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  • McDonald’s CEO steps aside amid sales decline

    NEW YORK, Jan 28–McDonald’s CEO Don Thompson has announced he is retiring after two years on the job, effective March 1. The restaurant’s Senior Executive Vice President and Chief Brand Officer Steve Easterbrook will replace Thompson, the company announced on Wednesday. The world’s largest restaurant chain is fighting to hold onto customers and transform its [...]

  • MIER expects Malaysia’s 2014 growth at 5.9pct

    KUALA LUMPUR, Jan 28–The Malaysian Institute of Economic Research (MIER) expects the country’s economy to post an “exceptionally strong” growth of 5.9 per cent in 2014. Its Executive Director, Dr Zakariah Abdul Rashid said actual growth remained well above the ‘socially efficient level of output’ growth at 5.5 per cent per annum. For the record, [...]

  • Zeti: BNM won’t allow individual company’s ‘systemic’ effect to impact economy

    PUTRAJAYA, Jan 27–Bank Negara Malaysia will not allow any “systemic” effect from an individual company to impact the country’s economy. Its Governor, Tan Sri Dr Zeti Akhtar Aziz said the central bank had arrangements to deal with any eventuality. “We will never comment on an individual entity, but what we have arrangements to deal with [...]

  • BMW Group M’sia retains top spot in premium segment for 2014

    KUALA LUMPUR, January 26–BMW Group Malaysia today announced its highest performance record in the company’s history, further cementing its position as the number one selling premium automaker in the country. In 2014, BMW Group Malaysia delivered a record total of 9,046 vehicles comprising of 7,808 BMW, 655 MINI and 583 BMW Motorrad vehicles, an increase of [...]

  • AirAsia to boost ASEAN travel with ‘no fuel surcharge’ across the group

    SEPANG, Jan 26– AirAsia will be abolishing fuel surcharge effective today across all of its airlines in the group, as well as its low-cost long haul affiliates AirAsia X, Thai AirAsia X and Indonesia AirAsia X, in line with declining global oil prices. AirAsia was the first airline to abolish fuel surcharge for all its domestic and [...]

  • Mercedes-Benz ‘stays positive’ on Malaysia

    KUALA LUMPUR, Jan 23–Mercedes-Benz Malaysia Sdn Bhd continues to see Malaysia in a positive light and plans to continue investing in the country despite the global economic uncertainty. Its President and CEO, Roland Folger said Malaysia represents a good business opportunity in the premium carmaker segment for years to come. “Malaysia is a country that [...]

  • Oil rises after death of Saudi king, but effect seen muted

    NEW YORK (AP) — Oil prices rose on the news of the death of Saudi Arabia’s King Abdullah Thursday, but the king’s death is not expected to change the course of oil prices over the next several months. The price of U.S. crude was up 88 cents, or 1.9 percent, to $47.19 a barrel in after-hours trading. [...]

  • Tabung Haji announces 6.25 pct bonus, 2 pct additional haj bonus for 2014

    KUALA LUMPUR, Jan 22–The Pilgrims Fund Board, Tabung Haji (TH) today announced a 6.25 per cent bonus for its member for the financial year 2014, on top of an additional 2 per cent haj bonus. Minister in the Prime Minister’s Department, Datuk Seri Jamil Khir Baharom said the payout of the ‘double’ bonus would amount [...]

  • American Express to cut more than 4,000 jobs

    NEW YORK (AP) — American Express said Wednesday it plans to cut more than 4,000 jobs this year, about 6 percent of its total workforce. The New York-based charge card company said the cuts are part of a company wide efficiency drive. The announcement came as it reported an 11 percent rise in fourth-quarter profit. The [...]

  • MMA: All-time high car sales for 2014

    KUALA LUMPUR, Jan 21–The Malaysian car industry recorded a total industry volume (TIV) of 666,465 units for 2014, representing an all-time high, according to the Malaysian Automotive Association (MAA). Its president, Datuk Aishah Ahmad attributed the strong performance to factors including a stable economy and employment rate, positive consumers’ sentiment and steady consumer spending, [...]

  • Changi Airport crosses 54mil passenger mark in 2014

    SINGAPORE, Jan 29– Singapore’s Changi Airport managed 54.1 million passenger movements in 2014, the highest in its 33-year history. This was a 0.7 per cent increase compared to the whole of 2013, Changi Airport Group said in its passenger, airfreight and aircraft movement statistics for 2014. Cargo volumes were stable at 1.84 million tonnes, while flight movements dipped 0.7 [...]

  • Bursa Malaysia registers higher pre-tax of RM272mil for FY2014

      KUALA LUMPUR, Jan 29– Bursa Malaysia Bhd posted a higher pre-tax profit of RM271.759 million in the financial year ended Dec 31, 2014 from  the RM245.580 million recorded in 2013. Revenue rose to RM503.756 million, during the period under review, from RM474.994 million recorded last year. Meanwhile, Bursa Malaysia’s pre tax profit for the fourth quarter [...]

  • MIDA approves 619 manufacturing projects in Jan-Sept 2014

    JOHOR BAHARU, Jan 28– A total of 619 manufacturing projects with investments of RM63.5 billion were approved by the Malaysian Investment Development Authority (MIDA) between January and September last year compared with 787 projects valued at RM52.1 billion in 2013. MIDA executive director of manufacturing development (resource) N.Sangaran said 147 of the projects worth RM20.1 billion approved between January [...]

  • Thai Airways won’t go bankrupt but faces rehabilitation: PM

    BANGKOK (AP) — Thailand’s coup-leader-turned-premier Prayuth Chan-ocha says debt-laden Thai Airways will not go bankrupt because the government is supporting it. Prayuth said Monday the government was discussing steps to save Thai Airways from bankruptcy and was giving an initial green light to a rehabilitation plan proposed by the carrier. He said the national airline [...]

  • Pos Malaysia unveils new progressive, modern identity

    KUALA LUMPUR, Jan 15–In keeping up with the times, Pos Malaysia today launched its new corporate identity which projects a more progressive and modern look to usher in the new year. Its Group CEO, Datuk Iskandar Mizal Mahmood said the new corporate identity underscores the company’s position as a modern, customer-focused and innovative company. “We [...]

  • World’s newest airliner begins first commercial flight

    DOHA, Qatar (AP) — The world’s latest jetliner has taken to the air on its first commercial flight from the Gulf Arab nation of Qatar. The Airbus A350 operated by Qatar Airways departed the capital of Doha on Thursday morning bound for Frankfurt, Germany. The flight marks the debut of the twin-aisle, long-range plane, which [...]

  • Study: Global growth at risk of long-term slowdown

    WASHINGTON (AP) — The world economy, hobbled by aging populations, will slow dramatically over the next 50 years unless countries find ways to increase productivity. That’s according to a report from the McKinsey Global Institute. It says that without big gains in output per worker, global growth will slow to around 2 percent a year [...]

  • GCH Retail to open four more Giant hypermarket this year

    KUCHING, Jan 13–GCH Retail (Malaysia) Sdn Bhd, the owner of Giant and Cold Storage stores, has announced plans to open four new Giant hypermarkets and supermarkets nationwide this year to be located in the Klang Valley, Sarawak, Perlis and Terengganu. Currently, the country’s largest hypermarket group operates 126 stores throughout the country. Speaking at a [...]

  • No GST for life insurance premiums – Dep Finance Minister

    PETALING JAYA, Jan 7 –The premiums on life insurance would not be subjected to the Goods and Services Tax (GST), which will come into effect Apr 1, said Deputy Finance Minister Datuk Chua Tee Yong. “Other than life insurance, the GST of six per cent standard rate will be imposed on insurance premiums,” he told reporters after attending [...]

  • Why oil is down by half, what it means for you

    NEW YORK (AP) — The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has consumers cheering, producers howling and economists wringing their hands over whether this is a good or bad thing. The price of a barrel of oil is just under $56, down from [...]