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| • Renault returns to profit in second quarter |
| PARIS: Renault SA said Friday it returned to profit in the second quarter, beating market forecasts, as higher car sales in all regions helped reverse massive losses a year earlier. |
| |
| • Japan's No. 2 airline ANA narrows losses |
| TOKYO: All Nippon Airways Co., Japan's No. 2 airline, said losses narrowed in the April-June quarter as it slashed costs and benefited from an uptick in international business and tourism travel.
|
| |
| • British Airways posts Q1 loss of US$190mil |
| LONDON: British Airways PLC on Friday said its losses widened 15 percent to 122 million pounds (US$190 million) in the three months ending June 30 as operations were disrupted by cabin crew strikes and a cloud of volcanic ash from Iceland. |
| |
| • France's Total Q2 profit up 43% |
| PARIS: French oil company Total SA said Friday its second-quarter profit jumped 43 percent thanks to rising production and improving refinery activity after a rough 2009, and said it is reviewing drilling and accident policies after the BP spill.
|
| |
| • Honda posts record quarterly profit on sales rise |
| TOKYO: Honda reported a record quarterly profit of 272.4 billion yen (US$3.2 billion) as auto sales grew in North America, Japan and the rest of Asia. |
| |
| • Hitachi climbs to profits on Asian demand |
| TOKYO: Hitachi Ltd., a maker of everything from home appliances to nuclear reactors, returned to profit last quarter as strong Asian demand fueled recovery in the auto and electronics sectors.
|
| |
| • Anglo American H1 net profit down 31% |
| LONDON: Mining company Anglo American PLC says its first half net profit was 31 percent lower than a year ago, when it booked a big one-time gain, but that underlying earnings rose. |
| |
| • BMW Group Malaysia begins local production of new BMW 5 Series |
| BMW Group Malaysia on Friday, July 30 rolled out its the first locally assembled production model of the new BMW 523i at the BMW assembly plant in Kulim, Kedah. |
| |
| • Shell Malaysia secures 14-year lease with Westports |
| Shell Malaysia Trading Sdn Bhd has signed a long-term sub-lease agreement with Westports Malaysia Sdn Bhd at Port Klang for storing, supplying and distributing petroleum products |
| |
| • Alcatel-Lucent posts Q2 loss |
| PARIS: Alcatel-Lucent SA said Friday its net loss in the second quarter was a wider-than-expected 184 million (US$240 million) but that it remains on track for a targeted improvement in profitability this year. |
| |
| • Renault swings back to profit in Q2 |
| PARIS: Renault SA says it returned to profit in the second quarter as higher car sales in all regions helped reverse massive losses a year earlier.
|
| |
| • Charles River Labs calls off WuXi Pharmatech buy Friday |
| BEIJING: Charles River Laboratories International Inc., a U.S. medical research equipment and services company, said Friday it is canceling a $1.6 billion acquisition of WuXi PharmaTech after shareholder objections.
|
| |
| • EADS said Friday Q2 net profit declined 61% |
| PARIS: EADS NV, the parent company of plane-maker Airbus, on Friday raised its outlook for 2010 - despite a 61 percent drop in second quarter earnings - as its commercial aviation business takes off.
|
| |
| • YouTube boosts upload limit to 15 minutes |
| NEW YORK: In case 10 minutes isn't enough to show off your guitar solo skills or Lady Gaga impersonation, YouTube has raised the limit it places on video uploads to 15 minutes.
|
| |
| • Toyota recalls 412,000 cars in US to fix steering |
| NEW YORK: Toyota is recalling nearly half a million cars, most of them large sedans sold in the U.S., for problems that can cause the steering wheel to lock up. It's the latest indication that the automaker is still struggling with vehicle problems even as it works to overhaul quality control. |
| |
| • How to save the US from a weakening economy? |
| WASHINGTON: Debate is intensifying at the Federal Reserve over how best to cope with a weakening recovery, with momentum growing for a concrete plan to prevent a backslide into recession. |
| |
| • Obama: We'll get back money from auto bailout(US$85bil) |
| WASHINGTON: President Barack Obama said the U.S. government will recover all the taxpayer money his administration provided to bail out the auto industry last year.
|
| |
| • Toxic assets from AIG gaining value |
| WASHINGTON: Toxic assets the U.S. government bought during the bailouts of American International Group Inc. and Bear Stearns are finally gaining value, the Federal Reserve Bank of New York said Thursday. |
| |
| • Billionaire investors accused of making US$550mil through insider trading |
| DALLAS: Famed Dallas billionaire investors Sam and Charles Wyly made US$550 million in undisclosed profits through 13 years of insider trading in the shares of companies on whose boards they served, according to a Securities and Exchange Commission lawsuit filed Thursday. |
| |
| • Citigroup paying US$75mil to settle civil charges |
| WASHINGTON: Banking titan Citigroup Inc. is paying US$75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.
|
| |
| • Japan jobless rate up in June, prices fall again |
| TOKYO: New data about Japan's economy Friday offered a sobering reminder of the country's fragile recovery: The jobless rate rose, deflation deepened, and industrial production fell unexpectedly. |
| |
| • New York AG probes 'major fraud' in life insurance industry |
| NEW YORK: New York Attorney General Andrew M. Cuomo says his office has opened a "major fraud investigation" into the life insurance industry. |
| |
| • Samsung says 2Q net profit surges 83% |
| SEOUL: Samsung Electronics Co.'s net profit surged 83 percent in the second quarter to a record high amid increased sales and strength in its semiconductor and flat panel businesses. |
| |
| • Kia Motors says 2Q net profit rises 61% |
| SEOUL: Kia Motors announced Friday that net profit rose 61 percent in the second quarter amid an increase in sales.
Kia earned 557.8 billion won ($471 million) in the three months ended June 30, the company said in a regulatory filing. It had net profit of 347.1 billion won the year before. |
| |
| • Tanjong announces cancellation of listing in London |
| Tanjong PLC has announced the cancellation of its standard listing of ordinary shares of 7.5 pence each on the London Stock Exchange |
| |
| • Regional markets lower at midday |
| Regional markets were mostly lower at Friday’s midday trade, in line with negative sentiment over concerns about the US economic recovery |
| |
| • Oil falls to near US$78 in Asia Friday(update) |
| SINGAPORE: Oil prices fell to near US$78 a barrel Friday in Asia as the region's stock markets dropped on dour economic figures from Japan ahead of a key U.S. growth report. |
| |
| • Stocks: Asia down Friday; overnight US down, Europe up(update) |
| TOKYO: Asian markets fell in early trade Friday, overlooking strong earnings from some of the region's biggest companies as Japanese shares tumbled on dour economic figures and a strong yen. |
| |
| • False alarm: Google search still working in China(update2) |
SAN FRANCISCO: Google Inc. triggered a false alarm Thursday by posting a notice that its search engine and several other services had been cut off from mainland China - a key market where the company has been locked in a high-profile battle over online censorship.
|
| |
| • Tycoon Ananda may announce buyout of power and gaming company today |
| PETALING JAYA: Will he or won’t he? The market is abuzz that Tanjong plc’s major announcement today will involve substantial shareholder T. Ananda Krishnan proposing to
take the power and gaming company private, just two days after the tycoon announced a similar exercise for Measat Global Bhd. |
| |
| • SC says it will act if Aldwich found breaching laws |
| PETALING JAYA: The SecuritiesCommission (SC) is examining the bond filings of Aldwich Bhd and will act if it finds any breaches to its laws and guidelines.
|
| |
| • Analysts upbeat on Measat privatisation |
| KUALA LUMPUR: Analysts are generally positive on Measat Global Bhd’s privatisation deal and likely to advise shareholders to take up the general offer by its major shareholder. |
| |
| • Scomi Engineering eyes more monorail jobs |
| RAWANG: Scomi Engineering Bhd is eyeing more monorail jobs locally and abroad as it is confident that its “package” has the competitive edge in terms of cost and turnaround time compared with its competitors. |
| |
| • Ranhill pre-qualified for RM645mil Bangladesh power plant project |
| PETALING JAYA: Ranhill Bhd, in ollaboration with Bangladesh-based STS Educational Group Ltd, have been pre-qualified for a 150-225 MW combined power plant project worth US$200mil (RM645mil) in Bangladesh. |
| |
| • Low dispels talk he received RM500mil airbase job |
| KUALA LUMPUR: Well-connected businessman Jho Low has dispelled talk that he is involved in the redevelopment of the TUDM Sungai Besi airbase. |
| |
| • The long wait for the iPad continues |
| Expect the iPhone 4G by or before September this year but the same cannot be said for the iPad. |
| |
| • HwangDBS Investment keen on Middle East and Brunei investors |
| KUCHING: HwangDBS Investment Management Bhd is zooming in on wealthy investors in the oil-rich Middle East countries and Brunei to distribute its newly launched AIIMAN A20 China Access Fund, according to its global equities director Peter Chiang Ngee Onn. |
| |
| • YHS settles dispute with Padu Bistari |
| PETALING JAYA: Yeo Hiap Seng (M) Bhd (YHS) has settled its legal dispute with Padu Bistari Development Sdn Bhd amicably. |
| |
| • Demand for electronics to drive PCB growth |
| GEORGE TOWN: The rising demand for LCD/LED back-lit televisions as well as electronic industrial and medical equipment will drive the growth of printed circuit board (PCB) manufacturing and the PCB assembly industry this year. |
| |
| • Kontron plans RM20m upgrade |
| GEORGE TOWN: Kontron Design Manufacturing Service (M) Sdn Bhd (KDMS) is investing US$20mil over the next five years to upgrade its surface mount technology production lines. |
| |
| • Ge-Shen to diversify into cosmetics, skincare trading |
| JOHOR BARU: Plastic moulding maker Ge-Shen Corp Bhd is setting up a trading arm to distribute cosmetics and skincare products as part of its diversification plan. |
| |
| • Astino in RM21m expansion drive |
| GEORGE TOWN: Astino Bhd is spending RM21mil to expand its roofing materials-manufacturing operations and diversify into new areas. |
| |
| • Bursa actively looking into Focus Point issues |
| KUALA LUMPUR: Bursa Malaysia is actively engaging with Focus Point Holdings Bhd as well as its advisors to resolve any issues raised regarding the deferment of the issuer’s listing on Tuesday. |
| |
| • Analysts cool to PLUS move |
| PETALING JAYA: PLUS Expressways Bhd’s proposed disposal of its entire equity interest in PT Cimanggis Cibitung Tollways (CCTW) for 57.82bil rupiah (RM20.2mil) has failed to excite or impress analysts, who note that the move would have minimal impact on the toll operator’s earnings. |
| |
| • Two Transmile units to be wound up |
| PETALING JAYA: Transmile Group Bhd’s wholly-owned subsidiaries, Transmile Air (SPV) Ltd and TGB (SPV) Ltd will be wound up because they cannot continue their businesses due to their liabilities. |
| |
| • Aston expects to raise US$360mil in IPO |
| SYDNEY: Australian coal miner Aston Resources expects to raise up to US$360mil in an initial public offering due to be priced on Aug 3 after lining up two cornerstone investors, two sources close to the transaction said. |
| |
| • China Everbright Bank to list on Aug 18 |
| SHANGHAI: China Everbright Bank will list on the Shanghai stock exchange on Aug 18, and will soon release its prospectus for an initial public offering (IPO) slated to raise up to US$2.9bil, the official Shanghai Securities News reported yesterday. |
| |
| • Credit Suisse explains methods used in assessing EON Cap offer |
| PETALING JAYA: EON Capital Bhd’s (EON Cap) independent adviser Credit Suisse Securities (M) Sdn Bhd used four methodologies to arrive at its opinion that the RM5.06bil takeover offer from Hong Leong Bank Bhd (HLB) for the former was “not fair from a financial perspective.” |
| |
| • Alliance Bank aims for higher return on equity |
| KUALA LUMPUR: Alliance Bank Malaysia Bhd expects to achieve its target of 16% return on equity (ROE) in 12 to 18 months, in line with the ROE industry average of 14% to 16%, said group chief executive officer and director Sng Seow Wah. |
| |
| • Hong Leong Bank to hold EGM on Aug 23 |
| PETALING JAYA: Hong Leong Bank Bhd told Bursa Malaysia that it will hold an EGM on Aug 23 to decide on the resolution to acquire the entire assets and liabilities of EON Capital Bhd for RM5.06bil. |
| |
| • UEM Land cashing in on Cyberjaya revival |
| CYBERJAYA: UEM Land Holdings Bhd, which will launch its maiden property project in the Klang Valley this weekend, expects “mediocre margins” from the 122 landed strata homes offered under the first phase of its high-end residential development, known as Symphony Hills, in Cyberjaya. |
| |
| • Harvard programme for Naza chairman |
| PETALING JAYA: Naza joint group executive chairman Datuk SM Faisal SM Nasimuddin has become the first Malaysian to be invited to the Harvard Business School’s Owners’/Presidents’ Management Programme (OPM) in Boston, the United States. |
| |
| • Kamaruzzaman appointed JCorp acting CEO |
| JOHOR BARU: Kamaruzzaman Abu Kassim, senior vice-president of finance and corporate services of Johor Corporation (JCorp), was appointed the diversified conglomerate’s acting president and chief executive yesterday following the resignation of Tan Sri Muhammad Ali Hashim. |
| |
| • Sidek appointed to 1MDB board |
| KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak has appointed Chief Secretary to the Government, Tan Sri Mohd Sidek Hassan to the board of advisors of 1Malaysia Development Bhd (1MDB). |
| |
| • Malaysian franchise market sheltered from recession |
| KUALA LUMPUR: Malaysia’s franchise market is relatively sheltered from the global recession as the industry maintains 15% annual growth when much of the global economy is stagnated, an industry player said. |
| |
| • SK Telecom Q2 profit up 5% |
| SEOUL: South Korea’s top mobile carrier SK Telecom Co reported a 5% rise in quarterly profit yesterday, helped by increased data use by smartphone subscribers and reduced marketing spending. The company faces a tougher outlook as it offers generous incentives and service plans to retain customers. |
| |
| • Shell profits double on revamp |
| LONDON: Royal Dutch Shell Plc said second-quarter current cost of supply (CCS) net income jumped 94% to US$4.53bil, thanks to a strong operating environment and a speedy restructuring of the group. |
| |
| • GM bullish about S-E Asia |
| BANGKOK: General Motors (GM) aims to sell about 1.9 million cars in Thailand, Indonesia and Malaysia this year. |
| |
| • S’pore central bank sees rising prices, moderating growth |
| SINGAPORE: Singapore’s economic growth will moderate in the second half while prices will rise faster, the central bank said yesterday, while making clear it remained comfortable with its current monetary policy. |
| |
| • Panasonic in US$9.4bil buyout |
| TOKYO: Japan’s Panasonic Corp said it would buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to US$9.4bil in cash and shares to accelerate its push into greener businesses. |
| |
| Updated: 67 minutes ago |
