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Business News



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Billionaire Ackman apologizes for Valeant RM4bil losses, calls bet a mistake

Thu, 30 Mar 2017 07:20:22 +08:00

BOSTON: Billionaire investor William Ackman told investors that betting on Valeant Pharmaceuticals International Inc was a "huge mistake" and apologized "deeply and profoundly" for losing so much of his shareholders' money on the investment.Ackman decided to sell his entire position earlier this month, suffering a roughly $4 billion loss since having bought the stake in early 2015.


Media Files:
http://www.thestar.com.my/~/media/online/2017/03/29/23/24/ackman.ashx?crop=1&w=0&h=0&




'No turning back': PM May triggers 'historic' Brexit

Thu, 30 Mar 2017 07:07:59 +08:00

LONDON: Prime Minister Theresa May formally began Britain's divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc's cohesion and pitch her country into the unknown.British Prime Minister Theresa May in the cabinet office signs the official letter to European Council President Donald Tusk invoking Article 50 and the United Kingdom's intention to leave the EU on March 28, 2017 in London, England. REUTERS/


Media Files:
http://www.thestar.com.my/~/media/online/2017/03/29/23/15/maybrexit.ashx?crop=1&w=0&h=0&




Malaysian palm oil price sees second straight gain on soyoil, weaker ringgit

Thu, 30 Mar 2017 06:50:44 +08:00

KUALA LUMPUR: Malaysian palm oil futures rose for a second consecutive session on Wednesday, supported by strength in soyoil on the Chicago Board of Trade and a weaker ringgit.Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 percent to 2,721 ringgit ($616.03) a tonne at the end of the trading day. Traded volumes stood at 50,006 lots of 25 tonnes each in the evening.


Media Files:
http://www.thestar.com.my/~/media/online/2015/11/13/03/56/economy1/palmoilmill-30nov2016.ashx?crop=1&w=0&h=0&




Energy, consumer shares lift S&P 500 to slight gain

Thu, 30 Mar 2017 06:43:56 +08:00

NEW YORK: The benchmark S&P 500 eked out a gain on Wednesday as strength in the energy and consumer sectors offset declines in financial shares and investors began looking ahead to first-quarter earnings season. The Dow Jones Industrial Average ended slightly lower, falling for the ninth session out of the past 10, while the Nasdaq rose for a fourth straight day.The Dow Jones Industrial Average fell 42.18 points, or 0.2 percent, to 20,659.32, the S&P 500 gained 2.56 points, or 0.11 percent, to 2,361.13 and the Nasdaq Composite added 22.41 points, or 0.38 percent, to 5,897.55. The energy sector gained 1.2 percent, leading all sectors, supported by stronger oil prices


Media Files:
http://www.thestar.com.my/~/media/online/2016/11/21/22/44/us-stocks.ashx?crop=1&w=0&h=0&




Report: Malaysia succeeding in snuffing out currency speculation

Thu, 30 Mar 2017 00:00:00 +08:00

SINGAPORE: Malaysia is succeeding in snuffing out currency speculation – now it has to deal with the fallout.Offshore trading in ringgit non-deliverable forwards (NDFs) has dropped by about 70% since policy makers took steps in November to deter foreign banks from trading the contracts, according to EBS BrokerTec’s electronic-trading platform.


Media Files:
http://www.thestar.com.my/~/media/online/2016/12/20/02/50/ringgit-forex.ashx?crop=1&w=0&h=0&




Offerers shed more light on Halex takeover offer

Thu, 30 Mar 2017 00:00:00 +08:00

PETALING JAYA: Halex Holdings Bhd has provided more details for minority shareholders on the ongoing mandatory takeover offer for the group’s shares at a cash price of 64 sen per share.In a notification filed with the exchange yesterday, the offerers attempting to take over the company disclosed that they intend to maintain the listing status of Halex on the Main Market of Bursa Malaysia. (Filepic shows some Hlex paper and cotton Halex products)


Media Files:
http://www.thestar.com.my/~/media/online/2017/03/29/23/57/halex-products.ashx?crop=1&w=0&h=0&




Explore new markets in China’s interior, businessmen advised

Thu, 30 Mar 2017 00:00:00 +08:00

KUALA LUMPUR: It is time for businessmen to explore new markets and bring Malaysian products further into the interior provinces of China, says International Trade and Industry Minister II Datuk Seri Ong Ka Chuan.Important visit: Ong (left) extending a warm welcome to Hu during the latter’s visit to the ministry.


Media Files:
http://players.brightcove.net/4405352761001/default_default/index.html?videoId=5377561545001




E&O unit starts work on Seri Tanjung Pinang phase two

Thu, 30 Mar 2017 00:00:00 +08:00

PETALING JAYA: Eastern & Oriental Bhd’s (E&O) subsidiary Tanjung Pinang Development Sdn Bhd has acquired 100% equity interest in two shelf companies, namely, Persada Mentari Sdn Bhd and Junjung Angkasa Sdn Bhd.Seri Tanjung Pinang (STP) is essentially a seafront development situated along Penang’s north-east coast and sits between George Town and the beaches of Batu Ferringhi.


Media Files:
http://www.thestar.com.my/~/media/online/2016/10/06/01/38/seri-tanjung-pinang-phase-2a.ashx?crop=1&w=0&h=0&




China stocks win over world in best start to year since 2006

Thu, 30 Mar 2017 00:00:00 +08:00

HONG KONG: What a difference a quarter makes.



Local funds to the fore?

Thu, 30 Mar 2017 00:00:00 +08:00

PETALING JAYA: Local institutional funds that have been net sellers on Bursa Malaysia in the last few weeks as foreign investors took centre stage are expected to come back strongly.Sources said local institutional funds are expected to invest RM4bil in the equities market in the next few weeks. “Firstly, a local fund is expected to invest RM1bil in the local bourse starting next month to mainly buy the big-capitalised stocks. Apart from that, there is also another RM3bil of “fresh money” to be invested by government-linked investment companies (GLICs) in small and medium-cap stocks over the next few weeks,” said sources


Media Files:
http://www.thestar.com.my/~/media/online/2015/09/02/05/29/bursamsia2sept15.ashx?crop=1&w=0&h=0&