Inter-Research And Studies (IRAS)

Canada blocked Malaysian state oil company Petronas’ C$5.17 billion (RM15.8 billion) bid for  gas producer Progress Energy Resources Co yesterday, a surprise ruling that could have implications for a much  bigger offer by China’s state-owned CNOOC for oil producer Nexen Inc . “I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” Christian Paradis, Canada’s minister of industry, said in a late-night statement. Petronas has up to 30 days to make additional representations that could make its deal more palatable. Petronas said it was not ready to make any comment. “Due to the strict confidentiality provisions of the (Investment Canada) Act, I cannot comment further on this investment at this time,” Paradis said. The Petronas bid for Progress had not been expected to run into hurdles in a review process that asks the government to exami...

DRB-Hicom Bhd will announce a working plan to remedy problems faced by national carmaker Perusahaan Otomobil Nasional Bhd (Proton) next month, said its chief operating officer Datuk Seri Che Khalib Mohamad Noh. The plan is paramount and if not implemented could bring serious negative consequences to DRB, a major investor in Proton, said Che Khalib. “Proton is in trouble and if we don’t solve Proton’s problem, not only Proton would go down but the whole DRB will go down,” Che Khalib said after his presentation at the Malaysian Institute of Certified Public Accountant-Bursa Malaysia Business Forum in Kuala Lumpur yesterday. He, however, did not elaborate on the details of the problems faced by Proton. The problems, if not resolved, would affect its 11,000-plus employees and the whole automotive ecosystem surrounding Proton, he said. Meanwhile, a newswire reported yesterday that DRB’s group managing director Datuk Seri Mohd Kamil Jamil said Proton’s performance would have an impact on ...

By Soong Phui Jee We used to say in the past that working in bank is a secure job but nowadays, working in government sectors is even better. During an exclusive interview with the Sin Chew Daily, Public Services Department pensions division director Datuk Yeow Chin Kiong had disclosed many unknown stories and data, including civil servants are receiving a lifelong support from taxpayers, they enjoy many subsidies and are not taxed, their spouses will continue to enjoy pensions if they pass away and a total of RM65.5 billion has been distributed to 600,000 retired civil servants over the past 10 years as wang ehsan and pensions. After the country has paid so much to the 1.29 million civil servants to eliminate their worries, have the public be rewarded? Undeniably, the government has been committed to enhancing the productivity and efficiency in public services since the administration of Tun Abdullah Badawi. For example, the establishment of the Special Task Force to Facilitate Busine...