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Daily News

 

Monday
Oct132014

13 October 2014, Monday

Aviation

MH370 probably under human control ‘until the very end’

Banks

Three-way merger: Banks still need to complete due diligence, spell out synergies

Budget 2015

Infrastructure investment accelerated

PM’s speech

Income tax reduced by 1%-3% for YA 2015

Subsidy rationalisation and BR1M not ‘counter-productive’

Questions as to who should qualify for BR1M, and whether it actually meets its purpose

Budget 2015 ‘uninteresting’ for real estate

Self-assessment for RPGT a clever way for IRB to reduce administrative pressures

Prasarana lauds allocation to build new lines for MRT, LRT systems

Capital markets

UEM Environment eyes Bursa Malaysia listing in five years

Constitutional law

November hearing for professor’s application to challenge constitutionality of Sedition Act 1948

Insurance

Tune Ins hopes to tie up with Indonesian partner

Removal of limits on agents’ commissions would propel industry forward

Islamic finance

Introduction of Investment Account Platform welcomed

Media

Utusan Malaysia apologises after running fake news story from satirical website

Monetary policy

Malaysia still needs supportive monetary policy

Oil and gas

Falling oil prices won’t affect demand for O&G support services

Plantations

Felda Global Ventures ends pursuit of NBPOL

Property

SP Setia and I&P may be merged

Jesselton Quay project in Kota Kinabalu, Sabah could be launched in Q1 2015

Mixed development in Ara Damansara potential game changer for TRC Synergy

High-end Stonor 3 set for launch after GST next year

Tax

List of GST-related items will be gazetted today

Technology

Unisem confident of double-digit revenue growth this year

Transport

Announcement on new train line alignment causes confusion

AUSTRALIA

Construction

No duty of care to subsequent purchasers for costs of rectifying latent defects that resulted in economic loss

Harder for owners to seek legal redress for shoddy apartments

Real estate

Exuberant property market shows no sign of abating

Parliamentary inquiry considering beefing up penalties for foreigners who flout real estate laws

EUROPE

Antitrust

Decision on Zimmer-Biomet deal by March

Autos

Volkswagen extends JV with China FAW to 2041

Islamic finance

Liechtenstein in drive to attract Islamic financial business

GLOBAL

Economies

Education, hard work key to getting ahead in life

Financial markets

18 major banks changing derivatives contracts from January

Islamic finance

Spate of new Sukuk debutantes give cash-rich Islamic banks in the Gulf a sorely needed outlet

NEW ZEALAND

Intellectual property

Risks involved in pursuing single ground of opposition to registration of trademark

Legal services

Herbert Smith Freehills tops latest Thomson Reuters Legal Advisor M&A League Tables

SINGAPORE

Real estate

MAS proposals to strengthen rules governing REITs, managers could be improved

Transport

SMRT not bidding for London-based taxi firm Addison Lee

UK

Banks

Retail boards more difficult to fill

Mergers and acquisitions

China’s Bright Food poised to take full control of breakfast cereal producer Weetabix

Property

Most expensive homes get cheaper

Transport

Britain puts 40% stake in cross-channel train operator Eurostar up for sale

US

Legal services

Corporations paring back use of entry-level lawyers

Washington office now fastest growing in Mayer Brown

Management

Rare victory for dissident investors as activist shareholder wins standoff with Darden Restaurants

Friday
Oct102014

10 October 2014, Friday

Accountancy

More than 60 experts to share insights at MIA conference next month

Details

Arbitration

Proceedings commenced against Tanjung Langsat Port

Autos

New vehicles unlikely cheaper with introduction of GST

Aviation

MH370 may have spiralled into Indian Ocean when fuel ran out

Banks

CIMB, RHBCap and MBSB to create country’s biggest banking group

Budget 2015

Last budget under 10MP will be unveiled at 4pm

Some measures introduced earlier could make a comeback

Mah Sing, IJM Land and LBS Bina poised to benefit from housing measures

Intel Malaysia hopes for ‘meaningful and significant allocations’

Corporate governance

Malaysia improves standing in Asian region

Education

Navis Capital buys controlling stake in Sydney-based Modern Star

Financial reporting

1MDB Energy, 1MDB RE to file financial statements by end-October

Insurance

AmGeneral maintaining AmAssurance and Kurnia

Islamic finance

Bank Islam sets up RM1 billion subordinated Sukuk

Sales of Sukuk up 92% from a year earlier

Plantations

Sime Darby’s acquisition of NBPOL partly funded by IPO involving auto division

Property

Development land in Bukit Ceylon/Bukit Bintang area to be sold at bank auction in two weeks

PJ Development, OSK Property to be consolidated

1MDB Real Estate, Lend Lease developing TRX Lifestyle Quarter project

ASIA

Capital markets

Hong Kong imposes four-year trading ban on hedge fund Tiger Asia and founder

Gaming

Japanese lawmakers tweaking proposed Bill on casino legalisation; unlikely to ban nationals

AUSTRALIA

Contract

Specific performance of a clause in contract after termination

Employment

Sexually harassed restaurant worker awarded A$10k in compensation

Healthcare

Ramsay Health Care confident of replicating Australian success story in France

EUROPE

Competition

Cement makers Lafarge, Holcim about to request approval for planned merger

Property

Norway’s US$857 billion oil fund makes third property purchase in two days

SINGAPORE

Investment

Temasek investing in India’s Devyani International

Real estate

Change in debt limits among proposed reforms to REIT market

Refinancing for homebuilders and REITs will be more challenging

GIC sells London office complex to Norway’s sovereign wealth fund

UK

Competition

Royal Mail sets aside £18 million to cover potential fine

Travel

US bank JPMorgan hired to find buyer for Big Bus Tours

US

Capital markets

Malaysia’s MOL Global produces one of the weakest US IPO debuts of all time

Nasdaq listing 'just the beginning'

Technology

Amazon.com may open first full-fledged store; site will double as mini-warehouse

Thursday
Oct092014

9 October 2014, Thursday

Airlines

Malaysia Airlines boosting efforts to recover from twin losses

Banks

CIMB, RHBCap and MBSB agree on merger deal

Capital markets

Shares in CIMB, RHBCap and MBSB suspended pending announcement

Nakamichi reprimanded; former director also fined RM1.4 million

Earnings

Lonpac Insurance contributes to strong performance of LPI Capital

Economy

Budget 2015: PM likely to press ahead with fiscal tightening

MARC expects key issues to be addressed

There needs to be radical reform to our tax policy

Life Insurance Association of Malaysia hopes for more incentives to encourage financial planning

Techpreneurs want incentives to reduce impact of costs with implementation of GST

Financial aid

Putrajaya overpaid on BR1M

Islamic finance

1MDB-Mitsui consortium relying on Sukuk to cover most of what's needed for Project 3B

Toll concessionaire Kesas plans RM735 million Sukuk

Management

SPAD chief development officer a candidate for top post at MRT Corp

Oil and gas

Oil production underway at Gumusut-Kakap field

Plantations

Sime Darby bids £1 billion for New Britain Palm Oil

Property

Ireka wins RM277 million contract from SP Setia unit

Publishing

Federal Court weighs constitutionality of state Shariah law to ban ‘religious’ publications deemed against Islam

Telecommunications

New line-up at P1

Transport

School bus fares to rise RM5-RM10 in January

ASIA

Economy

India looking to raise 50 billion rupees by selling stakes in companies

Real estate

More deals expected

AUSTRALIA

Aviation

Deep-sea search for missing MH370 moves further south

Banks

Bank of Queensland’s net profit up 40%

National Australia Bank forced to make another A$1 billion write-down on troubled UK operations

SINGAPORE

Telecommunications

Consistel keen to be fourth mobile network operator

UK

Employment

US citizen who worked in London half the time cannot bring claims for unfair dismissal or discrimination in UK

Insurance

Lloyd’s of London expects market for cyber insurance to surge

Telecommunications

Mobile operator Three fined £250,000

US

Maritime

Maersk Line, Mediterranean Shipping win US approval for planned vessel sharing pact

Real estate

Deutsche Bank preparing to sell US$2 billion portfolio of US commercial real estate loans

Technology

Google wants Supreme Court to intervene in Oracle’s Android copyright case

Security software maker Symantec exploring breakup

Wednesday
Oct082014

8 October 2014, Wednesday

Airlines

Q4 should bring positive news to carriers

Khazanah Nasional says reports of new MAS CEO speculative and premature

Autos

Road Transport Department asked to explain bidding process for special number plates

RTD director-general fuelling further doubt as to identity, origin of wealth of VIPs

Banks

RHBCap, MBSB agree to proposed merger with CIMB — subject to conditions

Bursa Malaysia committee to decide tomorrow on EPF voting rights in mega merger

Singaporean appointed CEO of Citibank

Capital markets

1MDB seeks January listing of power assets

Fund close to signing US$1 billion loan to refinance group debt

Competition

Undertakings from Giga Shipping and Nexus Mega Carriers accepted

Education

Fifth formers can enrol in private tertiary institutions with forecast SPM results

Islamic finance

Securities Commission issues Shariah parameters on Islamic ETFs based on gold and silver

Parameters

Legislation

Revised Inland Revenue Board of Malaysia (Amendment) Bill 2014 passed

Oil and gas

Sentiment on O&G stocks turns soft

Property

Developers focusing on landed and industrial properties in Iskandar Malaysia

Rehda calls for houses below RM500k to be exempted from GST

Axis REIT signs SPA with Yongnam Engineering for industrial land in Nusajaya, Johor

LHAG partner on why house buyers should resolve disputes with developers through tribunal [pp 70-71]

Telecommunications

Green Packet CFO is now its CEO

ASIA

Arbitration

Samsung files request for arbitration against Microsoft

Tobacco

Japan Tobacco closing some European manufacturing facilities

GLOBAL

Financial markets

18 banks agree to change protocols governing US$700 trillion derivatives market

Real estate

New York, London top cities for investment

SINGAPORE

Legal profession

Move to allow foreign judges to hear commercial cases may boost standing against Hong Kong

New Legal Services Regulatory Authority to regulate law firms and foreign lawyers

Real estate

Falling property prices provide much-needed relief for banking sector

UK

Construction

Record number of luxury homes being built set to outpace construction capacity in London

Financial services

Senior banker first person to plead guilty to criminal manipulation of Libor in Britain

HSBC directors quit because of new BoE regulations

Rabobank forex traders suspended after internal probe into currency trading practices

US

Aviation

Debate playing out over how best to respond to MH370 mystery

Intellectual property

Management guru, yoghurt producer Chobani in extended legal battle over use of ‘how’

Possible to develop trademark rights for particular connotation of a word in a specific context

Oil and gas

Occidental Petroleum looking to sell North Dakota oil assets for US$3 billion

Tuesday
Oct072014

7 October 2014, Tuesday

Airlines

Foreign CEO would be a first for Malaysia Airlines

German aviation veteran may be new CEO

Next phase in underwater search for MH370 underway

Best way of ensuring tragedy does not recur is to find plane, whatever the cost

Economy

PM likely to introduce additional deficit-slashing measures on Friday

What analysts expect

Income tax rates slashed when GST implemented in April

Islamic finance

Maybank Islamic expects another year of record growth

Legislation

Investment panel scrapped in revised Inland Revenue Board of Malaysia (Amendment) Bill 2014

PM should repeal colonial-era Sedition Act

New York Times editorial

Monarchy

Mammoth Forest City project a sign of increasing political and business influence of sultans

Property

GST will only have an impact of 0.5%-2% on housing prices

Prices in Iskandar Malaysia expected to stay weak and flat over medium term

Trade

Some of ministry’s conditions on distributive trade may deter foreign investment

Transport

School bus operators free to determine fares

Prices should not be left entirely to market forces to determine

Bombardier bullish on prospects in Malaysia

ASIA

Capital markets

Thailand’s Bangkok Airways launches US$600 million IPO

Economy

World Bank lowers forecasts for growth in developing East Asia this year and next

Motorcycling

Motorbike makers looking to build a new axis of growth in SE Asia

Technology

Smartphone maker Samsung loses ground to Apple and Chinese rivals

AUSTRALIA

Capital markets

Salmon farmer Huon Aquaculture aiming to raise A$133 million in sharemarket listing

Employment

Employer did all it could to accommodate worker’s medical concerns

Intellectual property

Difficulties of enforcing trademarks descriptive of trademark owner’s goods and/or services

CANADA

Competition

Samsung, Panasonic and Hitachi accused of colluding to fix prices for capacitors

Insurance

Manulife Financial to help develop 27-storey tower in Montreal

Oil and gas

Petronas could delay planned LNG plant if no favourable tax deal by end-October

EUROPE

Leisure

Ailing theme park operator Euro Disney gets €1 billion lifeline

Tax

Formal probe into Amazon’s Luxembourg deal

SINGAPORE

Banks

DBS chief sees need for stronger Asian voice in Basel committee

High-net-worth AUM up almost 30%

Dispute resolution

Singapore seen as threat to London’s pre-eminence in settling commercial court disputes

Retail

GIC sole owner of Italy’s RomaEst Shopping Centre

UK

Financial services

Bank of England proposing tougher protection for customers

Oil and gas

London-listed Dragon Oil plans £500 million bid for Petroceltic

Property

More than 500 homes at London’s Battersea Power Station to go on sale this month

Technology

London still has some way to go before it takes on Silicon Valley

US

Real estate

New York’s famed Waldorf-Astoria Hotel sold to China’s Anbang Insurance

Technology

Hewlett-Packard splitting into two listed companies

Merger between EMC and Hewlett-Packard Enterprise on the horizon

Dividing H-P and may create problems

Facebook closes acquisition of mobile messaging service WhatsApp