Toyota’s new class of stock approved despite opposition from foreign funds: Toyota Motor Corp shareholders approved a controversial new class of stock that will bring in more long-term investors, but which faced opposition from foreign funds as they are readily available only in Japan. At least two-thirds of shareholders voted in favour of the shares, which will be unlisted and must be held for five years.
Foreign funds opposing the move included the California State Teachers’ Retirement System, the second largest US public pension fund, as well as the Florida State Board of Administration. — Reuters
Survey shows US state spending growth to slow in 2016: US states plan to slow spending growth in fiscal 2016, taking a cautious approach to forecasting and budgeting amid only modest increases in revenue, according to the the semi-annual survey by the National Association of State Budget Officers. General fund spending is expected to rise by 3.1% for the fiscal year beginning July 1, below the estimated 4.6% for the current year. Overall, revenue collection is forecast to increase by 3% in fiscal 2016, compared with an estimated 3.7% gain this fiscal year. — Reuters
Greek banks see deposit outflow of US$449mil: Greek banks saw deposit outflows of about 400 million euros (US$449mil) on Monday as the pace of withdrawals picked up from last week after talks with the country’s creditors over an aid-for reforms deal broke down on Sunday, bankers said. “There is worry but the outflows were rather contained, not as bad as feared in the context of a bad climate after negotiations hit an impasse,” one banker said. — Reuters
Top local news
RM6bil target for SapuraKencana: SapuraKencana Petroleum Bhd aims to secure RM6bil this year to maintain its top and bottom line. President and group CEO Tan Sri Shahril Shamsuddin said it would need that kind of job replenishment to maintain its financial numbers. Its tender book now is just under RM25bil while the order book is at RM24bil. — StarBiz
Boustead Plantations
expects RM122mil gain from Kulaijaya land sale: Boustead Plantations Bhd expects a gain of RM122mil from the sale of 247hea in Kulaijaya, Johor, for RM143mil. — StarBiz
RHB Bank, Tokio Marine launch new insurance plan: RHB Bank Bhd and Tokio Marine Life Insurance Malaysia Bhd have launched Essential PrimeBuilder, an insurance plan that provides coverage for death and total permanent and disability. The group said the life protection plan requires policyholders to pay premiums for only eight years to enjoy life coverage up to age 88. — StarBiz
EP Manufacturing gears up for better FY15, FY16: Tier-one automotive systems and components maker EP Manufacturing Bhd (EPMB) expects its outlook for financial years 2015 and 2016 to remain bright as the company diversifies and expands its facilities. “Proton and Perodua will continue to be EPMB’s key customers with revenue contribution of 39.3% and 36.9% respectively, while we welcome Honda and Mazda to our customer base,” said executive chairman Hamidon Abdullah. The company will invest about RM60mil in a new production factory on 16ha in Alor Gajah, Malacca, in part for a dedicated facility for the Honda business. — Bernama
1MDB made gain of US$488mil in JV with PetroSaudi: 1Malaysia Development Bhd, in replying to allegations from former Prime Minister Tun Dr Mahathir Mohamad on its investments in a joint venture with PetroSaudi International (PSI), stated that it had made a gain of US$488mil from the venture. The Finance Ministry-owned entity said total investments with PSI between September 2009 and June 2012 amounted to US$1.83bil and that it started off as an equity investment and later converted into an Islamic loan that came up to US$2.22bil. — StarBiz
Fewer than 1,400 Malaysia Airlines staff yet to accept offer: Fewer than 1,400 Malaysia Airlines staff have yet to accept the offer to join the new airline, prompting it to extend the deadline by another week. As of last Friday, about 90.2% of its employees had accepted the offer, while 0.8% turned it down. About 9% have yet to reply as to whether they will take the offer or reject it. — StarBiz
Malaysians positive about reaching investment goals: A majority of Malaysians are optimistic about reaching their investment goals, a survey shows. Franklin Templeton Investments’ Global Investor Sentiment Survey for 2015 found that 81% of Malaysian respondents were confident of achieving their financial goals with retirement, purchasing a new home and investing in or starting a business to be their top investment goals. — StarBiz
Hauselife operates first Ashley Furniture Homestore in Malaysia: Furniture retailer Hauslife Furniture Sdn Bhd has been appointed licensee and operator of Ashley Furniture HomeStore, a world leading furniture store brand, launched at CittaMall in Kuala Lumpur. Hauslife founder and CEO Yu Kong Cing said the partnership for the brand’s first store in the country is leveraged on Hauslife’s knowledge of the local market. — Bernama
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