You Call This Financial News?

Published on Business Times, Merger on the cards?

• By Roziana Hamsawi Published: 2009/02/18
  
  A Merger between Bank Islam Malaysia Bhd (5258) , Malaysia's oldest Islamic lender, and rival Maybank Islamic Bank could be back on the drawing board again, sources said.

Please do define 'sources said' for me. I am simply lost.

Who are the sources?

The tea lady who works at the bank is a source of information, yes?

And what about the parking lot attendant? Couldn't he be the source?

Or what about the mamak from the mamak stall who heard the conversations? A possible source of info?

How?

Soucres can be anyone and anyone and no one can also be sources, yes?

• Sources said this is now being studied again but it is unclear if such a merger would eventually happen.

LOL! This statement simply cracks me up!

You have the typical unknown sources who tells the 'speculation' that is being studied but then the very same unknown sources is UNCLEAR if such a merger could happen.

LOL! So what's the point?

How about reporting financial news based on REAL sources and based on FACTS?

Is it that hard to do?

Else the whole financial news is rendered useless because it's based on zero concrete facts.

• "The mechanics of it are still being worked out," said one source familiar with the development.

LOL! The news article started off by saying SOURCES said.

Now if my English is not as screwed up as I think it has been lately, sources indicates many source. First the article started off with many 'sources'. Now it's only one specific source? Got any name for reference?

• Such a deal could spark consolidation in the crowded sector as Islamic lenders seek to compete against their bigger conventional rivals.

'Could' spark consolidation? LOL! Speculation?

• Industry players had expected Islamic banks to merge so as to better compete and also as a result of the global financial crisis.

LOL! Industry players? What's the meaning of industry players? What industry? And what are they playing? LOL!

• News of the possible merger between Bank Islam and Maybank Islamic have also sparked rumours that the Dubai Group, Bank Islam's foreign and major shareholder, is pulling out from the bank.

LOL! News of possible merger? And this so called news started from them 'sources'. LOL! And these so called 'news' have also 'sparked rumours'.

• Dubai Group had injected some RM828 million in Malaysia's first Islamic bank just over two years ago, in return for a 40 per cent stake.
  
  However, Dubai Group said it is a "long term strategic investor" in Bank Islam.
  
  "We are proud to be associated with the bank's impressive turnaround over the past two years and are confident of its potential to grow further," Dubai Group said in a statement to Business Times.
  
  Maybank also said that it "is not currently in talks with Dubai Group as speculated."
  
  There were speculation that Maybank could buy Dubai Group's stake to facilitate a merger with Bank Islam.

LOL! Speculation!

Wasn't that a fun comical editorial?

I wonder how it made it as a financial news! oO