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Daily News

 

Friday
Oct312014

31 October 2014, Friday

Airlines

Malaysia Airlines, local authorities sued for negligence, breach of contract

Competition

Important for competition laws to have merger control provisions

Corporate

1MDB responds to unsubstantiated claims

Fuel subsidies

Tiered subsidy system panned; direct fuel price hike more effective

Islamic finance

AirAsia latest to join growing number of issuers selling Sukuk

Fernandes admits mistake of trying to run F1 team and AirAsia simultaneously

Maybank launches first USD-denominated Sukuk fund

Kenaf

First-ever export to China paves way for local kenaf to compete in global market

Legal profession

Bar Council stands by March resolution on retired judges appearing in court as counsel

Legislation

Traditional and Complementary Medicine Act 2013 coming into force mid-2015

Manufacturing

Mida optimistic of surpassing last year’s record in attracting investments

Oil and gas

Sector could remain immune to falling oil prices

Plantations

Sime Darby and Singapore’s Wilmar top picks for Godrej director

Felda Global Ventures revamps to regain lustre

Property

UMLand upbeat about projects in southern development corridor

Efficacy of Tribunal for Homebuyer’s Claim seen in promising statistics

Utilities

Tenaga Nasional commits RM23 billion to capex

ASIA

Insurance

China Life’s capital buffer adequate to absorb potential earnings volatility

Mergers and acquisitions

General Electric divesting stakes in South Korean businesses

Oil and gas

Asia quietly reaching deals to import LNG from Mozambique

AUSTRALIA

Earnings

ANZ posts 9% increase in H2 earnings

Macquarie’s H1 profit up 35%

Employment

Employee pays dearly for copying company data even though made no money out of download

Real estate

Another of Melbourne’s ‘iconic’ venues offered for sale

Wealth management

AMP first foreign firm to buy stake in a Chinese pension company

EUROPE

Autos

VW’s Q3 profit beats analyst predictions on strong sales of Audi, Porsche

Employment

Deutsche Bank settles long-running dispute with former traders

SINGAPORE

Arbitration

Khazanah Nasional-Temasek JV won’t have to pay development charges for railway land

Banks

Third straight quarter of profit growth for DBS

Accolades for bank and executive

United Overseas Bank posts 18.7% rise in quarterly profit

Capital markets

Zico Holdings to debut on Singapore Exchange’s Catalist next month

Construction

Skills upgrading for workers mandatory from January

5% of work-permit holders must be upgraded to R1 tier by end-2015

Real estate

GIC buying 20% stake in Turkish real estate company for €250 million

Luxury watch retailer The Hour Glass pays A$33 million for Sydney building

UK

Accountancy

EY could be appointed RBS’s new auditor; KPMG also in contention

Banks

Barclays sets aside £500 million for forex probes

Insurance

Aviva posts surprise 18% jump in value of new business in UK life sector

Intellectual property

Illegality principle did not apply to dispute between pharma giant and generic drugs manufacturer

Oil and gas

Shell’s Q3 profit beats estimates

Shell needs to make fine judgments on spending and costs

US

Earnings

Citigroup lowers Q3 profit by US$600 million

Management

Activist investors have lifted their game

Thursday
Oct302014

30 October 2014, Thursday

Airlines

Select banks invited to pitch for role overseeing Malaysia Airlines’ restructuring

Banks

Employees Provident Fund not paring down stake in CIMB

CIMB could be hit with RM1.4 billion in integration costs

Capital markets

BCorp may sell shares in Singapore environment services unit

Narra Industries to trade as Hume Industries from today

Development of regulatory framework on equity crowdfunding will be a space to watch

Energy

Questions over why 1MDB-Mitsui spent hefty sum to secure Project 3B

Healthcare

Ipoh-based BP venturing beyond medical services

Insurance

Insurers should look at consolidating

Malaysian Re’s IFS rating affirmed at ‘A’

Investment

Employees Provident Fund may bid for stake in UK port operator

Islamic finance

MMHE faces double-whammy of collapsing crude prices, rising local borrowing costs

Legal profession

Bar Council must clarify position on retired judge’s representation of politician in sodomy appeal

Mergers and acquisitions

MSM Malaysia open to collaboration, but not in talks with Tradewinds on Central Sugars

Oil and gas

Gas Malaysia raising prices from Saturday; residential consumers, power sector not affected

Transport

Parents in dilemma if school bus operators and SPAD cannot agree on new bus fares

ASIA

Banks

Japan’s Sumitomo Mitsui, Mitsubishi UFJ and Mizuho seek more opportunities overseas

Real estate

India relaxes rules for foreign investment

Tort

Thai company’s defamation case against Briton dismissed on technicality

AUSTRALIA

Banks

UK exit an ‘absolute priority’ for National Australia Bank

Employment

Be thorough when dismissing employees who have been ill or injured

Energy

BG’s sale of gas pipelines in Queensland state finalised by Christmas

Real estate

Melbourne skyline being transformed at fastest pace ever by Asian developers

CANADA

Mergers and acquisitions

Hidden dangers of merging fast-food giants Tim Hortons and Burger King

Oil and gas

BG’s proposed LNG export terminal on Canada’s Pacific coast on hold

Suncor Energy’s Q3 profit down by half

Technology

BlackBerry CEO teases details of upcoming Classic smartphone

EUROPE

Autos

Fiat Chrysler spinning off luxury sports car maker Ferrari

Management

French drugmaker Sanofi ousts CEO of six years

SINGAPORE

Accountancy

Tougher anti-money laundering rules for accountants from Saturday

Aviation

Yongnam-led consortium wins contract to build airport in Myanmar

Capital markets

Singapore Exchange exploring equity crowdfunding platform for early-stage companies

Competition

Competition Commission scrutinising planned Parkway-RadLink-Asia deal

Earnings

OCBC’s Q3 beats expectations

TCM retailer Eu Yan Sang expects slower revenue growth

UK

Banks

Barclays, HSBC and RBS setting aside £1 billion to settle forex probe

Islamic finance

Battersea Power Station secures £467 million loan

Retail

Serious Fraud Office looking into accounting errors at Tesco; inquiry supersedes FCA investigation

US

Antitrust

Proposed Reynolds American-Lorillard merger presents a conundrum

Private equity

Securities and Exchange Commission boosts scrutiny of industry

Wednesday
Oct292014

29 October 2014, Wednesday

Aviation

PM vows justice in downing of MH17, expects results in search for MH370

US laws on passing on intel complicating process

Capital markets

Malaysia and UAE sign MoU

Commodities

B7 biodiesel blend from November

Contract

Fine TV’s lawsuit against TM dismissed

Employment

Dismissal of Bank Bumiputra Commerce employees for participating in unlawful picket was fair

Insurance

MTD Construction loses appeal; AXA Affin’s liability limited only to losses after 11 May 2001

Industry must gain greater significance in Malaysian financial landscape

Islamic finance

Sukuk market potential source of funding for long-term projects

Governor’s speech

PM supports creation of large stand-alone Islamic bank

Oil and gas

Sona Petroleum borrowing US$140 million for stake in Salamander Energy

Tort

Court finds in favour of Utusan Melayu

Transport

KL-Singapore HSR link may miss 2020 deadline

ASIA

Autos

Honda cuts sales forecasts for Japan and China

Wealth

Alibaba founder tops Forbes’ China Rich List for first time

China Rich List

AUSTRALIA

Employment

Injunction issued against former manager who launched business competing against old employer

Employer loses unfair dismissal case

Healthcare

Healthscope beats out Ramsay Health Care as preferred bidder for Sydney hospital

CANADA

Competition

Burger King-Tim Hortons merger not a done deal yet

Real estate

Toronto’s venerable Fairmont Royal York Hotel getting new owners and facelift

EUROPE

Airlines

Ryanair faces penalty for breaching French labour laws

Competition

US closes probe into oil majors BP and Statoil, EU investigation continues

Mergers and acquisitions

Shareholders approve German and British travel groups’ plans to merge

Allen & Overy claims lion’s share of legal fees

SINGAPORE

Construction

Woh Hup-Obayashi Singapore JV to build Changi Airport’s Project Jewel, expand Terminal 1

Earnings

Great Eastern’s Q3 earnings tumble 31% y-o-y

Massage chair retail chain OSIM’s Q3 profits shrink by a third

Intellectual property

Fox Street Wear barred from registering trademark similar to that of Fox Racing

UK

Arbitration

‘Friendly discussion’ clause enforceable

Islamic finance

UK trying to build infrastructure in quest to become Western hub

Oil and gas

BP’s Q3 results take a hit

Pernis storage terminal in Rotterdam up for sale

Property

Battersea Power Station secures historic £1.4 billion funding package

Project manager expects ROI in five years

US

Mergers and acquisitions

Restaurant chain McDonald’s could be activist investors’ next super-sized target

Pharmaceuticals

Pfizer’s Q3 sales down 2%, but still top Wall Street expectations

Drugmaker needs to find an acquisition or consider breakup

Real estate

Sales at New York’s One57 may be coming back down to earth

Social media

Courts sceptical about propriety of using social media to effectuate legal service

Tuesday
Oct282014

28 October 2014, Tuesday

Aviation

Malaysia Airports Holdings may sell minority stake in Istanbul’s Sabiha Gokcen

Selex EX, Thales and Indra Systemas potential bidders for new KLIA system

Capital markets

Canada’s Fairfax Financial and subsidiaries now substantial shareholders in Mudajaya

Naim Indah CEO disposes of entire stake

Companies

Feud between Protasco and substantial shareholder intensifies

Competition

Special court for cases under Price Control and Anti-Profiteering Act 2011 may be set up

Earnings

Bank Rakyat eyes RM2 billion in pre-tax profit

Nestlé’s Q3 profit up nearly 10%

Energy

1MDB poised to be major player in Sabah

Fuel subsidies

Investors excited by impending rationalisation scheme

Individual’s income to determine entitlement

Concerns over potential abuse of proposed method, privacy issues

Healthcare

KPJ building 10 more hospitals nationwide

TMC Life Sciences to increase bed capacity at Tropicana Medical Centre

Islamic finance

Bank Islam parent still keen to expand in Indonesia

Oil and gas

Kulim teams up with Indonesian companies

Property

IOI Properties launching projects in Malaysia, Singapore and China in H2 FY15

Nexgram targeting 15% profit margin from property division

Sime Darby lobbying for MRT connectivity to City of Elmina development

Telecommunications

R&A Telecommunication confident of turnaround by 2016

Trade

Exporters should capitalise on potential in Africa, South America and Myanmar

AUSTRALIA

Employment

Kellogg’s under fire for sacking sales rep by email

Insurance

Rollback of subsidies casts cloud over long-term future of industry

EUROPE

Aviation

MH17 might have been shot down from the air, but ground-to-air missile attack more likely

Islamic finance

Luxembourg working on next Sukuk

GLOBAL

Autos

Toyota still world’s top-selling automaker over VW, General Motors

Gender equality

Parity in the workplace only in 81 years

WEF report

SINGAPORE

Data protection

Key principles of Personal Data Protection Act

Financial markets

Lion City looking to China further opening up to help reverse slump in SGX profit

UK

Financial markets

More changes needed to stop ‘anything goes’ attitude

Oil and gas

Salamander Energy in talks with Ophir and CEPSA consortium

US

Media

Amazon.com buying Rooftop Media

Real estate

Blackstone seeking US$13 billion for new fund

Technology

Twitter’s efforts to attract and retain users yet to yield significant benefits

Monday
Oct272014

27 October 2014, Monday

Banks

Abu Dhabi state fund demands hefty premium for minority stake in RHB

Capital markets

Lembaga Tabung Haji now substantial shareholder of Chemical Company of Malaysia

Competition

School bus operators drop plan to collectively increase fares

Infrastructure

Hock Seng Lee eyeing new jobs in Pan Borneo Highway project

Insurance

Central bank working with motor insurance players on feasible de-tariffing roadmap

Investment

1MDB’s rising debt raises concerns on financial sustainability

Manufacturing

Engtex confident of securing pipe contracts for Langat 2 project

Property

Residential housing market ‘severely unaffordable'

Retail

Parkson to become master lessee of Maju Junction Mall

Telecommunications

OCK gets nod for proposed transfer

Tort

RM100 million defamation suit to be heard over two days

Toys

Lego seeing hot interest from Malaysian market

Travel

Expedia expects transactions here to continue registering triple-digit growth

Utilities

Tenaga Nasional app tracks tenants’ usage and bills

ASIA

Banks

China’s smaller lenders falling out of investors’ favour

Intellectual property

Indonesia strengthens IP protection

Oil and gas

Asian refiners facing major drag on profits

AUSTRALIA

Competition

Gas companies, senior executives fined A$8 million

Mergers and acquisitions

Corporate leaders gearing up for takeovers

Blood products company CSL to buy Novartis’ global influenza vaccine business

Deal should be completed in H2 2015

SINGAPORE

Auditing

Troubled LionGold fails to get clean bill of health from auditors PwC

Healthcare

Raffles Medical banking on Raffles Holland Village, extension of hospital to underpin growth

UK

Islamic finance

Islamic Bank of Britain changing name to Al Rayan Bank

Litigation

Court’s jurisdiction to order pre-action disclosure not subject to ‘arguability threshold’

Real estate

Qatar Investment Authority may be next owner of HSBC tower in London

Knightsbridge top of African oligarchs’ shopping list, along with Mayfair and Belgravia

US

Autos

Ford’s Lincoln brand getting multiyear, multibillion-dollar overhaul

Consumer goods

Procter & Gamble exiting Duracell battery business

Financial services

NY rule prevents judgment creditor from freezing judgment debtor’s funds in non-US bank’s foreign branches

Pharmaceuticals

Likelihood of Pfizer resuming pursuit of AstraZeneca diminishes