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Daily News

 

Friday
Apr152016

15 April 2016, Friday

Administrative law

Mkini Dotcom, editors fail in bid to replace judge assigned to hear PM’s libel suit

Autos

Mercedes-Benz has best ever Q1, maintains lead in country’s premium auto segment

Brand’s 10 best from last 130 years

Perodua’s Q1 car sales down 17%

Aviation

Airlines join forces to form Association of Malaysian Air Carriers

Capital markets

Golden Plus will be delisted Tuesday; 10 directors fined a total of RM3 million

Former chairman of Masterskill Education buys into CLIQ Energy

Energy

China General Nuclear Power outlines plans

Financial services

Sultan proposes ‘Bank of Johor’

Gaming

Illegal 4D hurting profits of legitimate companies, government’s tax revenue

Graft

US$681 million deposit in PM’s bank account ‘genuine donation’ from Saudi Arabia

Insurance

IHH Healthcare disposes of 90% stake in Singapore-based Shenton Insurance

Investment

Malaysia among Asia Pacific’s top 10 FDI hotspots

Islamic finance

Bank Islam introduces TAP-i, country’s first on-the-go payment of income tax via cellphones

Mergers and acquisitions

Kian Joo-Aspire Insight deal called off by mutual agreement

Oil and gas

LNG producers Petronas, Shell and Total scrambling to create demand

Petronas Chemicals slashes investment in Rapid project by one-third

Property

CMMT’s higher net property income attributed to Tropicana assets

SP Setia plans high-end residential project for fourth piece of land in Melbourne

Johor-based Astaka confident things will improve next year

Victims of some abandoned projects seeing some glimmer of hope

Takaful

Green light for MNRB to carry on general, family reTakaful business

Transport

Centralised Ticketing System did not contravene SPAD Act 2010

ASIA

Competition

Hong Kong’s new Competition Commission expected to begin first attacks soon

Media

Japan’s Nikkei says may take two decades to judge investment in Financial Times

Mergers and acquisitions

LafargeHolcim merger delayed in India

AUSTRALIA

Property

Small, picturesque Tasmanian village with cattle and lake can be yours for A$13 million

Science

Scientists claim to have developed world’s first WHO-approved ‘gluten-free’ barley

EUROPE

Consumer goods

Nestlé confirms full-year outlook

Unilever’s Q1 sales growth in line with estimates

Energy

General Electric positioning itself in Germany’s expanding offshore wind sector

SINGAPORE

Mergers and acquisitions

Companies using M&A as quick way to ramp up overseas presence and address capability gaps

Property

Seven Palms Sentosa Cove apartment sold for S$16 million

UK

Banks

Royal Bank of Scotland cutting NatWest network, axing 600 jobs

Luxury goods

Burberry among biggest decliners on FTSE 100, warns of lower profit in year ahead

Oil and gas

BP shareholders rebel against CEO’s pay package

Not yet beginning of the end for boardroom greed

‘Consequential loss’ clause prevents claim for ‘spread costs’ from being brought against contractor

US

Autos

BMW recalls new flagship 7-series luxury limousine

Banks

Bank of America’s Q1 profit hurt by weak performance in trading unit

Media

Slowing growth in home market casts doubt on Netflix’s plan for world domination

Real estate

Planned 7,000 sq ft duplex penthouse could be Chicago’s most expensive residential real estate

Miami slowdown becoming meltdown

Six years of record-shattering price growth for commercial real estate hitting a wall

Tax

Oxfam claims Apple, Walmart and General Electric have stashed US$1.4 trillion in tax havens

Technology

Apple explores changes to App Store

Lyft successfully luring customers, drivers in costly land grab with bigger rival Uber

Microsoft goes on the offence against Justice Department

Newest front in battle over how much private businesses should assist government surveillance

Thursday
Apr142016

14 April 2016, Thursday

Autos

Minister defends RM1.5 billion soft loan to Proton

Aviation

Weststar will consider listing helicopter transport arm if market conditions improve

Capital markets

Securities Commission announces regulatory framework for peer-to-peer financing

Dancomech eyeing listing

Top Glove plans June listing in Singapore

Construction

Vinci-Muhibbah JV secures RM88 million contract in Cambodia

Earnings

Glove maker Kossan Rubber expects double-digit growth, ramping up production capacity

Employment

High Court to hear CEO’s bid to prevent suspension

Energy

Tenaga Nasional completes Turkish stake buy

Graft

Troubled Malaysian state fund could be victim of fraud

Timing of dispute a gambit to renegotiate debt-for-assets swap deal

PM’s signature does not necessarily mean he has knowledge of 1MDB matters

Lawsuit against Wall Street Journal ‘futile’ now

Insurance

CIMB could earn US$200 million under proposed deal to distribute Sompo Japan products

Islamic finance

Aeon looking to raise up to RM1 billion in Islamic securities

Oil and gas

Oil majors adopting ‘wait-and-see’ stance on investment

SapuraKencana Petroleum expects difficult operating environment

Sona raises proposed capital repayment

Real estate

Employees Provident Fund shopping for more assets in Europe

KLCCP Stapled expects 1%-2% revenue increase in FY16

New tenants sought for Menara Exxonmobil

Kampung Baru redevelopment project attracts more proposals

Malaysia Property, having accomplished objective, ceases operations

MQREIT sees no significant impact from office space oversupply

Selangor studying new guidelines for serviced apartments

Technology

MOL Global’s bumpy Nasdaq journey ends

Telecommunications

Axiata could list edotco in 12 to 18 months

Packet One Networks now known as ‘Webe’

ASIA

Food and beverage

Morgan Stanley to run McDonald’s sale of restaurants in China, Hong Kong and South Korea

Islamic finance

Aberdeen Asset Management’s first Shariah equity fund focusing on India, Australia and Japan

CANADA

Oil and gas

Petronas unit slashes capex

Wealth

Canada top destination for China’s 1 percenters

134% jump in inquiries for homes

EUROPE

Accountancy

PwC saves four former employees from jail

Insurance

Legal & General, Swiss Re weighing bids for Deutsche Bank’s Abbey Life

SINGAPORE

Airlines

Singapore Airlines has hard decision to make

Economy

Monetary Authority of Singapore surprises markets by easing currency policy

Entertainment

KidZania opens first play-and-learn facility; new outlet is its 23rd in the world, fifth in SE Asia

UK

Capital markets

Financial Conduct Authority suggests prospectus be available earlier in IPO process

Insurance

When non-disclosure is ‘deliberate or fraudulent’

Mergers and acquisitions

McCormick loses appetite for Premier Foods

Retail

Tesco back in the black

Great news not only for company itself, but also for other struggling supermarkets

High street stationer WH Smith toasts bumper sales of extreme dot-to-dot and ‘querkles’

US

Bankruptcy

Peabody Energy latest miner to buckle under weight of commodities price collapse

Banks

JPMorgan Chase beats Wall Street estimates; first US bank to report results

Macquarie shedding investment banking staff

Retail

Gap appoints new leader for Old Navy chain

Tax

Parts maker Delphi wins long-running dispute with Internal Revenue Service

Wednesday
Apr132016

13 April 2016, Wednesday

Aviation

Vietjet to launch KL-Ho Chi Minh City route in June

Airfares not likely to increase

Capital markets

Berjaya Corp disposing of equity interest in Berjaya Auto

Petronas Lubricants aims to double business in Europe, does not rule out IPO

Former minister’s wife and son now substantial shareholders in Reliance Pacific

Earnings

Guinness Anchor profit climbs 29%, cautious about raising prices

Energy

Eden exits Pakistan after finding project not viable

China General Nuclear Power setting up regional HQ here

Graft

Swiss request Luxembourg, Singapore assistance on 1MDB

Money trail will leave parts of Wall Street red-faced

Islamic finance

Bank Muamalat listing is one alternative for shareholders

Bank aims to sell 320kg of Muamalat Gold-i for FY17

Legal profession

Bar Council should be beholden to no one but its own members

Oil and gas

Reach Energy contemplating fundraising for QA

Property

EcoWorld confident of achieving RM4 billion sales target

GuocoLand’s Q3 profit up 15%

Mah Sing confident of meeting target despite scaling back on launches

ASIA

Capital markets

Singapore-listed Sino Grandness taking beverage unit public in Hong Kong

Technology

Alibaba expands e-commerce footprint with US$1 billion deal for control of Lazada

Vietnam start-ups emerging as force to be reckoned with

AUSTRALIA

Aviation

Malaysia Airlines sued for not doing enough about MH370

Oil and gas

Bright future for industry despite decade-low prices

Tax

Australian Taxation Office wins case against CEO

EUROPE

Competition

Decision on Halliburton’s takeover of Baker Hughes by August

European Commission to decide on AB InBev-SABMiller deal by May

Oil and gas

Shell could sell older North Sea assets, plays down chances of selling refinery in Singapore

Tax

European Commission proposes new measures to counter tax avoidance

True test whether latest proposals will end toxic tax behaviour now

Tax investigators in Paris to launch unprecedented inquiry following ‘Panama Papers’

SINGAPORE

Capital markets

Blunder in OSIM founder’s takeover bid leaves bad taste in investors’ mouths

Securities Industry Council asked to investigate trading fiasco

Earnings

Singapore Press Holdings’ Q2 earnings decline

Graft

Swiss national suing owner of Malaysia’s The Edge media group, two others for damages

Insurance

CEO of Tokio Marine stepping down in May

Technology

Regulation of fintech companies only when they pose risks

Transport

Uber, GrabCar drivers must be licensed from next year

UK

Real estate

Millbank Tower complex near Palace of Westminster to be turned into luxury apartments

Investor interest in rental property dampened by new tax changes

Retail

ASOS meets forecasts, on track to hit sales and margin goals

US

Banks

Goldman Sachs settles claims it misled mortgage bond investors during financial crisis

Shareholders picking up the tab for its misconduct

Media

Al Jazeera America signs off for good after three-hour farewell broadcast

Look back at network

Real estate

Asbury Park residents hope new hotel will help seaside town recapture glory days

Technology

Facebook launches chatbots

Deep freeze in tech IPO market finally melting

Tuesday
Apr122016

12 April 2016, Tuesday

Aviation

Department of Civil Aviation in further talks on proposed fee hike with airline operators

Troubled Rayani Air grounded for three months

DCA should be queried

Real reason behind Rayani's very, very short flight time

Banks

Hotelier and two others acquire indirect 14.8% stake in Alliance Financial

Construction

Segment expected to grow 8%-10%, driven by government infrastructure projects

Economy

Growth forecast downgraded

Employment

Former V-P dismissed on grounds contract had expired awarded RM543k

Graft

Mystery over British Virgin Islands-registered entity deepens as IPIC, Aabar Investments deny links

Transcripts highlight PM’s involvement in decisions on questionable transactions

Snapshot of probes related to 1MDB

Investment

Linde subsidiary invests RM33 million in Tanjung Kidurong

Islamic finance

AmBank Islamic focused on developing asset quality

Legal profession

26th Inter-Pacific Bar Association meeting kicks off tomorrow

LHAG partners speaking at IPBA conference

Real estate

Tun Razak Exchange, Bandar Malaysia projects ‘real legacy’ of 1MDB

Far East Hospitality launching first hotel under Oasia brand outside of Singapore

LBS Bina makes unconditional mandatory takeover offer for ML Global

Strong investor appetite for M-REITs

Sime Darby Property MD confident of achieving full-year target

Retail

Japan’s FamilyMart opening by end-2016, plans 300 stores here over five years

Telecommunications

Axiata completes acquisition of 80% stake in Nepal’s top mobile telecoms network operator

Tort

Assemblyman’s remarks on illegal hill clearing by landowner did not contain defamatory meaning

Transport

Uber, GrabCar drivers increasingly fear for their safety

MoU for KL-Singapore HSR by June

ASIA

Capital markets

Nomura shutting down European equity operations

Oil and gas

Pertamina looks for projects in Iraq, Saudi Arabia and Russia

Tax

Indonesia cutting corporate tax rate from 25% to 20%

Technology

South Korea’s LG expects best quarter in two years

AUSTRALIA

Consumer law

Foreign corporation could not side-step consumer protection provisions

Decision

Currency

New A$5 bill in circulation from September

EUROPE

Luxury goods

Prada hit by China slowdown, crackdown on extravagant gifts; LVMH’s Q1 sales below forecasts

Mergers and acquisitions

Opposition growing to Deutsche Borse’s planned merger with London Stock Exchange

Privacy

Legality of Britain’s surveillance laws under scrutiny

SINGAPORE

Family law

Muslim couple’s divorce shows up lacuna between Syariah and civil law

Insolvency

Co-founder of Hour Glass applies to set aside ANZ’s summary judgment

Oil and gas

Marine, offshore engineering companies turn to cruise ships, fishing vessels to keep earnings afloat

Property

Sequoia Capital-backed Houzz aiming to capture slice of S$10 billion local remodelling market

Technology

Asia seeing surge in interest in high-res audio

UK

Competition

Competition and Markets Authority has ‘serious concerns’ about £10 billion Three-O2 merger

Insurance

Rothesay Life reports 42% jump in profit, to buy £6 billion of annuities from Aegon UK

Retail

Tesco draws up plans for clearout of loss-making businesses

US

Real estate

Manhattan builder Extell retreating from original plan for One57 tower

Tax

Proposed changes could force foreign firms to adopt more conservative US tax-planning strategies

Monday
Apr112016

11 April 2016, Monday

Airlines

Rayani Air promises to address weaknesses, comeback

Autos

Special task force to monitor Proton’s transformation plan

Capital markets

Two new directors at Securities Commission Malaysia

Constitutional law

Syarie lawyer explains landmark Federal Court decision that only Muslims can practise Shariah law

Earnings

Forex volatility unlikely to significantly affect Classic Scenic’s financial performance this year

Engtex expects better results

Investment

Implications of PAC report on former 1MDB CEO

Jho Low introduced PetroSaudi CEO

Medical equipment

Malaysia expects more growth in medical devices sector

Boston Scientific’s new plant in Penang operational next year

Negligence

Lawyer successfully sues gynaecologist for RM165,375 in damages

Oil and gas

Chairman of Cekap Technical Services yearns to get project management firm listed

CLIQ Energy files judicial review application to prevent company from being liquidated

Sona Petroleum all out to convince shareholders to vote for QA

Retail

Asia Brands’ fortunes unlikely to turn around soon

Parkson confident new mall in China will attract strong retail interest

Telecommunications

Free upgrades for MaxisONE plan customers

Tort

RM1 billion libel suit against former tourism minister struck out

ASIA

Banks

StanChart selling US$4 billion of assets in Asia

Insurance

Singaporean PE firm wants Tokyo review of price Nippon Life paid for Mitsui Life stake

Real estate

Godrej Properties among select group of large developers weathering downturn in India

Technology

Asia-Pacific’s private banks cautiously taking note of fintech start-ups

AUSTRALIA

Banks

Australian lenders no longer exemplar of success

ANZ weighing sale of AmBank stake, wants to lower 20% stake in Chinese lender

Gaming

Gambler fails to shake off  A$620k debt to Resorts World Sentosa

SINGAPORE

Property

CityDev names deputy CEO, new CFO

Shipping

PACC, Makamin Offshore spat set to heat up

UK

Architecture

London skyline could include first timber skyscraper, The Toothpick

Real estate

Singapore Warehouse Company owns half of freehold Clerkenwell property

Tax

UK to make companies criminally liable if employees aid tax evasion

US

Banks

Analysts expect poor Q1 results, forecast 20% decline in earnings from six biggest banks

Fine print in Q1 results, and what bosses say, could help stocks bounce back

Capital markets

MGM Growth Properties targeting US$1 billion in largest IPO so far this year

Technology

Parent company of UK’s Daily Mail in talks about possible bid for Yahoo! Inc

BMW to go toe to toe with Uber; starting ReachNow in Seattle before expanding to other US cities