The Star Online: Business

Oil, energy prices boosted by another winter blast

Wed, 10 Feb 2010 08:09:56 +0800

NEW YORK: Oil and heating oil prices got a boost Tuesday as the second powerful storm in four days threatened to dump more than a foot (0.3 meters) of snow on the East Coast.

Billionaire Buffett says bailout money will be paid back

Wed, 10 Feb 2010 08:10:56 +0800

OMAHA, Nebraska: Billionaire Warren Buffett and Henry Paulson, the former Treasury chief, said U.S. taxpayers will recover every cent paid out to banks during the economic meltdown and may even turn a profit.

US stocks up, Dow up above 10,000 again

Wed, 10 Feb 2010 08:13:27 +0800

NEW YORK: The Dow Jones industrial average jumped back above 10,000 on hope that the European Union will help Greece manage its growing debt burden.

Google opens new social hub in face-off with Facebook

Wed, 10 Feb 2010 08:13:42 +0800

SAN FRANCISCO: Google Inc. opened a new social hub in its e-mail service on Tuesday, leaving little doubt that the Internet search leader is girding for a face-off with Facebook.

Toyota seeks damage control, in public and private

Wed, 10 Feb 2010 08:13:55 +0800

WASHINGTON: In public, Toyota is running apologetic TV ads and vowing to win back customers' trust. Behind the scenes, the besieged carmaker is trying to learn all it can about congressional investigations, maybe even steer them if it can.

Honda expands airbag inflation recall

Wed, 10 Feb 2010 08:14:12 +0800

DETROIT: Honda Motor Co. is adding more than 378,000 cars to an existing safety recall for air bag inflation problems, the company said Tuesday.

EPF’s 2009 payout will be better

Wed, 10 Feb 2010 07:08:47 +0800

THANKS largely to a stellar stock market performance in 2009, the Employees Provident Fund (EPF) should be declaring a decent dividend for last year soon. And thanks too to low interest rates, the pension fund’s dividend payments is going to look good, when measured against the fixed deposit rates. (see table)

How to improve your investment skills

Wed, 10 Feb 2010 08:23:19 +0800

WE have been asked by many readers on ways to improve their investment skills. In fact, for all of us who invest, it is one of the essential skills that we need to acquire in our lifetime. Like it or not, we need to have it if we need to generate returns for our investment.

KNM’s future needs may be more than RM3.4bil

Wed, 10 Feb 2010 09:05:56 +0800

PETALING JAYA: The future capital expenditure needs of KNM Group Bhd may add another layer of funding needs above and beyond what is needed for its proposed management buyout, analysts say.

US$1b JV smelter for Sarawak

Wed, 10 Feb 2010 08:39:46 +0800

PUTRAJAYA: GIIG Holdings Sdn Bhd, a company controlled by billionaire Tan Sri Syed Mokhtar Al-Bukhary, and Aluminium Corp of China Ltd (Chalco), the world’s second largest producer of alumina, have teamed up to jointly develop an aluminium smelter plant in Samalaju Industrial Park in Bintulu, Sarawak at the cost of US$1bil.

Bank Negara said to have rejected Mulpha’s application

Wed, 10 Feb 2010 06:51:16 +0800

PETALING JAYA: Bank Negara is believed to have rejected Mulpha International Bhd’s application to commence talks with EON Capital Bhd to acquire a stake in EON Capital Bhd, according to sources.

Masteel plans RM300mil downstream project

Wed, 10 Feb 2010 06:54:05 +0800

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd (Masteel) plans to invest about RM300mil in a downstream project to meet rising demand from both local and overseas markets.

Tamco investing RM172m in new plant

Wed, 10 Feb 2010 09:10:24 +0800

SHAH ALAM: Tamco Switchgear (M) Sdn Bhd (Tamco), part of India-based Larsen and Toubro Ltd (L&T), is investing RM172mil in a new factory near here.

Heitech Padu wins Govt software contract

Wed, 10 Feb 2010 07:13:23 +0800

KUALA LUMPUR: Heitech Padu Bhd has received an RM8.8mil letter of award from the Government.

Homeritz’s public portion oversubscribed by 19%

Wed, 10 Feb 2010 09:13:14 +0800

KUALA LUMPUR: Homeritz Corp Bhd’s public issue and offer for sale of 15 million shares for application by the Malaysian public has been oversubsribed by 19%.

Pelikan rights issue gets overwhelming response

Wed, 10 Feb 2010 07:13:52 +0800

KUALA LUMPUR: Pelikan International Corp Bhd has received an encouraging response to its proposed rights issue exercise despite the current volatile market conditions.

Maybank Q2 earnings up 35% to RM993mil

Wed, 10 Feb 2010 08:54:12 +0800

KUALA LUMPUR: The country’s largest financial group by assets, Malayan Banking Bhd (Maybank), posted a second consecutive quarter of gains in net profit on improved performance across the board.

Two divisions push F&N Q1 profit up 52%

Wed, 10 Feb 2010 09:15:45 +0800

PETALING JAYA: Fraser & Neave Holdings Bhd (F&N) registered a 52.4% rise in net profit to RM77.7mil in comparison to the previous corresponding period for the first quarter ended Dec 21, 2009 mainly due to higher contribution from the soft drinks as well as the dairies division but partly offset by the weaker performance of the glass division.

GAB posts higher Q2 net profit of RM43.8mil

Wed, 10 Feb 2010 09:03:58 +0800

PETALING JAYA: Guinness Anchor Bhd (GAB), which recorded a 26% jump in its net profit to RM43.82mil for its second quarter ended Dec 31, expects increasing consumer confidence and the FIFA World Cup to boost the malt liquor market this year.

Ekuinas eyes minimum IRR of 12% a year

Wed, 10 Feb 2010 08:47:48 +0800

PETALING JAYA: Ekuiti Nasional Bhd (Ekuinas), the government-linked private equity fund management company, aims to deliver a minimum internal rate of return (IRR) of 12% a year on its investments, said chief executive officer Datuk Abdul Rahman Ahmad.

EA: 2011 earnings may miss expectations

Wed, 10 Feb 2010 09:18:26 +0800

SAN FRANCISCO: Electronic Arts Inc warned that fiscal 2011 earnings would miss Wall Street expectations as it grapples with a lack of blockbuster new games after a succession of missed targets and restructurings.

Macquarie Q2 profit forecast disappoints

Wed, 10 Feb 2010 09:26:37 +0800

SYDNEY: Macquarie Group, Australia’s top investment bank, forecast a disappointing second-half profit and gave an outlook that raised worries about its key equity business, sending its shares sliding 7%.

UBS returns to profit in 4th quarter

Wed, 10 Feb 2010 07:23:51 +0800

ZURICH: Swiss bank UBS posted its first quarterly net profit since Oswald Gruebel took the helm a year ago but clients withdrew far more money than forecast, signalling he may need more time to steady the ship.

Swatch profit beats forecast

Wed, 10 Feb 2010 07:28:22 +0800

ZURICH: Swatch Group, the world’s largest watchmaker by sales, posted a forecast-beating full-year profit yesterday and maintained a positive outlook for 2010, easing worries a flagging economic recovery may hit demand.

P1 sees more competitive prices for WiMAX services

Wed, 10 Feb 2010 07:01:39 +0800

PETALING JAYA: Packet One Networks (Malaysia) Sdn Bhd (P1), a wholly-owned subsidiary of Green Packet Bhd, sees more competitive prices for its WiMAX services as competition heats up with the entrance of more players in the broadband market this year.

SingTel to buy way to growth

Wed, 10 Feb 2010 07:20:21 +0800

SINGAPORE: Singapore Telecommunications (SingTel) is eyeing acquisitions in Asia and the fast-growing markets of Africa and the Middle East to boost growth after it reported quarterly earnings in line with estimates.

BCorp unit plans RM180mil solar photovoltaic power plant

Wed, 10 Feb 2010 07:15:53 +0800

KUALA LUMPUR: Berjaya Corp Bhd’s (BCorp) wholly-owned subsidiary Berjaya Solar Sdn Bhd plans to develop a RM180mil 10-MW ground-based Solar Photovoltaic (PV) power plant at Bukit Tagar, Selangor,

MMC Corp international business CEO Feizal Ali resigns

Wed, 10 Feb 2010 08:59:27 +0800

PETALING JAYA: MMC Corp Bhd has announced the resignation of Feizal Ali as chief executive officer for its international business with effect from May 3.

Primus buys more time for better offers

Wed, 10 Feb 2010 06:58:57 +0800

PRIMUS Pacific Partners (HK) Ltd, the unhappy 20.2% shareholder of EON Capital Bhd (EON Cap), has probably bought itself a bit more time to try and attract more bidders to fight the RM4.92bil cash offer, which is equivalent to RM7.10 per share, from Hong Leong Bank Bhd (HLB).

Toyota recalls Prius, other hybrids over brakes

Wed, 10 Feb 2010 09:22:31 +0800

TOKYO: Toyota Motor Corp said it is recalling nearly half a million of its flagship Prius and other hybrid cars for braking problems as it seeks to address criticism over the handling of its worst safety crisis.

Ex-Intel exec admits to conspiring with Rajaratnam

Wed, 10 Feb 2010 07:22:22 +0800

NEW YORK: A former Intel Capital director pleaded guilty on Monday to fraud in the Galleon insider-trading case, telling a New York court that hedge fund founder Raj Rajaratnam gave him money for personal needs and that he profited from illegal trades.

Producer price inflation in S. Korea at 10-month high

Wed, 10 Feb 2010 07:26:04 +0800

SEOUL: South Korea producer price inflation hit a 10-month high in January, providing fresh evidence of growing consumer inflation pressure in the pipeline and adding to the case for an interest rate hike soon.

JAL to stay with American in Oneworld

Wed, 10 Feb 2010 07:18:42 +0800

TOKYO: Japan Airlines Corp said it would keep its partnership with American Airlines in the Oneworld alliance, ending Delta Air Lines’ attempt to entice the bankrupt carrier to its rival SkyTeam group.

Greece says call for aid would send ‘worst signal’

Wed, 10 Feb 2010 09:21:03 +0800

ATHENS: Greek Finance Minister George Papaconstantinou said he can’t call for outside aid as his government struggles to cut the European Union’s largest budget deficit.