Business

Mokhzani and Yeow to keep stake SapKen

PETALING JAYA: Tan Sri Mokhzani Mahathir and close associate Yeow Kheng Chew, better known as KC, have no plans to sell their combined stake of 9.12% in oil and gas (O&G) giant SapuraKencana Petroleum Bhd (SapKen) following their resignations from the board of the company. “We have no plans to sell,” Mokhzani told StarBiz.

Arul has announced the fund will monetise Edra Energy this year.

1MDB may be dismantled under debt repayment plan

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources said.

From left: Ong, Lim and Leong at the briefing. Leong says the group plans to open 11 cinemas.

PPB sets aside RM535mil for capex

KUALA LUMPUR: PPB Group Bhd will spend RM535mil on capital expenditure (capex) over the next two to three years, focusing on expanding the Golden Screen Cinemas (GSC) chain, according to chief financial officer Leong Choy Ying.Most of the investment will go towards expanding the GSC chain

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1MDB sheds light, explains RM2bil debt,eyes listing

PETALING JAYA: Government-owned strategic fund 1Malaysia Development Bhd (1MDB) has shed light on its highly-debated RM2bil loan taken by its subsidiary and asserted that it will resubmit its application to list its power arm.

5 March 2015 | 12:00AM |

Stocks

CIMB, SKPetro main drags on KLCI

KUALA LUMPUR: Losses by CIMB and SapuraKencana Petroleum were the main drags on the FBM KLCI on Thursday as market sentiment took a hit from the weak key regional bourses while the ringgit continued to lose ground against the US dollar.

5 March 2015 | 5:29PM |

Markets

Higher palm oil price in sight

KUALA LUMPUR: Oil palm producers whose profits were affected by the 15% drop in crude palm oil (CPO) price last year, will get a short relief as the commodity is expected to climb back to RM2,500 per tonne in May from RM2,380 per tonne currently on lower production and reduced stocks outlook, said international palm oil expert Dorab Mistry.

5 March 2015 | 12:00AM |

Palm Oil

Mokhzani Mahathir and Yeow resign from SapKen

PETALING JAYA: Tan Sri Mokhzani Mahathir and close associate Yeow Kheng Chew have resigned from the board of oil and gas giant SapuraKencana Petroleum Bhd, almost a year after they relinquished their executive position in the company.

5 March 2015 | 12:00AM |

Stocks

An economist expects overseas shipment to the United States and European economies to bolster Malaysia’s exports growth in 2015.

Demand for E&E to offset drop in oil prices

PETALING JAYA: A resurgence in demand for electrical and electronic (E&E) products in the coming months will help mitigate the drop in oil and liquefied natural gas (LNG) prices.

5 March 2015 | 12:00AM |

Economy

MK Land to launch 2 projects this year

PETALING JAYA: Property developer, MK Land Holdings Bhd, will launch two projects this year with a combined Gross Development Value of RM600mil, says group chief executive officer Lau Shu Chuan.

5 March 2015 | 3:00PM |

Property

Euro sinks to 11-1/2-year low, bonds gain after ECB

NEW YORK: The euro fell to an 11-1/2-year low against the dollar on Thursday as U.S. and euro zone bond prices rose, after the European Central Bank spelled out its 1 trillion-euro stimulus plan that begins next Monday.

6 March 2015 | 6:44AM |

Banking

US banks pass Fed capital test, trading books hurt

WASHINGTON/NEW YORK: All 31 U.S. banks passed a test of how they would do in a next economic crisis, the Federal Reserve said on Thursday, but those with large trading books came out weak because of new elements in the check-up.

6 March 2015 | 6:37AM |

Banking

US$9mil revenue from Stock Connect

HONG KONG: Hong Kong’s stock exchange operator said a stock connect programme with Shanghai that launched on Nov 17 contributed just US$8.8mil to revenue last year, showing how disappointing trading on the programme has capped profit growth.

6 March 2015 | 12:00AM |

HKEX

Survey: Thai consumer confidence on downtrend

BANGKOK: Consumer confidence in Thailand fell for a second straight month in February, according to a university survey, as low commodity prices and marginal economic growth kept down domestic demand.

6 March 2015 | 12:00AM |

Thailand

SIC chairman Datuk Mokhzani Mahathir said the guests can look forward to a night of good music with performances from David Foster and friends at the gala.

China signals higher spending, lower growth target of 7%

BEIJING: China plans to run its biggest budget deficit in 2015 since the global financial crisis, stepping up spending as Premier Li Keqiang signalled that the lowest rate of growth in a quarter of a century is the “new normal” for the world’s No. 2 economy.

6 March 2015 | 12:00AM |

China

Bank Negara leaves rates unchanged

KUALA LUMPUR: Bank Negara has kept the overnight policy rate (OPR) unchanged at 3.25%, as the monetary policy remains accommodative and supportive of economic activity at the current level of the OPR.

6 March 2015 | 12:00AM |

Banking

Kam will continue to carry out his responsibilities until May 4.

RHBCap identifies new mnaging director

KUALA LUMPUR: RHB Capital Bhd (RHBCap) has identified a successor and will seek Bank Negara’s approval for the person to helm the fourth largest financial institution by assets following the resignation of current group managing director Kellee Kam.

6 March 2015 | 12:00AM |

Banking

MRCB to sustain growth with 4 key projects this year

KUALA LUMPUR: Property developer Malaysian Resources Corp Bhd (MRCB), which recorded its highest revenue and dividend payout since 2009, is expecting four key projects to sustain growth this year. They are the 9 Seputeh project along the Old Klang Road, PJ Sentral and Q Sentral office block project in Petaling Jaya and The Sentral Residences at Kuala Lumpur Sentral.

6 March 2015 | 12:00AM |

Property

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