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Daily News

 

Wednesday
Nov052014

5 November 2014, Wednesday

Accountancy

MIA, ACCA hope for 60,000 accounting and finance professionals by 2020

Arbitration

Malaysia well-positioned to become premier centre in SE Asia

Autos

Proton, Honda in talks on possible collaboration

Capital markets

AHB, Asia Knight now PN17 companies

Competition

Decision on Malaysia Airlines’ and AirAsia’s appeal in March 2015

Corporate

Market cap of 20 GLCs has tripled since May 2004

Family law

Tycoon says matrimonial home has always been here

Healthcare

ISEC exploring centres in Indonesia, Myanmar, India and Vietnam

Islamic finance

AirAsia preparing Sukuk Mudharabah; airline last tapped Islamic market in 2008

Property

Singapore’s GIC no longer substantial shareholder in Sunway

Technology

Axiata, Mavcap setting up RM100 million venture fund

Tax

PM reaffirms no turning back for implementation of GST

Tobacco

BAT Malaysia’s cigarette brands to cost more from today

ASIA

Intellectual property

China’s first specialised court will be set up within two weeks

Islamic finance

Indonesian regulators finalising five-year roadmap

AUSTRALIA

Banks

Commonwealth Bank closing in on being first Australian bank to post A$10 billion annual profit

Gaming

James Packer’s dream of opening Tokyo casino in time for 2020 Olympics looking less likely

CANADA

Employment

Former columnist with Globe and Mail ordered to repay severance payment of C$209,912

Oil and gas

Talisman Energy expects to meet target of selling US$2 billion in assets by mid-2015

CEO may stay on until early 2015

SINGAPORE

Capital markets

Taxi operator Trans-cab set to go public

Gaming

Tourists’ taste for luxury accommodation hasn’t extended to casino floor

Casinos in Singapore and Macau face straitened times

Real estate

GIC leading consortium to buy US-based IndCor from Blackstone

Purchases come as SWFs are cutting back on real estate investments

UK

Dispute resolution

Swiss bank UBS loses legal battle over derivatives contracts sold to German water utility

Importance for banks of maintaining rigorous, effective and independent control functions

Employment

Millions of workers set to receive extra holiday pay following landmark court decision

Judgment holds positive news for employers as regards back payments

Financial services

Virgin Money intends to list shares in London by end-November

Manufacturing

Jet engine maker Rolls-Royce axing 2,600 jobs three weeks after major profit warning

Oil and gas

Sale of Milford Haven refinery to Klesch Refining collapses

Tobacco

Imperial Tobacco raising dividend for FY14/15

Company’s credit metrics inconsistent with ‘BBB’ rating

Tuesday
Nov042014

4 November 2014, Tuesday

Aviation

MH370 likely to be officially declared lost by end-2014

Capital markets

Trading of Kinsteel, Perwaja shares could be suspended from 10 November

Malaysia Airports down after reporting 99% drop in Q3 profit

Competition

Firms should carry out compliance programmes to avoid infringing Competition Act 2010

Earnings

MBSB’s Q3 profit up 45%

E-commerce

Celcom Axiata forming JV with South Korea’s SK Planet

Finance

Accrual accounting provides clearer picture of government’s fiscal position

Financial services

Little-known HK firm picked to manage 1MDB’s offshore funds based on track record

Islamic finance

ISFB releases draft guidance on liquidity risk management, new standard for regulatory supervision

DRB-Hicom plans RM2 billion Sukuk Musharakah to raise funds for Proton

Industry must continuously evolve

Oil and gas

Multi-billion ringgit Pengerang Integrated Petroleum Complex operational by 2019

MMHE secures contracts for two projects

Tax

Inland Revenue Board aiming to collect RM142 billion next year

Tort

Senior policeman withdraws defamation suit against businessman

Venture capital

Frontier Digital Ventures invests in Pakistan’s automobile website

ASIA

Arbitration

Myanmar military company tries to reassure investors after winning legal tussle to buy out F&N

Aviation

Scoot-Nok Air JV cleared for takeoff

Takaful

Indonesia’s market will be reshaped by new law

AUSTRALIA

Banks

Question marks over sustainability of banks’ record profit run

Employment

Importance of carefully drafted termination clauses in senior executive contracts

EUROPE

Mergers and acquisitions

More than 60 bids for Holcim’s assets; HeidelbergCement not among them

Property

Portugal latest target for Chinese investors

SINGAPORE

Banks

Outlook for OCBC, DBS and UOB weakening

Real estate

GIC partners Goodman Property Trust in first foray into New Zealand

Retail

Four-storey Seletar Mall opening late November

UK

Accountancy

Ernst & Young replacing Deloitte as RBS auditors

Banks

HSBC sets aside £237 million ahead of feared fines over alleged currency trading manipulation

HSBC’s struggles look modest against those at StanChart

RBS in talks about record fine for IT glitch

Mergers and acquisitions

United Biscuits swallowed by Turkey’s Yildiz

Tobacco

Philip Morris, BAT seeking to have new EU rules, ban on menthol cigarettes overturned

US

Autos

Hyundai and Kia fined for inflated mileage claims

Banks

JPMorgan Chase’s forex business under investigation

Legal services

Elite firms have garnered half the country’s business spending on legal services since 2010

Real estate

World Trade Center opens for business again 13 years after 9/11

Boston’s Quincy Market past due for an overhaul

Monday
Nov032014

3 November 2014, Monday

Aviation

Malaysia Airports Holdings yet to issue certificate for main terminal building of klia2

Minority shareholders of Malaysia Airlines must accept 27 sen per share offer

MAS first to trial new flight tracking device

Airline still has work to do to win back Australia’s flying public

Remains of all Malaysians on MH17 identified

Capital markets

Malaysian Mosaics could make comeback on Bursa Malaysia in two years

Construction

Quality of industry further enhanced with implementation of CIDB (Amendment) Act 2011

Education

Investors eyeing Masterskill

Family law

Daughter of Laura Ashley boss backs mother in Britain’s potentially biggest divorce

Malaysia has failed to follow UK on question of married woman’s domicile

Financial markets

Mortgage lender Cagamas’ total bond issuances nearly RM5 billion

Insurance

Prudential Assurance Malaysia increasing workforce to 27,000 by 2018

Investing

Sovereign wealth fund 1MDB again misses submission date for relevant accounts

Mergers and acquisitions

Activity likely to be dominated by mid-market sized deals

Oil and gas

Too early to tell whether Kulim venture will succeed or fail

Mired in lawsuits, Protasco’s O&G ambition looks all but gone

Property

Battersea Project Holding chairman gives assurance on London project

Musician Sting snaps up residential unit at Battersea redevelopment

Agro-chemical producer Halex looks to property segment as major revenue contributor

Annual assessment for properties in Johor expected to rise

Decision to move Johor tennis academy shows up government’s fickleness when it comes to sports

Takaful

Change in strategic direction will affect MNRB Retakaful’s market position

Tax

Labuan won’t be fully exempted from GST

Transport

Land Public Transport Commission recommends rise in public transport charges

ASIA

Aviation

China will need to train half a million civilian pilots by 2035

Gaming

Beijing campaign takes a toll on Macau

Healthcare

Boom in South Korea’s plastic surgery industry facing backlash

AUSTRALIA

Banks

Fifth straight year of record profit for Westpac

Competition

ACCC authorises Festool to impose minimum retail prices for its products

NEW ZEALAND

Competition

Court decides in favour of Air NZ and Indonesia’s Garuda

Financial services

Co-operative Bank loses bid to prevent financial services group renaming itself ‘Co-op Money NZ’

SINGAPORE

Arbitration

Military-linked Myanmar conglomerate wins case against Singapore’s Fraser & Neave

Banks

UAE’s fourth-largest lender opening representative office

StanChart board meeting tomorrow amid growing pressure for chairman, CEO to step down

Gaming

Market attractive to new entrants despite potential for more regional competition

Legal profession

Present ‘glut’ of lawyers could be a short-term problem

UK

Dispute resolution

Incorrect use of, or failure to use, ‘without prejudice’ and ‘subject to contract’ can lead to costly and embarrassing consequences

Employment

Workers paid overtime could be entitled to additional holiday pay if tribunal rules in their favour

Islamic finance

New official initiatives likely to create more benign environment

Retail

Former CEO claims Tesco ran into trouble because it forgot sense of purpose

Grocer on review for further downgrade

Sport

Caterham Formula One team needs to find buyer in next two weeks

US

Autos

Ferrari fined US$3.5 million for failing to report fatalities

Banks

StanChart investigated for potential US sanctions violations

Technology

Nasdaq agreement to help make market for Facebook shares did not entitle UBS to arbitration

Friday
Oct312014

31 October 2014, Friday

Airlines

Malaysia Airlines, local authorities sued for negligence, breach of contract

Competition

Important for competition laws to have merger control provisions

Corporate

1MDB responds to unsubstantiated claims

Fuel subsidies

Tiered subsidy system panned; direct fuel price hike more effective

Islamic finance

AirAsia latest to join growing number of issuers selling Sukuk

Fernandes admits mistake of trying to run F1 team and AirAsia simultaneously

Maybank launches first USD-denominated Sukuk fund

Kenaf

First-ever export to China paves way for local kenaf to compete in global market

Legal profession

Bar Council stands by March resolution on retired judges appearing in court as counsel

Legislation

Traditional and Complementary Medicine Act 2013 coming into force mid-2015

Manufacturing

Mida optimistic of surpassing last year’s record in attracting investments

Oil and gas

Sector could remain immune to falling oil prices

Plantations

Sime Darby and Singapore’s Wilmar top picks for Godrej director

Felda Global Ventures revamps to regain lustre

Property

UMLand upbeat about projects in southern development corridor

Efficacy of Tribunal for Homebuyer’s Claim seen in promising statistics

Utilities

Tenaga Nasional commits RM23 billion to capex

ASIA

Insurance

China Life’s capital buffer adequate to absorb potential earnings volatility

Mergers and acquisitions

General Electric divesting stakes in South Korean businesses

Oil and gas

Asia quietly reaching deals to import LNG from Mozambique

AUSTRALIA

Earnings

ANZ posts 9% increase in H2 earnings

Macquarie’s H1 profit up 35%

Employment

Employee pays dearly for copying company data even though made no money out of download

Real estate

Another of Melbourne’s ‘iconic’ venues offered for sale

Wealth management

AMP first foreign firm to buy stake in a Chinese pension company

EUROPE

Autos

VW’s Q3 profit beats analyst predictions on strong sales of Audi, Porsche

Employment

Deutsche Bank settles long-running dispute with former traders

SINGAPORE

Arbitration

Khazanah Nasional-Temasek JV won’t have to pay development charges for railway land

Banks

Third straight quarter of profit growth for DBS

Accolades for bank and executive

United Overseas Bank posts 18.7% rise in quarterly profit

Capital markets

Zico Holdings to debut on Singapore Exchange’s Catalist next month

Construction

Skills upgrading for workers mandatory from January

5% of work-permit holders must be upgraded to R1 tier by end-2015

Real estate

GIC buying 20% stake in Turkish real estate company for €250 million

Luxury watch retailer The Hour Glass pays A$33 million for Sydney building

UK

Accountancy

EY could be appointed RBS’s new auditor; KPMG also in contention

Banks

Barclays sets aside £500 million for forex probes

Insurance

Aviva posts surprise 18% jump in value of new business in UK life sector

Intellectual property

Illegality principle did not apply to dispute between pharma giant and generic drugs manufacturer

Oil and gas

Shell’s Q3 profit beats estimates

Shell needs to make fine judgments on spending and costs

US

Earnings

Citigroup lowers Q3 profit by US$600 million

Management

Activist investors have lifted their game

Thursday
Oct302014

30 October 2014, Thursday

Airlines

Select banks invited to pitch for role overseeing Malaysia Airlines’ restructuring

Banks

Employees Provident Fund not paring down stake in CIMB

CIMB could be hit with RM1.4 billion in integration costs

Capital markets

BCorp may sell shares in Singapore environment services unit

Narra Industries to trade as Hume Industries from today

Development of regulatory framework on equity crowdfunding will be a space to watch

Energy

Questions over why 1MDB-Mitsui spent hefty sum to secure Project 3B

Healthcare

Ipoh-based BP venturing beyond medical services

Insurance

Insurers should look at consolidating

Malaysian Re’s IFS rating affirmed at ‘A’

Investment

Employees Provident Fund may bid for stake in UK port operator

Islamic finance

MMHE faces double-whammy of collapsing crude prices, rising local borrowing costs

Legal profession

Bar Council must clarify position on retired judge’s representation of politician in sodomy appeal

Mergers and acquisitions

MSM Malaysia open to collaboration, but not in talks with Tradewinds on Central Sugars

Oil and gas

Gas Malaysia raising prices from Saturday; residential consumers, power sector not affected

Transport

Parents in dilemma if school bus operators and SPAD cannot agree on new bus fares

ASIA

Banks

Japan’s Sumitomo Mitsui, Mitsubishi UFJ and Mizuho seek more opportunities overseas

Real estate

India relaxes rules for foreign investment

Tort

Thai company’s defamation case against Briton dismissed on technicality

AUSTRALIA

Banks

UK exit an ‘absolute priority’ for National Australia Bank

Employment

Be thorough when dismissing employees who have been ill or injured

Energy

BG’s sale of gas pipelines in Queensland state finalised by Christmas

Real estate

Melbourne skyline being transformed at fastest pace ever by Asian developers

CANADA

Mergers and acquisitions

Hidden dangers of merging fast-food giants Tim Hortons and Burger King

Oil and gas

BG’s proposed LNG export terminal on Canada’s Pacific coast on hold

Suncor Energy’s Q3 profit down by half

Technology

BlackBerry CEO teases details of upcoming Classic smartphone

EUROPE

Autos

Fiat Chrysler spinning off luxury sports car maker Ferrari

Management

French drugmaker Sanofi ousts CEO of six years

SINGAPORE

Accountancy

Tougher anti-money laundering rules for accountants from Saturday

Aviation

Yongnam-led consortium wins contract to build airport in Myanmar

Capital markets

Singapore Exchange exploring equity crowdfunding platform for early-stage companies

Competition

Competition Commission scrutinising planned Parkway-RadLink-Asia deal

Earnings

OCBC’s Q3 beats expectations

TCM retailer Eu Yan Sang expects slower revenue growth

UK

Banks

Barclays, HSBC and RBS setting aside £1 billion to settle forex probe

Islamic finance

Battersea Power Station secures £467 million loan

Retail

Serious Fraud Office looking into accounting errors at Tesco; inquiry supersedes FCA investigation

US

Antitrust

Proposed Reynolds American-Lorillard merger presents a conundrum

Private equity

Securities and Exchange Commission boosts scrutiny of industry

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