Business

China signs off on US$5bil loan to boost Venezuela oil output

CARACAS: Venezuela and China have signed a deal for a $5 billion loan designed to increase the OPEC country's oil production, Venezuelan President Nicolas Maduro said.

TalentCorp turns Malaysia’s brain drain to brain gain

FOUR years ago when the Government was confronted with a difficult question of how could it reverse the brain drain into a brain gain, it decided to embark on two major initiatives. 

Pricing issue: The Employees Provident Fund is concerned about the valuation Felda is paying, according to Bernama report in June.

FGV may ask for lower price for Eagle High stake

SINGAPORE: Felda Global Ventures Holdings Bhd (FGV), the world’s biggest crude palm oil producer, is considering seeking revised terms for its US$680mil deal to buy a stake in PT Eagle High Plantations, people with knowledge of the matter said.

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Ringgit down on Fitch downgrade warning

SINGAPORE: Most emerging Asian currencies resumed falling on Wednesday as fears over global growth and downbeat factory activity reports drove investors from risky assets including stocks.

2 September 2015 | 2:16PM |

Forex

KL-Singapore HSR details to be known in 2 years

KUALA LUMPUR: Details of the contracts for the construction of the KL to Singapore high speed rail will likely be known in two years, said the Land Public Transport Commission's chief development officer Prodyut Dutt.

2 September 2015 | 12:25PM |

Corporate News

Scomi inks global LRT, MRT partnership with Skoda

KUALA LUMPUR: Scomi Engineering Bhd has teamed up with Czech transport engineering company, Skoda Transportation to tap into the global light rapid transit (LRT) and mass rapid transit (MRT) business.

2 September 2015 | 4:43PM |

Markets hit fresh turbulence, KLCI below 1600

KUALA LUMPUR: Malaysia’s stock market hit fresh turbulence early Wednesday, with the key FBM KLCI falling below the key 1,600 level after the overnight tumble on Wall Street and a fall in crude oil prices.

2 September 2015 | 9:53AM |

Markets

Oil retreats more than $5 on weak data

NEW YORK: Oil prices plummeted on Tuesday, settling 8 percent lower, as weak Chinese data extended a roller-coaster run that knocked oil to its lowest in 6-1/2 years last week before frenzied short-covering fueled a 25 percent three-session surge.

2 September 2015 | 8:10AM |

Markets

Maybank weighs on KLCI as ringgit loses ground again

KUALA LUMPUR: Maybank, AmBank and Public Bank were among the biggest losers at the midday break on Wednesday as the key FBM KLCI lost more than 12 points, extending its losses for the second day following the volatile external equities and commodities markets.

2 September 2015 | 1:13PM |

Markets

German jobless rate at record low

BERLIN: German unemployment fell more than expected in August, with the jobless rate holding steady at a record low, offering reassurance that consumer spending will continue to drive growth in Europe’s largest economy this year.

2 September 2015 | 12:00AM |

Foreign News

Destini Berhad group managing director Datuk Rozabil Abdul Rahman duirng the interview on the group’s outlook and acquisitions.— IZZRAFIQ ALIAS / The Star. July 7, 2015.

Shot in the arm for Destini

PETALING JAYA: Minister of Finance Inc (MoF) unit Aroma Teraju Sdn Bhd has emerged as the second-largest shareholder of engineering specialist firm Destini Bhd, confirming a report by StarBiz on Monday entitled MoF courts Destini.

3 September 2015 | 12:00AM |

destini bhd

Freeze on Swiss accounts of individuals linked to 1MDB

ZURICH: Swiss authorities said they had frozen funds in Swiss banks amid a probe into people linked to Malaysia's troubled state investment fund, 1Malaysia Development Bhd (1MDB), on suspicion of corruption and money laundering, Reuters reported.

3 September 2015 | 12:00AM |

1MDB

Naza Kia Malaysias newly launched Sportage 2WD sports-utility vehicle.

Naza launches new sports-utility vehicle

PETALING JAYA: Naza Kia Malaysia, the official distributor of Kia vehicles in Malaysia, expects its newly-launched Sportage 2WD sports-utility vehicle (SUV) to contribute 10% to the total sales target this year.

3 September 2015 | 12:00AM |

Kia

Nirvana net profit soars to RM136mil

PETALING JAYA: Hong Kong-listed Nirvana Asia Ltd posted a higher net profit of RM136.1mil for the first half ended June 30, 2015 compared with RM44mil in the same period a year ago.

3 September 2015 | 12:00AM |

Nirvana

New landmark: An artist’s impression of Agile Mont Kiara, a 10-acre freehold residential development by Agile Real Estate.

China developer to launch RM1.2bil project

PETALING JAYA: Hong Kong Stock Exchange-listed Agile Property Holdings Ltd is proving that there is good demand for Mont Kiara living by building a RM1.2bil residential project there.

3 September 2015 | 12:00AM |

agile

MAB keeps 9,000 permanent staff

PETALING JAYA: The new Malaysia Airlines Bhd (MAB) has hired only 9,000 of its employees on permanent contracts. Another 4,000 employees of MAB are on short-term contracts.

3 September 2015 | 12:00AM |

malaysia airlines

Details on high-speed rail job out by 2017

KUALA LUMPUR: Details of the contracts for the construction of the KL-Singapore high-speed rail (HSR) will likely be known in two years, said the Land Public Transport Commission chief development officer Dr Prodyut Dutt.

3 September 2015 | 12:00AM |

high speed rail

Maybank unveils RM10bil debt programme

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has set up a senior medium-term note (MTN) programme totalling RM10bil to fund its working capital, general banking and other corporate purposes.

3 September 2015 | 12:00AM |

maybank

Global stock selloff hits ringgit

KUALA LUMPUR: Malaysia’s ringgit fell the most in a week amid a global selloff in equities and as energy prices slumped on signs China’s economy is slowing.

3 September 2015 | 12:00AM |

ringgit

MWE eyes additional US$40mil revenue

NIBONG TEBAL: MWE Holdings Bhd is eyeing US$40mil additonal revenue from its textile business through wholly-owned unit, United Sweethearts Garment Sdn Bhd (USG), in the next financial year ending March 31, 2017 after the operation of its new plant in Vietnam.

3 September 2015 | 12:00AM |

mwe

Markets on edge as policymakers flex muscles

LONDON: Fresh government intervention to support China's jittery markets and bets on a more dovish stance from central bankers provided limited respite from a stock market sell-off on Wednesday as oil resumed its fal

2 September 2015 | 5:17PM |

Markets

Scomi inks global LRT, MRT partnership with Skoda

KUALA LUMPUR: Scomi Engineering Bhd has teamed up with Czech transport engineering company, Skoda Transportation to tap into the global light rapid transit (LRT) and mass rapid transit (MRT) business.

2 September 2015 | 4:43PM |

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