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Daily News

 

Monday
Jun132016

13 June 2016, Monday

Autos

DNC Asiatic may set up Demak plant in Sri Lanka

Banks

Changing landscape sets stage for another round of M&A

Banks beefing up bancassurance portfolios

Capital markets

Loss-making Reliance Pacific has new substantial shareholder

Construction

High levels of project awards seen to further drive sector’s growth

Scomi Engineering demands RM356 million from Prasarana Malaysia under s 5 CIPAA

Earnings

BFood’s Q4 profit halved

Infrastructure

South Korean consortium roping in Malaysian partners to jointly bid for KL-Singapore HSR project

Legal services

Entry of Hong Kong-based Dragon Law under Bar Council scrutiny

Legislation

Malaysia may emulate UK in changing laws on sexual abuse

Manufacturing

Choo Bee Metal to benefit from decision to knock down trade barrier for imported hot rolled coil

Media

Astro gaining traction in becoming producer of choice among Asean players

Oil and gas

First oil production from Malikai in 2017

Personal finance

Signature-based system for credit, debit cards to be replaced with PIN verification

Property

Furniture maker Len Cheong ventures into property development

Foreigners snapping up scarce units of pre-war shophouses in George Town

Hektar REIT acquires 1Segamat Shopping Centre for RM104 million

I-Bhd expanding land bank for next phase of development

Benetton Properties launching final block of Irama Wangsa this Wednesday

Yong Tai bringing live big-scale stage performance to Malaysia

ASIA

Banks

Banks under pressure to either downsize Asian equity desks or exit parts of business altogether

Capital markets

South Korea’s Lotte shelving what may have been world’s biggest IPO

Islamic finance

Philippines looking at raising debt via Sukuk and yuan borrowings to diversify debt profile

AUSTRALIA

Environment

A$1 billion fund to protect Great Barrier Reef

Property

Melbourne’s King Street, long associated with drunken violence and sleaze, faces dramatic overhaul

EUROPE

Insurance

Zurich Insurance undergoing cost-cutting and efficiency drive

Sport

UEFA threatens to expel England and Russia from Euro 2016

SINGAPORE

Arbitration

Lion City is Asia’s No 1 go-to arbitration hub for fifth year running

Civil procedure

Substituted service via Facebook, Skype possible on defendants who cannot be reached in person

Trade

US Congress should not modify Trans-Pacific Partnership Agreement

UK

Banks

StanChart cracking down after ‘recent transgressions’, beefing up internal investigation team

Capital markets

Bain Capital exploring £2 billion float of TI Automotive, founded as Tube Investments in 1919

US

Finance

Goldman Sachs draws scrutiny from New York’s DFS over fundraising for Malaysia’s 1MDB

Technology

Symantec preparing to acquire Blue Coat Systems for US$4.7 billion in cash

Ambitious LeEco makes big inroads on push into Silicon Valley

Friday
Jun102016

10 June 2016, Friday

Autos

Mercedes-Benz bringing in seven new models

Proton has five years to improve financials

Aviation

Suspended Rayani Air possibly grounded for good

Capital markets

Top Glove exploring sale of S$20 million worth of shares on Singapore Exchange

‘Green Lane Policy’ extended

Commodities

Borneo Oil’s diversification into gold mining pays off

Companies

Maybank, Tenaga Nasional in top 500 on Forbes’ Global 2000 list of biggest public companies

Full list

Earnings

DNeX’s profit and revenue could double by 2017

Health

National Cancer Society supports plain cigarette packaging

Focus should be on controlling widespread illegal cigarettes

Infrastructure

Cabinet, DBKL approve Kg Baru Link

Legislation

National Security Council Act 2016 should not have been gazetted without addressing issues

Challenge to constitutionality of Act would face insuperable burden

Mergers and acquisitions

Mister Donut operator acquiring doughnut chain Big Apple to expand in SE Asia

Property

Bukit Antarabangsa among 13 areas in Selangor with condos below RM500k in sub-sale market

EcoWorld, Cascara to develop freehold 533.92-acre luxury township next to Setia Alam

LBS Bina plans more launches for landed properties next year

Magna City Shah Alam plans residential development in Selangor

TA Global has come a long way

Technology

Axiata adds India’s StoreKing to portfolio of businesses

Tort

Public officials should be precluded from suing media for defamation in official capacity

Court rejects PM’s application to halt proceedings in defamation lawsuit against Harakahdaily

ASIA

Capital markets

Hotel Lotte IPO, billed as world’s biggest this year, in doubt

Management

Former Nomura CFO appointed Schroders’ president and country head of Japan

Real estate

Low-profile tycoon buys 9,200 sq ft house on The Peak for record HK$2 billion

Purchase renews concerns over long-lasting loophole in law

AUSTRALIA

Aviation

Officials checking washed up debris to see if from missing MH370

China’s Nanshan will buy 20% of Virgin Australia from Air New Zealand

Employment

Real estate giant Colliers may have to pay out A$750k if it loses sexual harassment lawsuit

EUROPE

Capital markets

Dong Energy IPO puts an end to years of hand wringing

‘Outrage’ in Denmark over windfall IPO will give Goldman Sachs

Competition

France blocks distribution rights deal between Vivendi’s Canal Plus and beIN Sports

SINGAPORE

Banks

BSI probe set to add one more piece of puzzle into what happened to 1MDB’s missing billions

Capital markets

New licensing rule will have significant impact on lending-based crowdfunding platforms

Hard to say whether new regulatory regime will be crowd puller

Gaming

Resorts World Sentosa trims casino headcount

Real estate

Mapletree invests in Ho Chi Minh City’s CBD

Sentosa Cove might be better fit for owner-occupiers and tenants than investors

Marble miner Terratech to buy Malaysia’s Capital City Property in RTO deal

Interest in lacklustre office property market perks up

Investors taking long-term view on city-state

Technology

IBM launches world’s first Watson Centre

Tort

Jobless motorist 80% responsible for collision that caused S$20k damage to Porsche Panamera

UK

Banks

Court of Appeal clarifies legal principles that apply to bankers’ references

Oil and gas

UK industry on track to shed 120,000 jobs by end-2016

US

Graft

Admiral pleads guilty to lying about ties to Singapore-based defence contractor, ‘Fat Leonard’

Technology

Google co-founder backing two start-ups working on flying cars

VC pioneer and Google financier dies following long illness

Thursday
Jun092016

9 June 2016, Thursday

Auditing

Baker Tilly Monteiro Heng quits as auditor of Scan Associates

Aviation

AirAsia promoting klia2 as Asian low-cost hub

AirAsia puts Ryanair and Southwest to shame

Capital markets

Five new constituents for FTSE4Good index

Construction

Steady outlook for local sector

Energy

Trive Property collaborating with Chinese firm on solar-related products

Healthcare

IHH’s Parkway Pantai to build 450-bed hospital in Shanghai via 70:30 JV

Legislation

Controversial National Security Council Act passed into law, but did not obtain express royal assent

Property

British American Tobacco disposing of factories, leasehold land for RM218 million cash

EcoWorld, Penang Development rescind letter of award for proposed Batu Kawan project

Hua Yang’s D’ecolake awarded certificate of completion and compliance

Retail

Retailers had expected sales to shrink, but not a dip this huge

Trade

Putrajaya working hard to ratify Trans Pacific Partnership Agreement

Utilities

Salcon Engineering clinches construction projects worth RM232 million

ASIA

Autos

Suzuki CEO stepping down but staying on as chairman

Beverages

Vietnam next key driver for Heineken’s growing APAC business

Mergers and acquisitions

AB InBev’s acquisition of SABMiller nearing Chinese approval

AUSTRALIA

Employment

Former assistant to Colliers CFO sues for sexual harassment

Tax

Oxfam calls for strengthening of multinational tax avoidance laws

EUROPE

Banks

Germany’s Commerzbank may store cash in vaults instead of parking it with European Central Bank

Intellectual property

Chocolate maker Mars told to stop selling M&Ms in Sweden

Sport

Russian tennis star’s career in tatters following two-year ITF ban

SINGAPORE

Finance

Proceeds of US$3 billion bond sale by troubled 1MDB didn’t pass through any Singapore bank

Real estate

A-REIT divesting logistics centre in China

Tuan Sing-Habitat JV to develop Batam site into integrated mixed development township

Wealth management

Singapore banks have to step up their game, and also pay heavily in order to make headway

UK

Accountancy

Deloitte investigated over audits of Serco

Real estate

Developers delaying new luxury-home projects in London

Even investors in Asia getting skittish

US

Banks

Morgan Stanley settles Securities and Exchange Commission charges for US$1 million

Real estate

Six-bedroom, eight-bath house an hour’s drive from Manhattan available for US$16 million

Wednesday
Jun082016

8 June 2016, Wednesday

Administrative law

EKVE developer can intervene in lawsuit to challenge decision to close Ampang Forest Park

Aviation

Malaysia Airlines should not unwind turnaround strategy

Capital markets

Don’t fall for get-rich-quick schemes promoted under guise of bond investments

SC statement

AmBank chairman no longer substantial shareholder in ECM Libra

Child protection

Authorities face increasing pressure to explain handling of convicted paedophile’s case

Energy

Ire-Tex Packaging venturing into solar energy

Environment

IOI made RSPO ‘scapegoat’; company feels punishment too severe

Call to all industries also to clean their operation and supply chain from deforestation

Insolvency

MMC’s Kontena Nasional contesting winding-up petition

Investment

1MDB reiterates strong liquidity position

Lembaga Tabung Haji could dispose of more assets to shore up profits

Property

Penang could see acceleration in high-rise developments next year

No sign yet things will improve in H2

Retail

Kim Teck Cheong subsidiary inks distributorship agreement with Anakku

Shipping

Sumatec Resources could lose up to US$13 million as guarantor for former subsidiary

Sport

Badminton ace on right track for Rio 2016 but still needs work on tactics, physical training

Telecommunications

Maxis in for challenging Q2

Responding to online revolution

Telenor CEO discusses challenges and opportunities in Asia

ASIA

Construction

Disputes in region still about 45% higher than global average

Technology

Scarce tech talent a huge drag on Indonesian sector

Dearth of HK unicorns stems partly from cultural norm that favours stable jobs

AUSTRALIA

Financial markets

National Australia Bank third of big four banks to be accused of rigging local equivalent of Libor

Retail

IKEA Australia testing online retail store by end-2016

EUROPE

Aviation

Dutch report details painstaking forensic process of piecing together clues to MH17 tragedy

‘Explosive papers’ seized in raid on private eye’s home

Employment

Rogue trader who almost bankrupted SocGén wins €400k payout

GLOBAL

Economy

World Bank downgrades growth forecast

Technology

Pace of sovereign investment in tech ventures picking up

Wealth

Asia-Pacific set to pass western Europe as second-richest region

SINGAPORE

Competition

Competition Commission seeks feedback on proposed changes to guidelines on financial penalties

Real estate

Frasers Centrepoint, Vietnam-listed JV partner building Ho Chi Minh City project

Tourism

Underwater World Singapore closing after 25 years

UK

Construction

What needs to be considered for someone to be classified as self-employed, worker or employee

Employment Appeal Tribunal decision

Oil and gas

Shell to scale down investment, exit up to 10 countries in cost-cutting drive

Company doing all that’s necessary to live within its means

Privacy

Investigatory Powers Bill passed

Real estate

Analysts warn of impending free fall in London property market

Retail

United Biscuits eyes London listing in 2020

Godiva seeking to open 190 stores in mainland China by end-2019

US

Insurance

PE firm Blackstone in advanced talks to acquire brokerage Acrisure

Real estate

BentleyForbes, which once owned Atlanta’s tallest skyscraper, on verge of vanishing

Retail

Ralph Lauren revamping operations to bolster sagging earnings

Rescue possible, but won’t be fast

Technology

Verizon plans second-round US$3 billion bid for Yahoo’s core internet business

Boutique investment bank helping sell 3,000 patents

Tuesday
Jun072016

7 June 2016, Tuesday

Airlines

RM3 billion from Khazanah Nasional adequate to see through Malaysia Airlines’ turnaround plan

Arbitration

Sime Darby dispute relating to O&G platform project in India referred to arbitration

Autos

Minister of Finance Inc pumping RM1 billion into Proton

Construction

KUB exits engineering and construction sector

Management

Announcement on new Lembaga Tabung Haji CEO next month

Maybank appoints new group CFO effective from July

Maybank Indonesia's rating reflects high likelihood of timely support from higher-rated parent

Media

Former New Straits Times editor raises questions about scandal-hit 1MDB

Plantations

Better quarters ahead for sector

IOI withdraws challenge proceeding against suspension of certifications by RSPO

Property

Mammoth Empire ready to divest Empire Shopping Gallery if there’s concrete offer

Global Oriental unit acquiring 113.2ha in Pahang to expand property development segment

Muhibbah Engineering to develop RM2 billion maritime hub in Kuantan

Penang-based Ideal Property lining up RM2.7 billion worth of condo projects

16 years’ jail, 30 strokes of the cane for dishonest agent

Telecommunications

Former Maxis head of planning and strategy is REDtone CFO

ASIA

Autos

Hyundai’s new G80 mid-sized sedan goes on sale in South Korea next month

Mergers and acquisitions

Chinese buyers likely to hold back in run-up to US presidential election

CANADA

Insolvency

Corporate dissolution necessary when business relationship turns sour

Real estate

Four Seasons Toronto for sale

KingSett Capital set to acquire half of nation’s second-tallest office building

EUROPE

Banks

Rothschild buying Compagnie Financiere Martin Maurel for €240 million

First time Rothschild has made an acquisition in France outside Paris

Sport

China’s Suning takes controlling stake in iconic Italian football club Inter Milan

SINGAPORE

Insurance

Great Eastern’s Vietnam business sold for S$48 million

Intellectual property

IPOS approves first loan application using IP as collateral

UK

Accountancy

KPMG’s work for fashion brand Ted Baker under scrutiny

Banks

HSBC details new structure for IB unit

US

Banks

Officials looking into US$3 billion Goldman Sachs raised for 1MDB

Focus is on whether bank failed to comply with Bank Secrecy Act

Oil and gas

Devon Energy selling assets in Texas for US$1 billion

Real estate

Playboy mansion sold to next-door neighbour, who hopes to eventually connect both properties

Zillow and News Corp-owned Move settle legal stoush stemming from hiring of executives