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16

theSun

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THURSDAY MAY 14 2009

16 theSun | THURSDAY MAY 14 2009 briefs ING reports €793mil loss for first quarter THE
briefs
briefs
16 theSun | THURSDAY MAY 14 2009 briefs ING reports €793mil loss for first quarter THE

ING reports €793mil loss for first quarter

THE HAGUE: Dutch banking and insurance group ING reported yesterday a €793 million (RM3.806 billion) net loss for the first quarter, hit by the financial crisis, but the damage was less severe than at the end of 2008. First-quarter results were down from a net profit of €1.54 billion (RM7.39 billion) in the same period last year, but loss was substantially lighter than the €3.7 billion (RM17.39 billion) in the last quarter of 2008. The bank said in its earnings statement that its underlying net loss, which excludes certain exceptional items, had narrowed to €305 million (RM1.464 billion) from more than €3 billion (RM14.4 billion) in the previous quarter. “Market conditions remained challenging in the first quarter,” the bank’s chief executive Jan Hommen said in the statement. ING received massive cash support from the Dutch government to stay afloat during the financial crisis last year. It said yesterday it had carried out more than 5,000 of 7,000 job cuts it announced in January. – AFP

Germany agrees ‘bad bank’ scheme

BERLIN: Germany’s cabinet agreed a “bad bank” scheme yesterday to clean up toxic assets from banks’ balance sheets, a key plan of Berlin’s bid to turn around Europe’s biggest economy, a spokesman said. The plan, which has become somewhat of a politi- cal hot potato five months before a national election, would allow banks to park their toxic assets in spe- cially-created institutions for up to 20 years. Berlin hopes that removing these bad holdings from banks’ balance sheets will encourage them to begin lending to each other and to businesses and consumers, kick-starting an economy expected to shrink 6% this year. – AFP

PT APM ordered to stop suits against Astro

KUALA LUMPUR: An international arbitration tribunal has ordered PT Ayunda Prima Mitra (PT APM) to immediately discontinue civil suits against Astro All Asia Networks Plc, its subsidiaries and group chief executive officer and executive deputy chairman Ralph Marshall. Alleging that PT APM, amongst others, had failed to complete a proposed joint venture in PT Direct Vision, Astro said it had exercised its right to arbitrate the dispute pursuant to a written agreement relating to the proposed joint venture. Astro said the tribunal, which held a preliminary hearing between April 20 and April 24, has also prohibited PT APM from bringing any further legal proceedings against Astro, its subsidiaries and Marshall so far as the dispute relates to the proposed joint venture other than by way of arbitration pursuant to the said agreement. – Bernama

Japan’s NTT posts big profit

TOKYO: Japanese telecom giant NTT said yesterday it made a net profit of ¥538.7 billion (RM19.04 billion) till March this year as its business remained relatively resilient during the recession. Nippon Telegraph and Telecom Corp said its earn- ings fell 15.2% but it still logged the biggest profit announced by any Japanese company so far for the year. – AFP

South Korea to continue stimulus spending

SEOUL: South Korea’s government will continue its stimulus spending until the export-dominated economy recovers fully from the global downturn, Finance Minister Yoon Jeung-Hyun said yesterday. “We should wait to see further if the local economy has really bottomed out,” Yoon told a forum in Seoul. “The sharp economic downturn has been easing and its pace is also slowing down but a downside trend is still under way. “Until the private sector shows signs of rebounding on its own, we will have to keep an expansionary macro- economic policy stance,” Yonhap news agency quoted him as saying. On Tuesday the central bank froze its key interest rate at a record low of 2% for the third straight month, saying the economic decline has clearly eased. – AFP

business

KLCI

1,022.84

0.18

Nikkei

9,340.49

41.88

STI

2,185.29

7.16

TSEC

6,485.14

52.59

Hang Seng

17,059.62

94.02

KOSPI

1,414.52

11.01

SCI

2,663.77

45.59

S&P/ASX200

3,856.10

21.10

KL market summary

MAY 13, 2009 INDICES CHANGE FBMEMAS 6,837.28 +4.91 COMPOSITE: 1,022.84 -0.18 INDUSTRIAL 2,251.37 +3.42
MAY 13, 2009
INDICES
CHANGE
FBMEMAS
6,837.28
+4.91
COMPOSITE:
1,022.84
-0.18
INDUSTRIAL
2,251.37
+3.42
CONSUMER PROD
307.39
+3.48
INDUSTRIAL PROD
81.12
+0.46
CONSTRUCTION
199.49
-0.25
TRADING SERVICES
135.76
+0.01
FINANCE
8,068.61
-43.76
PROPERTIES
697.02
+4.57
PLANTATIONS
5,137.40
+61.33
MINING
295.86
+4.05
FBMSHA
7,136.46
+29.53
FBM2BRD
4,733.25
+129.07
TECHNOLOGY
15.14
+0.09
TURNOVER
VALUE
3.169bil
RM2.075bil

Prices end slightly lower

SHARE prices on Bursa Malaysia closed

analyst Rosnani Rasul.

slightly lower yesterday on waning interests

Gainers outnumbered losers by 467 to

in heavyweights, dealers said.

241

while 220 counters were unchanged,

They said the losses, however, were

335

untraded and 58 others suspended.

limited on follow-through interests in second- and lower-liners. The benchmark Kuala Lumpur Com- posite Index fell 0.18 point, or 0.018%, to close at 1,022.84. It opened 3.14 points higher at 1,026.16 in the morning. An analyst said the banking counters suf- fered the most as most investors stayed on the sidelines to await the announcements of major companies’ financial results. “We will see more investors unload- ing their positions from the third week of this month,” said MIMB Investment senior

Volume increased to 3.169 billion shares worth at RM2.075 billion from 2.204 billion shares worth RM1.656 billion on Tuesday. Among the active stocks, Compugates and Talam declined half sen each to 12.5 sen and 13 sen respectively, KNM rose five sen to 84.5 and Scomi went up 14 sen to 76 sen. In heavyweights, Sime Darby went down five sen to RM6.50, Maybank lost 14 sen to RM4.96, Tenaga dropped 10 sen to RM7.25, while IOI Corp rose two sen to RM4.46. – Bernama

MAS, EADS to start regional

aircraft repair facility

SUBANG JAYA: MAS Aerospace Engineer- ing Sdn Bhd, a wholly-owned subsidiary of Malaysia Airline System Bhd (MAS), will team up with EADS Group subsidiary EADS SECA to create a world-class PW100 series engine maintenance, repair and overhaul (MRO) facility in Subang. MAS executive director and chief finan- cial officer Tengku Azmil Zahruddin said the facility, expected to be operational next year, is positioned as a one-stop centre for engine, airframe and component support for the PW100 series engines. “With the joint-venture, the immediate plan is to set up a PW127 engine maintenance and Hot Section Inspection (HSI) capability. This will be extended to line maintenance support and on-site HSI through the mobile repair team (MRT),” he said. “This is a great opportunity for MAS Aero- space to capture a fair-sized market in the region and provide airlines with significant cost savings,” he said at the memorandum of understanding (MoU) signing ceremony at the MAS Complex in Subang yesterday. Also present at the ceremony was French Ambassador to Malaysia Marc Baretti. According to Tengku Azmil, there are some 100 aircraft in the region equipped with the PW100 series engines and the number is expected to double by 2012. He said aircraft equipped with the PW100 series engines include ATR, Bombardier Dash 8 planes and Fokker 50s. Currently, MAS has a fleet of nine ATRs, three with MASwings and six at Firefly. By year-end, MASwings and Firefly will each have seven ATR aircraft, Tengku

MAS Aerospace Engineering managing director Mohd Roslan Ismail exchanges documents with EADS SOGERMA CEO Cedric
MAS Aerospace Engineering managing director Mohd Roslan Ismail exchanges
documents with EADS SOGERMA CEO Cedric Gautier. Looking on are (from left) MAS
general manager for engineering & maintenance Rashidi Saidin, Tengku Azmil, Baretti
and EADS SECA senior vice-president for business operations Marc de Montessus.
KAMARIDUAN MOHD NOR/THESUN

Azmil said. “With technical expertise from EADS SECA and our track record as an airline MRO with readily available infrastructure, skilled resources as well as a strategic loca- tion in the region, we are well positioned to be a key player in the provision of MRO services,” added Tengku Azmil.

EADS SECA is a Pratt & Whitney and Honeywell designated aircraft engine repair and overhaul facility of EADS Group. It has serviced more than 400 engines

at its workshop and an additional 300 plus

more at its customer’s facility, leading to

a turnover of US$140 million (RM490 million) last year.

US urges emerging powers to open markets

GENEVA: Big emerging countries like China, India, Brazil and South Africa must do more to open their markets to secure a new global trade deal, the US trade chief said on yesterday. US Trade Representative Ron Kirk, who took up his job in March, was speaking after two days of intense talks with US trade partners at the World Trade Organisation (WTO), and said his reception could not have been better. Kirk said both he and President Barack Obama were committed to reaching a deal in the WTO’s long-running Doha round. “We see it not only as a critical component of what the president believes should be an overall worldwide response to the current economic crisis, but it’s also critical to the sustenance of many of our least developed countries,” he said. But he told a news conference – in a clear message to the big emerging powers – that a deal required more than participation by the US.

In his talks, Kirk met representatives of

more than half the WTO’s 153 members, includ- ing African and Latin American countries and the European Union – the biggest US trading partner – as well as with WTO Director-General Pascal Lamy. Kirk said the economic crisis was hurting nations like China and the US but causing unbearable pain to the poorest countries, who Washington believes should not be asked to make further sacrifices to reach a deal on Doha. With the US market already fully open to 98% of goods from least developed countries, their next opportunities would come from the big emerging countries, who should open up their markets to create a “win-win-win” deal, he said. The Doha round was launched in late 2001 to help poor countries prosper through more trade in food, goods like cars and clothing, and services like telecoms and banking. But to sell a deal back home, US negotia- tors will need to point to new opportunities

for American businesses too, and the former Dallas mayor said a Doha deal would have to bring meaningful gains in market access for all countries. He said the US did not want to throw away the work that had gone into the Doha talks over the past seven years, but clearly the process was not working, and Washington is looking for new ways forward. One possibility under consideration is to drop the effort to agree on a general formula

for cutting tariffs and subsidies, known in trade jargon as “modalities”, and go straight into “scheduling” – negotiating cuts in import du- ties and other moves on a bilateral basis. Kirk did not rule this out. It would have the advantage of letting US businesses – whose support is critical to get- ting a deal pushed through the US Congress

– see quickly what they are getting, but is likely to be resisted by developing countries who fear they could be strongarmed into a deal.

– Reuters