Business this week (18-22 May)

May 22
- Malaysia and Singapore are looking at building a new bridge linking the two countries, and have formed a joint committee to look into the proposal of building a bridge to link eastern Johor and Singapore.
- YTL Corp Bhd’s net profit for its third quarter (3Q) ended March 31, 2009 more than doubled to RM484.36 million from RM202.53 million a year earlier, on the back of 21.5% higher revenue at RM1.99 billion.
- Bank Negara Malaysia has been ordered by the Minister of Finance to assume control of Tahan Insurance Malaysia Berhad (Tahan) effective May 22 to safeguard the interests of Tahan's policy owners.

May 21
- Malayan Banking Bhd’s group net profit in the third quarter ended March 31, 2009 fell 33.6% to RM503.28 million from RM758.6 million a year ago due to higher allowance for loan losses and impairment.
- Telekom Malaysia Bhd’s bottom line in its first quarter ended March 31, 2009 (1QFY09) was dented by unrealised exchange loss on foreign currency borrowings of RM175.5 million dented leading to its net profit plunging 76% to RM27.7 million from RM114.4 million a year earlier.

May 20
- Moody's Investors Service has placed the debt and deposit ratings of 28 banks from Malaysia, Phillipines and Indonesia for possible downgrades.
- The Kuala Lumpur Composite Index (KLCI) hits an eight-month high, buoyed by a plantation stock-led blue-chip rally spurred by fund buying.
- Malaysia has moved up one notch as the 18th most competitive economy out of 57 in the Institute for Management Development (IMD) 2009 World Competitiveness Yearbook, beating UK, Thailand and South Korea, which are ranked 21st, 26th and 27th respectively.
- The cabinet is studying the Port Klang Free Zone (PKFZ) report pending its release to the public.

May 19
- Singapore-based businessman Oei Hong Leong has sued Citigroup’s private bank for negligence and misrepresentation after he lost S$1 billion (RM2.42 billion) on foreign exchange and bond trades last year, the Straits Times reported yesterday.
- Bank of America Corporation said it had raised gross proceeds of about US$13.47 billion after concluding its previously announced sale of common stock through an at-the-market issuance programme.
- International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir has resigned as a non-independent and non-executive director of Reliance Pacific Bhd, where he held a direct stake of 6.25 million shares and an indirect stake of 38.92 million shares in the company.
- The sales value of the manufacturing sector fell 25.5% or RM12.5 billion year-on-year (y-o-y) to RM36.6 billion in March 2009 for an overall contraction of 25.9% to RM104.6 billion in the first quarter (1Q) of the year, due to the drop of the sales value of 80 industries or 69% out of 116 industries covered in a survey, it said.

May 18
- The Terengganu Investment Authority (TIA) plans to raise RM5 billion from the capital markets this week which will be backed by a government guarantee, and it has identified several high-impact investment projects in Terengganu and around Malaysia which are intended to draw significant foreign direct investment and provide immediate stimulus to the economy.
- New vehicle sales in Malaysia for April 2009 contracted by a larger annual quantum of 18.2% to 41,135 vehicles, reflecting consumers’ waning demand for expensive items as a tougher economic landscape prompted many to curb spending, worsened by costlier lending rates for the purchase of foreign vehicle brands in the country.
- American International Group, Inc. (AIG) seeks to position American International Assurance Company, Ltd. (AIA Group) as an independent entity and seek a public listing on an Asian stock exchange for the AIA Group.