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16  theSun | THURSDAY MAY 14 2009

business KLCI
STI
1,022.84
2,185.29
0.18
7.16
Nikkei
TSEC
9,340.49
6,485.14
41.88
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 Prices end slightly lower


INDICES CHANGE SHARE prices on Bursa Malaysia closed analyst Rosnani Rasul.
FBMEMAS 6,837.28 +4.91 slightly lower yesterday on waning interests Gainers outnumbered losers by 467 to
COMPOSITE: 1,022.84 -0.18 in heavyweights, dealers said. 241 while 220 counters were unchanged,
INDUSTRIAL 2,251.37 +3.42 They said the losses, however, were 335 untraded and 58 others suspended.
CONSUMER PROD 307.39 +3.48
limited on follow-through interests in Volume increased to 3.169 billion shares
INDUSTRIAL PROD 81.12 +0.46
CONSTRUCTION 199.49 -0.25 second- and lower-liners. worth at RM2.075 billion from 2.204 billion
TRADING SERVICES 135.76 +0.01 The benchmark Kuala Lumpur Com- shares worth RM1.656 billion on Tuesday.
FINANCE 8,068.61 -43.76 posite Index fell 0.18 point, or 0.018%, to Among the active stocks, Compugates
PROPERTIES 697.02 +4.57 close at 1,022.84. It opened 3.14 points and Talam declined half sen each to 12.5
PLANTATIONS 5,137.40 +61.33 higher at 1,026.16 in the morning. sen and 13 sen respectively, KNM rose five
MINING 295.86 +4.05 An analyst said the banking counters suf- sen to 84.5 and Scomi went up 14 sen to
FBMSHA
FBM2BRD
TECHNOLOGY
7,136.46
4,733.25
15.14
+29.53
+129.07
+0.09
fered the most as most investors stayed on
the sidelines to await the announcements
76 sen.
In heavyweights, Sime Darby went down
briefs
of major companies’ financial results. five sen to RM6.50, Maybank lost 14 sen to
TURNOVER VALUE “We will see more investors unload- RM4.96, Tenaga dropped 10 sen to RM7.25,
3.169bil RM2.075bil ing their positions from the third week of while IOI Corp rose two sen to RM4.46.
ING reports €793mil loss for
this month,” said MIMB Investment senior – Bernama 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.

MAS, EADS to start regional 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

aircraft repair facility


€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
SUBANG JAYA: MAS Aerospace Engineer- 7,000 job cuts it announced in January. – AFP
ing Sdn Bhd, a wholly-owned subsidiary of
Malaysia Airline System Bhd (MAS), will Germany agrees ‘bad bank’ scheme
team up with EADS Group subsidiary EADS
SECA to create a world-class PW100 series BERLIN: Germany’s cabinet agreed a “bad bank”
engine maintenance, repair and overhaul scheme yesterday to clean up toxic assets from banks’
(MRO) facility in Subang. balance sheets, a key plan of Berlin’s bid to turn around
MAS executive director and chief finan- Europe’s biggest economy, a spokesman said.
cial officer Tengku Azmil Zahruddin said The plan, which has become somewhat of a politi-
the facility, expected to be operational next cal hot potato five months before a national election,
year, is positioned as a one-stop centre for would allow banks to park their toxic assets in spe-
engine, airframe and component support cially-created institutions for up to 20 years.
for the PW100 series engines. Berlin hopes that removing these bad holdings
“With the joint-venture, the immediate from banks’ balance sheets will encourage them to
plan is to set up a PW127 engine maintenance begin lending to each other and to businesses and
KAMARIDUAN MOHD NOR/THESUN

and Hot Section Inspection (HSI) capability. consumers, kick-starting an economy expected to
This will be extended to line maintenance shrink 6% this year. – AFP
support and on-site HSI through the mobile
repair team (MRT),” he said. PT APM ordered to stop suits
“This is a great opportunity for MAS Aero- against Astro
space to capture a fair-sized market in the
region and provide airlines with significant KUALA LUMPUR: An international arbitration tribunal has
cost savings,” he said at the memorandum ordered PT Ayunda Prima Mitra (PT APM) to immediately
of understanding (MoU) signing ceremony discontinue civil suits against Astro All Asia Networks Plc,
at the MAS Complex in Subang yesterday. its subsidiaries and group chief executive officer and
Also present at the ceremony was French MAS Aerospace Engineering managing director Mohd Roslan Ismail exchanges executive deputy chairman Ralph Marshall.
Ambassador to Malaysia Marc Baretti. documents with EADS SOGERMA CEO Cedric Gautier. Looking on are (from left) MAS Alleging that PT APM, amongst others, had failed to
According to Tengku Azmil, there are general manager for engineering & maintenance Rashidi Saidin, Tengku Azmil, Baretti complete a proposed joint venture in PT Direct Vision,
some 100 aircraft in the region equipped and EADS SECA senior vice-president for business operations Marc de Montessus. Astro said it had exercised its right to arbitrate the dispute
with the PW100 series engines and the pursuant to a written agreement relating to the proposed
number is expected to double by 2012. Azmil said. EADS SECA is a Pratt & Whitney and joint venture.
He said aircraft equipped with the PW100 “With technical expertise from EADS Honeywell designated aircraft engine repair Astro said the tribunal, which held a preliminary hearing
series engines include ATR, Bombardier SECA and our track record as an airline and overhaul facility of EADS Group. between April 20 and April 24, has also prohibited PT APM
Dash 8 planes and Fokker 50s. MRO with readily available infrastructure, It has serviced more than 400 engines from bringing any further legal proceedings against Astro,
Currently, MAS has a fleet of nine ATRs, skilled resources as well as a strategic loca- at its workshop and an additional 300 plus its subsidiaries and Marshall so far as the dispute relates to
three with MASwings and six at Firefly. tion in the region, we are well positioned more at its customer’s facility, leading to the proposed joint venture other than by way of arbitration
By year-end, MASwings and Firefly to be a key player in the provision of MRO a turnover of US$140 million (RM490 pursuant to the said agreement. – Bernama
will each have seven ATR aircraft, Tengku services,” added Tengku Azmil. million) last year.
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)
US urges emerging powers to open markets till March this year as its business remained relatively
resilient during the recession.
Nippon Telegraph and Telecom Corp said its earn-
GENEVA: Big emerging countries like China, more than half the WTO’s 153 members, includ- for American businesses too, and the former ings fell 15.2% but it still logged the biggest profit
India, Brazil and South Africa must do more to ing African and Latin American countries and Dallas mayor said a Doha deal would have to announced by any Japanese company so far for the
open their markets to secure a new global trade the European Union – the biggest US trading bring meaningful gains in market access for year. – AFP
deal, the US trade chief said on yesterday. partner – as well as with WTO Director-General all countries.
US Trade Representative Ron Kirk, who took Pascal Lamy. He said the US did not want to throw away South Korea to continue
up his job in March, was speaking after two Kirk said the economic crisis was hurting the work that had gone into the Doha talks
days of intense talks with US trade partners at nations like China and the US but causing over the past seven years, but clearly the stimulus spending
the World Trade Organisation (WTO), and said unbearable pain to the poorest countries, who process was not working, and Washington is SEOUL: South Korea’s government will continue its
his reception could not have been better. Washington believes should not be asked to looking for new ways forward. stimulus spending until the export-dominated economy
Kirk said both he and President Barack make further sacrifices to reach a deal on One possibility under consideration is to recovers fully from the global downturn, Finance Minister
Obama were committed to reaching a deal in Doha. drop the effort to agree on a general formula Yoon Jeung-Hyun said yesterday.
the WTO’s long-running Doha round. With the US market already fully open to for cutting tariffs and subsidies, known in trade “We should wait to see further if the local economy has
“We see it not only as a critical component 98% of goods from least developed countries, jargon as “modalities”, and go straight into really bottomed out,” Yoon told a forum in Seoul.
of what the president believes should be an their next opportunities would come from the “scheduling” – negotiating cuts in import du- “The sharp economic downturn has been easing and
overall worldwide response to the current big emerging countries, who should open up ties and other moves on a bilateral basis. Kirk its pace is also slowing down but a downside trend is still
economic crisis, but it’s also critical to the their markets to create a “win-win-win” deal, did not rule this out. under way.
sustenance of many of our least developed he said. It would have the advantage of letting US “Until the private sector shows signs of rebounding
countries,” he said. The Doha round was launched in late 2001 businesses – whose support is critical to get- on its own, we will have to keep an expansionary macro-
But he told a news conference – in a clear to help poor countries prosper through more ting a deal pushed through the US Congress economic policy stance,” Yonhap news agency quoted
message to the big emerging powers – that a trade in food, goods like cars and clothing, and – see quickly what they are getting, but is likely him as saying.
deal required more than participation by the services like telecoms and banking. to be resisted by developing countries who On Tuesday the central bank froze its key interest rate
US. But to sell a deal back home, US negotia- fear they could be strongarmed into a deal. at a record low of 2% for the third straight month, saying
In his talks, Kirk met representatives of tors will need to point to new opportunities – Reuters the economic decline has clearly eased. – AFP