Business

Power pact: (from left) Goh, JAKS CEO Ang Lam Poah and CPECC assistant to president/director of international department Xue Danfeng at the JV signing ceremony.

JAKS to build RM7bil power plant in Vietnam with China partner

KUALA LUMPUR: Pipe-maker JAKS Resources Bhd will partner China Power Engineering Consulting Group Co Ltd (CPECC) in a 50:50 joint venture (JV) to build a power plant in Hai Duong province in Vietnam for US$1.87bil (RM7.05bil).

Golden opportunity: (from left) Bursa Malaysia Bhd CEO Datuk Tajuddin Atan, VCAM chairman Datuk Khairil Anuar Abdullah and ValueCap group chairman Datuk Hamzah Bakar at the launch of the Malaysian ESG Opportunity Fund.

VCAM plans to launch two more funds

KUALA LUMPUR: VCAP Asset Managers Sdn Bhd (VCAM), which manages RM4bil in assets, said it is planning to offer an Asean-based environment, social and governance (ESG) fund within the next two years.

Mustapa: ‘It is quite difficult for us to achieve a 10 growth.’

Govt retains AP policy for used cars

KUALA LUMPUR: The Government still retains the approved permit (AP) policy for the import of used cars, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

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Investors look and react at the share index in Kuala Lumpur. FAIHAN GHANI/The Star

Malaysian market down on poor sentiments, foreigners continue to sell

PETALING JAYA: The stock market reacted negatively on the back of heightened political risk and the weakening ringgit, falling by nearly 1%. The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) closed 17.19 points lower at 1,717.05 points while the ringgit was sold down further, hitting a 16-year low of RM3.81 to the US dollar.

7 July 2015 | 12:00AM |

market

Fitch boost for Malaysia short-lived, ringgit hardest hit in Asia

PETALING JAYA: The simmering economic crisis in Greece and weakness in China continued to roil financial markets across the region, with the ringgit being the hardest hit among Asian currencies. Sentiment on the ringgit was further compounded by rising domestic political risk, lingering concerns about 1Malaysia Development Bhd’s massive debt problems and lower oil revenue.

7 July 2015 | 12:00AM |

Stocks

11 firms bid to build an icon in Bukit Jalil

PETALING JAYA: The Government wants to promote the National Sports Complex (NSC) in Bukit Jalil, Kuala Lumpur as a tourist destination not only during major sporting events. In this respect, it has been working with the private sector to build new infrastructure and put up an iconic feature at the NSC to attract more visitors.

6 July 2015 | 12:00AM |

Construction

KLCI sees over 17 pts erased, ringgit at 16-year low (Update)

KUALA LUMPUR: Key Asian markets except for China closed sharply lower on Monday, following Greeks’ move to reject the bailout terms, while the FBM KLCI lost more than 17 points on continued selling by foreign funds and the ringgit sunk to a 16-year low.

6 July 2015 | 5:47PM |

Forex

Borneo Oil to invest more in Pahang

KUCHING: Borneo Oil Bhd, which is expected to commence gold mining activities soon in a second area in Pahang, plans to invest an additional RM40mil to step up its mining operations in the state. According to executive director Raymond Teo Kiew Leong, land clearing is underway and mining equipment is being mobilised to facilitate the mining of alluvial gold and tailings at Bukit Ibam, Rompin district, in the current quarter.

6 July 2015 | 12:00AM |

Commodities

Equity markets around the world fall

SAN FRANCISCO: Equity markets around the world fell on Monday and U.S. oil prices tumbled 8 percent after Greece overwhelmingly voted against conditions for a rescue package and following unprecedented measures in China to staunch recent massive losses in its stock markets.

7 July 2015 | 6:42AM |

Stocks

Moody’s says 1MDB does not pose systemic risk

HONG KONG: Malaysia’s economy, its banking system and government finances are not under systemic risk from developments at state fund 1Malaysia Development Bhd (1MDB), rating agency Moody’s said on Monday.

7 July 2015 | 12:07AM |

Economy

UAE bank ADIB targets acquisitions in Malaysia

DUBAI: Abu Dhabi Islamic Bank (ADIB), which recently failed in its bid for Citigroup’s Egypt retail business, is targeting acquisitions in 2016 in Asia, the Middle East, and North Africa, its chief executive said.

7 July 2015 | 12:00AM |

Banking

Fitch boost for Malaysia short-lived, ringgit hardest hit in Asia

PETALING JAYA: The simmering economic crisis in Greece and weakness in China continued to roil financial markets across the region, with the ringgit being the hardest hit among Asian currencies. Sentiment on the ringgit was further compounded by rising domestic political risk, lingering concerns about 1Malaysia Development Bhd’s massive debt problems and lower oil revenue.

7 July 2015 | 12:00AM |

Stocks

Investors look and react at the share index in Kuala Lumpur. FAIHAN GHANI/The Star

Malaysian market down on poor sentiments, foreigners continue to sell

PETALING JAYA: The stock market reacted negatively on the back of heightened political risk and the weakening ringgit, falling by nearly 1%. The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) closed 17.19 points lower at 1,717.05 points while the ringgit was sold down further, hitting a 16-year low of RM3.81 to the US dollar.

7 July 2015 | 12:00AM |

market

Retail sales outlook hazy post-GST

PETALING JAYA: The retail sales outlook appears to be uncertain in the third quarter or even next year, as people are careful with spending and are making informed choices due to the goods and services tax (GST), and oil price volatility, say retail players.

7 July 2015 | 12:00AM |

Economy

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