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Daily News

 

Tuesday
Jul172012

17 July 2012, Tuesday

Airlines

Malaysia Airlines quashes talk of CEO leaving

Capital markets

FBM KLCI closes at all-time high of 1,635.96

Commodities

Lion Group’s Megasteel in alliance talks with foreign parties

Energy

Decision on first-generation independent power producers by September

Gaming

Genting Malaysia could benefit from spillover effect of Singapore review of casino Act

Graft

Former Sime Darby CEO charged with criminal breach of trust

Islamic finance

Central issue is about the industry controlling its own destiny

Legislation

Minimum Wage Order 2012 gazetted, taking effect in 2013

Free copies of handbook on Competition Act 2010

Oil and gas

Johor and Taiwan’s CPC building RM35 billion petrochemical complex in Pengerang

Tax

Tourism Ministry proposes tax incentives for refurbishment of hotels

ASIA

Banks

We could be witnessing a sea change in Asian banking

Corporate governance

Concerns over CG likely to weigh on Sun Hung Kai Properties

Issues may haunt property giant for some time

Finance

Asian sovereign bonds gaining favour as an alternative safe haven

Insurance

Dai-ichi Life, Korea Life and Manulife submit final round bids for parts of ING’s Asian business

Intellectual property

Guangzhou Pharmaceutical wins dispute over ‘Wong Lo Kat’ trademark for herbal tea

AUSTRALIA

Consumer goods

Melbourne court orders dangerous toys be destroyed

Media

Seven West Media raising AUD440 million by selling new stock

EUROPE

Antitrust

EU raids car-parts companies

Banks

Bar raised for lenders’ capital requirements

SINGAPORE

Capital markets

Entry of Malaysia’s IHH could lead to more dual listings

Food and beverage

OCBC, insurance unit in talks with bidder on S$2.7 billion stakes in Fraser and Neave

Transport

SMRT fined maximum S$2 million for disruptions

UK

Banks

FSA investigating seven banks on suspicion of submitting false interest rates

Intellectual property

Global watch brand Rolex’s claims against Scottish retailer ROX dismissed

US

Antitrust

Philadelphia court challenges ‘pay-for-delay’ arrangement between Merck unit and rival firms

Controversy simmering for decades

Banks

HSBC ignored warning signs about money-launderers and potential terrorists

Technology

Yahoo snags Google veteran as new CEO

Monday
Jul162012

16 July 2012, Monday

Auditing

Senior partner of UHY Malaysia is first auditor to be penalised

Autos

British sportscar maker Group Lotus submits fresh plan

Capital markets

Major IPOs and listings in H1

Esso Malaysia to trade as Petron Malaysia Refining & Marketing from tomorrow

Commodities

Steel sector expected to fare better from Q4

Dispute resolution

Malaysia’s second-richest man and Indonesia’s James Riady to face off in Singapore

Insurance

MCIS Zurich confident half of new businesses will comprise ILPs within a year

Investment

Malaysia welcomes continued participation of Japanese financial institutions

Islamic finance

StanChart and CIMB target rich Muslims who have limited investment options

Policy interest-rate cuts lowering Sukuk yields

Kimanis Power obtains regulatory approval to issue RM1 billion Sukuk

Legislation

Age for partial, full withdrawal under Employees Provident Fund Act 1991 may be raised five years

Repeal of Sedition Act greeted with cautious optimism

Publishing

Case against Berjaya Borders staff brought forward to August

Real estate

Malaysian REITs still offer good value as defensive plays

Telecommunications

Time dotCom could become serious contender to Telekom Malaysia

Tort

Student pays heavy price in defamation suit

ASIA

Commodities

Malaysia’s stranglehold on processing could be threatened as Indonesia rushes to build refineries

Increasing concerns about Indonesia’s and Malaysia’s growth prospects

Facts about Indonesia’s palm oil tycoons

Gaming

Macau no longer unique as casinos spring up in other parts of Asia

Insurance

Wide range of suitors expected for ING’s Asia business

Investment

General Electric becomes first US company to restart business in Myanmar

Tax

China relaxes rules on withholding taxes to encourage more overseas investment

AUSTRALIA

Data protection

Do organisations always need to keep on record the information they’ve sighted?

Insolvency

Courts reluctant to interfere with recovery of taxes

Property

Singapore’s Straits Trading Company acquires historic 100-year-old Rendezvous Hotel

CANADA

Financial regulation

Competition Bureau investigating possible Canadian link to Libor scandal

Mergers and acquisitions

Canada approves Glencore’s acquisition of grain handler Viterra

SINGAPORE

Capital markets

Goldman Sachs moves high-profile banker from Hong Kong to Singapore

Gaming

Review will help mitigate risks while ensuring IRs continue to deliver economic value

UK

Corporate governance

Three major recent developments

Employment

Restrictive covenant will only be upheld where it is reasonable

Financial regulation

Barclays traders could face possible US charges by September

Regulators will face further scrutiny for their role in rate-manipulation scandal

Mergers and acquisitions

GlaxoSmithKline nearing deal to acquire Human Genome Sciences

US

Antitrust

Visa, MasterCard agree to settlement in price-fixing case

Capital markets

Football club Man United’s US listing faces significant risks

Employment

Minimum-wage laws constrain employees

Technology

Struggling RIM infringed on Mformation patents

BlackBerry maker 'on its deathbed’

PC makers pin hopes for change in fortunes on Windows 8 OS

Friday
Jul132012

13 July 2012, Friday

Aquaculture

Fisheries Department sets 800,000-tonne target

Banks

Royal Bank of Scotland’s Indian units not included in sale of Asian operations to CIMB

Currency

RM20 banknote making a comeback after 16 years

Central bank statement

Capital markets

IHH Healthcare raises RM6.3 billion

Competition

Information sharing between businesses wrong when it has an adverse effect

Insurance

General Insurance Corporation of India launches Labuan branch

Islamic finance

Syarikat Prasarana Negara plans RM4 billion Sukuk

Islamic Financial Services Board workshops for Q3 and Q4 2012

Registered Shariah advisers as at 30 June 2012

Real estate

British High Commission land could be put on the market next week

Telecommunications

Maxis partners REDtone International on rollout of 4G networks

Maxis' exit from India 'pure speculation'

ASIA

Banks

China’s corporate bond market is booming

Telecommunications

Maxis: India’s regulatory uncertainties could undo sector’s success

CANADA

Intellectual property

Top court broadens concept of ‘fair dealing’ through five major copyright decisions

Music previews considered a fair dealing

Mergers and acquisitions

Maple wins final regulatory approvals to close purchase of TMX

Direct Edge talks highlight strategy Maple had in mind

EUROPE

Autos

Peugeot Citroen cutting jobs, closing plant; another Opel CEO pushed aside

Fashion

Valentino the latest Italian luxury brand to be bought by a foreign investor

SINGAPORE

Intellectual property

Competency Framework will be launched by end-2012

Real estate

CapitaLand sells entire 20.75% stake in Malaysian developer UM Land

More REIT listings likely to spur acquisitions

Orchard Parade Holdings proceeds with plans to list Far East Hospitality Trust

UK

Banks

HSBC faces US$1 billion fine for money-laundering offences

Scrutiny by regulators on both sides of the Atlantic

Brands

Amazon tops new league table of most trusted business names

Clothing retailer Marks & Spencer sees biggest quarterly drop in sales since Q3 2008

Dispute resolution

Courts’ authority to make property freezing orders over property situated abroad

Service of a claim form and meaning of ‘usual residence’

US

Capital markets

Change in composition of DJIA when Kraft Foods splits in two

Real estate

Long-term prospect of REIT industry looks favourable

Thursday
Jul122012

12 July 2012, Thursday

Capital markets

IHH Healthcare expected to achieve rich pricing ahead of listing

Builder WCT can proceed with bond issuance

Financial services

AMMB Holdings buying MBf Cards a good move, albeit an expensive one

Insurance

American International Group expanding Malaysian operations

KSK Group looks to non-insurance sector for new core business

Islamic finance

Royal Award receives 32 nominations

Legislation

Colonial-era Sedition Act 1948 to be scrapped

Repeal viewed with caution

AG’s Chambers course on legislative drafting next week

Real estate

Malaysia-Singapore JV breaks ground

Marina One's location a strong selling point

Port Klang Authority and Lagenda Erajuta developing 1Gateway project in Klang

ASIA

Banks

More bloodletting as markets continue to suffer from global slowdown

Gaming

Las Vegas Sands needs more time to build planned Macau casino resort

Insurance

Blackstone backing former chief of AIA in bidding for ING’s Asia unit

Indonesia’s CIMB Niaga on the lookout for general insurer

Investment

SE Asia looking more a safe haven than a risky bet

AUSTRALIA

Insurance

Reinsurers not as tough on prices as expected

Mergers and acquisitions

Regulator seeks changes to takeover laws

Real estate

Reversing onus of proving reasonable grounds for representations about future matters

NEW ZEALAND

Competition

Telecom took advantage of market power

Employment

Employer sent confusing messages regarding level of sanction for breach of computer policy

Manager sacked by text message five days into job awarded NZ$16,000

Telecommunications

Telstra selling New Zealand operations to British mobile operator Vodafone

SINGAPORE

Capital markets

Singapore Exchange signs cross-trading MoU with London Stock Exchange

Interest in cross-border IPOs has waned

Gaming

Regulator probing Resorts World Sentosa over alleged reimbursements of casino entry levies

Sport

Negotiations on terms of second five-year Grand Prix contract still continuing

US

Antitrust

AU Optronics, LG Display and Toshiba settle allegations

November trial for vitamin C companies accused of price-fixing

Banks

HSBC’s transgressions may cost it up to US$1 billion in fines

Data protection

US law firm seeks US$1 million in damages from Canadian ‘typosquatter’

Employment

Dodd-Frank law gives retroactive protection to employees of subsidiaries, not just staff of the parent

Wednesday
Jul112012

11 July 2012, Wednesday

Autos

Automotive market revs up

Capital markets

Hong Leong Capital unit favours apolitical stocks

IHH’s planned dual listing brings interest back into healthcare stocks in SE Asia

Jaya Tiasa Holdings selling up to 42 million new shares worth RM330 million

Delisted Mamee Double Decker seeking at least US$100 million for minority stake

Energy

Genting’s Indonesian unit wins bid to develop coal-fired power plant in Banten

Financial services

AMMB Holdings buys credit card issuer MBf Holdings and units

Ratings on AmBank, AmInvestment Bank unaffected by proposed acquisition

JPMorgan increasing staff strength

Investment

InvestKL Malaysia confident of attracting more MNCs

Islamic finance

Encouraging response to foundation’s Ar-Rahnu

DanaInfra Sukuk oversubscribed

Negligence

Marine Department director, ministry and government sued over five-year-old’s death

Real estate

Singapore’s Temasek Holdings reportedly eyeing stake in Lido Boulevard

Telecommunications

Strong demand for TM’s UniFi services

Maxis looking to exit India

Tort

Defamation suits filed against Utusan Melayu and Sistem Televisyen Malaysia

Winding up

Contractor’s application against Asia Petroleum Hub will be heard Monday

ASIA

Insurance

State Bank of India chairman confident about long-term outlook for general insurance

Investment

Foreign hedge funds can tap China’s wealthy

Asians have a bigger appetite for risk than peers in Europe and US

AUSTRALIA

Insolvency

Iconic confectioner Darrell Lea has just weeks to find buyer

Failure to move with industry trends led to company’s demise

Insurance

Insurance Australia Group eyes opportunities in Indonesia

CANADA

Intellectual property

Philip Morris infringed Imperial Tobacco’s Marlboro mark in Canada

Technology

New CEO promises to turn around embattled RiM

First BlackBerry 10 phones could be out January

EUROPE

Banks

Pressure to cut costs and balance sheets, IPOs being pulled

Competition

Deutsche Bahn subsidiary cannot intervene in air-cargo cartel appeals

GLOBAL

Corporate

Royal Dutch Shell ends Wal-Mart’s reign on Fortune’s Global 500 list

Chinese firms overtake Japanese peers for the first time

Graft

Transparency International singles out banks and insurers for special criticism

Bank of China least transparent

SINGAPORE

Gaming

S$93 million collected in casino entry levies from citizens and PRs in H1

Graft

Eight debarment cases involving public officers and government contracts since 2004

Legislation

Changes to Patents, Intellectual Property Bills will raise overall quality of patents granted

UK

Competition

Damages awarded for the first time in respect of a competition law infringement

Water services

New powers for regulator Ofwat under proposed rules

Antitrust

Sharp agrees to settle Dell lawsuit over alleged price-fixing involving LCD panels

Financial regulation

Lawmakers scrutinise regulators who failed to take action

Technology

Hopes fading that top tech companies will offer safe harbour from economic storms

Battle over Monsanto’s control of popular seed technology underway

Google close to paying US$22.5 million to settle FTC charges