Business Times (Malaysia) articles from October 2001

Business Times (Malaysia) archives from October 2001

KJS eyes role in 2 states' infrastructure development.
October 31, 2001... KONSORTIUM Jaringan Selangor (KJS) Sdn Bhd, the newly appointed intermediary between the Selangor Government and private telecommunications companies (telcos), has offered to play the role for all other private utilities in Selangor and Negri...

Tobacco giants initiate tough marketing rules.
October 31, 2001... MALAYSIANS used to catching big football and musical events on television for free may soon be denied the pleasure. The world's three tobacco giants - British American Tobacco, Japan Tobacco International and Philip Morris - have...

Bashir is Transport Ministry adviser.
October 31, 2001... THE Transport Ministry is believed to have appointed a private individual as an adviser, making it only second ministry after the Finance Ministry known to have done so. Datuk Bashir Ahmad (right), former executive vice-president...

KWAP made some investments without panel's nod.
October 31, 2001... KUMPULAN Wang Amanah Pencen (KWAP) made several investments without prior approval of its investment panel. Auditor-General Datuk Dr Hadenan Abdul Jalil said this in his 2000 report, pointing out that the practice reflects "a few...

Nation's tax rate competitive in the region.
October 31, 2001... MALAYSIA'S effective tax rate of 8 per cent is among the most competitive in the region, says Deputy Finance Minister Datuk Chan Kong Choy. He said while the corporate tax rate of 28 per cent stands a bit higher than that of Singapore's...

Retailers need to boost customer service, store appearance.
October 31, 2001... MALAYSIA can become a shopping haven by 2003, but local retailers have a long way to go, a US retail and consumer consultant said. Barbara C. Wold, a consultant for America's Retail and Consumer Authority, said that while she was...

Rate of NPL rise expected to slow down next year.
October 31, 2001... MALAYSIA'S non-performing loans (NPLs) are expected to continue rising till year-end, but the rate of increase is likely to lose steam some time next year. Analysts said banks are expected to announce higher NPLs in the third and fourth...

MICE sees major decrease in number of events.
October 31, 2001... LIKE other industries in the economy, Malaysia's meetings, incentives, conventions and exhibitions (MICE) industry was not able to escape from the clutches of the September 11 terrorist attacks on the US that created havoc in many people's...

Lower demand for foreign currencies.
October 31, 2001... DEMAND for foreign currencies have weakened over the past 10 months amid the slowing economic activities in the country, forex dealers say. A dealer at a foreign bank-backed forex house said demand for US dollars alone has slid between 30...

Index down 1.6 pct.
October 31, 2001... THE MSC IT Index closed at 122.387 points, a decrease of 1.948 points from 124.335 the previous trading day, reports www.MSCTimes.com. This represents a fall of 1.567 per cent over the previous trading day, with the market capitalisation...

Govt wraps up study on laws hindering growth of k-society.
October 31, 2001... THE Government has completed its study on some 700 laws that are inconsistent or hinder the efforts to transform Malaysia into a knowledge- based society (k-society). Energy, Communications and Multimedia Minister Datuk Amar Leo Moggie...

Compaq's local PC sales grow despite slow global demand.
October 31, 2001... COMPAQ'S sales for personal computer (PC) in Malaysia grew in the last quarter despite further worsening expected in the global electronics demand following the September 11 attack on the US. "In sections where Compaq markets its products...

More phony scoops to come?
October 31, 2001... AL JAZEERA of Qatar should quickly introduce an English website to restore some order and balance in the ferocious propaganda war. One's anxiety races wildly watching CNN Tuesday morning when a Hong Kong-based westerner was queried on the...

Boiling oil geopolitics.
October 31, 2001... THE slower business faced by major industries in the West, a slump in air travel, and no signs of the weather turning particularly inclement in the winter ahead are threatening to cause an oil price slick that will sorely test the resolve and...

EON monthly sales.
October 31, 2001... LOCAL car distributor Edaran Otomobil Nasional Bhd (EON) is confident of monthly average sales of 12,000 units for the rest of 2001, not 2002 as reported yesterday. The error is regretted.

Glomac eyes high-end housing project.
October 31, 2001... GLOMAC Bhd will embark on its first venture into high-end residential project in March next year. The new development project, which is yet to be named, will comprise a mix of two-storey terraced houses, semi-detached houses, detached...

Private sector concerned about SEDC competition.
October 31, 2001... THE private sector is concerned that state economic development corporations (SEDCs) are directly competing with them in undertaking business ventures. The Federation of Public-Listed Companies Bhd's chairman Datuk Megat Najmuddin Khas...

RM1.4b partial redemption for PLUS bondholders.
October 31, 2001... TOLL highway operator Projek Lebuhraya Utara Selatan (PLUS) bondholders received some RM1.4 billion yesterday for a partial redemption of the company's RM16 billion bonds due in 2006. The payment follows the successful negotiation with...

Tenaga's request turns spotlight on Sepang Power.
October 31, 2001... TENAGA Nasional Bhd's call for two independent power producers (IPP) to delay completion of their coal-fired plants has turned the spotlight on Sepang Power Sdn Bhd, the developer of a gas-powered station in Selangor. A 70 per cent unit...

Firms to discuss Palmco shareholding spread.
October 31, 2001... IOI Corp Bhd says it has to work out with Sime Darby Bhd on how to bring oleochemical manufacturer Palmco Holdings Bhd's public shareholding spread back within Kuala Lumpur Stock Exchange (KLSE) requirements. Following a takeover tussle...

Rest of the news.
October 31, 2001... SRIWANI Holdings Bhd and some of its subsidiaries have been granted a six- month time extension from the High Court of Malaya last Friday to convene their respective creditors and shareholders meeting from October 18 2001 to April 17 2002....

Valuers join race to export services.
October 31, 2001... EIGHT local property valuers - armed with the ISO 9001 certification - have joined the race to export their services abroad, amid moves to liberalise the professional services sector. The threat of liberalisation and the formation of the...

Cautious trade to persist on lack of leads.
October 31, 2001... INVESTORS are expected to trade cautiously on the Kuala Lumpur Stock Exchange (KLSE) today as selling pressure and lack of interest is anticipated to persist in the near term, said analysts. They said market volatility and lack of fresh...

Spot futures close lower.
October 31, 2001... THE Malaysian Derivatives Exchange (Mdex) closed lower yesterday in line with the weaker cash market. Spot October contracts declined 1.7 points to end at 605.3 with 533 lots changing hands while November futures contracts slipped 1.7...

'KLB loses 20 pct logistics business to new hauliers'.
October 31, 2001... KONSORTIUM Logistik Bhd (KLB) has lost 20 per cent of its logistics business after the Government licensed 50 new hauliers to further improve services in the sector. Executive chairman and president Mirzan Mahathir said the company will...

Govt to probe dumping of SCP.
October 31, 2001... THE Government will investigate the practice of dumping self-copy paper (SCP) or carbonless NCR (non-carbon required) in the local market by foreign companies. Local manufacturers namely Gamuda Paper Industries, Toyoma Non-Carbon Paper...

Klibor futures close untraded.
October 30, 2001... THERE were no transactions for the three-month Klibor futures contracts on the Malaysia Derivatives Exchange (MDEX) yesterday. Therefore, all contracts closed unchanged. November 2001 settled unchanged at 96.75 (implied yield 3.25 per...

More banks succeed in establishing Islamic banking services.
October 30, 2001... LOCAL banks have achieved much in their respective efforts to establish Islamic banking services in their operations. While most financial institutions have captured between 10 per cent and 15 per cent of their total banking operations,...

Islamic Banking Week activities.
October 30, 2001... BANK Islam Malaysia Bhd (BIMB) has lined up a variety of activities in conjunction with Islamic Banking and Takaful Week, which runs until Friday. Yesterday BIMB organised a talk on the Syariah concept and credit cards at the Putra World...

London Biscuits to roll out new flavours.
October 30, 2001... LONDON Biscuits Bhd plans to increase its presence in both the domestic and foreign markets, by penetrating the lucrative hypermarket segment and introducing new flavours for its products. The company, which plans to be listed on the...

EON targets army personnel for Islamic finance scheme.
October 30, 2001... EON Bank Group has received some 600 applications from the armed forces amounting to RM9.2 million for its army gratuity Islamic financing scheme for retiring army personnel. Its Islamic banking division chief operating officer Miow Abdul...

Shell Rimula to hit mart.
October 30, 2001... SHELL Malaysia Trading Sdn Bhd (SMTSB), which yesterday unveiled its new improved heavy-duty diesel lubricant Shell Rimula, sees the new product improving the company's engine oil market in Malaysia by between 3 per cent and 5 per cent. ...

Country View to be listed on main board next year.
October 30, 2001... JOHOR-based property developer Country View Bhd is headed for listing on the main board of the Kuala Lumpur Stock Exchange next year. Its chairman Datuk Mohd Al Amin Majid said in line with Country View's flotation exercise, the company...

Proton car distributors step up marketing campaigns.
October 30, 2001... PERUSAHAAN Otomobil Nasional Bhd (Proton) cars lost ground to competition in September for the first time since June, but its distributors are not giving up their grip on the local passenger car market. Both Proton Edar Sdn Bhd and...

Jusco to double annual investment to RM100m.
October 30, 2001... JAYA Jusco Stores Bhd expects to double its average annual investment from the current RM50 million to RM100 million as it seeks to take advantage of new business opportunities, says managing director Soichi Okazaki. "We will speed up...

Tenaga's net profit surges 59 pct to RM2.1b.
October 30, 2001... TENAGA Nasional Bhd matched consensus estimates when it reported an almost 59 per cent increase in its net profit to RM2.1 billion for the year to August 31 2001, bolstered significantly by foreign exchange gains made on its Japanese...

Embraer eyes Malaysian market.
October 30, 2001... EMPRESA Brasileira De Aeronautica SA (Embraer) may soon see its regional jets in Malaysia Airlines' livery if talks between the Brazilian aircraft maker and the national carrier on the purchase of the aircraft proved successful. Luiz...

Stupid and dangerous.
October 30, 2001... THERE have been 14 confirmed anthrax cases in the US, including eight inhaled versions of the disease. Six people in New York and New Jersey are being treated for the less dangerous skin form of anthrax and a few other cases are suspected....

No chance of Opposition storm in the PAP teacup.
October 30, 2001... THE People's Action Party (PAP) won its ninth general election even before the first vote was cast because Singaporeans have been accustomed to it for 42 years though, or perhaps because, the island faces harsh times economically. It was...

Kein Hing heads Ent 50 winners.
October 30, 2001... TEN local enterprises received recognition for their outstanding performance at this year's Enterprise 50 Award ceremony with Kein Hing Industry Sdn Bhd in first place. Kein Hing's managing director Kein Hing Yap Toon Choy said, "This...

Top 10 companies' average profit surges 118 pct.
October 30, 2001... THE Enterprise 50 Award, organised by Accenture, has seen a combined average turnover of RM905 million in the 2000 financials for the top 10 winners, an increase of 48 per cent from the previous year. Accenture country managing director...

Listed companies more and more 'exposed'.
October 30, 2001... LISTED companies, still reeling from tough disclosure requirements imposed earlier this year, may feel even more exposed now that new accounting standards have kicked in. One new ruling, which has removed a large degree of discretion that...

Tenaga to sell interest in an IPP by year-end.
October 30, 2001... TENAGA Nasional Bhd is selling its minority interest in an independent power producer (IPP) before the year is out as part of efforts to lower its debt level. The national utility has equity interests in five IPPs that range from 4.5 per...

Cellular firms willing to share base stations.
October 30, 2001... MOBILE phone service providers have agreed to work with the state authorities on the idea of sharing radio transmission infrastructure nationwide. The five telecommunications companies (telcos) with cellular services - Celcom (M) Sdn...

Govt optimistic Malaysia will skirt recession in Q3.
October 30, 2001... THE Government remains optimistic about seeing the economy avoid slipping into negative territory in the third quarter, despite prognoses to the contrary by private economists. "There will be some positive growth, maybe 0.5 per cent,...

Market still in consolidation mode.
October 30, 2001... Long term: Uncertain. Short term: Consolidation phase. Momentum index: +200 Relative strength index: 55 Observations: Encoraged by expectation for a much-improved export performance offset talk of the possibility of s...

Investors expected to remain on sidelines.
October 30, 2001... THE Kuala Lumpur Stock Exchange's (KLSE) lacklustre trading is expected to continue today with selling pressure on selective blue-chips expected to persist, dealers said. The key barometer Kuala Lumpur Stock Exchange Composite Index...

Spot futures trend lower.
October 30, 2001... THE Malaysian Derivatives Exchange (Mdex) fell yesterday in line with the weak cash market. Spot October contracts declined 4 points to end at 607 with 624 lots changing hands while November futures slipped 3.5 points to close at 607.5...

Drive to raise awareness on mobile services.
October 30, 2001... MALAYSIAN Communications and Multimedia Commission is expected to launch a consumer awareness programme to help the public receive better mobile services. Chairman Tan Sri Nuraizah Abdul Hamid said the campaign is an outreach to let...

Northport and Westport must cooperate, not compete.
October 30, 2001... THE recent downturn of events in the shipping industry leading to rationalisation of services and cutting down of vessels plying a single route, may see the two ports in Port Klang working together to maintain business levels. Sources...

Westport taking tenders for building of another wharf.
October 29, 2001... WESTPORT in Port Klang is taking in tenders for the construction of another 2.4km of wharf, increasing total wharf length from the current 2km to 4.4km. The additional 2.4km is expected to be ready by 2003 and will cost around RM320...

Investment analysts find Malakoff shares attractive.
October 29, 2001... FOR investment analysts, promoting shares of Malakoff Bhd to their clients is not a difficult job as the arguments are sound. The independent power producer (IPP) has very attractive valuations, it has potentials for growth, its earnings are...

Heitech sees higher earnings next year.
October 29, 2001... HEITECH Padu Bhd is expected to see earnings growth of at least 11 per cent next year, fuelled by revenues from the contracts to computerise government agencies allocated under Budget 2002. Heitech - as a turnkey contractor for government...

Maybank launches Murabahah OD.
October 29, 2001... MALAYAN Banking Bhd (Maybank) has launched a new Islamic banking overdraft facility called Murabahah OD. The profit rate of the overdraft is fixed for the specific tenure of financing of three, six, nine or 12 months. Repayment can be in...

Rest of the news.
October 29, 2001... PACIFICMAS Bhd received the Securities Commisssion's approval to finalise the purchase of Pacific Mutual Fund Bhd, subject to Pacific Mutual complying with the minimum 30 per cent Bumiputera equity condition on or before August 5 next year....

'Extension request has no effect on RUN's completion'.
October 29, 2001... PUNCAK Niaga Holdings Bhd has clarified that the extension of time for the implementation of its redeemable unconvertible junior notes (RUN) issue to December 31 2001 has no effect on the issue's completion and important relevant dates as...

Question over sharing spare power cost resurfaces.
October 29, 2001... THE question of how independent power producers (IPPs) should share the cost of maintaining the country's spare capacity has surfaced again as excess capacity is expected to increase dramatically in the next two years. Currently, Tenaga...

High time for a proper replacement plan.
October 29, 2001... THE unions have won the war of the annuity scheme. And now the Employees Provident Fund (EPF) has announced its own alternative plan, that many feel was strongly influenced by the unions. Now many may disagree with the benefits of a...

Amway shareholders seen enjoying higher dividend.
October 29, 2001... DESPITE a tough year ahead for Amway (Malaysia) Holdings Bhd with the possibility of net profits declining marginally for the year ending August 31 2002, analysts anticipate that its shareholders will enjoy a higher dividend of 55 sen per...

Not much interest in defensive stocks.
October 29, 2001... DEFENSIVE stocks, normally favourites with investors during bearish market conditions, are not attracting much interest in the current market downturn, market watchers say. "Everybody knows that the stock market is depressed at the...

Index down 1.402 points.
October 29, 2001... THE MSC IT Index closed at 124.407 points last Friday, decreasing 1.402 points from 125.809 points on the previous trading day, reports www.MSCTimes.com. This represents a fall of 1.11 per cent with the market capitalisation of the MSC...

Technology to make powder-free gloves.
October 29, 2001... ALMOST half of Malaysia's 80 rubber glove manufacturers are producing powder-free rubber gloves as demanded by some international markets. Sources said Malaysia's rubber glove manufacturers have long since developed in-house technologies...

Maju Hlgs still in the dark on Perwaja Steel takeover plans.
October 29, 2001... MAJU Holdings Sdn Bhd is still in the dark about its proposal to take over and salvage the debt-ridden steel miller Perwaja Steel Sdn Bhd. An industry source said Maju Holdings has yet to receive any response on its plans to acquire the...

Malaysia expected to be darling of West Asians.
October 29, 2001... MALAYSIA is expected to become the darling of West Asian investors who are searching for a new safe haven following the terrorist attacks on New York and Washington last September 11. ABN AMRO global financial market head Shahid Masoud...

Good response to 7th Ascope conference.
October 29, 2001... THE Seventh Conference & Exhibition organised by the Association of South- East Asian Nations Council on Petroleum (Ascope), which will kick off on November 5, has attracted participants and exhibitors from all the Asean and some 10 Non-Asean...

No drastic cut in business travel.
October 29, 2001... SOME companies are not scaling down their business travel after the terrorist attacks on the US, as they still see the value in holding face- to-face meetings. According to American Express Malaysia, the security issues and economic...

Rangkaian Segar may control smart card issuance.
October 29, 2001... RANGKAIAN Segar Sdn Bhd, operator and issuer of both Touch 'N Go electronic payment cards and SmartTAG devices, may eventually monopolise the issuance of a common smart card used for toll payment and fees for public transport in Klang Valley....

Ringgit peg offers edge to foreign venture capitalists.
October 29, 2001... THE fixed rate of ringgit against the US dollar has made Malaysia a comfortable spot for foreign venture capitalists (VCs) to invest, according to First Floor Capital. Managing director Fariz Ali said Malaysia is perhaps one of the few...

Lofsa pushing Islamic banking in a big way.
October 29, 2001... THE Labuan Offshore Financial Services Authority (Lofsa) is promoting Islamic banking and finance in Labuan in a big way as it continues to enhance the island's competitiveness in conventional banking. Its director-general Noorazman A....

Insurers plan scheme with investment, annuity perks (HL).
October 29, 2001... A GROUP of local insurance companies will introduce a joint product with investment-linked and annuity features by the end of the year. MCIS Insurance Bhd chief executive officer L. Meyyapan said the product, tentatively called Annuity...

Using up RM4.3b in three months 'not impossible'.
October 29, 2001... SPENDING a total of RM4.3 billion in less than three months is not impossible because the Government usually steps up disbursements in the fourth quarter, say economists. This year, however, cooperation from all parties is crucial as the...

Tenaga to up coal's share in fuel mix.
October 29, 2001... TENAGA Nasional Bhd wants to reduce its dependence on gas fuel and increase consumption of coal, says chairman Datuk Dr Jamaludin Jarjis. "The Government is giving Tenaga a 50 per cent subsidy on gas but coal is now about the same price...

Positive earnings by some blue-chips may boost market.
October 29, 2001... WHILE indications such as weak buying momentum and lack of leads imply further near term downside for the stock market, analysts said positive earnings results by some of Malaysia's largest companies might help cushion losses. Among...

KLCI likely to be range bound.
October 29, 2001... THE benchmark Kuala Lumpur Stock Exchange Composite Index (KLCI) shed 2.61 points to close at 612.41 last week with average daily market volume declining to some 150 million shares. The KLCI staged a minor correction last week after...

Stay aside until 623.54 mark is breached.
October 29, 2001... WALL Street shrugge off weak economic numbers from worse-than-expected durable goods orders, jobless claims and home sales last week to end on a new post-attack high - up by another 258.79 points to 9,462.90. This is a shade below the close...

PNS may have to make general offer for Pernas?
October 26, 2001... GOVERNMENT agency Perbadanan Nasional Bhd (PNS) may have to make a costly mandatory general offer for property group Pernas International Holdings Bhd following the scrapping on Tuesday of a 1996 management buyout deal. The return of the...

Tourism earnings may be hit by S'pore recession.
October 26, 2001... THE RM20 billion projection for foreign exchange receipts from tourism in fiscal 2001 could see a shortfall of between RM1 billion and RM2 billion largely as a result of the recession in Singapore. The 12 million tourist arrivals as...

Ownership rules relaxed to spur property sector.
October 26, 2001... THE National Land Council (NLC) has approved new property ownership guidelines that see various procedures and regulations being relaxed. Aimed at stimulating growth in the sector and apply to both local and foreign buyers, the new...

Klibor futures close flat.
October 26, 2001... THE three-month Kuala Lumpur Interbank Offered Rate (Klibor) futures contracts traded on the Malaysia Derivatives Exchange (Mdex) ended flat in thin trade yesterday. November 2001, December 2001, January 2002, March 2002, June 2002,...

Asia Pacific tipped to lead rebound in MICE industry.
October 26, 2001... THE meetings, incentives, conventions and exhibitions (MICE) industry in the Asia Pacific is expected to recover faster than its US and European counterparts, according to International Congress and Convention Association chief executive...

Local bourse won't lose out on investments from Britain.
October 26, 2001... THE local bourse will not lose out from a "flight-to-quality" scenario in terms of British investments following the September 11 attacks on the US, said the Lord Mayor of the City of London Sir David Howard. This is because Malaysia...

HSBC eyes bigger role in Islamic banking.
October 26, 2001... HSBC Bank Malaysia Bhd (HSBC) sees itself becoming one of the leading players in Islamic banking, judging from the growing awareness and encouraging growth in the sector. Executive director and adviser Datuk Sulaiman Sujak said HSBC...

Malaysia may need to revise policies to woo FDI.
October 26, 2001... MALAYSIA may need to revise its industrial policies so that it can attract foreign direct investments (FDI) under current weak global economic conditions and political developments. Economists said the current political situation and...

Microsoft (M) launches multi-feature Windows XP.
October 26, 2001... MICROSOFT Corp launched its Windows XP operating system (OS) to business customers in Malaysia at its Windows XP Corporate Launch yesterday. Windows XP, the successor to the previous Microsoft Windows OS including most recently Windows...