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Daily News

 

Tuesday
Jun212016

21 June 2016, Tuesday

Arbitration

Puncak Niaga Construction served two separate notices of arbitration from Genbina

Autos

Start of B10 biodiesel mandate moved to July

Aviation

Ministerial talks on MH370 next month

First personal items belonging to passengers aboard missing jet may have turned up

End of the road for Rayani Air

Capital markets

Ranhill divesting 60% stake in key subsidiary to Chinese investor

Construction

Ikhmas Jaya tenders for RM9 billion worth of jobs

Earnings

Berjaya Sports Toto’s Q4 profit up 35%

Education

Malaysia back in esteemed list

Healthcare

Ministry working towards expanding Ayurvedic treatment to more hospitals

Infrastructure

Mitrajaya seeks more infrastructure jobs

Proposed disposal of SILK for RM368 million should be completed in three months

Insurance

Upcoming Insurance Accounting Standard set to transform industry

MAA venturing into manufacturing and education services

Investment

Employees Provident Fund’s ‘Simpanan Syariah’ open for registration in August

Islamic finance

PR1MA may issue Sukuk to fund affordable housing programme until 2020

Negligence

MACC negligent in investigation of Customs officer

Oil and gas

Sona Petroleum identifying liquidators

Property

Food manufacturer Khee San disposing of Selangor assets for RM9 million cash

iProperty launches industry’s first AI-powered property chat platform, Rebecca

Sunway REIT expanding Penang mall

Tort

Ex-Selangor MB’s suit against The Malaysian Insider editors and owners settled

ASIA

Investment

India loosens FDI rules, but changes in several industries appear limited

Mergers and acquisitions

China’s appetite for overseas acquisitions has outgrown last year’s record

Waves of Chinese money to continue flowing outward

EUROPE

Auditing

Switzerland looking into KPMG’s work for global football body FIFA

Autos

Ex-Volkswagen boss faces allegations of market manipulation in relation to diesel emissions scandal

SINGAPORE

Capital markets

Singapore Exchange’s ‘comply or explain’ sustainability reporting framework takes effect in 2018

Frasers Logistics’ debut a boost to Singapore bourse

Education

NUS, NTU clinch top two spots in Times Higher Education Asia University Rankings 2016

Employment

Former executive of L Capital claims was fired for revealing wrongdoing

Property

CapitaLand’s Ascott poised to outpace last year’s growth

UK

Autos

Aston Martin boss believes Brexit good for British exports

Capital markets

Companies delay announcing intention to file until after Thursday’s vote

Telecommunications

BT loses court showdown with Ofcom over broadband prices

US

Capital markets

Parent company of Titleist and FootJoy golf brands files to become publicly traded company

Good chance Acushnet’s IPO will find the fairway

Real estate

Infamous ‘Amityville Horror’ house in New York can be yours for US$850k

Tax

Internal Revenue Service’s proposed transfer pricing method rejected

Monday
Jun202016

20 June 2016, Monday

Arbitration

Troubled 1MDB plans ‘robust response’ to Abu Dhabi SWF’s move to seek US$6.5 billion

Autos

Sime Darby Auto Performance launches new generation Porsche 911, Macan GTS

Aviation

Malaysia, Australia and China to discuss next steps in fruitless search for missing MH370

Banks

CIMB chief warns banks could lose relevance if they fail to respond quickly to digital era

Bank's fortunes depends on Indonesia's economic health

CIMB, Lazada Malaysia sign partnership agreement

Biotechnology

BiotechCorp now known as Bioeconomy Corp

Capital markets

Investors reluctant to cough up own cash to plough into investee companies

Corporate

Late timber tycoon’s estate speaks out for first time about legal dispute with WTK

Earnings

HeiTech Padu targeting 20% increase in revenue from public sector segment

Education

Sasbadi believes stage now set for interactive online learning platform to truly take off

Insurance

Bank Negara Malaysia looking to further review risk parameters

Investment

Malaysia still a competitive location for foreign investors

Legislation

Putrajaya must refine National Security Council Act 2015

What does recently passed Companies Bill 2015 mean for companies, shareholders and directors?

Property

Sepang International Circuit’s identity set to change

EcoWorld interested in 300-acre leasehold site in Batu Kawan once eyed by Malton

Gamuda Land’s Kundang Estates in Rawang to be launched end-July

Gamuda viewed as prime beneficiary of new infra projects

Ivory Properties, LLK planning mixed development

MARA selling properties in UK and Australia

Retail

IOI City Mall gearing up for new phase

Mydin confident of achieving RM3.8 billion sales target

Shipping

Investors keen to know impact of CMA CGM-NOL alliance on Westports’ operations

Takaful

Takaful Malaysia expects modest growth

Tax

Economists say still too early to consider GST rate cut

Telecommunications

XOX still has a long way to match Maxis, DiGi and Celcom

Tobacco

More pain in store for firms if there’s another excise hike

Transport

Land Public Transport Commission (SPAD) proposes to legalise Uber and Grab

Association does not back SPAD’s proposal

ASIA

Banks

Reserve Bank of India governor stepping down in September, returning to academia

First governor not to serve extended, five-year term

Technology

Apple may have to halt sales of latest iPhones in Beijing

AUSTRALIA

Banks

CBA, Westpac, ANZ and NAB face biggest test to dominance since 2008 global financial crisis

Tax

MNCs suspected of routing profits via Singapore will be outed to tax authorities

EUROPE

Auditing

New reforms could open up £10 billion market for advisers

Energy

Siemens, Gamesa combining strengths to create world’s biggest builder of windfarms

MIDDLE EAST

Banks

NBAD, First Gulf Bank in talks; deal would mark first major banking merger in UAE since 2007

Mergers and acquisitions

Persian Gulf investors acquire majority stake in Kuwait Food for US$2.5 billion

SINGAPORE

Bankruptcy

Ex-CEO of Ku De Ta nightclub sued over bounced cheque for S$300k

Dispute resolution

Clifford Chance partner still enjoys rigour and ‘adversarial aspect’ of the work

UK

Capital markets

IPO slowdown latest sign of jitters over outcome of Thursday’s referendum

Negligence

Law firm Leigh Day negligent in failing to ensure victims of toxic waste spill received compensation

Retail

Tesco now only has overseas businesses in Thailand and Malaysia, central Europe and Ireland

US

Antitrust

Regulators concerned about Anthem’s US$48 billion proposed acquisition of Cigna

Media

Netflix faces growing field of challengers to its video hegemony

Property

Oceanfront Hamptons house on the market for US$16 million

Friday
Jun172016

17 June 2016, Friday

Arbitration

1MDB served with request for arbitration in relation to ongoing dispute with IPIC

Capital markets

Employees Provident Fund emerges as substantial shareholder of DKSH

Competition

Lion Corp subsidiary Megasteel did not infringe Competition Act 2010

Healthcare

Seacera testing waters of medical equipment business

Infrastructure

MRCB intends to form strategic alliance for Bandar Malaysia transport terminal

Islamic finance

‘Low-profile’ Al Rajhi Malaysia ‘rebooting’, launches country’s first Islamic debit card

Legislation

National Land Code (Amendment) Bill 2016 provides for heavier penalties

Logistics

Xin Hwa will continue to expand fleet of vehicles

Manufacturing

Polymer specialist Rehau looking forward to setting up official legal entity by end-2016

Oil and gas

KNM focusing on improving income base

Emir Oil finds O&G bearing reservoirs in first exploration well in Kazakhstan

Plantations

BLD Plantation conducting due diligence on proposed acquisition of Pekan Semangat

Property

Recovery only expected in 2018

Rising costs of construction, land prevent developers from cutting prices despite slower demand

Finance ministry in control of 1MDB's 40% holding in Bandar Malaysia project

Bandar Malaysia Fund to provide funding for investors

10-year exemption from income tax, eight-year waiver on stamp duties, property gains tax

Sharp drop in TRX City’s earnings due to ‘other expenses’ tripling

AmanahRaya REIT acquires land parcel with office building in Cyberjaya for RM40 million

Astral Supreme seeks new partner for property venture

Condos near Kelana Jaya LRT extension line stations with lowest average asking price psf

Amalgamated Industrial Steel expects property unit to contribute half of group’s revenue in FY16

Mah Sing keen on JVs with federal and state authorities

Sapura Resources banking on Lot 91 KLCC project to be key driver of earnings

August launch for SP Setia’s Maison Carnegie in Melbourne

Limited downside in case of Brexit

Sunway expects to sustain performance for FY16 despite challenges

Tropicana launching three new phases next month

Telecommunications

OCK incorporates two new indirect subsidiaries in Myanmar and Vietnam

ASIA

Autos

Vietnam top growth market in SE Asia for BMW

Property

Mumbai developer signs up retired French football star Zizou to market high-end residential project

EUROPE

Autos

Scandal-hit Volkswagen aspiring to be electric car leader by 2025

Grand plan not without considerable risk

Graft

Sweden’s Ericsson probed over possible corruption related to business in China

SINGAPORE

Investment

Temasek forms advisory group for Americas

Tax

New reporting rule for MNCs with turnover exceeding S$1 billion takes effect next year

Wealth management

OCBC’s Bank of Singapore unit may launch onshore presence in China

UK

Autos

Rolls-Royce unveils first driverless vehicle, Vision Next 100

Coupe rejects notion future modes of transport will be anonymous, utilitarian and bland

Banks

Lloyds wins narrow victory over bondholders; Supreme Court decision infuriates some investors

Capital markets

Turkish port operator Global Liman restarts preparations for IPO

Mergers and acquisitions

Brexit could dent M&A, lead to talented financial professionals leaving

Real estate

Online estate agency Purplebricks launching platform in Australia this year

Travel

Hard Rock Hotel London to open in 2018

US

Antitrust

Japanese auto parts companies, executives charged with price fixing

Bankruptcy

Turnaround experts in demand

Mergers and acquisitions

Ageing cosmetics giants Revlon, Elizabeth Arden unite

Technology

Uber and Didi share big investors, raising concerns about conflicts of interest, information sharing

Microsoft’s purchase of LinkedIn not necessarily one of the smartest tech deals in history

Buyout seems to be something cooked up by bankers and accountants

Thursday
Jun162016

16 June 2016, Thursday

Autos

Go Auto confirms Great Wall Motor’s M4 and H2 SUVs are equipped with ESC

Banks

CIMB may shut underperforming businesses; ROE goal of 15% by end-2018 ‘challenging’ to meet

Capital markets

South Korea’s Lotte shelves plans to list Malaysian petrochemicals business

Dispute resolution

Hock Seng Lee sues Brahim’s over works in relation to construction of sugar refinery factory

Earnings

Top Glove’s Q3 profit down 14%, expects intense competition in nitrile glove segment

Company trims size of employees share grant plan

Financial markets

Malaysia announces more transparent spot fixing methodology for USD/RM trade wef 18 July

BNM statement

Oil and gas

Petronas seeking US$7 billion for RAPID project

Property

EcoWorld’s RM160 million refund from Penang Development Corp within a month

Felda chairman defends Encorp acquisition of land parcel in Bukit Katil, Malacca

Grand-Flo eyes higher revenue from property division for FY16

Glomac’s Q4 profit down 26%

Hap Seng plans mixed development in Kuala Selangor

Malaysia Smelting Corp pays RM50 million for leasehold land in Pulau Indah

AFRICA

Aviation

Wreckage of EgyptAir MS804 found

Islamic finance

Algeria to launch Islamic financial services in move to diversify economy away from O&G

ASIA

Aviation

India makes it easier for new airlines to fly overseas; change is a boost for Vistara and AirAsia India

Entertainment

Long-awaited Shanghai Disney Resort opens today

Islamic finance

Sukuk market ripe for quality issuers such as Hong Kong government

AUSTRALIA

Gaming

Crown Resorts to spin off troubled Macau investment

Investors cheer plans to split company along geographic lines

Oil and gas

Exxon Mobil, BHP Billiton may sell depleting energy assets

EUROPE

Insurance

Munich Re divesting Great Lakes Australia

Retail

Zara owner Inditex reports better-than-expected quarterly profits, outpaces rival H&M

SINGAPORE

Aviation

Singapore Airlines resumes non-stop flights to US in October

Corporate governance

SingPost introduces new code and policies for directors

Food and beverage

Fraser and Neave expands vending network, increases brand visibility with Warburg acquisition

Property

Isetan sells Tai Wah Building for S$10 million

UK

Employment

Unfairly dismissed liver surgeon in line for five-figure payout

Retail

South Africa’s Steinhoff acquires 23% of no-frills homeware chain, Poundland

US

Entertainment

Club shooting, alligator attack in Florida cast pall over Walt Disney’s victory lap

Resort could still be liable in spite of protections, if flat-out negligent

Health

Confectioner Mars, concerned with sugar overload, may pull M&Ms from McDonald’s McFlurry

Real estate

Six-bedroom home with expansive ocean views on the market for US$13 million

Wednesday
Jun152016

15 June 2016, Wednesday

Autos

Proton launches fourth-generation Perdana

‘Excessive meddling’ contributed to company’s troubles

RM1.5 billion loan not blank cheque; company ‘must prove itself’, strengthen export markets

Senior executive says debt levels are manageable

Aviation

28 civil suits filed over disappearance of MH370

Banks

RHB demands repayment of RM118 million debt from Malaysia Pacific Corp

Bank chairman now also chairman of RHBCap

Capital markets

Substantial shareholder of M3 Technologies sells off stake

Construction

Industry leaders appointed to 23 committees under CITP

Infrastructure

Consortium Zenith BUCG yet to receive RM100 million for feasibility studies

Plantations

Felda Global Ventures terminates MoU with Newlight Technologies and Innogas Technologies

Property

I-Bhd in talks over land deal for next phase of development

S P Setia’s largest shareholder Permodalan Nasional likely to be largest beneficiary of cash call

New Bob’s River Tropics eyeing Singapore BCA Gold certification

Shipping

Westports won’t lose biggest customer overnight

Telecommunications

LTE subscription seen to hit 61% by 2021

ASIA

Banks

Deutsche Bank’s CEO for Asia vacating post next month

StanChart may start onshore private bank in China

Corporate governance

More of Lotte’s deals under threat of collapsing

Investment banks had been hoping for fee bonanza from deals

Raids draw attention to powerful, opaque and poorly governed ‘chaebols’

Investment

Myanmar poised for foreign investment takeoff

Property

Sony Building in Tokyo’s Ginza shopping district to make way for 2020 Olympics park

AUSTRALIA

Franchising

How franchisors can prevent rival from poaching good franchisees

Decision

Islamic capital markets

Withholding tax on interest received from asset-backed securities may be scrapped

CANADA

Employment

Dismissed GM and employer had fixed-term contract even though no formal written agreement

Decision

Litigation

Duty of good faith in contracting is about process, not outcome

EUROPE

Competition

US hotel chain Marriott on track to win unconditional approval for Starwood buy

Sport

Russia gets suspended ban, could still be thrown out of Euro 2016 if there is repeat of crowd trouble

Tennis star lodges appeal against two-year doping ban

Technology

Finland struggling to fill vacancies for software developers

GLOBAL

Insurance

Insurers need ‘dramatic measures’ to reinvent business models

KPMG report

Islamic finance

ITFC strengthening global network of offices

SINGAPORE

Graft

Keppel, SembMarine embroiled in scandal engulfing Brazil’s Petrobras

Insurance

DPM sees wealth of opportunity in Asia for insurers

Real estate

CapitaLand sets up venture fund to invest up to S$100 million in global tech sector start-ups

Seventh floor unit at Wing Tai’s freehold Le Nouvel Ardmore condo sold for S$21 million

Shipping

CMA CGM and PSA Singapore Terminals forming JV

Neptune Orient Lines chairman, CEO replaced

Sport

Australia’s Rip Curl taps into Singapore’s board-riding culture

UK

Arbitration

London court asked to arbitrate in IPIC’s US$6.5 billion dispute with Malaysia’s 1MDB

Biotechnology

Possible Ziarco Pharma sale would represent rare deal for Europe’s biotech industry

US

Banks

Morgan Stanley targeting US$4 billion or more in FICC revenue annually

Technology

Appeals court backs net neutrality rules in 2-1 decision

Twitter invests US$70 million in former acquisition target, SoundCloud