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Old November 3rd, 2009, 07:04 AM   #21
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Turkish bank keen to work with CIMB and Maybank
By Adeline Paul Raj Published: 2009/11/03



ONE of Turkey's largest banks, Bank Asya, has expressed interest in working with Malaysian lenders Malayan Banking Bhd (Maybank) (1155) and CIMB Bhd to develop Islamic banking in the republic.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the Istanbul-based bank had conveyed its interest to him last month when he was there to attend an International Monetary Fund/World Bank conference.

"They mentioned that they want to establish Islamic banking in Turkey and have a collaboration with Malaysian banks. They (specifically) mentioned the names of the two local banks," he told reporters after delivering the keynote address at the Kuala Lumpur Islamic Finance Forum yesterday.

He did not elaborate on the type of collaboration the Turkish bank was interested in. A joint venture may be possible, although this would ultimately depend on how strict Turkish regulations are in terms of foreign equity ownership in a bank, he said.
Ahmad Husni has spoken to one of the two local banks about the matter. "I will also be writing to both banks to convey the message officially," he said.

He hopes that at least one of the two banks will explore potentials for collaboration with Bank Asya.

Earlier, in his speech, Ahmad Husni said it is important for Malaysian banks to grab first-mover-advantage opportunities when expanding globally.

Malaysia is not new to doing collaborations with Turkish companies.

Just last weekend, airport operator Malaysia Airports Holdings Bhd launched an airport management joint venture for Istanbul's Sabiha Gocken International Airport.

Bank Asya, in its 2008 annual report, said it planned to further develop interest-free banking products and adapt more products into the interest-free banking system.

These two objectives are "essential" to its growth plans, it said.

The bank, which had 149 branches nationwide as at the end of last year, has consistently managed to grow its net profit over the last few years.

Last year, net profit rose by 11.4 per cent to 246.5 million Turkish lira.
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Old November 3rd, 2009, 07:09 AM   #22
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Sunrise looking to develop land in 3 Asian countries
By Sharen Kaur Published: 2009/11/03



Sunrise Bhd (6165), the country's fourth biggest developer in terms of revenue, is exploring proposals to develop land in Vietnam, China and India.

ITs only venture abroad is in Vancouver, Canada, where it is planning a RM1 billion mixed development.

"We receive proposals from all over, just like any others, but we can't tie up with the economics and regulatory environment," executive chairman Tong Kooi Ong said.

Sunrise is re-engineering its project in Richmond, Vancouver, to reduce construction costs.

"We have budgeted for low selling price, which has forced us to budget for lower construction costs. If all goes well, we will launch the project in mid-2010," Tong said at a briefing to analysts in Kuala Lumpur yesterday.

On the home front, Sunrise is trying to find a niche in Iskandar Malaysia, Johor, as well as Penang, he added.

"We must have economies of scale and brand value. We can't hit and run."

According to Tong, Sunrise will still be busy with developments in Mont'Kiara for the next eight years. It has some 30ha to develop.

On whether Sunrise could surpass its 2008 earnings, Tong said he was confident that it would do well in the current year.

Last year, Sunrise made RM156.2 million net profit on RM803.9 million revenue.

It is expecting unbilled sales of RM864 million and two new strata developments in Kuala Lumpur, worth RM1.5 billion, to underpin earnings until 2011.

Most of the unbilled sales, or sales that have yet to be booked into its accounts, were from higher-margin products in the prestigious Mont'Kiara enclave.
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Old November 3rd, 2009, 07:20 AM   #23
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Scomi bida projek RM8.20b di Bangalore
3 November 2009 / 15 Zulkaedah 1430

KUALA LUMPUR 2 Nov. - Scomi Engineering Bhd (Scomi) telah memeterai perjanjian pembidaan bersama-sama dengan Geodesic Techniques Pvt. Ltd. (Geodesic) bagi cadangan membina monorel sepanjang 59 kilometer (km) bernilai AS$2.4 bilion (RM8.20 bilion) untuk fasa pertama di Bangalore.

Presiden Scomi International, Kanesan Veluppillai berkata, kerjasama dan aktiviti bidaan bersama untuk projek monorel ini menjadikan Scomi antara penyedia penyelesaian monorel di India.

''Kerjasama dengan Geodesic adalah merupakan strategi berterusan Scomi untuk pelan pengembangan perniagaan di India untuk membida lebih banyak projek monorel di bandar-bandar utama seperti Kolkalta, Chennai, New Delhi dan Calicut,'' katanya dalam kenyataan dikeluarkan di sini hari ini.

Perjanjian tersebut membolehkan Scomi dan Geodesic secara bersama mencadangkan kepada kerajaan Karnataka untuk mereka, membina, memiliki dan mengendali tiga laluan (lines) monorel.

Cadangan projek Bangalore itu melibatkan 54 stesen monorel sepanjang tiga laluan itu dengan tiga hingga empat stesen bersilang.

Bagi memastikan hubungan dengan pengangkutan lain, struktur sampingan telah dirangka.

Kerja-kerja bagi laluan pertama dijangka bermula pada pertengahan 2010 dengan laluan terakhir bakal siap pada 2013.

Tambah Kanesan, di bawah perjanjian itu, Scomi akan menjadi rakan usaha sama teknologi dan sistem bersepadu untuk sistem monorel tersebut.

Sementara itu, Presiden Scomi Negara India, Suhaimi Yaacob berkata, Somi positif dengan kepakaran teknikal dan pengalaman dalam sistem monorel akan membantu dalam pembangunan bandar tersebut.

''Ini akan menjadi sistem monorel pertama di Bangalore dan dijangka dapat mengurangkan kesesakan di bandar Bengaluru. Ia juga dapat meningkatkan kapasiti transit,'' katanya.

Terdahulu, Scomi dan rakan konsortiumnya Larsen & Toubro Ltd. India (L&T) pada masa ini sedang melaksanakan projek monorel pertama India sepanjang 19.54 km menghubungkan Mumbai ke Chembur melalui Wadala.
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Old November 4th, 2009, 08:26 AM   #24
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Malaysia set to welcome Hu and Susilo
Wednesday November 4, 2009

PUTRAJAYA: Kuala Lumpur will roll out the red carpet for two world leaders, Chinese President Hu Jintao and Indonesian President Susilo Bambang Yudhoyono, who are scheduled to visit the country next week.

Hu will be making his first state visit to Malaysia as the president beginning Nov 10, at the invitation of the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin.

He will be accompanied by his wife Liu Yongqing, a 140-member official entourage and a 80-member press corp.

Foreign Minister Datuk Seri Anifah Aman said Hu’s last visit to Malaysia was in 2002 when he was the vice-president, adding that the Chinese leader would have an audience with the King, who will host a state banquet.

Hu and Prime Minister Datuk Seri Najib Tun Razak will hold a bilateral meeting on Nov 11 here to discuss issues to enhance bilateral cooperation, Anifah told reporters after a bilateral meeting with his Turkish counterpart Dr Ahmet Davutoglu yesterday.

He said Susilo would be making a two-day state visit beginning Nov 11 – the first country the Indonesian President would be visiting after being re-elected for a second term.

Susilo is scheduled to have an audience with Tuanku Mizan when he arrives on Nov 11 and a meeting with the Prime Minister. A delegation meeting has also been arranged for the next day.

Anifah said the leaders were expected to discuss several issues, including maritime borders, food and energy security as well as anti-terrorism cooperation.

On his meeting with Davutoglu, Anifah said both sides agreed to explore the possibility of joining forces to help Iraq rebuild its economy.

“Iraq has approached Malaysia and Turkey to assist in the re-building process. We believe the results will be more substantial if we can join hands in this process,” he said.

Anifah added that the two countries agreed to take concrete steps to increase bilateral trade.
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Old November 4th, 2009, 08:28 AM   #25
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Malladi revives plan to set up ops in Malaysia
Wednesday November 4, 2009

CHENNAI: Malladi Drugs & Pharmaceuticals Ltd is reviving its plans to invest up to US$200mil in a research facility and a plant in Malaysia next year.

Managing director Prashant Malladi said the company was now looking for a suitable partner in Malaysia to undertake the project.

The research and manufacturing facilities would generate some 3,000 skilled jobs in Malaysia, Prashant said.

“We made the proposal to the Malaysian Government last year and was conferred the Bionexus status to start the project.

“But because of the global slowdown, we had to postpone it. We plan to revive the project now that the regional economy is improving,” he said.

Privileges of the Bionexus status include 100% tax exemption for the first 10 years of operation in the country and tax exemption on dividends.

Prashant was speaking to journalists during a visit by International Trade and Industry Minister Datuk Mustapa Mohamed to Malladi’s research and development facility in Chennai.

Chennai-headquartered Malladi develops new and generic drugs.

Meanwhile, Malaysian Biotechnology Corp senior vice-president Selvam Ramaraj said Malladi had originally wanted to set up its research facility in Cyberjaya and its plant in Johor Baru.

“It is now exploring other alternative sites,” he said.
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Old November 4th, 2009, 06:10 PM   #26
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Proton committed to India entry
Published: 2009/11/04

CHENNAI: Proton Holdings Bhd is committed to enter the Indian car market, and is optimistic it can conclude partnership talks with the potential partner by early next year or earlier.

"We don't want to set a time but we hope by early next year everything can be resolved, and if that is the case, manufacturing can start by 2011," Proton managing director, Datuk Syed Zainal Abidin Syed Mohamed Tahir, told Bernama early this week.

He said Proton was confident its ongoing discussion could enter the next stage and there was no doubt of it entering the Indian car market.

Syed Zainal Abidin said Proton had been sending its cars to India for testing on Indian roads for the last one-and-half years.

"So we have a lot of feedback in terms of what needs to be done to our cars.

"The question is to find the right partner to get the facility and the manufacturing running," he said.

He was in India as part of the trade and investment mission headed by Minister of International Trade and Industry Datuk Mustapa Mohamed.

"Of course, in light of the current economic crisis, we are re-looking our strategy," he said, adding that Proton has been talking to a few parties, including Hero group.

Syed Zainal Abidin said it was a question of time and finding the right business model.

"It is just that now, with the current situation, we need to reassess our strategy and hopefully we will be able to conclude something because India is a very important market," he said.

He said Proton was looking for a partner with high experience in the Indian motor vehicle industry not only in manufacturing but also sales and distribution.

Syed Zainal Abidin said Proton would not bring completely built-up (CBU) units into India.

He said it would bring in completely knock down (CKD) units with high local contents as the component industry in India was well-developed.

"Our business model in India is not CBU. I don't think we can survive long term on CBU as it will be costly," he said.

Syed Zainal Abidin said Proton was looking for a partner with manufacturing and localisation expertise as it did not have it in India.

"So we are looking for partner that can support us and help us on that," he said.

He said Proton was also looking at an existing distribution network.

"India is a big market. I don't think it is worthwhile, and more difficult, to establish our own distribution network.

"It is more logical to tie up with a company that already has one," he said. -- BERNAMA
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Old November 4th, 2009, 06:14 PM   #27
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ICBC said to get Malaysia bank permit
Published: 2009/11/04

Malaysia will issue a banking permit to Industrial and Commercial Bank of China Ltd as it seeks to boost foreign direct investment, according to two people with knowledge of the matter.

Malaysia’s central bank and government are in the process of completing the approval for ICBC to operate in the country, one of the people said, declining to be identified because he isn’t authorised to speak to the media. ICBC spokesman Xie Taifeng said he was unaware of any pending announcement.

Beijing-based ICBC, the world’s most profitable bank, would become the first foreign lender to receive a banking permit in Malaysia in nine years. Prime Minister Datuk Seri Najib Razak said in April he would give out as many as nine new licences to overseas financial institutions as the country liberalises its banking industry.

Malaysia will issue three licences to foreign banks in 2011, the first since Bank of China Ltd, based in Beijing, received a permit in 2000, Najib said April 27. The central bank will also issue two Islamic banking licences this year, another two to sell Islamic insurance, and as many as two specialised permits to overseas commercial banks, he said at the time.

Inviting foreign banks is part of Najib’s plan to increase the proportion of Malaysia’s gross domestic product derived from services to 60 per cent from 55 per cent in 2008, and wean the country off its dependence on export revenue. Malaysia’s US$195 billion economy may shrink 3 per cent this year, the first contraction in a decade, as exports slump, Najib said October 23.

The government may announce the approval for ICBC to start its business in Malaysia, which will include setting up four branches, during Chinese President’s Hu Jintao’s two-day visit to Kuala Lumpur next week, the Straits Times reported today, citing unidentified financial executives and government officials.

Bank Negara Malaysia, the country’s central bank, declined to comment, according to an official. -- Bloomberg
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Old November 4th, 2009, 06:15 PM   #28
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ITC firms secure RM10.9b orders in Dubai
Published: 2009/11/04

ELEVEN Malaysian information and communication technology (ICT) companies secured orders worth RM10.9 million at the ICT trade fair, Gitex Technology Week, from Oct 18-22 in Dubai.

The companies partcipated under the umbrella of the Malaysia External Trade Development Corporation (MATRADE).The event attracted trade visitors from the United Arab Emirates (UAE) and the Gulf Cooperation Council (GCC) and included government departments as well as IT companies.

The orders received by the Malaysian companies are for ICT security solutions, systems integration, content development for the education and healthcare sectors and e-government solutions, MATRADE said in a statement here today.

A further RM74 million in potential sales had also been identified.

"The capability of Malaysian ICT companies is well accepted in the Middle East and by local governments.

"This is because Malaysia is the leading e-government nation in the Organisation of Islamic Countries (OIC)," MATRADE's chief executive officer, Datuk Noharuddin Nordin said.

He said that the local ICT experience was an ideal model for OIC countries to adopt e-government initiatives to improve their delivery systems.

"Furthermore, our ICT companies are already exporting their ICT solutions worldwide, making it easier for Middle East clients to understand the ICT products and services," he added.

This year, Malaysian ICT companies received serious business enquiries, from Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Despite the current economic slowdown, ICT spending in the GCC countries is growing at the rate of 10 per cent annually. This makes the region one of the fastest growing in terms of ICT spending globally.

ICT spending in the UAE is estimated at approximately US$11.4 billion (US$1.00=RM3.42) in 2009 and set to increase to US$14.8 billion in 2011.

The largest spending is within the consumer sector that is expected to surge to US$6.8 billion in the next three years from the current US$5.3 billion.

The UAE is also spending nearly US$1.0 billion on ICT in the communications energy and utilities and government sectors, with spending in each expected to rise to US$1.2 billion by 2011. - Bernama
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Old November 4th, 2009, 06:23 PM   #29
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Malaysia-Pakistan panels to boost trade
Published: 2009/11/04

MALAYSIA and Pakistan have agreed to form a Joint Ministerial Committee, Joint Business Council and Working Groups to promote bilateral trade, investment and business.

The panels will also monitor, review and implement decisions and agreements reached at the highest level between the two nations.

The decision was made at a meeting in Kuala Lumpur today between International Trade and Industry Minister Datuk Mustapa Mohamed and Pakistan Foreign Minister Makhdoom Shah Mahmood Qureshi.

Qureshi said the Malaysia-Pakistan Free Trade Agreement (FTA) inked in November 2007 should be reviewed as it was highly under-utilised.

"Though Pakistan and Malaysia are engaged in trade and investment for many years, trade and investment volume between the two countries are negligible as against the potential that exists," he said in a statement issued by the Pakistan High Commission.

Article 8 of the FTA necessitates periodic meetings of the Pakistan-Malaysia Joint Committee to review implementation of the provisions in the FTA, identify snags and suggest ways and means to improve relevant provisions in the FTA.

Qureshi also said Malaysia can benefit from trade and investment with Pakistan as the latter has a huge consumer market of 170 million people.

He said Pakistan also needs 6.5 million low-cost houses every year.

Pakistan has also established an exclusive economic zone for Malaysia in Sindh province where Malaysian investors can set up manufacturing bases and supply finished industrial products to Pakistan and other markets, he said.

The Pakistan Government was prepared to help Malaysian investors set up industries in the economic zone, he added.
-- BERNAMA
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Old November 4th, 2009, 06:23 PM   #30
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PM to lauch Malaysian-Europe Forum
Published: 2009/11/04

THE Prime Minister, Datuk Seri Najib Tun Razak,will officially launch the Malaysian-Europe Forum (MEF) on Nov 12 at the Berjaya Times Square Hotel in Kuala Lumpur.

Aimed at building communities through dialogue, the MEF's inauguration with the theme, "Towards A New Era in Malaysia-EU Relations", will also feature a session with Najib.

It will be chaired by MEF patron and advisor, Tan Sri Rafidah Aziz.

"The dialogue will provide an opportunity to deepen understanding and achieve common ground between Malaysia and the EU on matters of mutual interest such as trade, investments, sustainable development and the green agenda," said MEF founder and a member of its board of trustees, Millicent Danker.

She said representatives of European diplomatic and trade missions, as well as Malaysian companies, think-thanks, government agencies and the European business community in Kuala Lumpur are expected to attend the dialogue.

"The launch of the MEF will also be an opportunity for the prime minister to outline his administration''s approach towards enhancing Malaysia-EU relations.

"This is in light of an expanding EU and it will also be an opportunity to share his views on the ongoing ASEAN-EU Free Trade Agreement talks," she highlighted in a statement today.

The MEF has taken on a non-governmental role to further mutual interests and forge a greater understanding between the EU and Malaysia.It is also to advance Malaysia's global agenda through the engagement with civil society. - Bernama
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Old November 4th, 2009, 06:25 PM   #31
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'More open services sector will bring in foreign capital'
By Rupa Damodaran Published: 2009/11/04



MALAYSIA'S move to open up its economy through liberalisation of its sub-services sector will ensure a strong flow of foreign investments into the country, said British Trade and Investments Minister Lord Mervyn Davies.

"We draw a parallel to the UK which has been criticised for being too open a market in the past. But because of this we are number one in FDIs and attracted investments and at least 150 major international corporations with the European HQs in the UK," he said at a luncheon roundtable organised by the Asian Strategy & Leadership Institute yesterday.

Malaysia further liberalised its services sector in April to attract more foreign investments, professionals and technology as well as strengthen competitiveness of the sector.

The 27 services sub sectors include health and social services, tourism services, transport services, business services and computer and related services.

Britain also replaced some of its industries such as shipbuilding, mining coal with new industries and today it is considered a leader in mobile telephony, advanced engineering and life sciences and research.

Davies said despite the country having to face the challenges of having to stabilise its banking industry which had been badly affected by the US financial crisis last year, London still remains the number one financial centre in the world.

"In the same way Malaysia's liberalisation move and restructuring during the crisis, in Britain we also realise the need to invest more in education to produce the right skills - more scientists, engineers and apprentices," he said.

He expects the education sector for both countries to set the tone for a major partnership between both Malaysia and the UK.

He was, however, disappointed with the current investment level of Malaysians in Britain, saying it could be better and expressed keenness to help Malaysian companies keen on tapping the halal market.

Responding to an appeal by the Malaysian palm oil industry to the British government to address the scathing attacks by its non-government organisations, Davies said the Roundtable on Sustainable Palm Oil is the fundamental organisation to address the issue.
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Old November 5th, 2009, 05:55 AM   #32
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Telenor will not cash out DiGi to fund India
Thursday November 5, 2009
By RISEN JAYASEELAN



KUALA LUMPUR: Telenor ASA will not divest its Asian assets, such as DiGi.Com Bhd, to fund its massive expansion into India, said Telenor Asia president Sigve Brekke.

“We are comfortable with using the cashflow from Telenor AG plus debt to fund our Indian operations. We are absolutely not thinking of selling (any assets in Asia). We are committed to the long term in this business,” he told StarBiz.

Oslo-listed Telenor is forking out around US$2bil (RM6.85bil) in a greenfield operation that will cover most of India.

In comparison, Telenor’s 49% stake is DiGi is worth RM8.3bil.

Telenor, which in April bought a controlling stake in Unitech Wireless, a family-owned Indian company that owned a licence for mobile services, had initially planned to fund the venture through a rights issue.

It changed its mind after shareholder feedback and decided instead to forgo dividend payments for its 2008 and 2009 financial years.

Telenor plans to resume paying dividends in 2010.

Telenor has also managed to bring down its average cost of entry into the Indian market.

“We managed to negotiate a deal with Unitech to acquire a higher shareholding of 67.25%, against the initial agreement for 60%, by paying the original price,” Brekke said when asked to comment on reports that Telenor had effectively brought its total entry cost down by about 10%.

“We think we have got a reasonable price,” he added.

Telenor plans to raise its stake in Unitech Wireless to 74%, the maximum allowed under Indian regulation.

Despite the tough market conditions, Unitech wireless will have a low cost advantage over other players as it plans to outsource all major services, from leasing of towers to IT services, according to Brekke.

“We will not build a single tower,” he said, noting that there was an oversupply of tower operators there. “We hope to be the cost leader in the Indian market,” he added.

Brekke sees a lot of scope for growth in the Indian market due its low penetration levels and the fact that market leader, Bharti Airtel, only commands a 25% market share.

Still, industry players familiar with the Indian scene say that pricing pressures and the strength of existing players make its virtually impossible to make a business case for venturing into the Indian mobile market today.

Furthermore, most Indian mobile operators are already operating on a low cost, which has enabled them to survive in the aggressive price wars, analysts said.

Brekke said their experience in building up mobile businesses in Malaysia, Thailand, Pakistan and Bangladesh would help them succeed in India. “If we did not build these businesses we would not be venturing into India.”

When asked if he sometimes wakes up thinking that venturing into India was a mistake, Brekke said: “I don’t. But I do sometimes wake up being nervous about India.”
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Old November 5th, 2009, 06:00 AM   #33
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Hong Leong ties up with China bank
Thursday November 5, 2009

KUALA LUMPUR: Hong Leong Bank Bhd (HLB) has signed a finance co-operation agreement with China Development Bank Corp (CDB) to collaborate with each other in various areas including funding, financing opportunities, currency swaps, personnel exchange and training, as well as information exchange.

“This agreement effectively enables HLB to work closely with CDB, one of the three policy banks in China and one of the largest banks in China,” HLB group managing director and chief executive Yvonne Chia said in a statement.

She said HLB would assist CDB in market penetration, due diligence and coordination.

“HLB will be working hand in hand with CDB to share and enhance bilateral knowledge on the policies, regulations, financial market and economic development of both countries,” Chia added.

She said China today was a key market for HLB, and through the group’s 20% stake in Bank of Chengdu Co Ltd and cooperation agreement with CDB, “we have specific platforms to participate on the growth and the upside potential of the market in China.”
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Old November 5th, 2009, 01:04 PM   #34
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Islamic Countries Start Meeting On Economic Cooperation In Istanbul
November 05, 2009 19:03 PM

ISTANBUL, Nov 5 (Bernama) -- Senior government officials from 57 Islamic countries started their meeting here on Thursday, focusing on economic and commercial cooperation between Islamic countries under the Organisation of the Islamic Conference (OIC), China's Xinhua news agency reported.

Issues such as global financial crisis, cooperation among member states and combat against poverty are high on the agenda of the two-day meeting.

The OIC Economy Summit will be held at Istanbul's Four Seasons Hotel, beginning on Nov 9.

The summit will be chaired by Turkish President Abdullah Gul.

The Iranian President Mahmoud Ahmadinejad and Syrian President Bashar al-Assad is expected to take part in the OIC economic summit, Xinhua cited sources as saying.

The Organisation of the Islamic Conference (OIC) is an international organisation with a permanent delegation to the United Nations. It groups 57 member states, from the Middle East, Africa, Central Asia, Caucasus, Balkans, Southeast Asia and South Asia.

At the same time, Central Banks Governors' Meeting and OIC Stock Exchanges Cooperation Meeting will also take place in Istanbul.

-- BERNAMA
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Old November 5th, 2009, 01:06 PM   #35
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D8 Countries Should Identify Potential Business Projects - Anifah
November 01, 2009 22:45 PM

KUALA LUMPUR, Nov 1 (Bernama) -- D8 member countries and the D8 Secretariat should focus their energies and resources in identifying potential projects for their business communities to collaborate through joint ventures, said Foreign Minister Datuk Seri Anifah Aman.

He said collaboration had more often than not been easier said than done, but struggle and sacrifice must be made if the grouping wished to achieve success.

"Success should be the only vocabulary that we have in mind. Sincerity is the key to the success of our efforts and we must pursue success as it is for the betterment of the lives of our people," he said in his welcoming remarks at the dinner hosted for foreign ministers and their representatives attending the D8 12th Session of the D8 Council of Ministers Meeting, here, Monday.

Deputy Prime Minister Tan Sri Muhyiddin Yassin graced the event and delivered a keynote address.

Anifah said the major achievements of the D8 to date had been the conclusion of the three agreements, namely the Trade Preferential Agreement (PTA), Agreement on Customs Cooperation and the Agreement on Simplification of Visa for D8 Businessmen.

He said Malaysia ratified the D8 PTA on July 2006 and hoped that other member countries which had not done so would be able to follow suit as the PTA would serve as a catalyst to increase D8 intra trade, which was one of the main objectives of the grouping.

"Malaysia recently deposited its instrument of ratification for the Agreement on Customs Cooperation," he said.

Anifah said the D8 Road Map which was approved by the D8 Summit in Kuala Lumpur last year was now being put to the test.

The Road Map provides the direction that the D8 should take and to guide the D8 ten-year plan of action which has yet to be decided.

D8 was established on June 15, 1997, in Istanbul and members comprise Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Malaysia took over the chairmanship of D8 last year. Its member countries have a combined population of about 900 million and are rich in economic resources.

The grouping aims to be the mechanism for cooperation in the economic sector through sharing of expertise in order to improve the position of member countries in the global economy.

-- BERNAMA

Developing 8 Countries
http://en.wikipedia.org/wiki/Developing_8_Countries

The Developing 8 (D-8 or Developing Eight) are a group of developing countries with large Muslim populations that have formed an economic development alliance. Combined, the countries made up 13.5% of the global population in 1997. It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The group was established after an announcement in Istanbul, Turkey on June 15, 1997. Membership is open to countries other than the current member-states, though no expansion is currently planned.

Bangladesh
Egypt
Indonesia
Iran
Malaysia
Nigeria
Pakistan
Turkey

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Old November 5th, 2009, 10:06 PM   #36
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KL to host World Gas Conference for first time
By Kamarul Yunus Published: 2009/11/06

MALAYSIA will play host to some 5,000 participants at the 25th World Gas Conference (WGC), which will be held for the first time in Southeast Asia.

The conference will take place in Kuala Lumpur from June 4 to 8 in 2012, a privilege that comes with the Malaysian presidency of the International Gas Union (IGU) for the 2009-2012 period.

Newly appointed IGU president Datuk Abdul Rahim Hashim said the conference, held every three years, will mark a major milestone for Malaysia, as it brings the biggest and most influential global gas event for the second time to Asia after Japan hosted it in 2003.

With the theme of "Gas Sustaining Future Global Growth", Abdul Rahim said WGC2012 will be the platform to share the culmination of three years of work under the Malaysian presidency.

The work involves concerted efforts developing strategies to enhance the role of gas, improve its availability and maximise efficiency.

"For the first time in IGU's long and illustrious history, a programme focused on youth development as well as science and technology will be incorporated in this event," he said after the launching of WGC2012 in Kuala Lumpur yesterday.

Malaysia, driven by the Malaysian Gas Association (MGA) and Petronas won the bid for the 2009-2012 IGU presidency in 2005.

Abdul Rahim said 32 studies on the gas industry will be carried out.

"We hope findings from the 32 studies can be presented and discussed along with other working papers at the conference," he said.

Malaysia's studies will focus on three issues, namely human capital, nurturing future growth and geopolitics of natural gas.
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Old November 5th, 2009, 10:08 PM   #37
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Malaysia To Host First Asian-Oceanian Standard Setters Group Meeting
October 14, 2009 17:30 PM

KUALA LUMPUR, Oct 14 (Bernama) -- The Malaysian Accounting Standards Board (MASB) announced on Wednesday that the inaugural meeting of the Asian-Oceanian Standard-Setters Group (AOSSG) will be held here on Nov 4-5.

To date, 24 countries have confirmed participation and will sign the memorandum of understanding (MoU) of the AOSSG, the MASB said in a statement here.

Among the countries attending are Australia,China, India, Japan, Hong Kong, Korea, New Zealand, Pakistan, Saudi Arabia and Singapore.

According to the MASB,the objective of the meeting, is to establish and agree on a constitution for the AOSSG as well as discuss and provide input for several of the most recent draft proposals issued by the International Accounting Standards Board (IASB).

It also stated that discussions would include views on the fair value measurement, the presentation of financial statements, revenue recognition and IAS 39.

"The inaugural meeting in Malaysia was made possible with the support of the Asian-Oceania members and the hard work of the MASB team," said MASB chairman Mohammad Faiz Azmi.

The AOSSG will allow standard-setters in the Asian-Oceania region to establish a mechanism and platform to discuss and share resolutions on emerging issues while contributing to the development of a single set of high quality global financial reporting standards.

The meeting will also serve as a platform for providing the Asian-Oceanian perspective on accounting standards that are more relevant to the region.

--BERNAMA
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Old November 5th, 2009, 10:08 PM   #38
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Malaysia to host 'green' technology expo in April
Published: 2009/10/10

Quote:
22 – 25 April 2010
Green Tech Asia 2010 - For A Greener World
- Malaysia International Exhibition & Convention Centre, Kuala Lumpur
SOME 300 local and international companies from over 20 countries are expected to participate in Malaysia's first ever "green" technology exhibition, GreenTechAsia 2010, in Kuala Lumpur in April.

In a statement, exhibition organiser Fairs and Events Management Sdn Bhd said the four-day event will be launched by Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui.

The exhibition will incorporate three smaller events: EnergyTech 2010, EnvironTech 2010 and CleanTech 2010.

Each of the key sector events will showcase the latest available technologies offering greater efficiency and productivity and capability to protect and preserve the environment.

The event complements the Government's Green Technology Policy and offers an ideal platform to help green technology companies to prepare for the next wave of economic growth.

The American Council for an Efficient Energy Economy said the US is halving its energy demand by 2050, which is a huge savings for family budgets and wallets. It will also open numerous business opportunities worth trillions of dollars.

RELATED LINK:
- http://www.femsb.com/
- http://www.miecc.mines.com.my/index.asp
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Old November 5th, 2009, 10:09 PM   #39
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KL To Host One Of QS Worldarts Tour Leg In 2010
September 13, 2009 14:46 PM

Quote:



Markets Served
Specialist marketing and student recruitment facility for worldwide creative and performing arts institutions.
For more information please see www.qsworldarts.com

Format
A fourteen day tour including travel between cities and set up days. Two consecutive days per event.

Future Dates
March 2010

Singapore
Kuala Lumpur
Hong Kong
Seoul

In association with
• QS APPLE Conference
• THE-QS World University Rankings
Source: http://www.qsnetwork.com/solutions/u...es/world_arts/
BANGKOK, Sept 13 (Bernama) -- Kuala Lumpur will be among five Asian cities to host the QS WorldARTS Tour, the first-of-its-kind series of international promotional.

Quacquarelli Symonds, the world's leading network for top careers and education, said the event would gather all native and worldwide creative and performing arts and design institutions, galleries and theatres.

Kuala Lumpur will kick-start the event on Feb 21 at the Kuala Lumpur Convention Centre, followed by Singapore, Hong Kong, Seoul and Shanghai.

"They will be able to showcase their courses, programmes and works to potential candidates to boost their international student recruitment efforts," Mandy Mok, QS Regional Director (Asia Pacific and Middle East) said in a statement.

Mok said that the arts education exhibition show would be a great platform for every arts institution in the region and the world to establish a presence in Asia and reach out to the international pool of students.

Mok said admission is free to students and members of the public, adding that they can register through the QS WorldARTS Tour website at www.qsworldarts.org.

-- BERNAMA
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Old November 7th, 2009, 12:11 AM   #40
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Malaysian auto parts a hit in Iran
By Zuraimi Abdullah Published: 2009/11/07

IRAN's automotive players rate Malaysian auto parts and components firms highly for their product quality, a senior trade official said.

This spells prospect for the local players to enhance their exports to Iran, whose automotive sector has been growing 23 per cent annually in the past 10 years.

Malaysia External Trade Development Corp (Matrade) deputy chief executive officer Dr Wong Lai Sum said Iranian companies had recognised Malaysian auto parts as high quality products and met international standards.

"Iranian buyers and consumers have high regard to Malaysian products because of their quality and competitive prices," Wong said in an interview in Kuala Lumpur on Monday.

"We see the prospect of exporting more auto parts and components and accessories to the Iranian market as very bright," she added.

Wong early last month led a specialised marketing mission (SMM) for eight Malaysian auto parts and components to Teheran.

The three-day mission resulted RM10.3 million in sales of automotive parts to Iranian auto parts importers and car manufacturers.

This is besides a broader trade mission to the capital at the same time that generated RM23.69 million in sales of Malaysian goods for Iran's automotive parts, building materials, chemicals and industrial rubber parts sectors.

Wong said Proton Holdings Bhd's plans to set up an assembly hub in Iran which will allow Malaysian auto parts and components manufacturers to bolster their presence.

"Proton cars are a common sight in Teheran, although the volume is not that large. Now that Proton is looking at establishing a production hub in Iran, there is big potential for our suppliers," she added.

Malaysia's exports of automotive parts and components to Iran valued at RM118 million in the first eight months of 2009.

Matrade expects Malaysia's exports of auto parts to Iran to grow 10 per cent annually from 2010. Among the products with export potential are alloy rims, body kits, plastic injection moulding and anti-theft system.

Iran's domestic automotive market is dominated by two local manufacturers - Iran Khodro and Saipa. Together, they produce 1.3 million cars a year, of which about 80 per cent are passenger cars.

Vehicles manufactured there are based on those made by Peugeot, Renault, Kia and Hyundai, besides local brands Samand and Khodro.

Iran was ranked 16th world largest automotive production country.

Wong also said the country was Malaysia's third largest trading partner in the Middle East and third largest export market for Malaysia in the region after Saudi Arabia and the UAE.

Trade between Malaysia and Iran stood at RM5 billion in 2008. In the first eight months of 2009, Malaysia exported RM1.37 billion while import was RM631.4 million.
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