KL city of choice for Arabs to set up offices

KUALA LUMPUR: Kuala Lumpur has been rated the highest among Southeast Asian cities for Arab companies to set up regional and representative offices according to a survey by Strategia International. In a statement Saturday, Malaysia Global Business Forum (MGBF) said the survey result came on the back of Malaysia being rated 18th in the Doing Business 2012 Report, up five places from last year, while remaining ranked top in the world for raising credit and fourth in the world for protecting investors. MGBF said, "Malaysia has a lot to offer the Arab world, especially in the areas of healthcare development, food security, islamic banking, infrastructure development and information and communications technology."

China cuts dividend payouts for state banks

BEIJING: China's Central Huijin Investment Co, the state parent of the country's "Big Four" state banks, said it would cut the dividend payout ratio for three lenders to help relieve their capital strains. Huijin will cut the ratio for Industrial and Commercial Bank of China, Bank of China and China Construction Bank by five percentage points to 35 per cent of their 2011 earnings, it said on its website. The ratio for Agricultural Bank of China will remain unchanged at 35 per cent. The move followed two successive dividend cuts for the state banks in the previous two years, according to Huijin, a unit of China Investment Corp, the nation's sovereign wealth fund. The 21st Century Business Herald has reported that a five percentage point dividend cut would allow the banks to retain an estimated 26.4 billion yuan (US$4.19 billion) in profits to replenish capital.

Allergan to rely less on US for sales, Asia key

SINGAPORE: Allergan Inc, maker of wrinkle treatment Botox, eye drops and obesity treatments, said it will rely less on the United States for revenue in coming years as its products gain wider acceptance in Asia, particularly China. The company on Thursday announced 6.4 per cent earnings growth for the fourth-quarter of last year, but forecast lower-than-anticipated sales for 2012 as austerity measures in Europe keep a lid on demand and force the company to hold down prices. Ian Bell, corporate vice-president and president for Asia-Pacific, was upbeat on growth prospects across Asia, with China appearing to be the main driver. Bell said that cosmetic clinics were popping up in big hospitals in major Chinese cities, presenting an opportunities for Allergan's aesthetics products.!

Agencies