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Daily News

 

Tuesday
Sep022014

2 September 2014, Tuesday

Aviation

Underwater search for MH370 focusing on locations showing ‘hard objects’ in Indian Ocean

Malaysia Airlines’ engineers and flight crew may be spared the axe

New CEO of Malaysia Airlines must be someone worthy

Capital markets

Sumatec Resources exits PN17 status

Civil liberties

Universiti Malaya lecturer first academic to be charged under Sedition Act 1948

Economy

Malaysia still a middle-income nation due to lack of high-quality public institutions

Energy

1MDB bags Melaka contract; power asset IPO delayed till early 2015

Financial markets

Corporate bond market should pick up momentum in H2

Financial reporting

Transitioning entities required to apply MFRS framework from January 2017

Insurance

Not economically viable for Allianz to enter local Takaful market yet

Islamic finance

‘Emas’ status for Exim Sukuk

Legislation

Protection for directors under s 354 Companies Act 1965

Plantations

Fitch ceases analytical coverage for IOI

Property

Global Oriental launching Equine Villa Heights, EQ City by year-end

MRCB’s purchase setting new price benchmark for land previously owned by RRI in Sg Buloh

Sentoria secures two parcels of land in Langkawi for RM41 million

Sunsuria pressing ahead with launch of Selangor projects despite hiccup

Telecommunications

Maxis boss among three charged by India’s CBI

Tort

Reporter not compelled to reveal sources; MP’s appeal against HC decision incompetent

ASIA

Antitrust

Microsoft has 20 days to explain compatibility of software

Insurance

Reinsurers in Asia-Pacific well placed to develop market positions

Real estate

Brigade Enterprises, GIC jointly investing in residential projects in south India

AUSTRALIA

Airlines

Emirates not interested in Qantas’ international operations

Earnings

Corporate profit growth solid, not spectacular, in FY2014

Employment

Qantas ordered to reinstate long-serving employee

Decision

CANADA

Employment

Cashier deserved to be fired for violating duty of loyalty

Social media

Law firm issues libel notice through Twitter in legal first

EUROPE

Antitrust

European Commission to decide on Facebook/WhatsApp deal by October

Investment

Money managers need to broaden expertise to reassure investors they are adding value

SINGAPORE

Capital markets

Singapore Exchange proposes to give retail investors greater access to bonds

Oil and gas

GIC invests in North Sea-focused Siccar Point

UK

Accountancy

Accountants not negligent in failing to recommend complex tax planning scheme

Construction

What good faith means in English law

Family law

Stay-at-home husband had right to proceed with divorce case before English judge

US

Employment

Bartender/waitress, cook shouldn't have been fired for participating in Facebook posting by ex-employee

Tax

Burger King’s controlling shareholder the real tax winner in Tim Hortons deal

‘Oppressive’ tax laws are behind exodus

Friday
Aug292014

29 August 2014, Friday

Airlines

Malaysian Airline System’s Q2 loss swells to RM307 million

‘AJ’ expected to get extension to ensure proper handover; Celcom Axiata CEO likely to join board

MH370 may have turned south earlier than previously believed

Banks

Maybank’s Q2 revenue improves, but may miss ROE target this year

M&A route only if it enhances shareholder value, and not merely to maintain position

RHBCap discussing sale of IB division if planned merger with CIMB and MBSB proceeds

Capital markets

Shares in Malaysia Airlines suspended

Earnings

Genting’s Q2 profit down on lower earnings from leisure and hospitality business

IHH Healthcare posts Q2 profit of RM209 million

Employment

Malaysia Airline System fails in attempt to quash ruling awarding RM97k to ex-inflight supervisor

Investment

Pelaburan Mara continues to invest in listed companies

Islamic finance

Securities Commission Malaysia announces long-awaited guidelines for socially responsible Sukuk

Guidelines on Sukuk

BIMB Holdings’ Q2 profit up 86%

Legislation

Ketum abusers will be charged under Dangerous Drugs Act 1952 instead of Poisons Act 1952

Oil and gas

Petronas and Argentina’s YPF sign US$550 million accord

Sumatec Resources might not achieve net profit of RM69 million

Real estate

REIT investor has various sectors to choose from

Axis REIT could surpass RM2 billion mark with acquisition of five new properties

Mah Sing acquires 88.7-acre tract in Puchong

Taman Wahyu attracting high-rise residential development projects

Tort

RM100 million suit against Land Public Transport Commission chairman withdrawn

Transport

Uber can continue operations, provided vehicles and drivers appropriately licensed

SPAD should be telling taxi companies to bring themselves up to compete on a similar basis

ASIA

Healthcare

Foreigners can own private hospitals in seven Chinese cities and provinces

Islamic finance

Timing seen as more conducive for Sukuk issuance

Investor meetings for Hong Kong’s maiden Sukuk kick off next week

AUSTRALIA

Employment

Systems developer sacked for refusing to be on-call during annual leave wins unfair dismissal claim

Employees dismissed for failure to comply with company policy win jobs back

Decision

Legal services

Clayton Utz wins biggest share of government’s defence work

EUROPE

Luxury goods

177-year-old Hermès determined to stay independent

Oil and gas

Spain’s Repsol abandons plan for full takeover of Canada’s Talisman Energy

SINGAPORE

Earnings

Olam International’s Q4 profit drops 44%

Leisure

Straco buys Singapore Flyer at knock-down price of S$140 million

Real estate

The quiet on Sentosa Cove’s streets may be here to stay

UK

Banks

Deutsche Bank fined £4.7 million over reporting blunders from 2007 to 2013

Employment

Employer within rights to cease paying salary where any employee not willing to work

Judgment

Former professor loses case for unfair dismissal brought against Queen’s University

US

Capital markets

US subsidiary of National Australia Bank files for IPO

Employment

FedEx Ground drivers in California and Oregon were employees, not independent contractors

Financial regulation

Tighter rules for asset-backed securities and credit rating agencies

Real estate

Blackstone preparing to sell New York’s 1095 Avenue of the Americas

Technology

Apple set to introduce two new iPhone models, wearable device next month

Ambitious Project Wing escalates Google’s technological arms race with rival Amazon.com

Google has to convince the public that they want drones instead of UPS trucks

Google X VP a top candidate for role of US chief tech officer

Thursday
Aug282014

28 August 2014, Thursday

Airlines

Putrajaya approves latest restructuring plan for Malaysia Airlines

Malaysia, Australia sign cost-sharing agreement on MH370

Banks

RHBCap reports 35.6% increase in Q2 profit

Competition

MyCC appoints new members, retains chairman for second term

Constitutional law

Ministry yet to return Jill Ireland’s compact discs

Dispute resolution

Court of Appeal dismisses Halim Saad’s appeal to reinstate RM2 billion suit

Earnings

MMC’s Q2 profit triples

Parkson’s Q4 profit down

Labour

42 men arrested after riot at JCY factory

Property

Dolomite sues Selayang council for RM400 million over cancelled Batu Caves project

Hua Yang still on lookout for opportunities in Penang and Kota Kinabalu

Local demand for luxury condominiums expected to weaken, primarily in KLCC area

Telecommunications

Axiata’s Q2 profit down on forex losses, slower growth and acquisition costs

Celcom may be still under revenue pressure in Q3

Telekom Malaysia’s group revenue rises on Internet, multimedia services

Transport

Uber told to comply with the law

ASIA

Real estate

PE firm Carlyle in advanced talks to buy stakes in nine of China Vanke’s malls

Technology

Poster boys for Asian techpreneurship set to be reunited next month

AUSTRALIA

Airlines

Qantas shocks with record A$2.8 billion loss

New holding structure allows investors to take stake of up to 49% in international arm

Consumer goods

Rising wave of investor interest in A$4 billion dairy sector

Healthcare

Ramsay Health Care posts 14% rise in full-year net profit

EUROPE

Food and beverage

Swiss cheese industry turns to DNA fingerprinting to fight counterfeits

Graft

Head of International Monetary Fund under formal investigation

NEW ZEALAND

Airlines

Air New Zealand sees third consecutive year of strong earnings

Insurance

Supreme Court ruling radically changes basis on which insurers were paying out for building claims

Intellectual property

Fisher & Paykel Finance did not steal parts of Karum’s credit management software

Property

Luxury penthouse sold off the plan for more than NZ$5 million

SINGAPORE

Agriculture

Malaysian-funded initiative Agrobazaar opens

Competition

CCS warns government-linked firms against anti-competitive behaviour

Data protection

Tuition agency, director fined S$80,000

Leisure

Straco among frontrunners to buy iconic Singapore Flyer

US

Real estate

Paramount plans to raise more than US$2.5 billion in IPO

Technology

Alibaba’s Q2 revenue up 46% y-o-y; revenue growth still outpaces Amazon’s

Wednesday
Aug272014

27 August 2014, Wednesday

Airlines

Cabinet discusses Khazanah-approved restructuring plan for Malaysia Airlines

A quarter of MAS staff may lose their jobs

Employees left in the dark about their future

Autos

New dealership deal between DRB-Hicom and Audi said to be awaiting green light

Banks

Hong Leong Bank targets industry loan growth of 10% for FY15

Capital markets

PM launches book commemorating Securities Commission’s 20th anniversary

Earnings

Brahim’s Q2 profit down on huge decline in in-flight catering, related services business

Carlsberg Brewery Malaysia posts 29.5% growth in Q2 profit

7-Eleven’s Q2 revenue up 14%

Oil and gas

Shell finds more gas offshore

Tax

Pawnbrokers say pledged items should not be subjected to GST

ASIA

Antitrust

Tata, Honda and VW among 14 carmakers fined by Competition Commission of India

Autos

Toyota Motor’s ratings affirmed at ‘A’ with stable outlook

Real estate

China’s sector showing signs of strain

AUSTRALIA

Healthcare

Healthscope on track to meet guidance for current financial year

Property

Lend Lease benefits from sale of stake in UK mall

EUROPE

Antitrust

Chipmaker Qualcomm faces probe related to four-year-old complaint from Nvidia unit

Autos

Volvo unveils first car under Chinese ownership

GLOBAL

Health

World Health Organisation wants tougher regulation of e-cigs

Intellectual property

Careful planning, protection of designers’ IP rights may help them avoid ultimate fashion faux pas

Mergers and acquisitions

Activity across US, Europe and Asia strong throughout the year

SINGAPORE

Intellectual property

Malaysian snack maker Kimanis Food Industries allowed to continue using ‘Angry Bite’ branding

Mergers and acquisitions

OCBC, Great Eastern in exclusive talks to sell stakes in United Engineers to Thai magnate

UK

Banks

Royal Bank of Scotland faces £15 million fine over mortgage advice to customers

Negligence

Claimant’s solicitors negligent in assisting in purchase of yacht, but error had not caused loss

Judgment

US

Antitrust

London Metal Exchange dismissed from group lawsuit

Intellectual property

IKEA fan site cannot allege anti-competitive behaviour using unclean hands doctrine

Litigation

Philip Morris USA must defend whistleblower lawsuit over cigarette pricing for military

Mergers and acquisitions

Burger King, Tim Hortons tie the knot

Deal underlines market savvy that’s helped Oracle of Omaha build his fortune

Technology

Apple preparing larger iPad for 2015

Tuesday
Aug262014

26 August 2014, Tuesday

Airlines

Malaysia Airlines revamp will put to test PM’s resolve in finally weeding out ineffective GLCs

In-flight catering company’s RM6 billion, 25-year contract coming under review

Cost of reviving Malaysia Airlines could hit RM5 billion

Banks

HSBC appoints head of commercial banking

Capital markets

Retail investors advised to exercise caution and “self discipline”

Earnings

Boustead’s Q2 results affected by lower earnings from plantation division, softer quarter for Affin

Felda Global Ventures bracing for more difficult H2

GuocoLand’s Q4 revenue down on lower contribution from Old Klang Road project

United Plantations’ Q2 profit down nearly 20%

Islamic finance

Bank Negara Malaysia’s new ruling will enhance Islamic framework

CIMB Islamic’s RM5 billion Sukuk still awaiting Securities Commission’s approval

IILM lengthens maturities in Sukuk programme

Legislation

Three major changes to Malaysian Anti Corruption Commission Act 2009 to be tabled in November

Real estate

Regulation main hurdle to iProperty’s move to sell property online

Andaman Property Management targeting RM1 billion in sales

KWAP hopes to close deals for KL properties by this year

Tax

Inland Revenue Board in hot pursuit of tax defaulters

Tort

Fuelsubs demands The Edge Financial Daily reveal sources

Selangor MB’s defamation suit against MACC chief commissioner settled

Halim Saad claims former Finance Minister II libelled him in 2011 book

ASIA

Airlines

Asian carriers struggling to eke out profits

Property

Singapore’s GIC in talks to buy 32-storey office tower in Tokyo’s Chiyoda area

SINGAPORE

Autos

United Engineers’ WBL sells automotive business for S$455 million

Financial services

AmFraser Securities sold to unit of Taiwan’s China Development Financial

Insurance

Motorist who took 18 months to inform insurer of S$200 composition fine told to pay it back

UK

Accountancy

Deloitte UK suffers slowdown in growth

Construction

Architect owed contractual duty to developer in respect of inspections

Family law

Divorce process now less drawn out, but also often less fair

Fashion

Master tailors looking towards China to tap growing appetite for bespoke suits

US

Capital markets

Standard & Poor’s 500 breaks 2,000 level for first time

Employment

Email cannot be transformed into privileged communication simply by copying an attorney

Mergers and acquisitions

Putting multiple fast-food brands under one roof could be a risky strategy

Inversion won’t lower Burger King’s tax rate dramatically

Inversions likely to slow but won’t completely stop

Technology

Amazon.com adds live-streaming gaming network Twitch Interactive to roster