UBS seeks to offload Australian wealth unit: The Swiss banking giant’s withdrawal is in contrast with its expansionary plans in the broader Asia-Pacific region, which include growing wealth assets at 15% annually as it builds its presence in China. The withdrawal is not expected to affect UBS’s existing investment banking and asset management activities in Australia. — Reuters
Samsung’s Cheil to buy affiliate Samsung C&T: Samsung Group holding company Cheil Industries Inc says it will acquire affiliate Samsung C&T Corp, the latest step in the restructuring of South Korea’s biggest conglomerate. The move combines two key companies in the ownership structure of the conglomerate. The merged entity will also become the largest shareholder of Samsung’s biopharmaceutical business, flagged as a prospective new growth driver for the group. — Reuters
Gold shines: Gold rose sightly, even as the dollar gained traction against major currency rivals on signs the US Federal Reserve is preparing to tighten monetary policy for the first time in six years in 2015. — Reuters
China sets up gold fund: China sets up gold fund as part of Silk Road initiative: China has set up a fund that is expected to raise about US$16bil for gold-related investment as part of its “Silk Road” initiative to develop trade and transport infrastructure across Asia and beyond. The fund will be run by a new company to be formed by gold producers and financial institutions. — Reuters
Singapore expands 2.6% in Q1: Singapore’s economy grew 2.6% year-on-year in the first quarter of 2015. The trade and industry ministry is maintaining the gross domestic product growth forecast this year at 2% to 4%. — Bernama
US-Asean Business Council leads SME charge: The US-Asean Business Council, Procter & Gamble and eBay have teamed up to strengthen the competitiveness of small and medium enterprises (SME) in Asean. – StarBiz
China-led lender adds urgency to Japan’s pursuit of pan-Pacific trade pact: China’s drive to create a Beijing-led Asian development bank seen as a threat to US and Japanese regional clout is adding to a sense of urgency among Japanese officials keen to get a 12-nation pan-Pacific trade pact off the ground. — Reuters
Singapore’s MMI sounds out investors for up to US$300mil IPO: The electronics parts company owned by private equity firm KKR & Co LP has started meeting with investors for an initial public offering worth between US$200mil and US$300mil. — Reuters
Top local stories
Hong Leong Bank posts higher earnings: It posts earnings of nearly RM520mil in the third quarter ended March 31, underpinned by healthy growth in net interest income, improved asset quality and strong profit contribution from associates. Revenue rose 4.2% to RM988.11mil.– StarBiz
HLFG posts lower earnings in Q3: Hong Leong Financial Group Bhd
(HLFG) earnings fall 12.3% on lower contribution from its insurance division. Revenue slipped to RM1.045bil. It declared a dividend of 25 sen a share. – StarBiz
Bank Negara receives Singapore report on 1MDB: The central bank confirms it has received a report from the Monetary Authority of Singapore (MAS) on 1Malaysia Development Bhd’s (1MDB) investment with BSI Bank in Singapore. Governor Tan Sri Dr Zeti Akhtar Aziz says the report findings are confidential and cannot be shared with the public. – StarBiz
BIMB net profit rises nearly 10%: BIMB Holdings Bhd’s net profit for the first quarter ended March 31 increased 9.9% to RM135.7mil, propped up by improved performance at Bank Islam Group and Takaful Malaysia Group. Revenue rose 11.3% to RM809.08mil. – StarBiz
Auditors under scrutiny in 1MDB probe: 1Malaysia Development Bhd (1MDB) auditors now are the focus of Public Accounts Committee (PAC)’s inquiry, after two key witnesses delayed meeting the committee.
PAC chairman Datuk Nur Jazlan Mohamed says Deloitte and past auditors KPMG and Ernst & Young would be called in to explain the accounts of 1MDB. – StarBiz
Back to business: News of appointment of a new new chief financial officer for IFCA MSC Bhd lifts the company’s shares and warrants. On Monday, the company’s shares tumbled 24 sen to RM1.38 and triggered an unusual market activity query from Bursa Malaysia when the company announced the resignation of its former CFO. — StarBiz
Petronas finds oil in Indonesia: Petronas scores a milestone in its upstream operations in Indonesia with the first oil found in the Bukit Tua field. It is expected to produce 3,700 barrels oil and two million standard cu ft of gas per day in its initial production stage. – Bernama
Japan game for HSR project: Prime Minister Datuk Seri Najib Tun Razak believes Japan can put in a competitive bid for the 300km high-speed rail (HSR) project linking KL and Singapore. The project is estimated to cost RM40bil. Other countries that have expressed interest in the project are China, South Korea, France, Germany, Britain and Spain. — Bernama
Bumi Armada unit faces RM113mil claim: Bumi Armada Bhd unit is facing a claim of 28.5mil euros (RM113mil) from SEA Srl over a service contract for the post trenching and backfilling services. The service contract value is 16.2mil euros. The date for the arbitration hearing has not been set. – StarBiz
Let’s tap Islamic finance market, Najib tells Japan: Prime Minister Datuk Seri Najib Tun Razak urged Japan to partner Malaysia in engaging in Islamic finance-related activities and tap the huge global market. Japan’s industrial expertise and technology and Malaysia’s technical expertise in Islamic finance can lead to a formidable alliance, he says. — Bernama
RM6bil wiped out from TNB: Jittery investors sold down TNB shares, to the extent of RM1.06 each since May 18, on news that it could be a potential buyer of 1MDB’s power generation assets. – StarBiz
PUNB to give loans for green tech: Perbadanan Usahawan Nasional Bhd (PUNB) will offer loans of between RM50,000 to RM4mil to green technology entrepreneurs based on the projects’ size and type. – Bernama
Co-operatives on a roll: The turnover of co-operatives in the country is expected to rise 10% this year from RM34.95bil in 2014, thanks to their involvement in large-scale projects. — Bernama
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