Local investors that will buy shares of Malaysia’s largest mobile-phone carrier include the nation’s biggest pension fund, the Employees Provident Fund, the person said, declining to be identified. Maxis, run by billionaire T. Ananda Krishnan, will start marketing the sale on Oct. 23, the person said.

Maxis’s IPO will raise more than double the previous record in Malaysia, set by Petronas Gas Bhd’s offering in 1995. Maxis was among the country’s four biggest companies by market capitalization before Krishnan, 71, took it private in 2007 in a RM16 billion (US$1.7 billion) transaction.

Only the Malaysian operations of Maxis are included in the IPO, the person said. The company aims to complete the offering by mid-November, the person said.
Catherine Leong, a Maxis spokeswoman, declined to comment. Azlan Zainol, chief executive officer of the Employees Provident Fund, was unavailable for comment, according to his secretary.

Maxis plans to sell as many as 2.25 billion shares in the offering, it said in a draft prospectus published last month, without disclosing how much money would be raised. The Kuala Lumpur-based company will reserve 174.8 million shares for the public and customers, with the rest going to institutional investors and indigenous ethnic groups, according to the draft prospectus.

CIMB Investment Bank Bhd is the principal adviser for the offering while Credit Suisse Group AG and Goldman Sachs Group Inc. are joint global coordinators and book-runners.

Maxis had 11.4 million mobile-phone subscribers as of June 30, giving it a 40 per cent market share in Malaysia, according to the initial prospectus. The company reported RM4.24 billion ringgit of revenue in the six months to June 30.

Maxis first sold shares in Malaysia in 2002. Before the company was taken private in June 2007, it was valued at about RM40 billion on the Malaysian stock exchange. (Bloomberg)

(The Edge) MEASAT Satellite Systems Sdn Bhd (MEASAT) today announced the successful lift-off of the LandLaunch launch vehicle from the Baikonur Cosmodrome, Kazakhstan carrying the MEASAT-3a satellite into orbit.

(The Edge) Malaysian Airline System Bhd (MAS), which posted its first operating loss in 2 1/2 years in the first quarter, does not have any staff layoff plan although the operating environment is increasingly challenging, according to its chairman Tan Sri Munir Majid.

(Business Times) THE Malaysian insurance industry is undergoing a transformation to provide a strong foundation for a more resilient and competitive industry in support of Malaysia’s economic development agenda. Bank Negara Malaysia’s (BNM) assistant governor, Datuk Muhammad Ibrahim, said Malaysia has implemented the risk-based capital framework this year and new product regulations. He said these developments were part of a broader move towards introducing a more principle-based regulatory regime that would allow greater flexibility for insurers to compete and improve performance.

(Business Times) HONDA Malaysia Sdn Bhd is confident of achieving its sales target of 35,000 units of vehicles for this year despite the gloomy economic outlook. Its managing director and chief executive officer Toru Takahashi said as of May this year, the company had sold 17,313 units of vehicles.

(Business Times) MALAYSIA’S real gross domestic product (GDP) is expected to fall by 4.4 per cent this year before recovering to 2.2 per cent next year and 5.3 per cent in 2011, the World Bank said in its report on the global economic situation.

(Business Times) SYARIKAT Takaful Malaysia Bhd (STMB), which has RM4 billion in assets, aims to be the largest takaful insurer in the country in terms of assets within two years. Group managing director, Datuk Hassan Kamil, said currently, STMB was in second position after Etiqa Takaful Bhd, which has 400,000 policyholders.

(Business Times) MALAYSIAN stocks have risen “too far, too fast” given that corporate earnings will shrink this year, Maybank Investment Bank Bhd said in a strategy report. “The market rally has stretched valuations to levels unjustified by earnings growth,” Andrew Lee, an analyst at Maybank Investment, wrote in the report. “An economic and corporate earnings recovery is likely to be anemic.”

(Bernama) The country’s first fully-automated shipyard will be in operation at the Tanjung Agas Oil and Gas and Maritime Industrial Park here in 2013. It will be part of a RM4.8 billion project that comprises a fabrication and engineering yard, and marine repair and ship-building facilities on a 320-hectare site.

(Bernama) Sabah’s Rural Development Ministry has allocated RM370 million to implement five agropolitan projects to help farmers in rural areas. Its minister Datuk Dr Ewon Ebin said that this showed that the government was working towards improving the livelihood of the people, especially those in the rural areas.

(Bernama) The life insurance industry is still growing despite the discouraging economic condition, Life Insurance Association of Malaysia president Adnan Zain said. “The traditional life insurance business is showing a good development.

(Bernama) Malaysian Airline System Bhd (MAS) will offer more than 70 travel fairs globally until 2010, its senior general manager, sales, Datuk Bernard Francis, said Monday. The airline will continue to aggressively push sales in the Asean region, South Asia, North Asia, Australia, the Middle East, the Americas, and South Africa, he said.

(Bernama) A total of 44,736 projects worth RM4.2 billion have been tendered for implementation under the first economic stimulus package as of June 12 this year, Prime Minister Datuk Seri Najib Tun Razak said Monday. He said 13,365 projects worth RM1.5 billion had been completed involving small projects such as upgrading and repair works on rural roads, bridges, schools and hospitals.

(Bernama) Blue Archipelago Bhd will be exporting prawns to the European market with the setting up of a hatchery and processing factory at its farm here worth RM20 million this October. Its Chief Executive Officer, Dr Shahridan Faiez, said the processing factory will have the capacity to process 20 tonnes of fresh prawns a day.

(The Edge) Ingress Corporation Bhd said yesterday it had been unable to deposit RM25 million into an ijarah service reserve account (ISRA) in relation to its RM160 million sukuk al-Ijarah by the deadline. It had to deposit the amount into the ISRA latest Tuesday, which represents the remaining 50% of the sukuk’s first principal repayment of RM50 million that is due on July 9.

(The Edge) Singapore’s Oversea-Chinese Banking Corporation Ltd (OCBC) is on the lookout to expand its presence in Malaysia. “OCBC is always out looking for opportunities to grow our presence in this country. Definitely, with the recent liberalisation, the opportunities are even more interesting for OCBC as a foreigner,” said the banking group’s executive vice-president and head of group investment banking, George Lee.

(The Edge) PacificMas Bhd has found another interested party to acquire its insurance business and an application has been made to Bank Negara Malaysia (BNM) to enter into negotiations, PacificMas non-independent director George Lee said.

(The Edge) Sunway City Bhd (SunCity) is buying a hotel called Sunway Hotel Hanoi from its sister company Sunway Holdings Bhd (Sunway) for US$17 million (RM60 million) cash.

(The Edge) Tamadam Bonded Warehouse Bhd has signed a memorandum of understanding (MoU) with Netz Toyota to establish a joint-venture company in Malaysia to enable the parties to develop service centres for automobiles in the country.

(The Edge) Mudajaya Group Bhd unit Mudajaya Corporation Bhd has secured a RM19.89 million contract from Tune Hotels Sdn Bhd to design and build a seven-storey low-cost hotel in Johor Bahru.

(The Edge) Pembinaan Limbongan Setia Bhd (PLS) has received a letter of award from the Ministry of Public Works to design and build a RM188 million women’s and children’s ward block at the Seremban Hospital in Negri Sembilan.

(The Edge) The Employees Provident Fund Board acquired 5.98 million shares of MMC Corporation Bhd from May 28 to June 4. According to filings with Bursa Malaysia, the EPF acquired one million MMC Corp shares on May 28 and two million shares the next day. It went on to acquire 352,700 shares on June 1 and one million shares the next day and on June 4, it bought 1.628 million shares.

(Business Times) BUDGET airline AirAsia Bhd (5099) will start flights between Colombo and Kuala Lumpur on August 15, with daily direct flights between the two cities. It is offering promotional all-in fares from as low as RM99 one-way, which is only available online via the airline’s website at www.airasia.com.

(Business Times) MALAYSIA’S ringgit rose yesterday, snapping a six-day loss, on optimism investors will pump more funds into higher-yielding assets as a global financial crisis abates. The currency climbed from a two-week low after the government reported a smaller drop in industrial production than economists forecast and the US Treasury gave 10 banks approval to repay emergency funding.

(Business Times) THE Malaysia International Halal Showcase (Mihas) 2009 has generated sales of RM3.2 billion last month, indicating sustained business confidence among buyers and exhibitors despite the global economic downturn. With the prospect of economic recovery and outbreak of H1N1 contained, Mihas organiser Malaysia External Trade Development Corp (Matrade) expects to see higher participation and sales for next year’s trade fair.

(Business Times) THE Securities Commission (SC) today issued revised guidelines to allow exchange-traded funds (ETFs) from recognised jurisdictions to be cross-listed on Bursa Malaysia. The revised guidelines, which come into effect tomorrow, are part of the ongoing efforts to enhance the depth and breadth of the capital market, the SC said in a statement.

(Business Times) THE Employees Provident Fund (EPF)’s investment income dropped 10.47 per cent to RM3.26 billion for the first quarter ended March 31, from RM3.64 billion recorded in the fourth quarter of 2008. The decline is due to lower investment returns from both fixed income instruments and equities, said EPF in a statement in Kuala Lumpur, today.

(Bernama) The Inland Revenue Board says it has issued 10,550 replacement cheques for the cheques for which payment had been stopped. The cancelled cheques refer to refund cheques which have not been deposited or cashed, the IRB said in a statement Wednesday. It said taxpayers involved will be receiving the new cheques via post anytime from now.

(Bernama) Redza Safe Deposit Box Sdn Bhd has invested RM3.5 million to open its first branch in Seremban which offers 3,600 safe deposit boxes. The company, a subsidiary of Redza Security Sdn Bhd, plans to open its second branch in Klang, Selangor, within three months, followed by other branches in Penang and Johor Baharu this year.

(Bernama) Jia Yu Home Entertainment Sdn Bhd, a company owned by MSC Venture Capital has inked a co-production deal with two of China’s top television stations, Nanning TV and Changsa TV. The deal enables the Malaysian creative multimedia content company to enter the Chinese market.

(The Edge) Crude palm oil (CPO) futures continued its gains for a second day, tracking crude oil and soybeans as commodity prices rally in the wake of manufacturers rebuilding inventories in preparation for an economic rebound. CPO for August delivery on the Malaysia Derivatives Exchange closed 2.5% or RM65 higher at RM2,625 a tonne.

(The Edge) SilkAir, which commenced flights to Penang from Singapore yesterday, is working with Penang Global Tourism Sdn Bhd, the state government’s tourism promotion agency, to package Penang as a tourism destination. SilkAir chief executive Chin Yau Seng said the airline would focus on leisure packages, flying in to Penang from its various routes and those serviced by its parent company Singapore Airlines.

(The Edge) In a landmark deal covering multiple Asian markets, Merchant Solutions and Chinese bankcard association China UnionPay (CUP) have announced an alliance that enables thousands of merchants outside China to accept CUP debit and credit cards. In a statement yesterday, Merchant Solutions said it already enabled merchants in Hong Kong and Macau to accept CUP cards and the new agreement extended these services to Singapore, Malaysia, Brunei, Bangladesh, India and Sri Lanka.

(The Edge) ANALYSTS are pricing in the impact of a tougher economic landscape on national carmaker Proton Holdings Bhd for the current financial year (FY) ending March 2010. This comes against the backdrop of weaker demand for big-ticket items such as houses and cars.

(The Edge) As China is recovering from the global economic slump, CIMB-Principal Asset Management Bhd has launched the CIMB Islamic Greater China Equity Fund, its second fund in the year, to invest in high-growth sectors including the industrial and consumer sectors. These sectors are expected to benefit from the recovery in China’s economy, mainly driven by the government’s economic stimulus packages totalling US$585 billion (RM2.04 trillion), according to CIMB-Principal chief executive officer J. Campbell Tupling.

(The Edge) CIMB Bank Berhad has received the Securities Commission’s approval for its proposed bonds totaling RM5 billion (or its foreign currency equivalent) in nominal value. Bumiputra-Commerce Holdings Bhd (BCHB) said on June 2 that the corporate exercise involved the Tier 2 subordinated bonds programme and proposed Tier 2 junior sukuk programme.

(The Edge) Mamee-Double Decker (M) Bhd has proposed to acquire Charmille Pte Lte, which has a controlling 60% interest in the development of an oil palm plantation in central Kalimantan, from Golden Seed Holding Ltd (GSH) at an undisclosed price. Mamee-Decker said yesterday its sub-subsidiary Rosedale Investments Pte Ltd had signed the sale and purchase agreement with GSH on Monday.

(The Edge) HwangDBS Investment Management Bhd (HwangDBS IM) has declared an interim income distribution of one sen per unit for its flagship global feeder and income type fund, the HwangDBS Global Property Fund (GPF), for the financial period ended May 31, 2009.

(The Edge) Green Packet Bhd has subscribed for an additional 699,991 shares in its 90%-owned subsidiary Packet One International Pte Ltd (P1i) for S$699,991 (RM1.68 million) cash. Green Packet said yesterday P1i had also issued 200,000 shares and 99,999 shares fully paid to Telnet Technologies Sdn Bhd and Tang Pen San, respectively.

(Business Times) EON Bank is targeting 50,000 account holders with deposits amounting to RM400 million this year for its newly launched SaveMonthly Account deposit product. EON Bank Group’s consumer banking head Michael Lor said with the new product, account holders will enjoy higher interest rates on their deposits compared with conventional saving accounts.

(Business Times) Malaysian firm Weststar has abandoned a deal to buy LDV, the British van maker said today. “The directors of LDV Group have been forced to reapply for administration to protect the assets of the business,” LDV said in a statement. “This is due to the fact that essential funds required to maintain the business and workforce as a going concern are not being made available.”

(Business Times) HICOM-Chevrolet Sdn Bhd is banking on the Cruze 1.8 sedan passenger car, to be launched in the third quarter of this year, to boost sales in Malaysia. “It will be launched in late July or early August,” said its chief executive officer Sanjeev Garg at a media briefing in Petaling Jaya today. He said the car would be brought in from South Korea.

(Bernama) Sime Darby Bhd has targeted over 10,000 households in townships developed by the group for its energy efficiency initiative. The first activity under the initiative called “Switch” is the energy-saving bulb programme, which involves the exchange of old incandescent bulbs for the new energy-saving ones.

(Bernama) Despite General Motors (GM) entering bankruptcy protection in the United States, its Southeast Asia operation is going ahead with future expansion, including exploring plans to open a manufacturing plant in Malaysia. Steve Carlisle, president of General Motors Southeast Asia Operations and Chevrolet Sales Thailand, said there was no specific plan at the moment but the company would continue to explore the possibility of setting up the plant.

(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).

(Business Times) MORE people have approached the Credit Counselling and Debt Management Agency (AKPK) in the first quarter this year, but this is not solely attributed to the current economic slowdown. The waiting list for counselling sessions is getting longer, more public talks on personal finance management are held nationwide and packed briefing sessions at AKPK offices, especially in Penang and Johor Baru.

(Business Times) RENEGOTIATIONS on the free trade agreements (FTAs) between Malaysia and three other countries – the US, Australia and New Zealand – will begin in the middle of next month.

(Business Times) BANK Negara Malaysia is widely expected to leave its benchmark interest rate unchanged at 2 per cent after its monetary policy committee meets tomorrow, economists say.

(Business Times) MOBILE virtual network operator, Tune Talk Sdn Bhd, expects to begin commercial operation in the second half of this year, said its chief executive officer, Jason Lo. Lo said the company would focus on services at super low calling rates with exciting incentives. Tune Talk, a member of the Tune Group of Companies, is a licensed network service and application service provider.

(Business Times) Tesco Stores (Malaysia) Sdn Bhd has invested over RM300 million to set up its non-chilled distribution centre in Bukit Beruntung, Selangor. The centre is expected to be opened this September, its chief operating officer, David Hobbs said.

(The Edge) Bank Negara Malaysia has been ordered by the Minister of Finance to assume control of Tahan Insurance Malaysia Berhad (Tahan) effective May 22 to safeguard the interests of Tahan’s policy owners. Bank Negara said on May 22 the order was made pursuant to subsection 59(4)(a) of the Insurance Act 1996. Tahan is a licensed general insurer with a market share of 1%.

(Business Times) THERE is no plan to reduce the biodiesel mandate of five per cent despite the high feedstock cost, Deputy Minister of Plantation Industries and Commodities, Datuk Hamzah Zainudin said today.

(Business Times) Telekom Malaysia Bhd (TM) plans to increase the scope and resiliency of its global network by joining a consortium to plan and develop a proposal to build an international undersea cable system.

(Business Times) HONG Leong Financial Group Bhd, a Malaysian banking group, climbed in Kuala Lumpur trading after winning approval to start talks with Japan’s Mitsui Sumitomo Insurance Co for a strategic insurance partnership.

(Business Times) Construction of a 44.6km tunnel costing RM1.3 billion to channel raw water from Pahang to Selangor will start on June 1, and is expected to be ready in 2014. The project team director, Datuk Ir Ismail Mat Noor, said the construction of the tunnel would be the project’s first and most critical component which upon completion in five years’ time, would allow 1,890 million litres of raw water to be channelled daily.

(The Edge) Malaysia Airlines (MAS) would be offering more all inclusive low-fare bargains starting from RM48 for domestic travels beginning June 25 to Nov 30.

(The Edge) Most fund managers are still holding back from the stock market despite the ongoing rally, a sign that many have yet to be convinced that the gain in Malaysian equities is backed by firm economic fundamentals. As a local fund manager puts it, many in the fund management fraternity were taken aback by the spike in share prices within a short period despite weak corporate earnings.

(Bernama) Tenaga Nasional Bhd (TNB) targets to commission the first nuclear power plant in Malaysia by 2025 if the government decides to include nuclear as an acceptable energy option. Head of nuclear energy unit TNB, Dr Mohd Zamzam Jaafar said TNB cannot ignore nuclear energy amid the uncertain future supply and volatile fossil fuel prices as well as gas resources.

(Bernama) Next Bike Sdn Bhd, the sole importer and distributor for Ducati motorbikes in Malaysia, expects to sell 120 Ducati bikes this year from 85 units sold last year.

(Business Times) MALAYSIA’S value of manufacturing sales fell by 25.5 per cent year-on-year in March, as 80 industries (69 per cent) out of 116 industries covered in the survey posted lower sales. Total manufacturing sales stood at RM36.6 billion, from RM49.1 billion billion the year before.

(Business Times) PLUS Expressways Bhd (5052), Malaysia’s biggest toll road operator, plans to sell about RM600 million worth of of Islamic bonds, known as sukuk, to repay maturing debt. CIMB Investment Bank Bhd is helping the Kuala Lumpur-based company sell Musharakah sukuk in an offer that may close as soon as today, PLUS corporate affairs general manager How Seet Ming said in a phone interview yesterday.

(Business Times) Malaysian October 2008/September 2009 palm oil output is likely to reach only 17.8 million tonnes Hamburg-based oilseeds analysts Oil World forecast yesterday.This was down from its previous estimate of 18.0 million tonnes.

(Business Times) THE government has set a June deadline to conclude talks of restructuring the water services in Selangor, which is three months later than the original deadline of March this year.

(Bernama) Nestle (Malaysia) Bhd is cautiously optimistic of growth this year due to the current global economic downturn and change in consumer consumption pattern, its managing director Sullivan O’Carroll said Monday.

(Bernama) A total of RM30.3 million has been allocated by the government to renovate and upgrade in stages the existing facilities of the Puduraya bus terminal here, Second Finance Minister, Datuk Ahmad Husni Mohamad Hanadzlah said.

(Bernama) Media Prima Radio Networks (MPRN) announced Tuesday that its Hot FM radio station continued to score pole positions while Fly FM took a 70 percent leap in listener growth.

(Bernama) Celcom Malaysia Bhd, the country’s leading blackberry provider, targets to double the figure of 16,000 BlackBerry users recorded as of last year, by the middle of this year.

(The Edge) SBC Amanah Takaful Sdn Bhd, the Islamic insurance arm of HSBC Amanah Malaysia Bhd, doubled the collection of premiums to RM30 million in the last six months from RM15 million in the preceding six-month period.

(The Edge) Microsoft (Malaysia) Sdn Bhd plans to invest about RM3.05 billion in the Microsoft DreamSpark programme as part of its commitment to develop human capital among local students. The programme will enable more than 870,000 students to gain access to world-class products from the Microsoft portfolio, said Microsoft Malaysia’s managing director Yasmin Mahmood.

(Business Times) The plan to make Senai International Airport in Johor a regional cargo hub is becoming closer to reality, with a cargo airline company agreeing to commence operations there from next month. Senai Airport Terminal Services (SATS) Sdn Bhd deputy chief operations officer Shahrull Allam Shah Abdul Halim said the company is also the first to do so.

(Business Times) GOOGLE Inc has launched Google Maps Malaysia (http://maps.google.com.my), a new search platform that enables users to find local geographic information on their personal computers and mobile phones. These include online maps, satellite imagery, driving directions, addresses and business listings, Google said in a statement today.

(The Edge) Public Bank Bhd contributed RM1.25 million to Universiti Tunku Abdul Rahman to set up the Tan Sri Teh Hong Piow Chair in banking and finance. Public Bank said on May 14 the contribution would be over five years, at RM250,000 per year, for the appointment of a professor and conduct applied research in banking and finance.

(The Edge) MISC Bhd has teamed up with Petronas International Corp Lt and Mustang Engineering Ltd to provide floating liquified natural gas (LNG) solutions and services worldwide as MISC seeks to be a leader in LNG transportation. MISC said on May 14 that it had entered into a shareholders’ agreement dated April 30 to undertake the solutions and services and the JV company’s authorised share capital is US$10 million. Petronas would hold 60%, MISC 30% and the remaining 10% Mustang Engineering.

(Bernama) Former Prime Minister, Tun Dr Mahathir Mohamad today expressed dissatisfaction with the progress made by Cyberjaya since its development began 12 years ago. “It has seen tremendous progress. You can see buildings, houses and IT related business here. The university is expanding and MSC is much more active now. “But if you ask me, am I satisfied? The answer is no. I like things faster. More faster, better and sometimes more expensive,” Dr Mahathir said. He said the earlier plan for the creation of a community of foreigners working and living here has not happened.

(The Edge) The country has seen a drop in the number of retrenched workers as at May 8, with the figure falling to 31,895 from 41,056 as at March 31, on improved market conditions, Deputy Human Resources Minister Datuk Maznah Mazlan said. She also said the improved figures were the result of better performance in the manufacturing sector as well as a much better economic landscape.

(Business Times) CHEVRON Malaysia Ltd has warned members of the public about fraudulent job offers and promotiom scams. In a statement, Chevron said it had come to its attention that unauthorised individuals were using the Chevron and Caltex name, logo and letterhead to solicit funds from the public.

(Bernama) INTI Education Group made several key changes to its management team by placing industry veterans in strategic positions ahead of its expansion and development plans. In line with the changes, it has appointed Zulaifah Abdul Ghani as the chief financial officer, Anucia Jeganathan as the executive vice president and Oma Sewhdat as senior vice president.

(Business Times) HONG Leong Assurance (HLA), the insurance arm of the Hong Leong group, expects a double-digit growth in premium for its financial year ending June 30, 2009. “We have a strong double-digit growth. Up to last month, we have 45 per cent growth in regular premium,” its chief operating officer for the life division, Loh Guat Lan, said today. In the previous financial year, the company managed to cross the RM200 million mark for premium, she said.

(Business Times) RAPIDPENANG Sdn Bhd (RapidPenang) is the first bus company in Malaysia to have WiFi facility in its buses in a move to get more people to use public transportation. Its chief executive officer, Azhar Ahmad, said for a start, the company was installing the facility in two of its buses, one plies between Balik Pulau and the Bayan Lepas International Airport and the other plies the Teluk Bahang-Batu Feringgi-Weld Key route.

(Bernama) Six Malaysian seafood companies will resume the export of seafood products to Europe after they have met the requirements set under the European Union (EU) health standard. Malaysia’s Ambassador to the EU, Datuk Hussein Haniff, said the companies concerned would be given the green light again after positive results from the visit of a team of inspectors from the EU Food and Veterinary Office to Malaysia last March.

(Bernama) Sirim Bhd is planning to set up a battery laboratory in Malaysia going forward, says its senior general manager for marketing and business development, Dr Abd Rahim Saad. He said the laboratory would have a full range of battery testing facilities to assist producers with testing and certification. Asked as to the cost of the laboratory, Abd Rahim said based on the feedback of industry players, it would involve a few hundred million ringgit.

(Business Times) PERWAJA Holdings Bhd will defend the suit with regards to its dispute with Petroliam Nasional Berhad (Petronas) involving claims amounting to RM85.8 million. The company, in its filing to Bursa Malaysia today, said it received a writ of summons and a statement of claim from Petronas for the sum of RM85,795,957.30 together with a claim for interest with reference to the total amount invoiced but disputed by it. This difference was in principle due to Perwaja’s natural gas price computation based on the negotiations with the Malaysian government (including the international price and relevant discount) and Petronas’ own price, Perwaja said.

(Business Times) AN international arbitration tribunal has ordered PT Ayunda Prima Mitra (PT APM) to immediately discontinue civil suits against Astro All Asia Networks Plc, its subsidiaries and group chief executive officer and executive deputy chairman Ralph Marshall. Alleging that PT APM, among others, had failed to complete a proposed joint venture in PT Direct Vision, Astro said it had exercised its right to arbitrate the dispute pursuant to a written agreement relating to the proposed joint venture.

Bank Stress Tests & More

(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.