Business Times (Malaysia) articles from September 2009

Business Times (Malaysia) archives from September 2009

Revised GDP to be better than earlier projection.
September 30, 2009... MALAYSIA is likely to revise upwards its economic growth forecast for this year at the upcoming national budget, Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz said. "We expect that it would be an improved outcome compared with the...

Major Mideast investment deal in the pipeline.
September 30, 2009... Byline: Joseph Sipalan MORE Middle Eastern money is on its way to Malaysia. Prime Minister Datuk Seri Najib Razak is expected to announce a major investment deal from the oil-rich region today. Though he kept the details close to his chest,...

China set to be Malaysia's top trading partner: DPM.
September 30, 2009... Byline: Adeline Paul Raj CHINA is likely to emerge as Malaysia's most important trading partner in the near future, Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin said. "I would foresee that China will become our most important...

Glomac plans projects worth RM550m.
September 30, 2009... Byline: Rupinder Singh PROPERTY developer Glomac Bhd is looking to launch at least three new developments for the financial year ending April 30 2010, with a combined gross development value (GDV) of over RM550 million. Group managing...

MTD sees tough year.
September 30, 2009... Byline: Zaidi Isham Ismail BUILDER MTD Capital Bhd, which posted its lowest pre-tax profit in three years in the last financial year, has warned of a tough year ahead due to the global economic slowdown. Its president and chief executive...

Economist: Further liberalisation can draw FDIs.
September 30, 2009... FURTHER liberalisation moves will help bring back foreign investments into Malaysia, an economist at the Forbes Global CEO conference said yesterday. He said the country's move to liberalise about 27 sub-sectors of the services sector and...

3 rules to consider in drafting new economic model: DPM.
September 30, 2009... Byline: V. Vasudevan MALAYSIA must come up with a new economic model, Deputy Prime Minister Tan Sri Muhyiddin Yassin said. He said a new model must be achieved with a sense of community and based on a fair reward system. "It must also...

Mahdi is AmIslamic Bank's new CEO.
September 30, 2009... AMISLAMIC Bank Bhd has appointed Mahdi Murad as its chief executive officer. Mahdi began his career with a publicly listed plantation group and later took on management positions in finance companies. He joined Arab-Malaysian Finance Bhd, now...

Hubline's rights issues fully underwritten.
September 30, 2009... SHIPPING firm Hubline Bhd's proposed rights issues have been fully underwritten by OSK Investment Bank Bhd, HwangDBS Investment Bank Bhd and Inter-Pacific Securities Sdn Bhd. Hubline said the rights issue will raise RM124 million, which it will...

Zeti among the top in her class.
September 30, 2009... Byline: Rupa Damodaran BANK Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz rose above her class of global central bankers to be ranked in the grade A category in a survey by Global Finance magazine. Zeti, has been enjoying Grade A...

Ireka to tender for RM2.5b infrastructure jobs here.
September 30, 2009... Byline: Sharen Kaur CONSTRUCTION group Ireka Corp Bhd has been pre-qualified to bid for more than RM2.5 billion worth of infrastructure and building construction projects in Malaysia. Ireka, which has been involved in construction since 1967,...

'Strive to drive corporate governance to prevent failures'.
September 30, 2009... Byline: Vasantha Ganesan REPORTING failures can still occur even after all the structures, governance, standards and regulations are in place, says the former president of the Malaysian Institute of Accountants Nik Mohd Hasyudden Yusoff. ...

Berjaya Corp plans to list B-Retail on Main Market.
September 30, 2009... BERJAYA Corp Bhd (BCorp) plans to list Berjaya Retail Bhd (B-Retail), a listing vehicle for subsidiaries Singer (Malaysia) Sdn Bhd and 7-Eleven Malaysia Sdn Bhd, on the Main Market of Bursa Malaysia. The plan includes BCorp's wholly-owned...

Economist: Need for unified regulation of Islamic finance.
September 30, 2009... Byline: Chong Pooi Koon THE recent crisis should teach Islamic finance players one important lesson: the need for a unified regulation across nations. Malaysia, which has the most advanced Islamic finance regulation, should take the lead...

Citibank to increase innovative products.
September 30, 2009... CITIBANK Bhd hopes to sustain its customer's brand loyalty in the credit card segment by continuously introducing innovative pro-ducts and programmes. The group yesterday launched the Instant Citi Rewards programme, which allows customers to...

BASF: No plans to close plants here.
September 30, 2009... BASF Group has no intention to shut down any of its plants in Malaysia, despite having temporarily closed 80 plants worldwide late last year. Effective July 2009, the German petrochemical company had restructured its petrochemicals division...

RM1b boost to continue till mid-2010.
September 30, 2009... Byline: Rupa Damodaran THE government will continue injecting RM1 billion every month to boost the economy until the middle of 2010, Prime Minister Datuk Seri Najib Razak said yesterday. It hopes by then the external environment has...

MAS: No change in A380 order plans.
September 30, 2009... Byline: Presenna Nambiar MALAYSIA Airlines (MAS) will take delivery of its six Airbus A380 superjumbos from 2011, saying it has not changed its order plans. "We have not had any conversation (with plane maker Airbus to replace or cancel...

Govt to broaden tax base.
September 30, 2009... WIDENING of the country's tax base will be one of the measures in Budget 2010 to keep the national budget deficit at a manageable level. Prime Minister Datuk Seri Najib Razak, who will table Budget 2010 in Parliament on October 23, however...

Strong strategies help nations survive a crisis.
September 30, 2009... EVERY company faces the same amount of risk during an economic crisis, say industry captains, with no particular sector or business that is "less affected". "I think everyone is pretty well equal in a crisis. It's just a matter of how well...

Berjaya Corp rebounds.
September 30, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate within range-bound trading activities yesterday. Its overall declining counters overwhelmed advancing counters by 369 to 239. The FTSE Bursa Malaysia Composite Index...

Weida to use Syria as platform into Mideast market.
September 30, 2009... Byline: Sulok Tawie WEIDA (M) Bhd, a Sarawak-based company specialising in utilities infrastructure, is making Syria as its base to expand into the Middle East, including Jordan, Libya and Oman. "We will strengthen and consolidate our...

GPA Hldgs expects VRLA batteries to power profits.
September 29, 2009... Byline: Presenna Nambiar BATTERY maker GPA Holdings Bhd, expects to chart higher revenue and profits this year, as it grows its Valve-Regulated Lead-Acid (VRLA) battery business. VRLA batteries, which are rechargeable, currently contribute...

AdAsia Congressto be held in KL Oct 22-24.
September 29, 2009... THIS year's AdAsia Congress, a regional advertising, media and communications event, will be held in Kuala Lumpur from October 22 to 24. Themed "Asia - Redefining the Future", the event will explore the role that communication plays in...

Lion Diversified sale plan lapses.
September 29, 2009... LION Diversified Holdings Bhd's proposed sale of the right to invest in the remaining 30 per cent registered capital of Changshu Lion Enterprise Co Ltd to Lion Asiapac Management Consultancy (Shanghai) Co Ltd (LAPS) for 1 renmimbi had lapsed....

Global Ventures keen on new tie-ups, eyes more vessels.
September 29, 2009... Byline: Presenna Nambiar GLOBAL Maritime Ventures Bhd (GMV) plans to co-purchase three vessels with its existing partners, this year. The numbers could go higher though, as the company is currently scouting for new investments, and is keen...

BLand Q1 profit jumps 76pc.
September 29, 2009... PROPERTY developer Berjaya Land Bhd (BLand) said first-quarter net profit jumped 76 per cent from last year, as earning contributions from its gaming business was able to offset the lower profit contribution from the hotel and resorts division....

Tie-up with Bank Islam to offer uniteller service nationwide.
September 29, 2009... LEMBAGA Tabung Haji contributors can use the facilities offered by Bank Islam Malaysia Bhd, the country's oldest Islamic bank, for Tabung Haji financing and non-financing services from October 1. At the launch of the Tabung Haji Uniteller...

Tabung Haji to set up hotel, complex in Terengganu.
September 29, 2009... Byline: Sharen Kaur LEMBAGA Tabung Haji is setting up a hotel and complex for pilgrims near the international airport in Kuala Terengganu, Terengganu to help strengthen its product offering in the east coast. "With the current market...

AZRB price set to rechallenge previous resistance high.
September 29, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate within expanded trading ranges in tandem with the weak performances on the regional stock markets yesterday. Overall declining counters overwhelmed advancing counters...

Bank Negara, HKMA sign pact on financial services.
September 29, 2009... BANK Negara Malaysia and the Hong Kong Monetary Authority (HKMA) has signed a memorandum of understanding to cooperate in developing the financial services industry, particularly in Islamic finance. Both parties agreed to strengthen...

Survey: SMEs lack skills to maintain security solution.
September 29, 2009... Byline: Presenna Nambiar MALAYSIAN companies are more aware of the threat of data theft but there is a disparity between the awareness and the implementation of the data protection measures, according to Internet security company, Symantec....

Summit on human capital development.
September 29, 2009... THE Singapore Human Capital Summit 2009 starts today and is a premier conference on managing and developing human capital, organised for Asia, in Asia. The 2nd two-day summit held at the Raffles City Convention Centre brings together an...

Forbes: KL will play key role in recovery.
September 29, 2009... Byline: Goh Thean Eu MALAYSIA will be an integral part of an Asian-led global economic recovery, editor-in-chief of influential financial publication Forbes Magazine, Steve Forbes said yesterday. "It is critically situated, it has...

Quality research will draw US chip firms, says industry head.
September 29, 2009... Byline: Rupa Damodaran MALAYSIA requires an investment policy that encourages provision for quality research to attract more US semiconductor companies, says the US Semiconductor Industry Association (SIA) president George Scalise. "The...

One hitch may be taken off FTA talks.
September 29, 2009... Byline: Joseph Sipalan ONE obstacle in US-Malaysia Free Trade Agreement (FTA) talks may be taken off the table following high-powered discussions on government procurement between the two trade partners. The US Deputy Secretary of State...

GE upbeat on regional growth.
September 29, 2009... Byline: Chong Pooi Koon GENERAL Electric Co chairman and chief executive officer Jeff Immelt, who is in Malaysia on a regional visit, said revenue from Southeast Asia, China and India will grow by at least a fifth this year. Revenue from...

BP Plastics upbeat on profit as global demand improves.
September 29, 2009... Byline: Chong Pooi Koon BP PLA STICS Holding Bhd, a maker of industrial plastic packaging, said profits this year should be "satisfactory" after global demand recovered from a slump earlier in the year. "With rising confidence in the...

MIM seeks more participants for management game.
September 29, 2009... Byline: June Ramlee THE MIM-Ricoh National Management Game is back and it is looking for more companies to participate in the coming games which will be held next month. The game, which is crafted like the popular American reality series...

Berjaya Hotels expects to rake in RM310m revenue.
September 28, 2009... Byline: Sharen Kaur HOSPITALITY group Berjaya Hotels & Resorts, a unit of Berjaya Land Bhd, expects to rake in RM310 million in revenue for current financial year, driven largely by its properties in Malaysia. Its chief executive...

Intel: Time to shift to high-income economy.
September 28, 2009... Byline: Hamisah Hamid NOW is the time for Malaysia to leverage on the global economic transition to break away from the middle-income economy and shift to a high-income one. Intel Malaysia country manager Ryaz Patel said innovation,...

MAEI: Give perks to firms that collaborate with SMEs.
September 28, 2009... Byline: Marina Emmanuel MALAYSIA can expect some capital investments from semiconductor plants operating here next year while technology players are optmistic about seeing some growth, especially during the second half of 2010. Malaysian...

Expert: Do your research before signing up.
September 28, 2009... ALTHOUGH the success rate of new business owners is better if they begin as a franchisee than starting a new business from scratch, there are factors that need to be weighed before they jump into the franchise bandwagon, a US-based franchise...

Council a communication channel.
September 28, 2009... FRANCHISE Advisory Council (FAC), established between a franchisor and its franchisees, is a way to address any problems arising between both sides. Francorp Malaysia chief executive officer Affandy Faiz said the council is a communication...

Understand the legal aspects, franchisees told.
September 28, 2009... Byline: Hamisah Hamid PITFALLS in the franchise business can be avoided if franchisors and franchisees understand its legal requirements, a local franchise consultant said. Franchisees should also do their homework and engage professionals...

Manulife seeks to strengthen foothold here.
September 28, 2009... Byline: Rupinder Singh MANULIFE Insurance (Malaysia) Bhd is looking to add more branches and bank tie-ups to help strengthen its insurance foothold in the country. The move follows several broad changes made by the government aimed at...

Multimedia Display Tech ponders reverse takeover.
September 28, 2009... Byline: Sharen Kaur MULTIMEDIA Display Technologies Sdn Bhd (MDT), which specialises in radio frequency identification (RFID) technology is mulling a reverse takeover to complete its Nasdaq listing by end-2010 and raise US$20 million (RM69.60...

Tradewinds to develop luxury hotel in Langkawi.
September 28, 2009... Byline: Vasantha Ganesan TRADEWINDS Corp Bhd (TCB), a company controlled by businessman Tan Sri Syed Mokhtar Al-Bukhary, will open its RM170 million luxury accommodation in Langkawi called "The Danna" in July next year. The Danna, to be...

Traders Hotel KL determined to maintain top position.
September 28, 2009... Byline: Vasantha Ganesan THREE years since its opening, Traders Hotel Kuala Lumpur has emerged tops not only among four-star hotels in the city, but also among a handful of five-star properties. And it is making sure it holds the top seat...

1Keep clients happy' model working well for Infolient.
September 28, 2009... Byline: Goh Thean Eu BEING in the broadband market, especially for a relatively small Internet service provider (ISP) like Infolient Sdn Bhd, is never easy. For a start, it needs to compete with the fixed-line and mobile phone operators,...

Govt bond mart quiet.
September 28, 2009... BANK Negara Malaysia reiterated last week that it will maintain the key interest rate at 2.00 per cent, saying that it is the appropriate level for now to support demand and access to financing even though the economy has bottomed out. There are...

AirAsia aims to beef up cargo revenue.
September 28, 2009... Byline: Jeeva Arulampalam LOW-COST carrier AirAsia Bhd wants to increase its cargo business by targeting clients that are more price sensitive and less time sensitive, said AirAsia X chief executive officer Azran Osman-Rani. Azran, who is...

Ekuinas may do listed company buyouts.
September 28, 2009... Byline: Shahriman Johari STATE-OWNED private equity fund Ekuiti Nasional Bhd (Ekuinas) may take some listed companies private as one of its investment strategies. Chief executive officer Abdul Rahman Ahmad said although the newly set-up...

Berjaya Hotels wants to hive off some foreign assets.
September 28, 2009... Byline: Sharen Kaur HOSPITALITY group Berjaya Hotels & Resorts plans to sell off its properties in Seychelles, Sri Lanka, Singapore and London to concentrate on its more profitable markets in Asia-Pacific. Chief executive officer...

Bursa listing once revenue target is met.
September 28, 2009... INNO Biologics Sdn Bhd, a local biopharmaceutical company, said it plans to list shares on Bursa Malaysia when it has hit certain revenue target. For starters, it expects to hit US$80 million (US$1 = RM3.48) in revenue in five years. "By...

Inno Biologics set to take its place on global stage.
September 28, 2009... Byline: Zaidi Isham Ismail MALAYSIA'S first full-fledged biopharmaceutical company Inno Biologics Sdn Bhd is all set to become one of the world's top pharmaceutical players now that all the necessary infrastucture has been put in place. It...

Baiyun the 'perfect home' for FedEx's Asia Pacific hub.
September 28, 2009... Byline: Marina Emmanuel GETTING millions of packages from point-to-point and having them arrive on time is no mean feat. But for the world's largest express transport company Federal Express (FedEx), the delivery of these packages -...

FBM KLCI futures: Bears in ongoing tussle with bulls.
September 28, 2009... Byline: Bernard THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) futures spot month contract on Bursa Malaysia Derivatives closed unchanged at 1,221.50 last Friday with a higher open interest of 14,843 contracts. Moving beyond...

Kim Hin to stage follow-through rebound.
September 28, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated within a tight trading range in unison with the weak performances on Wall Street and regional stock markets last week. The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite...

Technical rebound still in progress.
September 28, 2009... Byline: W.Q. Mun LONG-TERM TREND: Bear market SHORT-TERM TREND: Extension of technical rebound on renewed buying interest Momentum Index: -189 Relative Strength Index: 50 OBSERVATIONS: External factors and events weighed on the Kuala Lumpur...

Market likely to consolidate further.
September 26, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia consolidated within tight trading ranges in tandem with the weak performances on the Wall Street and regional stock markets. The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI)...

Canada's land bank firm sets sights here.
September 26, 2009... Byline: June Ramlee TSI International Group, a Canadian land bank and real estate company, is looking at buying land in Peninsular Malaysia for investment, over the next one to three years. It said TSI's presence here reflects the...

Ambi Shipping to buy vessel from Juara.
September 26, 2009... MALAYSIAN Bulk Carriers Bhd's (MBC) subsidiary, Ambi Shipping Pte Ltd, has signed a Memorandum of Agreement to buy a vessel from Juara Shipping Pte Ltd for US$23.75 million (RM82.65 million) cash. This is a related party transaction as Juara...

Kuantan Flour Mills chairman resigns.
September 26, 2009... DATUK Setia Abdul Halim Abdul Rauf has resigned as chairman and director of Kuantan Flour Mills Bhd. He will be replaced by Tan Sri Mohd Ngah Said, previously the company's deputy chairman.

Multi Sports to acquire land in China.
September 26, 2009... MULTI Sports Holdings Ltd has agreed to buy a 3.12ha land in Xibin town, Jinjiang City, Fujian Province, together with two completed factory buildings for RM15.02 million cash. The acquisition will be funded internally, as well as with proceeds...

HELP International Q3 profit jumps 80pc.
September 26, 2009... HELP International Corp Bhd saw its third-quarter net profit jump 79.5 per cent from a year ago on more students and more programmes. It posted a net profit of RM2.92 million in the quarter ended July 31, while revenue rose 18 per cent...

eBworx buys out SpringWorx.
September 26, 2009... eBworx buys out SpringWorx EBWORX Bhd, a technology solutions firm specialising in the financial services industry, has agreed to buy the remaining 49 per cent stake it does not own in SpringWorx Technovations Sdn Bhd for RM250,000. ...

Haier eyes more buyouts, tie-ups to build global brand.
September 26, 2009... HAIER Group, the world's biggest refrigerator maker, is actively seeking more acquisitions and collaborative partnerships in an effort to build a global electronics brand. Last year, the group posted US$17.5 billion (RM61 billion) in revenue,...

OSK expects Maxis to be included in key market index.
September 26, 2009... MALAYSIAN Airline System Bhd (MAS), Petronas Dagangan Bhd or RHB Capital Bhd is likely to be removed from the stock market's key benchmark index to make way for the soon-to-be-listed Maxis Bhd, OSK Research said. The local research house...

Holista Biotech optimistic on RM20m sales this year.
September 26, 2009... Byline: Presenna Nambiar HOLISTA Biotech Sdn Bhd, a local biotechnology company, expects to register about RM20 million in sales this year, driven by its existing range of products. "Holista Colltech Australia Ltd is not yet in a place to...

Hock Seng Lee gets buy call on good job prospects.
September 26, 2009... SARAWAK-BASED builder Hock Seng Lee Bhd (HSL) has positive prospects for RM600 million worth of job wins this year, Maybank Investment Bank (Maybank IB) said after meeting the company's management. HSL currently has an outstanding order book...

'Emulate Malaysia's deposit insurance framework'.
September 26, 2009... Byline: Rupa Damodaran MALAYSIA'S deposit insurance coverage framework introduced a year ago to guarantee all bank deposits, can be taken as a model for other countries looking to reform their financial systems, says Financial Stability Board...

Manulife looks to new unit trust division to rake in US$500m sales.
September 26, 2009... Byline: Rupinder Singh INSURER Manulife Holdings Bhd expects its unit trust division to rake in US$500 million (RM1.7 billion) sales by the end of next year from the launch of as many as 15 new funds, says its top executive. The...

MAS rethink on A380?
September 26, 2009... Byline: Presenna Nambiar MALAYSIA Airlines (MAS) may be considering replacing its order for six Airbus A380 superjumbos with smaller wide-body aircraft such as the A330 or A350, according to a Standard & Poor's (S&P) report. "We...

OCBC to ride on Malaysia's rising trade with China.
September 26, 2009... Byline: Chong Pooi Koon OCBC Bank, Singapore's oldest lender, wants to ride on the rising trade flow between China and Malaysia to capture more business. OCBC Bank (China) Ltd chairman and chief executive officer Leong Wai Leng, who was...

Proposed Penang water taxis to be boon or bane?
September 26, 2009... Byline: Kang Siew Li PLANS to launch a water-taxi service to transport passengers between Penang island and the mainland have resurfaced of late, almost nine years after the proposal was first made. The earlier proposal by then Penang...

Green Ocean sets course for S. Korea.
September 25, 2009... Byline: Ooi Tee Ching GREEN Ocean Corp Bhd, formerly known as Online One Bhd, is banking on the new Korea Food and Drug Administration (KFDA) nutrition guidelines, to push sales of its NoveLin cooking oil that doubles up as salad oil. From...

Online unit to drive Reliance revenue growth.
September 25, 2009... Byline: June Ramlee LEISURE company Reliance Pacific Bhd (RPB) is confident of maintaining double-digit revenue growth in the next financial year, although at a lower rate of 10 to 15 per cent, driven by contribution from its online travel...

Oilcorp shares slide after PN17 classification.
September 25, 2009... SHARES of Oilcorp Bhd, an oil and gas engineering services provider, dropped 28.3 per cent yesterday, its biggest decline in almost two years, after it was classified a Practice Note 17 (PN17) company by Bursa Malaysia. Oilcorp said it will...

A.P. Moller-Maersk sues Sabah Ports.
September 25, 2009... SABAH Ports Sdn Bhd (SPSB), a unit of Suria Capital Holdings Bhd, has been served with a writ of summons by A.P. Moller-Maersk A/S for damaged cargo at SPSB's container yard at Sapangar Bay Container Port. In a filing to Bursa Malaysia...

Set to re-challenge resistance high.
September 25, 2009... Byline: S.N. Lock SHARE prices on Bursa Malaysia continued to consolidate within tight trading ranges yesterday. Overall declining counters outnumbered advancing counters by 371 to 283. The FTSE Bursa Malaysia Composite Index (FBM KLCI)...

Orthotic insoles specialist to step up expansion.
September 25, 2009... Byline: June Ramlee ECHIRO, a subsidiary of UES Health Farm Sdn Bhd, which specialises in orthotic insoles, plans to sell at least 3,000 pairs per month starting this month. Orthotic insoles are designed to be inserted into shoes to...

Greenyield startswork on Viet factory.
September 25, 2009... GREENYIELD Bhd, through its subsidiary Givnflow Co Ltd, has started construction on its new factory in Vietnam, which will add to its existing manufacturing facility in Malaysia that is running close to capacity. The new factory will focus on...

LFE bids for RM1b worth of projects.
September 25, 2009... Byline: Adeline Paul Raj ENGINEERING company LFE Corp Bhd has bid for some RM1 billion worth of jobs, most of which are overseas, to try replenish its order book, a company official said. "On our own, we're bidding for about RM500 million...