Business Times (Malaysia) articles from September 2001

Business Times (Malaysia) archives from September 2001

Faith and resilience.
September 28, 2001... THE outlook for the global economy does not look very bright in the months ahead, the International Monetary Fund (IMF) says, noting that signs of a slowdown were already present before the September 11 attacks on the US. But lower...

Compaq to organise eBiz seminar Oct 4.
September 28, 2001... COMPAQ Computer Corp Malaysia Sdn Bhd is giving free its iPAQ Pocket PC H3660 personal digital assistant to the winner of a treasure hunt to be held in conjunction with a one-day eBusiness Solution seminar schedule on October 4. ...

Ancient formula for modern times.
September 28, 2001... ENTERING the Martha Tilaar Spa Eastern Rejuvenating Centre in Kuala Lumpur, one would feel as if she is transported into an ancient time. A time where women were pampered with traditional bathing and beauty care. A time so far away and yet...

Pioneer turns on its new DVD.
September 28, 2001... PIONEER, the leader in audio and visual technology and optical video disc innovation, has introduced its new selection of DVD Home Theatre Systems, taking full advantage of DVD formats and innovation in its contemporary design. Leading...

Appointments.
September 28, 2001... PANGLOBAL Bhd announced the appointment of Edwin Wong and Lim Beng Weh as chief operating officer (COO) and chief financial officer (CFO) respectively for PanGlobal Insurance Bhd. Wong, formerly secretary-general of the Malaysian...

Local website to download music.
September 28, 2001... FORGET about Napster, Catcha, KaZaA and all those websites you've been using to download music. Pretty soon, you'll be able to listen to and download your favourite music from a local Website, all because a local entertainment...

Mary Kay, a direct selling business from US.
September 28, 2001... THEY say business and pleasure don't mix but for Leong Foo Weng, it does. Being general manager for direct seller Mary Kay Malaysia is an opportunity for him to touch people's lives which, like his 12-year stint as a teacher, he enjoys...

Online help for site creation.
September 28, 2001... IF YOU are just travelling through the immeasurable dimensions of the Net, not looking for any site in particular but rather taking in the view so as to speak, you can be sure to find some site or other that will get your attention. Do...

Uncertain 4th qtr outlook for local retail industry.
September 28, 2001... RETAILERS have always counted on the fourth quarter to make a great finish to their balance sheets or even to make up for any shortfalls earlier in the year. The coming quarter, however, is looking unpredictable, with the likelihood of...

Petronas celebrates a decade in Vietnam.
September 28, 2001... ARRIVING at the Hanoi International Airport, one of the things visitors will immediately notice will be the huge green signs with the word "Petronas" on them. The name and logo of Malaysia's national oil corporation are written on buses...

Palm oil shipments to Pakistan disrupted.
September 28, 2001... MALAYSIA'S palm oil shipments to Pakistan have taken a back seat, now that shippers are refusing to take unnecessary risks in transporting the commodity there due to the possible US retaliation against neighbouring Afghanistan. Primary...

Positive ratings from global agencies.
September 28, 2001... STANDARD & Poor's said on Wednesday that it does not expect to make substantial changes to the 17 sovereign ratings it covers in the Asia- Pacific region following the terrorist attack on the US. It said most countries, including...

Isuta now Tanah Emas.
September 28, 2001... ISUTA Holdings Bhd changed its name to Tanah Emas Corp Bhd on September 21, after receiving approval from shareholders as well as the Registrar of Companies. Separately, the company said its director Khoo Kay Hoay resigned as boardmember...

Puncak share valuation will not be affected: Analysts.
September 28, 2001... PUNCAK Niaga Holdings Bhd's share valuation will not be affected by the Selangor Waterworks Department's (JBAS) corporatisation plan, even though it prevents the company from taking control of Klang Valley's water treatment and distribution...

Olympia unit buys entire stake in firm.
September 28, 2001... A UNIT of Olympia Industries Bhd has purchased the entire equity interest in Active Theme Sdn Bhd (ATSB), to transform it into a 4-D agent management company. This is in line with the approval by the Sabah Government to allow Diriwan...

K&N Kenanga gets SC nod to be universal broker.
September 28, 2001... STOCKBROKER K&N Kenanga Holdings Bhd can now operate in a more deregulated and liberalised environment after securing Securities Commission (SC) approval to become a Universal Broker (UB), subjected to certain conditions. The SC also...

Tan raises interest in DiGi.com to 20.5 pct.
September 28, 2001... DIGI.COM Bhd's chairman Tan Sri Vincent Tan has bought almost 2 per cent of DiGi.com's shares during the closed period pending its quarterly result announcement. According to filings to the Kuala Lumpur Stock Exchange (KLSE), Tan bought...

Construction stocks may be good choice.
September 28, 2001... CONSTRUCTION stocks, one of the main beneficiaries of the Government's efforts to stimulate the economy, may be the obvious choice for investors looking for opportunities amid uncertainties in the local bourse. While maintaining a...

UEM names six new directors to its board.
September 28, 2001... UNITED Engineers (Malaysia) Bhd (UEM) yesterday named six new directors to its board following the takeover of the group by the Government, but at press time, had not yet appointed its chief executive officer (CEO). The group's new...

Malakoff awaits Tenaga to meet conditions.
September 28, 2001... MALAKOFF Bhd is waiting for Tenaga Nasional Bhd to meet agreed conditions before proceeding with its proposed purchase of a stake in the national utility's Kapar power plant. The independent power producer (IPP) has "substantially...

ACPI plans to sell products abroad.
September 28, 2001... ACP Industries Bhd (ACPI) plans to sell its infrastructure and precast building products to overseas markets, including Singapore and Cambodia. However, the plans are still in the preliminary stage, ACPI chairman Datuk Kamaruddin Ahmad...

'Package has little impact on investor confidence'.
September 28, 2001... THE RM4.3 billion stimulus package, aimed at cushioning Malaysia against a global economic slowdown, has had little impact on investors' confidence on the local bourse, as most of them take the cue from developments in the US. Analysts...

Klibor ends mixed in selective trading.
September 28, 2001... THE three-month Kuala Lumpur Interbank Offered Rate (Klibor) futures on the Malaysia Derivatives Exchange (Mdex) ended mixed in selective trading, yesterday. Four contracts were traded with March 2002 and June 2002 both down three ticks...

Malaysia is company's first choice.
September 28, 2001... MALAYSIA is currently sitting on top of the list for Noell Crane Systems GmbH's planned manufacturing base that will make port facilities to cater to the regional South-East Asian markets. Chief executive officer of Noell Fantuzzi...

PTP first phase a step closer towards completion.
September 28, 2001... THE first phase of the Port of Tanjung Pelepas (PTP) is a step closer towards completion after management has agreed to acquire additional operating facilities as it attempts to handle increasing cargo volume carried by bigger ships. ...

Lower export earnings for furniture, rubber seen.
September 28, 2001... MALAYSIA is expected to see lower export earnings for its furniture and rubber-based products by year-end due to the uncertainty of events after the terrorist attacks in New York and Washington. Primary Industries Minister Datuk Seri Dr...

KL can weather slowdown better than neighbours.
September 28, 2001... MALAYSIA is expected to weather the anticipated global slowdown better than its Asian neighbours due to the Government's relatively small debt, a broader-based economy and healthier fundamentals, say economists. These factors will help...

Rate cut to affect Maybank earnings: MD.
September 28, 2001... MALAYAN Banking Bhd (Maybank) expects its earnings for the year ending June 30 2002 to be affected by the recent cut in its base lending rate (BLR) as well as a smaller loan growth. Tougher competition in line with the easier liquidity...

Tune Air to offer cheap, no-frill travel by January.
September 28, 2001... TUNE Air Sdn Bhd, which recently bought over Air Asia, will offer cheap, no-frill domestic air travel for Malaysians by January and intends to show a profit in a year. While other airlines are reeling from the effects of diminishing...

Afghan tensions: Firms make contingency plans.
September 28, 2001... LARGE Malaysian corporations with substantial investments overseas have begun implementing precautionary measures in the wake of the massive US- led firepower build-up in countries surrounding Afghanistan, but analysts say the risk to...

Index up 2.2 pct.
September 28, 2001... THE MSC IT Index closed at 127.384, an increase of 2.774 points from 124.610 the previous trading day, reports www.MSCTimes.com. This represents a rise of 2.23 per cent over the previous trading day, with the market capitalisation of the...

Klibor futures close flat.
September 27, 2001... THE Kuala Lumpur Interbank Offered Rates (Klibor) were flat yesterday as Bank Negara Malaysia intervened to keep in check the liquidity level in the financial system. Bank Negara had called for two tenders to borrow from the conventional...

Index up 1.149 points.
September 27, 2001... THE MSC IT Index closed at 124.610 points, increasing 1.149 points from 123.461 on the previous trading day, reports www.MSCTimes.com. This represents a rise of 0.93 per cent with the market capitalisation of the MSC IT Index decreasing...

Globalisation crossroads.
September 27, 2001... GLOBALISATION is approaching a crossroads amid a decelerating world economy and more inward-looking governments in the aftermath of the terrorist attacks in the US. Hopes of a November launch of a fresh round of global trade liberalisation...

Sympathies may change to anger.
September 27, 2001... CNN, on one of its programmes on Tuesday, attempted to debate why the US is the target of hatred. An Omani woman who called in said it was due to the biased policies of the US Administration towards the Arabs and Muslims. Very...

AMD cuts jobs in Penang in rationalisation.
September 27, 2001... AMERICAN chipmaker Advanced Micro Devices Inc (AMD) is set to lay off more than half of its 2,500 employees in Penang as part of a rationalisation of its global operations. The retrenchment is one of the biggest to be made by a single...

Highlighting the crucial role of family business.
September 27, 2001... UP TO 80 per cent of Malaysian businesses are family-run, making them a crucial part of the economy. Yet relatively little has been done to cater to their specific needs and interests. "Come hell or high water, economic recessions and...

IOI Corp raises offer for Palmco shares, warrants.
September 27, 2001... IOI CORP Bhd, in an effort to retain management control of Palmco Holdings Bhd, has raised its general offer price for all Palmco shares and warrants to RM4.60 and RM1.60, respectively. This matches rival Sime Darby Bhd's offer for the...

Hitch in Affin Bank's plan to raise capital.
September 27, 2001... AFFIN Bank Bhd's proposed recapitalisation exercise may run into some difficulty after Rating Agency Malaysia Bhd (RAM) downgraded the bank's ratings, analysts say. Principally, demand for its proposed RM723 million bond sale could be...

MAS to impose insurance surcharge effective Oct 1.
September 27, 2001... MALAYSIAN Airline System Bhd (MAS) will impose an insurance surcharge of US$1.25 (US$1 = RM3.80) per passenger per flight sector, on all its international and domestic flights, effective October 1. The war-risk surcharge will however be...

RM110m tourism allocation to have positive spin-off effects.
September 27, 2001... AN ADDITIONAL RM110 million allocated to boost tourism under the RM4.3 billion stimulus package announced on Tuesday will bring the budget of the Ministry of Culture, Arts and Tourism closer to that spent by neighbouring countries. ...

Toxicol continues to invest in Pakistan.
September 27, 2001... A LITTLE-known Malaysian company is prepared to stick with its investments in Pakistan despite increasing risk that the US may strike against neighbouring Afghanistan. Toxicol Sdn Bhd, a hazardous waste management company, intends to...

Slowdown in exports to US seen.
September 27, 2001... MALAYSIA anticipates a slowdown in its export to the US following the terrorist attacks in New York and Washington on September 11 but will strive to maintain the current export-level of the country. International Trade and Industry...

Indian chamber lauds Govt's new package.
September 27, 2001... THE RM4.3 billion stimulus package announced by Prime Minister Datuk Seri Dr Mahathir Mohamad on Tuesday is a great boost to Malaysians who have deep-seated fears of an impending eonomic slowdown, following the aftermath of the terrorist...

Employers should back pump-priming measures: Zainal.
September 27, 2001... EMPLOYERS should be a responsible social stakeholders and support the Government's pump-priming efforts, including creating employment, Malaysia Trades Union Congress (MTUC) president Senator Zainal Rampak said. "They should not be quick...

AKN sees semiconductor recovery in 2nd half of 2002.
September 27, 2001... AKN TECHNOLOGY Bhd expects the semiconductor industry to recover in the second half of next year and not by the end of 2001 as previously predicted by many industry players. "Business is relatively slow in the summer months and the...

Four more banking groups cut base lending rates.
September 27, 2001... FOUR more financial groups announced a reduction in their base lending rates (BLRs) yesterday in line with Bank Negara Malaysia's key intervention rate cut last Thursday. They are Malayan Banking Bhd (Maybank), Bumiputra-Commerce Bank...

Indirect link between Formis and Man Yau?
September 27, 2001... FORMIS (Malaysia) Bhd's emergence as Kinta Mestika Sdn Bhd's latest shareholder appears to suggest an indirect link to plastic parts maker Man Yau Holdings Bhd, now being restructured into an information technology (IT) systems integrator....

TA posts 96.5pc decline in net profit in first half.
September 27, 2001... TA Enterprise Bhd suffered a 96.46 per cent decline in net profit for the first six months of its financial year ending January 31 2002. From the current year up to July 31 2001, its net profit fell to RM2.13 million from RM60.26 million...

Sime Darby senior exec tipped to head UEM.
September 27, 2001... AS SYARIKAT Danasaham Sdn Bhd began to pay the holders of United Engineers (Malaysia) Bhd (UEM) shares and warrants yesterday, the market was once again rife with talk on who will head UEM after its takeover by the Government. This time...

Puncak Permata in land deal.
September 27, 2001... PROPERTY developer Sri Hartamas Bhd said its unit Puncak Permata Sdn Bhd has signed an agreement with Imbunan Sempurna Sdn Bhd to sell a piece of land in Kuala Lumpur for RM28 million cash. The net sales proceeds of the disposal, which is...

Higher freight rates seen due to possible war.
September 27, 2001... THE possibility of war breaking out in West Asia has brought about talk of an increase in freight costs. The issue of higher freight charges was supposedly to be discussed by shipping lines plying the West Asian route in a conference in...

24-hour Customs services for ports.
September 27, 2001... BOTH Kuantan Port and Kemaman Port may soon have 24-hour Customs services from the current "office hours" observed by the Royal Customs and Excise Department Malaysia. The two ports, according to the director-general of Royal Customs and...

Firms'proposed merger cancelled.
September 27, 2001... MOL.com Bhd says the proposed merger between its subsidiary 1800Assist.com Sdn Bhd and Extol Corp (M) Sdn Bhd has been cancelled as it did not get the Foreign Investment Committee's approval. In the proposal, a new company (newco) to be...

Developer mulls new project.
September 26, 2001... GUTHRIE Property Development Holding Sdn Bhd, a subsidiary of Kumpulan Guthrie Bhd, will decide whether to proceed with the development of its 523-acre land near Kota Kemuning, Shah Alam, called Emerald Estate by November. Kumpulan...

Port of Le Havre expansion plan.
September 26, 2001... THE Port of Le Havre Authority is investing 730 million euros (1 euro = RM3.55) in a development programme in expectation of increased container volumes and dry bulk trade at the port. The port authority has just appointed companies to...

Guthrie Properties sees continued good sales.
September 26, 2001... RECOGNISING that Malaysia's appetite for landed residential properties is still good, Guthrie Property Development Holding Sdn Bhd plans to launch more two-storey terraced houses, semi-detached houses and bungalows in Bukit Jelutong, Shah...

Customs targets RM24b in revenue collection.
September 26, 2001... THE Royal Customs and Excise Department has targeted a collection of RM24 billion in revenue this year, an increase of 50 per cent from last year's RM16.3 billion. A Customs official said the increase in revenue will be achieved by...

Spot futures close lower.
September 26, 2001... STOCK index futures on the Malaysian Derivatives Exchange (MDex) closed at a discount against the underlying cash index yesterday as investors liquidated their positions. It was the opposite to Monday's closing when the futures ended at...

Market movement expected to be slow.
September 26, 2001... MARKET movement is expected to be slow today, although players say construction and property stocks may be active following a RM4.3 billion stimulus package announced yesterday. The Prime Minister, Datuk Seri Dr Mahathir Mohamad had also...

Klibor futures close lower.
September 26, 2001... THREE-month Klibor (Kuala Lumpur Interbank Offered Rates) futures traded on the Malaysia Derivatives Exchange (Mdex) closed lower yesterday due to strip trade activity. No contracts were transacted in the morning session on lack of...

Lion Corp applies for more time.
September 26, 2001... LION Corp Bhd has applied again for more time to revise its restructuring exercise which will help it regularise its financial conditions. Lion Corp said it had applied to the Kuala Lumpur Stock Exchange (KLSE) on September 24 to extend the...

BCapital plans to buy stakes in firms.
September 26, 2001... BERJAYA Capital Bhd (BCapital) says it plans to buy a 29.99 per cent and 30 per cent stake in BHLB Pacific Trust Management Bhd and BHLB Asset Management Sdn Bhd, respectively, for a total RM54.6 million in cash. In a statement to the...

FIC removes condition on MK Land.
September 26, 2001... MK Land Holdings Bhd has succeeded in its appeal against a condition imposed by the Foreign Investment Committee (FIC), and no longer has to offer at least half of a proposed placement of shares to Bumiputera investors. MK Land had proposed a...

KLCCB gets extra time.
September 26, 2001... THE Securities Commission (SC) has given Kuala Lumpur City Corp Bhd (KLCCB) more time to issue new shares meant to be payment for the company's purchase of WK Securities Sdn Bhd. KLCCB said it has until April 5, 2002 to issue the new KLCCB...

'Latest Islamic debt issue to be based on joint venture'.
September 26, 2001... THE latest Islamic financing instrument in Malaysia will be an equity- based method under the principle of Muqarada or Mudharabah, a joint venture between the owner of capital and an entrepreneur. The capital owner will provide the funds...

Xian Leng first to be listed under SC's relaxed rules.
September 26, 2001... AQUACULTURE company Xian Leng Holdings Bhd will be the first company to be listed under the Securities Commission's recently relaxed guidelines on initial public offerings (IPOs). The guidelines allows shares to be placed out before IPOs...

Pact with Indons will profit from Afta: APM.
September 26, 2001... APM Automotive Holdings Bhd's (APM) new plant in Indonesia may be used as a base to manufacture and distribute seats of motor vehicles, buses and trains for export to the Association of South-East Asian Nations (Asean) region as tariffs are...

Broad-based response.
September 26, 2001... COMING just days after a cut in interest rates, the new fiscal stimulus package to bolster economic activities announced yesterday reflects the Government's recognition of the urgency to take appropriate action in the face of an imminent...

Firm tracks goods right up to customers' doorsteps.
September 26, 2001... WHEN David Wong set up ShipnTrack.com about a year ago, he was clear that he wanted to get into the logistics side of e-commerce, technologically speaking that is. The company that he set up tracked goods from origination right up to the...

It may turn into a Crusade.
September 26, 2001... WE CAN only hope it will not come to this. But the truth is, it will take only one misstep, and the impending war between America and Osama bin Laden in Afghanistan may degenerate into a war with Islam. At this very moment, a large...

Govt to set up more e-commerceinfrastructure for commodity sector.
September 26, 2001... RECOGNISING the potential of an electronic-commerce (e-commerce) in boosting sales of commodities, the Government has established three Internet portals for natural rubber, palm oil and timber and will continue to set up more for other crops....

Index increases 0.5 pct.
September 26, 2001... THE MSC IT Index closed at 123.461 points increasing 0.596 point from the previous trading day, reports wwwMSCTimes.com. This represents a rise of 0.5 per cent with the market capitalisation of the MSC IT Index increasing by RM3.606...

Sapura having doubts on investing in Pakistan.
September 26, 2001... SAPURA Telecommunications Bhd, which intends to invest in railway transmission in Pakistan, is having a second thought whether to park their money in the republic following the possible US attack on neighbour, Afghanistan. Sources said...

'Malaysia does not harbour terrorists'.
September 26, 2001... THE US has not made any specific requests to Malaysia to extradite terrorist, nor does it consider Malaysia a country that harbours terrorists, its embassy in Kuala Lumpur said. "Those stories are false," it said in a statement in...

Ayamas to upgrade processing facility to face Afta.
September 26, 2001... AYAMAS Food Corp Bhd is currently in the process of upgrading its processing facility in Port Klang as part of its measures to counter the effect of the implementation of the Asean Free Trade Agreement (Afta). Izhar Sulaiman, executive...

Saudis keen on Proton Perdana: DPM.
September 26, 2001... JEDDAH, Tues: Saudi Arabia has expressed a passion for Malaysian-made Proton Perdana car, opening up a window of opportunity for the model to have a presence in the kingdom. Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi said he...

Commodity sector able to withstand effect of attack.
September 26, 2001... MALAYSIA'S commodity sector is not expected to be adversely hit by low demands and poor sales unlike some other sectors if the US decides to attack Afghanistan, Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said. He said the...

Move to create pool of skilled workforce.
September 26, 2001... THE Government's proposed allocation for training of unemployed graduates and retrenched workers will not only enhance their employability but also create a pool of skilled workforce to boost the country's economy. Malaysian Trades Union...

Impact of stimulus package likely to be felt next year.
September 26, 2001... THE effect of the pump-priming measures involving a RM4.3 billion fiscal stimulus package announced by the Government yesterday can only be felt next year, economists said. The impact can also be seen if the package is spent effectively...

Spending will strengthen economy: PM.
September 26, 2001... CONTINUED spending by consumers and companies will strengthen the domestic economy amidst a global economic slowdown, Prime Minister Datuk Seri Dr Mahathir Mohamad said yesterday. "The reason we are pumping in money is because we want...

Oil price fall impact on economy to be slight.
September 26, 2001... MALAYSIA as a net oil exporter will be affected by the recent fall in global oil prices, but the impact on the economy is expected to be slight due to petroleum's small contribution to the gross domestic product, say economists. Concerns...

RM4.3b to stimulate economic activities.
September 26, 2001... THE Government yesterday unveiled a new RM4.3 billion stimulus package designed to generate economic activities with the biggest spin-off effects possible. The new package, on top of the RM3 billion pump-priming measures announced in...

Analysts see another BLR cut before year-end.
September 26, 2001... BANKING analysts expect another cut in base lending rates (BLR) before the end of the year after Bank Negara Malaysia decided to allow banks to lower their deposit rates. They see the central bank's decision last Friday as a pre-emptive...