2013年10月30日星期三
Malaysia sells govt bonds maturing in 2018
Malaysia sold RM486.56 million in government bonds maturing on March 1, 2018, at an average yield of 3.384 per cent, the central bank said on Wednesday
Homestay revenue hits RM18.5m in 2012
The Malaysia Homestay Programme generated total revenue of RM18.5 million for rural communities last year, said Tourism
Malaysia chairman Datuk Seri Dr Ng Yen Yen.
She said 325,258 tourists participated in the programme, which not only generates income but helps to protect, preserve and conserve the nature, culture and traditions besides fostering friendship.
"During the programme, tourists are encouraged to plant a tree and 'give back' to Mother Nature. Up to December 2012, 14,023 saplings had been planted garnering a revenue of RM43,196 for the homestay operators," she said in a statement today.
At the inaugural World Agritourism Forum in China recently, she gave a presentation on the programme, a successful poverty reduction scheme that provides local communities with additional income.-
Malaysia chairman Datuk Seri Dr Ng Yen Yen.
She said 325,258 tourists participated in the programme, which not only generates income but helps to protect, preserve and conserve the nature, culture and traditions besides fostering friendship.
"During the programme, tourists are encouraged to plant a tree and 'give back' to Mother Nature. Up to December 2012, 14,023 saplings had been planted garnering a revenue of RM43,196 for the homestay operators," she said in a statement today.
At the inaugural World Agritourism Forum in China recently, she gave a presentation on the programme, a successful poverty reduction scheme that provides local communities with additional income.-
Hydro sells Malaysian mill to Japan's UACJ
OSLO: Norwegian aluminum producer Norsk Hydro has sold its Malaysian rolling mill to Japan's Nippon Foil Mfg Co, a unit of UACJ Corporation, for US$20 million, it said on Wednesday.
The transaction is expected to close by end of 2013 and is subject to approval from the Ministry of International Trade and Industry of Malaysia, it added
The transaction is expected to close by end of 2013 and is subject to approval from the Ministry of International Trade and Industry of Malaysia, it added
Rubber prices close higher
Malaysian rubber prices closed higher today, spurred by buying interest in the commodity, a dealer said.
The performance of the local market was also in line with the uptrend in rubber prices on the Tokyo Commodity Exchange, resulting from the weaker yen, the dealer added.
"However, prices are likely to remain in a narrow range pending the outcome of the ongoing US Federal Reserve meeting," he told Bernama.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 rose 5.5 sen to 728 sen a kg, and latex-in-bulk added one sen to 526 sen a kg.
The unofficial closing price for tyre-grade SMR 20 went up six sen to 730 sen a kg, and latex-in-bulk gained one sen to 526 sen a kg.-
The performance of the local market was also in line with the uptrend in rubber prices on the Tokyo Commodity Exchange, resulting from the weaker yen, the dealer added.
"However, prices are likely to remain in a narrow range pending the outcome of the ongoing US Federal Reserve meeting," he told Bernama.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 rose 5.5 sen to 728 sen a kg, and latex-in-bulk added one sen to 526 sen a kg.
The unofficial closing price for tyre-grade SMR 20 went up six sen to 730 sen a kg, and latex-in-bulk gained one sen to 526 sen a kg.-
2013年10月25日星期五
Government to implement GST at 6pc
The government will implement the Goods and Services Tax (GST), effective April 1, 2015 at a fixed rate of six per cent.
Replacing the existing sales and service tax, it would be a fair and comprehensive tax system that would benefit all Malaysians, said Prime Minister Datuk Seri Najib Razak when tabling the 2014 Budget in the Dewan Rakyat today.
He said the GST would be implemented approximately 17 months from today and described the rate is the lowest among Asean countries.
"I must stress that GST is not a new tax," Najib, who is also Finance Minister, said.
When implemented, the single tax or GST will enable the government to address weaknesses in the current taxation system.
"More than 160 countries have already implemented the GST. This clearly demonstrates that GST is proven to be a transparent, effective and fair tax system.
"The vast majority of nations in the world would not have implemented GST, if it is disadvantageous to the people and the country," he said.
Najib said the government believed that this was the best time to implement GST as inflation was contained and the rate was low at two per cent.
The Prime Minister also said the GST would not be imposed on basic food items such as rice, sugar, flour, cooking oil, herbs and salt.
GST will also not be imposed on services provided by the government such as the issuance of passports, licences, health services and school education.
Piped water supply and the first 200 units of electricity per month for domestic consumers will also be exempted from the tax.
Najib also said transportation services and highway toll would also not attract the GST.
Sale, purchase and rental of residential properties, as well as, selected financial services will be exempted from the GST.
Upon the implementation, the government will provide a one-off cash assistance of RM300 to households who are BR1M recipients, as well as, the reduction by one to three percentage points and restructuring of individual income tax.
On businesses, among the packages proposed by the government were reduction in corporate and small-and-medium enterprises (SMEs) income tax from the year of assessment 2016, as well as, an accelerated capital allowance for cost of purchasing ICT equipment and software, given until year of assessment 2016.
It also included reduction in cooperative income tax by one to two percentage points from the year of assessment 2015, as well as, a RM100 million training grant to businesses that send their employees for GST training in 2013 and 2014.
"With the various special packages provided by the government, certainly no parties should take opportunity to increase prices of goods and services unscrupulously.
"Prices of goods will be constantly monitored. The government will publish prices of goods and services as a guide for consumers to compare," explained Najib.
In addition, he said a GST Monitoring Committee would be established to ensure the smooth implementation of the tax.
The committee will be chaired by Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, with members comprising government agencies and representatives from industries and non-government organisations
Replacing the existing sales and service tax, it would be a fair and comprehensive tax system that would benefit all Malaysians, said Prime Minister Datuk Seri Najib Razak when tabling the 2014 Budget in the Dewan Rakyat today.
He said the GST would be implemented approximately 17 months from today and described the rate is the lowest among Asean countries.
"I must stress that GST is not a new tax," Najib, who is also Finance Minister, said.
When implemented, the single tax or GST will enable the government to address weaknesses in the current taxation system.
"More than 160 countries have already implemented the GST. This clearly demonstrates that GST is proven to be a transparent, effective and fair tax system.
"The vast majority of nations in the world would not have implemented GST, if it is disadvantageous to the people and the country," he said.
Najib said the government believed that this was the best time to implement GST as inflation was contained and the rate was low at two per cent.
The Prime Minister also said the GST would not be imposed on basic food items such as rice, sugar, flour, cooking oil, herbs and salt.
GST will also not be imposed on services provided by the government such as the issuance of passports, licences, health services and school education.
Piped water supply and the first 200 units of electricity per month for domestic consumers will also be exempted from the tax.
Najib also said transportation services and highway toll would also not attract the GST.
Sale, purchase and rental of residential properties, as well as, selected financial services will be exempted from the GST.
Upon the implementation, the government will provide a one-off cash assistance of RM300 to households who are BR1M recipients, as well as, the reduction by one to three percentage points and restructuring of individual income tax.
On businesses, among the packages proposed by the government were reduction in corporate and small-and-medium enterprises (SMEs) income tax from the year of assessment 2016, as well as, an accelerated capital allowance for cost of purchasing ICT equipment and software, given until year of assessment 2016.
It also included reduction in cooperative income tax by one to two percentage points from the year of assessment 2015, as well as, a RM100 million training grant to businesses that send their employees for GST training in 2013 and 2014.
"With the various special packages provided by the government, certainly no parties should take opportunity to increase prices of goods and services unscrupulously.
"Prices of goods will be constantly monitored. The government will publish prices of goods and services as a guide for consumers to compare," explained Najib.
In addition, he said a GST Monitoring Committee would be established to ensure the smooth implementation of the tax.
The committee will be chaired by Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, with members comprising government agencies and representatives from industries and non-government organisations
Budget 2014 strengthens economic resilience
rime Minister Datuk Seri Najib Razak today set out the 2014 Budget, which aims to strengthen Malaysia's economic resilience, boost growth, continue the government's transformation programme and fulfil the government's promises.
In his keenly-awaited budget speech in Parliament, the Prime Minister announced the implementation of the Goods and Services Tax (GST), which will come into force on April 1, 2015, at the rate of six per cent.
"Replacing the existing sales tax and service tax, GST will improve public finances for the medium-and long-term benefit of the people," he said in a brief statement issued by the Prime Minister's Office.
The Prime Minister also announced the abolition of the subsidy for sugar, effective tomorrow.
To provide a further boost to businesses, corporate income tax will be reduced by one per cent from 25 per cent to 24 per cent from 2016.
Income tax for small and medium sized enterprises will also be reduced from 20 per cent to 19 per cent, from 2016.
Upon the implementation of the GST, individual income tax rates will be reduced by between one and three per cent for all taxpayers. With this measure, 300,000 people earning low income will no longer pay tax.
The measures will help the government meet its deficit reduction targets.
The government aims to cut the fiscal deficit to four per cent in 2013, 3.5 per cent in 2014 and three per cent in 2015.
"This budget ensures that the economy expands at a strong pace, the fiscal deficit is reduced and the nation and the people continue to prosper," the Prime Minister said.
The government predicts that in 2014, the Gross Domestic Product (GDP) will be between 5.0-5.5 per cent, up from 4.5-5.0 per cent in 2013.
Per capita income will rise to RM34,126, up from RM24,879 in 2009, an increase of 37 per cent over six years, while inflation will be between 2-3 per cent and unemployment at 3.1 per cent.
In keeping with the government's policy of shifting from general subsidies to those that target lower income households, Najib announced modest increases to the BR1M initiative.
He also highlighted new infrastructure projects that will boost growth and improve the ease of doing business, such as the West Coast Expressway, railway upgrades, new Petronas investments and improved broadband internet access.
Najib also said the government will do what is right for the country's economy.
"Some measures may not be popular now, but over the medium-term what is good for the economy is also good for the people," he added
In his keenly-awaited budget speech in Parliament, the Prime Minister announced the implementation of the Goods and Services Tax (GST), which will come into force on April 1, 2015, at the rate of six per cent.
"Replacing the existing sales tax and service tax, GST will improve public finances for the medium-and long-term benefit of the people," he said in a brief statement issued by the Prime Minister's Office.
The Prime Minister also announced the abolition of the subsidy for sugar, effective tomorrow.
To provide a further boost to businesses, corporate income tax will be reduced by one per cent from 25 per cent to 24 per cent from 2016.
Income tax for small and medium sized enterprises will also be reduced from 20 per cent to 19 per cent, from 2016.
Upon the implementation of the GST, individual income tax rates will be reduced by between one and three per cent for all taxpayers. With this measure, 300,000 people earning low income will no longer pay tax.
The measures will help the government meet its deficit reduction targets.
The government aims to cut the fiscal deficit to four per cent in 2013, 3.5 per cent in 2014 and three per cent in 2015.
"This budget ensures that the economy expands at a strong pace, the fiscal deficit is reduced and the nation and the people continue to prosper," the Prime Minister said.
The government predicts that in 2014, the Gross Domestic Product (GDP) will be between 5.0-5.5 per cent, up from 4.5-5.0 per cent in 2013.
Per capita income will rise to RM34,126, up from RM24,879 in 2009, an increase of 37 per cent over six years, while inflation will be between 2-3 per cent and unemployment at 3.1 per cent.
In keeping with the government's policy of shifting from general subsidies to those that target lower income households, Najib announced modest increases to the BR1M initiative.
He also highlighted new infrastructure projects that will boost growth and improve the ease of doing business, such as the West Coast Expressway, railway upgrades, new Petronas investments and improved broadband internet access.
Najib also said the government will do what is right for the country's economy.
"Some measures may not be popular now, but over the medium-term what is good for the economy is also good for the people," he added
SME Bank to establish EquiBumi fund
SME Bank will establish a Bumiputera Equity Fund (EquiBumi) with a RM300 million allocation to offer loans to credible Bumiputera companies to take over listed companies or companies with
potential to be listed on Bursa Malaysia.
Prime Minister Datuk Seri Najib Razak said the bank will also provide RM200 million in loans for the development of Malay Reserve land in strategic areas such as Kampung Baru, Kampung Pandan and Kampung Datuk Keramat.
"This facility will help improve the standard of living of the Malay community in line with the rapid development ine surrounding areas," he said when tabling Budget 2014 themed "Strengthening Economic Resilience, Accelerating Transformation and Fulfilling Promises" in Parliament today.
Najib, who is also the Finance Minister, said the Government would continue to increase bumiputeras' participation in business and entrepreneurship to generate income and wealth.
Among programmes to be implemented are the establishment of Bumiputera Entrepreneurs Start-Up Scheme (SUPERB), with an initial fund of RM30 million, added Najib, who is also the Finance Minister
potential to be listed on Bursa Malaysia.
Prime Minister Datuk Seri Najib Razak said the bank will also provide RM200 million in loans for the development of Malay Reserve land in strategic areas such as Kampung Baru, Kampung Pandan and Kampung Datuk Keramat.
"This facility will help improve the standard of living of the Malay community in line with the rapid development ine surrounding areas," he said when tabling Budget 2014 themed "Strengthening Economic Resilience, Accelerating Transformation and Fulfilling Promises" in Parliament today.
Najib, who is also the Finance Minister, said the Government would continue to increase bumiputeras' participation in business and entrepreneurship to generate income and wealth.
Among programmes to be implemented are the establishment of Bumiputera Entrepreneurs Start-Up Scheme (SUPERB), with an initial fund of RM30 million, added Najib, who is also the Finance Minister
CPO futures closes lower
Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today on the back of a stronger ringgit coupled with profit taking activities, dealers said.
Phillip Futures Sdn Bhd Derivative product specialist David Ng told Bernama a stronger ringgit would curb buying interest from oversea buyers.
However, the undertone of the market remained bullish and stood to gain further following the government's announcement to allocate RM243 million for the replanting of palm oil, rubber and cocoa, as well as, forest plantation in the 2014 Budget.
Prime Minister and Finance Minister Datuk Seri Najib Razak presented next year's budget in Parliament today.
Meanwhile, spot month November 2013 eased RM14 to RM2,458, December 2013 fell RM17 to RM2,445, January 2014 dropped RM20 to RM2,444 and February 2014 declined RM21 to RM2,446 a tonne.
Volume decreased to 30,546 lots from 44,093 lots on Thursday while open interest dipped to 178,072 contracts from 198,848 contracts yesterday.
On the physical market, November South eased RM10 to RM2,450 a tonne.
Phillip Futures Sdn Bhd Derivative product specialist David Ng told Bernama a stronger ringgit would curb buying interest from oversea buyers.
However, the undertone of the market remained bullish and stood to gain further following the government's announcement to allocate RM243 million for the replanting of palm oil, rubber and cocoa, as well as, forest plantation in the 2014 Budget.
Prime Minister and Finance Minister Datuk Seri Najib Razak presented next year's budget in Parliament today.
Meanwhile, spot month November 2013 eased RM14 to RM2,458, December 2013 fell RM17 to RM2,445, January 2014 dropped RM20 to RM2,444 and February 2014 declined RM21 to RM2,446 a tonne.
Volume decreased to 30,546 lots from 44,093 lots on Thursday while open interest dipped to 178,072 contracts from 198,848 contracts yesterday.
On the physical market, November South eased RM10 to RM2,450 a tonne.
US stocks advance, S&P at new high
NEW YORK CITY: US stocks rose on Friday, with the SandP 500 striking a new record, on strong corporate earnings and expectations of continued loose monetary policy when the Federal Reserve meets next week.
The Dow Jones Industrial Average rose 61.07 (0.39 per cent) to 15,570.28.
The broad-based SandP 500 increased 7.70 (0.44 per cent) to 1,759.77, while the tech-rich Nasdaq Composite Index tacked on 14.40 (0.37 per cent) at 3,943.36.
Friday's gains were driven by better-than-expected earnings from Amazon and Microsoft and solid results from Procter and Gamble and UPS.
Microsoft rose 6.0 per cent after it bested analyst expectations, reporting a 17 per cent rise in profits to US$5.2 billion and pointing to progress in its transition to a "devices and services" company. The Dow component has come under scrutiny for its comparative weakness in mobile technology products.
Amazon jumped 9.4 per cent despite again reporting a loss, of US$41 million compared with US$274 million in the year-ago period. However, revenue surged 24 per cent to US$17.1 billion, above estimates.
But the two tech companies' gains did not extend to all of their rivals. Google fell 1.0 per cent, Apple dipped 1.1 per cent and Yahoo lost 2.5 per cent.
Dow component Boeing rose 1.7 per cent after announcing that it was launching a bid together with Lockheed Martin for a new US$55 billion US Air Force bomber program. Lockheed advanced 1.0 per cent.
The program aims to build between 80 and 100 new long-range stealthy bombers, a top priority as the US military seeks to replace its aging bomber fleet.
Dow component Procter and Gamble was off 0.8 per cent after earnings grew 8 per cent on higher sales. The company said growth in emerging markets remains fairly strong.
Global package-delivery giant UPS advanced 1.2 per cent after earnings of US$1.16 per share exceeded expectations by a penny, even as revenues slightly underperformed.
UPS plans to hire 55,000 seasonal employees to deliver packages during the holiday shopping season, which is compressed this year due to the late Thanksgiving holiday.
Eastman Chemical fell 5.2 per cent after projecting full-year earnings of US$6.30-US$6.40 per share, under the US$6.48 predicted by analysts. The company cited higher raw material costs, among other factors
The Dow Jones Industrial Average rose 61.07 (0.39 per cent) to 15,570.28.
The broad-based SandP 500 increased 7.70 (0.44 per cent) to 1,759.77, while the tech-rich Nasdaq Composite Index tacked on 14.40 (0.37 per cent) at 3,943.36.
Friday's gains were driven by better-than-expected earnings from Amazon and Microsoft and solid results from Procter and Gamble and UPS.
Microsoft rose 6.0 per cent after it bested analyst expectations, reporting a 17 per cent rise in profits to US$5.2 billion and pointing to progress in its transition to a "devices and services" company. The Dow component has come under scrutiny for its comparative weakness in mobile technology products.
Amazon jumped 9.4 per cent despite again reporting a loss, of US$41 million compared with US$274 million in the year-ago period. However, revenue surged 24 per cent to US$17.1 billion, above estimates.
But the two tech companies' gains did not extend to all of their rivals. Google fell 1.0 per cent, Apple dipped 1.1 per cent and Yahoo lost 2.5 per cent.
Dow component Boeing rose 1.7 per cent after announcing that it was launching a bid together with Lockheed Martin for a new US$55 billion US Air Force bomber program. Lockheed advanced 1.0 per cent.
The program aims to build between 80 and 100 new long-range stealthy bombers, a top priority as the US military seeks to replace its aging bomber fleet.
Dow component Procter and Gamble was off 0.8 per cent after earnings grew 8 per cent on higher sales. The company said growth in emerging markets remains fairly strong.
Global package-delivery giant UPS advanced 1.2 per cent after earnings of US$1.16 per share exceeded expectations by a penny, even as revenues slightly underperformed.
UPS plans to hire 55,000 seasonal employees to deliver packages during the holiday shopping season, which is compressed this year due to the late Thanksgiving holiday.
Eastman Chemical fell 5.2 per cent after projecting full-year earnings of US$6.30-US$6.40 per share, under the US$6.48 predicted by analysts. The company cited higher raw material costs, among other factors
2013年10月19日星期六
Tin to trade around US$23,000 next week
The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to trade around the US$23,000 per tonne level next week on buying support from European and Japanese buyers, a dealer said.
The dealer said sentiment would also be boosted by the deal struck by the US lawmakers on Wednesday to avert a debt default and end the two-week government shutdown.
For the week just-ended, the local tin price hovered between US$23,400 and US$22,850 per tonne, mostly influenced by the movement of the metal price on the London Metal Exchange.
On a Friday-to-Friday basis, the local tin price ended the week at US$22,850 per tonne compared with US$23,500 per tonne previously.
Weekly turnover increased to 153 lots from 148 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and the LME decreased to a premium of US$505 per tonne from US$540 per tonne last Friday.
The dealer said sentiment would also be boosted by the deal struck by the US lawmakers on Wednesday to avert a debt default and end the two-week government shutdown.
For the week just-ended, the local tin price hovered between US$23,400 and US$22,850 per tonne, mostly influenced by the movement of the metal price on the London Metal Exchange.
On a Friday-to-Friday basis, the local tin price ended the week at US$22,850 per tonne compared with US$23,500 per tonne previously.
Weekly turnover increased to 153 lots from 148 lots last week, with European, Japanese and local buyers dominating the market.
The price differential between the KLTM and the LME decreased to a premium of US$505 per tonne from US$540 per tonne last Friday.
Palm edges down
Malaysian palm oil futures eased on Friday as profit-taking stretched into a second day and a stronger ringgit weighed, but hopes of only a mild rise in stocks capped losses and prices were on track for a second weekly rise.
Prices hit their highest in more than five weeks on Thursday on optimism that output volumes in Malaysia, the world's second-largest producer, may not surge as much as earlier expected, prompting investors to book profits.
The strong ringgit, which gained 0.9 per cent this week, also dragged on the palm market as it made the feedstock more expensive for overseas buyers. The ringgit climbed along other emerging Asian currencies after the US sealed a deal to avoid a debt default.
But traders say the palm market is robust on prospects of a meek rise in production growth in October, which along with robust demand could keep stocks below two million tonnes in 2013.
"There's some pressure coming in from the strong ringgit — but the current level shows the market is quite resilient. It might try to go up to RM2,450," said a trader with a foreign commodities brokerage in Kuala Lumpur.
"Stocks could stay below 2 million tonnes this year. Output will peak next month, but it will be a very minimal rise," the trader added.
By the mid-day break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange had eased 0.1 per cent to RM2,395 (US$760) per tonne. Prices traded in a range between RM2,378-RM2,404.
Total traded volume stood at 10,898 lots of 25 tonnes each, slightly lower than the usual 12,500 lots.
Palm oil prices have risen 3.2 per cent so far in October and are on track to post a weekly gain of 0.6 per cent, supported by healthy demand.
Cargo surveyor data showed that exports of Malaysian palm oil in the first half of October rose to 781,043-799,853 tonnes, about 7-12 per cent higher compared to a month ago as purchases from Europe and China increased.
"China won't stop importing palm because they are very price-sensitive. The price spread between soy and palm is still in favour of palm," the trader added. Palm olein's discount to soyoil is currently around US$119.
Market players will be waiting for export data for the October 1-20 period, due on October 21, to gauge demand.
Technicals were a little bearish. Malaysian palm oil may break support at RM2,365 and fall further to RM2,346 per tonne, as indicated by a Fibonacci retracement analysis, Reuters market analyst Wang Tao said.
In other markets, Brent futures rose on Friday, holding above US$109 a barrel as data showing China's economy grew at the fastest pace this year in the third quarter helped offset demand concerns after a rise in US crude stockpiles.
In competing vegetable oil markets, the US soyoil contract for December rose 0.3 per cent in early Asian trade. The most-active January soybean oil contract on the Dalian Commodities Exchange fell 0.1 per cent
Prices hit their highest in more than five weeks on Thursday on optimism that output volumes in Malaysia, the world's second-largest producer, may not surge as much as earlier expected, prompting investors to book profits.
The strong ringgit, which gained 0.9 per cent this week, also dragged on the palm market as it made the feedstock more expensive for overseas buyers. The ringgit climbed along other emerging Asian currencies after the US sealed a deal to avoid a debt default.
But traders say the palm market is robust on prospects of a meek rise in production growth in October, which along with robust demand could keep stocks below two million tonnes in 2013.
"There's some pressure coming in from the strong ringgit — but the current level shows the market is quite resilient. It might try to go up to RM2,450," said a trader with a foreign commodities brokerage in Kuala Lumpur.
"Stocks could stay below 2 million tonnes this year. Output will peak next month, but it will be a very minimal rise," the trader added.
By the mid-day break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange had eased 0.1 per cent to RM2,395 (US$760) per tonne. Prices traded in a range between RM2,378-RM2,404.
Total traded volume stood at 10,898 lots of 25 tonnes each, slightly lower than the usual 12,500 lots.
Palm oil prices have risen 3.2 per cent so far in October and are on track to post a weekly gain of 0.6 per cent, supported by healthy demand.
Cargo surveyor data showed that exports of Malaysian palm oil in the first half of October rose to 781,043-799,853 tonnes, about 7-12 per cent higher compared to a month ago as purchases from Europe and China increased.
"China won't stop importing palm because they are very price-sensitive. The price spread between soy and palm is still in favour of palm," the trader added. Palm olein's discount to soyoil is currently around US$119.
Market players will be waiting for export data for the October 1-20 period, due on October 21, to gauge demand.
Technicals were a little bearish. Malaysian palm oil may break support at RM2,365 and fall further to RM2,346 per tonne, as indicated by a Fibonacci retracement analysis, Reuters market analyst Wang Tao said.
In other markets, Brent futures rose on Friday, holding above US$109 a barrel as data showing China's economy grew at the fastest pace this year in the third quarter helped offset demand concerns after a rise in US crude stockpiles.
In competing vegetable oil markets, the US soyoil contract for December rose 0.3 per cent in early Asian trade. The most-active January soybean oil contract on the Dalian Commodities Exchange fell 0.1 per cent
Berjaya Auto to raise RM57.93m from IPO
Berjaya Auto Bhd (BAuto) will offer 82.76 million new ordinary shares under its initial public offering (IPO) at an offer
price of 70 sen apiece to raise RM57.93 million.
In a filing to Bursa Malaysia today, BAuto said of the 82.76 million new shares, 41.45 million shares will be placed out to Malaysian institutional and selected investors.
It said 10.16 million shares will be allocated to Bumiputera investors while 19.16 million shares will be reserved for entitled shareholders of Berjaya Corp Bhd.
The remaining 12 million shares were reserved for eligible directors and employees, it said.
It said the tentative listing date will be on November 18, 2013
price of 70 sen apiece to raise RM57.93 million.
In a filing to Bursa Malaysia today, BAuto said of the 82.76 million new shares, 41.45 million shares will be placed out to Malaysian institutional and selected investors.
It said 10.16 million shares will be allocated to Bumiputera investors while 19.16 million shares will be reserved for entitled shareholders of Berjaya Corp Bhd.
The remaining 12 million shares were reserved for eligible directors and employees, it said.
It said the tentative listing date will be on November 18, 2013
2013年10月17日星期四
Short-term rates to remain stable
Short-term interbank rates are expected to remain stable today on Bank Negara's intervention to reduce excess liquidity from the financial system.
The central bank estimated today's liquidity at RM23.04 billion in the conventional system and RM4.75 billion in Islamic funds.
The bank will call for three conventional tenders comprising RM1 billion for seven days and 14 days and RM2 billion for 28 days as well as a RM100 million repo tender for 31 days.
Three Al-Wadiah tenders -- RM600 million for seven days; RM500 million for 11 days; and RM1 billion for 20 days will also be called.
At 4pm, Bank Negara will conduct up to RM18.9 billion in conventional overnight tenders and a RM3.1 billion Al-Wadiah overnight tender
The central bank estimated today's liquidity at RM23.04 billion in the conventional system and RM4.75 billion in Islamic funds.
The bank will call for three conventional tenders comprising RM1 billion for seven days and 14 days and RM2 billion for 28 days as well as a RM100 million repo tender for 31 days.
Three Al-Wadiah tenders -- RM600 million for seven days; RM500 million for 11 days; and RM1 billion for 20 days will also be called.
At 4pm, Bank Negara will conduct up to RM18.9 billion in conventional overnight tenders and a RM3.1 billion Al-Wadiah overnight tender
Ringgit traded lower against US dollar
The ringgit opened lower against the US dollar in early trading today on profit-taking, dealers said.
At 9.18am, the ringgit was quoted at 3.1535/1565 vis-a-vis to a greenback as compared to 3.1480/1510 yesterday.
A dealer said traders booked profit after the ringgit rose to a one-month high yesterday as the US had reached a deal on their debt ceiling argument.
Meanwhile, the ringgit was mostly lower against other major currencies.
It fell against the Singapore dollar to 2.5417/5443 from 2.5344/5370 on Thursday but appreciated against the yen to 3.2146/2183 from 3.2149/2186 yesterday.
The local unit eased against the British pound to 5.0913/0974 from 5.0664/0725 yesterday and depreciated against the euro to 3.3083/3134 from 4.2908/2955 Thursday
At 9.18am, the ringgit was quoted at 3.1535/1565 vis-a-vis to a greenback as compared to 3.1480/1510 yesterday.
A dealer said traders booked profit after the ringgit rose to a one-month high yesterday as the US had reached a deal on their debt ceiling argument.
Meanwhile, the ringgit was mostly lower against other major currencies.
It fell against the Singapore dollar to 2.5417/5443 from 2.5344/5370 on Thursday but appreciated against the yen to 3.2146/2183 from 3.2149/2186 yesterday.
The local unit eased against the British pound to 5.0913/0974 from 5.0664/0725 yesterday and depreciated against the euro to 3.3083/3134 from 4.2908/2955 Thursday
Gold futures open higher
Gold futures contracts on Bursa Malaysia Derivatives were traded higher after the US lawmakers passed a temporary spending bill to avert a debt default, dealers said.
A dealer said further market action is expected when the US market opens later.
Spot month October 2013 edged up 18 ticks to RM134.10 a gramme while December 2013 gained 19 ticks to RM134.80 a gramme.
As at 9.17am, open interest totalled 470 contracts while turnover was 41 lots.
A dealer said further market action is expected when the US market opens later.
Spot month October 2013 edged up 18 ticks to RM134.10 a gramme while December 2013 gained 19 ticks to RM134.80 a gramme.
As at 9.17am, open interest totalled 470 contracts while turnover was 41 lots.
FBM KLCI update: 9.30am
At 9.30am today, there were 173 gainers, 125 losers and 185 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,804.24 up 6.82 points, the FBMACE was at
5,528.49 up 32.69 points, and the FBMEmas was at 12,542.42 up 40.82 points.
Turnover was at 206.786 million shares valued at RM259.340 million
The FBM-KLCI was at 1,804.24 up 6.82 points, the FBMACE was at
5,528.49 up 32.69 points, and the FBMEmas was at 12,542.42 up 40.82 points.
Turnover was at 206.786 million shares valued at RM259.340 million
Westports open 20 sen higher in its debut
Westports Holdings Bhd open 20 sen higher at RM2.70 today, raising RM8.53 billion, marking the country's largest initial public offering this year.
Sixteen million shares were traded.
Sixteen million shares were traded.
S&P stocks surge to new highs
EW YORK CITY: US investors powered the SandP 500 to an all-time high Thursday, one day after Washington politicians reached a deal to reopen the government and avert a feared debt default.
The SandP 500, the broadest of the major measures of US markets, closed at 1,733.15, up 0.67 per cent for the day and more than seven points above the previous record closing high of 1,725.52, reached on September 18.
The surge came despite a handful of disappointing quarterly earnings results by blue chips that delivered a loss to the narrower 30-stock Dow Jones Industrial Average.
The SandP 500 gained 11.60 points for the day, also scoring an intraday high of 1,733.45.
The Dow was down 2.18 points (0.01 per cent) at 15,371.65, while the Nasdaq Composite jumped to 23.72 points (0.62 per cent) to 3,863.15, its highest level since September 2000.
"The mood is serene and positive, the unthinkable was avoided," said Peter Cardillo of Rockwell Global Capital, referring to the 11th hour deal lifting the Treasury's debt ceiling in Congress.
Stocks opened lower in a short-lived bout of profit taking that came on the heels of the markets' nearly 1.4 per cent gain Wednesday.
That came in reaction to the news that Washington politicians had broken the deadlock that had shut down the government for over two weeks and threatened to leave the Treasury unable to pay its bills.
They soon reversed course and slowly marched up past the previous SandP 500 high -- while leaving the 30-stock Dow behind.
Dow component American Express jumped 5.1 per cent after it reported a strong third quarter, with net income of US$1.4 billion up 9 per cent, ahead of forecasts.
But that was not enough to counter the damage from IBM and Goldman Sachs.
IBM shares sank 6.4 percent after it reported a 4 percent fall in revenues and missed again Wall Street forecasts for the company.
Goldman fell 2.4 per cent after posting a 2 per cent fall in profit for the third quarter, with revenues diving 20 per cent.
EBay sank 4 per cent as it cut its fourth-quarter estimate after just matching Wall Street expectations for the third quarter.
After the market closed, meanwhile, Google reported its quarter, showing a 36 per cent jump in net profit to US$2.97 billion, or US$8.75 a share.
Google shares jumped nearly 7 per cent in after-hours trade to more than US$950, well past the record high of US$928
The SandP 500, the broadest of the major measures of US markets, closed at 1,733.15, up 0.67 per cent for the day and more than seven points above the previous record closing high of 1,725.52, reached on September 18.
The surge came despite a handful of disappointing quarterly earnings results by blue chips that delivered a loss to the narrower 30-stock Dow Jones Industrial Average.
The SandP 500 gained 11.60 points for the day, also scoring an intraday high of 1,733.45.
The Dow was down 2.18 points (0.01 per cent) at 15,371.65, while the Nasdaq Composite jumped to 23.72 points (0.62 per cent) to 3,863.15, its highest level since September 2000.
"The mood is serene and positive, the unthinkable was avoided," said Peter Cardillo of Rockwell Global Capital, referring to the 11th hour deal lifting the Treasury's debt ceiling in Congress.
Stocks opened lower in a short-lived bout of profit taking that came on the heels of the markets' nearly 1.4 per cent gain Wednesday.
That came in reaction to the news that Washington politicians had broken the deadlock that had shut down the government for over two weeks and threatened to leave the Treasury unable to pay its bills.
They soon reversed course and slowly marched up past the previous SandP 500 high -- while leaving the 30-stock Dow behind.
Dow component American Express jumped 5.1 per cent after it reported a strong third quarter, with net income of US$1.4 billion up 9 per cent, ahead of forecasts.
But that was not enough to counter the damage from IBM and Goldman Sachs.
IBM shares sank 6.4 percent after it reported a 4 percent fall in revenues and missed again Wall Street forecasts for the company.
Goldman fell 2.4 per cent after posting a 2 per cent fall in profit for the third quarter, with revenues diving 20 per cent.
EBay sank 4 per cent as it cut its fourth-quarter estimate after just matching Wall Street expectations for the third quarter.
After the market closed, meanwhile, Google reported its quarter, showing a 36 per cent jump in net profit to US$2.97 billion, or US$8.75 a share.
Google shares jumped nearly 7 per cent in after-hours trade to more than US$950, well past the record high of US$928
S&P stocks surge to new highs
EW YORK CITY: US investors powered the SandP 500 to an all-time high Thursday, one day after Washington politicians reached a deal to reopen the government and avert a feared debt default.
The SandP 500, the broadest of the major measures of US markets, closed at 1,733.15, up 0.67 per cent for the day and more than seven points above the previous record closing high of 1,725.52, reached on September 18.
The surge came despite a handful of disappointing quarterly earnings results by blue chips that delivered a loss to the narrower 30-stock Dow Jones Industrial Average.
The SandP 500 gained 11.60 points for the day, also scoring an intraday high of 1,733.45.
The Dow was down 2.18 points (0.01 per cent) at 15,371.65, while the Nasdaq Composite jumped to 23.72 points (0.62 per cent) to 3,863.15, its highest level since September 2000.
"The mood is serene and positive, the unthinkable was avoided," said Peter Cardillo of Rockwell Global Capital, referring to the 11th hour deal lifting the Treasury's debt ceiling in Congress.
Stocks opened lower in a short-lived bout of profit taking that came on the heels of the markets' nearly 1.4 per cent gain Wednesday.
That came in reaction to the news that Washington politicians had broken the deadlock that had shut down the government for over two weeks and threatened to leave the Treasury unable to pay its bills.
They soon reversed course and slowly marched up past the previous SandP 500 high -- while leaving the 30-stock Dow behind.
Dow component American Express jumped 5.1 per cent after it reported a strong third quarter, with net income of US$1.4 billion up 9 per cent, ahead of forecasts.
But that was not enough to counter the damage from IBM and Goldman Sachs.
IBM shares sank 6.4 percent after it reported a 4 percent fall in revenues and missed again Wall Street forecasts for the company.
Goldman fell 2.4 per cent after posting a 2 per cent fall in profit for the third quarter, with revenues diving 20 per cent.
EBay sank 4 per cent as it cut its fourth-quarter estimate after just matching Wall Street expectations for the third quarter.
After the market closed, meanwhile, Google reported its quarter, showing a 36 per cent jump in net profit to US$2.97 billion, or US$8.75 a share.
Google shares jumped nearly 7 per cent in after-hours trade to more than US$950, well past the record high of US$928
The SandP 500, the broadest of the major measures of US markets, closed at 1,733.15, up 0.67 per cent for the day and more than seven points above the previous record closing high of 1,725.52, reached on September 18.
The surge came despite a handful of disappointing quarterly earnings results by blue chips that delivered a loss to the narrower 30-stock Dow Jones Industrial Average.
The SandP 500 gained 11.60 points for the day, also scoring an intraday high of 1,733.45.
The Dow was down 2.18 points (0.01 per cent) at 15,371.65, while the Nasdaq Composite jumped to 23.72 points (0.62 per cent) to 3,863.15, its highest level since September 2000.
"The mood is serene and positive, the unthinkable was avoided," said Peter Cardillo of Rockwell Global Capital, referring to the 11th hour deal lifting the Treasury's debt ceiling in Congress.
Stocks opened lower in a short-lived bout of profit taking that came on the heels of the markets' nearly 1.4 per cent gain Wednesday.
That came in reaction to the news that Washington politicians had broken the deadlock that had shut down the government for over two weeks and threatened to leave the Treasury unable to pay its bills.
They soon reversed course and slowly marched up past the previous SandP 500 high -- while leaving the 30-stock Dow behind.
Dow component American Express jumped 5.1 per cent after it reported a strong third quarter, with net income of US$1.4 billion up 9 per cent, ahead of forecasts.
But that was not enough to counter the damage from IBM and Goldman Sachs.
IBM shares sank 6.4 percent after it reported a 4 percent fall in revenues and missed again Wall Street forecasts for the company.
Goldman fell 2.4 per cent after posting a 2 per cent fall in profit for the third quarter, with revenues diving 20 per cent.
EBay sank 4 per cent as it cut its fourth-quarter estimate after just matching Wall Street expectations for the third quarter.
After the market closed, meanwhile, Google reported its quarter, showing a 36 per cent jump in net profit to US$2.97 billion, or US$8.75 a share.
Google shares jumped nearly 7 per cent in after-hours trade to more than US$950, well past the record high of US$928
Why sex is better in hotels -- and other confessions of a constant traveler
Editor's note: CNN has changed the original byline on this story to a pseudonym and removed an image of the author at her request, after careful consideration.
(CNN) -- Hotels have been a large part of my domestic life.
I met my husband, who travels constantly for work, in the lobby of a hotel -- the Chateau Marmont, in LA.
Our first, second and third dates were all in hotels: the Hotel Cipriani in Venice, the Post Ranch Inn in Big Sur and the Gran Hotel de Milan in Italy.
He first told me he loved me in a hotel (again the Chateau Marmont); I realized I loved him at the Peninsula in Hong Kong.
We had two years of a blissful home life -- all in hotels.
The next time we were at the Chateau Marmont it was for our wedding.
After we married, we tried to settle down.
It should have been a happy time evolving from hotel-skipper to homemaker -- decorating, co-mingling our things, arguing over couches, cooking, cleaning and entertaining friends and family.
But the more we nested, the more I yearned for the freedom of hotels.
They had become my habitat, with an internationalized culture that feels more like home than my actual home: an idealized, perfectly run household.
Houses are so complicated, so full of banal details.
Hotels are carefree, above all trivialities
Life is the same -- sleeping, waking, working, eating, sex -- but at a hotel everything is touched with novelty.
Here's why everything in life is better in a hotel.
1. Wild sex
Sex requires surfaces, and if the surface of your partner never changes, the location can add the variety you crave.
At The Ring Hotel in Vienna we were once given a magnificent suite with an enormous dining table that we eyed lustfully.
If we were at home, such escapades never would have happened: naked on the table where we'd eat Thanksgiving dinner?
In a hotel, anything goes.
Once, when we were checking into Shutters in Santa Monica, a famous Hollywood actor was checking in beside us with two women. Ever since, we've nicknamed it "Slutters."
All hotels have a hint of mystery, like the best sexual relations, they are exotic places unable to be possessed.
It's no wonder they're popular for affairs and clandestine adventures. Just try not to think of all the other people that have had them there too.
2. Perfect sleep
Outside of hotels I'm a restless sleeper; only in hotels can I find oblivion.
The curtains shut to an absolute black. There are freshly laundered and ironed sheets.
The rooms are quiet; the walls are solid; the world is distant.
Hotel beds are where sleep is soundest; they are palaces constructed for a pure, perfect night of sleep.
3. The morning after
Even better than sleeping in a hotel is waking in one.
My favorite is the Beau Rivage in Geneva. It has a bedside remote control that opens the blackout shutters, so one can lie in bed watching the slow reveal of a sunny Swiss morning looking out over Lake Geneva.
Hotels are built with location in mind, and always a few of the rooms have desirable views.
I prefer arriving at hotels in the middle of the night -- that way the morning parting of the curtains exposes an entirely new twinkling city before me, its new adventures beckoning.
4. Dignified breakfasts
For me, the wildest luxury is to ring for breakfast.
"Cut-up pineapple and a double latte, please."
It's a ritual that's surprisingly easy to keep.
Hotel breakfasts are sublimely elegant, arriving on silver trays with china; white, ironed linens; a budding rose in a crystal vase.
There might be edible flower garnishes on your pineapple, or flourishes in the latte foam.
5. The lobby
My favorite place to work (that is, write novels) is the lobby of a luxury hotel.
I'm at my most productive surrounded by that dignified, hushed bustle.
Hotel lobbies are filled with exotic strangers. As someone who met her husband in such circumstances, I can attest to the life-changing power of that.
You never know when a handsome man will send over a drink that possibility changes everything.
6. Domestic harmony
My husband and I have a domestic routine in hotels.
He goes to work; I eat breakfast in bed and then work in the hotel lobby. In the afternoon I go for a run around the city while the room is made up.
There's nothing like coming home to a perfectly clean hotel room: a pleasure of a 1950s husband, along with the higher-order pleasure of not being the 1950s housewife producing it.
The chore-less evening stretches before you. My husband listens to classical music and reads. I sit on his lap and we talk about the day.
Soon, we dress for dinner.
Hotels now all have good restaurants.
There's little better than going downstairs to a fantastic meal with bottles of red wine, then reeling back upstairs like two drunken sailors (see #1).
We repeat this routine in new cities, new hotels, without it ever losing its appeal. It's the most banal of routines, but it never bores.
Hotels have a blank domesticity; they are homes to inhabit, and then leave. They have all the pleasures of domesticity, with none of its burdens, and in this, they make me feel free -- and at home
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