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.

DUBAI: The Malaysia External Trade Development Corporation (Matrade) will host one of the largest international pavilions at the second edition of CityBuild Abu Dhabi, a business-to-business trade exhibition for the building and construction industry.

KUALA LUMPUR: SBC Corporation Bhd saw its net profit surge 60% to RM2.4 million for the second quarter ended Sept 30, 2010 from RM1.5 million a year ago, according to a filing to Bursa Malaysia.

The group posted a higher net profit despite a 21.2% lower revenue of RM20.58 million (compared with RM26.1 million).

On 12 Nov 2010, Bandar Raya Developments entered into a joint venture cum shareholders agreement with Country Heights Land SB to undertake the proposed development of 66 parcels of leasehold land in Bluwater Estate (The Mines, Seri Kembangan) expiring in 2091 measuring approximately 47.58 acres via the 75:25 JV company called Earth Pavilion SB (EPSB).

DUBAI: Abu Dhabi-based Tasweek Real Estate Development and Marketing recently explored the property and financial markets of Malaysia and Singapore to assess business opportunities and local market trends.