Business

1MDB explains wide-ranging criticisms levelled at lt

PETALING JAYA: 1Malaysia Development Bhd (1MDB), which has come under fire from various quarters for a wide range of issues from buying assets at inflated prices to paying high fees in its issuance of debt papers, has defended its decisions.

Citroen Asean area manager Aswi Bujang (left) and Samson with the Citroen Grand C4 Picasso.

Naza opens 6th Citroen outlet

PUCHONG: Naza Euro Motors Sdn Bhd, the official distributor of the French brand Citroen, has expanded its network with the addition of Citroen Puchong, which now brings the total number of outlets nationwide to six.

Tey Por Yee

Tey seeks to remove Chong from Protasco

PETALING JAYA: Protasco Bhd’s non-executive director Tey Por Yee (pic) wants to remove managing director Datuk Seri Chong Ket Pen as a director of Protasco and is calling for an EGM for this purpose.

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1MDB has power plants (top right) which it acquired from Tanjong Plc and the Genting group in 2012. It has also been given the rights to develop the Tun Razak Exchange and Bandar Malaysia in Sungai Besi.

1MDB clears the air

1MDB, a strategic development company wholly-owned by the Government of Malaysia, clears the air in a press statement issued on Thursday, Oct 30:

30 October 2014 | 4:45PM |

Corporate News

Property prices to continue uptrend

PETALING JAYA: Property prices, which rose 8% in the first quarter of this year, will continue to head north, as developers pass on the rising cost of building houses to buyers, according to Credit Suisse.

17 September 2014 | 12:00AM |

Property

Press Metal posts Q3 turnaround profit of RM82.6mil

KUALA LUMPUR: Press Metal Bhd recorded earnings of RM82.6mil in the third quarter ended Sept 30, 2014 following losses of RM1.6mil in the corresponding period last year, with revenue jumping 29.5% to RM1.028bil from RM794.5mil.

30 October 2014 | 6:26PM |

Earnings

1MDB incurs cost of RM8mil for Project 3B

PETALING JAYA: The consortium of 1Malaysia Development Bhd (1MDB) and Mitsui Co Ltd of Japan had paid less than RM8mil to assemble and submit its bid for the highly sought after Project 3B and not US$100mil (RM325mil) as speculated by a business daily.

31 October 2014 | 12:00AM |

1MDB

‘Price we paid is commensurate’

PETALING JAYA: 1Malaysia Development Bhd (1MDB) has refuted claims that it had overpaid for real estate assets, and believes the price it had paid is commensurate.

31 October 2014 | 12:00AM |

1MDB

YGL on Bursa query

KUALA LUMPUR: YGL Convergence Bhd is not aware of any corporate development relating to the group’s business and affairs previously not announced that might prompt a Bursa Malaysia unusual market activity (UMA) query.

31 October 2014 | 12:00AM |

YGL

Mida sees new record

KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) is optimistic of setting another record high for approved investments in the manufacturing sector this year.

31 October 2014 | 12:00AM |

Government

Press Metal makes profit

KUALA LUMPUR: Press Metal Bhd posted a net profit of RM82.6mil for the third quarter ended Sept 30 against a net loss of RM1.64mil a year ago on improved metal selling price and higher output at its smelting plants.

31 October 2014 | 12:00AM |

Press Metal

Sukuk fund by Maybank

PETALING JAYA: Maybank Asset Management Sdn Bhd (Maybank AM) has launched Maybank Global Sukuk Fund, its maiden global sukuk product denominated in US dollars.

31 October 2014 | 12:00AM |

Banking

Maybank, DNeX in online financing platform tie-up

PETALING JAYA: Malayan Banking Bhd (Maybank) and Dagang NeXchange Bhd (DNeX) are collaborating to launch a centralised online trade financing facility platform that targets RM5bil worth of trade financing in three years.

31 October 2014 | 12:00AM |

Maybank brief

A work er paints a renovated building in a shopping district in Bangk ok. Thailand’ s Finance Ministr y has ag ain cut its economic growth forecast to 1.4% from 2% made in J uly – the we ake s t growth since 2011. — EPA

Thailand cuts growth outlook

BANGKOK: Thailand’s economy is still stuck in first gear nearly six months after the army overthrew the government to end months of turmoil, with demand at home and abroad stubbornly weak and big government projects unlikely to bear fruit until next year.

31 October 2014 | 12:00AM |

Thailand

GIC takes 20% stake in Turkish real estate firm

SINGAPORE: Singapore sovereign wealth fund GIC will inject 250 million euros (US$314.3mil) to acquire a strategic stake in Turkey’s leading commercial real estate developer Ronesans Gayrimenkul Yatirim (RGY), both firms said.

31 October 2014 | 12:00AM |

GIC

Samsung lower-tier smartphone revamp

SEOUL: Samsung Electronics Co Ltd said it would revamp its smartphone line-up to take on competitors in the rapidly growing mid-to-low range segment, after third-quarter earnings set it on course for its worst year since 2011.

31 October 2014 | 12:00AM |

Samsung

Order to hedge forex loans

JAKARTA: Indonesia’s central bank ordered private firms to hedge more of their foreign debt to limit the risks of offshore borrowings and reduce pressure on the rupiah in South-East Asia’s biggest economy.

31 October 2014 | 12:00AM |

Indonesia

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