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Daily News

 

Thursday
Aug232012

23 August 2012, Thursday

Banks

Hurdles in Temasek’s plan to divest Alliance to DBS

Capital markets

Kembang Subur eyes listing on Ace Market

Astro Malaysia offering up to 1.5 billion shares in IPO

Draft prospectus

Cocoa processor Guan Chong keeps secondary listing plan in Singapore open

Earnings

Lower Q2 net profit for Boustead

Strong demand in mining, logging and construction boost Sime Darby’s earnings

Employment

Former CEO of private hospital awarded RM209,000 for constructive dismissal

Insurance

Allianz Life, OSK Trustees team up to tap will-writing and trustees market

Legislation

Minimum Retirement Age Act 2012 of little consolation to female employees who lost case

Property

Properties within Klang Valley will continue to see local and foreign interest

Telecommunications

Maxis’ Q2 earnings likely to be flat

Transport

Land Public Transport Commission takes two-pronged approach on road safety

Venture capital

Mavcap partnering four VC firms

ASIA

Economy

Myanmar needs to create legal framework for functioning market economy

Country could be open to a range of new opportunities

Islamic finance

Development Bank of Kazakhstan’s Islamic MTN assigned final rating of ‘BBB-’

Pharmaceuticals

Final arguments in patent dispute between drugmaker Novartis and India’s patent office next month

Property

Region remains resilient due to strong investment volumes

AUSTRALIA

Airlines

Qantas Airways cancels order for Boeing planes after posting first annual loss in 17 years

Earnings

Fairfax Media posts record annual loss on writedowns

Employment

Determining if a person providing services is an independent contractor or an employee

Psychologist owned the copyright in questionnaire he developed

Insurance

Insurance Australia Group’s full-year profit down 17%

Damages do not necessarily flow from every negligent act or omission of an insurance broker

EUROPE

Finance

Real danger signal for EU governments is that there is no longer a time value of euros

Mergers and acquisitions

Heineken CEO wants Asia Pacific Breweries deal completed before mid-December

Heineken’s earnings hit by rising production costs, weak European sales

Retail

Hard choices for new boss of Carrefour

NEW ZEALAND

Employment

Employer’s decision to rescind job offer prior to commencement of work can be costly

Health

Plain packaging for cigarettes could fuel black market, says British American Tobacco

BATNZ ‘wasting money’ on campaign

SINGAPORE

Gaming

Marina Bay Sands and Resorts World Sentosa fined S$500,000

Telecommunications

S&P affirms ‘A+/A-1’ rating on SingTel

Optus downgraded

UK

Competition

Reforms of country’s competition laws not as radical as they could have been

Dispute resolution

The protection that appropriately drafted terms of engagement can provide

Failure to comply with clause resulted in claim being time-barred

Gaming

Acquisition of Gala Coral unit by Malaysian billionaire’s Rank Group referred for antitrust review

Intellectual property

Better to be careful about copyright than risk a lawsuit alleging infringement

US

Antitrust

Facebook free to complete acquisition of Instagram

Intellectual property

Just because you can copy a photograph doesn’t mean you may copy it

Mergers and acquisitions

Chinese acquisitions of US assets and businesses buck trend of generally tough M&A market

Wednesday
Aug222012

22 August 2012, Wednesday

Autos

Malaysia may serve as EEV hub for China-based automotive companies

Banks

Potential for wealth management segment to grow even bigger

Capital markets

Jury still out on whether higher yield offered by some business trusts compensates for higher risks

Westports Malaysia looking to test investor appetite for IPO

Updated guidelines on prevention of money laundering and terrorism financing

Economy

High level of trade openness exposes Malaysia to possible external growth shocks

Energy

KNM Group close to securing finance for UK waste-to-energy project

Insurance

ACE Jerneh interested in deals that make strategic sense

Professional indemnity insurance set to gain more prominence

Islamic finance

Malaysia needs 40,000 more qualified people by 2020

Legislation

Ministry amending Food Regulations 1985

Shorter compulsory service for dentists proposed

Oil and gas

Chevron Malaysia keen for SMEs to open new Caltex stations

China Aviation Oil drops plan for oil storage terminal

Property

Developers contributing to rise in prices

ASIA

Financial services

Co-founder of Vietnam’s Asia Commercial Bank charged with conducting ‘illegal business’

European financial institutions beating the retreat in Asia

Asian banks reviewing relationships with US counterparts

Insurance

Korea Life likely to drop bid for ING’s SE Asian life insurance business

Oil and gas

China, Singapore SWFs latest Asian institutions to tap into gas boom in US

AUSTRALIA

Dispute resolution

Key legal lessons from recent decisions in contract law

Insolvency

Appeal backfires for 20 banks

Intellectual property

Australia Post’s allegations of trademark infringement dismissed

Innovation patents found to be valid

Property

Malaysian investor snares quality office building for more than AUD14 million

CANADA

Dispute resolution

Service of documents into international jurisdictions that are signatories to the Hague Convention

Employment

Septuagenarian denied wrongful dismissal because he failed to mitigate his damages

Employee had acted unreasonably when he refused to return to work

SINGAPORE

Islamic finance

Singapore struggling to make inroads

Mergers and acquisitions

Temasek’s stake in Asia Pacific Breweries sold to Dutch brewer Heineken

Property

Property taxes second highest among world-class cities

UK

Competition

VPS required to sell SitexOrbis’ business in Great Britain

Media

ITV could show live Premier League football matches for first time in its history under tie-up with BT

Mergers and acquisitions

Glencore would rather abandon Xstrata deal than give in to Qatar’s demands

US

Antitrust

Expedia, Starwood Hotels and Marriott International accused of conspiring to fix room prices

Financial regulation

Royal Bank of Scotland under investigation for possible breaches of Iran sanctions

Regulators using state laws to get financial institutions to fall in line

Restructuring

Three critical elements of a successful turnaround

Social media

Protecting a company’s ownership of social media assets

Technology

Why does the mere mention of Intellectual Ventures enrage so many people?

Friday
Aug172012

17 August 2012, Friday

Capital markets

Blueprint to enhance Malaysian capital markets ready by Q2 2013

1MDB eyes US$2 billion in IPO of power assets

Bright future for ICT solutions provider Datasonic Group

Commodities

Felda Global Ventures keen on Sarawak Plantation

Earnings

Maybank beats expectations, posts Q2 net profit of RM1.4 billion

Economy

Strong spending likely to continue into 2013

Insurance

Asean brokers can provide cross-border services to Malaysian international MAT risks owners

Tokio Marine’s strategic tie-up with RHB Bank gaining momentum

Investment

Khazanah Nasional plans for remaining non-core units will be unveiled soon

Islamic banking

Boost in BIMB’s H1 net profit

Affin can start talks on DRB-Hicom’s stake in Bank Muamalat

Second DRB-Hicom divestment plan announced this week

Water services

Selangor calling for independent audit of 50-year study

ASIA

Commodities

Thailand, Malaysia and Indonesia cutting rubber exports

Technology

Sharp may sell copier and air-conditioner businesses

Cash-strapped company mulling sale of TV assembly plants in Poland, Malaysia and Mexico

AUSTRALIA

Earnings

ANZ on course to meet earnings target from Asia and overseas

QBE Insurance cuts full-year insurance profit margin forecast

Health

WTO claims have ‘serious problems’, unlikely to succeed

Tobacco firms say law will only boost illicit trade while impinging on intellectual property

GLOBAL

Islamic finance

Fitch Ratings updates Rating Sukuk criteria

Taxation of transactions in various jurisdictions

SINGAPORE

Banks

Money seized from estate of late Philippine dictator belongs to Philippine National Bank

Indonesian investors press on with US$5 million unauthorised trading claim against UBS

Capital markets

Trading of Asia Pacific Breweries, Fraser and Neave suspended

US

Capital markets

Pain continues for Facebook; big stock dump could come in mid-November

Investors unnerved by flood of shares still waiting to be released

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