Maybank still suspended

30 09 2008

KUALA LUMPUR: Trading in the securities of Malayan Banking Bhd (Maybank) was still suspended for the second day on Tuesday pending an announcement on the latest proposal involving PT Bank Internasional Indonesia TKB (BII).

Maybank said in a statement to Bursa Malaysia on Tuesday that Bursa Malaysia Securities Bhd had approved its application to suspend the trading of Maybank’s securities from 9am to 5pm.

The suspension was to allow Maybank to announce the latest status on its proposal of the BII acquisition. On Monday, it was suspended from 9am to 5pm.

Source: The Star Online


Malaysia To Cut Gasoline Pump Price By 10 Sen/Liter

24 09 2008

By Serina Joon, Dow Jones Newswires

KUALA LUMPUR (Dow Jones) – Malaysia is expected to cut the price of gasoline at the pump by another 10 sen, the New Straits Times reported Wednesday, citing an unnamed source.

The announcement is expected to be made later today, the report said.

Government officials are scheduled to meet Wednesday to discuss the monthly review of retail fuel prices in a Cabinet meeting, according to an earlier news report.

On Aug. 22, the pump price of gasoline was slashed to MYR2.55 from MYR2.70 a liter and diesel to MYR2.50 from MYR2.58 a liter.

The government had announced Aug. 1 that pump prices would be adjusted monthly according to global crude oil prices.

Raja Petra to be detained 2yrs under ISA

23 09 2008


KUALA LUMPUR: Malaysia Today editor Raja Petra Kamarudin was served with an order Monday night that would see him detained in Kamunting for two years under the Internal Security Act (ISA).

Raja Petra will be held without trial under Section 8(1) of the ISA, reporters were told by his lawyers, who were at the High Court hear to argue their habeas corpus application on Tuesday. The detention order was signed by Home Minister Datuk Seri Syed Hamid Albar on Monday night.

On Tuesday, DPP Abdul Wahab Mohamad raised a preliminary objection over the blogger’s habeas corpus application saying that Raja Petra’s detention by the police under the Section 73(1) of the same Act has become academic.

DPP Abdul Wahab confirmed that he had been informed Tuesday morning of Raja Petra’s detention under the minister’s order which was effective Monday.

“The applicant is no longer detained under Section 73 (1) of the Act and we strongly contend that all the issues pertaining to the said detention have now become academic since the detention order under Section 8(1) of the Act came into effect,” he said.

DPP Abdul Wahab said the police no longer have authority on the applicant and that the burden has shifted to the Home Minister.

“Thus, any illegality in the prior arrest and detention cannot be the subject matter of inquiry. Any previous issues which transpired before the issuance of the detention order cannot be subject to judicial inquiry.

“I seek your indulgence to strike out the application,” he submitted before High Court judge Suraya Othman when the case was mentioned Tuesday.

Raja Petra had filed a habeas corpus application on Sept 16 to get a court order for his release. The blogger named the Inspector-General of Police as the respondent in the application.

In a supporting document affirmed by Raja Petra’s wife, Mable @ Marina Lee Abdullah said she believed that Raja Petra was detained under ISA on Sept 12 to silence him as well as to extract information concerning his sources.

His lead counsel Malik Imtiaz Sarwar argued Tuesday that the minister’s action was only to defeat the wrongful detention application by his client and it was unacceptable.

Malik argued that Raja Petra’s detention by the police under Section 73(1) of the same Act was without basis, unconstitutional and in bad faith.

He submitted that the minister’s order was inter-related with the detention order by the police and that the applicant could still challenge the validity of the said order. “It is a very urgent matter and there is no evidence to suggest that he (Raja Petra) is a threat to national security. He just put in his comments,” he said.

Justice Suraya asked both parties to file in further written submissions before hearing the matter again on Oct 28.

Speaking to reporters later, Malik said he would file another application for his client under Section 8 of the Act.

Earlier, Raja Petra’s wife Marina and Seputeh MP Teresa Kok were spotted chatting with former de facto Law Minister Senator Datuk Zaid Ibrahim as they sat at the public gallery.

Source: The Star Online

China goods ban widens

23 09 2008


PETALING JAYA: The Government has widened its ban on dairy products imported from China to include confectionery which contain milk, chocolate (including white chocolate) and other food which contain milk.

The decision was based on the latest information received from Singapore’s Agri-Food and Veterinary Authority (AVA) which found melamine in “White Rabbit Creamy Candy”, the Health Ministry said in a statement.

The ministry’s food quality and safety department director Noraini Mohd Othman said the widened ban would include “White Rabbit Creamy Candy” and flour-based confections like biscuits.

“The ministry will seize such products found in the local market,” she said.

Noraini said Malaysia already had an existing ban on any milk or milk powder from China, adding that although the country had imported dairy products from China, the milk in these goods was sourced from Australia and New Zealand.

“As a preventive measure, the ministry has also imposed a Level 6 or automatic rejection on all imported baby milk powder, milk and dairy products via the Food Safety Information System.”

Noraini advised consumers to be aware of the types of items which have been banned and to dispose of any existing goods they might already have.

“Retailers are also advised to report to the nearest state health department or office if such products are sold on their premises,” she said, adding that importers and agents have to stop distributing such products and immediately contact her department.

Noraini said the ministry would also take food samples from across the country to check for the presence of melamine, adding that if it were detected, those involved in the distribution chain could be fined up to RM100,000 or jailed a maximum of 10 years, or both.

Consumers can contact the ministry at 03-8883-3503 for more information.

On Friday, Singapore’s AVA suspended the import of all milk and milk products from China and instructed retailers and importers to recall such products.

Three products were found to contain melamine – “White Rabbit Creamy Candy”, “Yili Brand Choice Dairy Fruit Bar Yogurt” and “Dutch Lady” strawberry-flavoured milk.

Source: The Star Online

Fresh hopes push KLCI above 1,000

19 09 2008


KUALA LUMPUR: Fresh hopes of the US government’s move to implement a plan to strengthen the US financial market gave some hope to US and Asian markets while the KL Composite Index crossed the 1,000-mark easily on bargain hunting.

At 9.08am, the KLCI was up 11.49 points to 1,003.15. Turnover was 23.83 million shares valued at RM39mil. There were 114 gainers, 12 losers and 55 counters unchanged.

Asian markets also rose, with Japan’s Nikkei 225 up 300 points or 2.61% to 11,789.35, Singapore’s Straits Times Index rallied 3.6% to 2,506.22 while South Korea’s Kospi gained 3.62% to 1,442.78.

In US, stocks rallied after the US government reassured worried investors that it would draw up a “permanent” plan to shore up financial markets.

US regulators and pension funds also implemented measures to curb bents against banks and brokerages.

However, OSK Investment Research said with the global economy slowing, the financial markets in turmoil and protracted political uncertainties, the short term outlook for the KLCI was decidedly bearish.

An investor reacts as he monitors the share index at a private stock market gallery in Kuala Lumpur on Thursday. – AFP

“We advise investors to stay with defensive stocks for now and wait for the selling pressure to abate, which would be signalled by a decline in trading volume before re-entering value stocks,” it said.

Its year-end KLCI target of 1,128 factors in growing political certainty and a rebound in commodity prices towards year-end.

“Nonetheless, any upside is likely to be capped until 2Q2009 when the economy gradually recovers,” it said.

BCHB was the top gainer, up 35 sen to RM7.45, MISC-Foreign gained 30 sen to RM8.45, Tanjong and YTL added 20 sen each to RM12.60 and RM5.70.

Public Bank, Public Bank foreign and Maybank gained 15 sen each to RM9.80, RM9.90 and RM7.05 respectively.

Among the major losers were Tanjong Offshore rights shares (TgOffs-OR) which fell 16 sen to 20 sen.

Hartalega lost 20 sen to RM1.30 but with only 100 shares done while Kossan eased 10 sen to RM2.25 and Kulim five sen to RM5.35.

Source: The Star Online

Malaysia’s PM announces reduced fuel prices

22 08 2008

PUTRAJAYA: Petrol and diesel price will drop by between eight sen and 22 sen a litre from Saturday.

The price of RON97 petrol will be reduced by 15 sen to RM2.55 a litre from RM2.70, while RON92 would be 22 sen less at RM2.40, from RM2.62

The retail price of diesel would drop by eight sen to RM2.50 a litre.

Prime Minister Datuk Seri Abdullah ahmad Badawi announced the new prices in a statement after Friday’s Cabinet meeting.

He said the prices were determined by taking into account the actual price from Aug 1 to 21 and the 30 sen per litre subsidy borne by the government while the subsidy for diesel, based on the new price, was 50 sen a litre.

“The cabinet decided to bring forward the enforcement date for adjustment of the new petrol price,” he said.

Source: The Star Online

Two dead, seven injured in Cheras accident

1 08 2008

KUALA LUMPUR: A lorry driver lost control of his 10-tonne lorry near Taman Connaught, Cheras, here, at 9am Friday, ramming into seven vehicles.

The accident scene in Cheras after a 10-tonne lorry rammed into seven vehicles, leaving two dead and seven injured.

The lorry driver and a motorcyclist were killed in the accident. Seven others who were injured in the accident have been sent to the Hospital Universiti Kebangsaan Malaysia (HUKM) for treatment.

Initial investigations show that the lorry driver was turning into the MRR2 when he lost control, hit the divider and ended up on the other side of the Cheras-Kajang road.

Source: The Star Online