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DRB-HICOM Bhd is scheduled to sign a definitive agreement on December 21 with Volkswagen AG, Europe's largest carmaker, to assemble VW cars in Malaysia. The cars will be assembled in Pekan, Pahang, for local and Southeast Asian markets. "Tentatively, it is scheduled for December 21 with the signing ceremony being held either in the KLCC area or at DRB-HICOM's (1619) operational headquarters in Glenmarie, Shah Alam," said the source. It is understood that DRB-HICOM's top officials from its automotive divisions are currently abroad for the final leg of negotiations with VW. In August, DRB-HICOM signed a memorandum of understanding with Germany's VW to assemble and manufacture Volkswagen vehicles in Malaysia. An agreement with VW will help boost business and raise its profile among investors further. Although a big chunk of income comes from stable businesses like Islamic banking, insurance and power plant maintenance and plans to expand its property unit, its sh

HSBC Bank Australia is set to expand its retail footprint and institutional business in Australia after reporting a 28 per cent jump in pre-tax first half profit. The Sydney-based subsidiary of the London-based global banking giant said its interim 2010 pre-tax profit was $152 million in the six months to June 30. The bank does not report after-tax earnings for each of its country operations, but said it enjoyed strong growth across all business lines except for its global banking and markets business. Interim pre-tax profit for the global banking and markets unit declined 10.5 per cent to $76 million on the previous corresponding half, HSBC Australia said in a statement on Tuesday. During second half 2010, HSBC Australia says it will look to increase its penetration of the local institutional market. It also wants to further expand its retail footprint and branch numbers to capture more international and wealthy customers. The bank said it aimed to increase its headcount by 15 per cen