Is Tan Sri Quek Leng Chan buying Kencana?

One of my blog readers,UB, pointed out the following remarks.

• Quek to emerge a major shareholder in Kencana? click here for article
  
  "...TYCOON Tan Sri Quek Leng Chan, owner of the Hong Leong Group, may emerge as a substantial shareholder of oil rig builder Kencana Petroleum Bhd, sources said." ...
  
  "Quek may buy between 12 and 15 per cent of the company's shares from existing shareholders, one of the sources said." ...

UB then went to say "For comparison purpose, I wonder whether other countries' newspapers also come up with reports based on citing unnamed sources?

In Singapore, Aussie, UK or US... do they come up with articles in this way as well? Is this a norm thing in financial news reporting?

Anybody with overseas experience care to enlighten us?

Actually this kind of reporting in our local dailies has been going on for as long as I started reading the financial news...I mean if the newspapers can tell us something without naming their sources, what is the difference between their information, and that given by the ah-soh buying vegetables at the market?

(I mean apart from... the ah-soh's rumours won't cause the stock price to move sharply the next day.. or trading session.. whereas that which is published in the newspapers will...)"

I fully agree with what UB is saying here.

The press should not be used as a mean to promote stocks!!

And if and when this article is denied then how?

Shouldn't the reporters be questioned who exactly these ssources are?

Are they, these sources, even real?

And what vested interest does these sources have on these stocks? Hmm...