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Daily News

 

Thursday
Aug162012

16 August 2012, Thursday

Banks

Central bank launches agent banking guidelines

Guidelines for foreign institutions setting up representative offices here

CIMB eyes broking licences in India and South Korea

Capital markets

Progressive Impact Corporation reprimanded

Corporate

Listed companies paid out higher remuneration to their directors in 2011 than 2010

Dispute resolution

Retirees’ suit against Malaysian and Singapore governments dismissed

Earnings

CIMB posts 14% increase in Q2 net profit

Deleum’s pre-tax profit rises to RM30.7 million

Economy

‘Malaysia in a sweet spot’

Health

Ministry keeping an eye on global developments resulting from Australian landmark ruling

Insurance

DRB-Hicom unit can begin preliminary talks on Uni.Asia

Islamic finance

Association of Sharia Advisers in Islamic Finance plans financial literacy test

Celcom Axiata using proceeds from RM5 billion Sukuk to refinance unit’s debt

Legislation

Employees Provident Fund Act 1991 to be amended

Malaysian Trade Union Congress says move would benefit employees

Tort

Lawyer wants apology from New Straits Times for alleged defamation

AUSTRALIA

Banks

ANZ would consider selling Asian stakes

Employment

Qantas and manager fined for bullying employee

Health

BAT Australia did not have strong grounds to support claim

Ruling may trigger similar restrictions in Great Britain and New Zealand

EUROPE

Food and beverage

Nestlé not planning split or spin-off

Property

Secretive furniture retailer Ikea looking to build at least 100 budget hotels across Europe

UK

Accounting

Britain’s sixth-biggest audit firm BDO in advanced talks to take over rival PKF

Banks

StanChart not in the clear yet

Insurance

Resolution scrapping complex board structure in overhaul

Insurers planning to ramp up internal legal teams and set up own law firms

Media

Director-general of BBC named president and CEO of New York Times Co

US

Financial regulation

JPMorgan Chase, Barclays among seven banks subpoenaed

Media

Carlyle taking over Getty Images in US$3 billion deal

Wednesday
Aug152012

15 August 2012, Wednesday

Airlines

Malaysian Airline System posts Q2 net loss

Capital markets

Astro Malaysia offers IPO to bumiputera investors at RM3.60 a share

CIMB, Credit Suisse, JP Morgan and Maybank hired for Malakoff IPO

Employment

Conduct of senior draughtsman’s former employer not sincere

Energy

Genting’s sale of domestic energy business a ‘timely and profitable exit’

Disposal price deemed ‘fair’

1MDB is second-largest IPP after Malakoff

Intellectual property

Developer Sri Seltra submitted draft before advertising

Legislation

Cabinet directed to review s114A Evidence Act 1950

Manufacturing

Hartalega Holdings assures shareholders of good dividends

Media

Media Prima may take up a stake in ailing Worldview Broadcasting Channel

Media Prima expects to perform better despite uncertainty in Q4

Oil and gas

Hibiscus Petroleum buying into Australia’s 3D Oil

Not channelling royalty directly into state government’s coffers is not a good move

Tobacco

Minimum price of all cigarette brands set at RM7 effective September

ASIA

Autos

Asean in line to become world’s sixth-biggest auto market

Competition

India investigating Google over alleged anti-competitive practices

Insurance

Regulatory risks in Malaysia and Thailand could delay region’s biggest insurance deal

AUSTRALIA

Earnings

Echo Entertainment’s profit hurt by soft demand and one-time write-offs

Westfield reports improved H1 result, maintains full-year outlook

Health

Highest court dismisses legal challenge from cigarette companies

Big win over big tobacco

SINGAPORE

Graft

High-profile scandals highlight officials’ weakness to other forms of temptation

Insurance

Public interest issue as to circumstances under which insurer can reject liability by treating accidents as ‘collisions’

UK

Competition

Regulator clears Facebook’s proposed purchase of Instagram

Real estate

Risks of not checking for any unauthorised alterations on a regular basis

US

Banks

StanChart to pay US$340 million in speedily arranged deal over Iranian money-laundering charges

StanChart CEO can forget aspirations to head Bank of England

Capital markets

Growing number of Chinese firms pulling out of US exchanges

Tuesday
Aug142012

14 August 2012, Tuesday

Capital markets

Nervous investors sell Eastern & Oriental shares

Foreign funds attracted to relative stability and safe-haven status

Unlisted market the perfect place for distressed companies

Earnings

KLCC Property Holdings posts Q2 net profit of RM91.6 million

Employment

Federal Court dismisses female workers’ application for leave to appeal

Energy

1MDB acquires Genting unit Mastika Lagenda

Islamic finance

Attributes of a successful Islamic banker

Aberdeen Asset Management planning two Shariah-compliant unit trust funds

Achievements, challenges in Islamic microfinance to be discussed at IFSB seminar

AAA rating for Putrajaya Holdings’ RM3 billion Sukuk

Legislation

Fine up to RM100,000 among proposed penalties under Animal Welfare Bill 2012

Bar Council wants recently introduced s 114A Evidence Act 1950 repealed

Problematic for several reasons

Property

UM Land minority shareholders should accept privatisation offer

Tax

‘The Law, the Practice & You’ seminar next month

ASIA

Money laundering

Las Vegas Sands’ ‘chief Beijing representative’ is focus of wide-ranging probe

Banks and casinos expected to step up surveillance and reporting mechanisms

Telecommunications

India’s Idea Cellular targets rural users

AUSTRALIA

Banks

High Court begins hearing Australia’s largest class action case

Insurance

Key implications for personal injury insurers

Telecommunications

Optus sees slide in Q1 earnings and revenue

EUROPE

Mergers and acquisitions

Swiss private bank buys Bank of America Merrill Lynch’s overseas wealth-management business

Telecommunications

Executives, investors await EU ruling on proposed Hutchison Whampoa-Orange Austria merger

SINGAPORE

Employment

CEO to get S$5.6 million in payout benefits from former employer

Mergers and acquisitions

ThaiBev tightens grip on Fraser and Neave, intensifies fight with Heineken for APB

Property

Flat owner sues Housing and Development Board

Telecommunications

SingTel’s Q1 net profit beats consensus estimate

Tort

HSBC MD seeks details on impostor

UK

Banks

StanChart in last ditch bid to secure settlement

Big comedown for StanChart

Damages

Paralysed teacher loses High Court claim for more than £5 million

Islamic finance

Growing demand for Shariah-compliant funds

Real estate

Land agreements capable of breaching competition law

Monday
Aug132012

13 August 2012, Monday

Banks

Analysts, observers still confident of double-digit loan growth

Capital markets

Insurer Pacific & Orient up 9% on report of South African interest

Astro Malaysia’s net profit margins likely to attract potential investors

Eastern & Oriental down after Securities Commission refutes report

FBM KLCI looks to have the legs to trend higher this week

Competition

Mycron Steel wants MyCC to look into hot-rolled coils supply problems

Financial services

Let Seng Enterprises first to be prosecuted under Money Services Business Act 2011

Intellectual property

Mark with ‘KEN City’ was coined in the 1990s

Property

Ministry may classify ‘boutique hotel’

Battersea coup epitomises SP Setia’s newfound standing in global arena

Technology

Need to check performance of ICT sector in greater detail

ASIA

Economy

More foreign companies looking to profit from growth in Indonesia

Indonesian bonds best performers in Asia this quarter

Intellectual property

Brazilian client of China’s largest manufacturer of wind turbines Sinovel drops lawsuit

SINGAPORE

Gaming

Genting Singapore’s Q2 disappoints; Malaysian parent faces increasing pressure to expand abroad

Technology

Japanese firms opening offices in Singapore

UK

Banks

New chairman in favour of Barclays keeping retail and investment banking divisions

Insurance

Asia central to Prudential’s growth

Aviva reports £456 million loss for H1

Social media

Ten legal risks that apply, or potentially apply, to Twitter

US

Capital markets

IPO market delivering one last deal before summer hiatus

Disconnect between the way markets have performed and high level of caution among investors

Financial regulation

StanChart agrees to hire outside monitor to ensure compliance with US anti-money laundering laws

StanChart scrambling to limit damage

Insurance

Guggenheim Partners unit in pole position to buy some, or all, of Aviva USA

Technology

Eastman Kodak patent auction fails to generate premium bids hoped for

Friday
Aug102012

10 August 2012, Friday

Capital markets

Securities Commission recovers more than RM2 million from seven individuals

Trading of Naim Indah suspended

Jump in shares of Shangri-La Hotels Malaysia triggers speculation

IGB REIT could be country’s biggest-listed property trust

Earnings

JT International declares lower dividend on weaker Q2 results

Lembaga Tabung Angkatan Tentera records highest income since its establishment

Pharmaniaga sees bright prospects for local pharmaceutical industry

Energy

1MDB paying between RM3 billion and RM3.5 billion for Genting Sanyen

Investment

Bestino agrees to provide details of assets

Brazilian conglomerate pledges to invest US$6 billion in Malaysia

Mergers and acquisitions

Pos Malaysia will explore potential deals for growth

RHB Bank-Mestika Dharma deal still pending approval

Real estate

Proposed Strata Titles (Amendment) 2012 Bill will look into issuing strata titles and vacant possession simultaneously

Developers’ association not keen on additional stamp duty or changes to RPGT policy

Trade

Malaysia-Bangladesh FTA hangs in the balance

ASIA

Food and beverage

PepsiCo reaches deal to sell some of its brands in Myanmar

Insurance

HSBC Holdings may sell Vietnam insurance business

AUSTRALIA

Gaming

Crown needs gaming licence to proceed with Sydney project

Crown posts 22% jump in full-year profits

Insurance

Consistent judicial approach to what will constitute a ‘claim’

Media

Fairfax Media considers writedown of more than AUD1 billion on value of top newspapers

CANADA

Insurance

Manulife may have to rewrite earnings plans

Insurers turning to Asia and lucrative wealth management business

Technology

International Business Machines may be eyeing Research in Motion unit

GLOBAL

Mergers and acquisitions

Asia and Oceania continue to drive local deal value and volume in global metals sector

Monetary policy

Central banks far from running out of firepower

UK

Banks

StanChart seeking legal advice on possible claim of reputational damage against US regulator

Freedom of speech

Ancient law that prohibits criticism of the judiciary could be abolished

Insolvency

World’s oldest shipping firm going under after nearly 300 years of trading

Debtor’s duty to pay creditors and obligation to make financial provision for his spouse

US

Banks

Experts expect settlement that would allow StanChart to keep NY licence

Ratings could be downgraded

Capital markets

Institutional investors question dual class voting structure

Man United looking to take advantage of JOBS Act