Business

Rig rates tumble

PETALING JAYA: An oversupply and price war are pushing down drilling rig rates in the oil and gas (O&G) industry around the world, which could impact the earnings of some local players.

FGV’s plant in Pasir Gudang, Johor. Under the LLA, a hefty payment of about RM250mil per year has to be paid to Felda, which FGV has been paying on a quarterly basis.

FGV hit by land lease

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) posted its first net loss at RM9.33mil for the third quarter ended Sept 30 compared with a net profit of RM22.89mil in the same corresponding period a year ago.

Ooi (left) and Tey. They walked out of the EGM after a request to postpone the meeting was denied.

Most Protasco shareholders vote to remove Tey and Ooi

PETALING JAYA: Protasco Bhd’s shareholders have voted to remove two of its directors, namely Tey Por Yee and Ooi Kock Aun at an EGM.

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Oil falls to 4-year low on doubts over Opec output cut

LONDON: Brent crude oil fell US$2 to a 50-month low under US$76 a barrel as oil producers in the Organisation of the Petroleum Exporting Countries (Opec) looked set to keep output unchanged despite a huge oversupply in world markets.

28 November 2014 | 12:00AM |

Crude oil

DRB-Hicom net profit at RM93.1mil in Q2

PETALING JAYA: DRB-Hicom Bhd’s net profit fell 32.5% to RM93.1mil in its second quarter ended Sept 30, 2014 from RM137.97mil in the corresponding period last year on lower revenue.

28 November 2014 | 12:00AM |

DRB-Hicom

China ramps up crude oil buying

BEIJING: China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world’s top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market.

28 November 2014 | 12:00AM |

China

Prasarana clinches Saudi job

PETALING JAYA: Prasarana Malaysia Bhd has secured a RM9mil consultancy services contract, enabling it to be the “shadow operator” for Phase One of the Makkah Public Transport Programme Metro (Makkah Metro), marking the group’s first international success.

28 November 2014 | 12:00AM |

Prasarana

Kuwait Finance House CEO resigns

PETALING JAYA: Datuk Seri Abdul Hamidy Abdul Hafiz, the chief executive officer (CEO) of Kuwait Finance House (M) Bhd (KFH), has tendered his resignation.

27 November 2014 | 12:00AM |

Stocks

Foreign funds turn net sellers on Bursa Malaysia

KUALA LUMPUR: Malaysia’s blue chips slipped in early Thursday trade on some selling on Telekom Malaysia, Petronas Dagangan and SapuraKencana Petroleum (SKPetro) after the recent buying interest while foreign funds were net sellers the previous day.

27 November 2014 | 9:35AM |

Corporate News

Ultimatum for Malaysia Airlines unions

PETALING JAYA: The proposed law governing Malaysia Airlines Bhd (MAB), the new company that will take over Malaysian Airlines System Bhd (MAS), spells out clearly the terms that ensure unions and associations come to the negotiating table within a stipulated timeframe or risk losing out in any decision-making.

27 November 2014 | 12:00AM |

Stocks

Private equity funds see promise in Australia's battered mines

MELBOURNE: Private funds are trawling for bargains in Australia in the aftermath of a global mining boom, looking to strip the fat at companies and projects they believe hold promise but which are struggling under the weight of sagging commodity prices.

28 November 2014 | 8:58AM |

Earnings

Oil falls to 4-year low on doubts over Opec output cut

LONDON: Brent crude oil fell US$2 to a 50-month low under US$76 a barrel as oil producers in the Organisation of the Petroleum Exporting Countries (Opec) looked set to keep output unchanged despite a huge oversupply in world markets.

28 November 2014 | 12:00AM |

Crude oil

DRB-Hicom net profit at RM93.1mil in Q2

PETALING JAYA: DRB-Hicom Bhd’s net profit fell 32.5% to RM93.1mil in its second quarter ended Sept 30, 2014 from RM137.97mil in the corresponding period last year on lower revenue.

28 November 2014 | 12:00AM |

DRB-Hicom

Maybank clarifies

IN reference to the story “Maybank net profit at RM1.6b”, the financial institution has clarified that the group’s insurance and takaful arms recorded healthy pre-tax profit for the quarter. The third quarter and year-to-date pre-tax profit for the insurance and takaful businesses were RM193.8mil and RM582.4mil, respectively and not “losses” as reported.

28 November 2014 | 12:00AM |

may bank

MMC to buy MISC’s stake in NCB for RM222mil

PETALING JAYA: MMC Corp Bhd will acquire MISC Bhd’s 15.73% stake in NCB Holdings Bhd for RM221.98mil cash, which will make it the second largest stakeholder in the port and logistics operator.

28 November 2014 | 12:00AM |

NCB

Prasarana clinches Saudi job

PETALING JAYA: Prasarana Malaysia Bhd has secured a RM9mil consultancy services contract, enabling it to be the “shadow operator” for Phase One of the Makkah Public Transport Programme Metro (Makkah Metro), marking the group’s first international success.

28 November 2014 | 12:00AM |

Prasarana

Singapore keeps close watch on debt of households

SINGAPORE: Some highly-leveraged households in Singapore may be vulnerable if interest rates rise or the economy slows, its central bank said, asserting it will take more steps if needed to keep household debt at manageable levels.

28 November 2014 | 12:00AM |

Singapore

China ramps up crude oil buying

BEIJING: China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world’s top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market.

28 November 2014 | 12:00AM |

China

Magnum Q3 Q3 earnings down nearly 30% to RM45m

KUALA LUMPUR: Number forecast operator Magnum Bhd’s earnings fell 29.8% to RM45.42mil in the third quarter ended Sept 30, 2014 from RM64.77mil a year ago due to losses incurred by its investment holdings segment, mainly attributed to fair value losses of quoted investments.

27 November 2014 | 6:43PM |

Corporate News

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