DANAVEST

(Business Times) Red Bull Malaysia today stressed that the Red Bull energy drink it distributes in the country does not contain any element of drug or alcohol. The drink was issued with a halal certificate when its distribution started in Malaysia in 1993, the company said in a statement in Kuala Lumpur.

(Business Times) Multimedia Development Corp (MDeC) expects revenue from open source-related software and services to increase to RM800 million within two years. Its chief executive officer, Datuk Badlisham Ghazali, said statistics from MSC Malaysia showed that about 420 companies had collectively earned close to RM420 million from professional services and customised software development.

(Business Times) EXPORTS of Malaysian palm oil products for May rose 1.7 per cent to 1,211,716 tonnes from 1,191,960 tonnes shipped in April, cargo surveyor Intertek Testing Services said today. Meanwhile, another cargo surveyor Societe Generale de Surveillance said exports of Malaysian palm oil products for May rose 5.1 per cent to 1,227,894 tonnes.

(Business Times) Tetra Pak, the world leader in food processing and packaging solutions, expects the global consumption of milk and other liquid dairy products to increase by a compound annual growth rate (CAGR) of 2.2 per cent over the next three years.

(Business Times) Malaysia Airlines (MAS), Malaysia’s national carrier, said today a European arbitration tribunal had ordered it to pay Advanced Cargo Logistic GmbH (ACL) 6.9 million euros (US$9.8 million) for breach of a cargo handling contract. In 2004, ACL had sought to claim 62.7 million euros from MAS after the Malaysian firm breached an agreement to maintain its European cargo hub at Germany’s Frankfurt-Hahn airport for 10 years from 1999.

(Business Times) Proton Holdings Bhd’s business model is “clearly not working” and Malaysia’s state-controlled carmaker needs a “radical overhaul” to stay relevant, Maybank Investment Bank Bhd said in a report today. Maybank reiterated a “sell” rating on the stock.

(The Edge) Total outstanding balances due from cardholders in the first four months of 2009 for payments in the near term rose as more cardholders face difficulties in servicing their credit card payments on time in an environment of a global economic slowdown. According to Bank Negara Malaysia statistics, total outstanding balances for the period of three to six months due from cardholders rose 15% in the first four months of 2009 to RM2.12 billion from RM1.84 billion in the period of September to December of 2008.

(The Edge) REDtone International Bhd may consider a cash call via rights issue as part of its fund-raising effort over the next 12 months, said its group CEO Zainal Amanshah.

(The Edge) In a report released by the World Gold Council (WGC) last week, total investments in gold vaulted by 248%, or 596 tonnes, year-on-year in the first quarter of the year (1Q). In value terms, this represented a net inflow of US$17.4 billion (RM60.9 billion) from US$5.1 billion a year earlier.

(The Edge) The Labuan Offshore Financial Services Authority (Lofsa) today issued the Guideline on Co-Location of a Labuan Holding Company, which will allow Labuan holding companies to establish their operational and management office here. The guideline issued is part of the national financial liberalisation package announced by Prime Minister Datuk Seri Najib Razak in April 2009.

(The Edge) The ringgit traded at its strongest level in four months versus the US dollar today, against the landscape of a weakening greenback and higher demand for the local currency. Economists said an improving global economic outlook had prompted investors to hold less US dollars, deemed a safe-haven currency during market uncertainties, and focus instead on the potential upside of emerging market assets, such as Malaysian equities.

(The Edge) TA Enterprise Bhd’s (TAE) wholly owned subsidiary Flamingo Projects Sdn Bhd is acquiring a parcel of freehold land measuring 3,629 sq m, together with a four-storey commercial building, Wisma Dijaya, and one level of basement carpark in Damansara Utama from Elite Meridian Sdn Bhd for RM26 million.

(Bernama) The 10th Malaysia Plan (10MP) will be based on a new economic model to ensure that all efforts towards economic recovery in the country run smoothly. Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop said that although 10MP will take effect only in 2011, the government has started early planning on the five-year economic programme to ensure a sustainable development.

(Bernama) Permodalan Nasional Bhd (PNB) is confident that its 9.3 million investors will continue to see profit amid the current economic downturn. Its President and Group Chief Executive, Tan Sri Hamad Kama Piah Che Othman said the group was monitoring the performances of more than 300 of its investee companies so that they can compete amid the economic uncertainty.

(Bernama) Majlis Agama Islam Selangor (MAIS) plans to soon propose to the Selangor state government the ways of carrying out Syariah based administration and finances in all the government linked companies (GLCs) in the state.

(Bernama) The amount of tax collected for the first four months of this year showed an increase compared to the same period last year, said the Deputy Minister of Finance Senator Datuk Dr Awang Adek Hussin. However, he said the sluggish global economy at present is expected to affect the overall amount in taxes collected for this year.

(Bernama) More members of the Employees Provident Fund (EPF) are opting for flexible withdrawals as they reach 55 years of age to better manage their retirement savings. In a statement here Monday, the EPF said the Flexible Age 55 Withdrawal saw a significant increase in its take-up rate during the first quarter of 2009 (Q1 09).