Business

Retail Group again cuts retail sales growth after Q2 sales tumble

KUALA LUMPUR: Retail Group Malaysia has once again cut its 2015 retail-sales-growth projection for Malaysia after second quarter sales plunged 11.9% from a year ago, the worst quarterly retail growth rate since the 1997/98 Asian financial crisis.

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.

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.

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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

CIMB, Sime underpin KLCI’s rebound but ringgit extends decline

KUALA LUMPUR: Strong local funds support for key stocks CIMB, Sime Darby and Genting Bhd shored up the FBM KLCI on Thursday, offsetting the selling by foreign funds as the ringgit continued to lose ground against the US dollar, pound sterling and Singapore dollar.

3 September 2015 | 7:03PM |

Markets

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

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

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

Heveaboard to turn net cash by 2016

KUALA LUMPUR: Particle board manufacturer, HeveaBoard Bhd, is on track to turn into net cash position by next year as its term loans have been mostly repaid and reduced to less than US$9mil (RM38mil).

3 September 2015 | 4:54PM |

Corporate News

The rich poorer by RM16bil

PETALING JAYA: Malaysia’s top 30 wealthiest business magnates are poorer by an estimated RM16.1bil in paper wealth in just over a month, following the fall in the stock market.

2 September 2015 | 12:00AM |

Stocks

Foreign net selling of Japan stocks hits record high

TOKYO: Net selling of Japanese cash and futures stocks by foreign investors during last week hit a record high as buyers shunned riskier assets on worries that a China-led slowdown could hurt global growth.

3 September 2015 | 5:34PM |

Markets

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

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.

2 September 2015 | 12:00AM |

Earnings

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

RM949mil job for Muhibbah

PETALING JAYA: Construction firm Muhibbah Engineering (M) Bhd and its consortium partner, India’s Va Tech Wabag Ltd (Wabag), have clinched a RM949.6mil effluent treatment plant (ETP) contract for the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor.

4 September 2015 | 12:00AM |

Muhibbah Engineering Bhd

New initiatives: Wong and Thavaramara after the interview. Wong says funds that are offered in one Asean jurisdiction should be all right to sell in another, with minimum regulatory obstacles.

11 Asean funds approved

KUALA LUMPUR: A total of 11 funds from Malaysia, Singapore and Thailand have been approved by the respective regulators as qualifying Asean Collective Investment Schemes (Asean CIS) under the respective frameworks.

4 September 2015 | 12:00AM |

ASEAN

Deal sealed: Shahril (left) and Abdul Farid exchanging documents after the signing ceremony.

SapKen refinances debt

KUALA LUMPUR: SapuraKencana Petroleum Bhd (SapKen) will issue debt papers next week, starting with a US$200mil (RM845.8mil) Islamic medium-term note (MTN) programme, as part of a move to refinance a US$2.3bil facility that comes due next February.

4 September 2015 | 12:00AM |

SapuraKencana

Bintai unit wins RM42mil Singapore job

PETALING JAYA: Bintai Kinden Corp Bhd, via its nearly 70%-owned subsidiary Bintai Kindenko Pte Ltd, has received and accepted a letter of intent from Sunray Woodcraft Construction Pte Ltd to undertake RM42.4mil worth of sub-contract works.

4 September 2015 | 12:00AM |

bintai

CEO: AirAsia India to be profitable next year

KUALA LUMPUR: AirAsia India, which posted a net loss of Rs44.15 crore (RM28mil) will be profitable from December onwards, AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes said.

4 September 2015 | 12:00AM |

Air Asia

Cyber attacks are a threat to companies

KUALA LUMPUR: Cyber security experts are telling investors that one of the biggest threat to the companies they are invested in are in the form of cyber attacks.

4 September 2015 | 12:00AM |

SC

Amundi unveils two inaugural feeder funds

KUALA LUMPUR: Global asset manager, Amundi has announced its entry into the distribution market in Malaysia with the launch of its two inaugural wholesale feeder funds, namely Amundi Bond Global Aggregate Fund and Amundi International Fund.

4 September 2015 | 12:00AM |

Amundi

Bright prospects for medical devices

KULAI: The International Trade and Industry Ministry (Miti) is hoping to increase overall export of medical devices to RM21.8bil by year 2020.

4 September 2015 | 12:00AM |

MITI

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