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Thu, Feb 23, 2012

Business

FBM KLCI ends in red at midday

Posted on 23 February 2012 - 10:20am
Last updated on 23 February 2012 - 02:21pm

KUALA LUMPUR (Feb 23, 2012): Losses in selective bluechips and finance counters like Sime Darby, Genting, Maybank, Hong Leong Bank and CIMB pulled the FBM KLCI to negative territory at midday today.

At 12.30pm, the benchmark index declined 1.08 points to 1,559.44 after opening 1.39 points lower at 1,559.13 in line with weaker movements in other regional markets.

Ringgit opens lower against US dollar

Posted on 23 February 2012 - 10:11am

KUALA LUMPUR (Feb 23, 2012): The ringgit opened weaker against the US dollar today as investors covered short positions in the greenback on renewed concerns over the eurozone, dealers said.

At 9.05 am, the ringgit was traded at 3.0290/0325 against the US dollar from 3.0245/0275 at 5 pm yesterday.

Felda proposes SPV to take over KPF’s role

Posted on 23 February 2012 - 05:36am

PREMALATHA JAYARAMAN
sunbiz@thesundaily.com

KUALA LUMPUR (Feb 23, 2012): Tan Sri Isa Samad, chairman of Federal Land Development Authority (Felda), plans to set up a special purpose vehicle (SPV) to replace Kooperasi Permodalan Felda Malaysia Bhd (KPF) in a bid to keep Felda Global Ventures Holdings Bhd's (FGVH) listing plan on track.

The proposed SPV, he said, will provide for Felda settlers' interest in the soon-to-be-li

ING sees growth in investment-linked plans

Posted on 23 February 2012 - 05:36am

EE ANN NEE
sunbiz@thesundaily.com

KUALA LUMPUR (Feb 23, 2012): ING Insurance Bhd, the country's third-largest insurer with a market share of 11%, expects to grow its investment-linked insurance segment from 17% last year to 25% this year and to subsequently push it to account for half of its total portfolio in 2014.

The company's chief marketing officer Joos Louwerier said investment-linked products will be the i

Making BB-KLCC a vibrant shopping area

Posted on 23 February 2012 - 05:36am

EVA YEONG
sunbiz@thesundaily.com

KUALA LUMPUR (Feb 23, 2012): The Bukit Bintang-Kuala Lumpur City Centre (BBKLCC) Tourism Association, a newly-formed grouping of retailers, will spend up to RM5 million this year organising activities and events in the area in an effort to transform it into a vibrant shopping district.

The association comprises 13 members, namely BB Plaza, Berjaya Times Square, fahrenheit88, Fede

Analysts keeping auto sales growth projection intact

Posted on 23 February 2012 - 05:36am

IZWAN IDRIS
sunbiz@thesundaily.com

PETALING JAYA (Feb 23, 2012): The steep 25% drop in car sales volume in January was a "shocker" to the market, but the decline was due to seasonal impact in a holiday-shortened month that came when the market was adjusting to stricter lending rules and shortage of imported parts.

While the adverse situation might persist this month, most analysts are keeping the growth projection

Slower property sales with new loan guidelines

Posted on 22 February 2012 - 11:08pm
Last updated on 22 February 2012 - 11:13pm

EVA YEONG
sunbiz@thesundaily.com

KUALA LUMPUR (Feb 22, 2012): The new guidelines on housing loans, which came into effect on Jan 1, have begun to affect the local property market, which has seen a dip in property sales, said a senior executive of IGB Corp Bhd.

"The loan guidelines (by Bank Negara Malaysia) have slowed down property purchases...

AirAsia FY11 net profit almost halves to RM564m

Posted on 22 February 2012 - 11:00pm

IZWAN IDRIS
sunbiz@thesundaily.com

PETALING JAYA (Feb 22, 2012): AirAsia Bhd saw its net profit in the last quarter ended Dec 31, 2011 tumble 56% to RM135.7 million from a year ago, clipped by soaring fuel cost that more than offset increased passenger numbers and higher ticket prices.

The erosion of earnings by fuel cost was widely predicted, although the quantum of decline was worst than what most analysts had

WCT's unit clinches RM331m job in Sabah

Posted on 22 February 2012 - 09:21pm

sunbiz@thesundaily.com

PETALING JAYA (Feb 22, 2012): WCT Bhd's unit WCT Construction Sdn Bhd has won a RM331 million contract from Riverson Corp Sdn Bhd to build a mixed commercial development with a medical centre, in Kota Kinabalu, Sabah.

The project, comprising a nine-storey hospital with 200 beds, a 10-storey complex with small office/home office, office suites and three levels of retail space, and

Hartalega proposes 1-for-1 bonus issue, 1-for-5 warrants issue

Posted on 22 February 2012 - 08:51pm

sunbiz@thesundaily.com

KUALA LUMPUR (Feb 22, 2012): Hartalega Holdings Bhd, which reported a 3% rise in net profit to RM50.7 million for its third quarter ended Dec 31, 2011 (Q3) from RM49.2 million a year ago, has proposed a one-for-one bonus share issue of 371.7 million bonus shares of 50 sen each.

It is also proposing an issuance of 74,330,988 free warrants on the basis of one free warrant for every