Business Times (Malaysia) articles from September 2010

Business Times (Malaysia) archives from September 2010

Road map to open up services to global mart.
September 30, 2010... Byline: From Rupa Damodaran SYDNEY: Malaysia will progressively relax ownership rules of more areas under services in a move to raise the sector's share of foreign direct investment from the current 20 per cent. "(The Ministry of...

Syed Mohamed set for IIB top job.
September 30, 2010... Byline: Shahriman Johari; Sharen Kaur DATUK Syed Mohamed Ibrahim, the property head at DRB-HICOM Bhd, is slated to join Iskandar Investment Bhd (IIB) as its chief executive officer (CEO), replacing Arlida Ariff who currently holds the post....

Zafrul takes stand in EONCap case.
September 30, 2010... Byline: Presenna Nambiar FORMER director of K&N Kenanga Holdings Bhd Tengku Datuk Zafrul Tengku Abdul Aziz (picture) was in contact with three of the nine directors named in Primus (Malaysia) Sdn Bhd petition prior to February 2010. ...

'Duit Raya' for TDM directors, chairman.
September 30, 2010... SHAREHOLDERS of TDM Bhd unanimously passed a resolution to give the company's directors allowances of RM8,000 and its chairman RM10,000 in conjunction with Hari Raya celebrations. TDM has six directors not including the chairman. The total...

Maybank to boost Islamic finance ops in Indonesia.
September 30, 2010... Byline: Adeline Paul Raj TOP lender Malayan Banking Bhd (Maybank) has obtained Indonesian authorities' approval to convert its unit PT Bank Maybank Indocorp into a full-fledged Islamic bank, its chief said. The move allows Maybank to step...

Call for govt to consider supplementary budget.
September 30, 2010... Byline: June Ramlee THE government should consider a supplementary budget to address uncertainties especially an economic slowdown due to the unstable US economy. Institute of Strategic and International Studies of Malaysia chief executive...

BMAM voices dissatisfaction with valuers' proposal.
September 30, 2010... Byline: June Ramlee INVESTORS will lose interest in buying condominiums and apartments in Malaysia if the proposed amendments to the Valuers, Appraisers and Estate Agents Acts 1981 take place. The Building Management Association of...

E&O aims to grow F&B, property units in region.
September 30, 2010... Byline: Sharen Kaur EASTERN & Oriental Bhd (E&O) wants to expand regionally to grow its property development and food and beverage (F&B) units, its chief said. The developer's businesses are currently in Kuala Lumpur and...

Tanjung unit wins Petrofac job extension.
September 30, 2010... TANJUNG Offshore Bhd's unit has won a RM110 million contract extension by Petrofac (Malaysia PM-304) Ltd to supply a mobile offshore production unit (MOPU) for the Cendor field, Block PM-304. The extended period is effective from September 24 to...

Sonata recall does not affect Malaysia.
September 30, 2010... HYUNDAI-Sime Darby Motors Sdn Bhd (HSDM) has confirmed that the recall of the Sonata in the US does not affect Malaysia. HSDM managing director Dennis Ho said in a statement that the recent voluntary recall only affected the YF Sonata produced...

Kimlun unit gets MRCB Eng contract.
September 30, 2010... KIMLUN Corp Bhd's wholly-owned unit Kimlun Sdn Bhd has won a RM69.9 million contract from MRCB Engineering Sdn Bhd to build the Marlborough College East in Iskandar Malaysia, Johor. Construction works are due to complete by January 2012.

Bursa did not issue directive on fee sum.
September 30, 2010... WITH regard to the article entitled "Bursa goes to court again over Golden Plus", Bursa Malaysia clarified that it did not issue a directive on the sum to be paid for the services of PricewaterhouseCoopers (PwC). However, it directed GP Holdings...

RM400m is deposit insured funds of PIDM.
September 30, 2010... IN OUR article yesterday headlined "PIDM to make youth more financially savvy", the figure RM400 million is the total deposit insured funds of Malaysia Deposit Insurance Corp (PIDM) and not the total amount of deposits insured in the country. We...

'Resolve Lotus issue amicably'.
September 30, 2010... Byline: Kamarul Yunus FORMER Prime Minister Tun Dr Mahathir Mohamad has expressed hopes that national carmaker Proton Holdings Bhd and owners of the Lotus Racing team will find an amicable solution to resolve the issue surrounding use of the...

Jakel plans further expansion.
September 30, 2010... Byline: V. Shankar Ganesh TEXTILE company Kumpulan Jakel has opened its 20th store, its largest, and plans to open another as demand continues to be strong. "There is still much room for expansion," group chief executive officer Mohamed...

3 local firms in talks to invest in India's Sri City.
September 30, 2010... Byline: Marina Emmanuel THREE Malaysian companies are expected to establish an investment presence in one of India's top special economic zones (SEZs) by the end of the year. Integrated SEZ developer Sri City (Pte) Ltd vice-president C....

Sapura Ind likely to consolidate gains.
September 30, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia remained in their consolidation mood yesterday. The market's overall advancing counters overwhelmed its declining counters by 430 to 283. The Kuala Lumpur Composite Index (KLCI)...

Firms to invest more in customer service: DHL.
September 30, 2010... A STUDY by DHL Express, the world's leading international express services provider, revealed that 94 per cent of Malaysian businesses plan to invest further in customer service in 2011. Its incoming chief executive for Asia Pacific, Eastern...

Asean fund to get US$150m from KL.
September 29, 2010... MALAYSIA has pledged US$150 million (RM465 million) towards the Asean Infrastructure Fund, Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin said. The Asian Development Bank (ADB) had also committed US$150 million (RM465 million) towards...

Asian economies to keep growing.
September 29, 2010... Byline: Hamisah Hamid DELEGATES to the World Capital Markets Symposium 2010 (WCMS) had a better understanding of the global economic situation and assurance of Asia's ability to withstand a global downturn. They went back with a greater...

Call to exploit Islamic finance expertise.
September 29, 2010... Byline: Zurinna Raja Adam MALAYSIA should make use of its Islamic finance expertise to attract more foreign direct investments (FDIs). "The outlook in Malaysia is very optimistic with vast opportunities for investment. I believe Malaysia...

Ministries urged to commit to green thoughts.
September 29, 2010... Byline: June Ramlee MINISTRIES must be committed to "thinking green" if the government is to cut carbon emissions by 40 per cent in 2025. This was concluded by panellists when met at the sidelines of the International Greentech and Eco...

Potential for rubber exports to hit RM30b.
September 29, 2010... Byline: Sharen Kaur MALAYSIA's export of rubber products is expected to touch RM30 billion in 10 years, driven primarily by strong demand for rubber gloves. Minister of Plantation Industries & Commodities, Tan Sri Bernard Dompok said...

Private sector confidence key to ETP's success.
September 29, 2010... Byline: Hassan Ali LAST week, there were rumblings at the Putra World Trade Centre when thousands thronged the exhibition hall hoping to understand, and perhaps share the government's aspiration in charting the economic roadmap towards a...

Malaysia, Australia to resume FTA talks.
September 29, 2010... Byline: Rupa Damodaran SYDNEY: MALAYSIA will resume its bilateral free trade agreement (FTA) talks with Australia later next month, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Talks were disrupted and placed...

PIDM to make youth more financially savvy.
September 29, 2010... Byline: Cheryl Yvonne Achu THE total amount of deposits insured in the country stands at RM400 million to date, says Malaysia Deposit Insurance Corp (PIDM), a statutory body administering the national deposit insurance system. PIDM chief...

Consolidation likely.
September 29, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia resumed its prior consolidations yesterday. Its overall declining counters overwhelmed its advancing counters by 493 to 244. The Kuala Lumpur Composite Index (KLCI) fell from its...

Bursa goes to court again over Golden Plus.
September 29, 2010... BURSA Malaysia Bhd has had to go to court once again to get Golden Plus Holdings Bhd (GP Holdings) to comply with its directives. The stock exchange in August 2008 issued a directive for GP Holdings to appoint a special auditor to review the...

Ng denied seat on EONCap board.
September 29, 2010... Byline: Shahriman Johari BANK Negara Malaysia has denied Ng Wing Fai a seat on the board of EON Capital Bhd (EONCap), the latest blow to Hong Kong-based Primus Pacific Partners that is now resisting a takeover bid from Hong Leong Bank Bhd. ...

Maybank backs idea of Asean banking framework.
September 29, 2010... Byline: Adeline Paul Raj TOP lender Malayan Banking Bhd (Maybank) supports the idea of an Asean banking framework to aid economic and financial integration in the region. "It's something many of us regional banks have been thinking about....

Need for more women on corporate boards.
September 29, 2010... Byline: Adeline Paul Raj THERE needs to be more women in the world's corporate boardrooms and regulatory bodies, says Faye Wattleton, a consultant and promiment advocate of female empowerment in the US. "After all, women consist of half of...

ADB raises Asian growth forecast.
September 29, 2010... THE Asian Development Bank (ADB) has raised the growth outlook for Asian developing economies this year to 8.2 per cent, from the 7.5 per cent projected in April, on better productivity and a recovery in exports. The Manila, Philippines-based...

Branson spoke at conference.(Conference news)
September 29, 2010... ON PAGE six of Business Times yesterday, we inadvertently used the logo for the World Capital Markets Symposium (WCMS) to accompany a story headlined: "Branson: KL a good investment destination". That latter article came from a different...

Hong Leong closer to EONCap takeover.
September 29, 2010... Byline: Kamarul Yunus HONG Leong Bank Bhd (HLB) is a step closer to taking over EON Capital Bhd (EONCap) after the latter's shareholders approved the takeover bid on Monday, group managing director Yvonne Chia said. "Clearly, yesterday's...

Primus faces hitch in subpoena move.
September 29, 2010... Byline: Presenna Nambiar PRIMUS (Malaysia) Sdn Bhd's plans to call a former director and an employee of K & N Kenanga Holdings Bhd faced a hitch yesterday. Both individuals objected, citing a banking act prohibiting officers of...

Muhyiddin: Govt yet to decide on PLUS sale.
September 28, 2010... Byline: Vasantha Ganesan THE government has not made any decision on the sale of PLUS Expressways Bhd, says the Deputy Prime Minister. "There has been no firm decision. If there is any development, it will be announced later," Tan Sri...

Maybank IB eyes top three spot.
September 28, 2010... Byline: Goh Thean Eu MAYBANK Investment Bank Bhd said its efforts to improve distribution network will expand its retail customer base and help its push to become one of the top three stockbroking companies in Malaysia by end of next year. ...

'US recession will not spare emerging marts'.
September 28, 2010... Byline: Goh Thean Eu EMERGING markets like China, India and Southeast Asia will not be spared should US enter into another recession, said several speakers who attended the World Capital Markets Symposium yesterday. New York University...

GDP growth may be 6-7pc in H2.
September 28, 2010... Byline: Zaidi Isham Ismail MALAYSIA is expected to register a lower gross domestic product (GDP) growth in the second half of this year compared with the first half due to the weak state of the global economy. Second Finance Minister Datuk...

Khazanah targets 20pc return on new investments.
September 28, 2010... Byline: Hamisah Hamid STATE investment arm Khazanah Nasional Bhd expects its newer investments, including the London-based carbon emission consultancy Camco International Ltd, to generate over 20 per cent in annual returns. "We are hitting...

Mida completes talks with Pratt & Whitney.
September 28, 2010... THE Malaysian Investment Development Authority (Mida) has concluded negotiations with Pratt & Whitney for the American aircraft engine maker to set up shop here, its director-general Datuk Jalilah Baba says. Pratt & Whitney makes...

Branson: KL a good investment destination.
September 28, 2010... Byline: Sharen Kaur MALAYSIA is an attractive investment destination but some issues need to be tackled to attract investors, said Virgin Group founder Sir Richard Branson. "I think Malaysia has a good reputation but some issues like...

'It's the AG's prerogative'.
September 28, 2010... Byline: Sajahan Abdul Waheed IT IS the prerogative of the Attorney-General to decide whether or not to continue the prosecution of a case as stated in the Federal Constitution, said prominent lawyer Datuk Hafarizam Harun yesterday. ...

EONCap shareholders support Hong Leong offer.
September 28, 2010... Byline: Presenna Nambiar A COURT judgment is the only thing standing in the way of the country's biggest bank merger in four years, with a prominent banker set to take the stand today. Yesterday's EON Capital Bhd (EONCap) extraordinary...

MAS sees 40pc rise in capacity for India flights.
September 28, 2010... Byline: Marina Emmanuel MALAYSIA Airlines (MAS) is looking at 40 per cent capacity increase next year for flights from Indian cities, based on growing demand from business and leisure travellers. MAS plans to leverage on the delivery of...

Malaysia plans to host Forbes CEO meet again.
September 28, 2010... Byline: Rupa Damodaran MALAYSIA plans to host the high profile Forbes Global CEO conference again next year, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. The exclusive annual event, where attendance is by...

Asia File keen to acquire US company.
September 28, 2010... Byline: Marina Emmanuel ASIA File Corp Bhd, which has earmarked the US for potential growth, is looking to acquire a stationery company there which will serve as a distribution and manufacturing centre for the company. "If we see any good...

REDtone to submit 4G business plan soon.
September 28, 2010... REDtone International Bhd plans to submit a detailed business plan to the Malaysian Communications and Multimedia Commission soon on how it plans to use new bandwidth that allows even faster services than what's available now. The 20Mhz block...

SunCity project in Penang.
September 28, 2010... SUNWAY City Bhd's wholly-owned unit, Sunway City (Penang) Sdn Bhd, had on August 4 agreed to buy 32.74ha of land for residential development in Barat Daya district, Penang, from Sungei Ara Holdings Sdn Bhd for RM38.76 million. SunCity said the...

Follow-through rebound likely.
September 28, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia yesterday rebounded in tandem with the sharp overnight rebounds on Wall Street. Overall advancing counters outpaced declining counters by 469 to 292. The key FTSE Bursa Malaysia Kuala Lumpur...

Fokusjadi gets ferry concession.
September 28, 2010... SURIA Capital Holdings Bhd's unit, Sabah Ports Sdn Bhd (SPSB), has offered a 25-year concession to Fokusjadi Sdn Bhd (FSB) to operate and manage the Tawau ferry terminal and provide passenger transit facilities on August 9 2010. FSB will pay...

Kimlun wins RM64.82m deal.
September 28, 2010... KIMLUN Corp Bhd's wholly-owned subsidiary, Kimlun Sdn Bhd (KLSB), has won a RM64.82 million contract from SP Setia Bhd to build two 25-storey service apartments in Pulai, Johor. Work is due to be completed by September 2012.

Plenitude to buy Penang land.
September 28, 2010... PLENITUDE Bhd's wholly owned unit, Plenitude Estates Sdn Bhd, has agreed to buy 21.3ha of freehold land in Balik Pulau, Penang, from United Formula Sdn Bhd and Affluent Base Sdn Bhd for RM40.1 million. The land is earmarked for mixed development...

Bank Rakyat to give out RM22b personal loans.
September 28, 2010... Byline: Cheryl Yvonne Achu BANK Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) hopes to give out RM22 billion in personal loans this year, and aims to do this by getting at least one million new borrowers. As of June, Bank Rakyat managing...

Shahril tipped to take Prasarana helm.
September 28, 2010... Byline: Kang Siew Li SHAHRIL Mokhtar, one of the brains behind the recent improvements to the public transport sector, is tipped to lead Syarikat Prasarana Negara Bhd, asset owner of two light rail transit (LRT) systems and bus services in...

Siemens eyes MRT, high-speed rail jobs.
September 27, 2010... Byline: From Adeline Paul Raj BERLIN: Siemens, a global expert in rail technology, is keen to take part in Malaysia's proposed high-speed rail project linking Kuala Lumpur and Singapore and RM36 billion mass rapid transit (MRT) system for...

New Hoong Fatt focused on Asean growth.
September 27, 2010... Byline: Rupinder Singh AUTOMOTIVE parts manufacturer New Hoong Fatt Holdings Bhd (NHF) will focus on expanding its business in Asean to tap the growing population and new-vehicle markets. Currently, NHF exports to more than 40 countries,...

Leveraging on palm oil innovation.
September 27, 2010... Byline: Marina Emmanuel AT THE opening of Sabah's first palm-pressed fibre oil exraction plant in the once-thriving timber town of Keningau last week, the state's Minister of Industrial Development Datuk Raymond Tan Shu Kiah imparted some...

Range-bound trading likely.
September 27, 2010... Byline: Goh Thean Eu MALAYSIAN stocks are likely to see a range-bound trading this week as investors await more details to unfold in the global arena as well as in Malaysia. The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index...

Have enough reserves before floating ringgit, says Maybank chief.
September 27, 2010... Byline: Hamisah Hamid THE country must have sufficient international reserves and conducive environment before considering putting the ringgit on the international forex market, Malayan Banking Bhd (Maybank) chief said. Maybank president...

Banking's key role in ETP projects.
September 27, 2010... Byline: Hamisah Hamid THE banking system is expected to play a major role in funding private-sector projects under the Economic Transformation Programme (ETP). Malayan Banking Bhd (Maybank) president and chief executive officer Datuk Seri...

Maybank in Indonesia for the long term.
September 27, 2010... MALAYAN Banking Bhd (Maybank), the country's largest lender, will continue to invest and expand in neighbouring Indonesia despite the anti-Malaysia sentiment of a few Indonesians. Its president and chief executive officer Datuk Seri Abdul...

Ogawa back in the black.(Financial report)
September 27, 2010... Byline: June Ramlee OGAWA World Bhd has returned to the black after two years of consecutive losses, posting a net profit of RM8.3 million for the year ended June 30 2010. Its executive director Louis Chong attributed the turnaround to the...

AirAsia to spend up to US$1.8m on in-flight connectivity.
September 27, 2010... Byline: Azlan Abu Bakar LOW-cost carrier AirAsia Bhd will spend up to US$1.8 million (RM5.58 million) by end of 2010 to equip six of its planes with seamless and data roaming services. It is in partnership with Maxis Bhd and OnAir, the...

NHF plans RM30m expansion.
September 27, 2010... Byline: Rupinder Singh NEW Hoong Fatt Holdings Bhd (NHF), a manufacturer and distributor of motor vehicle replacement parts, could spend up to RM30 million next year, said its top executive. The money would be used to enhance and widen its...

Mitsubishi eyes Sabah, S'wak marts.
September 27, 2010... Byline: Roy Goh MITSUBISHI Motors is banking on Sabah and Sarawak to meet its sales target for the latest 3.8-litre V6 Pajero model this year. Setting a modest target of 50 units this year, Mitsubishi Motors Malaysia Sdn Bhd chief...

i-Phone 4 attracts many first-time buyers.
September 27, 2010... Byline: Goh Thean Eu; Tan Choe Choe TWENTY-nine per cent of Maxis iPhone 4 buyers were first-time iPhone owners, a short survey conducted by Business Times during its launch late Thursday reveals. Business Times spoke to 100 random Maxis...

OMV to buy Petronas interests in Pakistan.
September 27, 2010... Byline: Kamarul Yunus OMV, the leading energy group based in Austria, is buying all Petroliam Nasional Bhd's (Petronas) oil and gas exploration and production interests in Pakistan for an undisclosed sum. OMV signed a sales and purchase...

AmBank issues 4 new call warrants.
September 27, 2010... AMBANK (M) Bhd is issuing four new European style cash-settled call warrants ("CW") to be listed on September 28 2010. The launch of the 12-month CWs of 100 million each is in line with AmBank's objective of providing affordable and leveraged...

CIMB hopes for favourable outcome from Thai tax ruling.
September 27, 2010... CIMB Group Bhd hopes that the Thai authorities' position on the double tax issue on its proposed dual listing will be favourable. "I expect it to be conducive for the Thai investors. Otherwise, they get double taxed, and it will not be...

Road map to move plastics industry up value chain.
September 27, 2010... Byline: Jaspal Singh THE emergence of lower-cost economies in the plastics industry globally has prompted Malaysian manufacturers to rethink and restrategise their businesses to move towards competitive, value-added and high-quality...

Mines 2 aims to rake in RM15m rental from new shopping mall.
September 27, 2010... Byline: Cheryl Yvonne Achu MINES 2 Sdn Bhd, the owner of Mines 2, is aiming to rake in rentals of RM15 million a year from its new shopping mall that will start operations on October 15. Its chairman Tan Sri Lee Kim Yew said with the...

4As expects 23pc growth in adex.
September 27, 2010... Byline: Cheryl Yvonne Achu THE Association of Accredited Advertising Agents Malaysia (4As) is aiming for at least 23 per cent growth in the local advertising expenditure (adex) this year. 4As president Datuk Vincent Lee said the mobile,...

Long-term trend remains northbound.
September 27, 2010... Byline: Bernard THE September contract on the Bursa Malaysia Derivatives Berhad closed lower at 1,450.50 with an open interest of 20,906 contracts. The spot month contract fell after its failure to sustain itself above the previous high at...

Sunrise likely to stage follow-through rebound.
September 27, 2010... Byline: S.N. Lock SHARE prices on Bursa Malaysia slipped into their much awaited consolidations for the last two trading days last week. The FBM Kuala Lumpur Composite Index (FBM KLCI) continued to stay precariously above its immediate...

Mart likely to pull back further.
September 27, 2010... Byline: Kaladher Govindan THE local stock market finally went through a long overdue profit-taking correction last week after a five-week winning streak, with the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) peaking...

Idrose not renewing Prasarana contract.
September 25, 2010... Byline: Kang Siew Li SYARIKAT Prasarana Negara Bhd group managing director (MD) Datuk Idrose Mohamed will not be renewing his contract when it expires on September 30. "Idrose had conveyed to the board of directors his wish of not...

Sunway plans RM250m Sri Lanka project.
September 25, 2010... Byline: Sharen Kaur SUNWAY Holdings Bhd will launch its RM250 million flagship commercial and residential project in Colombo, Sri Lanka, by the second quarter of next year. It will be the company's sixth overseas project. Sunway has four...

iPhone 4 will be a hit: CEO.
September 25, 2010... Byline: Goh Thean Eu; Tan Choe Choe MAXIS Bhd, the country's biggest mobile operator in terms of total subscribers and revenue market share, expects its newly-launched iPhone 4 to register stronger sales than its previous iPhone models. ...

Maxis to submit 4G business plan.
September 25, 2010... Byline: Goh Thean Eu; Tan Choe Choe MAXIS Bhd said it plans to submit its business plan to Malaysian Communications and Multimedia Commission (MCMC) to get a 20 megahertz (Mhz) block of the 4G spectrum. The spectrum is made up of airwaves...

ETP: Transparency a prerequisite.
September 25, 2010... Byline: Mustapha Kamil AND now, the hard part - putting the plans into action. This is by no means a run-of-the-mill plan. The Economic Transformation Programme (ETP) counted some RM1.3 trillion in investments required to achieve its...

Jadi upbeat on double-digit profit growth.(Financial report)
September 25, 2010... Byline: Presenna Nambiar TONER maker Jadi Imaging Holdings Bhd expects to record double-digit growth in revenue and profit this year, despite having to contend with the dampening effects of a stronger ringgit. Jadi made RM10.3 million net...

Canon on track to meet RM800m revenue target.
September 25, 2010... Byline: Cheryl Yvonne Achu CANON Marketing (Malaysia) Sdn Bhd is optimistic of ending the year on a good note with RM800 million in revenue, backed by sales of approximately 20,000 units of its new printer series and scanners per month. ...

YTL Cement to buy Gopeng shares.
September 25, 2010... GOPENG Bhd on Thursday has accepted an offer from YTL Cement Bhd to buy the former's 35.16 per cent equity, represented by 7.74 million shares of RM1 each in Perak Hanjoong Simen Sdn Bhd for RM200 million in cash. Gopeng said the proposed...