This Digital Copy Is Brought to You By
Total Page:16
File Type:pdf, Size:1020Kb
This digital copy is brought to you by FBM KLCI 1833.77 24.64 KLCI FUTURES 1839.50 27.50 STI 3340.53 4.79 RM/USD 3.3510 CPO RM2204.00 30.00 OIL US$80.38 0.02 GOLD US$1195.10 2.60 PP 9974/08/2013 (032820) PENINSULAR MALAYSIA RM1.50 TUESDAY NOVEMBER 25, 2014 ISSUE 1846/2014 FINANCIAL MAKE BETTER Deutsche Bank ‘temporarily DAILY DECISIONS suspends’ MOL Global rating 4 HOME BUSINESS www.theedgemarkets.com 2 PKA lawsuit to be settled on Dec 2 8 HOME BUSINESS EPF 3Q investment income up 2.1% to RM10.32b 9 HOME BUSINESS Axiata net profi t drops 12% to RM631m 15 HOME Azmin shows politics need not be a zero sum game 2021 FOCUS Th ailand’s harvest of despair 2 TUESDAY NOVEMBER 25, 2014 • THEEDGE FINANCIAL DAILY For breaking news updates go to www.theedgemarkets.com ON EDGE TV IN BRIEF www.theedgemarkets.com Hagel resigns as US defense Lawyer: PKA secretary, offi cial says WASHINGTON: Defense Secre- tary Chuck Hagel has resigned, US offi cials said yesterday, end- ing nearly two years in the Pen- lawsuit to be settled tagon’s top job after a bruising mid-term election that under- October mined President Barack Oba- infl ation ma’s Democrats in Congress. slower than Former transport minister’s acquittal impacts case Hagel, who had struggled to improve his ties with Congress expected after a contentious 2013 confi r- BY SHANKAR GANESH PKA contended that mistakes mation hearing, submitted his and fraud were involved in the resignation letter after lengthy KUALA LUMPUR: Th e RM720 mil- agreement and that the value of discussions with Obama that lion Port Klang Authority (PKA) the land should be RM21 per sq began in October, offi cials said. lawsuit against Kuala Dimensi ft (psf) and not RM25 psf. It also Obama accepted his resigna- Sdn Bhd (KDSB) is expected to be claimed that the purchase price tion, offi cials said. — Reuters settled when both parties appear was inclusive of interest as stated before the Shah Alam High Court in the agreement and that it would French, British banks Large number on Dec 2. be paid over 15 years. press EU to revise plans of Malaysia’s PKA counsel Lim Chee Wee from PKA’s decision to withdraw PARIS: French and British legal fi rm Skrine & Co, said it would comes just two months after Tan banks are urging the Europe- elderly only be proper to make a statement Sri Kong Cho Ha was appointed an Commission to reconsid- fi nancially on the purported withdrawal of the chairman. PKA is under the pur- er plans to isolate high-risk unprepared suit after this date. view of the transport ministry and trading activities at big banks, However, he said in a statement Kong is a former transport minister. warning the move could dis- for retirement to Th e Edge Financial Daily that the Sources said the PKA board’s courage lending to struggling Ling was acquitted of three charges of evidence produced and fi ndings of decision came after lawyers Skrine economies. Th e European Un- cheating the federal government. The fact made by the High Court judge & Co had issued a letter saying the ion (EU)’s executive arm pub- Edge fi le photo in the criminal trial against Tun Dr case was weak. It is learnt that the lished a draft law in January Ling Liong Sik have a material im- PKA subsequently wrote to the At- that would ban banks consid- pact on the civil suit. directors were present. It was also torney-General and the ministry ered “too big to fail” from pro- Ling was acquitted of three decided that PKA would initiate for their advice.Th e PKFZ is built prietary trading — making bets The Edge Communications Sdn Bhd (266980-X) charges of cheating the federal gov- negotiations with KDSB for it to on land valued at RM1.88 billion. on stocks, bonds and commod- Level 3, Menara KLK, No 1 Jalan PJU 7/6, ernment regarding the Port Klang withdraw its suit against PKA. Th e Edge Financial Daily also ities for their own accounts. Mutiara Damansara, 47810 Petaling Jaya, Free Zone (PKFZ) land deal. PKA had fi led suit against KDSB reported that the advice to with- — Reuters Selangor, Malaysia Th e Edge Financial Daily report- on Sept 25, 2009, seeking rectifi ca- draw was because of implications ed yesterday that PKA had decided tion of the agreement signed on Nov from the case of former transport China corruption Publisher and Group CEO Ho Kay Tat to withdraw its RM720 million suit 12, 2002, for the land worth RM1.88 minister Ling. It is learnt that some watchdog eyes Sinopec Editorial against turnkey contractor KDSB billion. It sought a declaration that of the witnesses in this suit were BEIJING: China’s corruption For News Tips/Press Releases over the PKFZ fi asco. It is learnt that it should not be charged interest of the same and the acquittal had se- watchdog has launched a se- Tel: 03-7721 8219 Fax: 03-7721 8038 the PKA board had unanimously RM720 million on the balance pur- riously impacted on the decision. ries of inspections into state- Email: [email protected] agreed to discontinue the suit in a chase price of the land under the Th e board is also said to have owned enterprises and govern- Senior Managing Editor Azam Aris special meeting in Putrajaya last agreement and sought a refund of weighed the cost of continuing the ment bodies including China Executive Editors Kathy Fong, Friday, where seven of the nine the interest paid to KDSB. lawsuit and losing the case. Petrochemical Corp (Sinopec Jenny Ng, Siow Chen Ming, Group), Asia’s largest oil refi n- Surinder Jessy, Ooi Inn Leong Associate Editors R B Bhattacharjee, er, state media said yesterday. Joyce Goh, Jose Barrock, Th e inspectors, part of China’s Vasantha Ganesan Central Commission for Disci- Editor, Features Llew-Ann Phang pline Inspection, will focus on Deputy Editors Cindy Yeap, Ringgit advances for second day Kang Siew Li senior fi gures within Sinopec Assistant Editors Adeline Paul Raj, who may be promoted to lead- Tan Choe Choe ership roles. — Reuters Chief Copy Editor Halim Yaacob on plan to scrap fuel subsidy Senior Copy Editors Marica Van Wynen, Lam Seng Fatt, Cost-cutting Joko slashes Melanie Proctor KUALA LUMPUR: The ringgit the likely stabilisation of oil prices revenue. Consumer prices gained travel funds Copy Editors Evelyn Chan, gained for a second day on opti- are ringgit-positive,” said Sim Moh 2.8% in October from a year earlier, JAKARTA: Days after flying Veronica Poopathy mism the government’s plan to Siong, a currency strategist at Bank compared with 2.6% in the previ- economy class to his son’s grad- Art Director Sharon Khoh Design Team Cheryl Loh, abolish energy subsidies will help of Singapore Ltd. “We expect the ous month, offi cial data released uation in Singapore, Indone- Valerie Chin, Aaron Boudville, shore up public fi nances. Th e cur- ringgit to strengthen further in the last Friday showed. Th at was less sia’s president said yesterday he Aminullah Abdul Karim, rency completed the biggest two- near term.” than the median 3% estimated by will slash the travel budget for Yong Yik Sheng day advance in a month after it was Th e ringgit climbed 0.1% to 3.3520 economists in a Bloomberg survey. his cabinet to free up funds for Asst Manager-Editorial Services Madeline Tan announced last Friday that fuel sub- per US dollar yesterday, data com- Ten-year government bonds desperately needed reforms in sidies will be removed from Dec 1. piled by Bloomberg show. It strength- rose, with the yield on the 4.181% Southeast Asia’s biggest econ- Corporate Th e ringgit also rose on specu- ened 0.4% in the past two days. notes maturing in July 2024 falling omy. Th e move is the latest in a Managing Director Au Foong Yee lation Malaysia, a net oil exporter, Brent crude gained 1.2% last one basis point, or 0.01 percent- series of cost-cutting measures Deputy Managing Director Lim Shiew Yuin will benefi t from a rebound in crude week, curbing this quarter’s de- age point, to 3.89%, according to that President Joko Widodo has prices from a four-year low. cline to 15%. Oil-related industries data compiled by Bloomberg. — implemented in his fi rst month Advertising & Marketing “Abolition of fuel subsidies and account for 30% of government Bloomberg as president. — Reuters To advertise contact GL: (03) 7721 8000 Fax: (03) 7721 8288 Chief Marketing Offi cer Sharon Teh (012) 313 9056 Senior Sales Managers Recharge your phone in 30 seconds? Israeli fi rm says it can Geetha Perumal (016) 250 8640 Fong Lai Kuan (012) 386 2831 Shereen Wong (016) 233 7388 Acting Senior Sales Manager BY ORI LEWIS & RINAT HARASH oped a battery that can store a much said Doron Myersdorf, the found- Th e company has raised US$48 Gregory Thu (012) 376 0614 higher charge more quickly, in eff ect er and chief executive of StoreDot, million (RM160.3 million) from two Ad-Traffi c Manager Vigneswary Krishnan (03) 7721 8005 TEL AVIV: An Israeli company says acting like a super-dense sponge to whose investors include Russian rounds of funding, including back- Ad Traffi c Asst Manager it has developed technology that soak up power and retain it. While billionaire and Chelsea soccer club ing from a leading mobile phone Roger Lee (03) 7721 8004 can charge a mobile phone in a few the prototype is currently far too owner Roman Abramovich.