Business

Moody's take on 1MDB

KUALA LUMPUR: There is a worry that Malaysia’s fiscal consolidation may be derailed should the Government be forced to assist 1Malaysia Development Bhd (1MDB) financially.

Petronas to end gasoil storage at Tanjung Langsat

SINGAPORE: Petroleum Nasional Bhd (Petronas) is not planning to renew its lease to store gasoil at Tanjung Langsat Terminal (One) in Johor, southern Malaysia, once its contract ends in late May, industry sources close to the matter said.

Intel shifts Kulim ops to China and Vietnam, 600 let off

GEORGE TOWN: Chip-making leader Intel Corp is relocating some of its mature products to China and Vietnam from the facility in Kulim, and has started relieving some of the workers attached to them. Sources told StarBiz that the Kulim facility has for the past weeks let off about 600 workers involved in manufacturing

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1MDB audited assets worth RM51.4b

KUALA LUMPUR: The total worth of 1Malaysia Development Bhd (1MDB) audited assets for the financial year ended March 31, 2014 was RM51.4 billion, the Dewan Rakyat was told on Wednesday.

27 May 2015 | 4:09PM |

Business News

Probe on 1MDB's BSI account

KUALA LUMPUR: Bank Negara has handed over the investigative findings on 1Malaysia Development Bhd’s (1MDB) controversial investment in BSI Bank Ltd in Singapore to the relevant enforcement agencies.

27 May 2015 | 12:00AM |

Banking

Nexgram in talks with 1MDB, eyeing last available land at TRX

KUALA LUMPUR: Nexgram Holdings Bhd is eyeing the last available acres of land at 1MDB’s Tun Razak Exchange. “Our managers and agents are in talks with 1MDB and have voiced our interest to participate in the development of the project,” its executive director Alan How Han Lun told reporters

27 May 2015 | 12:00AM |

Property

Jamal declines to be re-elected

KUALA LUMPUR: Icon Offshore Bhd chief executive officer Dr Jamal Yusof, who is assisting the Malaysian Anti-Corruption Commission (MACC) in investigations into the company’s affairs, has withdrawn his offer to be re-elected to the board of the oil and gas services provider.

28 May 2015 | 12:00AM |

Stocks

Felda Global Ventures shares plunge to new low

PETALING JAYA: Shares in Felda Global Ventures Holdings Bhd (FGV) plunged to a new low following rating cuts by analysts after the company posted its worst-ever quarterly results since its listing in 2012. The weaker selling price of crude palm oil (CPO), which is down 4% year-to-date, contributed to the company’s depressed earnings outlook.

28 May 2015 | 12:00AM |

Palm Oil

Icon Offshore profit falls 86% in Q1

KUALA LUMPUR: Icon Offshore Bhd, whose chief executive officer and chief operating officer are on leave to assist a Malaysian Anti-Corruption Commission investigation, recorded an 86% drop in net profit for the first quarter (Q1) ended March 31 to RM2.71mil from a year earlier.

27 May 2015 | 7:57PM |

Oil & Gas

Trading ideas: AirAsia X, Prestariang, Parkson, Icon

KUALA LUMPUR: JF Apex Research expects AirAsia X, Prestariang, Parkson, Jaya Tiasa, Genting Plantations, Icon Offshore and Maybulk to be among the stocks to watch on Thursday after they reported a weaker set of earnings in the quarter ended March 31, 2015.

28 May 2015 | 8:40AM |

Analyst Reports

K-One Technology skids in heavy trade

KUALA LUMPUR: K-One Technology’s shares and warrants fell sharply in early Thursday trade after it posted sharply lower earnings in the first quarter ended March 31, 2015 on investor fears of weaker financial performance ahead.

28 May 2015 | 9:44AM |

Corporate News

Japan April retail sales rebound, ease pressure on BOJ

TOKYO: Japan's retail sales rose 5.0 percent in the year to April, the first increase in four months, data showed on Thursday - bolstering the central bank's view that consumer spending is slowly picking up to underpin a steady economic recovery.

28 May 2015 | 9:11AM |

Economy

Trading ideas: AirAsia X, Prestariang, Parkson, Icon

KUALA LUMPUR: JF Apex Research expects AirAsia X, Prestariang, Parkson, Jaya Tiasa, Genting Plantations, Icon Offshore and Maybulk to be among the stocks to watch on Thursday after they reported a weaker set of earnings in the quarter ended March 31, 2015.

28 May 2015 | 8:40AM |

Analyst Reports

Malaysian palm oil price ends lower on selling pressure

KUALA LUMPUR: Malaysian palm oil futures ended lower on Wednesday as the contract succumbed to selling pressure in late afternoon trade, reversing gains stemming from a weak ringgit which had lifted the tropcial oil to a near two-week high.

28 May 2015 | 6:46AM |

Palm Oil

Equity markets rise, euro ticks up, Nasdaq at record

NEW YORK: Equities markets rose on Wednesday, lead by gains in European stocks, and the euro edged up on signs, later dismissed, that Greece and its creditors were drafting an agreement that would provide Athens much-needed debt relief.

28 May 2015 | 6:40AM |

Stocks

World soccer rocked by US, Swiss arrests of officials for graft

ZURICH/NEW YORK: The world's most popular sport was plunged into turmoil on Wednesday as seven senior soccer officials were arrested on U.S. corruption charges and faced extradition from Switzerland, whose authorities also announced a criminal investigation into the awarding of the next two World Cups.

28 May 2015 | 6:36AM |

Business News

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