Malaysia Business
SEC head urges Congress to act on derivativesWASHINGTON: The government's top securities regulator called Thursday for Congress to impose new oversight on financial derivatives, warning that allowing risky instruments like credit default swaps to continue unfettered could bring further economic damage.
China's Lenovo said Friday business will focus on mobile Internet
BEIJING: Lenovo Group expects wireless Internet products to account for up to 80 percent of its sales within five years as it pursues expansion in faster-growing emerging markets, CEO Yang Yuanqing said Friday.
Market extends losses
KUALA LUMPUR: Share prices on Bursa Malaysia closed lower at midday as profit-taking in heavyweights pulled the market down.
KLCI down for second straight day
KUALA LUMPUR: The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell for a second straight day as investors stayed cautious after the sharp fall yesterday.
US trade deficit shrinks as auto and oil imports drop
WASHINGTON: The U.S. trade deficit unexpectedly shrank in January, reflecting a big drop in imports of oil and foreign cars.
Citigroup CEO says bank on path to profitability
NEW YORK: Citigroup Inc. is poised to return to "sustained profitability" as it sheds risky assets and focuses on emerging markets, CEO Vikram Pandit said Thursday.
Twitter unveils tool to share tweeting locations
SAN FRANCISCO: Twitter can now let the world automatically know your whereabouts as well as your thoughts and activities.
Toyota Prius runaway driver won't sue Toyota
SAN DIEGO: A law firm for the driver who says his Toyota Prius sped out of control in California doesn't plan to sue the Japanese automaker.
US stocks climb for third day as financial shares rise
NEW YORK A rally in financial stocks Thursday helped the market extend its grind higher to a third day.
Oil hovers above US$82 in Asia Friday(update)
SINGAPORE: Oil prices hovered above US$82 a barrel Friday in Asia as investors mulled whether extending a monthlong rally is justified amid evidence of weak U.S. crude demand.
Market may backtrack when central banks normalise rates
PETALING JAYA: The local bourse’s benchmark FTSE Bursa Malaysia KL Composite Index, which has risen 2.9% from March 4 when Bank Negara announced a 25-basis point hike in the overnight policy rate to close yesterday at 1,321.43 points, will start to retrace from April as the region’s central banks begin to normalise their respective monetary policies.
Strong production growth for second consecutive month
PATALING JAYA: Malaysia’s industrial production index (IPI) climbed for the second consecutive month year-on-year in January in line with the country’s strong economic recovery since the fourth quarter of last year.
Affin planning to take over EON Cap?
PETALING JAYA: As the tussle for control at EON Capital Bhd (EON Cap) simmers on, Affin Holdings Bhd, the parent company of Affin Bank Bhd, may be gearing itself to launch a takeover of EON Cap.
Wong Chun Wai is Star executive director
PETALING JAYA: Star Publications (M) Bhd has appointed its group chief editor, Datuk Seri Wong Chun Wai, as an executive director.
Ringgit weakens on likely China stimulus measures withdrawal
SINGAPORE: The ringgit weakened, retreating from the strongest level since August 2008, on speculation China will pare back stimulus measures to slow inflation. Bonds declined.
M’sia has most billionaires in S-E Asia
PETALING JAYA: Malaysia has the most number of billionaires in South-East Asia with tycoon Tan Sri Robert Kuok named the 33rd richest man in the world with a net worth of US$14.5bil (RM48.1bil).
Vincent Tan in Forbes billionaires list
SINGAPORE: Berjaya chairman and chief executive officer Tan Sri Vincent Tan became the latest Malaysian tycoon to make it into the Forbes’ 2010 world billionaires list.
Axiata to place out 20% of Indon unit, could receive more than RM2.2bil in proceeds
PETALING JAYA: Axiata Group Bhd said it planned to place out 20% of its Indonesian unit, PT XL Axiata Tbk, to increase the latter’s free float.
Blow to Low’s 2nd bid in taking control of Ho Hup
PETALING JAYA: Datuk Low Tuck Choy’s second bid to regain control of the Ho Hup Construction Co Bhd board was dealt a major blow after an ex parte injunction order barred him, his sister and their company Low Chee & Sons Sdn Bhd (LCS) from voting at an upcoming EGM.
Tussle at EON Cap set to heat up again
KUALA LUMPUR: The boardroom tussle at EON Capital Bhd looks set to heat up again with the EGM taking place this Monday after it was adjourned three weeks ago.
Glove makers top losers’ list
PETALING JAYA: Glove counters dominated the list of losers yesterday after some traders turned cautious on the industry due to record latex prices and a strong ringgit.
WIEF platform for countries
KUALA LUMPUR: The World Islamic Economic Forum (WIEF) will provide a platform for developing, especially Muslim, countries to engage and do business with other countries, pushing their economic resurgence to much higher levels.
News in brief
News briefs on: Tan Chong wins Cambodia rights, Suit won’t hurt Gamuda, WCT Quek extends offer deadline, MISC to own 60% stake in India unit and Wijaya clarifies unusual activity
Manchester United and TM ink partnership deal
MANCHESTER: Manchester United (MU) and Telekom Malaysia Bhd (TM) have forged a five-year agreement to link the two brands in marketing campaigns and promotional activities.
U Mobile to sign deal with STT
PETALING JAYA: Smallish U Mobile Sdn Bhd will ink a strategic partnership agreement with Singapore Technologies Telemedia (STT) on Monday.
March 24 is when we can surf at high speed
REMEMBER March 10 a decade ago? That day, it was mayhem on Nasdaq, the dotcom bubble burst and with it vanished many big and bold not proven dotcom dreams. The late 1990s technology boom created many paper millionaires that had incredible ideas.
TA to sell S’pore hotel to unit
PETALING JAYA: TA Enterprise Bhd (TAE) has proposed to dispose of a 100%-owned four-star hotel in Singapore to its property arm TA Global Bhd for shares in a deal worth RM651.78mil.
Renault SUV Koleos unveiled
PUTRAJAYA: Renault’s first proper sports utility vehicle (SUV), the Koleos, was unveiled to the media on Wednesday night, the product of the French marque’s alliances with its various Asian partners.
US lawyers seek billions from Toyota for vehicle value loss
CHICAGO: US lawyers are seeking billions of dollars from Toyota to compensate the millions of people who saw the value of their vehicles drop in the wake of a series of mass safety recalls.
Third Tokyo airport opens to fanfare and criticism
TOKYO: Tokyo's third international airport opened Thursday with festivity - and heavy criticism that it is a wasteful project likely to serve just a fraction of the passengers forecast.
German economy to shrink in Q1, think tank says
BERLIN: A leading German think-tank says it expects the country's economy - Europe's biggest - to contract in the first quarter because of an unusually harsh winter.
Slowly, Americans are regaining their lost wealth
WASHINGTON: Americans are recovering their shrunken wealth - gradually.
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