Business Times (Malaysia) articles from March 2009

Business Times (Malaysia) archives from March 2009

Strategic tie-up with AIA signed.
March 31, 2009... CIMB Wealth Advisors Bhd is partnering AIA Bhd, the Malaysian unit of American International Assurance Co Ltd (AIA Co), to offer a wide range of insurance plans to consumers. Under the 10-year exclusive agreement, 5,500 agents and...

Perodua expects slowdown to put the brakes on sales.
March 31, 2009... Byline: R.S. Kamini PERUSAHAAN Otomobil Kedua Sdn Bhd (Perodua) expects car sales to drop by up to 10 per cent this year due to the global economic meltdown. Managing director Datuk Syed Abdull Hafiz Syed Abu Bakar said Perodua sold...

Cagamas issues largest private debt securities so far this year.
March 31, 2009... NATIONAL mortgage firm Cagamas Bhd has issued RM2.07 billion worth of conventional and Islamic bonds, the largest private debt securities offering so far this year. The issue, consisting of RM1.16 billion conventional and RM915 million...

Labour D-G to meet with management.
March 31, 2009... Byline: Annie Freeda Cruez DIRECTOR-GENERAL of Labour Datuk Ismail Abdul Rahim will meet with the CIMB Group management on Thursday to get details of its no-pay leave offer to employees beginning April 1. "We have to make sure that...

Win-win move for CIMB, staff: Nazir.
March 31, 2009... Byline: Rupinder Singh CIMB Group, the country's second largest lender, says its no-pay leave offer to its 36,000 employees should not be construed as an intention to cut its staff strength. Rather, it is the group's effort to reduce...

FMM awaits govt response to foreign workers levy appeal.
March 31, 2009... Byline: Azlan Abu Bakar LOCAL manufacturers said the implementation of the revised foreign workers levy policy to be imposed on April 1 will further hurt their sector. Federation of Malaysian Manufacturers (FMM) president Datuk...

PSG to step up sales with RM5m plan.
March 31, 2009... Byline: Sharen Kaur PUMA Sports Goods (PSG) Sdn Bhd expects higher sales this year as it expands its network and spends more on promotions to gain new customers. It has 180 distribution channels now, and has budgeted some RM5 million to...

KLM sees 20pc capacity boost with new fleet.
March 31, 2009... Byline: Zurinna Raja Adam KLM Royal Dutch Airlines expects a 20 per cent increase in capacity with the use of its new fleet of Boeing 777 on its Amsterdam-Kuala Lumpur-Jakarta route, which replaces the smaller 747-400. The move is...

KL is QMS Software's regional hub.
March 31, 2009... Byline: Kamarul Yunus QMS SOFTWARE Ltd, developer of leading customer care solutions, recently opened a Malaysian office that will serve its customers in Asia Pacific, amid the current global economic downturn. Its co-founder and...

North Americans consuming more palm oil.
March 31, 2009... Byline: Ooi Tee Ching MALAYSIAN palm oil exporters are benefiting from the US recession, as cost-conscious Americans buy more ready-to-eat meals that are mainly cooked in palm oil and margarine. Demand for palm oil is also rising...

MNRB mulls RM30m provision for equity investment losses.
March 31, 2009... Byline: Rupinder Singh REINSURANCE firm MNRB Holdings Bhd said it may have to set aside up to RM30 million in provisions in the current fiscal year, which ends March 31 2009, to cover losses in equity investments. President and group...

Ramunia extends losses due to lower book orders.
March 31, 2009... RAMUNIA Holdings Bhd has extended its losses from the previous financial year into the first quarter of financial year 2009, due to lower book orders. "The board of directors are cautiously optimistic on the future business direction of...

Strong demand for local auto parts.
March 31, 2009... Byline: Kamarul Yunus MALAYSIAN auto parts and components makers have clinched sales worth RM20.62 million and expect an additional RM89.93 million in potential sales of their products from foreign buyers who participated in the...

Proton eyes RM2b sales boost from Detroit deal.
March 31, 2009... Byline: Jeeva Arulampalam PROTON Holdings Bhd expects RM2 billion in revenue contribution over the next four years from its strategic tie-up with electric car specialist Detroit Electric Holdings Ltd. The target is based on the...

NCB Holdings braces for storm clouds ahead.
March 31, 2009... Byline: Presenna Nambiar NCB Holdings Bhd is bracing for a challenging year as its port-operating subsidiary, Northport (Malaysia) Bhd, saw container throughput fall almost 15 per cent in the first two months of 2009. Northport...

MDC seeks more measures to stimulate housing mart.
March 31, 2009... THE Malaysian Developers' Council (MDC) - which groups together associations representing property developers nationwide - has urged the government to come up with more measures to stimulate the housing market. The government plans to...

India seeks pharmaceutical partnerships.
March 31, 2009... Byline: Rupa Damodaran INDIA'S pharmaceutical industry is looking to partner with Malaysian companies to expand manufacturing of off-patented medicines, said a visiting Indian government official. Joint Secretary of the Department of...

Sindora shareholders give nod to oil palm estate swap.
March 31, 2009... SINDORA Bhd's shareholders in a meeting yesterday approved the exchange of its Ladang Sungai Simpang Kiri (LSSK) oil palm estate in Batu Pahat with Sime Darby Plantation Sdn Bhd's Ladang Sungai Tawing (LST) in Kluang, both located in Johor....

Suria KLCC eyes 5pc growth in retail sales.
March 31, 2009... Byline: Vasantha Ganesan AMIDST the gloomy outlook of a weakening economy and dampened consumer sentiments, one of Kuala Lumpur's shopping bright spots, Suria KLCC, expects total retail sales to grow for the 11th consecutive year. ...

Jerneh aims for 10pc growth in premiums.
March 31, 2009... WITH regard to the article "Jerneh predicts lower premium this year" published on March 26 2009, Jerneh Insurance Bhd has clarified that it is aiming for a 10 per cent growth in gross premiums this year, despite the fact that last year its...

Wah Seong may stage follow-through rebound.
March 31, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia staged their technical pullbacks in tandem with the major weaknesses on the regional stock markets yesterday. Overall declining counters overwhelmed advancing counters by 330 to 144....

Berjaya Corp banks on BToto, Cosway to remain resilient.
March 31, 2009... DIVERSIFIED group Berjaya Corp Bhd is confident that it will be profitable for the rest of the year, due to the resilience of its numbers forecast operator (NFO) and direct selling units. Third-quarter net profit more than halved due to a...

Woodlandor to sell shop to Time 2.
March 31, 2009... WOODLANDOR Holdings Bhd is selling its four-and-a-half storey leasehold shop on Jalan Kuchai Lama to Time 2 Hotel Sdn Bhd for RM3 million. The company said the disposal will improve the group's cash flow position and lower gearing and finance...

EON Bank evaluates capital structure.
March 31, 2009... EON Bank Group said the group is evaluating its capital structure in the current economic environment, as are other financial institutions. "This is a preliminary exercise and no decision on new capital raising has been made," it told...

It'll be survival of the fittest: HwangDBS.
March 30, 2009... Byline: Chong Pooi Koon 'IT WILL be survival of the fittest.' Whether in the US or Asia, only the leanest banks with the healthiest balance sheet and outlook will survive the financial meltdown, HwangDBS Investment Bank Bhd managing...

Blue skies ahead for Skybus.
March 30, 2009... Byline: Roziana Hamsawi SKYBUS Ventures Sdn Bhd, operator of the SkyBus fleet for Sepang's low-cost carrier terminal (LCCT), will spend up to RM13 million on new buses this year, due to strong demand. SkyBus chief executive officer...

Eastway Equipment expects fans to blow sales.
March 30, 2009... Byline: Azlan Abu Bakar EASTWAY Equipment Sdn Bhd, a distributor of industrial fans, is optimistic of good sales for its Revolution fans this year despite the current gloomy market. The company, the sole distributor of US-made Rite...

KLCI expected to take a breather.
March 30, 2009... Byline: Kaladher Govindan STRONG rebounds in the US and regional markets had a spillover effect on the local market that helped sustain positive momentum for the week while the Umno delegates chose their favourite picks to become the top...

Sure Corporate eyeing property bargains in KL.
March 30, 2009... Byline: Sharen Kaur FOREIGNERS are fishing for investment opportunities in Malaysia's property sector, riding on the gloomy economy that has made properties cheaper by 15 to 30 per cent, especially in Kuala Lumpur. Property...

India's VMU expects Malaysia to be top revenue churner.
March 30, 2009... Byline: Vasantha Ganesan INDIA'S Vinayaka Missions University (VMU), which is investing RM225 million over five years in Malaysia, said the country is its biggest investment abroad. Malaysia will also be the 26-year-old private...

Plan for medical college here.
March 30, 2009... VINAYAKA Missions University (VMU), one of the India's largest private universities, may open a medical college in Malaysia. It already operates the Penang International Dental College and Suria College (offering allied sciences, nursing...

KLCI futures to stay within the 900 limit.
March 30, 2009... Byline: Bernard THE March contract on the Bursa Malaysia Derivatives Bhd closed higher at 887 with a decline in open interest of 20,050 contracts last week. The March contract rallied to the high of 895 after cracking the consolidation...

Company bosses told to build the bond, then talk.
March 30, 2009... Byline: Zaidi Isham Ismail COMPANY bosses are much like hostage negotiators, Professor George A. Kohlrieser said. They might not have a gun pointed to their heads but they are held hostage by shareholders, workers, and bankers,...

Pan Arab Dev-Hong Bee project talks.
March 30, 2009... Byline: Sharen Kaur PAN Arab Development Co Sdn Bhd, controlled by a Pakistan businessman, aims to develop a commercial project in the Klang Valley, in partnership with the Hong Bee Group. Its founder Aftab Adamjee said its...

Habib to invest RM9m on three new outlet openings.
March 30, 2009... Byline: Marina Emmanuel JEWELLERY maker Habib Jewels Sdn Bhd has budgeted RM9 million this year to add three new outlets to its existing chain of 20 nationwide. General manager Gary Joseph said a RM3 million store is set to open next...

SGI projects flat revenue growth amid stagnant occupancy.
March 30, 2009... Byline: Sharen Kaur PJ DEVELOPMENT Holdings Bhd's leisure group, Swiss-Garden International Hotels, Resorts & Inns (SGI), is projecting a flat revenue growth this year as hotel occupancy remains stagnant. It posted revenue of RM80...

EPIC likely to stage follow-through rebound.
March 30, 2009... Byline: S.N. Lock LAST week, share prices on Bursa Malaysia staged their follow-through rebounds in unison with the extended rebounds on Wall Street and regional stock markets. The Kuala Lumpur Composite Index (KLCI) continued to stay...

Bond market weakens.
March 30, 2009... THE MGS market started the week strongly after the change in MGS auction calendar that shifted the supply pipeline towards the shorter-end of the curve. The receding supply concern on the long-end, coupled with the attractive valuation led to...

Will March data break bull trend?
March 30, 2009... Byline: W.Q. Mun LONG-TERM TREND: Bull market SHORT-TERM TREND: Clear and present danger of further selling snowballing into a mini-avalanche if no new bullish leads appear soon to give this market a lift Momentum Index: +130 Relative...

MCIS expects to close deal with EON Bank by end-Sept.
March 30, 2009... Byline: Rupinder Singh MCIS Zurich Insurance Bhd expects EON Bank Bhd to become its new major shareholder by the end of September this year, said its top executive. "If everything goes well and a lot of it depends on the...

Cyberview draws up 5-year plan for Cyberjaya.
March 30, 2009... Byline: Sharen Kaur CYBERVIEW Sdn Bhd is drawing up new plans for Cyberjaya - including products and development - that will cover a five-year period from 2011 to 2015, a top official said. "We will have a round of discussion with...

HwangDBS looks to more loan deals.
March 30, 2009... Byline: Chong Pooi Koon HWANGDBS Investment Bank Bhd plans to arrange more syndicated loans to companies, particularly in the oil and gas sector, taking advantage of the still seized up bond market and stricter bank lending. The bank...

Khind gains as buyers choose cheaper items amid downturn.
March 30, 2009... Byline: Ooi Tee Ching KHIND Holdings Bhd, a local household appliance maker, says its sales are rising as consumers, spooked by news of recession, switch to cheaper items. "In the last three months, our local sales have increased....

Macro Kiosk keyed up for growth.
March 30, 2009... Byline: Goh Thean Eu MACRO Kiosk Bhd is optimistic of increasing business as more companies are using customised mobile messages to better reach their customers and save on cost, a senior official said. The company operates a mobile...

'Set up council to boost medical tourism'.
March 30, 2009... Byline: Sharen Kaur THE National Chambers of Commerce and Industry Malaysia (NCCIM) has proposed that the government set up a Health Tourism Promotion Council (HTPC) to boost the multi-billion-ringgit medical tourism sector. The...

DHL launches real-time shipment tracking tool.
March 30, 2009... DHL, the world's leading express and logistics company, has enhanced its customer service standards with the launch of DHL ProViewTM, a web-based tool that provides customers with real-time shipment tracking and monitoring. Instead of...

CMA CGM reshuffles services.
March 30, 2009... FRENCH ocean carrier CMA CGM Group will stop its Asia/US East Coast (ESX/SAX) liner service from the end of this month, as part of the rationalisation of its services between major Chinese export hubs and key destinations on the US East...

Dagang Net may cut rates for electronic trade deals.
March 30, 2009... Byline: Kang Siew Li DAGANG Net Technologies Sdn Bhd, the country's sole provider of Customs and trade facilitation solutions, may lower its rates this year to help users of its SMK-Dagang.Net system tide over the global economic crisis....

Global Maritime expects to stay profitable in 2009.
March 30, 2009... Byline: Presenna Nambiar GLOBAL Maritime Ventures Bhd (GMV), a subsidiary of Bank Pembangunan Malaysia Bhd, expects to stay profitable in 2009, helped by the performance of the tanker and offshore supply vessel (OSV) sectors, and new...

Malaysia takes pole position in regional car sales.
March 28, 2009... Byline: Goh Thean Eu MALAYSIA sold the most number of cars in January, for the first time in 10 years beating other markets in Southeast Asia. The global economic slowdown has had a bigger impact on other countries in the region and...

In a constant state of readiness.
March 28, 2009... Byline: Lokman Mansor THERE are times, as a journalist, when taking notes can be a distraction. When that happens, it's best to put the pen down and just watch and listen. Last week's Bank Negara briefing to editors, ahead of...

Malaysia moves up Forbes best list.
March 28, 2009... MALAYSIA'S business climate has improved and is rated 25th best worldwide by US-based magazine Forbes for 2009. It managed to move up 13 spots from last year, making it one of the biggest movers in Forbes' latest "Best Countries for...

Homeolab emphasises quality control, good production practice.
March 28, 2009... THE production of Examo-CKM 500, a well-known mind-based product, three decades ago started from a small-scale effort by its founders, Prof Dr Azizan Ismail and his wife, Prof Dr Hamsiah Ismail. Due to its effectiveness, the product has been...

Adapt, adjust and accommodate to survive global economic meltdown.
March 28, 2009... Byline: Datuk Vijay Eswaran IF THE base of an inverted pyramid was held together by a small group of stones, and the spaces in between were filled with pebbles and sand, and if we removed a single stone from that foundation, the pyramid...

Mindshare gets AdAge award.
March 28, 2009... MINDSHARE has been awarded Global Media Agency of the Year award by industry magazine Advertising Age. The award follows a momentous year for the WPP-owned network, which restructured its operations last year, merging 12 agency units into...

Ferco completes US$2m German stadium job.
March 28, 2009... FERCO Seating Systems (Malaysia) Sdn Bhd recently completed the installation of 30,000 seats at the Rhein-Neckar - German Bundesliga's TSG Hoffenheim Football Club stadium. The stadium was opened in January this year in time to support...

In a bind over disputed call option.
March 28, 2009... Byline: Rupinder Singh THE US-based ACE INA Int Holdings Ltd (ACE Inc) says it has explained to its Malaysian partner why it wants to fully own ACE Synergy Insurance Bhd. This has left Advance Synergy Capital Bhd (Ascap), which holds...

Syarikat Takaful to sell assets to EXIM.
March 28, 2009... SYARIKAT Takaful Malaysia Bhd is selling seven pieces of land together with an 18-storey office building in Kuala Lumpur to Export-Import Bank of Malaysia Bhd (EXIM) for RM63 million. The disposal, which is in line with its strategy to focus...

AirAsia-OnAir inflight phone call pact.
March 28, 2009... AIRASIA Bhd has entered into a memorandum of understanding with OnAir Switzerland Sarl to work on in-flight phone call services. The contract with OnAir forms part of the low-cost carrier's effort to increase variety and improve the quality...

Metro Kajang to buy land in Selangor.
March 28, 2009... METRO Kajang Holdings Bhd is buying a 68.1ha land in Berang, Ulu Langat, in Selangor, for RM31.95 million from The Glengowrie Rubber Co Sdn Bhd for property development. The mixed residential and commercial development with RM335 million in...

MAS chief receives Italian govt award.
March 28, 2009... MALAYSIA Airlines' (MAS) managing director and chief executive officer Datuk Seri Idris Jala recently took home the Order of the Star of the Italian Solidarity (OSSI) award from the Italian Government. The award was instituted in 1948 to...

Mart likely to take out resistance of 900.
March 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia staged their follow-through rebounds for the second consecutive weeks. The Kuala Lumpur Composite Index (KLCI) stayed below its overhead resistance of 900 when it closed at 885.43 points...

CIMB to 'rejuvenate' staff.
March 28, 2009... Byline: Jeeva Arulampalam CIMB Group, the country's second largest banking group, has offered employees the option of taking no-pay leave in an effort to reduce cost amid the economic downturn. The company issued a memorandum on...

Hollywood, Big Apple now beckon.
March 28, 2009... Byline: Azlan Abu Bakar AIRASIA X, the long-haul affiliate of budget carrier AirAsia Bhd, may fly to the US by the year-end to expand its business. Airports in Los Angeles and New York have asked the carrier whether it could make the...

Main board-builder Isyoda set to go private in June.
March 28, 2009... Byline: Adeline Paul Raj ISYODA Corp Bhd's shareholders have approved a RM17 million privatisation plan, paving the way for the main board builder to be taken off the stock market in June. It follows the ranks of at least 15 other...

NYK gets nod not to buy rest of Tasco.
March 28, 2009... Byline: Sharen Kaur THE Securities Commission has given NYK Group permission not to buy the rest of Trans-Asia Shipping Corp Bhd (Tasco) after the Japanese shipping company struck a deal to take control of the Malaysian logistics...

Third stimulus likely but not rate cuts.
March 27, 2009... Byline: Rupa Damodaran AMRESEARCH sees Malaysia needing a third stimulus package, while US investment bank Citi expects the central bank to take a breather and not cut the key interest rate next month. Bank Negara Malaysia has cut...

Ajinomoto, Bina Puri eye Syria for expansion.
March 27, 2009... Byline: Sharen Kaur FOOD company Ajinomoto (M) Bhd and construction firm Bina Puri Holdings Bhd may expand to Syria as they seek to boost earnings. Bina Puri could bid to build highways, roads and bridges, while Ajinomoto is...

Slumberland sales not snoozing despite slowdown.
March 27, 2009... Byline: Zaidi Isham Ismail MATTRESS maker Slumberland, part of Europe's biggest bedding company, aims to sell 12,000 pieces of its newly launched TempSmart mattress this year. Each mattress starts from as low as RM2,000 for a...

Mohammad Azlan is Big Tree Outdoor's CEO.
March 27, 2009... BIG Tree Outdoor Sdn Bhd, an outdoor advertising company, has appointed Mohammad Azlan Abdullah as its new chief executive officer, effective January 1 2009. Mohammad Azlan, 40, began his career in Big Tree, a wholly-owned subsidiary of Media...

Unicorn Malaysia sees better results this year.
March 27, 2009... Byline: Roziana Hamsawi MALAYSIA's first international Islamic bank, Unicorn International Islamic Bank Malaysia Bhd (Unicorn Malaysia), has announced its first full year results for 2008 of RM812,546, way below its own initial target....

Nestle expects higher sales for new Honey Stars cereals.
March 27, 2009... Byline: Goh Thean Eu NESTLE (Malaysia) Bhd, the world's largest food and beverage company, hopes to sell more of its Honey Stars breakfast cereals this year, by improving the cereal's nutritional values. The new and improved Nestle...

Dynamics of SSM e-Lodgement.
March 27, 2009... INFORMATION technology (IT) is becoming an integral part of doing business. Internet connectivity is being increasingly viewed by many as an important tool that enables the convergence of communications especially in the business world. ...

United Nations boost for kenaf project.
March 27, 2009... Byline: Ooi Tee Ching MALAYSIA'S fledgling kenaf industry in Kelantan and Terengganu will receive a boost from the United Nations to test out industrial and commercial use of this new commodity. Kenaf, scientifically known as...

Japan's NYK to take control of Tasco.
March 27, 2009... JAPAN'S largest shipping firm by sales, Nippon Yusen Kabushiki Kaisha (NYK Group), is taking control of Trans-Asia Shipping Corp Bhd (Tasco) to boost its earnings. It now holds 27.74 per cent but it has agreed to buy more shares from...

LM Star eyes truck assembly in Indonesia.
March 27, 2009... Byline: Satiman Jamin LOCAL car company LM Star Autoworld Sdn Bhd wants to assemble its trucks in Indonesia but this will only happen once it has established its brand there. Its chairman Datuk Abdullah Shikh Mohamed said the company...

i-VCAP receives Islamic fund management licence.
March 27, 2009... i-VCAP Management Sdn Bhd has received Securities Commission approval to operate as a full-fledged Islamic fund management company. It now has an Islamic fund management licence. Previously, it had a general fund management services...

EPIC to spend RM100m on Kemaman facilities, business.
March 27, 2009... Byline: Kamarul Yunus EASTERN Pacific Industrial Corp Bhd (EPIC), an oil and gas support services provider, plans to invest up to RM100 million this year to expand its facilities and business in Kemaman. The company, whose major...

MARC aims to maintain net profit this year.
March 27, 2009... Byline: Vasantha Ganesan MALAYSIAN Rating Corp Bhd (MARC) expects to maintain its net profit this year, driven by new products and a government plan to boost bond sales. The rating agency, one of two in Malaysia, made a net profit of...

CIMB cuts JobStreet rating to neutral.
March 27, 2009... CIMB Research has downgraded JobStreet Corp Bhd's stock from "outperform" to "neutral", as it sees no end to the slowdown in jobs in the company's three key markets: Malaysia, Singapore and the Philippines. Correspondingly, it has cut...

Ensuring world-class roads a top priority for Works Ministry.
March 27, 2009... MOST motorists perceive that all repairs or maintenance of federal roads is the responsibility of the Works Ministry alone - this is not true. To note, there are 16,500km of federal roads belonging to the ministry as declared by the...

FMM: Review changes to foreign workers levy policy.
March 27, 2009... THE Federation of Malaysian Manufacturers (FMM) has asked the government to review recently proposed changes to foreign workers levy policy and defer its implementation until economic conditions improve. In a statement, FMM said the...

MAHB sees RM591m EBITDA profits as passenger traffic falls.
March 27, 2009... MALAYSIA Airports Holdings Bhd (MAHB) expects its EBITDA profit to come in at RM591 million this year, on the assumption that passenger traffic at all its airports in the country will contract 5 per cent. EBITDA is the company's earnings...

UAE, India jobs to fuel Faber's growing profit.
March 27, 2009... Byline: Zuraimi Abdullah FABER Group Bhd, a healthcare support services group, sees growth continuing this year, buoyed by current and potential jobs in the United Arab Emirates and India. It is also committing itself to paying...