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BANGKOK: London has overtaken Bangkok as the top destination for international travelers on the MasterCard Global Destination Cities Index, as political unrest in the Southeast Asian city kept visitors away. Bangkok may draw 16.4 million international overnight visitors this year, an 11 per cent decline from 2013, the index showed. London retook the top spot with an eight per cent rise in travellers to 18.7 million. Four other Asian cities — Singapore, Kuala Lumpur, Hong Kong and Seoul — also ranked among the top 10 destinations. Bloomberg
MELBOURNE: Australia’s Telstra Corp (TLS) has closed its first syndicated loan in five years with a A$1.5 billion ($1.4 billion) revolving credit as the country’s largest phone company diversifies its funding sources. The three-year multicurrency facility attracted a total of 21 banks, according to a statement from Bank of Tokyo-Mitsubishi UFJ Ltd, one of the arrangers. Bank of China Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd and Westpac Banking Corp were the other arrangers, according to BTMU. Bloomberg
KUALA LUMPUR: Industrial output in May is expected to have strengthened on the back of improving external demand said economists.
NEW DELHI: India’s economic growth is expected to accelerate this year and could reach nearly six per cent, a key government study said yesterday ahead of the first national budget by the new right-wing government. The India Economic Survey, prepared by the finance ministry, predicted growth would be in the 5.4 per cent to 5.9 per cent range in the financial year to March 31, next year, up from 4.7 per cent in the previous 12 months. “The economy can look forward to better growth prospects in 2014-15 and beyond,” said the report released on the eve of the Indian budget. AFP
JOHOR BARU: Johor’s state investment arm, Johor Corporation (JCorp) has returned as the majority shareholder in fast-food chain KFC Holdings Bhd.
TWO banking groups and a non-bank financial provider have received the approval from Bursa Malaysia Securities Bhd to suspend trading of their securities today.
TAN Sri A.K. Nathan’s privately-held Vahana Offshore (S) Pte Ltd will award new contracts worth over RM600 million to Eversendai Corp Bhd.
BURSA Malaysia ended lower on profit-taking activities yesterday after the local benchmark broke the all-time high twice in the last two days.
KUALA LUMPUR: Malaysia Venture Capital Management Bhd (Mavcap) has appointed Abdul Rahim Abdul Hamid as its new chairman effective July 1, following the retirement of Tan Sri Dr Abdul Samad Haji Alias.
KUALA LUMPUR: The ringgit will likely see another quarter of appreciation in the third quarter of this year, said a local research house.
HONG Leong Investment Bank (HLIB) advises investors to take some profit off the table and downgrade Uzma Bhd to “hold”.
MIDF Research maintains its “buy” recommendation on Padini Corp Bhd, with a target price of RM2.26.
HONG KONG: Asian markets sank yesterday, following a negative lead from Wall Street and talk of a possible correction for global equities after their rally over the past few weeks.
PUBLIC Investment Bank Bhd (PublicInvest) expects TRC Synergy Bhd’s earnings to continue to be slow due to margin compression from higher material costs and cost overrun for some ongoing projects.
HONG Leong Investment Bank (HLIB) says Maybank, Alliance Financial Group and Public Bank will have highest positive impact from a potential interest rate hike to be announced by Bank Negara Malaysia this week.