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Daily News

 

Thursday
Apr072016

7 April 2016, Thursday

Autos

Proton pushed into corner by growing rift between former and current PMs

Aviation

Malaysia Airlines on track to return to the black by 2018

Malaysia Airlines caught offguard by DCA move

DCA wants to weed out new airlines without proven track record

Capital markets

Guidance Note 3 company Wintoni’s CFO and three directors resign

Constitutional law

Lawyer discusses significance of ruling on Sarawakian Bidayuh allowed to change religion

Employment

DiGi Telecommunications institutes new global six-month standard maternity leave

Graft

Petronas has zero-tolerance policy towards bribery and corruption

Intellectual property

Pentamaster Instrumentation seeks injunction against Elsoft Research and subsidiary

Investment

Former CEO responsible for 1MDB’s ‘weaknesses and constraints’

Islamic capital market

Cahya Mata Sarawak plans to raise RM1 billion from Sukuk

Oil and gas

Reach Energy sees no pressing need for fundraising to finance capex

Property

Employees Provident Fund buys portfolio of industrial and logistics assets in UK for RM1 billion

Birmingham Mail report

CapitaLand’s Ascott to manage Titijaya’s serviced residence projects in Penang and Selangor

The Yeangs’ Y Cantonments targets retirees, bigger families; slated for completion by end-July

Takaful

AIA Public Takaful optimistic of capturing larger bumiputera market

Tax

MKYS Construction fined RM15k for non-compliance with Goods and Services Act 2014

ASIA

Islamic finance

Indonesia allows Shariah-compliant pension funds for first time

Technology

Samsung’s Q1 profit beats expectations

AUSTRALIA

Competition

Competition in container ports and stevedoring services could be affected by Asciano takeover

Employment

7-Eleven store owner allegedly underpaid staff and kept false records

EUROPE

Retail

Hennes & Mauritz’s Q1 profit down 30%

Tax

Impact of Panama Papers snowballing; football body UEFA raided

GLOBAL

Corporate governance

Information overload no excuse for bosses ducking responsibility

Health

Diabetes a major problem in poorer countries

SINGAPORE

Management

SingPost hunts for new chairman

Real estate

Ascendas Hospitality calls off plans for sale as new bids still too low

Retail

British brand New Look, French menswear chain Celio bowing out

Wealth management

Bank of Singapore using own cash to fund purchase of Barclays’ wealth operations in Asia

UK

Banks

HSBC, RBS and Barclays reducing branch networks

Real estate

Bulk buyers of London luxury apartments may be hard to find even with 20% discount

Retail

London’s Savile Row now has a female master tailor

Tax

Britain’s link to firms based in tax havens exposed

US

Mergers and acquisitions

US$750 million in fees at stake if all seven pending inversion deals also cancelled

Administration’s moves tempering plans for big, risky transactions

Pfizer has to get bigger or break apart

New rules also clamp down on earnings stripping

Technology

Facebook Live gets prominent placement

WhatsApp rolls out full encryption for its service

Wednesday
Apr062016

6 April 2016, Wednesday

Aviation

Department of Civil Aviation charging higher fees starting next week

Malaysia Airlines re-commissions B747-400 aircraft

Caterer’s contract may be terminated; quality of in-flight food not what it used to be

Kuala Lumpur Aviation Fuelling System claiming RM456 million from Malaysia Airports

Capital markets

Salutica can proceed with proposed IPO on ACE Market

Construction

MRCB Builders to build 140,000 sq ft cold storage hub for Giant

Criminal law

Lawyer ‘vindicated’ as MACC finally admits wrongdoing over 2007 wrongful arrest and prosecution

Graft

Former Goldman Sachs star banker wrote unauthorised reference letter on behalf of Jho Low

Ranhill refutes Australian media reports that it offered Monaco-based Unaoil US$40 million

Islamic finance

Central bank approves of new Al Rajhi CEO

Petronas teams up with Bank Islam

Institutional funds putting pressure on companies to be ESG-compliant

Media

Internet TV start-up iflix launching own original TV shows

Oil and gas

Shell imports Malaysian Bintulu condensate into US

Real estate

RHB Research revises rating for IOI Properties, UOA Development and UEM Sunrise

PJ folk melancholic about demolition of British American Tobacco factory

Pavilion REIT keen on yield-accretive acquisitions

Pelaburan Hartanah seeking properties that can be injected into Amanah Hartanah Bumiputera

Tax

PM’s son has cut ties with British Virgin Islands-based companies implicated in Panama Papers

ASIA

Logistics

JD.com-Yamato tie-up a first between major Chinese online retailer and large Japanese logistics business

Technology

Samsung regains smartphone share in India, Apple readies renewed push

AUSTRALIA

Legal services

Crucial bank deadline for embattled Slater & Gordon passes without any formal announcement

GC quits after less than 60 days on the job

Real estate

Property market beginning to slow

EUROPE

Legal services

British American Tobacco’s regional general counsel leaving after nearly 25 years

Real estate

AccorHotels acquires British high-end serviced home rental company onefinestay

SINGAPORE

Banks

Unclear whether staff exits at BSI Singapore related to 1MDB

Increasingly challenging operating conditions for DBS, OCBC and UOB

Competition

Public feedback sought on proposed Singapore Airlines-Deutsche Lufthansa JV

CCS statement

Islamic finance

RB Capital and Maybank ink S$260 million deal, one of Singapore’s biggest

Technology

LinkedIn has spent S$80 million on first data centre outside US

UK

Banks

Barclays warns of lower profits in investment banking arm

Legal profession

Legal Services Board investigation finds fixed fees becoming far more common

US

Antitrust

Justice Department filing lawsuit to block Halliburton-Baker Hughes merger

Mergers and acquisitions

Pfizer, Allergan mutually terminate merger

Tuesday
Apr052016

5 April 2016, Tuesday

Autos

DRB-Hicom caught between a rock and a hard place

Proton’s application for soft loan under review

Khazanah Nasional, not former PM, to blame for Proton’s failure

Companies

1MDB granted extension to submit financial statements

Constitutional law

JAWI planning to charge alleged organiser of purported beauty pageant

Dispute resolution

Lembaga Tabung Angkatan Tentera commences action over MP’s claims of financial woes

Earnings

Boustead expects gearing ratio to be pared down by end-2016

Construction, ERL and telco business to drive YTL’s earnings for FY17

Infrastructure

Domestic sector keeping IJM busy

Legal profession

‘Unfair’ to only penalise young lawyers who fail to meet minimum CPD points

Legislation

Companies Bill 2015 passed

Oil and gas

Crowe Horwarth advising CLIQ Energy

Hibiscus unit seeks compensation for losses relating to Lime Petroleum restructuring

Petronas could slash another RM20 billion off capex

Property

Desa Kudalari could be first strata property to be sold on en-masse basis

Auctioneers finding it a good time to do business

Aset Kayamas optimistic of good take-up for second phase of The Henge in Kepong

SP Setia confirms three key management positions

ASIA

Aviation

Region needs 226,000 new pilots in next two decades

Technology

US asset manager Blackstone takes control of India’s Mphasis

AUSTRALIA

Banks

ANZ executive grilled over more than US$1 billion flowing into Malaysian PM’s AmBank accounts

Real estate

8,000 sq m office block in Richmond sold for A$46 million

Telecommunications

Optus cutting up to 480 jobs

EUROPE

Antitrust

European Commission could bring more formal charges against US search giant Google

Banks

Credit Suisse CEO faces questions about risk controls, oversight of part of markets business

GLOBAL

Mergers and acquisitions

2016 off to slower start

Tax

Governments investigate possible financial wrongdoing by world’s wealthy

SINGAPORE

Capital markets

OSIM founder raises cash offer to take massage-chair maker private

Real estate

Luxury residential unit in Sentosa Cove changes hands for S$16 million

Plum freehold site in Cuscaden Road for sale by tender

UK

Real estate

Qatari Diar joins Delancey, APG to create £1 billion home-rental business in London

Shipping

Courts return to strict, literal interpretation of commercial contracts

Judgment

US

Airlines

Alaska Air to buy Virgin America for US$2.6 billion

Tax

US$160 billion Pfizer-Allergan merger potential casualty of new measures on tax ‘inversions’

Monday
Apr042016

4 April 2016, Monday

Airlines

New Waqf Airlines hopes for November takeoff

Autos

National carmaker Proton’s business model not sustainable

Capital markets

Investors positive about AirAsia proposal

Scan Associates reprimanded, five directors fined a total of RM350k

Economy

Financial structure of 1MDB unsustainable from the start

1MDB says did not invest in The Wolf of Wall Street

Electronics

Panasonic Malaysia expects slower growth for FY17

Financial services

CIMB disposing of non-core assets

Gaming

Genting Malaysia to manage Massachusetts casino resort for seven years

Islamic finance

Investment accounts to become important source of new funding for Islamic banks

Plantations

Several challenges await new man at helm of Felda Global Ventures

Property

Investing in properties for investment now less attractive

Moving into affordable segment may strain margins of developers

Residents of ‘urban anomaly’ Kampung Baru won’t budge

Heritage property in Penang still drawing strong investor interest

JAKS Resources wants to divest Evolve Concept Mall

Telecommunications

Telekom Malaysia putting final touches to long-awaited wireless service rollout

Tobacco

Why JT International’s MD thinks industry is at ‘tipping point’

Transport

Exact cost of Penang Sky Cab project not yet ascertained

ASIA

Banks

Bank of Tokyo-Mitsubishi UFJ eyeing further acquisitions in US and Asia

Technology

Foxconn and Sharp seal deal

AUSTRALIA

Aviation

Malaysia, Mauritius in contact on suspected debris from missing MH370

Graft

Petronas and Ranhill implicated in oil industry scandal; Singapore’s Keppel also exposed

Tax

Australian Tax Office investigating more than 800 citizens named in Panama Papers

EUROPE

Tax

Unprecedented leak of documents sheds new light on fabulous fortunes of Putin’s inner circle

Privacy of rich and powerful no longer guaranteed

Telecommunications

Orange-Bouygues merger talks fail; deal would have consolidated French telecom market

Deal’s collapse a blow also for French government

SINGAPORE

Real estate

Royal Group looking to make hotel acquisitions in KL, Sydney, London and continental Europe

Technology

GIC and Silver Lake Management buy into Ancestry.com

UK

Real estate

Yorkshire village and surrounding 2,116 acres on the market for £20 million

Retail

New Marks & Spencer boss could face headwinds

US

Autos

Orders for Tesla’s new Model 3 topped 253,000 in first 36 hours

Legal services

Cravath, Swaine & Moore loses rainmaker to Paul, Weiss, Rifkind, Wharton & Garrison

Move illustrates challenges facing Cravath’s lockstep system

Friday
Apr012016

1 April 2016, Friday

Autos

Proton patron quits

Aviation

Struggling national carrier will stay in the air, but it will be a bumpy journey

Fully reclining Business Class seats on all A330-300 aircraft from August

Malaysia negotiating for permission to search coastal areas for debris from missing MH370

AirAsia set to unveil fundraising plan

Banks

US$7 million transferred from PM’s personal accounts to CIMB chairman’s ahead of GE13

PM’s brother regrets helping distribute funds

Capital markets

Analysts expect Bursa Malaysia’s revenue to breach RM500 million this year

Construction

MMC-Gamuda JV wins RM15 billion contract for MRT Line 2

Earnings

Boustead Heavy Industries should be back in the black for FY16

Talam Transform foresees challenging environment ahead

Insurance

Moderate growth for insurance, Takaful sectors

Takaful Malaysia looking into strategic collaborations to increase market share

Investment

1MDB faces expanding probes into allegations of embezzlement and money laundering

Fund has not been contacted by any foreign enforcement agency

Legal profession

Locum Legalis founder shares views on state of tech development in legal profession

Legislation

Companies Bill 2015 tabled for second reading

Plantations

Boustead Plantations’ staff costs to increase

Property

Single-storey terraced houses in Bangsar’s Lucky Garden still popular with purchasers

Aloft Kuala Lumpur Sentral Hotel sold for RM418 million

Loss-making Prasarana Malaysia may spin off some assets into REIT

Setia EcoHill seeks additional RM75 million for clubhouse, international school

Sunway investing RM875 million in redevelopment and expansion of hotels

Retail

Tesco Malaysia downsizing six outlets

Taxation

Malaysians still feeling ‘pain’ from 6% consumption tax

Ministry acknowledges still room for improvement

Technology

Bosch investing RM140 million in Bayan Lepas

Telecommunications

Telekom Malaysia offers surfing speeds up to 100Mbps

ASIA

Capital markets

Dalian Wanda wants real estate arm off Hong Kong bourse just 15 months after debut

Chairman again richest person in Asia

Food and beverage

McDonald’s adding more restaurants in China, Hong Kong and South Korea

AUSTRALIA

Employment

Sacked officer is reinstated

Graft

More Australians implicated in growing scandal in oil industry

Men who grew rich from their association with Unaoil

EUROPE

Finance

Iceland prison is home to former bank chiefs convicted in connection with 2008 financial crisis

Shipping

Maersk going ahead with acquisitions even as own business suffers from ‘perfect storm’

GLOBAL

Health

More overweight than underweight people

Mergers and acquisitions

Companies conducted US$682 billion worth of deals in Q1

SINGAPORE

Banks

Monetary Authority of Singapore querying banks on 1MDB-related offences

Luxury goods

Reebonz banks on reputation, options and good customer service to make headway into China

UK

Architecture

Iraqi-born Zaha Hadid, first woman to win Pritzker Prize, dies at 65

Insurance

New Prudential CEO earned £10 million last year, ex-boss paid £5 million for five months’ work

Investment

Rothschild and Singapore’s Temasek vying to invest in Argus Media

US

Banks

JPMorgan Chase, Deutsche Bank and Wells Fargo told to save records related to 1MDB

Energy

Former Wall Street darling SunEdison facing bankruptcy

SunEdison, Abengoa blinded by own success

Real estate

China’s Anbang abandons pursuit of Starwood Hotels

Developer waiting a year before trying to sell units in Manhattan’s newest condo tower

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