Business

Singapore remains top foreign investor in Iskandar
Thursday, June 12, 2014

NUSAJAYA, June 12 - 2014: Singapore continues to be the top foreign investor in Iskandar Malaysia with committed investments of RM11 billion up to this April.
 
Iskandar Regional Development Authority Chief Executive Datuk Ismail Ibrahim said from 2006 up to the end of April, the economic corridor had attracted RM138.61 billion in committed investments, of which 45 per cent had been realised....

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Imported sugar hurting local business
Thursday, June 12, 2014

KUALA LUMPUR: The government's policy to allow manufacturers to import their own sugar at cheaper prices is hurting local sugar refiners, according to Malaysia's largest sugar company MSM Malaysia Holdings Bhd.
CEO Datuk Sheikh Awab Sheikh Abod said local refiners like MSM have invested billions into making Malaysia self-sufficient in sugar but big import quotas awarded by the government meant...

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Malaysia wants to pioneer Islamic wealth management
Thursday, June 12, 2014

KUALA LUMPUR: Malaysia aims to take a lead in the Islamic financial sector by being the first economy worldwide to pioneer Islamic wealth management products.
The new innovation within the Islamic financial framework would further prosper the global Islamic financial industry, which is expected to grow to US$2 trillion (RM6.42 trillion) this year, said Deputy Finance Minister Datuk Ahmad Maslan....

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PM confident growth momentum will be maintained
Thursday, June 12, 2014

KUALA LUMPUR, June 12 - 2014: Prime Minister Datuk Seri Najib Tun Razak is confident the nation's economic growth will be maintained in the second quarter of the year, driven by political stability and investors' confidence with government policies.
 
He said the momentum would also be spurred by vibrant domestic activities, coupled with a competitive export sector in the first quarter....

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Celcom Axiata has capex of RM950 million to up quality
Wednesday, June 11, 2014

KUALA LUMPUR, June 11 - 2014: Celcom Axiata is allocating RM950 million for capital expenditure (capex) this year to provide better network quality and improve data performance.
 
Chief Executive Officer Datuk Seri Shazalli Ramly said RM400 million would be to roll out 2,014 active fourth-generation long-term evolution sites nationwide by year-end.
 
...

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Malaysia's exports to rise 5.3% this year
Wednesday, June 11, 2014

KUALA LUMPUR, June 11 - 2014: RHB Investment Bank expects Malaysia's real exports to pick up pace and expand by 5.3 per cent this year from 0.6 per cent growth in 2013.
 
"The global economy is on track to chart a stronger growth in 2014, supported by stronger momentum in the developed countries. This will likely lift the country's exports in the period ahead," it said in a statement....

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Man gets total jail term of 1,942 years but to serve only 10
Wednesday, June 11, 2014

KUALA LUMPUR, June 11 - 2014: Former company director Lim Long Yew was today sentenced to jail for 1,942 years and fined RM1.596 million by the Sessions Court on 481 counts of money laundering and illegal deposit-taking involving millions of ringgit four years ago.
 
Another accused, Leong Guan Yeu, 47, also a former director of the company, was...

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Petronas has invested US$8 billion in Turkmenistan
Wednesday, June 11, 2014

ASHGABAT, June 11 - 2014: Petronas has invested about US$8 billion (RM25.6 billion) in oil and gas (O&G) exploration works in Turkmenistan to further increase its production. Prime Minister Datuk Seri Najib Tun Razak said that with this large investment, the involvement of Petronas in the Central Asian nation which is rich in O&G will become more strategic in the future....

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Khazanah still open on MAS rescue plans
Wednesday, June 11, 2014

KUALA LUMPUR: Khazanah Nasional Bhd said all options are still open in plans to save national carrier Malaysian Airlines System Bhd (MAS) and expects to announce its decision within a year.
 
Khazanah managing director Tan Sri Azman Mokhtar said among the options are selling off parts of the airline and taking it private but that the airline has enough resources to survive for a year....

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Puncak Niaga agrees to takeover
Wednesday, June 11, 2014

KUALA LUMPUR:Puncak Niaga Holdings Bhd, the water company controlled by Tan Sri Rozali Ismail, has finally agreed to accept the take-over offer from the State Government, clearing the way to resolve Selangor's long-delayed water restructuring exercise.
 
In an exchange filing yesterday, Puncak Niaga announced that it has agreed to the state-owned Kumpulan Darul Ehsan Bhd (KDEB) to take over...

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