Al Rajhi Bank buys i-City offices for RM95m

KUALA LUMPUR: Al Rajhi Bank (Malaysia) Bhd made its first foray into Malaysia’s real estate investment by proposing to acquire 36 office suites at i-City Cybercentre 1 in Shah Alam from I-Bhd for RM95mil. I-Bhd announced Monday that both parties had signed a sale and purchase agreement for the bank to purchase the 36 units at i-City -- a RM2bil integrated commercial development on 72-acres of freehold land along the Federal Highway in Section 7, Shah Alam. Al Rajhi Bank (Malaysia) chief executive officer Ahmed Rehman said this investment was a...

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Dominica invests in geothermal energy

ROSEAU, Dominica (AP) - The tiny Caribbean island of Dominica has signed an agreement with West Indies Power Holdings for the exploration of geothermal energy. Officials with the Nevis-based company say it will take 18 months and cost US$4 million to dig wells up to 6,000 feet (1,800 meters) deep just south of the island. They hope to find hot water and convert it to steam so it can be used to generate electricity. The project's second phase includes construction of a 15-megawatt plant that will cost US$45 million and take more than one year to...

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Govt urged to reduce sales tax on plastics

IPOH: The Malaysian Plastics Manufacturers Association wants the Government to reduce the sales tax on all plastic finished products from the current 10%. Its president Lim Kok Boon said the sales tax paid by consumers now had doubled from four years ago. “The drastic increase in the selling price of plastic finished products has resulted in a decrease in demand by 30%," he told reporters here on Tuesday. The sales tax reduction would also assist in stabilising demand for plastic products, he added. He said the price of plastic resin had more than...

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Market down in early trade, oil US$130

KUALA LUMPUR: Blue chips fell in early trade Friday as investors avoided most equities on concerns about the current political situation, rising inflation and slowing economic growth, despite the fact that oil had fallen to US$130 per barrel. The KL Composite Index fell 2.22 points to 1,118.95. Turnover was 24.22 million shares valued at RM60.14mil. There were 107 gainers, 65 losers while 102 counters were unchanged. Asian markets fared better. Shanghai’s A Share Index rose 1.73% or 48.7 points to 2,864.73, Singapore’s Straits Times Index added...

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Asian, European markets tumble as worries mount over US financial woes

LONDON: Asian and European stock markets fell sharply Tuesday as investor confidence in the U.S. financial system eroded further despite a government-backed plan to help beleaguered mortgage financiers Fannie Mae and Freddie Mac.Financials were hit particularly hard as investors worried that trouble in the U.S. markets would spill over to Asia and Europe.By afternoon in Europe, Britain's FTSE 100 had fallen 2.55 percent to 5,165.20, Germany's DAX lost 2.60 percent at 6,039.20 and France's CAC-40 retreated 2.18 percent to 4,052.28.Fears of yet more...

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Stocks open lower in early trade

KUALA LUMPUR: Stocks opened lower in early trade Monday in the absence of strong fresh corporate news while the weaker Wall Street last week also weighed down sentiment. At 9.30am, the KLCI was down 3.54 points to 1,146.58. Turnover was 25.78 million shares valued at RM27.1mil. There were 41 gainers, 118 losers and 73 counters. Among Asian markets, Japan’s Nikkei 225 rose 0.48% or 63.22 points to 13,102.91 but Singapore’s Straits Times Index fell 0.33% to 2,917.05 and Shanghai’s A Share Index lost 0.92% to 2,968.73. Light crude oil fell over US$2...

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African leaders call on G8 to honour aid pledge

TOYAKO, Japan (Reuters) - African leaders urged the Group of Eight rich nations on Monday to keep promises to help their continent and pleaded with them to remember that soaring oil and food prices were making their poverty worse. German Chancellor Angela Merkel (L) and Russia's President Dmitry Medvedev meet at the Group of Eight (G8) Summit at The Windsor Hotel Toya Resort and Spa in Toyako, July 7, 2008. (REUTERS/RIA NOVOSTI/KREMLIN/Dmitry Astakhov)...

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FMH targets new location by next year

TOTAL logistics player Freight Management Holdings Bhd (FMH), which is finalising a joint-venture company in Indonesia, also plans to expand its freight services in another South-East Asian (SEA) country by next year. Managing director Chew Chong Keat said the operations in this new location would be similar to its proposed Indonesian ventures in the sea and airfreight services. “Since we are in the midst of negotiation, I am not able to disclose...

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Bursa CEO willing to take the rap

Bursa CEO: Since I’m head of management, I have to be fully accountable KUALA LUMPUR: Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff is willing to bear the responsibility for the technical glitch on Thursday that led to a halt in trading for an entire day. “Obviously the management would have to bear the responsibility and since I'm head of management, I have to be fully accountable,” he said when asked who would be held responsible...

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KLCI falls to March 10 level

KUALA LUMPUR: The Kuala Lumpur Composite Index fell to the March 10 level of 1,157 in late-morning trade Tuesday on some selling pressure on key stocks. At 11.30am, the KLCI was down 17.4 points to 1,157.43 while the FBM Emas fell 110.87 points to 7,705.45 while the FBM Second Board gave up 75.01 points to 5,402.04. Turnover was 151.29 million shares valued at RM294mil. There were 57 gainers, 461 losers and 145 counters unchanged. The KLCI plunged to 1,157 on March 10 after the market reopened that day following the weekend general elections. On...

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Tough first half for world markets

PETALING JAYA: The first half year was a tough one for stock investors and the bad news is that most people believe it won't get easier any time soon. The Dow Jones Industrial Index - probably the most watched stock index in the world - dropped 106.91 points last Friday and at 11,346.7 points was 19.9% lower from its peak eight months ago. A 20% decline is widely considered by analysts as the start of a so-called bear market. Most Asian stock markets,...

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