Business

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.

Tenaga, IJM, DiGi, QL Resources top buys

KUALA LUMPUR: Amid the volatile equities markets, BIMB Securities Research believes that despite difficulties to bottomfish, its top buys are power giant Tenaga Nasional, IJM Corp, DiGi and QL Resources.

Mobius: Strong growth story from emerging markets

KUALA LUMPUR: Templeton Emerging Markets Group’s head Mark Mobius sees a lot of upside from emerging markets, especially with the strong growth story.

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Largest retailer: A worker stacks shelves at an Aeon store in Kuala Lumpur. Japan’s Aeon also owns 51.7 of Aeon Co (M) Bhd, which has 29 outlets and four MaxValu supermarkets in Malaysia. –Reuters

Aeon Co keen to buy Tesco Malaysia valued at RM5.32bil

KUALA LUMPUR: Japan’s Aeon Co Ltd is interested in buying the Malaysian operations of Britain’s Tesco PLC, valued at US$1.4bil (RM5.32bil), people familiar with the matter told Reuters. Japan’s largest retailer has been venturing into South-East Asia where purchasing power is rising in fast-growing economies.

8 July 2015 | 12:00AM |

Stocks

Tunku Mahkota Johor Tunku Ismail Ibni Sultan Ibrahim speaking during a press conference at Larkin Stadium on Jan 29, 2015.

Johor Crown Prince is TMC substantial shareholder

PETALING JAYA: Johor Crown Prince Tunku Ismail Sultan Ibrahim (pic) has emerged as a substantial shareholder in healthcare operator TMC Life Sciences Bhd, holding a 7.67% stake or 133 million shares.

8 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

S&P sees worldwide sukuk issuance setting to stall in 2015

KUALA LUMPUR: Standard & Poor's Ratings Services foresees the global Sukuk market heading toward a correction in 2015 after Bank Negara Malaysia (BNM) -- one of the largest issuers of Sukuk worldwide -- stopped issuing earlier this year.

7 July 2015 | 4:45PM |

Banking

Banks enjoy lowest bad loans since 17 years ago

KUALA LUMPUR: Malaysian banks have the lowest bad loans in at least 17 years. They shouldn’t get used to it. While the lenders’ non-performing ratios are at the lowest levels in data going back to 1998, they’ve begun ticking up and Standard & Poor’s reckons they will keep doing so.

8 July 2015 | 12:00AM |

Banking

China stocks tumble again despite support measures

SHANGHAI: Chinese stocks fell sharply on Tuesday, taking no comfort from a slew of support measures unleashed by Beijing in recent days, and unnerved by Chinese Premier Li Keqiang's failure to mention the market chaos in a statement on the economy.

7 July 2015 | 1:44PM |

Markets

Euro falls vs. US$ on Greece, while metals prices tumble

NEW YORK: Copper and other metals plunged on Tuesday as the euro sank to a five-week low against the dollar after the European Central Bank tightened lending conditions for Greek banks and as the collapse in equities prices in China drove fears about the country's economy.

8 July 2015 | 6:47AM |

Banking

Lend Lease brushes aside concerns over its JV with 1MDB - report

KUALA LUMPUR: Australia-listed property developer Lend Lease, which in March formed a joint venture with 1Malaysia Development Bhd (1MDB) to develop a A$2.8bil (RM8bil) project at the Tun Razak Exchange (TRX), has dismissed concerns over the project’s future, according to a report.

7 July 2015 | 11:42PM |

Property

Oil slump cools, market awaits inventory data

NEW YORK: U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries about Greece's indebtedness and China's stock market losses, although charts indicated renewed selling could push prices into bear market territory.

8 July 2015 | 6:51AM |

Oil & Gas

Euro falls vs. US$ on Greece, while metals prices tumble

NEW YORK: Copper and other metals plunged on Tuesday as the euro sank to a five-week low against the dollar after the European Central Bank tightened lending conditions for Greek banks and as the collapse in equities prices in China drove fears about the country's economy.

8 July 2015 | 6:47AM |

Banking

Slowdown in sukuk issuance

KUALA LUMPUR: The strong demand for Islamic debt papers by foreigners appears to be reaching a plateau. According to analysts, the demand for Islamic bond papers from foreign investors in the last one year has pushed up prices and subsequently the yields have come down.

8 July 2015 | 12:00AM |

Stocks

Largest retailer: A worker stacks shelves at an Aeon store in Kuala Lumpur. Japan’s Aeon also owns 51.7 of Aeon Co (M) Bhd, which has 29 outlets and four MaxValu supermarkets in Malaysia. –Reuters

Aeon Co keen to buy Tesco Malaysia valued at RM5.32bil

KUALA LUMPUR: Japan’s Aeon Co Ltd is interested in buying the Malaysian operations of Britain’s Tesco PLC, valued at US$1.4bil (RM5.32bil), people familiar with the matter told Reuters. Japan’s largest retailer has been venturing into South-East Asia where purchasing power is rising in fast-growing economies.

8 July 2015 | 12:00AM |

Stocks

Tunku Mahkota Johor Tunku Ismail Ibni Sultan Ibrahim speaking during a press conference at Larkin Stadium on Jan 29, 2015.

Johor Crown Prince is TMC substantial shareholder

PETALING JAYA: Johor Crown Prince Tunku Ismail Sultan Ibrahim (pic) has emerged as a substantial shareholder in healthcare operator TMC Life Sciences Bhd, holding a 7.67% stake or 133 million shares.

8 July 2015 | 12:00AM |

Stocks

Scan cancels private placement excercise

KUALA LUMPUR: Scan Associates Bhd, whose co-founder and chief executive officer Datuk Norbik Bashah Idris resigned last month, has aborted its plan to implement a private placement exercise.

8 July 2015 | 12:00AM |

Stocks

HB Global says it’s in the dark over price increase

KUALA LUMPUR: Bursa Malaysia has queried HB Global Ltd over the recent unusual market activity (UMA) in the trading of its shares to which it has replied that it is not aware of any development that may have caused it.

8 July 2015 | 12:00AM |

Stocks

Puncak yet to get letter from Air Selangor

PETALING JAYA: Despite speculation that the Selangor water restructuring is going be resolved soon, Puncak Niaga Holdings Bhd has yet to receive any written confirmation from Selangor state-owned Pengurusan Air Selangor Sdn Bhd (Air Selangor), according to a source.

8 July 2015 | 12:00AM |

Stocks

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