DANAVEST

(The Edge) Public Bank Bhd will launch a new fund, PB Australia Dynamic Balanced Fund (PBADBF), on May 12 to capitalise on the growth potential of the Australian market. It said on May 11 the fund would be managed by its unit Public Mutual.

(Bernama) Tune Hotels.com, the limited service hotel brand is offering room rates from as low as RM0.02 per night in its hotels in Penang, Kota Kinabalu, Kuching, Kuala Lumpur and the KLIA-LCCT Airport beginning Monday.

(The Edge) Bank Negara Malaysia (BNM) must monitor where loans are going and whether they are reaching small and medium enterprises, which make up 95% of business establishments in the country, Asian Strategy and Leadership Institute (ASLI) chairman Tan Sri Ramon V Navaratnam said. “Banks are only lending to the rich, who have land for collateral, but the poor, and the SMEs, they don’t get loans. They may have good businesses, but cannot expand due to short cash flow. However, when they ask for a loan, the bank asks if they have land (for collateral), which they don’t.

(Business Times) MALAYSIA’S central bank expects the country’s economy to show a marked contraction in the first half of the year and to recover in the second, governor Tan Sri Dr.Zeti Akhtar Aziz said yesterday. Zeti told CNBC that there were no immediate plans to allow the ringgit currency to trade offshore due to volatile global market.

(The Edge) Proton Holdings Bhd may fork out between RM20 million and RM27 million in compensation to more than 90 dealers following the rationalisation of its distributorship network, said research houses.

(The Edge) Carlsberg Brewery Malaysia Bhd’s net profit fell over 19% to RM21.39 million in its first quarter (1Q) ended March 31, 2009 from RM26.5 million a year earlier on the back of a flat revenue growth to RM289.85 million versus RM289.43 million previously. The earnings decline was mainly due to higher raw material prices, a stronger US dollar and the timing of Chinese New Year. Carlsberg said yesterday falling interest rates had also resulted in lower interest income earned on short term deposits. No dividend was declared.

(Business Times) THE newly-launched Petronas Urania heavy-duty lubricant for diesel engines will soon be available in overseas markets. Petronas Lubricants International Sdn Bhd general manager (marketing strategy and business development) Domenico Ciaglia said the product was scheduled to be launched in Turkey and Brazil by July.

(Bernama) Malaysia is still the world’s biggest exporter of quality palm oil with revenue of RM65 billion last year. The director general of the Malaysian Palm Oil Board (MPOB) Datuk Dr Mohd Basri Wahid said compared to other exporting countries, Malaysia was known for its high quality palm oil. “Indonesia is the world’s largest producer of palm oil but it is Malaysia that leads the world as the exporter of quality palm oil.

(Business Times) THE sale of RON95 petrol at RM1.75 per litre will be implemented from September 1 as an alternative to RON97 whose price will be increased to RM2.00 per litre. At the same time, RON97 would be made a premium product while RON92 would be removed from the market, said Domestic Trade and Consumer Affairs Minister Datuk Seri Ismail Sabri Yaakob. He also said that in view of its status as a premium product, the price of RON97 would not be controlled by the government unlike RON95 that would become a fixed-price product.

(Business Times) The Malaysian Palm Oil Board (MPOB) is studying the procedure to set up a special fund to reward whistleblowers who provide information on industrial misconduct and theft of oil palm fruits during the transfer process, MPOB director-general Datuk Dr Mohd Basri Wahid said today. He said the move was aimed at encouraging the public to act as informants for the MPOB and the police.

(Bernama) Ayamas Food Corporation Sdn Bhd is targeting to raise its contribution to 30 percent of the KFC Holdings (Malaysia) Bhd group’s sales within three years. This is expected to be achieved through its Sudut Ayamas or “shop-in-shop” marketing initiative which was launched today as well as a series of new products, said KFC Holdings’ chairman Tan Sri Muhammad Ali Hashim.

(The Edge) Palm oil output in Malaysia will struggle to rise in the next few months and may not even hit strong double-digit peaks this year as the current hot and dry weather hurts yields, plantation officials said on May 12, according to a Reuters report. Production in the world’s second-largest supplier of the vegetable oil will register marginal growth until September or October where the increase may only be above 5 percent compared to double-digit growth in previous years.

(The Edge) Sime Darby Bhd invested RM40 million in its oil palm genome project and it is expected to invest another RM100 million over the next two to three years. It said on May 12 that it had set aside 2.5% of its turnover to undertake research and development. Sime Darby said it expected the new “super tree” would double the yield per hectare. It expected to replant all its oil palm estates with the new trees within 30 years.

(Bernama) The government has no plan to remove the windfall tax for oil palm planters, Prime Minister Datuk Seri Mohd Najib Tun Razak said today. “Well, you know, the cost of production is about RM1,600 per tonne, so there’s a quite a lot of margin,” he told reporters after the launch of Sime Darby Bhd’s breakthrough discovery on oil palm genomes here. He said the government recently increased the threshold price of crude palm oil to RM2,500 per tonne for Peninsular Malaysia and RM3,000 for Sabah and Sarawak.