Business

Record revenue: Tengku Zafrul ( left) and CIMB Group chief financial officer Shahnaz Jammal posing with the financial results at the event. Tengku Zafrul says the revenue performance for FY16 is the best in the history of CIMB despite a trying business environment last year.

Double-digit loan growth for CIMB, outperforms industry 6% average

KUALA LUMPUR: CIMB Group Holdings Bhd saw its loan growth in Malaysia outperforming the industry average amid a year of record revenue for its financial year ended Dec 31, 2016.

Lee: ‘The ongoing implementation of public transportation-related infrastructure projects and continued investments in the manufacturing and services sector will help promote private investments

Malaysia’s GDP seen advancing 4.4%, economy bottomed out last year

PETALING JAYA: The Malaysian economy is expected to grow by as much as 4.4% this year, a slight improvement from 2016’s 4.2%, anchored by the ongoing implementation of infrastructure projects in the country, said economists.

South-East Asia’s third-largest economy saw stronger growth over the past two quarters on an uptick in exports, though recovery has been offset by continued weakness in the ringgit currency.  Nine out of 10 economists polled by Reuters forecast Bank Negara would keep its overnight rate at 3.00%.

Bank Negara may hold key rate as economy recovers

KUALA LUMPUR: Bank Negara is expected to hold its benchmark rate tomorrow, as the economy has improved after struggling due to poor global oil and commodity prices for more than a year.

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Bank Negara says it issued a directive to the general insurance firms following disputes between workshops and the insurers over insurance claims payments for motor repairs.

Bank Negara slams MyCC’s decision to fine PIAM and its members

KUALA LUMPUR: Bank Negara Malaysia has defended the General Insurance Association of Malaysia (PIAM) and its 22 members against the Malaysia Competition Commission’s (MyCC) decision to fine them RM213.45mil for an “anti-competitive agreement” with a group of workshops.

1 March 2017 | 7:06PM |

Banking

Azman had been a director since 2003, when Scomi Group made its listing debut.

Azman Yahya steps down from Scomi Group board

KUALA LUMPUR: Tan Sri Azman Yahya, who rose to prominence as managing director of national asset management corporation Pengurusan Danaharta Nasional Bhd, has resigned as Scomi Group Bhd’s non-executive director effective March 1.

1 March 2017 | 10:23PM |

Corporate News

At 9:34am ET (Wednesday) the Dow Jones Industrial Average was up 198.2 points, or 0.95%, at 21,010.44. The Reuters photo shows a trader working on the floor of the New York Stock Exchange.

Wall St hits new highs as banks soar on rate hike hopes

NEW YORK: US stocks hit record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever, as bank stocks surged on higher chances of an interest rate hike this month, while a more measured tone in President Donald Trump’s speech reassured investors.

1 March 2017 | 11:10PM |

Foreign News

Proton Saga and Persona are gaining positive traction in the market

DRB-Hicom 9M core net loss worse than expected

KUALA LUMPUR: DRB-Hicom’s core net loss of RM339mil in the nine months ended Dec 31, 2016 was worse than CIMB Equities Research’s and consensus expectations due to wider-than-expected losses in the auto division.

1 March 2017 | 8:12AM |

Auto

KLCI unable to hold on to key 1,700 level

KUALA LUMPUR: The FBM KLCI managed to break past the key 1,700 level in intra-day trade on Wednesday – the first trading day of March – as sentiment firmed up in line with key Asian markets.

1 March 2017 | 6:15PM |

Corporate News

At 9:34am ET (Wednesday) the Dow Jones Industrial Average was up 198.2 points, or 0.95%, at 21,010.44. The Reuters photo shows a trader working on the floor of the New York Stock Exchange.

Wall St hits new highs as banks soar on rate hike hopes

NEW YORK: US stocks hit record intraday highs on Wednesday, with the Dow breaching the 21,000 mark for the first time ever, as bank stocks surged on higher chances of an interest rate hike this month, while a more measured tone in President Donald Trump’s speech reassured investors.

1 March 2017 | 11:10PM |

Foreign News

Azman had been a director since 2003, when Scomi Group made its listing debut.

Azman Yahya steps down from Scomi Group board

KUALA LUMPUR: Tan Sri Azman Yahya, who rose to prominence as managing director of national asset management corporation Pengurusan Danaharta Nasional Bhd, has resigned as Scomi Group Bhd’s non-executive director effective March 1.

1 March 2017 | 10:23PM |

Corporate News

PNB gives the contract to its associate company HeiTech Padu, which has already provided it with IT services for a few years.

PNB awards RM41.9mil IT contract to HeiTech Padu

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has awarded a RM41.87mil contract to HeiTech Padu Bhd for the installation, operation and maintenance of PNB’s and its unit Amanah Saham Nasional Bhd’s managed wide area network infrastructure.

1 March 2017 | 8:45PM |

Corporate News

Bank Negara says it issued a directive to the general insurance firms following disputes between workshops and the insurers over insurance claims payments for motor repairs.

Bank Negara slams MyCC’s decision to fine PIAM and its members

KUALA LUMPUR: Bank Negara Malaysia has defended the General Insurance Association of Malaysia (PIAM) and its 22 members against the Malaysia Competition Commission’s (MyCC) decision to fine them RM213.45mil for an “anti-competitive agreement” with a group of workshops.

1 March 2017 | 7:06PM |

Banking

KLCI unable to hold on to key 1,700 level

KUALA LUMPUR: The FBM KLCI managed to break past the key 1,700 level in intra-day trade on Wednesday – the first trading day of March – as sentiment firmed up in line with key Asian markets.

1 March 2017 | 6:15PM |

Corporate News

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