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Daily News

 

Wednesday
Oct152014

15 October 2014, Wednesday

Aviation

AirAsia X could defer delivery of Airbus A350s if European economies don’t improve by 2018

Malaysian Airline System seen to cut as much as 25% of capacity next year

Fifteen families of MH17 victims accept airline’s initial compensation payment of US$50k

Banks

Mega merger may spur further consolidation in Malaysian banking sector

RHBCap will gain substantially from exercise

Dispute resolution

Kamdar subsidiary sues trio to recover RM8.7 million

Earnings

Atlan’s Q2 profit up 123% on strong performance of business divisions

GuocoLand Malaysia’s Q1 profit down

Top Glove’s profit down amid intense competition in nitrile glove segment

Energy

2,000MW power plant project in Melaka awarded to 1MDB

Investment

Private sector expected to fund 90% of investment for high-impact projects

Management

Injection of three senior managers first step in Proton’s transformation exercise

Oil and gas

AmResearch downgrades sector

Borneo Oil’s venture into gold mining could backfire

Property

23 Bumiputera developers picked as Kwasa Land’s potential partners for township

Tax

Questions over whether zero-rated and exempted lists too long to manage

Transport

Construction of proposed Bandar Utama-Klang LRT3 should begin by end-2015

ASIA

Healthcare

Malaysia’s IHH, KPJ see good potential in Vietnam

Islamic finance

Japan International Cooperation Agency, ICD to develop Sukuk-focused money markets

State Bank of Pakistan study shows latent demand for products but many obstacles

Real estate

India’s DLF barred from capital markets for three years

Tobacco

Indonesia joins fight against Australia’s plain-packaging laws

AUSTRALIA

Capital markets

Pacific Equity hoping to convince investors only way is up for Australian cinemas

Property

Sale of UGL’s DTZ unit should close in early November

EUROPE

Oil and gas

Sweden’s Lundin Petroleum makes big oil find

Tax

Ireland phasing out loophole used by tech companies to reduce bills

Tobacco

WTO ruling on legal challenge to Australia’s landmark tobacco packaging laws only in 2016

NEW ZEALAND

Capital markets

First judgment dealing with compensation claim alleging misleading statements in securities offer document

Insurance

Zurich NZ to pay just NZ$6 million on quake-hit complex following SC decision

SINGAPORE

Capital markets

Eyecare services provider ISEC seeking to raise US$19.6 million

Insurance

Morgan Stanley tasked with finding DBS new partner

Real estate

Proposed single-tier leverage cap of 45% could raise risks to S-REIT sector

Slumping property prices among biggest risks for economy

UK

Construction

Beleaguered Balfour Beatty raids defence research firm Qinetiq for next boss

How court can be reluctant to fill contractual hole when counterparty in weak financial position

Property

Royal Mail’s former central London sorting office sold to Hotel Properties for £111 million

US

Antitrust

South Korea-based Asiana Airlines to pay US$55 million

Banks

Citigroup pulling out of consumer banking in 11 markets

Intellectual property

Iconic shoemaker Converse sues 31 companies for copying design of trademarked Chuck Taylors

Management

Darden, HP shake-ups symbolise end to war of aggression between corporate America and shareholders

Technology

Hewlett-Packard, EMC end merger talks

Tuesday
Oct142014

14 October 2014, Tuesday

Arbitration

Tribunal rules in favour of Measat in dispute with AV Asia

Autos

First electric vehicle could be unveiled by 2017

Capital markets

Red October for equities

Civil procedure

Mareva injunction granted over collapse of shares in Asiasons, LionGold and Blumont

Commodities

Rubberised roads from June 2015

Competition

School bus operators warned not to fix fare structures collectively

Islamic finance

Tax breaks on Sukuk structures acceptable to MidEast investors extended

Mergers and acquisitions

Goldis’ bid to take over IGB ‘not fair’ and ‘not reasonable’

Oil and gas

Petronas buys Statoil’s remaining 15.5% stake in Azeri gas project for US$2 billion

Property

Nearly 80% of Aquaint Danga Residensi snapped up at weekend launch

MRCB secures contract for construction of 30-storey building in Johor

Profit Consortium interested in reviving Plaza Rakyat project

Tax

GST lists unveiled

Goods and Services Tax (Relief) Order 2014

Goods and Services Tax (Zero-Rated Supply) Order 2014

Goods and Services Tax (Exempt Supply) Order 2014

New consumption tax raises questions

Telecommunications

Telcos can pass on existing 6% prepaid service tax to subscribers

Transport

Tender for work packages in KL-Singapore HSR link out in Q4 2015

ASIA

Aviation

Indonesia’s Garuda places order for 50 Boeing jets

Entertainment

NBCUniversal unit building US$3 billion theme park in Beijing

Technology

Uber expanding rapidly in SE Asia while fending off legal, regulatory challenges

Telecommunications

CVC, First Media selling shares in Link Net; Malaysia’s CMY Capital among cornerstone investors

AUSTRALIA

Airlines

Qantas nearing foreign ownership limit

Competition

New Zealand Commerce Commission delays foreign takeover of Wotif.com

EUROPE

Antitrust

Regulators clear home appliances maker Whirlpool’s bid for 60% of Italian peer Indesit

Banks

Prospects for cross-border mergers have faded

SINGAPORE

Capital markets

Trans-cab Services may be preparing IPO

Intellectual property

SEIKI trademark granted registration despite similarity to SEIKO mark

Transport

SMRT’s financial position makes it difficult to buy out Addison Lee

UK

Capital markets

Luxury shoe brand Jimmy Choo faces prospect of lower flotation price for its shares

Employment

O&G explorer Afren fires CEO, COO for gross misconduct

Intellectual property

Application to register ‘Canary Wharf’ as trademark objectionable

US

Banks

Regulators seek more details on banks’ auto financing exposure

Capital markets

Nasdaq still top choice for tech IPOs

Islamic finance

International Monetary Fund holds first consultation

Technology

Latest Apple iPhones available in more than 115 countries by end-2014

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