Business

Baseless claims

Friday, 31 October 2014.

CLEARING THE AIR: 1MDB denies overpaying for energy, real estate assets and getting preferential treatment in power plant tenders

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IOI Prop to gain from MRT2

By SHAREN KAUR KUALA - Friday, October 31, 2014 - 23:57

IOI Property Group Bhd (IOIPG) may emerge as the key beneficiary for the mass rapid transit Sungai Buloh-Serdang-Putrajaya line (MRT2), given that it has 200ha of landbank in Putrajaya, that houses IOI Resort City.

Index likely to consolidate rebound gains

Friday, October 31, 2014 - 23:53

SHARE prices on Bursa Malaysia made a five consecutive days of technical rebound, moving in tandem with the rebounds on the Wall Street and regional stock markets.

Khazanah sells stake in Westports

Friday, October 31, 2014 - 23:52

KUALA LUMPUR: Khazanah Nasional Bhd sold 161.52 million shares of Westports Holdings Bhd off-market yesterday. Bursa Malaysia data showed the shares, which represented a 4.74 per cent stake, were transacted at an average price of RM2.90 and were carried out via a book building exercise.

Public Mutual to distribute RM312m

Friday, October 31, 2014 - 23:51

KUALA LUMPUR: Public Mutual Bhd, a unit of Public Bank Bhd, has declared distributions totalling over RM312 million for nine of its funds. The gross distributions were declared for the financial year ended October 31 , Public Mutual said yesterday.

SILK to buy 2 ships from Muhibbah

Friday, October 31, 2014 - 23:51

KUALA LUMPUR: SILK Holdings Bhd is buying two vessels from Muhibbah Marine Engineering Sdn Bhd for a total of RM219 million. Both vessels are expected to be delivered by the end of the second quarter of 2015, SILK said in a filing to Bursa Malaysia yesterday.

Malaysia Pacific sells land in Johor

Friday, October 31, 2014 - 23:51

KUALA LUMPUR: Malaysia Pacific Corp Bhd (MP Corp) is selling 163 sub-divided lots in Johor to Temokin Development Sdn Bhd for RM9.35 million cash or RM35.8 per square foot.

BoJ expands stimulus

Friday, October 31, 2014 - 23:47

THE Bank of Japan (BoJ) surprised global financial markets yesterday by expanding its massive stimulus spending in a stark admission that economic growth and inflation have not picked up as much as expected after a sales tax hike in April.

Bakrie Group unlikely to sell major assets

Friday, October 31, 2014 - 23:46

JAKARTA: Indonesia’s mining-to-telecoms conglomerate Bakrie Group will negotiate with creditors to restructure part of its US$8 billion (RM26.3 billion) debt rather than sell major assets, said people familiar with its strategy.

DBS posts 17pc growth in Q3 profit

Friday, October 31, 2014 - 23:46

SINGAPORE: DBS Group Holdings posted a 17 per cent rise in quarterly profit, helped by its highest net interest margin in nine quarters though loan growth slowed to its weakest pace since late 2012. Loan growth slowed to eight per cent.

Danone buys 25pc stake in Yashili

Friday, October 31, 2014 - 23:46

SHANGHAI: Dairy giant Danone SA will buy a 25 per cent stake in China’s Yashili International Holdings Ltd for US$550 million (RM1.8 billion), gaining an additional route into the booming Chinese market for infant milk formula.

China shadow banking 3rd largest in world

Friday, October 31, 2014 - 23:46

BEIJING: China’s shadow banking sector continued to grow at breakneck speed last year and now ranks as the third largest in the world, a Financial Stability Board (FSB) report showed yesterday.

Stop dragging technology trade deal, China urged

Friday, October 31, 2014 - 23:44

WASHINGTON: China must move ahead with a global deal to eliminate duties on billions of dollars of technology products or risk upsetting other trade talks, United States Trade Representative Michael Froman said on Thursday.

ECB’s new watchdog role

Friday, October 31, 2014 - 23:44

THE European Central Bank (ECB) takes over as Europe’s banking watchdog on Tuesday in a historic shake-up of the financial system aimed at preventing a repeat of the crisis that nearly led to the collapse of the euro.

RBS records £896m net profit in Q3

Friday, October 31, 2014 - 23:44

LONDON: Royal Bank of Scotland posted third-quarter profits that beat analyst estimates even as it set aside £400 million (RM2.1 billion) for a currency rigging probe. The bank posted net income of £896 million after a loss of £828 million a year ago, it said yesterday.

Citigroup sets US$600m legal war chest

Friday, October 31, 2014 - 23:43

NEW YORK: Citigroup Inc said it was setting aside an extra US$600 million (RM1.97 billion) to cover legal expenses in the third quarter due to “rapidly evolving regulatory inquiries”, while also disclosing that it was subject to foreign exchange market probes.

World Bank announces 250 job cuts

Friday, October 31, 2014 - 23:43

WASHINGTON: World Bank President Jim Yong Kim announced a net 250 job cuts Thursday — the first major job reductions under his reorganisation plans at the bulked-up development bank.