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Daily News

 

Friday
Oct192012

19 October 2012, Friday

Banks

Public Bank ranked Malaysia’s strongest bank

Public posts higher pre-tax profit for Q3

RHB says no ongoing merger talks with Maybank

Capital markets

Astro Malaysia opens 1% above IPO price

Performance may not be as strong as Felda and IHH Healthcare

Pay-TV company will retain RM1.4 billion from sale of new shares

Inix Technologies reprimanded

SAAG Consolidated now a PN17 company

CEO not throwing in the towel yet

TH Heavy Engineering’s exit from PN17 status rests on Q4 results

Competition

MyCC gathering information on steel industry

Earnings

CapitaMalls Malaysia Trust’s Q3 revenue surges

Insurance

Khazanah Nasional may be a suitor for CIMB Aviva

Investment

Key personnel of raided gold trading companies ordered to declare assets

BNM statement

Islamic banking

Consolidation imminent for Shariah-compliant banks

Legislation

Tabling of Dental Bill 2012 delayed

Property

Proposal to allow only valuers as property managers of high rise-buildings might result in Ali Baba structure

More developers and investment companies will make a beeline for London

Malaysians bought £1 billion of London property in seven months to July

Sport

Terengganu FA ordered to buy British coach out of his contract

Telecommunications

Telekom Malaysia seeks MoF approval for P1 bid

Transport

SPAD in talks with rail operators on comprehensive railways regulation framework

Utilities

Malakoff Power buying DRB-Hicom unit for RM575 million

ASIA

Insurance

Richard Li wins race to buy ING’s HK and Thailand operations

Plantations

Borneo Pacific negotiating to buy cluster in Riau; ‘Project Thor’ should be completed next month

Retail

Walmart accused of clandestine investments in India’s supermarkets

AUSTRALIA

Earnings

National Australia Bank update alarms investors

Employment

Court opens door for new general ground of damages to be added to claims for breach of contract

Health

Ruling on plain packaging of tobacco products not a quirk of Antipodean constitutional law

Intellectual property

UK website owner found to have infringed Australian trademark

CANADA

Media

Regulator blocks BCE’s takeover of Astral Media

Tax

Supreme Court rules in favour of GlaxoSmithKline on transfer pricing

Not a complete win for Glaxo Canada

Revenue agency’s future probes likley to get more difficult and expensive

EUROPE

Banks

Monte Paschi first of five main Italian banks to fall below investment grade

Corporate governance

Plan to create single euro zone banking supervisor is illegal

NEW ZEALAND

Gaming

SkyCity Entertainment still expects to beat last year's profit

Health

Government considering new restrictions for tobacco on top of steep tax rises

SINGAPORE

Capital markets

SGX’s Q1 profit down 15%

Li Ka-shing-backed Dynasty REIT starts taking orders for yuan-denominated IPO

Property

Two-storey bungalow on prime freehold site for sale at S$21 million

UK

Financial services

Expiry of limitation period for bringing a claim for unpaid balance

Technology

Apple loses UK appeal over Samsung tablets

Thursday
Oct182012

18 October 2012, Thursday

Autos

Perodua cautiously positive of achieving sales target by year-end

Capital markets

Westports Malaysia looking to raise US$500 million in 2013 IPO

Energy

Sarawak Energy building another five coal-fired power plants

Islamic capital markets

Sukuk issuance set to register another record year

Takaful

Indonesia on Etiqa's radar

Tax

Inland Revenue Board Public Ruling No 6/2012: Reinvestment allowance

Telecommunications

DiGi.Com is best performer on earnings quality among five companies

TIME dotCom secures lucrative deal to provide IPTV services to Cyberjaya

ASIA

Energy

India, Australia to begin civil nuclear trade talks for the first time

Insurance

Profit warning from China Life could bode ill for other financial firms

AUSTRALIA

Employment

Test for determining connection between employment and injury is an objective one

10 rules to follow when confronted with a disciplinary meeting

Media

Nine Entertainment saved from administration

Hedge funds may have to wait until 2014 to exit business

CANADA

Employment

Can an employee who is fired for cause sue for outstanding bonuses?

Intellectual property

Montreal company sued in US for relabelling rival’s clothing and selling it to consumers

GLOBAL

Intellectual property

Variety of means for global patent holders to protect their patents as they enter developing markets

Islamic finance

World Bank and Islamic Development Bank sign three-year agreement

SINGAPORE

Banks

Commodities financing fastest-growing part of DBS loan book

Capital markets

Rigging and lifting solutions provider Gaylin aims to raise S$35 million from IP

Investors nibble on more F&B stocks

UK

Intellectual property

Apple and Samsung return to the Court of Appeal

Legislation

Britain will change law to reform Libor interest rate

Mergers and acquisitions

Bumi to consider each of three transactions proposed by Bakries on own merits

Indonesia won’t involve itself in Bumi dispute

Tax

HMRC officials face grilling on Starbucks’ tax practices

Starbucks told investors one thing, taxman another

US

Intellectual property

DC Comics and owner Warner Bros retain rights to Superman

Technology

Apple expected to unveil smaller, cheaper version of iPad next week

Wednesday
Oct172012

17 October 2012, Wednesday

Auditing

Indah Water Konsortium found wanting on financial performance front

Autos

DRB-Hicom working on solutions for ‘problem child’ Proton

Banks

Maybank opening first branch in Laos next month

Economy

Central bank governor weighs in on debt situation in Europe

Finance

Jump in loan volumes comes as bank lending in Asia Pacific tumbles 31%

Insurance

British life insurer Resolution discussing sale of its 30% stake in Malaysian JV

Investors Trust Assurance opens branch office in Kuala Lumpur

Islamic finance

Saudi Arabia and Malaysia working on Shariah governance framework

Liquidity in emerging markets still growing at robust pace

Media

TM, Astro and ABN battle for rights to broadcast English Premier League matches

Property

Glomac looking at M&A as an avenue for expansion

Telecommunications

Green Packet rises on talk of disposal of P1 assets

Trade

FTA with Turkey by year-end

ASIA

Capital markets

Investors buy up financials, shippers and resource shares

Islamic finance

Tensions hamper Azerbaijan’s slow turn towards Shariah-compliant finance

CANADA

Competition

Appeals will shed some light on when consumers can rely on Competition Act to sue companies accused of price fixing

Tax

How, if at all, a taxpayer can fix mistakes that have produced an unintended tax result

EUROPE

Competition

Package-delivery company UPS ‘absolutely committed’ to plan to take over TNT Express

Intellectual property

Apple strikes deal to use SBB station clock design on iPads and iPhones

NEW ZEALAND

Corporate

Parties may be bound by a contract despite never signing it

Employment

Sacked waiter unjustifiably fired, awarded more than NZ$10,000

Intellectual property

Appellate court reverts to more conventional assessment of likelihood of confusion between competing trademarks

SINGAPORE

Capital markets

US investment bank Jefferies Group setting up team focusing on energy and forex asset classes

Property

TA Corporation looks to JVs in China and Cambodia for further growth overseas

UK

Competition

Cautious welcome to new OFT decision-making procedures

Employment

Senior banker’s lawsuit against France’s Société Générale could re-draft employment law

Change of circumstances cannot turn invalid restrictive covenant into a valid one

Financial services

Watershed ruling in claims for compensation for bad investment advice

Mergers and acquisitions

GFH Capital appears to have little financial fire power to take over Leeds United

US

Antitrust

FTC should think very, very carefully before pursuing lawsuit against Google

Banks

Citigroup CEO quits

Pandit not eligible for ‘golden parachute’

New CEO has better relations with regulators

Investors ready to see what someone else can do

Real question is whether boards can run companies better than CEOs can

Earnings

Soft-drink maker Coca-Cola hurt by revenue declines in Europe and Asia

Tax

Restaurant chains save millions by claiming part of what they’re selling is parent companies’ know-how

Telecommunications

Sprint deal unlikely to undermine Verizon and AT&T’s virtually unassailable position

Tuesday
Oct162012

16 October 2012, Tuesday

Auditing

Auditor-General’s Report reveals several projects directly negotiated, plagued with issues

Capital markets

Market wants to see how Astro will shrug off newcomer Asian Broadcasting Network

Economy

Malaysia withstanding impact of weakening global growth; GDP forecast to expand 5%

Human rights

Human rights in respect of political and civil rights appear to have deteriorated

Infrastructure

DRB-Hicom tipped to win RM900 million MRT track job

Islamic finance

MNRB setting up RM150 million Sukuk Mudharabah

Potential for innovation in contracts or new transactions

Sustained effort required to ensure sector’s growth and competitiveness

Property

Ken Holdings plans mixed development in Genting Highlands

Tax

Malaysia may continue issuing tax-free crude palm oil quota to some firms

Business owners may have a shorter window period to comply with new tax regime

ASIA

Capital markets

Stock Exchange of Thailand becomes third member to connect to Asean Trading Link

Food and beverage

Japanese brewer Kirin cuts 2015 sales forecast

Mergers and acquisitions

SoftBank takes up 70% stake in Sprint Nextel

Potentially biggest deal by a Japanese company in the US in more than three decades

Japan’s spending on overseas deals behind US but ahead of China

Japanese companies have greater need for acquisitions than Chinese firms

AUSTRALIA

Employment

Assessing the severity of social media misuse

Media

Nine Network on brink of collapse

Uncertainty surrounding Nine giving competitors Seven and Ten a free kick

Social welfare

No virtue in exaggerating poverty

Children in single-parent families among most at risk

SINGAPORE

Intellectual property

Park Regis Singapore unlikely to be confused with Starwood Hotels & Resorts’ St Regis

Legislation

Personal Data Protection Bill passed after lengthy debate

Big businesses applaud data legislation, smaller firms see mounting costs

Stiffer penalty on casino operator, list of offences to be expanded under proposed changes to Casino Control Act

Securities and Futures, Financial Advisers (Amendment) Bills 2012 introduced

Property

Fraser & Neave’s hospitality business in the spotlight following OUE offer

UK

Insurance

Failing insurers allowed to go bust under new regulatory regime

Property

New price level in Kensington and Chelsea exceeds previous record set in June

US

Antitrust

Visa, MasterCard seek judge’s approval of landmark settlement of lawsuit over credit card fee

Earnings

Citigroup beats analysts’ estimates

Health

Big Tobacco lawyers set their sights on Big Food

Monday
Oct152012

15 October 2012, Monday

Airlines

Scrapped Batavia Air deal not a setback, says AirAsia boss

Banks

Maybank considering options for Thai expansion, including takeovers

Basel III needs more scrutiny

Public feedback sought on BNM concept paper on money services business

Capital markets

External factors likely to continue downplaying market sentiment

Taiwan offers alternative listing options for Malaysian SMEs

Insurance

Shareholders expecting huge payout from proceeds of Kurnia Insurans divestment

Legislation

New law to replace Sedition Act will be tabled next year

Proposed law to regulate influx of foreign funds deserves consideration

Additional provision to s 376 Penal Code would protect minors

Media

Opening up the right to newspaper publishing likely to have major political implications

Oil and gas

US$64 million in sales generated from Kazakh expo

Level of M&A activity set to increase

Real estate

Redevelopment of buildings on Jalan Sultan Ismail in KL gaining further traction

Construction cost of BLand’s new turf club to increase to RM1 billion

Iskandar Investment restricting release of land in Nusajaya for new projects

Hektar REIT loses some of its lustre

Tax

GST mechanism not understood

Fears over GST affecting prices of goods, services and consumption pattern unfounded

ASIA

Islamic banking

StanChart Brunei plans to introduce Shariah-compliant products next year

Management

Real test for elder son of HK’s ‘Superman’ will come when his father is no longer around

Mergers and acquisitions

Corporate markets have held up much better than volatile IPO market

Telecommunications

Maxis’ India unit Aircel scaling down operations

Wealth

45 of China’s 100 biggest fortunes slip from last year’s Forbes Asia count

Forbes Asia list

AUSTRALIA

Airlines

Latest battleground between Qantas and Virgin being played out behind closed doors

Insolvency

Courts’ view when risks are taken with money belonging to another

GLOBAL

Economy

Global economy facing third major brake on expansion in five years

Recovery may be derailed if officials relent on policy commitments

Oil and gas

Increasing demand for O&G pushing energy companies to explore frontier areas

SINGAPORE

Legal profession

Lawyer suspended for failing to adequately protect interests of client

Tax

Bankers who help clients evade tax could end up in court on money laundering charges

UK

Banks

Shares of Royal Bank of Scotland set to open lower following collapse of Santander deal

Difficult to replace original bidder

Media

Sunday Times may pursue cyclist Lance Armstrong for alleged fraud over libel settlement

US

Antitrust

Search giant Google could soon be headed into tough negotiations with FTC

Technology

Investors asking if chipmaker Intel’s invincibility has come to an end