12  theSun | TUESDAY APRIL 7 2009

business

CIMB to close 60 surplus branches KLCI

STI
923.77
1,847.98
S
16.76
S
27.11
Nikkei
TSEC
8,857.93
5,556.22
S

S
108.09
26.59
KUALA LUMPUR: CIMB Bank from next year onwards. And has given an assurance there Hang Seng 14,998.04 452.35
S KOSPI 1,297.85 S
14.10
will close nearly 60 surplus when we close the branches, we would be no retrenchment of SCI 2,419.78  5.51
T S&P/ASX200 3,756.60 S
21.00
branches this year to save up to will redeploy the people. its staff in facing the current
RM60 million annually, Reuters “The group may also see the economic downturn.
reported yesterday, quoting The possibility of new revenue to be Group chief executive Datuk
Malaysian Reserve.
The bank has identified the
generated by redeploying people
to other areas which has value
Seri Nazir Razak reiterated
yesterday that the rejuvena- Prices close higher KL market summary
APRIL 6, 2009

on follow-through
60 banks to be closed in August, creation in terms of new busi- tion programme for its staff
the report quoted its head of ness,’ he said. announced on March 30 was INDICES CHANGE
consumer sales and distribution, The network rationalisation not aimed at cost-saving, but FBMEMAS 6,063.80 +115.05
Sulaiman Mohd Tahir as saying.
“CIMB can save in the region
was prompted by the merger
between CIMB and Southern
rather a good opportunity for
the 36,000 staff to take no-pay
buying COMPOSITE
INDUSTRIAL
923.77
2,151.72
+ 16.76
+ 14.97
CONSUMER PRODUCT 290.86 +2.32
of RM50 million to RM60 million Bank in 2006. leave for a month and up to six SHARE prices on Bursa Malaysia closed higher INDUSTRIAL PRODUCT 68.05 +0.80
from the closing of the branches Meanwhile, the CIMB Group months, Bernama reports. yesterday on follow-through buying in heavy- CONSTRUCTION 182.14 +1.67
weights particularly plantation and finance TRADING SERVICES 122.41 +2.04
related counters, following the gains on global FINANCE 7,032.54 +161.46
PROPERTIES 541.53 +13.76
marts led by an uptrend on Wall Street, dealers PLANTATIONS 4,792.73 +98.91
said. MINING 249.52 +14.18
Dealers said trading on the local market was FBMSHA 6,349.73 +101.80
also boosted by favourable investor sentiment FBM2BRD 3,954.96 +45.31
following a smooth transition in the premier- TECHNOLOGY 11.47 +0.18
ship to the sixth Prime Minister, Datuk Seri Najib
TURNOVER VALUE
Abdul Razak last Friday.
Advancers led decliners by 437 to 147 while 876.478mil RM1.197bil
176 counters were unchanged, 486 untraded
and 34 others suspended.
A dealer said the KLCI is expected to touch sen, Resorts World added five sen to RM2.28,
the 953 level soon, depending on how fast the Asia Bioenergy Tech increased one sen to nine
global economic recovers. He said the market sen while Eastern and Oriental was seven sen
is also expected to remain on a positive note higher at 58 sen.
for the week as most investors are awaiting the Of the heavyweights, Sime Darby increased
outcome of the new cabinet line-up. five sen to RM5.90, Maybank gained eight sen
The KLCI is expected to trade between the to RM4.16, Tenaga rose 10 sen to RM6.40 and
900 and 920 level today. Telekom advanced four sen to RM3.60. – Ber-
Among the actives, KNM rose one sen to 44 nama

Japan upbeat on
Proton-Mitsubishi JV
KUALA LUMPUR: The
Proton-Mitsubishi venture
will see another successful
cooperation bid between
Japan and Malaysia, says
Japanese Ambassador to
Malaysia Masahiko Horie.
“Originally Mitsubishi
was a partner. At one time
they had retreated. But I
heard recently Mitsubishi
will again rejoin as partner
and I hope another Malaysia-
Japan cooperation will be
put into implementation,” he
told Bernama in an interview
here.
National car manu-
facturer, Proton Holdings
Bhd’s wholly-owned
subsidiary Perusahaan
Otomobil Nasional Sdn Bhd
was reported to have signed
a development agreement
with Mitsubishi Motors Corp
of Japan to develop a new
vehicle model for Proton.
Under the agreement, they
would work out the details of
work, target specifications,
job sharing and time sched-
ule as determined by both
parties.
Masahiko said Malaysia
and Japan had concluded the
Economic Partnership Agree-
ment (EPA) in 2006 which is
expected to not only reduce
Customs tariffs within five
to 10 years to zero but also
provide for a wider scope of
cooperation between Malay-
sia and Japan.
On another note, the
ambassador said Malaysia
continued to be an attractive
destination for Japanese
investors.
“I have been explaining
that Malaysia is a very good
destination for Japanese
direct investment.
“There are 1,400 Japanese
in Malaysia and since the
year 2000 many more Japa-
nese have returned to this
market,” he said.
Masahiko said the basic
advantage of Malaysia for
foreign investments was its
very good infrastructure and
relatively high level labour
force, political, economic
and social stability, and high
number of English speaking
people.
He said Malaysian work-
ers were also very faithful to
their management and were
diligent and hence there was
very little job-hopping.
In China for instance, the
Japanese representatives or
presidents in operation have
informed that keeping a staff
was relatively more difficult
there.
Most of the time, after
being trained well for a few
years with the hope of mak-
ing them the leaders or heads
in the factories, these work-
ers put in their resignation
as they get pinched by other
companies.
Job-hopping is common
but that is not the case
in Malaysia. “They (the
workers) are very happy,”
Masahiko said. – Bernama

‘Invest now in financial market’

KUALA LUMPUR: Investors
must come to grips with the fact
that the actual movement of
the global economy and that of
the financial market, has a time
delay or difference of about six
months, the Malaysian Investors
Association (MIA) president
Datuk Dr P.H.S. Lim said.
He said the financial market
had the tendency to move
ahead of the main economy.
“For that reason, on the first
day of 2009, I had advocated
that this is a year for financial
market opportunities.
“We have seen major mar-
kets in Asia, especially Hong-
kong and China as expected,
appreciate by more than 20%
in just a matter of weeks. There
is more room to move upwards
from time to time, despite bad
corporate earnings,” he said.
According to Lim, the G20
meeting had come and gone.
He said the G20 controlled 80%
of the global gross domestic
product (GDP).
“The news generated from
the G20 meeting was one of
euphoria but such a happy con-
cept is just a short term affair.”
In the long run, Lim said the
global injection of funds could
exceed US$8 trillion (RM30
trillion) for the main economies
and its impact could only be felt
over a two year period.
Thus, he said, the actual
economic recovery may take
place by the end of 2009, to be
followed by rising inflation and
prices for oil, metals, soft com-
modities and food items.
As the interest rate is cheap
and funds begin to be available,
an accumulation of assets takes
place in commodities, stocks
and properties, he explained.
Touching on currencies, Lim
said China is in a dilemma with
US$2.1 trillion (RM7.9 trillion)
international reserves and 70%
of these are American based
financial instruments, especially
treasury bills. – Bernama