(May 12): The US and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences.

US, China agree to lower tariffs in 90-day cool-off period

(May 12): Shares of pharmaceutical companies fell across Europe and Asia, after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries.

Pharmaceutical stocks tumble on Trump’s plan to cut US drug prices

KUALA LUMPUR (May 12): This year’s Wesak Day celebration was marked with vibrant and harmonious gatherings, as Buddhist devotees filled temples nationwide to observe religious rites.

Harmonious and devout Wesak Day celebrations held nationwide

Exsim Group is looking to launch projects with a estimated combined gross development value (GDV) of RM5 billion across the country this year, its corporate affairs and branding director Michelle Siew tells City & Country.

One of the projects to be launched is the ninth pha...

Cover Story: Exsim to unveil The Aldenz serviced apartments in Sentral Damansara in June

THE drop in oil price to nearly US$60 per barrel (bbl) in April has put the spotlight back on earnings of national oil and gas firm Petroliam Nasional Bhd (Petronas).

The price decline followed three good years. With oil prices above the industry sweet spot of US$70 to US$80/bbl between...

The State of the Nation: Focus on Petronas’ earnings as oil hits three-year low 

KUALA LUMPUR (May 12): Prime Minister Datuk Seri Anwar Ibrahim will make an official visit to Russia from May 13 to 16 — starting in Moscow from May 13, before heading to Kazan, Republic of Tatarstan, on May 15 to attend the XVI International Economic Forum “Russia-Islamic World: KazanForum”.

PM to undertake official visit to Russia from May 13-16

SARAWAK is consolidating control over key strategic assets currently under the umbrella of Cahya Mata Sarawak Bhd (KL:CMSB), a conglomerate historically linked to the family of its former governor, the late Tun Abdul Taib Mahmud.

With CMSB’s influence waning and a bitter ongoing family ...

Sarawak tightening grip on strategic assets held by CMSB 

THE Federal Land Development Authority (FELDA) is understood to be revisiting an earlier plan from some five years ago to privatise FGV Holdings Bhd (KL:FGV), sources familiar with the matter tell The Edge.

It is understood that FELDA has appointed Maybank Investment Bank Bhd to assist ...

FELDA revisits privatisation of FGV

JERUSALEM (May 12): Israel has not agreed to any ceasefire or release of prisoners with Hamas, Prime Minister Benjamin Netanyahu said on Monday, ahead of the expected release of Israeli-American hostage Edan Alexander.

Israel says has not agreed Gaza ceasefire over US hostage release

BURSA Malaysia’s ACE Market, which saw three underwhelming listings in April amid heightened risk aversion due to the US’ reciprocal tariffs, is set to see the debut of two more companies this week.

Engineering firm West River Bhd ­(KL:WESTRVR) is scheduled to hit the listing gong on Mo...

IPO Watch: West River and Fibromat move ahead with ACE Market debut this week

(May 12): The US and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences.

KUALA LUMPUR (May 12): Malaysia can have greater access to more advanced semiconductor chips, following Washington’s move to rescind curbs on chip exports, a move that can propel it to move beyond its current strength in midstream packaging and testing into higher-value upstream chip design.

Malaysia can boost semiconductor expertise as US rescinds chip export curbs — analyst

SYDNEY (May 12):&nbsp;Wall Street stock futures climbed and the US dollar firmed against safe haven peers on Monday, as signs of progress in US-China trade talks boosted hopes a global recession might be avoided, though specifics were still sorely lacking.

Stocks, US dollar up on US-China trade hope, details lacking

GENEVA (May 11): The US. and China ended high-stakes trade talks on a positive note on Sunday, with US officials touting a "deal" to reduce the US&nbsp;trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

US, China hail 'constructive' Geneva trade talks, details due Monday

(May 12):&nbsp;Shares of pharmaceutical companies fell across Europe and Asia, after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries.

TOKYO (May 12): Oil prices rose on Monday after both sides in US-China trade talks over the weekend touted their progress, which lifted market sentiment that the world's two largest crude users may be moving towards a resolution of their trade dispute.

Oil prices rise as US-China trade talks soothe market jitters

(May 11): Investors welcomed the conciliatory tone at US-China trade talks this weekend, aimed at cooling a trade war between the world's two largest economies and dispelling some of the uncertainty clouding financial markets, though few expect a major breakthrough just yet.

Investors welcome news of progress in US-China trade talks; US stock futures rise

GEOTECHNICAL solutions specialist ­Fibromat (M) Bhd (KL: FIBRO) is not exactly dancing in the rain but sees a silver lining in the heightened awareness of the need to ensure soil stability because of increasingly unpredictable rainfall, landslides and flash floods caused by climate change.
...

IPO Watch: Fibromat ups capacity to gain more ground with ACE Market transfer 

KUALA LUMPUR (May 12): His Majesty Sultan Ibrahim and Her Majesty Raja Zarith Sofiah, the King and Queen of Malaysia, have extended Wesak Day greetings to all Buddhists in the country.

King, Queen extend Wesak Day greetings

SARAWAK is consolidating control over key strategic assets currently under the umbrella of Cahya Mata Sarawak Bhd (KL:CMSB), a conglomerate historically linked to the family of its former governor, the late Tun Abdul Taib Mahmud.

With CMSB’s influence waning and a bitter ongoing family ...

LAST Wednesday marked the first 100 days of the presidency of Donald Trump, who was sworn in on Jan 20 this year. During this period, he signed 143 executive orders, more than any other president at the 100-day mark.

Trump’s emphasis on trade tariffs has had the greatest impact on finan...

What fund managers say about Trump’s first 100 days in office

BURSA Malaysia’s ACE Market, which saw three underwhelming listings in April amid heightened risk aversion due to the US’ reciprocal tariffs, is set to see the debut of two more companies this week.

Engineering firm West River Bhd ­(KL:WESTRVR) is scheduled to hit the listing gong on Mo...

KUALA LUMPUR (May 12): Prime Minister Datuk Seri Anwar Ibrahim will make an official visit to Russia from May 13 to 16 — starting in Moscow from May 13, before heading to Kazan, Republic of Tatarstan, on May 15 to attend the XVI International Economic Forum “Russia-Islamic World: KazanForum”.

THE drop in oil price to nearly US$60 per barrel (bbl) in April has put the spotlight back on earnings of national oil and gas firm Petroliam Nasional Bhd (Petronas).

The price decline followed three good years. With oil prices above the industry sweet spot of US$70 to US$80/bbl between...

THE Federal Land Development Authority (FELDA) is understood to be revisiting an earlier plan from some five years ago to privatise FGV Holdings Bhd (KL:FGV), sources familiar with the matter tell The Edge.

It is understood that FELDA has appointed Maybank Investment Bank Bhd to assist ...

KUALA LUMPUR (May 12): This year’s Wesak Day celebration was marked with vibrant and harmonious gatherings, as Buddhist devotees filled temples nationwide to observe religious rites.

JERUSALEM (May 12): Israel has not agreed to any ceasefire or release of prisoners with Hamas, Prime Minister Benjamin Netanyahu said on Monday, ahead of the expected release of Israeli-American hostage Edan Alexander.

Exsim Group is looking to launch projects with a estimated combined gross development value (GDV) of RM5 billion across the country this year, its corporate affairs and branding director Michelle Siew tells City &amp; Country.

One of the projects to be launched is the ninth pha...

Last Updated: 6:14pm, Jun 18, 2014

KUALA LUMPUR (June 18): Time's up for Lynas, said Himpunan Hijau chairman Wong Tack, announcing that a civil movement this Sunday plans to shut down the controversial rare earth plant for good.

"We have given Lynas six months to shut down and get out of Malaysia. This time the people will not compromise anymore," he said.

The organisation is expected to be joined by representatives from opposition parties, civil society and other environmental NGOs.

Wong Tack calls for Malaysians to gather outside the gates of the Lynas plant at Gebeng, Kuantan and block the plant's access roads, in the hope that logistical blockage will stall the daily operations.

more to come


For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Himpunan Hijau: Shut down Lynas on June 22

KUALA LUMPUR (June 18): YTL Power International Bhd said it is withdrawing from participating in the RM3 billion power plant project in Johor (Project 4A) to “dispel any misgivings over the government’s commitment to transparency and good governance”.

In a media statement, the company said: “In view of the misconception over the project, YTL Power has decided not to participate in the project under the present arrangement.”

The statement was issued after mounting criticism on the way the contract was awarded by the Energy Commission (EC) to a consortium, in which YTL Power is a member, through direct negotiation instead of competitive bidding.

Recently, YTL Corp Bhd Managing Director Tan Sri Francis Yeoh came under fire after he said Malaysia needed to do away with “crony capitalism”, although he was widely seen as a crony of former Prime Minister Tun Dr Mahathir Mohamad.


more to come...

#Update* YTL Power backs out of RM3b power project “to dispel misgivings”

Last Updated: 6:06pm, Jun 11, 2014

GEORGE TOWN (June 11): Penang's state executive councillor for Islamic Affairs, Datuk Abdul Malik Abul Kassim, today apologises for the "insensitive" manner in which the state Islamic authorities took away the body of alleged Muslim convert Teoh Cheng Cheng recently.

"As the executive councillor and on behalf of the Penang Islamic Affairs Department, I apologise to the family of the deceased, on the incident that occurred on June 9," he said after having offered condolences to the family following a state executive council meeting today.

He admitted the action of the JAIPP officer who led the operation lacked sensitivity towards the cultural practice, religion and feelings of Teoh's 64-year-old mother Tan Mah Suan and the rest of the family in their moment of grief.

Teoh, 38, had died in her apartment at the McCallum Street Ghaut area on June 7.

He said the officer should have taken into account the family's feelings and gotten the views of relevant parties suchg as the department's director, its enforcement division, the state Mufti and the district religious officer before taking action.

"This is the considerate practice observed by JAIPP while handling such cases before this," he said, reading from a prepared statement.

Malik also expressed regret that as the executive councillor, he only found out about the incident from reporters about 5pm,  after it had occurred earlier in the afternoon. Malik was then in a meeting in Kuala Lumpur.

"Even more regretful is that the relevant JAIPP officers whom I contacted did not know about the case clearly," he added.

"I promise and will ensure that such an incident does not happen again."

He added that the officer when queried about the matter said he was pressured by time and the police had insisted that he act on the matter immediately.

The department had received a call from an unidentified person about Teoh's supposed Muslim status at about 12.30pm.

"Pressure of time is not an excuse for not consulting his peers, seniors and for not consulting me," Malik said when asked to elaborate the matter.

He explained that the officer in charge of conversions had then looked up Teoh's name and found the document relating to her conversion. This document was later shown to her family, in the presence of the police, who then allowed her body to be taken away, thereby stopping the funeral.

Malik said in previous cases, the department had always exercise tact, sensitivity and professionalism when dealing with the family to reach an acceptable conclusion.

"The officer explained to me and apologised... But his good intention was spoiled by his action," Malik said, adding that the state is ready to extend compassionate aid to the family.

The state executive council had earlier in its meeting expressed sadness and disappointment over the way the matter was handled.

Chief Minister Lim Guan Eng, who was present, said it has embarrassed the state government and brought negative impact on a multi-racial society in which people have mutual respect for each other.

He added that the family has the right to seek compensation according to the law.

"We must respect the decision of the court," he said.

Meanwhile, Teoh's family is expected to arrive at the Penang High Court later this afternoon to file for a legal case against JAIPP.

more to come

 

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

#Update* Exco apologises to Cheng Cheng's family over 'insentitive' JAIPP action

Last Updated: 3:38pm, Jun 11, 2014

KUALA LUMPUR (June 11): Inspector-General of Police Tan Sri Khalid Abu Bakar's suggestion to keep children caught in custody battle following conversion of their parents at child care centres was "wrong and unacceptable", according to Ipoh Barat MP, M Kulasegaran.

He said as an enforcer of law, IGP should not overstep his boundaries in superceding the decisions made by the judiciary.

Kulasegaran is one of the lawyers for kindergarten teacher M Indira Gandhi currently embroiled in a custody battle with her estranged husband, Muslim convert Mohd Ridzuan Abdullah.

"The IGP is a law enforcer within the meaning of law. He cannot and should not question the Court's process," said Kulasegaran.

Yesterday, the IGP said that he will not enforce the respective court rulings but rather to ensure fairness, the children in the custody battles will be placed in child care centres so both parents could visit them.

IGP said following the differing judgements meted out by the Syariah and the civil courts on child custody in the case where one parent had converted to Islam.

Kulasegaran went on that IGP should seek Attorney-General's advise on how to move forward as it was not his place to make the call over the legal battle.

"If he is unsure of what to do, he should get legal advice from the AG. For the IGP to suggest that the children to be kept in welfare home will not only be laughable, it is also beyond the duties and obligation of a law officer," he told reporters here today.


More to come

 

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Kula: IGP not acting like law enforcer in custody battle case

Last Updated: 2:46pm, May 21, 2014

GEORGE TOWN (May 21): About a dozen people gatecrashed into the Penang state assembly today demanding explanation from RSN Rayer (DAP-Seri Delima) who yesterday riled up the opposition Barisan Nasional backbenchers by calling 'Umno celaka' (Damn Umno).


more to come


For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Uproar in Penang state assembly as mob enters hall

KUALA LUMPUR (May 12): Malaysia’s April 2014 palm oil stocks rose 4.6% month-on-month to 1.766 million tonnes, from March’s 1.688 million tonnes as output rose and exports slowed.

The total stocks level of the commodity was higher than market expectations.

While production rose 3.9% to 1.556 million tonnes from March’s 1.497 million tonnes, exports climbed only 1.18% to 1.260 million tonnes from March’s 1.245m tonnes.

More to come…

#Update* Malaysia’s April palm oil stocks, output higher than expected; exports lower than forecast

Last Updated: 5:07pm, Apr 30, 2014

PETALING JAYA (April 30): DAP secretary general Lim Guan Eng today slammed PKR's Tian Chua for claiming that Pakatan Rakyat, including DAP had agreed to PAS's plan to implement hudud.

Calling Tian Chua a liar, he said it was wrong and unethical for the PKR vice president to claim that DAP had agreed to the implementation of hudud only in Kelantan and Terengganu but not other states.    

"DAP considers it irresponsible, wrong and unethical for Tian Chua to drag the party into adopting his stand of supporting PAS in implementing hudud within both states.

Following Tian Chua's statement, Guan Eng said he had personally spoken to Opposition leader Datuk Seri Anwar Ibrahim on the matter and conveyed DAP top leaderships' anger "at the lies spread by Tian Chua".

He said Anwar reaffirmed DAP's stance on hudud.


more to come

For more stories, go to www.fz.com, the website for freedom of expression and fairness in articulation.

Guan Eng: Tian Chua spreading lies

KUALA LUMPUR (April 25): New property player Eco World Development Bhd today announced a major corporate exercise that will turn it into an important property player in the sector.

The corporate exercise announced via Bursa Malaysia involves buying development rights of eight projects from the subsidiaries of its major shareholder, Eco World Sdn Bhd, with gross development value of RM30 billion.

The corporate exercise also involves:
• Proposed subscription of shares in EcoWorld Bhd by shareholders of EcoWorld Sdn Bhd to partially fund the acquisitions and ensure continuity of ownership.

• Proposed rights issue with warrants and up to 20% proposed private placement to raise funding for the acquisitions and as working capital for EcoWorld Berhad’s development activities.

Eco World Development Group, controlled by the son of SP Setia’s president/CEO Tan Sri Liew Kee Sin, was formerly known as Focal Aims Holdings Berhad.

 

More to come….

#Highlight* Eco World announces major corporate exercise to turn it into a huge property player

KUALA LUMPUR (April 16): Shareholders of Kian Joo Can Factory Bhd are frustrated for not getting satisfactory answers to their queries at the company's on-going annual general meeting (AGM).

Several shareholders told reporters of The Edge Financial Daily that many questions had been raised pertaining to the valuation of properties in Kian Joo's books but answers given were not satisfactory.

"The property valuations are outdated and do not reflect the actual valuations. Why is the fair value not being used?" said one shareholder, who requested to stay anonymous, outside the AGM hall.

"The board was going in circles without actually addressing our queries," he added.

In addition, some shareholders also spoke up against the RM3.30 per Kian Joo share offer from Aspire Insight Sdn Bhd. However, this matter could only be addressed in the extraordinary general meeting on May 23.

At noon, matters or resolutions on the re-election of directors at the AGM today have yet to be addressed.

Interestingly, Chee Khay Leong, the chief operating officer cum executive director of Kian Joo, was not present at today's AGM and Box Pak's AGM yesterday.

The absence of this central figure, who has offered to take over Kian Joo, has puzzled many shareholders.

"Why is he not here at the AGM?" asked one.

In November last year, Aspire Insight Sdn Bhd, a joint venture between Chee and the Employees Provident Fund (EPF), made an offer to acquire the assets and liabilities of Kian Joo for a total of RM1.47 billion, valuing each share at RM3.30 each.

The EPF owns around 10% in Kian Joo and has been a long time shareholder of the company.

But some of the minority shareholders, such as the See family who is the founder, are not happy.

More to come…

#Hot AGM* Kian Joo's shareholders frustrated for not getting satisfactory answers from board

KUALA LUMPUR (Apr 15): AirAsia Bhd said that it has made all necessary preparations to move into klia2, and will be moving into the new low cost airport terminal by May 9, 2014.

“Although there are still a few outstanding commercial issues, this should not hold back our operations at klia2 as planned,” said the low cost carrier in a statement today.

The group added that it is currently going through discussions with the relevant authorities, and hoped that the government would provide necessary mediation should any negotiations could not be concluded.

more to come....

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