KUALA LUMPUR: Bandar Raya Developments Bhd has posted a lower pre-tax profit of RM3 million in its third quarter (3Q) ended Sept 30, 2010, compared to RM59.3 million in the same period last year.

Revenue declined by 52 per cent to RM127.5 million from RM267.4 million previously, the company said in a filing to Bursa Malaysia on Tuesday, Nov 16.

KUALA LUMPUR: Paramount Corporation Bhd saw its net profit rise by 32% to RM21.6 million for the third quarter (3Q) ended Sept 30, 2010 from RM16.27 million a year ago, on the back of higher profit margins and contribution from a new development, it said in a filing to Bursa Malaysia.

KUALA LUMPUR: Sime Darby Bhd will take legal action against certain individuals found culpable over the severe losses suffered by its energies and utilities division totaling RM2.08 billion, said its chairman Tun Musa Hitam.

In a statement on Bursa Malaysia, he said the group was engaging the services of a senior counsel who is in the midst of preparing civil actions to be filed.

LONDON: London landlord British Land intends to sell assets in the City financial district as it takes a more trading-focused investment strategy, adding an uptick in its exposure to prime offices may not last long.

KUALA LUMPUR: Faber Group Bhd posted a 52.6% higher net profit of RM29 million for its third quarter (3Q) ended Sept 30, 2010 from RM19 million a year ago, underpinned by higher revenue.

KUALA LUMPUR: Schlumberger Limited, one of the world's leading oilfield services companies, has opened its financial hub and regional headquarters at 1 First Avenue in Bandar Utama, a Grade A green-rated office building.

SHANGHAI: Chinese police held four suspects on Tuesday, Nov 16 after a Shanghai apartment fire that killed at least 53 people was blamed on unlicensed welding, official media said.

The fire, which gutted a 28-storey high-rise in China's busy commercial hub, was sparked by "unlicensed welding carried out contrary to rules", Xinhua news agency said, without citing a source.

KUALA LUMPUR: The World Expo site in Shanghai, spanning 56.8 million sq ft, is expected to become a construction highlight and will drive the city's future development, according to the China Daily on Tuesday, Nov 16.

The recently concluded Expo has experienced upgraded infrastructure, outdoor decoration and massive greening due to the huge event.

BEIJING: China Construction Bank Corp (CCB) chairman Guo Shuqing said on Tuesday, Nov 16 that he has not heard of any lending halt to property developers by banks.

He made his comments at a Beijing forum amid a recent series of media reports that banks had halted or slowed lending to property developers, as Beijing sought to cool the overheated real estate market.

BEIJING: China's four biggest banks will severely limit lending to property developers for the rest of year, but will not completely suspend such loans, an industry newspaper reported on Tuesday, Nov 16.

The report said over the weekend that the country's top banks had used up their full-year quotas for lending to developers and were no longer issuing new loans.