next month at the earliest or in the third quarter this year. The tie-up was decided at an industry meeting chaired by Maxis...

KLSE, Mesdaq set to form single Malaysian exchange.
June 28, 2001... EFFORTS are under way for the eventual merging of the Malaysian Exchange of Securities Dealing and Automated (Mesdaq) with the Kuala Lumpur Stock Exchange (KLSE) to form a single Malaysian stock exchange. Yesterday, KLSE and Mesdaq signed...

A fest for Beetle owners.
June 28, 2001... BEETLES FOREVER: Johor State Exco for Tourism and Environment Datuk Dr Chua Soi Lek (right) and Hotel Crowne Plaza general manager Nash Nasihin Ali display a poster during the pre-launch of Bugfest Malaysia. The festival, themed 'Beetle, A...

Overcapacity puts pressure on rubber glove prices.
June 28, 2001... LOCAL rubber glovemakers may have gone overboard, squeezing as much profit as they can from sales by boosting production to the extent that they are now plaqued with a 20 per cent overcapacity situation. Malaysian Rubber Glove...

Low volumes an early sign of KLSE uptrend?
June 28, 2001... THE Kuala Lumpur Stock Exchange Composite Index (KLCI) may be on the brink of an uptrend provided the 550-point support level is not breached in the near term, say chartists. "Buying uncertainty on low volumes is a sign of a reversal,...

RM10b in corporate bonds may be issued by year-end (HL).
June 28, 2001... BETWEEN RM3 billion and RM4 billion of corporate bonds will be issued in the next two or three months, and possibly in excess of RM10 billion by year-end, analysts estimate. As a result, a buyer's market is much in prospect, giving...

Interest rates not likely to be adjusted: PM.
June 28, 2001... MALAYSIA is unlikely to adjust its interest rates despite the possibility of another round of key rate cuts by the US central bank, says Prime Minister Datuk Seri Dr Mahathir Mohamad. Interest rates alone do not determine the performance...

Total factor productivity and its determinants.
June 28, 2001... TOTAL Factor Productivity (TFP) measures the synergy and efficiency of the utilisation of both capital and human resources. According to National Productivity Corporation (NPC), TFP is also seen as a yardstick of the level of...

Recruiting challenges continue despite layoff wave.
June 28, 2001... MAJOR corporate layoffs following weak global economy seem to give employers ample choice of recruiting quality employees. However, Watson Wyatt Worldwide business leader for recruiting solutions Jane Paradiso said it is not so in...

Banks, unions seek ministry's help on third Sat off.
June 28, 2001... THE National Union of Bank Employees (Nube) and the Malaysian Commercial Bank Association (MCBA) are said to have sought advice from the Human Resources Ministry on their agreement to have the third Saturday of every month as a bank holiday....

Cham to clear the air at meeting.
June 28, 2001... THE Container Hauliers Association of Malaysia (Cham) president Mirzan Mahathir is expected to address various allegations thrown against the association at its annual general meeting later today. In the past, the Cham members were...

IT index closes lower.
June 27, 2001... THE MSC IT Index closed at 134.557 points, decreasing 0.153 points from 134.710 the previous trading day, reported www.MSCTimes.com. This represents a fall of 0.001 per cent over the previous trading day, with the market capitalisation...

Jointly keeping the straits safe.
June 27, 2001... MR HIROSHI Terashima's lament on piracy in the Straits of Malacca is an old complaint repeated over and over again by many parties. They include establishments like The Nippon Foundation, which Terashima represents as its executive director,...

US analysts come under fire for credibility.
June 27, 2001... THE "mice" are getting restless. They are beginning to suspect that the "Pied Pipers of Wall Street" are selling them down the river. Accustomed for years following every other recommendations stock analysts make, investors now think...

Klibor futures close lower.
June 27, 2001... THREE-month Klibor futures contracts on the Malaysia Derivatives Exchange ended lower on far month contracts yesterday. A dealer attributed the softer futures rates to the easing liquidity levels in the underlying interbank market albeit...

Johor Port pre-tax profit surges 29.8pc to RM83.7m.
June 27, 2001... JOHOR Port Bhd has recorded a consolidated profit before tax of RM83.7 million for the financial year ended December 31 2000, an increase of 29.8 per cent from RM64.5 million achieved the previous year. The port's turnover rose by 12.6...

'Better to use private units for Bakun bid'.
June 27, 2001... TAN Sri Ting Pek Khiing's privately-owned vehicles such as Global Uphill Sdn Bhd are expected to have the edge over his public-listed companies when tendering for the RM9 billion Bakun Hydroelectric Dam contracts, say analysts. Due to...

Small Djibouti thrives under President Ismail.
June 27, 2001... DJIBOUTI is located by the Red Sea, which lays between the African Continent and the Arabic Peninsula. It is separated fom Yemen by the Bab El Mandeb strait, which separates Africa from the Arab Peninsula. A peace loving country, Djibouti...

Country plans to set up embassy here.
June 27, 2001... IT HAS been three years since the then Djibouti President, Hassan Gouled Aptidon visited Malaysia but there has yet to be significant effect on the bilateral relations of the two nations. Today, Djibouti celebrates its 24th anniversary...

Puncak Alam hands over keys to buyers.
June 27, 2001... PUNCAK Alam Housing Sdn Bhd, the developer of Bandar Baru Puncak Alam, handed over keys to 260 house buyers of its Phase 3A2 project last week. Parliamentary Secretary to the Prime Minister's Department Datuk Noh Omar officiated the...

Economists bullish on turnaround in early 2002.
June 27, 2001... CHANCES of Malaysia turning around its shrinking economic growth in the second half of this year look slim but economists are bullish it will happen in 2002 with the US economy looking certain to bottom out by the end of this year. "Our...

Bank finances shipping and high-technology industries.
June 27, 2001... BANK Industri & Teknologi Malaysia Bhd is the product of the Government's positive policy approach towards improving the shipping industry. Bank Industri & Teknologi (then known as Bank Kemajuan Perusahaan Malaysia Bhd) was formed on...

'Rubber will always have place in Malaysian economy'.
June 27, 2001... THE rubber sector will always have a place in Malaysia as rubber is a strategic commodity needed by industries, Rural Development Minister Datuk Azmi Khalid said yesterday. He said even though many perceive the industry as "a sunset...

Small shareholders watchdog to start up next week.
June 27, 2001... THE long-awaited minority shareholders watchdog body will begin operations next week, a move which is expected to help raise the standard of corporate governance among Malaysian listed companies. The non-profit organisation will focus on...

Banks may be bracing for rise in NPL's.
June 27, 2001... THE banking sector may be bracing itself for an acceleration in non- performing loans (NPLs) amid signs of growing "second-tier loan defaults", including among listed companies. Such defaults are a chain reaction caused by the inability...

Rivals cry foul over Celcom-DiGi SMS agreement.
June 27, 2001... RIVAL mobile phone operators are crying foul over the agreement by Celcom (M) Sdn Bhd and DiGi.Com Bhd to allow their subscribers to send and receive text messages across the two networks. Maxis Communications Bhd, Time Wireless Sdn Bhd...

Power demand sufficient to take up all of Bakun output (HL).
June 27, 2001... DEMAND for electricity in Borneo is expected to be sufficient to take up almost all of the Bakun Hydroelectric Power project's capacity output. The question of excess power does not arise as the 1,700MW to be produced by the RM9 billion...

Plantation companies to reduce output cost, up extraction rates.
June 27, 2001... PLANTATION companies are strategising to reduce production cost and increase oil extraction rates of palm oil in light of depressed crude palm oil (CPO) prices, analysts say. Labour accounts for as much as 50 per cent of production cost,...

Naluri to decide in new core business by August.
June 27, 2001... NALURI Bhd expects to decide where to invest most of its RM900 million in hard cash by August this year, the company's executive director Saw Huat Lye says. "The Kuala Lumpur Stock Exchange (KLSE) has given us six months from February to...

KLSE has final word on delisting ailing firms: SC.
June 27, 2001... THE Securities Commission (SC) says the Kuala Lumpur Stock Exchange (KLSE) has the final word on whether troubled companies such as Rekapacific Bhd should be booted off the exchange. It also says Rekapacific's minority shareholders should...

Rekapacific reveals reason for part of RM1.4b losses.
June 27, 2001... REKAPACIFIC Bhd has finally broken a three-year silence to reveal how it sustained part of at least RM1.4 billion in accumulated losses over the last four years. The company yesterday said it made provisions for a sum of RM246.8 million...

Evolution of mobile computing.
June 27, 2001... THE future of mobile computing was decided the day users felt the need to access data stored on their desktop computer, or perhaps wanted to use it for "edutainment", away from the confines of their offices. Moreover, as competition in...