The Malaysian Insider :: Business

AirAsia sees sharp fall in 2011 net profit

Wed, 22 Feb 2012 15:57:27 GMT

KUALA LUMPUR, Feb 22 — AirAsia today reported a sharp fall in net profit by almost half for 2011 but the budget carrier posted record revenue. The airline posted a revenue of RM4.47 billion ringgit for the year, up 13 per cent from 2010. In a filing to Bursa Malaysia, it said net profit for the financial year, which ended on December 31, was ...

Euro zone teetering on brink of recession

Wed, 22 Feb 2012 15:50:34 GMT

LONDON, Feb 22 – The euro zone economy is in danger of tipping into recession, with the services sector shrinking this month along with manufacturing, tempering a wave of optimism after a new bailout deal for Greece struck this week. Surveys of purchasing managers published today showed unexpectedly weak activity in the region’s most powerful ...

Greece rushes to pass bailout laws amid protests

Wed, 22 Feb 2012 15:16:45 GMT

ATHENS, Feb 22 – The Greek parliament, barricaded from protests by workers and pensioners angry over austerity, scrambled today to pass laws needed to secure payment of a second international bailout for the debt-laden country. Lawmakers set to work on a flurry of measures demanded by euro zone states in exchange for a €130 billion (RM520.89 ...

MISC reports Q3 net loss of RM1.74b

Wed, 22 Feb 2012 13:32:07 GMT

KUALA LUMPUR, Feb 22 – Malaysian shipping liner MISC Bhd said in a filing to the local stock exchange today that the third quarter ended Dec 31 turned to a net loss of RM1.74 billion (US$575 million) versus a net profit of RM1.38 billion a year ago. The poor performance was partly due to its exit from the liner business and a weak global economy ...

SE Asia Stocks: End mostly lower on Greek, oil worries

Wed, 22 Feb 2012 11:40:01 GMT

BANGKOK, Feb 22 – Southeast Asian stocks ended mostly lower on worries over the feasibility of the Greek deal and rising oil prices, while data showing a continuous contraction in China’s factory sector kept investors cautious today. Benchmarks in Singapore, Indonesia, Malaysia and Thailand ended lower, while those in the Philippines and Vietnam ...

Genting Singapore swings to profit, eyes investments

Wed, 22 Feb 2012 10:21:43 GMT

SINGAPORE, Feb 22 – Casino operator Genting Singapore Plc said today it was looking to invest in new projects after it swung to a net profit in the fourth quarter and announced its first-ever dividend. Genting, whose main asset is the Resorts World at Sentosa casino complex, earned S$262 million (RM633.42 million) in October-December, reversing ...

India GDP growth seen picking up in 2012/13

Wed, 22 Feb 2012 09:26:57 GMT

NEW DELHI, Feb 22 – India’s economy is expected to pick up in the fiscal year starting on April 1 after growing at its slowest pace in three years in the current fiscal year, a government advisory panel said today. The panel said it expected the economy to grow by between 7.5 and 8 per cent in the next financial year after growing 7.1 per cent in ...

Singapore Airlines announces finale as it phases out the jumbo jet

Wed, 22 Feb 2012 09:13:50 GMT

SINGAPORE, Feb 22 = Singapore Airlines and its passengers will wave goodbye to the Boeing 747 ‘jumbo jet’ on April 6, it has announced. The luxury carrier, which has operated Boeing 747s for nearly 40 years, will fly two commemorative flights between Singapore and Hong Kong, the airline confirmed last week, formally ending commercial passenger ...

Signs point to uneven economic recovery: RHB

Wed, 22 Feb 2012 08:31:37 GMT

KUALA LUMPUR, Feb 22 – The economy is recovering but at an uneven pace said RHB Research Institute following the release of last December’s leading economic indicators. The research house said in a report yesterday that the country’s leading index, which provides an early signal as to the direction of the economy, had recovered only modestly in ...

India GDP growth seen picking up in 2012/13

Wed, 22 Feb 2012 07:52:54 GMT

NEW DELHI, Feb 22 — India’s economy is expected to pick up in the fiscal year starting on April 1 after growing at its slowest pace in three years in the current fiscal year, a government advisory panel said today. The panel said it expected the economy to grow by between 7.5 and 8 per cent in the next financial year after growing 7.1 per cent in ...

China economy faces risk of hard landing, says government economist

Wed, 22 Feb 2012 07:47:07 GMT

BEIJING, Feb 22 — A property sector downturn and slumping global demand may knock China’s economy into a hard landing in 2012, a senior government economist told Reuters, putting more pressure on Beijing to speed up economic reforms and to open up the market. The economy is not just slowing but is also haunted by over-investment that could ...

Wilmar shares plunge after Q4 earnings on margin fears

Wed, 22 Feb 2012 04:40:51 GMT

SINGAPORE, Feb 22 — Wilmar International Ltd posted a 57 per cent jump in quarterly profit, boosted by a huge revaluation gain in its core palm oil business and from its enlarged sugar operations, but investors dumped shares on concerns about declining margins. Singapore-listed Wilmar, the world’s largest listed palm oil firm, reported net profit ...

Apple shareholders to meet as stock at record high

Wed, 22 Feb 2012 02:30:18 GMT

SAN FRANCISCO, Feb 22 — Apple Inc Chief Executive Tim Cook is in an enviable position — market leading products, a US$98 billion (RM296.06 billion) warchest and a seemingly gravity-defying stock price. But as he gears up for the annual face-to-face meeting with shareholders, a few issues may be causing him angst. Chief among them are in China, ...

Analyst calls for Feb 22

Wed, 22 Feb 2012 02:06:53 GMT

KUALA LUMPUR, Feb 22 — This is a selection of morning calls by local research houses for the day. From HwangDBS Today’s Market Preview Greece has sealed a new bailout deal after securing approvals from eurozone finance ministers yesterday. Yet, the news could have already been discounted by investors as key US equity indices ended little changed ...

Obama corporate tax plan to be unveiled today

Tue, 21 Feb 2012 23:35:14 GMT

WASHINGTON, Feb 22 — The US Treasury Department will roll out President Barack Obama’s corporate tax reform plan today, administration officials said yesterday. The plan will follow such principles as “fairness” that Obama laid out in his State of the Union address to Congress last month, the officials said. A package had been expected by the end ...

Johnson & Johnson CEO Weldon to step down in April

Tue, 21 Feb 2012 23:28:07 GMT

NEW YORK, Feb 22 — Johnson & Johnson Chief Executive William Weldon will step down from his post in April after a series of recalls called into question the quality of the healthcare conglomerate’s products, from artificial hips to infant Tylenol. Vice Chairman Alex Gorsky, 51, will become CEO effective April 26, the date of J&J’s next board ...

Wall St loses steam after Dow crosses 13,000

Tue, 21 Feb 2012 23:23:52 GMT

NEW YORK, Feb 22 — Stocks ended little changed yesterday, paring gains after the Dow topped 13,000 for the first time since May 2008, and as higher oil prices damped prospects for the economy. Greece’s securing a bailout to avoid a disorderly default provided some support to stocks, but investors said the news had mostly been priced in to the ...

Alibaba bids to take listed unit private for US$2.5b

Tue, 21 Feb 2012 15:14:02 GMT

SHANGHAI, Feb 21 – Jack Ma’s Chinese e-commerce firm Alibaba Group has offered around US$2.5 billion (RM7.56 billion) to take its Hong Kong-listed Alibaba.com unit private, stressing the move was unrelated to any possible deal to buy back shares owned by Yahoo Inc. Alibaba Group is offering investors HK$13.50 (RM5.26) in cash per share to take ...

SE Asia Stocks: Edge up after Greece bailout deal

Tue, 21 Feb 2012 12:41:16 GMT

SINGAPORE, Feb 21 – Most Southeast Asian stock markets edged up today as a largely priced-in package to bail out Greece gave a small boost, but concerns that the deal may solve the crisis only in the short term kept riskier assets across the region subdued. Euro zone finance ministers sealed a US$172 billion second bailout for debt-laden Greece ...

Turbulent times for India’s ‘King of Good Times’

Tue, 21 Feb 2012 11:50:29 GMT

NEW DELHI, Feb 21 – With one of the world’s most expensive yachts and a cricket and Formula One team, billionaire Vijay Mallya is known as India’s Richard Branson or simply, the “King of Good Times”. Owner of the world’s second-largest liquor maker, it is his chairmanship of debt-ridden Kingfisher Airlines that is currently making headlines, not ...

Alibaba.com Q4 net profit down, first fall in 2 years

Tue, 21 Feb 2012 11:32:05 GMT

HONG KONG, Feb 21 – Alibaba.com, which operates an e-commerce website linking Chinese businesses to overseas buyers, posted a 6 per cent fall in fourth-quarter net profit, the first fall in more than two years, as a weak global economy slowed exports. Alibaba Group has signed a US$3 billion (RM9.06 billion) loan, giving it the committed funding ...

Apple’s China trademark battle moves to Shanghai

Tue, 21 Feb 2012 11:20:52 GMT

SHANGHAI, Feb 21 – Apple Inc’s trademark battle moves to one of China’s richest city today when a Shanghai court will deliberate a request by troubled technology company Proview to halt the sale of iPads across the city. Proview Technology (Shenzhen) claims it owns the iPad trademark in China and a Shenzhen court ruled in its favour last December. ...

Melco interested in US$1b Manila casino project: Regulator

Tue, 21 Feb 2012 10:33:31 GMT

MANILA, Feb 21 – A casino operator run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho has expressed interest in investing in a US$1 billion (RM3.02 billion) Manila casino project, the Philippine gambling regulator said today. Macau-based Melco Crown Entertainment Ltd was “very interested” in the project, ...

Vitol’s 2011 revenues rise to nearly US$300b

Tue, 21 Feb 2012 09:25:29 GMT

LONDON, Feb 21 – Energy trading house Vitol’s revenues rose by more than 50 per cent to a record US$297 billion (RM897.40 billion) last year on the back of strong oil prices and higher turnover, the company said today. Total traded volumes including oil and other forms of energy rose to a record 457 million tonnes in 2011 compared with around 399 ...

Foreign investors fear Japan banks may hijack Olympus board

Tue, 21 Feb 2012 09:21:04 GMT

LONDON, Feb 21 – Western investors in Japan’s disgraced Olympus have accused its banks of trying to take control of the boardroom by stealth, amid growing signs that the firm’s major creditors are considering installing their own appointees in the top jobs. Foreign investors in the maker of cameras and medical equipment, engulfed by a US$1.7 ...

Malaysia’s Maxis up as regulators OK RM2.45b sukuk sale

Tue, 21 Feb 2012 05:20:19 GMT

KUALA LUMPUR, Feb 21 — Shares of Malaysia's Maxis Bhd jumped on Tuesday after it obtained the Securities Commission's approval for the proposed issuance of a 2.45 billion Malaysian ringgit sukuk.Shares of the Malaysian mobile phone network operator were up 18 sen or 3.10 per cent to 5.99 ringgit by 11:08 am compared with a 0.1 per cent dip in ...

Analyst call Feb 21

Tue, 21 Feb 2012 04:16:00 GMT

KUALA LUMPUR, Feb 21 — This is a selection of morning calls by local research houses for the day.HwangDBS VickersMarket PreviewOur Malaysian bourse may continue to climb slowly and steadily amid positive foreign news flows. The benchmark FBM KLCI will probably advance towards the immediate resistance target of 1,580 ahead.While Wall Street was on ...

RAM assigns ratings of Al Bayan Holding

Tue, 21 Feb 2012 01:23:36 GMT

KUALA LUMPUR, Feb 21 — RAM Ratings has assigned respective long-and short-term corporate credit ratings (CCRs) of AA3 and P1 to Al Bayan Holding Company (Al Bayan or "the Group"); the long-term rating has a stable outlook.Al Bayan is a diversified holding company based in the Kingdom of Saudi Arabia (Saudi Arabia or "the Kingdom"). Its businesses ...

MARC affirms Horizon Hills Development rating

Tue, 21 Feb 2012 01:04:52 GMT

KUALA LUMPUR, Feb 21 — Malaysia Rating Corporation Berhad (MARC) has affirmed its ratings on Horizon Hills Development Sdn Bhd's (Horizon Hills) Islamic Bank Guaranteed Medium-Term Notes (IMTN) programme of up to 200 million ringgit and Islamic Commercial Papers (ICP) Programme of up to 70 million ringgit at AAAID(bg) and MARC-1ID(s) ...

RAM reaffirms Kenanga Investment Bank’s ratings

Tue, 21 Feb 2012 01:03:10 GMT

KUALA LUMPUR, Feb 21 — RAM Ratings has reaffirmed Kenanga Investment Bank Berhad's (Kenanga IB or the Bank) long- and short-term financial institution ratings at A3 and P1, respectively. The ratings reflect the Bank's established retail stockbroking presence, profit performance that is subject to the vagaries of the capital market and relatively ...

Stocks, euro ease as markets await Greek deal

Tue, 21 Feb 2012 00:58:02 GMT

SINGAPORE, Feb 21 — Asian stocks and the euro faltered today, as a rally that had been driven by expectations of a second bailout package for Greece ran out of steam with a deal still not quite sealed.Euro zone finance ministers were expected to approve a 130-billion-euro (RM522 billion) rescue with strict conditions after months of uncertainty ...

Second Greek bailout in reach, funding gap narrows

Mon, 20 Feb 2012 23:28:55 GMT

BRUSSELS, Feb 21 — Euro zone finance ministers inched towards approving a second bailout for debt-laden Greece on Monday that would resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.Agreement on a 130 billion euro (RM522 billion) rescue package with strict conditions would draw a line under ...

Wal-Mart to take majority stake in China e-commerce firm

Mon, 20 Feb 2012 14:46:34 GMT

SHANGHAI, Feb 20 – Wal-Mart Stores Inc said today it is taking a controlling stake in Chinese e-commerce firm Yihaodian, as the world’s largest retailer seeks new revenue sources to fend off rising competition in the world’s fastest-growing major economy. The move comes two weeks after Wal-Mart announced the appointment of industry veteran Greg ...

Bakries expect Rothschild to remain on Bumi board

Mon, 20 Feb 2012 13:45:36 GMT

LONDON, Feb 20 – Indonesian group Bakrie, a key shareholder in coal miner Bumi Plc, said today it expected financier Nat Rothschild would remain on the board after a March meeting at which he was expected to be removed from his role as co-chairman. The Bakrie Group and partner investor Samin Tan (picture), who together hold 29.9 per cent of Bumi’s ...

Maxis gets nod for US$805m sukuk

Mon, 20 Feb 2012 11:12:44 GMT

KUALA LUMPUR, Feb 20 – Malaysian mobile phone network operator Maxis Bhd has obtained the approval from the Securities Commission for the proposed issuance of a RM2.45 billion (US$804.99 million) sukuk, according to a local stock exchange filing today. Maxis said on Feb 16 it intended to use RM1.45 billion of the 30-years sukuk to refinance its ...

SE Asia Stocks: Gain, Philippine shares at all-time high

Mon, 20 Feb 2012 10:47:52 GMT

BANGKOK, Feb 20 – Philippine shares climbed 1.3 per cent to their all-time highs, and other Southeast Asian stock markets posted modest gains today, helped by selective buying in blue chip firms as commodities-related shares gained along with high oil prices. Across the region, investor appetite for riskier assets was boosted by a surprise policy ...

Singapore’s CapitaMalls Asia buys stakes in 3 Japan malls

Mon, 20 Feb 2012 10:36:57 GMT

SINGAPORE, Feb 20 – CapitaMalls Asia Ltd, a Singapore-based shopping centre developer and operator, said today it has acquired the remaining stake in three Japanese malls for about S$217.4 million (RM522.12 million). CapitaMalls bought the remaining stake in the malls from CapitaMalls Japan Fund, it said in a statement. The malls are in Tokyo, ...

Carlsberg warns of flat beer profits in 2012

Mon, 20 Feb 2012 09:58:34 GMT

COPENHAGEN, Feb 20 – Danish brewer Carlsberg warned its operating profits will be flat in 2012 hit by declining beer markets in northern and western European markets while its biggest market, Russia, will only show a slow recovery. The world’s fourth largest brewer said today it expects the Russian beer market to return to only modest growth this ...

Singapore seeks gold hub status with tax-free bullion

Mon, 20 Feb 2012 09:06:24 GMT

SINGAPORE, Feb 20 – Singapore is seeking to lure bullion refiners by scrapping taxes on gold, a move which could also attract trading houses to open storage facilities and transform the country into a key Asian pricing hub, industry sources said today. Singapore will exempt investment-grade gold and other precious metals from a seven per cent ...

China’s urban migrants hold key to domestic demand

Mon, 20 Feb 2012 08:54:39 GMT

SHANGQIU, Feb 20 – Liu Tao knows he will never be rich enough to own one of the luxury apartments in Beijing that he has been paid to decorate for more than a decade, but he’s saving hard so that in another 10 years he’ll have enough for a home with indoor plumbing. Like many of the 158 million rural migrant workers whose annual pilgrimages to ...

Tesco launches up to US$585m Thai property fund

Mon, 20 Feb 2012 08:38:49 GMT

BANGKOK, Feb 20 – Tesco Plc , the world’s No.3 retailer, launched the initial public offering of its Thailand property fund today, aiming to raise up to US$585 million (RM1.77 billion) to finance future expansion. The offering is part of a trend among retailers in recent years to squeeze more value from their real estate assets, bundling them into ...

Petronas to offer 1st Sepat crude next month

Mon, 20 Feb 2012 08:24:03 GMT

SINGAPORE, Feb 20 – Malaysia’s national oil firm, Petronas, will offer next month its first cargo of Sepat sweet crude to load in May as it starts production from marginal oilfields to reverse declining output, industry sources said today. The producer plans to offer 250,000 barrels of the crude every month, they said. The Sepat field, offshore ...

Decision day for second Greek bailout, financing gaps remain

Mon, 20 Feb 2012 08:16:23 GMT

BRUSSELS, Feb 20 — Euro zone finance ministers are expected to approve a second bailout for Greece today, a move they hope will draw a line under months of turmoil that has shaken the currency bloc, although there is work to be done to make the figures add up. Diplomats and economists do not expect the package to resolve Greece’s economic ...

Malaysians still keen on buying homes but fear bubble

Mon, 20 Feb 2012 08:02:57 GMT

KUALA LUMPUR, Feb 20 — Lack of affordability stemming from rising house prices continues to be the main concern of property buyers in Malaysia, a survey by a property group has found. The online poll by iProperty, which owns Asia's largest network of property sites, found that 85.8 per cent of respondents thought the high cost of buying a home was ...

Hong Kong headache: UBS faces 10-fold rent increase

Mon, 20 Feb 2012 05:52:06 GMT

HONG KONG, Feb 20 — Swiss investment bank UBS faces a 10-fold rent increase in the world’s most expensive city for office space, as the main lease on its Hong Kong offices nears its end. The bank has enjoyed a sweetheart, 10-year lease on space in Two International Finance Centre, which dominates Hong Kong’s Victoria Harbour skyline, in a deal ...

The drive behind Tony Fernandes

Mon, 20 Feb 2012 05:17:57 GMT

KUALA LUMPUR, Feb 20 — Tan Sri Tony Fernandes says he has been able to stay ahead of the game and expand his airline empire by building businesses people want. The man who runs Asia’s biggest budget carrier told the Wall Street Journal (WSJ) in an interview published today that he has managed to venture into sports and the hotel sector by having ...

Lower costs in Iskandar catch eye of Singapore SMEs

Mon, 20 Feb 2012 03:15:52 GMT

KUALA LUMPUR, Feb 20 — Iskandar Malaysia is drawing interest from small and medium enterprises (SME) in Singapore that face rising cost of operations south of the border. The Straits Times reported today that SMEs from the island republic are attracted to the lower costs and availability of land in the 2,200-square-kilometre economic development ...

Analyst call Feb 20

Mon, 20 Feb 2012 00:55:22 GMT

KUALA LUMPUR, Feb 20 — This is a selection of morning calls by local research houses for the day. HwangDBS Vickers Market Preview Buying interest in Malaysian stocks could resume today on account of better external sentiment. If so, then the benchmark FBM KLCI may pull away from its immediate support level of 1,555 ahead. Although Wall Street saw ...

Wynn accuses top shareholder, buys out his stake

Mon, 20 Feb 2012 00:12:39 GMT

NEW YORK, Feb 20 — Wynn Resorts Ltd chief executive Steve Wynn upped the ante in his fight against former business partner Kazuo Okada, accusing the Japanese gaming mogul of improper payments to foreign gaming regulators and forcibly buying back his 20 per cent stake in the casino company at a deep discount. A spokesman for Okada was not ...

Stocks may strain to hold nine-month highs

Sun, 19 Feb 2012 23:54:30 GMT

NEW YORK, Feb 20 — If upcoming earnings from US retailers are as unimpressive as the rest of the profit season has been, Wall Street could face a tough time justifying a stock market at nine-month highs. Even with a Greece deal now in the works and the US economic recovery showing stronger momentum, strategists think the market could face ...