Business Times (Malaysia) articles from October 2010, page 3

Business Times (Malaysia) archives from October 2010

New element to give Caexpo more sparkle.
October 21, 2010... THE upcoming China Asean Expo 2010 (Caexpo) will, for the first time, add a new element showcasing gem resources, jewellery design and processing techniques of gem makers in China and the Asean region. In a statement released in Kuala Lumpur...

ERL offers chauffeured limo service to homes.
October 21, 2010... Byline: Zaidi Isham Ismail EXPRESS Rail Link Sdn Bhd (ERL), which introduced a chauffeured executive limousine service in 2004 to hotel and office customers, has now expanded the service to homeowners in the Klang Valley within a 40km radius...

Pasdec calls off gelatine plant tie-up.
October 21, 2010... PASDEC Holdings Bhd has called off its collaboration with Pembangunan Buku Hijau Holdings Sdn Bhd and Imtech Dygenic Technology (M) Sdn Bhd to build a halal gelatine plant in Pahang. The companies had signed a pact to undertake the project on...

Al Rajhi banking on the affluent.
October 21, 2010... Al RAJHI Bank Malaysia, which opened its flasghip affluent banking branch in Kuala Lumpur yesterday, plans to roll out more products for the segment. Chief executive officer Ahmed Rehman said the bank is coming out with a "Gold Investment"...

Big projects eye foreign tenants.
October 20, 2010... Byline: Sharen Kaur THE Matrade Centre and Warisan Merdeka, two large property projects worth a combined RM20 billion, will include offices that will be marketed to multinational companies (MNCs). "The two projects will have office towers...

PM: Tower to benefit all.
October 20, 2010... Byline: Noor Adzman Baharuddin PRIME Minister Datuk Seri Najib Razak says the proposed Warisan Merdeka project will be a boon to all Malaysians. "The 100-storey building will be the latest landmark in Kuala Lumpur and will bring great...

Higher expenses dampen earnings.
October 20, 2010... Byline: Adeline Paul Raj BURSA Malaysia Bhd's third-quarter net profit fell by 10 per cent from a year ago as higher expenses took the shine off its improved trading revenue. The stock market operator's net profit came in at RM27.7 million...

Concerns on high costs of civil service, Warisan Merdeka.
October 20, 2010... Byline: Tan Choe Choe A POST-2011 Budget dialogue yesterday raised concerns on the expensive costs of maintaining a bloated civil service and the building of a 100-storey tower. The dialogue, organised by the Malaysian Economic...

Payment to PLUS based on current deal.
October 20, 2010... THE RM5 billion that the government will be compensating PLUS Expressways Bhd for not raising toll rates over the next five years is based on the terms of the current concession agreement, the highway operator's owners clarified. UEM Group...

'Household debt issue not addressed'.
October 20, 2010... Byline: Rupa Damodaran LEADING think-tank Malaysian Institute of Economic Research (Mier) is disappointed that the 2011 Budget did not provide measures to address high household leverage. Executive director Dr Zakaria Abdul Rashid...

Deadline for EONCap may see extension again.
October 20, 2010... Byline: Adeline Paul Raj HONG Leong Bank Bhd may have to extend, for the second time, its deadline for EON Capital Bhd (EONCap) to accept its RM5.06 billion takeover offer, analysts said. A court hearing on a recent case taken up by...

RM165b revenue goal set.
October 20, 2010... Byline: Azlan Abu Bakar THE federal government expects revenue to increase by nearly 4 per cent to RM165 billion next year, helped by improved economic conditions and higher tax collection. Deputy Finance Minister Senator Datuk Lim Siang...

10 get SC nod for Main Market listing.
October 20, 2010... THE Securities Commission (SC) approved 10 applications to list on the Main Market during the third quarter of this year, including two foreign-based initial public offerings (IPOs). This brings the number of Main Market listings approved for...

2011 Budget: What it's all about.
October 20, 2010... Byline: Dr Veerinderjeet Singh THE 2011 Budget is meant to lay "the foundation for Malaysia to become an advanced economy". To this end, the four strategies of reinvigorating private investment, intensifying human capital development,...

Palm oil likely to hit RM3,400 by H2 next year.
October 20, 2010... Byline: Rupa damodaran PALM oil prices are heading towards the RM3,400 mark by the second half of next year on the back of a bullish run by vegetable oils in the global market, CIMB Group trader-cum-technical analyst G.M Teoh expects prices...

Rubber glove makers set to raise prices.
October 20, 2010... RUBBER glove makers in the country will be increasing prices of their products in view of costlier latex and the weakening dollar. The Malaysian Rubber Glove Manufacturers' Association (Margma) said that latex price had risen by about 19 per...

AirAsia Q3 passenger traffic grows 26.6pc.
October 20, 2010... Byline: Presenna Nambiar AIRASIA Bhd grew passenger traffic by 26.6 per cent for the third quarter of 2010, compared with the same quarter a year ago. Preliminary operating statistics for the third quarter of 2010 were released yesterday....

Smallholders told to take advantage of soft loan facilities.
October 20, 2010... Byline: Ooi Tee Ching PLANTATION Industries and Commodities Minister Tan Sri Bernard Dompok is urging rubber smallholders and medium-sized estates to take advantage of the soft loan facilities provided under the Forest Plantation Programme....

Malaysia-EU timber deal hangs in balance.
October 20, 2010... Byline: Ooi Tee Ching A VOLUNTARY timber trade deal between Malaysia and the European Union (EU) still hangs in the balance although the latter wants a deal before 2013. "As far as I know there is no time frame. The EU, however, has...

Boom in The Haven.
October 20, 2010... Byline: Goh Thean Eu SUPERBOOM Projects Sdn Bhd, a property developer, expects its latest project in Ipoh, Perak, to generate a gross development value of about RM250 million. The Haven, expected to be Perak's most luxurious condominium...

Maxis expects data revenue to make up half of total sales.
October 20, 2010... Byline: Presenna Nambiar MAXIS Bhd expects data revenue to make up about half of its total sales by next year, helped by its various initiatives such as ONEMusic. Maxis currently has some seven million mobile data users and another one...

Move to make KL most livable city by 2020.
October 20, 2010... Byline: Sharen Kaur THE aim to make Greater Kuala Lumpur a sustainable and livable city can easily be achieved with high-quality infrastructure, green spaces and developing inner city residential areas. Minister of Federal Territories and...

Uniqlo picks KL for flagship store.
October 20, 2010... Byline: June Ramlee JAPAN's number one fashion brand and worldwide leader for casual wear Uniqlo has chosen Malaysia for its flagship store in the Southeast Asian region. Uniqlo Singapore Pte Ltd and Uniqlo (Malaysia) Sdn Bhd managing...

Contract extension.
October 20, 2010... HANDAL Resources Bhd's wholly-owned subsidiary, Handal Offshore Services Sdn Bhd has received a two-year contract extension until November 1 2012 from Talisman Malaysia Ltd for the provision of crane maintenance contract for PM-3 CAA &...

Kencana HL bags Petronas Carigali job.
October 20, 2010... KENCANA Petroleum Bhd, through its wholly-owned subsidiary Kencana HL Sdn Bhd, has secured a RM16.4 million contract from Petronas Carigali Sdn Bhd to provide single buoy mooring overhaul for the latter's operations in Sarawak. The contract is...

Muhibbah Engineering gets RM206m deal.
October 20, 2010... MUHIBBAH Engineering (M) Bhd has received a RM205.8 million contract from Putrajaya Holdings Sdn Bhd for the design, construction and completion of government office building and external works at the federal government administrative centre in...

TA to develop residential project in Sydney.
October 20, 2010... Global Bhd has signed a 50:50 development sponsorship agreement with Sydney-based property funds management and development company Charter Hall Group to develop the A$600 million (RM1.84 billion) Little Bay residential project in Sydney,...

Bank Negara in pact with Mauritius.
October 20, 2010... BANK Negara Malaysia and Bank of Mauritius have signed a memorandum of understanding (MOU) to establish a framework to enhance cooperation on capacity building and human capital development in the financial services industry including Islamic...

LBS likely to stage mild follow-through rebound.
October 20, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia rebounded after a two-day consolidation yesterday. Its overall declining counters continued to outpace its advancing counters by 438 to 369. The Kuala Lumpur Composite Index (KLCI) rebounded...

KL to host first global conference on riba.
October 20, 2010... Byline: June Ramlee THE first World Conference on Riba (interest) will be held in Malaysia from November 1 to 2 at the Putra World Trade Centre with former prime minister Tun Dr Mahathir Mohamad presenting the keynote address. The...

MIA wins award for training.
October 20, 2010... THE Malaysian Institute of Accountants was awarded the Certificate of Appreciation for Training Provider by Pembangunan Sumber Manusia Bhd yesterday in recognition of its excellence in the development of human resources. The annual award was...

NAG to expand franchise.
October 20, 2010... RESTORAN Nasi Ayam Gemas Sdn Bhd (NAG) wants to expand its chicken rice restaurant chain nationwide by having more franchisees by next year. NAG general manager Andy Haizal Sulaiman said the company currently has eight outlets, including five...

Ekuinas takes control of Konsortium for RM206.6m.
October 19, 2010... Byline: Hamisah Hamid EKUITI Nasional Bhd (Ekuinas), the government's private equity company, has made its third investment by taking control of Konsortium Logistik Bhd and plans to expand the business in the oil and gas sector. The state...

UEM-EPF to shut door on PLUS sale.
October 19, 2010... Byline: Adeline Paul Raj THERE are no plans to sell highway operator PLUS Expressways Bhd once it is taken private, says UEM Group Bhd and the Employees Provident Fund (EPF). "There's no intention (to sell). We view PLUS as a core...

Public Bank profit jumps to RM783m in Q3.(Financial report)
October 19, 2010... PUBLIC Bank Bhd's third quarter net profit jumped 22 per cent from a year ago thanks to strong loans, growing deposits and stable asset quality. The country's third largest bank posted a net profit of RM782.7 million for the quarter ended...

Timber exports set to hit RM21b this year.
October 19, 2010... Byline: Ooi Tee Ching MALAYSIA'S timber exports, which have been shrinking for three straight years since 2006, are due to recover by up to 10 per cent this year to RM21 billion, thanks to the global economic recovery. So far, Malaysia...

Call for joint palm oil council with Indonesia.
October 19, 2010... Byline: Zaidi Isham Ismail MALAYSIAN and Indonesian palm oil producers must set up a joint council to counter anti-palm oil campaigns by Western non-governmental organisations (NGOs). Former primary industries minister Tun Dr Lim Keng Yaik...

EPF: PLUS will bring in very steady returns.
October 19, 2010... Byline: Rupinder Singh THE Employees Provident Fund (EPF) does not expect its takeover of PLUS Expressways Bhd to immediately affect members' dividend payments but the pension fund will benefit from stable long- term returns. "For the...

Malaysia to be HP's global support centre.
October 19, 2010... Byline: Goh Thean Eu HEWLETT-PACKARD Co (HP), the world's biggest technology company, has picked Malaysia as a base for its global support centre as it is confident of the country's qualified workforce. As part of the group's master plan,...

Sept car sales fall 6pc.
October 19, 2010... CAR sales fell 6 per cent in September, its first drop this year, after the end of the major Hari Raya holidays but this is due to a rebound in October as normal conditions return. The Malaysian Automotive Association said the dip was due to...

Six-month extension to raise public spread.
October 19, 2010... SOUTHERN Steel Bhd has been given a six-month extension until March 12 next year by Bursa Malaysia to increase the percentage of public shareholding spread from the current 19.4 per cent to 20 per cent. Southern Steel said Bursa Malaysia, in...

Tex Cycle to purchase building in Klang.
October 19, 2010... TEX Cycle Technology (M) Bhd, a recycling company, has won a bid to buy an office building in Klang, Selangor, for RM6.3 million. The group plans to go into the manufacturing and trading business following the purchase, which will be paid with...

Forum for young female entrepreneurs.
October 19, 2010... Byline: Sharen Kaur MORE women are going into business due to better awareness, government support and easier funding. Historically, entrepreneurship has been a male-dominated pursuit, but today there are close to 80,000 women...

Mild follow-through rebound likely.
October 19, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia staged their follow-through consolidations yesterday. Overall declining counters continued to outpace advancing counters by 468 to 299. The FTSE Bursa Malaysia Kuala Lumpur Composite...

Boustead bags govt patrol vessel deal.
October 19, 2010... BOUSTEAD Heavy Industries Corp Bhd said its unit has got a letter of intent from the government asking it to build six second-generation patrol vessels. Boustead Naval Shipyard Sdn Bhd managing director Tan Sri Ahmad Ramli Mohd Nor is confident...

LTKM plans Kuala Langat project.
October 19, 2010... LTKM Bhd's wholly-owned subsidiary, LTK Properties Sdn Bhd, is buying four pieces of freehold land, totalling 8.5ha, in Kuala Langat, Selangor, from Hock Ban Seong & Co Sdn Bhd for RM9.48 million. LTKM said the company plans a mixed...

Rubberex completes purchase of HK unit.
October 19, 2010... RUBBEREX Corp (M) Bhd has completed the acquisition of the remaining 20 per cent equity in Rubberex (Hong Kong) Ltd (RHK) for RM5.6 million. Following that, RHK is now a wholly-owned subsidiary of Rubberex Corp.

Turiya in RM2b healthcare project.
October 18, 2010... Byline: Vasantha Ganesan TWO companies, including a listed entity linked to businessman Tan Sri Dr Mohan Swami, will partner world renowned Johns Hopkins Medicine International and the Royal College of Surgeons in Ireland (RCSI) in the RM2...

Market may re-test 1,500 level.
October 18, 2010... Byline: Adeline Paul Raj THE stock market's benchmark index is likely to re-test the 1,500 psychological level this week amid interest in sectors that are expected to benefit from the 2011 Budget . These include the construction, building...

All eyes on SME Bank restructuring.
October 18, 2010... Byline: Hamisah Hamid SMALL and medium enterprises (SMEs) account for 99 per cent of total business establishments in the country, contributing 31 per cent of the gross domestic products (GDP), 56 per cent of employment and 19 per cent of...

Ten firms shortlisted for Penang Turf Club project.
October 18, 2010... Byline: Sharen Kaur SOME 10 companies have been shortlisted by the Penang Turf Club to help develop 23.1ha of its land on the island. The turf club is the single largest prime land plot owner in George Town. Mah Sing Group Bhd group...

Company to raise prices only if ringgit rises to RM3 against US$.
October 18, 2010... Byline: Hamisah Hamid SNACK food and confectioneries maker Oriental Food Industries Holdings Bhd may increase prices of its products if the ringgit appreciates to RM3 against the greenback. Executive director Son Tong Leong the company...

Oriental Food sees another record year.
October 18, 2010... Byline: Hamisah Hamid ORIENTAL Food Industries Holdings Bhd, manufacturer and exporter of snack food and confectioneries, is looking at another year of record profit, driven by its higher value-added products and stable raw material prices....

Upsides of a strong ringgit.
October 18, 2010... Byline: Rupa Damodaran A STRONGER ringgit would raise the profile of Malaysia as it lends a strong wealth impact to the people and provides more value for money, said a prominent economist. Prof Datuk Mohamed Ariff Abdul Kareem said a...

Banks seen raising bonds, sukuk.
October 18, 2010... A SPIKE in the issuance of ringgit bonds is possible in the fourth quarter of 2010 given strong interest, favourable credit conditions and avid demand, according to Ratings Agency Malaysia (RAM). The rating firm expects interest rates to...

Focus on major changes.
October 18, 2010... Byline: Azrul Azwar Ahmad Tajuddin AT FIRST glance, being the "first chapter" of the Tenth Malaysia Plan (10MP), the 2011 Budget appears as a platform to strengthen sources of growth or niche areas as identified under the Economic...

Global Beauty confident of handsome gains.
October 18, 2010... Byline: Tan Choe Choe GLOBAL Beauty International Ltd expects to see a 10 per cent growth annually in its bottom line over the next five years, mainly from its continued expansion in new growth markets, particularly China and Malaysia. ...

Karambunai likely to extend gains to new highs.
October 18, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to rebound for the third consecutive week, moving in step with the uptrend on the Wall Street and regional stock markets last week. The FBM Kuala Lumpur Composite Index (FBM KLCI)...

Futures may try to crack 1,500 level.
October 18, 2010... Byline: Bernard THE October contract on the FBM Bursa Malaysia Derivatives Berhad closed at 1,485 last Friday with an open interest of 22,619 contracts. Shorting activities on the spot contract drove it to close below the high of 1,501...

Post-budget profit-taking likely.
October 18, 2010... Byline: Kaladher Govindan THE benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) broke above the 1,500 psychological level last week, but failed to hold onto gains due to profit-taking after investors were disappointed over...

Mixed reaction to PNB's tower plan.
October 16, 2010... Byline: Presenna Nambiar PERMODALAN Nasional Bhd's (PNB) plan to build Malaysia's tallest tower on a 7.2ha area in the vicinity of Stadium Merdeka and Stadium Negara was met with mixed reaction from property experts. Prime Minister Datuk...

UEM-EPF offer RM23b for PLUS.
October 16, 2010... Byline: Adeline Paul Raj TWO state-owned companies, UEM Group Bhd and pension fund Employees Provident Fund (EPF), announced a RM23 billion takeover offer for highway operator PLUS Expressways Bhd late yesterday. The deal, which works out...

Govt to spend RM100m on Karambunai resort.
October 16, 2010... Byline: Sharen Kaur DEVELOPER and resort operator Karambunai Corp Bhd will build an integrated eco-tourism resort (IR) in Kota Kinabalu, Sabah, for over RM3 billion. In unveiling the 2011 Budget yesterday, Prime Minister Datuk Seri Najib...

EPF can invest up to 20pc of fund overseas.
October 16, 2010... Byline: Adeline Paul Raj THE Employees Provident Fund (EPF) will be allowed to invest up to 20 per cent of its fund size overseas, a move analysts say could potentially generate higher returns for it. The pension fund, which manages some...

New stockbroking licences to boost retail participation.
October 16, 2010... Byline: Azlan Abu Bakar THE Securities Commission (SC) will offer three new stockbroking licences to local, foreign or joint-venture companies to increase retail market participation. Prime Minister Datuk Seri Mohd Najib Razak said in his...

'Ringgit still undervalued'.
October 16, 2010... THE ringgit is still undervalued although it has strengthened from RM3.80 to RM3.04 against the US dollar, the Malaysian Investors Association (MIA) says. The local currency has so far appreciated 11 per cent against the greenback. "To...

Service tax increase likely to have minimal impact.
October 16, 2010... Byline: Vasantha Ganesan THE retail and hospitality industry have not viewed the 1 per cent hike in service tax positively, but expect that the rakyat will eventually adapt to it. Service tax, which is generally imposed in the food and...

Players welcome move to abolish sales tax on mobile phones.
October 16, 2010... Byline: Goh Thean Eu ANALYSTS are mixed on how the government's move to abolish sales tax on mobile phones would impact mobile operators, even though industry players welcomed the move. "Indirectly, it means lower subscriber acquisition...

GLIC stake sales will boost liquidity.
October 16, 2010... Byline: Azlan Abu Bakar GOVERNMENT-linked investment companies (GLIC) will sell their stakes in major companies listed on Bursa Malaysia to increase the exchange's liquidity and trading velocity. Prime Minister Datuk Seri Mohd Najib Razak...

Slight drop in budget deficit surprises economists.
October 16, 2010... Byline: Rupa Damodaran ECONOMISTS are surprised at the small drop in the budget deficit to 5.4 per cent of the gross domestic product (GDP) next year from 5.6 per cent in 2010. While the narrow reduction in the fiscal deficit ratio is...

China's Ouhua first winemaker on Bursa.
October 16, 2010... Byline: Tan Choe Choe CHINA's Ouhua Winery Holdings Ltd, set to be the first wine-producing company listed on the Main Market of Bursa Malaysia, will offer 132.55 million new shares at 60 sen each under its initial public offering (IPO). ...

Cypark debuts on Main Mart at RM1.09.
October 16, 2010... Byline: June Ramlee CYPARK Resources Bhd, an environmental engineering and technology service provider, made its debut on Bursa Malaysia's main market yesterday at RM1.09. This represented a one sen discount over its offer price of RM1.10....

MMHE gets bids for 4.05b shares.
October 16, 2010... PETRONAS' subsidiary Malaysia Marine and Heavy Engineering Holdings Bhd, en route to a Bursa Malaysia listing, has received total bids for 4.05 billion shares for its institutional offering. This represented 27.7 times of the total 146...

A boon to hybrid car industry.
October 16, 2010... AUTOMOTIVE industry players say the move to give full import and excise tax exemptions on hybrid cars will boost ownership of such cars here. Prime Minister Datuk Seri Mohd Najib Tun Razak in tabling the 2011 Budget yesterday said franchise...

Banks: It's the right balance.
October 16, 2010... Byline: Tan Choe Choe BANKING institutions in the country feel that the strategies outlined in 2011 Budget strikes the right balance between fiscal consolidation and economic growth. Chairman of Association of Banks in Malaysia Datuk Seri...

RM850m for infrastructure support.
October 16, 2010... Byline: Rupinder Singh THE Government will allocate RM850 million for infrastructure support to accelerate corridor and regional development in the country. Prime Minister Datuk Seri Najib Razak, in his Budget 2011 speech, said the focus...

Budget signals government commitment to change.
October 16, 2010... 1MALAYSIA Development Board Bhd executive officer Shahrol Halmi says the 2011 Budget signals a commitment to game-changing ideas to bring about a new economic prosperity for the country. Shahrol said the government's readiness to consider...

Beer firms laud excise duty decision.
October 16, 2010... Byline: Tan Choe Choe BEER companies are relieved the government has decided not to raise excise duty on beer and stout in the coming year, especially since Malaysia already has the second highest duty on beer and stout in the world after...

Low RM146m allocation for oil, gas sector 'not surprising'.
October 16, 2010... Byline: Kamarul Yunus THE RM146 million allocation to support the oil, gas and energy industry is considered low but it will still boost the industry, given the additional allocation expected to be spent by Petroliam Nasional Bhd (Petronas)...

Market sentiment remains firm.
October 16, 2010... Byline: S.N. Lock THE FTSE Bursa Malaysia Composite Index (FBM KLCI) staged another follow-through rebound in anticipation of a positive 2011 Budget unveiled yesterday. It continued to stay above its critical resistance of 1,450 when it...

Scheme to boost home ownership.
October 16, 2010... Byline: Sharen Kaur TOWNSHIP developers are happy that the government is moving to help young adults with income of less than RM3,000 a month to own a home. Prime Minister Datuk Seri Najib Razak said yesterday the government will introduce...

QT Hightech in RM1.9b deal with German firm.
October 15, 2010... Byline: Hamisah Hamid MALAYSIAN majority-owned QT Hightech Malaysia Sdn Bhd is teaming up with world's leading fabrication for smart card chips, LFoundary GmbH, to set up five wafer fab plants in the country with investments of RM1.9 billion...

Toll concession revamp soon?
October 15, 2010... Byline: Adeline Paul Raj THE suspension of PLUS Expressways Bhd stock yesterday led many to speculate that the government may announce a restructuring of the toll concession agreement with the company today. Sources said Prime Minister...

FTA with EU will boost growth: Envoy.
October 15, 2010... Byline: Tan Choe Choe MALAYSIA may be looking at an extra growth rate of 8 per cent in 12 years if its free trade pact with the European Union (EU) is realised, a senior EU official says. "This is what studies have shown," said Vincent...