Business

1MDB’s power woes

KUALA LUMPUR: The fate of the controversial 3B power plant project that was awarded to 1Malaysia Development Bhd (1MDB) would be known next week. The project that was supposed to be commissioned in stages beginning Oct 1, 2018 is bogged down by delays and so far there has not been any news of its financing being firmed up.

Biodiesel programme in Malaysia and Indonesia key to CPO price stability

KUALA LUMPUR: The continuous implementation of the biodiesel programme in Malaysia and Indonesia would be the key to ensure price stability of crude palm oil (CPO) prices for this year.

Himmat strikes the gong at the launch of MIFF 2015 exhibition. With him are (from left) Tan, UBM Asia president/CEO Jime Essink and UBM Asean managing director M. Gandhi.

Weak ringgit expected to boost furniture industry

KUALA LUMPUR: The local furniture industry will receive a boost from a weaker ringgit, with exports to gain by more than 10%, according to Malaysian International Furniture Fair (MIFF) chairman Datuk Tan Chin Huat.

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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

Public Bank top gainer among KLCI stocks

KUALA LUMPUR: The FBM KLCI closed higher on Wednesday, underpinned by strong buying support for Public Bank, Petronas Chemicals and YTL but it was evident the broader market was still cautious.

4 March 2015 | 5:48PM |

Markets

Oil price rises, Brent pares losses on Iran news

NEW YORK: U.S. oil futures rose on Wednesday and benchmark Brent pared losses as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide tied to swelling U.S. stockpiles.

5 March 2015 | 6:51AM |

Oil & Gas

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

TSupport Line

FELDA Global Ventures fell from a two-month high of RM2.97 in mid-February to a low of RM2.16 on Tuesday before halting. Tech-nically, the prevailing trend is bearish but the curving up pictogram of the stochastic from the oversold area offers hope of a steadier trend in the short term. Pivotal support and initial resistance are seen at RM2.02 and RM2.52 respectively.

5 March 2015 | 12:00AM |

Stocks

Australia orders fast sale of mansion

SYDNEY: Australia announced it was forcing the Chinese owner of a A$39mil (US$30.5mil) Sydney mansion to sell up within 90 days, the first such crackdown on foreign investment in residential real estate since 2006.

4 March 2015 | 12:00AM |

Australia

Oil price rises, Brent pares losses on Iran news

NEW YORK: U.S. oil futures rose on Wednesday and benchmark Brent pared losses as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide tied to swelling U.S. stockpiles.

5 March 2015 | 6:51AM |

Oil & Gas

Global stocks fall, euro hits 11-1/2-year low before ECB talks

NEW YORK: Stock prices around the world fell on Wednesday on profit-taking, while the euro dropped to an 11-1/2-year low ahead of a European Central Bank meeting where policymakers are expected to offer details on their bond-purchase stimulus plan.

5 March 2015 | 6:47AM |

Stocks

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

British services growth eases but hiring booms

LONDON: Growth in Britain’s dominant services sector eased back in February but firms hired staff at the second-fastest rate on record, wages rose and new orders increased, a further sign that the economy has got off to a strong start in 2015.

5 March 2015 | 12:00AM |

britain

Aussie growth data meets expectations

SYDNEY: The Australian dollar held its ground yesterday as the market took comfort in data showing the economy grew as expected last quarter when the risk had been for a softer outcome.

5 March 2015 | 12:00AM |

forex

New Zealand’s Xero pushes back US listing plan to next year

WELLINGTON: New Zealand online accounting software developer Xero has pushed back plans for a US stock listing to the start of 2016 at the earliest, as fresh capital funding buys transition time for the fast-growing company’s new US leadership team.

5 March 2015 | 12:00AM |

xero

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

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