20 May 2013, Monday

Airlines

Firefly ready for head-on competition with Malindo Air

Banks

ETP projects, construction and lending to SMEs will drive business loan growth

Capital markets

Technical indicators for FBM KLCI point towards further correction

Ho Hup Construction picking up interest

Competition

MyCC especially concerned about two areas of non-compliance by associations

Employment

July deadline for private companies to raise employees’ retirement age stays

Food and beverage

Nestlé’s Asian business could overtake Europe by end-2013 or early 2014

Insurance

AIA, Alliance Bank terminate bancassurance agreement

AIA rolls out first private retirement scheme

Islamic capital markets

IILM courting banks to be ‘primary dealers’

Property

Klang Valley office market faces three main issues

Crest Builder ventures into retail space management

Tax

Additional income of up to RM27 billion if GST implemented at 7%

‘7% too high’

Trade

Trans Pacific Partnership FTA will benefit local businesses, even SMEs

ASIA

Islamic finance

Indonesia setting up Shariah-compliant bank to manage hajj funds

Mergers and acquisitions

DBS-Danamon deal: Indonesia sets conditions

AUSTRALIA

Intellectual property

Four signs the goods you’re importing aren’t the genuine article

Parties cannot agree on best way to test the products

Legal services

Newly listed Shine Lawyers looking to follow in footsteps of Slater & Gordon

CANADA

Employment

Employee cannot use resignation ultimatum as a ploy to secure certain advantages

Dismissal for cause an appropriate response to analyst’s conduct

Intellectual property

Eli Lilly denied leave to appeal in relation to olanzapine

EUROPE

Autos

Carmakers cheered by signs of revival in domestic sales

Competition

Index-based price setting mechanisms could come under increased regulatory scrutiny

Reform of oil markets unlikely to come soon

EU prepared to launch formal probe into Huawei and ZTE

UK

Autos

1964 Aston Martin DB5 with mouse nest in engine bay fetches £320,700 at auction

Corporate crime

Knowing what to do during the first minutes of a dawn raid is vital

Employment

Sole director injured at work could not gain advantage from own wrong

Islamic finance

Bank of London and The Middle East targets 15% growth in assets

US

Financial markets

Policing of high-frequency trading growing tougher by the second

Buybacks can give investors a false sense of strength of the true earnings power of a company

Intellectual property

Ericsson, Airvana Networks Solutions settle dispute

Property

Copper Beech Farm is America’s most expensive home for sale

17 May 2013, Friday

Arbitration

KLRCA talk on ‘Privacy & Confidentiality in Arbitration’, 29 May

Banks

Public Bank and Japanese lender Resona to sign agreement on Monday

Bursa Malaysia CEO among three possible contenders for top post in Maybank

Insurance

New forum will raise benchmark in developing policy owner protection schemes

AMMB hopes to conclude sale of AmLife next month; due diligence on Hwang-DBS in two weeks

Investment

Genneva traders acquitted of 224 counts of money laundering and illegal deposit-taking

Bank Negara Malaysia to appeal

Islamic finance 

Islamic Development Bank advocates creation of global Shariah advisory board

BNM governor: Islamic finance needs to build on ‘solid foundations’

Governor’s speech

Limited product range and fund size impeding growth in Europe

Oil and gas

Deleum tendering for up to RM2 billion worth of domestic jobs

PetGas among top gainers

UMW Holdings planning to sell 39% of O&G unit in IPO

Telecommunications

‘AAA’ debt ratings of Telekom Malaysia and Hijrah Pertama reaffirmed

ASIA

Banks

CIMB-San Miguel talks on Bank of Commerce stake in ‘final stages’; decision within a month

Capital markets

Best week for Asia Pacific IPOs in two years

Management

Aviation rookie to pilot AirAsia India

AUSTRALIA

Insolvency

Power of liquidators to extinguish commercial tenants’ leasehold interests

Media

Publishers must ensure all copyright material has been properly cleared prior to publication

Utilities

China’s State Grid agrees to buy 60% of SingPower’s unlisted Australian assets

CANADA

Employment

Firefighter’s mood problems and inability to deal with stress not classifiable as mental disorders

Telecommunications

Shares of Rogers, Telus and BCE down on report warning of heightened regulatory risk in wireless

EUROPE

Antitrust

EU decision on Delta Air Lines-Virgin Atlantic deal by June

Insurance

Decline in operating profit at Zuricha Insurance's property and casualty business

GLOBAL

Employment

Leading employment law firms launch international network

Sport

IOC vice president is second candidate and first Asian for one of the top jobs in world sport

Wealth

Microsoft co-founder Bill Gates reclaims title of world’s richest person

NEW ZEALAND

Competition

Regulator fears price-fixing proceedings against Air NZ ‘parked somewhere behind the terminal’

Employment

Former manager must pay back more than NZ$700,000 in unauthorised overtime

Vodafone New Zealand’s general counsel keeps his job

SINGAPORE

Legal services

WongPartnership-King & Wood Mallesons talks failed just days before deal was to be announced

Legislation

US Foreign Corrupt Practices Act not just relevant to its citizens

Property

Pacific Star plans integrated waterfront project in Iskandar Malaysia

UK

Dispute resolution

Saudi princes cannot keep details of commercial dispute a secret

Employment

Conflicting authorities on references for ex-employees

Importance of getting that contract drafting just right, and three important victimisation cases

Insurance

Aviva’s new business sales up 18% in Q1

Prudential bosses escape full-scale pay revolt but are accused of greed

Sport

Former England captain David Beckham calls time on football career

Takaful 

Cobalt hopes its platform can address gaps in Takaful and reinsurance

Tax

HMRC’s decision to reduce Goldman Sachs’ tax bill properly conducted

Google boss called back to testify as veracity of earlier testimony is challenged

US

Antitrust

Dow Chemical ordered to pay US$1 billion judgment in urethane price-fixing case

Real estate

Plan to roll Empire State Building into a REIT could soon be reality

16 May 2013, Thursday

Capital markets

Multi-Purpose Holdings closes higher

Companies

Use of MyCoID portal for name search and incorporation of companies mandatory from today

Press release (in BM)

Earnings

Dialog’s Q3 pre-tax profit slips to RM53 million

Economy

Growth slows to less than 5% for first time in seven quarters

Financial regulation

Central bank tightens screws on NBFIs, DFIs and credit cooperatives

Government

New Cabinet packed with traditionalists

Maybank CEO the only new face from private sector

Complete line-up

Human rights

‘Soft laws’ eroding rights of orang asli

Islamic finance

Islamic Financial Services Board’s guidance note on liquidity standards out next year

Next growth trajectory will come when there’s a credible regulatory framework

BIMB denies plans for merger with Bank Muamalat

Bank Islam not giving up on Indonesia

Sime Darby’s US$800 million Sukuk accorded ‘Emas’ status

Property

Klang Valley still offers ‘best returns’ for UOA Development

Is JCorp getting the best value for prime Pusat Bandar Damansara asset?

Moody’s concerned over spiralling property prices and high household debt

Technology

Skali sees ‘good synergies’ with Time Engineering

AUSTRALIA

Earnings

Commonwealth Bank on track for another record full-year profit

Gaming

Gardens by the Bay architect to build Crown Sydney

EUROPE

Antitrust

Visa Europe offers to cap credit card fees

Intellectual property

Swedish prosecutors launch new attack on Pirate Bay

SINGAPORE

Airlines

Singapore Airlines attempts big strategy overhaul to revive growth

Capital markets

Asian Pay Television Trust IPO priced at S$0.97 a unit

Data protection

New Personal Data Protection Commission favours pragmatic approach

‘Do Not Call Registry’ will be launched in January

Financial services

Singapore unveils Marina Bay Financial Centre

UK

Banks

HSBC may axe another 14,000 jobs worldwide in savings drive

Competition

Lloyds, RBS, Barclays and HSBC spared OFT inquiry

Key process changes following enactment of Enterprise and Regulatory Reform Act 2013

Employment

Tribunal right to award claimant £12,000 in compensation for injury to feelings

US

Financial markets

Commodity Futures Trading Commission unveils rules for swaps trading

Intellectual property

Copyright owners suing Google denied class action status

15 May 2013, Wednesday

Airlines

Malaysia Airlines hopes to be profitable again by end-2014

Auditing

Audit findings into Patimas Computers show irregularities

Winding-up proceedings and related actions stayed for six months

Banks

Stable outlook for banking system

Capital markets

Employees Provident Fund’s net sales of UEM Land the biggest on record for single day

Petrol One Resources reprimanded

Earnings

Solid Q3 for Guinness Anchor

Intellectual property

Financial institutions still adopting ‘wait-and-see’ attitude on IP protection

Islamic finance

MMC gets SC nod on Sukuk

Land

Lack of understanding on natives’ roaming land

Suhakam panel’s recommendations

Legislation

MCMC should take serious stand on Personal Data Protection Act 2010

Media

Ancom unit Redberry not acquiring online news portal The Malaysian Insider

Oil and gas

Rationale for awarding another 10 risk service contracts for marginal fields

Rise of Petrofac, SapuraCrest and Kencana Petroleum

Property

Palm oil producer IOI to spin off property assets for separate listing

ASIA

Capital markets

China Galaxy Securities raises US$1 billion in IPO

Gaming

Jury agrees Hong Kong businessman helped Las Vegas Sands obtain Macau licence

AUSTRALIA

Construction

Ensure there is express right to terminate in the event of contractor’s or supplier’s insolvency

Prudent practices when dealing with forms of performance security

Dispute resolution

Legal professional privilege may attach to communications involving in-house lawyers admitted to practice elsewhere

Telecommunications

Optus sees profit drop

CANADA

Competition

Competition Bureau seeking to reverse dismissal of case against Toronto Real Estate Board

Employment

Employer can waive notice given by employee who resigns

Investigator ordered to pay alleged harasser moral damages for pain and suffering

EUROPE

Antitrust

Offices of oil companies BP, Shell and Statoil raided

Aviation

Airbus in advanced talks with ANA and Japan Airlines on long-range plane

NEW ZEALAND

Accounting

Accountant fined for providing false qualifications

Capital markets

Dairy producer, tech companies reveal plans to list; more expected to come forward

Employment

Sacked senior manager wins job back, awarded NZ$7,000 in costs

Decision to dismiss café worker not fair or reasonable

SINGAPORE

Dispute resolution

Plaintiff cannot enforce rights under an agreement that has an illegal object

Telecommunications

SingTel plans S$2 billion acquisitions following 33% dip in Q4 profit

UK

Insurance

Unions angered by Aviva’s move to export 600 jobs

Real estate

British Land’s annual earnings up 1.9%; seeks buyers for its retail properties in Europe

US

Antitrust

Hitachi, Samsung and Toshiba accused of conspiring to fix prices for optical disc drives

Bankruptcy

Supreme Court finally decides meaning of ‘defalcation’

Real estate

REITs shooting past the stock market

14 May 2013, Tuesday

Capital markets

FBM KLCI closes at record high

Steel trading company Leon Fuat expects to raise RM35.6 million from IPO

Delay in Malakoff IPO attributed to ongoing maintenance of Tanjung Bin power plant

Civil procedure

Election manifesto not a legally binding document

Contract

MMC seeks compensation from Saudi government

Economy

Economists predict acceleration in coming quarters

Employment

Cases of former Silver Bird executives up for mention in Industrial Court this month

Insurance

Allianz Life targets RM150 million in sales of investment-linked plans by year-end

Investment

Local investors can gain access to US companies via Franklin US Opportunities Fund

Islamic finance

Next decade augurs well for Islamic Financial Services Board

Property

Long drawn out legal battle for Pusat Bandar Damansara land closer to settlement

Developers encouraged to go green

Retail

I-Berhad and Thai developer to build mall in Selangor

Takaful

Takaful Ikhlas looking to boost family Takaful business

ASIA

Capital markets

China IPOs may only resume in Q3

Food and beverage

Heineken in joint venture with Alliance Brewery

CANADA

Insurance

New high-water mark for punitive damage awards against insurers

Intellectual property

Large-scale copyright infringement lawsuit may scare off future illegal downloaders

EUROPE

Data protection

Eyes on Europe as it attempts to create strict new online privacy protections

Insurance

Munich Re records solid Q1

SINGAPORE

Capital markets

Fraser and Neave shares rise on proposed cash payout to shareholders

Insurance

Life insurance industry sees 9% jump in Q1 sales

Mergers and acquisitions

Straits Trading accepts United Engineers’ revised bid for WBL

Property

Robust sales, strong economic fundamentals continue to attract foreign developers

Wealth management

Singapore could be largest global offshore wealth centre by 2020

UK

Capital markets

Partnership Assurance plans IPO; expected to list in London by end-June

Company law

Interpretation of warranty could override natural language in order to give effect to commercial intention of parties

US

Intellectual property

Farmer violated giant agribusiness company Monsanto’s patent for soybean

Media

Bloomberg News forced to issue apology

Editorial

Users’ confidential Bloomberg messages have been online for years

Reporters told to use data terminals to gain edge in financial journalism

Bloomberg faces long-term damage to brand credibility