Setia Alam Apartment For Sell RM350K (seri Jati)

-10th Floor 

- 813 square feet 

- Good View 

Amenities 

- Swimming Pool 

- Gym Room 

- Playground 

- Multi-Purpose Hall 

- Maintenance RM 110/month

Selling Price RM 350K 

Interest Please contact Mr Tan 017-6470810

DiGi posts higher Q1 profit

KUALA LUMPUR: DiGi.Com Bhd's pre-tax profit increased to RM654.537 million for the first quarter ended March 31, 2014 from RM424.018 million registered in the same quarter last year.

Revenue rose to RM1.717 billion, during the period under review, from RM1.647 billion registered in the corresponding quarter.

In a filing to Bursa Malaysia, the telecommunication company said its solid growth in the first quarter was driven by a strong boost in the usage

of mobile Internet services.

DiGi shares rise on positive Q1 results

KUALA LUMPUR: DiGi.Com Bhd's shares rose 2 sen or 0.37 per cent after posting stronger first quarter ended March 31, 2014 results.

The stock stood at RM5.36 as at 3.35 pm with 4.62 million shares transacted.

For the first quarter, the company's pre-tax profit increased to RM654.54 million compared with RM424.02 million in the same period last year while

revenue rose to RM1.71 billion from RM1.64 billion.

In a filing to Bursa Malaysia, DiGi.Com attributed the better results to higher usage of mobile Internet services with Internet customers growing to four

million from three million a year ago, contributing RM374 million to its revenue. -

Malaysia firms reject IP rights proposal in TTPA

KUALA LUMPUR: Malaysia will firmly reject the proposal on intellectual property rights in the Trans-Pacific Partnership Agreement (TPPA) involving drugs.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the government was aware the matter was worrying to Malaysian as it would involved price hikes of drugs in the market.

"In this case, the main issue is to call for the 20-year patent period to be extended.

"When that occurs, it will delay the introduction of the generic drug and, thus, will increase the price of drugs. For Malaysia it is a vital issue and will stand firm on the matter," he told Bernama after attending a special briefing with the

Malaysian National News Agency (Bernama) staff here today.

Apart from Malaysia, he said, several other countries also rejected the proposal.

"So this public concern should not be prolonged as not all wanted to extend the patent period, there are several countries together with us, who strongly oppose such efforts," he said.

Drugs with expired patent period would be categorised as generic drug and could be produced by any companies, including local ones, offering much cheaper roices.

The TPPA negotiation involved Australia, Brunei, Chile, canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.

At the TPPA ministerial level meeting in Singapore last February, seven matters were finetuned, including intellectual property rights. 

No accord with US on TPP trade deal: Japan minister

TOKYO: Japan's economy minister said Friday that Tokyo had not reached a basic accord with Washington over a Pacific-wide trade deal despite intense talks after a bilateral summit.

There had been hopes that Tokyo and Washington might break an impasse in the stalled talks during US President Barack Obama's visit to Tokyo.

Speaking hours before Obama's departure, however, Japanese economy minister Akira Amari said what had been achieved was "not a basic accord although there was progress".

"In talks between the two leaders and ministers, we have confirmed the path to solve important pending issues between Japan and the United States," Amari told reporters.

Japan and the United States would "cooperate to help accelerate talks with other countries participating" in the Trans-Pacific Partnership (TPP) to bring it to an early conclusion, he said.

Obama and Prime Minister Shinzo Abe failed to reach an agreement on the TPP in summit talks on Thursday but told their delegates to continue negotiations.

Obama urged Japan to take "bold steps" to seal the TPP, a vast agreement that would cover about 40 percent of the global economy and a key plank in the president's bid for a renewed US focus on Asia.

The ambitious 12-nation deal has stalled as Tokyo and Washington lock horns over key details, including Japanese tariffs on agricultural imports and US access to its ally's major auto market.

Obama arrived in Tokyo late Wednesday on the first leg of his Asian tour which will also bring him to South Korea, Malaysia and the Philippines. He will leave for Seoul later Friday. 

ECER draws RM24.45 billion investment in 1Q 2014

PUTRAJAYA: The East Coast Economic Region (ECER) has attracted RM24.45 billion worth of investments in the first quarter of 2014.

Of the investments, RM7.54 billion worth of agreements were formalised today and witnessed by Prime Minister Datuk Seri Najib Razak.

Three potential investors for the second quarter with combined potential investments worth RM9.5.billion were also present at the ceremony.

With this latest first quarter investments, ECER, since 2007 has attracted a total of RM63.58 billion investments, which is more than 57 per cent of its RM110 billion investment target by 2020.

Najib, in a statement said over 65,000 jobs have been created for the rakyat from these investments.

Maybank IB issues three new call warrants

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) is issuing three new European style cash-settled call warrants (CW) over the ordinary shares of Cahya Mata Sarawak Bhd (CMSB), Karex Bhd and Malaysia Airports Holdings Bhd (Airport).

Maybank IB said the warrants will be listed today with an issue size of 100 million each and this tranche focused on unique counters listed on Bursa Malaysia, it said in statement today.

"Karex and Airport are the only condom manufacturer and airport operator, respectively, listed in Bursa Malaysia, while on the opther hand, CMSB is the closest proxy to the growth potential of Sarawak's economy arising from the significant business interest in the state and Sarawak Corridor of Renewable Energy (Score)," it said.

All three underlying companies in this tranche had performed well in the past 12 months and as such, this tranche offered sophisticated investors the opportunity to gain exposure to the underlying stocks' unique businesses, it added.

CMSB, with its significant business interests in Sarawak, is expected to benefit significantly from the Score.

Maybank IB said with the proposed two-for-one share split and one-for-two bonus issue, trading liquidity and affordability of CMSB shares are expected to improve.

Meanwhile, Maybank IB Research has a 'buy' call on CMSB with a target price of RM10.50.

The structured warrants listed in this tranche are CMSB-CG, Karex-CB and Airport-CK and they have gearings of 4.36x, 3.54x and Airport 5.33x, respectively.

"The tenure of all three call warrants is about 12 months," it said. -

Earthworks for new Mukah airport to start tomorrow

UCHING: Initial earthworks for the construction of the new Mukah Airport in Sarawak's central region coastal area will begin tomorrow.

A Sarawak-based company, Hock Peng Furniture and General Contractor Sdn Bhd, was awarded the RM133.3 million contract for the earthworks, which represented the first phase of the airport construction project.

The contract was inked by the company's managing director and chairman Datuk Toh Chiew Hock and Sarawak Public Works Department director Zuraimi Subki in a simple ceremony witnessed by State Infrastructure Development and Communications Minister, Datuk Seri Michael Manyin Jawong here today.

Speaking at a press conference after the ceremony, Manyin said the project marked another milestone for coastal area development in Sarawak.

"The new Mukah Airport will provide a new connectivity along the coastal area which will sustain the economic development spurred by the Score (Sarawak Corridor of Renewable Energy) activities," he said.

The new airport will be built on a site about seven kilometres from Mukah town centre at an estimated overall cost of RM600 million.

It is expected to be completed by 2018.

Malaysia-China trade to continue growing double-digit this year

JOHOR BARU: The bilateral trade between Malaysia and China is expected to maintain a double-digit growth this year, boosted by active promotion and trade expo participations for both countries, said Malaysia External Trade Development Corporation (Matrade).

Its Director for Business Services and Building Material Section, Franchise Unit/China, Trade and Services Promotion Division, Ong Yew Chee, said for the past 10 years, the bilateral trade between the two countries has been healthy with 10 per cent average growth.

"Last year, Malaysia's total trade with China amounted to RM202.23 billion, an increase of 12.5 per cent compared to 2012," he told reporters in conjunction with the 11th China-Asean Expo (CAEXPO 2014) road promotion here today.

He said this was further reflected with China being the country's largest trading partner among other countries since 2009.

Among Matrade's promotional activities in China this year include the 115th China Import & Export Fair (Canton Fair) Phase 3 in early May, Malaysia Services Exhibition Beijing (May 28-June 1) and the 11th Shanghai International Franchise Exhibition (SIFE) in September.

On CAEXPO 2014, Ong said Matrade was encouraging more players in the economic corridors to participate by displaying their uniqueness to potential investors.

"Iskandar Malaysia for example is a good product that can be highlighted especially with their attractive privileges for foreign investors. This, coupled with China's recent policy in encouraging more Chinese companies to invest outside their country," he said.

The expo, which expects the participation of about 130 to 140 Malaysian companies, has so far attracted about 50 companies.

The next road promotion for CAEXPO will be in Kuching, Sarawak (tomorrow) and Kota Kinabalu, Sabah (April 17).

Among the sectors to be promoted at the expo include health and wellness, green and technology and lifestyle products.

Tin closes lower at US$23,280 a tonne on poor demand

KUALA LUMPUR:- The Kuala Lumpur Tin Market (KLTM) closed US$70 lower at US$23,280 a tonne on lack of demand for the commodity, a dealer said.

In contrast, tin price on the London Metal Exchange(LME) rose by US$50 to US$23,425 a tonne.

"There is heavy selling in the market at the opening and it seems that most Asian buyers have shifted their interest from KLTM to the Indonesian tin market due to its competitive price," he added.

Bids totalled 29 tonnes against offers of 78 tonnes. Turnover increased slightly to 29 tonnes from 28 tonnes on Monday with major participation by Japanese and locals traders. The premium between the KLTM and the LME narrowed to US$265 a tonne from US$385 a tonne yesterday.

MRCB shares flat despite its land acquisition deal

KUALA LUMPUR: Malaysian Resources Corporation Bhd's (MRCB) shares remained flat in the morning session today despite the company announcing a land acquisition deal worth RM83 million.

At 10.30 am, the shares remained unchanged at yesterday's close of RM1.65 with 367,300 shares changing hands.

Kenanga Research in a note today said the acquisition was expected to increase MRCB's gearing level to 1.49 times from 1.45 times currently before going down to 1.27 times, as the company pares down its debt post disposal of Platinum Sentral in Kuala Lumpur Sentral.

Furthermore, it said the development of the land was only expected to have meaningful earnings contributions in the later part of financial year 2015 as the construction works for the residential development were only expected to commence in the first quarter of 2015.

Yesterday, MRCB announced that it had entered into a related party transaction with Besraya Acres Sdn Bhd to acquire three parcels of land in Sungai Buloh, Selangor measuring about 5.73 hectares.

Two out of the three parcels of land will be for residential development comprising 49 units of 2.5 storey terrace houses, 216 condominium units and 30 units of town villas, while the remaining parcel will be developed into a commercial project with over 92,900 sq metres of gross floor area comprising shops, commercial office and serviced apartment.

On outlook, Kenanga Research said it is still expecting a few more major developments in the pipeline that will accrete the company's value namely injecting of other property investment portfolios worth more than RM1 billion into its real estate investment trust.

The research house is also expecting a higher possibility of the company replenishing its order book of about RM1 billion this year driven by building and infrastructure projects.

One of the projects, it said, was Kwasa Damansara whereby MRCB has emerged as one of the frontrunners.

Kenanga Research has maintain "Outperform" on MRCB but revised upwards the target price to RM2.33 from RM2.02 previously.

POIC Lahad Datu generates RM2.21 billion in investments

KOTA KINABALU: The Palm Oil Industrial Cluster (POIC)in Lahad Datu has generated total investments of about RM2.21 billion to date.

Sabah Deputy Chief Minister Datuk Raymond Tan Shu Kiah said 42 companies had invested in the industrial area under the first two phases, covering 196.22 hectares (ha), in various industries especially biodiesel, palm oil refinery, oleochemicals, bio-pellet, biomass-based power generation, logistics and fertiliser manufacturing up to March this year.

"The land lots offered to investors under POIC Lahad Datu phase one and two have all been sold. Hence, POIC is now focusing on phase three," he said in reply to a question from Dr Hiew King Cheu (Bebas-Luyang) at the Sabah state legislative assembly here today.

Tan, who is also Minister of Industrial Development, said infrastructure facilities such as roads, drainage, sewerage, telecommunications, power and water supply, liquid cargo jetty, bulk cargo jetty and container port has made POIC a complete and attractive industrial location for investors.

Meanwhile, referring to the progress of Kota Kinabalu Industrial Park (KKIP), he said 354.71ha (51 per cent) of the allocated 700.94ha land had been developed for industrial use.

He said the developed area accommodated 261 factories and entities, created 7,049 job opportunities and generated RM2.52 billion in investments.

"A total of 217.76ha (31 per cent) are in the various stages of development such as preparing building plans and completing building and infrastructure works. The balance of 128.47ha (18 per cent) have not been developed," he said.

On the issue of giving land for free to investors, Tan said this issue did not arise as the investors never asked for free land in POIC and KKIP.

Regarding tax exemption, he said the government had offered various investment incentives to encourage the inflow of investments into the country, for instance, many investors in POIC or KKIP received tax-exempt status offered by the Malaysian Investment Development Authority (MIDA) encompassing a wide range of industries.

On the issue of reducing red tape, Tan said all federal and state government agencies acted as development catalyst or industrial facilitator and they served as a team to assist investors in their business undertakings.

"Until now, we have facilitated our investors' dealings and we are ready to accept their constructive criticism, if their friends come to Sabah," he said.

Tin closes lower at US$23,280 a tonne on poor demand

KUALA LUMPUR:- The Kuala Lumpur Tin Market (KLTM) closed US$70 lower at US$23,280 a tonne on lack of demand for the commodity, a dealer said.

In contrast, tin price on the London Metal Exchange(LME) rose by US$50 to US$23,425 a tonne.

"There is heavy selling in the market at the opening and it seems that most Asian buyers have shifted their interest from KLTM to the Indonesian tin market due to its competitive price," he added.

Bids totalled 29 tonnes against offers of 78 tonnes. Turnover increased slightly to 29 tonnes from 28 tonnes on Monday with major participation by Japanese and locals traders. The premium between the KLTM and the LME narrowed to US$265 a tonne from US$385 a tonne yesterday.

ECM Libra to return its Labuan IB licence to the authorities

KUALA LUMPUR: ECM Libra Financial Group Bhd's wholly-owned subsidiary, ECM Libra Investment Bank Ltd, has planned to surrender its Labuan investment banking (IB) licence to the authorities.

In a filing to Bursa Malaysia, ECM Libra Financial Group said ECM Libra Investment Bank has obtained approval from the Labuan Financial Services Authority for the surrender of the licence, effective on May 8 this year.

Gold futures lower at midday

KUALA LUMPUR: Gold futures contract on Bursa Malaysia Derivatives traded lower at midday today on lack of demand for the precious metal.

April 2014 and June 2014 declined two ticks to RM138.30 a gramme and RM139.05 a gramme, respectively.

May 2014 fell seven ticks to RM138.55 a gramme and July 2014 lost six ticks to RM139.20 a gramme. Volume totalled 139 lots, while open interest amounted to 1,459 contracts. --

Cahya Mata Sarawak emerged top gainer in the morning session

KUALA LUMPUR: Cahya Mata Sarawak Bhd topped the gainers list in the morning session today after receiving the approval from Bursa Malaysia for its proposed share split and bonus issue.

At 11.58 am, Cahya Mata Sarawak shares rose 50 sen, or 5.43 per cent, to RM9.70, with 588,900 shares changing hands.

Yesterday, the company in a filing to Bursa Malaysia, announced that it had received the approval letter from Bursa Malaysia, dated April 11, for the proposed share split and bonus issue.

The company first announced to Bursa Malaysia on March 31 for the two-for-one share split and a one-for-two bonus issue based on the number of shares post-share split.

According to Maybank KE Research, the exercise was expected to tripple Cahya Mata Sarawak's shares to one billion from 340 million currently.

I-City unveils Central Tower project plans

SHAH ALAM: I-Berhad, the developer of i-City, a popular tourist destination in Selangor, today unveiled plans for its Central Tower development project.
It encompasses a mixed development of residential service suites and an office tower with a gross development value (GDV) of almost RM1.6 billion.

I-Berhad deputy chairman Datuk Eu Hong Chew said the Central Tower development would be integrated with the CentralPlaza@i-City shopping mall venture.

The latter is a 60:40 project between Thailand's leading retail property developer Central Pattana Pcl (CPN) and I-Berhad.

"The Central Tower development was originally part of the site development for the regional shopping mall in i-City.

"It is therefore logical to design and develop the Central Tower and CentralPlaza@i-City shopping mall developments in an integrated manner.

"We regard this as an all-round win-win situation, where the shopping mall and retail outlets stand to enjoy steady patronage from the captive market of our 'in-house' residential component on a daily basis.

"For I-Berhad, the integrated development has positive implications for both our property development via the residential enclave, as well as property investment through CentralPlaza@i-City," he told a media briefing on the Central Tower development project at i-City here today.

Eu said the first phase of the Central Tower development comprising two residential towers is expected to be completed in 2019, and will have a joint ground breaking ceremony with the CentralPlaza@i-City shopping mall in September this year.

He believes that the Central Tower development together with the CentralPlaza@i- City shopping mall which is expected to be completed by 2017,will give i-City a steady annual revenue of between RM500 to RM600 million in five years time.

Eu also said I-Berhad is set to gain RM20 million in net profit over 24 months from the disposal of its development rights and mall land in favour of the CPN joint venture.

He said the RM20 million cash proceeds would be used for general working capital for the group and to partially fund the development of common infrastructure, including roads as well as utility, within i-City

KL shares easier at midafternoon

The FBM-KLCI was at 1,849.46 down 2.07 points, the FBMACE was at 6,778.08 up 36.77 points, and the FBMEmas was at 12,835.94 down 1.61
points.

Turnover was at 1.730 billion shares valued at RM1.280 billion. 

Rubber mart eases on strong ringgit

KUALA LUMPUR: Malaysian rubber prices closed lower for the fifth consecutive day today on further strengthening of the ringgit against the US dollar.

A dealer said the local prices were also pressured by weaker economic data from China -- the world's second-largest economy.

At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 fell four sen to 581 sen a kg while latex-in-bulk was seven sen lower at 483 sen a kg.

The unofficial closing price for tyre-grade SMR 20 eased 1.5 sen to 577 sen a kg while latex-in-bulk fell 2.5 sen to 481 sen a kg.

MOLPay, 7-Eleven launch new payment option

KUALA LUMPUR: Online payment solutions provider, MOLPay, has teamed up with 7-Eleven Malaysia to launch a new innovative payment option for e-commerce merchants.

In a statement today, MOLPay said e-commerce merchants could now accept cash from consumers at the nearest 7-Eleven outlet and be notified of the payment in real time when payments were made through MOLPay.

"The new service, MOLPay CASH, will first be made available at selected 7-Eleven stores throughout the Klang Valley," it said.

MOLPay co-founder/chief executive officer, Eng Sheng Guan, said MOLPay CASH offered a fraud-free and convenient way to pay cash for online transactions while enabling merchants to reach a wider customer base that they may not have been able to cater to in the past.

"The consumers can choose to pay using the MOLPay CASH option besides the current payment options such as VISA and MasterCard in MOLPay payment page," Eng said.

He said MOLPay aimed to increase the merchants' sales by 40 per cent through this alternative payment method as MOLPay CASH used barcode for consumers to pay cash at the nearest 7-Eleven outlet.

Y&G gets shareholders' nod for acquisitions

KUALA LUMPUR: Property developer, Y&G Corp Bhd, has obtained shareholders' nod to proceed with the proposed KESAS land and related-party acquisitions at its extraordinary general meeting today.

The proposed KESAS land acquisition involves the acquisition of 408.05 hectares (ha) of leasehold land from the Malaysian Agriculture Research and Development Institute for RM100 million cash.

In a statement today, Y&G said the approval, the group;s development landbank would increase four-fold to 154.31 ha from approximately 40 ha.

Its executive director, Datuk Yap Jun Jien, said the KESAS land has the potential to be developed into an integrated township with an estimated gross development value in excess of RM1 billion.

"This will be our new flagship project, showcasing our development ability in innovative designs and concepts to create new communities in affordable homes," he said.

The acquired companies in the proposed related-party acquisitions had 15.26 ha within the respective vicinities of Kapar, Shah Alam and Seri Kembangan which have ongoing development or developments which were expected to commence soon.

Y&G is proposing to acquire these companies for RM25.82 million through the issuance of irredeemable convertible preference shares (ICPS) at an issue price of RM1 per ICPS, together with free warrants on the basis of one warrant for every two ICPS issued, the group said

Tin closes higher at US$23,300 a tonne

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) closed US$120 higher at US$23,300 a tonne today on strong buying demand ahead of the weekend, a dealer said.

He said the rise on the KLTM was also in tandem with the uptrend on the London Metal Exchange(LME), which rose US$140 to US$23,400 a tonne.

"Today's buying was mainly supported by Japanese and European buyers," he added.

Bids totalled 65 tonnes against offers of 26 tonnes.

Turnover increased to 59 tonnes from 32 tonnes on Thursday with Japanese, Europeans and locals accounting for today's trade.

The premium between the KLTM and the LME slightly decreased to US$310 a tonne from US$330 a tonne yesterday.

MAS, AirAsia to appeal against RM10m in fine

KUALA LUMPUR: Both Malaysia Airline System Bhd and AirAsia Bhd will appeal to the Competition Appeal Tribunal against Malaysian Competition Competition (MyCC)'s decision of maintaining its fine of RM10 million each.

The two airlines yesterday informed Bursa Malaysia in a separate filing that their solicitors will be instructed to lodge the appeals after MyCC slapped them with the fine for infringing the Competition Act 2010 in September last year.

The airlines were found to be in breach of the market-sharing prohibition of the Act, as market-sharing is considered to be a serious infringement under the Act and can lead to distorting or restricting market competition.

MAS and AirAsia had entered into an equity-swap agreement in August 2011, which controversially saw key executives from the rivals sitting on one another's board of directors.

The equity-swap deal had triggered allegations that both companies were intending to create effective monopoly of domestic air routes.

"Market sharing is considered a serious infringement under the Act as it is deemed to have the object of significantly preventing, restricting, or distorting competition in any market for goods and services," said Tan Sri Siti Norma Yaakob, the chairman of the commission last September.

Exim Bank to up cross-border exposure

KUALA LUMPUR: The Export-Import Bank of Malaysia Bhd (Exim Bank) expects to increase cross-border exposure to the African region from its current three per cent to five per cent over the next five years.

Chief operating officer Wan Zalizan Wan Jusoh said the bank was confident of expanding that composition with the opening of some new business opportunities particularly in construction, plantation, infrastructure, renewal energy and tourism.

"Malaysian companies have a presence in several African countries and we (Exim Bank) have been receiving a lot of interest directly," he told reporters after a networking session in conjunction with the visit of Togo Minister of Foreign Affairs & Cooperation Robert Dussey.

The bank's cross border exposure to the African region amounted to RM265 million as at December 2013.

"This exposure is spread out to the various countries like Uganda, Tanzania and Sudan. At this juncture, Exim Bank has no business cooperation with the Republic of Togo," he said.

"We foresee that there is still room for further expansion in terms of trade. We will continue to explore the five potential areas for Malaysian companies to invest in," he said.

Last year, total trade between the Republic of Togo and Malaysia stood at US$1.5 billion.

Wan Zalizan said collaboration between the two countries could be in many forms.

"For instance, investors from the Republic of Togo could use Malaysia as a gateway to the South East Asian region and the Malaysian business community could make Togo a platform to penetrate the rapidly developing West African market," he added.

Meanwhile, the networking session, hosted by Exim-Bank, was supported by the Construction Industry Development Board, Malaysia External Trade Development Corporation and the Malaysian Industrial Development Finance Bhd.

The session offered a rare opportunity for the local business community to gain greater insights into Togo as an investment destination.

Speaking at the same event, Exim Bank chief business officer Chairil Mohd Tamil said local companies should tap opportunities available in Togo.

"We are encouraging investors especially viable small and medium sized enterprises to venture abroad," he said.

As a wholly-owned financial institution by the Malaysian government, Exim-Bank supports Malaysian-owned business by offering diversified banking and credit insurance products and services, including advisory services on overseas business ventures.

Enhanced Volkswagen Passat arrives here

KUALA LUMPUR: The Volkswagen Passat with enhanced features is now available for booking at all Volkswagen dealerships at a RM169,888 price tag.

The enhanced sedan is now improved with anti-theft alarm system with electronic immobiliser offering maximum protection against vehicle theft.

The Passat is available in six colours, namely, Candy White, Light Brown, Reflex Silver, Deep Black, Black Oak Brown and Icelandic Grey.

"Following the introduction of the completely built-up (CBU) version in 2011, the Malaysian-assembled Passat rolled out of the DRB-HICOM factory in Pekan a year later.

"It has since been one of the most popular models in Volkswagen's range of vehicles in Malaysia, selling a total of more than 6,000 CBU and completely-knocked-down (CKD) units to date," said Volkswagen Group Malaysia in a statement today.

Managing director Christoph Aringer said the Passat continued to be a testament of the company's commitment to offer competitively priced class-leading vehicles to Malaysians.

"The Passat remains ever true to Volkswagen's values of quality, innovation and environmental friendliness," Aringer added.-

MRCB shares edge upward on disposal plan

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) shares moved 0.6 per cent higher following plans to dispose of Platinum Sentral to Quill Capita Trust (QCT) for RM750 million.

MRCB, which opened at RM1.64, rose one sen to RM1.65 at 11.30am.

Platinum Sentral, located within the prime KL Sentral integrated development, consists of five blocks of commercial buildings.

Concurrently, MRCB also inked agreements with CapitaLand RECEM Pte Ltd and Coast Capital Sdn Bhd, to buy 40 per cent and one per cent of their respective interest in Quill Capital Management for RM6 million.

Quill Capital Management is the management company of QCT.

MRCB also proposed to sell a 30 per cent stake in Duke Highway for RM228 million, AmResearch said in a note today.

"We believe MRCB could be on track to pare down its net debt by RM1.0 billion in the coming months.

"This puts the company on a solid platform to transform into a property-centric group with a stronger balance sheet," it noted.

AmResearch maintained its "buy" call on MRCB with an unchanged fair value of RM2.20 per share

February rubber exports up 21pc

KUALA LUMPUR: Natural rubber exports in February rose 12,945 tonnes or 21 per cent to 74,452 tonnes versus the same period last year, the Statistics Department said today.

On a month-on-month basis, the total natural rubber export increased by 4,034 tonnes (+5.7 per cent) from January 2014.

Standard Malaysian Rubber (SMR) contributed 94.9 per cent to total exports, with 57.4 per cent of that comprising SMR 20, the department said in a statement here today.

Natural rubber was exported mainly to China (56.3 per cent), followed by Germany (13.1 per cent), the United States (3.8 per cent), Brazil (2.5 per cent), Iran (2.1 per cent), South Korea (2.1 per cent), Portugal (2.0 per cent) and France (1.6 per cent).

Imports on a year-on-year basis dipped 12,303 tonnes or 16.3 per cent whilst month-on-month, it dropped 43,117 tonnes or 40.5 per cent.

Production for the month under review totalled 73,180 tonnes, easing 3.7 per cent year-on-year, with the smallholding sector contributing 92.7 per cent, whilst the estate sector accounted for 7.3 per cent.

Negeri Sembilan produced the highest natural rubber among estates, accounting for 21.5 per cent, followed by Kedah (17.0 per cent) and Pahang (14.6 per cent), the department said.

Total domestic consumption in February was 33,969 tonnes, up 382 tonnes or one per cent year-on-year, with the rubber gloves industry being the highest consuming industry at 70.8 per cent, followed by rubber thread (8.0 per cent) and tyre and tubes (7.2 per cent).

Brent drops towards US$107

SINGAPORE: Brent futures eased towards US$107 a barrel on Friday as the global supply outlook improved with more Libyan supplies expected to reach the market, although growing tension between the West and Russia over Ukraine put a floor under prices.

Oil prices also came under pressure as producer-group OPEC said it sees lower demand for its oil this year, highlighting concerns over the economy and competition from rival producers, just as data from China showed imports fell to a five-month low.

Earlier in the week, United States said oil inventories rose on the back of a local production boom.

Brent crude fell 16 cents to US$107.30 a barrel by 0648 GMT, after settling 52 cents lower. The contract is set to end the week 0.5 per cent higher, recouping part of the previous week's losses. US oil fell 25 cents to US$103.15, but is set to end the week two per cent higher.

"The markets will be softer from these levels as production growth will be faster than demand growth," said Ken Hasegawa, a commodity sales manager at Newedge Japan. "Investors are keeping an eye on the Ukraine situation, but the possibility of further upside in prices looks limited at this point."

Hasegawa sees very strong resistance for the US benchmark at US$105 a barrel and a rise to that level would prompt investors to sell and book profits, creating a possibility of a slide to US$100. Similarly, US$108.50 is a strong resistance level for Brent, and the benchmark may dip to US$105 after touching that level.

The Organization of the Petroleum Exporting Countries (OPEC)in its monthly report on Thursday forecast demand for its crude oil in 2014 would average 29.65 million barrels per day, down 50,000 bpd from the previous estimate.

Libya's state National Oil Corp lifted force majeure for the eastern port of Hariga. That follows a deal Tripoli reached with a federalist group at the weekend to reopen two ports they were blocking for months. The federalists are still blockading the country's two biggest ports, Es Sider and Ras Lanuf, as well as Libya's largest oil refinery.

"Due to expectations of recovering exports from Libya, further upside in Brent is likely to be limited," Hasegawa said.

Investors are now watching progress in handing over the other, bigger ports to the government.

Despite expectations of rising supply amid a weak demand outlook, worries that a standoff between Russia and the West will turn for the worse underpinned oil prices.

President Vladimir Putin warned on Thursday that Russian gas supplies to Europe could be disrupted if Moscow cuts the flow to Ukraine over unpaid bills, drawing a US accusation that it is using energy "as a tool of coercion".

The United States also warned that any oil-for-goods deal Moscow might strike with Iran could run afoul of US sanctions.

A deal would run counter to an agreement between Iran and six world powers, including the United States and Russia, in which Tehran promised to curb its nuclear program in return for a modest easing in Western sanctions.

"Despite headwinds coming from disappointing China trade data and bearish Energy Information Administration (EIA) weekly US crude inventory release, new developments in Libya, Iran and Ukraine pegged prices at elevated levels," analysts at Phillip Futures said in a note

US stocks: Nasdaq drops 3pc

NEW YORK: The Nasdaq suffered its biggest drop in two-and-a-half years on Thursday after another sharp selloff in biotech and momentum names, including Gilead Sciences and TripAdvisor, increasing investor anxiety about a broader pullback.

The Nasdaq biotechnology index shed 5.6 per cent, its biggest one-day drop since August 2011, adding to recent losses since a large drop in Gilead more than two weeks ago triggered a wider selloff for biotechs and other recent big gainers. That index is now down 18.8 per cent since its February 25 record close.

The S&P 500 also posted its biggest percentage loss since February 3, while the Nasdaq has dropped seven per cent from its closing high for the year, set on March 5. All stocks in the Nasdaq 100 index posted a loss, with the exception of CH Robinson Worldwide, which ended up 1.6 per cent at US$53.80.

The selling also hit the shares of three companies in their first day of public trading after their initial public offerings were priced on Wednesday night. All three IPOs ended lower.

"Momentum names have been driving this market higher. A lot of these names have been trading at stratospheric valuations, and on long-term outlooks, that may or may not materialize. The question is, 'At what point do they get too expensive?' Right now, I think they're looking a little expensive," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

There's a good chance the selloff in these stocks could continue and the pullback could extend to areas beyond the momentum names, Frederick said.

The CBOE Volatility Index or the VIX, Wall Street's measure of investor anxiety, jumped 15 per cent, its biggest daily percentage gain since February 3, to end at 15.89.

Alexion Pharma was the S&P 500's biggest decliner, off 7.5 per cent at US$144.19, followed by Gilead Sciences, down 7.3 per cent at US$65.48, and TripAdvisor, down seven per cent at US$81.90.

The move was a sharp reversal from the previous day, when shares rallied after minutes from the latest Federal Reserve policymakers' meeting showed members were more keen to keep rates low than previously expected.

The Dow Jones industrial average plummeted 266.96 points or 1.62 per cent, to end at 16,170.22. The S&P 500 lost 39.09 points or 2.09 per cent, to close at 1,833.09.

The Nasdaq Composite dropped 129.794 points or 3.1 per cent - its biggest daily percentage loss since November 9, 2011 - to 4,054.106.

The S&P 500 closed below its 50-day moving average for the first time since February 10.

The stock of bailed-out auto lender Ally Financial Inc fell 4.1 perc ent to close at US$23.98 in its market debut.

Two biotech companies - Cerulean Pharma Inc and Adamas Pharmaceuticals Inc - also slid in their trading debuts. Cerulean fell 2.1 perc ent to close at US$6.85, while Adamas lost 12.4 per cent to end at US$14.01.

Among Internet-related tech shares, which were among last year's biggest advancers, Facebook Inc fell 5.2 per cent to end at US$59.16, while Netflix Inc sank 5.2 per cent to close at US$334.73.

"You've basically more than erased the bounce of the last two days, so I would imagine any bounce from these levels is probably going to be met with supply because the market is on very tenuous legs right now," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Among other big decliners, shares of Imperva Inc plunged 43.7 per cent to US$28 after the data center security company reported preliminary first-quarter results. Rival FireEye Inc lost 11.8 per cent to US$49.75.

On the earnings front, Bed, Bath & Beyond shares slumped 6.2 per cent to US$63.72 after the home-goods retailer reported fourth-quarter sales that fell from a year ago and gave a first-quarter outlook that was below expectations.

The day's economic data was encouraging, however, with initial jobless claims dropping sharply last week to the lowest in almost seven years, suggesting job growth may be picking up after a harsh winter.

After the bell, shares of Gap dropped 2.4 per cent to US$38.33. The slide followed the clothing retailer's report on its March sales and reaffirmation of its 2014 outlook. In contrast, shares of H&R Block rose 7.7 per cent to US$30.60 in extended-hours trading after the UStax preparer said it would sell some assets and transfer certain liabilities to BofI Federal Bank.

Volume was high, with 7.5 billion shares changing hands on US exchanges, well above the 6.8 billion average so far this month, according to data from BATS Global Markets.

Decliners outnumbered advancers on the New York Stock Exchange by a ratio of 3.6 to 1. On the Nasdaq, about 6.6 stocks fell for every one that rose.