TWO of Malaysia's closest neighbours, Thailand and Singapore, have advanced in their ranking in terms of annual tourism receipts. Malaysia, meanwhile, maintained its 14th place ranking. Data from the United Nations World Tourism Organisation (UNWTO) revealed that Thailand, which ranked 12th in 2010, has moved up a notch to 11th placing. Despite the floods which submerged a good portion of the nation and disrupted activities in the country, Thailand's revenue expanded by a whopping US$6 billion (RM18.8 billion), raking in a total of US$26.3 billion (RM82.5 billion) in revenue last year. Our southern neighbour Singapore, meanwhile, leapt to the 15th position from 18th place in 2010, raking in US$18 billion (RM56.4 billion) or US$4.1 billion (RM12.9 billion) more than the previous year. Malaysia, meanwhile, maintained its ranking at the 14th place among 25 top destinations by international tourism receipts. Malaysia's tourism receipts last year was marginally above that of Singapore's at US$18.3 billion (RM57.4 billion). Malaysia's position in terms of revenue remained stagnant despite 5.6 million more tourists visiting Malaysia compared with Thailand. A total of 24.7 million came to our shores last year compared with 19.1 million who visited Thailand. According to UNWTO, international tourism receipts were over US$1 trillion (RM3.13 trillion) for the first time in 2011 with total receipts growing by 3.8 per cent. While UNWTO has indicated international tourist arrivals in the first two months of this year, Malaysia has not released any tourist arrival data for 2012. Last year, only the January 2011 was posted on Tourism Malaysia's website. Data for the remaining 11 months was available in February 2012. Between February 2011 and November 2011, tourist numbers were on a decline compared with the same period in 2010. Immigration Department director-general Datuk Alias Ahmad, however, says that raw data on tourist arrivals is promptly sent within two weeks after the end of each month. The decline in arrivals was attributed to the tsunami in Japan, floods in Thailand and the Arab Spring.

SIX local and global designers are vying to become the master planner for Bandar Malaysia, described as the country's new sustainable city. Six top local and global talents are vying for the spot as Master Planner for the sustainable city. They are AECOM (Hong Kong) and Focus Architects and Urban Planners Sdn Bhd; BroadwayMalyn (Singapore); DPZ Asia and PAG Consult Sdn Bhd; Gensler (UK) and AJM Planning and Urban Design Group; IZM Consult; and T.R. Hamzah and Yeang Sdn Bhd and Llewelyn Davies and Yeang (UK). They were chosen from among 10 companies competing at Stage Two of the Bandar Malaysia International Design Competition which ended on March 16 2012. The competition, organised by the Malaysian Institute of Planners (MIP) on behalf of 1MDB (1Malaysia Development Bhd), started on October 15 last year and attracted 35 top local and international urban planners and architects. In a statement, MIP president Professor Datuk Dr Alias Abdullah said participants had given top-notch submission in Stage 2 of the competition, resulting to the jury panel shortlisting six instead of five as originally planned. Stage 3 kicked off on May 15 and submissions of the concept master plan will be due on July 13. MIP is expected to announce the winner in late August. Bandar Malaysia is set to have the most innovative urban solutions for liveability in a new ecosystem of harmony between people, buildings, traffic and nature. The 196ha project will see the rejuvenation and regeneration of the old Sungai Besi airport into a new and vibrant landmark, 1MDB said. The mixed development aims to be an international destination for cultural facilities and public venues, a range of commercial and lifestyle offers and exemplary residential areas.

WHEN Swedish defence company Saab announced a partnership with DRB-HICOM Bhd at last year's Langkawi International Maritime and Aerospace exhibition (Lima '11), everyone expected a Letter of Intent (LOI) to follow soon after. In fact, the LOI was expected as soon as this year's Defence Services Asia exhibition (DSA). DSA was last month, yet no LOI was forthcoming. Not that it bothers the people at Saab. To them, they have the right partner in DRB-HICOM, and they don't mind the Malaysian company taking its time in any deal. Saab president and chief executive officer Hakan Buskhe, when asked about the LOI not materialising, said the company was not in a rush. "This is a serious decision for any company to make. We would rather take time and do everything right rather than have things go wrong," he said. Describing DRB-HICOM as a key partner for the Swedish giant, he said the two companies had an excellent relationship. "They (DRB-HICOM) have the skills, they have the willingness. They are the type of partners we are looking for," said Buskhe, who was in Kuala Lumpur for a short visit during DSA held at the Putra World Trade Centre. He said the two companies could create joint ventures and develop products which could "reach the world". At Lima '11, the two companies had signed an industrial cooperation agreement which would see them work together to come up with the best possible package for an airborne early warning and control (AEWandC) system to the Malaysian government. Saab's Erieye AEWandC system is said to be one of the leading contenders for any procurement of such a system for the Royal Malaysian Air Force. Prior to Lima '11, Saab announced that it was opening up an office in Malaysia as it viewed the country as a key nation in the region. This was quickly followed up by the announcement at Lima that the company had found its first local partner in DRB-HICOM. Asked why Saab chose to open an office in Malaysia when it already has one in Thailand, Buskhe said: "You can't do business being remote". "It's difficult to create trust if you are remote. You can't innovate. I call it being a 'multi-domestic company', not a multi-national company. "It's important that you have the knowledge locally. It's a question of whether you want to invest in the country where you are selling your product," he said. Saab has had a long history with the Malaysian armed forces, supplying navy and army radar systems, airborne self-protection systems for helicopters and fighters, command and control systems for navy ships and even support weapons such as anti-tank weapons to the army. Apart from the Erieye system, Saab is also said to be a leading contender for the RMAF's multi-role combat aircraft replacement programme with its Gripen fighter.

Its managing director and chief executive officer Datuk Muhamad Noor Hamid said the plans will be financed with internal funds. "In actual fact, this year we expect to spend between RM130 million and RM140 million for pipeline expansion, in preparation for the upcoming commencement of the regasification plant in Malacca. "Those funds will be available internally. At the moment, we don't need to raise any more fund," he told reporters after the launch of Gas Malaysia's prospectus here yesterday. Slated for listing on June 11, Gas Malaysia expects to raise RM734.45 million from its initial public offering (IPO). For subsequent years, Muhamad Noor said Gas Malaysia's capital requirement will not be that "big" as it tapers down to between RM30 million and RM40 million a year. "It's not going to be big because we have signed with Petronas an additional supply of gas for a three-year period, and the bulk of our capital requirement, as far as infrastructure facilities are concerned, we will develop it this year. "Thus, at the moment we don't need to raise additional fund, at least for the next three or four years," he said. On its pipeline network expansion, Muhamad Noor said the company will build additional 70km to 90km of pipeline to complement the existing 1,800km network in Peninsular Malaysia. "A couple of this pipeline will be built to connect new areas such as Padang Terap, Kedah, and Chuping (Perlis), Mantin (Negeri Sembilan) and also Kerteh, Terengganu. "This will also depend on the amount of gas that we have. As to date, we have already booked with Petronas for 2013 which has been earmarked for customers who are willing to pay the new gas tariff," he said. Meanwhile, Maybank Investment Bank Bhd chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz said he is confident of the success of Gas Malaysia's IPO despite the uncertainty in the market. The IPO comprises an offer for sale of 303.315 million shares to institutional and selected investors approved by the Ministry of International Trade and Industry at a price to be determined via book building. The remaining 30.525 million shares will be offered to the general public, eligible directors and employees of Gas Malaysia at RM2.20 per share.

KUALA LUMPUR: SME Corp Malaysia expects the SME Innovation Showcase 2012 (SMIDEX 2012) to record a 20 per cent increase in negotiated sales this year from RM194.7 million last year. Chief executive officer Datuk Hafsah Hashim said the three-day exhibition to be held at the Kuala Lumpur Convention Centre from June 20 to 22, will see a higher number of participation from international exhibitors. "In terms of business matching value, we hope to reach RM220 million this year, with the increased presence of international exhibitors," she told reporters after the soft launch of SMIDEX 2012 yesterday. Also present at the event was SME Corp chairman Datuk Mohamed Al Amin Abdul Majid. Hafsah said in conjunction with the exhibition, SME Corp will organise the Asean-India SME Conference from June 21 to June 22 to provide a platform for local small and medium enterprises to leverage on the Asean-India free trade agreement (FTA). The FTA came into force on January 1 2010. She said SME Corp will also introduce the SME Week for the first time during the SMIDEX 2012 to create better visibility on the country's SME products and services. Themed "SMEs Shaping the Future", this year's SMIDEX is expected to attract more than 200 foreign and local exhibitors. Over 10,000 participants from the business and public sectors are expected to attend the event, which will highlight the latest lifestyle products from Malaysia and around the region.

KUALA LUMPUR: Shangri-La Hotels (Malaysia) Bhd expects overall performance to improve this year as it completes the renovation of one of its hotels and expands its stable. Shangri-La's profits slipped in 2011 as renovation at its second-best performing hotel Rasa Ria Resort in Sabah led to a sharp drop in occupancy. Coupled with a lower occupancy and contribution from UBN Tower, the group posted RM60.56 million net profit on the back of RM429.73 million revenue. Its net profit in 2010 was RM69.9 million. The renovation of Rasa Ria began in March 2011 and will be completed this month. It will see all the newly-renovated rooms back in the market in the second half of the year. "The year will be better as Shangri-La KL's performance is going up and we will have Rasa Ria back," managing director Kuok Oon Kwong told reporters following the company's annual general meeting yesterday. Shangri-La Hotel Kuala Lumpur will continue to be the group's best performer. Last year, it contributed RM161.87 million towards group revenue and a pre-tax profit of RM32.35 million. Later this year, a Shangri-La-managed Traders Hotel will open in Puteri Harbour, Johor Baru. The opening of several amusement and theme parks including Legoland, Hello Kitty Town, Little Big Club and a Lat-themed restaurant from September should augur well for the hotel. In 2010, Shangri-La signed a heads of agreement with Teluk Datai Resorts Sdn Bhd (TDR) to form a 49:51 per cent joint venture to develop the resort. Khazanah Nasional Bhd has an indirect 70 per cent stake in TDR. The resort development in Langkawi is conditional upon Shangri-La taking up a 20 per cent stake in Traders Hotel Puteri Harbour. "We are still going through the legalities," Kuok said of the status of it taking the stake in Traders Hotel. As for the Langkawi hotel, she said no agreement has been signed and expects that the earliest the hotel will be ready will be within the next three to four years. Meanwhile, Kuok expects its hotel in Kuala Lumpur to feel an impact after the opening of the 412-room Grand Hyatt Kuala Lumpur in mid-2012. "There is bound to be some impact on all hotels and not just us when new rooms are added into the market," she said, adding that this is assuming the market does not grow. Kuok said that there has been no scheduled renovation. Over the past few years the group embarked on a complete makeover of the Rasa Sayang Resort and renovated the Golden Sands Resort, both in Penang. It also renovated Shangri-La Kuala Lumpur and, most recently, Rasa Ria.

KUALA LUMPUR: Malaysia made a good start in attracting investments in the manufacturing sector in the first quarter amid challenging external conditions, CIMB Investment Bank said. Approvals for investments in the sector rose by 11.6 per cent to RM15.1 billion in the January-March period. "This is a positive sign, illustrating the positive results of the Economic Transformation Programme (ETP), supported by better investment climate and improved investor confidence," CIMB Investment chief economist Lee Heng Guie said in a report. The Malaysian Investment Development Authority (Mida) released the figures last week, noting that of the total, 61 per cent or RM9.2 billion came from domestic investment. Lee said one key risk for investment prospects is a sharp down-turn of the global economy, which would spill over to the domestic economy. "Risks to global growth could come from a resurgent eurozone debt crisis, while one domestic risk is the implementation of the minimum wage policy, which investors fret will hurt Malaysia's competitiveness." Lee, however, does not think the policy will hurt competitiveness. He pointed that some 90 per cent of the countries in the world have minimum wage policies and that competitiveness stems from a conducive investment climate, predictable economic policies, an array of business-friendly incentives and the provision of good infrastructure and skilled workers. Compared to the previous quarter, total manufacturing approvals contracted 20.9 per cent from 129.1 per cent in the fourth quarter 2011, partly due to the high base effect. Domestic investors were mainly investing in new projects (about 67.3 per cent of total new projects approved) while foreigners skewed towards expansion or diversification of their existing business operations in Malaysia (about 57.4 per cent of total expansion/diversification projects approved) in the first quarter. By sector, the chemical industry received the largest approved investment value of RM6.5 billion or 42.8 per cent of the total, followed by transport equipment (RM2.8 billion; 18.6 per cent). Other major sectors include electrical and electronics (EandE) products (RM1.2 billion; 8.2 per cent of total), rubber products (RM1.1 billion; 7.3 per cent), basic metals (RM0.9 billion; 6 per cent), machinery and equipment (RM0.6 billion; 3.7 per cent) and fabricated metal products (RM0.4 billion; 2.7 per cent). Sabah emerged as the largest recipient of manufacturing investment, attracting RM4.6 billion followed by Selangor (RM3.9 billion), Johor (RM2 billion) and Terengganu (RM1.4 billion). The five economic growth corridors attracted a total of RM8.9 billion or 58.8 per cent of total investments. The Sabah Development Corridor garnered the highest investment of RM4.6 billion (51.5 per cent of total), followed by East Coast Economic Corridor (RM1.7 billion; 19.5 per cent), Iskandar Malaysia (RM1.5 billion; 16.1 per cent), Northern Corridor Economic Region (RM1 billion; 10.8 per cent) and Sarawak Corridor of Renewable Energy (RM200 million; 2.1 per cent). In terms of foreign investments, Japan topped the list with a total of RM1.2 billion investment (RM10.1 billion in 2011). Despite the lingering debt crisis in the eurozone, France ranked second with RM700 million, , followed by Singapore (RM700 million), the Netherlands (RM500 million) and South Korea (RM500 million).

KUALA LUMPUR: Securities Commission (SC) chairman Datuk Ranjit Ajit Singh has been elected as a board member of the International Organisation of Securities Commissions (IOSCO), a global securities regulatory body. IOSCO board is the governing body of IOSCO, responsible for leading the direction and process of standard-setting and decision-making on policy issues affecting global capital markets. SC said in a statement Ranjit has also been appointed the vice-chairman of the Emerging Markets Committee, comprising 86 jurisdictions, at IOSCO's 37th Annual Meetings and Conference in Beijing, China. Ranjit, in his remarks made at the opening of the annual conference, said global securities regulators must address key issues affecting capital markets with a view to ensure that the appropriate balance is achieved to enable the capital markets grow in an environment of stability and market integrity. "Malaysia's part in shaping the international financial architecture is a critical one and imperative to the positioning of Malaysia's capital market as a leading capital market centre, including in the area of Islamic finance," he told the conference. The conference and meetings were attended by, among others, the governor of the People's Bank of China, the chairman of the China Securities and Regulatory Commission and chairs of global securities regulators. The conference, which was held from May 13 to 17, had also agreed for the SC to host a Roundtable on Islamic capital markets between IOSCO and the Islamic Financial Services Board in Kuala Lumpur in September this year. IOSCO is the world's most important forum for securities regulators. Its members regulate more than 90 per cent of the world's securities markets. As the leading international policy forum and standard-setter for securities regulation, IOSCO plays a key role in setting international standards for securities regulation, identifying issues affecting global markets, and implementing policies to meet those challenges.

KUALA LUMPUR: MEC Malaysia is positive on the domestic market where it has recorded strong growth. "We have consistently recorded double-digit growth over the past two years," its managing director Law Chan Keong said. "We will continue to forge ahead with diversified and layered communications solutions designed to give our clients a competitive advantage in this ever-changing media environment," Law added. The company has won 15 new businesses. Law said MEC had achieved the fastest digital revenue growth within GroupM Malaysia, with a 85 per cent surge in the first four months of 2012. The company also saw a threefold increase in its content partnerships and activation unit. MEC, which is part of the WPP group, turned 10 on Tuesday. "We've achieved a lot since our launch in 2002. In the past 10 years, we have more than doubled in size and we were named RECMA's (a global research company) fastest growing network of the decade," MEC's global chief executive officer Charles Courtier said.

KUALA LUMPUR: Rating Agency Malaysia Bhd (RAM) group chief executive officer and executive deputy chairman Tan Sri C Rajandram has retired after more than two decades in the country's bond market. Rajandram was hand-picked by Bank Negara Malaysia in 1990 to establish RAM - the nation's first credit rating agency. "Twenty-one years later, RAM is still a leader in the credit rating business. "The board of directors of the RAM group and management are grateful for his contribution and leadership over the past 21 years and wish Tan Sri Rajandram all the best in his future endeavours," RAM said in a press statement yesterday.

KUALA LUMPUR: Petronas has roped in Japan's Itochu Corp and Thailand's PTT Global Chemical pcl to build petrochemicals complexes. The national oil company yesterday signed heads of agreement with the companies to build two separate petrochemical complexes in Pengerang, Johor. Petronas will be the major shareholder for both the proposed joint ventures that are part of the RM60 billion refinery and petrochemical integrated development (Rapid) complex there. "With the heads of agreement, Petronas has, to date, signed three of such arrangements for Rapid," it said in a statement yesterday. Prior to this, Petronas had signed a deal with German-based BASF for the production of speciality chemicals there. Headquartered in Tokyo and Osaka, Itochu is a global trading company with about 130 bases in 66 countries. PTT Global is Thailand's largest integrated petrochemical and refining company and is the chemical flagship of the PTT group. Petronas said it is finalising other potential partners and licensors for the various facilities within Rapid. The Rapid project will be the largest liquid-based greenfield downstream undertaking in Malaysia. It will have a 300,000-barrels-per day refinery to supply the petrochemical complex, apart from producing a host of refined petroleum products including petrol and diesel that meet the Euro 4 and Euro 5 fuel specifications.

SHAH ALAM: MASkargo, the air cargo division of Malaysia Airlines (MAS), has crowned Schenker Logistics (Malaysia) Sdn Bhd the overall winner at its annual Mega Tonners Awards 2011 for the third consecutive year. In a statement yesterday, MASkargo said Schenker Logistics was its all time high tonnage contributor after stiff competition from second runner-up Kintetsu World Express (M) Sdn Bhd and third placed Nippon Express (M) Sdn Bhd. The award for most improved MASkargo appointed agent was awarded to A-Sonic Logistics (M) Sdn Bhd of Penang, while Forward Freight Services Sdn Bhd bagged the top charterer award. Present at the event were deputy secretary-general of the Ministry of International Trade and Industry Datuk Nik Rahmat Nik Taib, MAS group chief executive officer Ahmad Jauhari Yahya and MASkargo acting chief executive officer Mohd Yunus Idris. In his speech, Mohd Yunus said as challenging as it may be for cargo, the company can look forward to the expected increase in Malaysia's external trade. In 2011, external trade stood at RM1.2 trillion. This year, the figure is expected to increase 5.9 per cent to RM1.32 trillion. "This growth signifies more potential business for the transportation and logistics industry, especially for import and export forwarding," Mohd Yunus said. Malaysia's total cargo volume is also expected to increase 10.1 per cent this year compared with the previous year. Mohd Yunus also outlined the company's game-changing initiatives, in particular the market-expansion strategy with the four new A330-200F freighters, alliances and partnerships with other key industry players as well as the challenges facing the company in 2012. "Our objective is to remain as one of the premier air cargo carriers in Asia, thereby facilitating positive growth towards the Malaysian economy," he said. The Mega Tonners Awards 2011 is organised annually by MASkargo in recognition of its customers' invaluable support and key contributors to the company's success. Top-performing freight forwarding agents from Kuala Lumpur, Penang, Kuching as well as from Vietnam and South Korea attended the 16th edition of the awards night.

KUALA LUMPUR: The Employees Provident Fund (EPF) is joining Johor Corporation (JCorp) as shareholders of Massive Equity Sdn Bhd (MESB). MESB is a special purpose vehicle formed to buy QSR Brands Bhd and KFC Holdings (M) Bhd. In a statement, JCorp said with the signing of the shareholders' agreement, JCorp maintains its 51 per cent stake in MESB, while the EPF-led consortium makes up the remaining 49 per cent via Melati Asia Holdings Limited (MAHL). It said MAHL is 51 per cent owned by EPF, while Britain-based CVC Capital Partners holds the rest. Consequently, 76 per cent of MESB is in Malaysian hands, it added. On December 14, 2011, MESB announced its intention to acquire all of the entire business and undertakings of KFC at a price equivalent to RM4 a share and RM1 per warrant. MESB also made a conditional offer to buy the business and undertakings of QSR at a price equivalent to RM6.80 a share and RM 3.79 a warrant. Kamaruzzaman Abu Kassim, president and chief executive officer (CEO) of Johor Corporation said, "We are heartened by EPF's confidence and are honoured to have them as our partner at this juncture in JCorp's journey." Datuk Shahril Ridza Ridzuan, EPF deputychief executive officer for Investment said the EPF is confident that this investment in a highly cash generative business will meet its long term goals of providing sustainable financial growth coupled with accretive yields. "The KFC and Pizza Hut brands have been a market leader in Malaysia for decades and we look forward to enhancing the brands and their market share even further in future," he said. Bernama

Other than potential "niche" acquisitions that it may consider, like its insurance arm's planned purchase of Kurnia Insurans (Malaysia) Bhd for RM1.5 billion announced last month, it has no plans to buy a bank at home or abroad. "We have no intention today of doing an overseas acquisition. As for in Malaysia, we've never said we're not interested in bank MandAs ... it's just that the opportunities are too few," group managing director Ashok Ramamurthy said at a results briefing here late yesterday. His remarks come as bigger rivals like Malayan Banking Bhd and CIMB Group Holdings Bhd venture out into the region to pursue growth in recent years, buying into banks in some markets and physically expanding in others. Still, analysts noted that AMMB can leverage on its biggest shareholder, Australia and New Zealand Banking Group Ltd (ANZ), for regional growth opportunities. ANZ, which became a shareholder in 2007, holds a 23.8 per cent stake. Ashok said he is not aware if ANZ had plans to raise its stake in AMMB, amid persistent market talk in recent months about that being a possibility. "There's nothing that has come to my attention that ANZ has got an application in the pipeline to increase it," he said. AMMB reported a 12.5 per cent rise each in net profit and revenue to RM1.5 billion and about RM8 billion, respectively, for the financial year ended March 31. The earnings, which was driven by faster non-interest income growth and lower provisions, fell in within analysts' expectations. Its final quarter net profit grew by 8.3 per cent from a year ago to RM342.6 million. Analysts noted that it has lowered its net profit growth guidance to between 9 per cent and 12 per cent for each of the next three years, from between 10 per cent and 14 per cent previously. Its return-on-equity, however, which is a measure of profitability, is expected to stay in the 14-15 per cent range. "We expect our profits to continue to grow this year but perhaps at a slower pace in the near term," Ashok told reporters. Net lending grew by 6.4 per cent, below the industry average, as it continued to rebalance its portfolio. The group's focus will continue to be on growing non-retail loans at a quicker pace as competition in the retail loan space remains stiff and cuts into margins. It also plans to invest some RM600 million on infrastructure over the next three years, mainly on its core banking platform replacement. AMMB's shares rose by 1.6 per cent in the stock market yesterday to RM6.23.

KUALA LUMPUR: L'Oreal Malaysia has announced two appointments to its Board of Directors, namely Jennifer Bay and Chooi Hoon Low. Bay will lead the company's Luxe division, while Chooi is in charge of the consumer products division. L'Oreal Malaysia said Bay, the new general manager of the Luxe Division, oversees a portfolio of brands including Lancôme, Biotherm, Kiehls and Shu Uemura. It said Bay has been with L'Oreal for over 12 years, during which time she has gained valuable experience in Singapore, China and recently, Malaysia. "For the past two-and-half years, she has been the general manager of the L'Oreal Malaysia Consumer Products Division where she has driven a rapid increase in turnover and market share," the company said. Meanwhile, Chooi, as L'Oreal Malaysia's general manager for the consumer products division, is responsible for the L'Oreal Paris, Garnier and Maybelline New York brands. Chooi was with Sara Lee for 12 years, and eight years as the marketing director, managing the Asian innovative hub in Malaysia. "She is a certified Professional Corporate Coach by International Coaching Federation and brings with her a strong network and knowledge within the Malaysian retail trade," L'Oreal Malaysia said.

PERBADANAN Usahawan Nasional Bhd (PUNB) is allocating RM200 million worth of loans and financing to Bumiputera companies and businesses this year. Chairman Khairy Jamaluddin said as at the first quarter of 2012, about RM33 million had been disbursed. Of the RM200 million allocation, RM68 million is for the retail sector, RM20 million for the small and medium enterprises (SMEs) in the manufacturing sector and RM60 million for the wholesale sector. The remaining RM52 million will be channelled to those who are involved in large-scale retail operations, Prosper for Graduates (Prosper Siswazah) and Prosper Property, where PUNB buys properties and lease them to the companies it is financing. Khairy said this to reporters after officiating at PUNB's Auto Forum 2012 here yesterday. This was his first public event since his appointment as chairman on April 1. He also said that this year, PUNB is targeting to provide RM12 million in financing to 67 automotive companies and businesses. Up until April 30, 15 companies received assistance, involving a disbursement of RM2.67 million. He said PUNB has, to date, developed 311 automotive businesses, where RM74.53 million has been disbursed to more than 400 Bumiputera entrepreneurs. From the 311 companies, 197 were developed through PUNB's Prosper Retail Scheme, 78 from Prosper Teras Programme, 25 from Prosper Graduate Scheme, seven from Prosper Wholesale Scheme and four from the SME Scheme. Earlier in his speech, Khairy said the automotive field is a challenging business, not only due to the implementation of the government's policies and guidelines but also from within the business itself. This, he said, directly impacts the ecosystem of the automotive industry from the component maker or service providers to consumers and end-consumers. He said based on PUNB's observation of the automotive sector in the last decade or so, most Bumiputera entrepreneurs operate small businesses with very limited equipment. "And if we go to non-Bumiputera-owned workshops, most of the support workers such as mechanics and foremen are Bumiputeras ... this indicates that Bumiputeras are skilled in this field," he said. Khairy added that PUNB has helped out these entrepreneurs to strengthen their businesses and some of the support workers are now successful in their own businesses.

JAYA33 Sdn Bhd, a niche developer, will consider disposing of some of its office towers at Jaya33 Cybercentre in Petaling Jaya, Selangor, if there are good offers, its chief said. Jaya33 Cybercentre, which is GBI certified and MSC-compliant, comprises five Grade A offices towers. According to the firm's marketing director, L.C. Toh, the current market value for the buildings range between RM600 million and RM700 million. Jaya33 is controlled by the Che family. The main shareholder is Che King Tow, who sits on the board of Malaysia Resources Corp Bhd. Che was previously the developer for the Bukit Rimau township in Shah Alam but he disposed of his interest to Malton Berhad in 2002. He also owned Domain Resources Sdn Bhd, a firm that project manages the rehabilitation of low-cost housing for Bank Negara, which he sold to Malton. Jaya33 Cybercentre, located on a 2.6 hectare site at the junction of Jalan Kemajuan and Jalan Semangat at Section 13, is being developed in two phases. It is currently the only project by Jaya33. Phase One, completed in March 2007, comprises a 12-storey and two six-storey towers, that sit on a five-level podium, with carpark and retail. Phase 2 is under-going construction and is expected to be completed by the end of this year. It will feature two 14-storey towers sitting on top of a six-storey podium. "Anything can always be considered, such as an offer to buy any of the towers," Jaya33 general manager, Tan Kok Leong, said yesterday, at the launch of Phase Two. The buildings at Phase One are currently fully tenanted. Jaya33 also plans to lease Tower 4 and 5 under Phase Two, for between RM4.50 and RM5.00 per sq ft. At Tower 5, Jaya33 is setting up a 57,000 sq ft three-level data centre, with MyTeleHaus.

THE Ferarri 458 Spider has received a phenomenal response in Malaysia as it has been pre-sold for the next three years. Naza Group of companies joint group executive chairman Datuk Wira SM Faisal SM Nasimuddin said the 458 Spider is priced between RM1.9 million and RM2.3 million. Under Ferrari's tailor-made programme, customers can choose materials, colours, accessories and finishing according to their preference. "Buyers will be able to go to Ferarri's plant in Maranello, Italy, and talk directly to the engineers and designers on what they want on their Ferrari," Faisal told reporters at the launch of the luxury sports car yesterday. Distributed by Naza Italia Sdn Bhd, the Ferarri 458 Spider was rolled out by International Trade and Industry Minister Datuk Seri Mustapa Mohamed. The latest addition to the Ferrari family offers the same uncompromising technological solutions, handling and preference in a refined open top configuration. Equipped with a Ferrari patented, fully retractable aluminium hard top, the 458 Spider is the world's first sports car with this layout. The Spider is powered by Ferrari's 570 CV 4,499 cc V8, which was named international engine of the year 2011 for its engineering excellence in terms of driveability, performance, economy and refinement. Coupled with its dual-clutch Formula One paddle shift transmission, the marquee delivers 0-100 km/h acceleration in under 3.4 seconds and a maximum speed of 320 km/h. It also has a High Emotion Low Emission (HELE) system and fuel consumption on the combined urban cycle stands at 11.8 litre/100km with carbon dioxide emissions of 275g per km. HELE system is designed to reduce the environmental impact of the cars, while boosting their performance and driving pleasure.

KUALA LUMPUR: Malaysia and Australia will finally ink the long-overdue bilateral free trade pact on Tuesday. International Trade and Industry (Miti) Minister Datuk Seri Mustapa Mohamed and Australian Minister for Trade and Competitiveness Dr Craig Emerson will sign the document here. It will be Malaysia's sixth bilateral free trade agreement (FTA), said Miti in a statement yesterday. Malaysia has bilateral agreements with Japan, Pakistan, New Zealand, India and Chile. It also has regional trade agreements, via Asean, with China, Japan, South Korea, India, Australia and New Zealand. Negotiations on the Malaysia-Australia FTA (Mafta) commenced in May 2005 but was put on pause the following year as both parties focused on the Asean-Australia-New Zealand FTA. Negotiations resumed in August 2009 and were placed on fast track following Prime Minister Datuk Seri Najib Razak's meeting with his counterpart Julia Gillard in Australia. According to Miti, negotiations met the timeline set on March 30. Mafta is a comprehensive agreement, comprising 21 chapters encompassing trade, services and investment as well as economic cooperation. Mafta marks another important milestone in Malaysia- Australia economic relations. "In addition to complementing the Asean-Australia-New Zealand FTA, Mafta will open up new market opportunities for both countries and enhance trade and economic relations between the two countries once the FTA is implemented," Miti stated. Malaysia is still busy with several other FTAs, one of which is with Turkey. It is also negotiating with the European Union which is expected to conclude this year. Others are the Trans-Pacific Partnership Agreement, the Trade Prefential System-Organisation of Islamic Conference and the Developing Eight Preferential Tariff Agreement.

PRIME Minister Datuk Seri Najib Razak gave his commitment to doing everything possible to build a vibrant business environment and further develop the infrastructure to ensure Malaysia remains a competitive location for investors. "There is real change, real transformation in Malaysia. In the next five years, I am confident we can do even better with the momentum we have created," he said in his remarks to a group of US business leaders at the Harvard Business School Club of New York here. He said the government's efforts are already gaining recognition internationally, with Malaysia making significant strides in several global rankings. AT Kearney's FDI Confidence Index ranks Malaysia as the 10th most attractive destination while UNCTAD's World Investment Prospects Survey placed the country 21st in the two years from 2011. In addition, the IMD World Competitive Yearbook named Malaysia the 16th most competitive in the world last year while the World Bank's Ease of Doing Business Report 2012 placed the country 18th in its rankings, putting it ahead of Germany, Japan, Switzerland and Belgium. Those attending the roundtable include officials from ConocoPhillips, Eastman Chemicals and Boeing Co. The roundtable with captains of industry was organised by Darden, the world's largest full-service restaurant company which will start contract farming of lobsters off the coast of Sabah, and the International Economic Alliance. Later, Najib held separate discussions with Ocean Thermal Energy Corp chairman and chief executive officer Jeremy Feakins and Motorola Solutions executive vice-president Gene Delaney and former senator Christopher S. "Kit" Bond.