Business

Maybank posts higher Q2 earnings, div 24 sen

KUALA LUMPUR: Malayan Banking Bhd (Maybank) posted slightly higher earnings of RM1.584bil in the second quarter ended June 30, 2015.

China's richest man says time for govt to abandon high growth rate "fantasy"

BEIJING: China's richest man said on Thursday the government needs to give up any "fantasy" of maintaining high economic growth rates, unusually bold comments at a time when Beijing is grappling to contain a market meltdown that has hammered global equities.

Central banks of Malaysia, Thailand set up local currencies framework

KUALA LUMPUR: Bank Negara Malaysia (BNM) and Bank of Thailand (BOT) plan to set up a framework to promote the settlement of bilateral trade and direct investment in their local currencies.

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Banks lead KLCI rebound past key 1,600

KUALA LUMPUR: Banks, Maxis and Tenaga powered the FBM KLCI past the key 1,600 level on Thursday, entrenching the index’s third straight days of gains as investor sentiment perked in tandem with key Asian markets.

27 August 2015 | 6:25PM |

Forex

DRB-Hicom posts nearly RM20m net loss as auto sales slump

KUALA LUMPUR: DRB-Hicom Bhd registered a net loss of RM19.7mil for the first quarter ended June 30, 2015, compared with a net profit of RM107.8mil a year ago, due to lower sales of motor vehicles by its automotive division and sees a very challenging year.

27 August 2015 | 6:53PM |

Corporate News

FGV to sell Canadian facility

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) has proposed to dispose of its oilseeds crushing and refining plant in Canada to Viterra Inc for a cash consideration of C$190mil (RM608.2mil).

28 August 2015 | 12:00AM |

Plantations

Silverlake shares hit, falls to 46 cents after trading resumes

PETALING JAYA: Shares in Singapore-listed Silverlake Axis Ltd tumbled 17.5 Singapore cents to 46 Singapore cents, the company’s lowest since February 2013, after a two-day trading halt as investors remained concerned over allegations made by an anonymous report released last Thursday.

27 August 2015 | 12:00AM |

Stocks

CIMB, Maybank lead KLCI towards 1,600 at midday

KUALA LUMPUR: Key Asian markets including Bursa Malaysia advanced on Thursday as investor sentiment was shored up by the strong rebound on Wall Street though selling of the ringgit continued.

27 August 2015 | 12:55PM |

Banking

Foreign selling to hold back Malaysian market

KUALA LUMPUR: The relentless selling of Malaysian equities by foreign funds will hold back the FBM KLCI’s advance and BIMB Securities Research expects the market to remain negative in the short to medium term.

27 August 2015 | 8:40AM |

Analyst Reports

Salcon, Benalec units sign MoU

KUALA LUMPUR: Salcon Bhd’s wholly-owned unit, Salcon Engineering Bhd, has signed a memorandum of understanding (MoU) with Tanjung Piai Maritime Industries Sdn Bhd, a wholly-owned subsidiary of Benalec Holdings Bhd.

28 August 2015 | 12:00AM |

Property

FGV to sell Canadian facility

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) has proposed to dispose of its oilseeds crushing and refining plant in Canada to Viterra Inc for a cash consideration of C$190mil (RM608.2mil).

28 August 2015 | 12:00AM |

Plantations

DRB-Hicom posts RM20mil loss amid auto sales slump

PETALING JAYA: DRB-Hicom Bhd registered a net loss of RM19.7mil for the first quarter ended June 30, compared with a net profit of RM107.8mil a year ago, due to lower sales of motor vehicles by its automotive division. The vehicle maker expects a very challenging year.

28 August 2015 | 12:00AM |

Auto

Salcon, Benalec units sign MoU

KUALA LUMPUR: Salcon Bhd’s wholly-owned unit, Salcon Engineering Bhd, has signed a memorandum of understanding (MoU) with Tanjung Piai Maritime Industries Sdn Bhd, a wholly-owned subsidiary of Benalec Holdings Bhd.

28 August 2015 | 12:00AM |

Property

UEM-Sunrise upbeat on property campaign

KUALA LUMPUR: Property developer, UEM Sunrise Bhd aims to secure sales worth RM300mil to RM500mil during its two-month Signature Selection campaign, said managing director and chief executive officer Anwar Syahrin Abdul Ajib.

28 August 2015 | 12:00AM |

Automotive

Going big on shrimps

PETALING JAYA: QL Resources Bhd is spending RM150mil in capital expenditure (capex) in these two years, and a big bulk of it is being used to grow its shrimp farming business.

28 August 2015 | 12:00AM |

ql resources

DNeX gets revenue from energy business

PETALING JAYA: Dagang Nexchange Bhd’s (DNeX) diversification into oil, gas and energy has borne fruit as it has started to register revenue in less than a year after the group announced its move into the sector.

28 August 2015 | 12:00AM |

Oil & Gas

Silk unit bags RM18mil ExxonMobil contracts

PETALING JAYA: Silk Holdings Bhd’s unit, Jasa Merin (M) Sdn Bhd, has secured two contracts valued at RM18mil from ExxonMobil Exploration and Production Malaysia Inc. The offshore support vessel service provider told the stock exchange that the contracts are for the provision of two straight supply vessels and one anchor-hangling tug supply vessel to support ExxonMobil’s Malaysian operations. It said the contracts will start immediately for the terms ranging from six to 12 months.

28 August 2015 | 12:00AM |

Oil & Gas

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