The Star Online

Tech donor network co-founded by JD Vance seeks to push America to the right
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JD Vance co-founded Rockbridge Network in 2019 to finance right-wing initiatives; the network has a budget of approximately $75 million for 2024; aims to influence the November presidential election; includes tech investors like Peter Thiel and Rebekah Mercer; oversees five political groups and one super PAC; focuses on voter turnout in battleground states; promotes conservative media and political activism among churchgoers; Vance maintains informal ties with Rockbridge; the network's membership costs range from $100,000 to $1 million; Vance's selection as Trump's running mate has increased donor interest.
#JdVance #RockbridgeNetwork #Trump #Politics #SiliconValley #DonorNetwork #Rightwing #Election #VoterTurnout #Media
https://www.thestar.com.my/tech/tech-news/2024/08/20/tech-donor-network-co-founded-by-jd-vance-seeks-to-push-america-to-the-right

2024-08-05 00:18:25

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#note1y7q…qag0

2024-08-05 00:18:13

Nasdaq in correction as equity selloff deepens
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The Nasdaq Composite index falls 2.4% after a softer-than-expected jobs report; Nasdaq is now 10% below its record high, confirming it is in correction territory; Disappointing earnings from Amazon and Intel also spook investors; The index has slipped into correction territory 24 times in the past 44 years; September and October tend to be volatile months for US shares; Investors are turning wary of highly valued tech stocks; The focus of the market is shifting from earnings to the overall economy; Surging bond prices and falling yields indicate a slowing global economy.
#Tech #Selloff #Nasdaq #Correction
https://www.thestar.com.my/business/business-news/2024/08/05/nasdaq-in-correction-as-equity-selloff-deepens

2024-08-05 00:17:51

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#note14re…0z3c

2024-08-05 00:17:40

Buffett halves stake in Apple, boosts cash
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Warren Buffett's Berkshire Hathaway has sold about half of its stake in Apple, boosting its cash holdings to nearly $277 billion. The move suggests that Buffett is growing wary about the US economy and stock market valuations. Berkshire's cash stake grew to $276.9 billion as of June 30, largely because of the sale of $75.5 billion of stocks. Berkshire sold about 390 million Apple shares in the second quarter, on top of 115 million sold from January to March. Despite the reduction, Apple remains Berkshire's largest stock investment.
#WarrenBuffett #BerkshireHathaway #Apple #StockMarket #UsEconomy
https://www.thestar.com.my/business/business-news/2024/08/05/buffett-halves-stake-in-apple-boosts-cash

2024-07-29 00:12:24

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#note165s…sutg

2024-07-29 00:12:13

Gold shining on US rate cut
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Gold prices have the potential to rise with indications of a US Federal Reserve (Fed) interest rate cut in September; Economists and commodity strategists are generally bullish on gold in a low interest-rate environment; The US economy grew 2.8% in the second quarter, setting the stage for a potential rate cut; India's slash on import duties on gold and silver could spur further demand for gold; Habib Group executive chairman predicts gold prices could exceed $2,500 per ounce if the Fed lowers interest rates; JP Morgan Research predicts gold prices to climb to $2,500 per ounce by the end of 2024; UCSI University Malaysia associate professor of finance predicts gold prices could reach between $2,421 and $2,651 per ounce by year-end; Bank Muamalat (M) Bhd chief economist warns that if the US rate cut does not materialize, it could severely impact gold prices; HSBC Global Research chief precious metals analyst says the move by India to reduce import tax on gold could resume downward pressure on gold prices; ANZ commodity strategist remains bullish on gold due to continued economic uncertainty and increased demand from China and India; Gold prices hit a record high of $2,483.60 on July 17 and currently trade at $2,371.15 per ounce
#Gold #Bullion #Metal #Precious #Futures #Dollar
https://www.thestar.com.my/business/business-news/2024/07/29/gold-shining-on-us-rate-cut

2024-07-23 00:21:37

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#note1vtq…4eet

2024-07-23 00:21:26

Downshifting US inflation will help reassure the Fed on cuts
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US inflation is abating and economic activity is simmering down; Economists expect the PCE price index to have risen 0.1% in June; Three-month annualized core inflation is at the slowest pace this year; The Fed's target of 2% may not be met; The slow economic activity gives Fed policymakers scope to begin easing; US central bankers next meet on July 30 and 31; Investors see a quarter-point reduction in September as likely; The June PCE inflation data will likely offer encouraging news for the Fed; The monthly pace of core PCE inflation will likely be consistent with the 2% target; The stage is set for a September rate cut; The resale market for homes has been restrained by the lock-in effect
#Fed #Pce #Inflation #InterestRate
https://www.thestar.com.my/business/business-news/2024/07/23/downshifting-us-inflation-will-help-reassure-the-fed-on-cuts

2024-07-16 12:24:27

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#note1nhl…4ut6

2024-07-16 12:24:16

BofA profit drops on lower interest income, outlook lifts shares
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Bank of America's second-quarter profit fell as income from interest on loans shrank and provisions for potential credit losses jumped. Net interest income (NII) fell 3% to $13.7 billion in the second quarter. Provisions for credit losses rose to $1.5 billion from $1.1 billion a year earlier. The bank expects $14.5 billion in fourth-quarter NII, above estimates. Shares of the bank climbed 2.2% to $42.80. Investment banking fees jumped 29% to $1.6 billion. BofA's underwriting income jumped 32% in the second quarter of 2024, while fees from syndication surged 77%. Its wealth and investment management unit also saw 6% higher revenue and 10% growth in client balances to a record of more than $4 trillion.
#BankOfAmerica #Profit #InterestIncome #Outlook #Shares #Nii #CreditLosses #InvestmentBanking #Underwriting #Syndication #WealthManagement
https://www.thestar.com.my/business/business-news/2024/07/16/bofa-profit-drops-on-lower-interest-income-outlook-lifts-shares

2024-07-13 07:30:59

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#note17jv…jgxc

2024-07-13 07:30:48

Malaysia to propose Asean Community Vision 2045 concept in 2025, says Mohamad Hasan
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Malaysia plans to propose the concept of Asean Community Vision 2045 next year, focusing on making Asean one large community in terms of economy, energy distribution, and infrastructure. The proposal will be made after Malaysia assumes the chairmanship from Laos at the Asean summit in October this year. The aim is for Asean to grow together, as it currently has a GDP that is the fifth largest in the world and is expected to become the fourth largest in the next few years. The proposal will cover the period from 2025 to 2045. The Asean Foreign Ministers Meeting and Post-Ministerial Conferences in Laos will discuss topics such as resilience, connectivity, the situations in Myanmar and the South China Sea, and maintaining peace in Southeast Asia. The meetings will also involve dialogue with 11 Asean Dialogue countries. There will be a total of 19 meetings, not including bilateral meetings between Malaysia and other countries.
#AseanCommunityVision2045
https://www.thestar.com.my/news/nation/2024/07/13/malaysia-to-propose-asean-community-vision-2045-concept-in-2025-says-mohamad-hasan

2024-07-13 00:32:49

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#note1tlf…9cf6

2024-07-13 00:32:37

Oil settles down on weaker US consumer sentiment
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Oil futures prices settled slightly lower on Friday as investors weighed weaker US consumer sentiment against mounting hopes for a Federal Reserve rate cut in September. Brent crude futures settled 37 cents lower to US$85.03 a barrel. US West Texas Intermediate crude futures fell 41 cents, or 0.5%, to close at US$82.21 a barrel.
#Oil #UsConsumerSentiment #BrentCrudeFutures #UsWestTexasIntermediateCrudeFutures
https://www.thestar.com.my/business/2024/07/13/oil-settles-down-on-weaker-us-consumer-sentiment

2024-07-12 22:30:20

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#note1nmc…khq3

2024-07-12 22:30:09

Ringgit looking up with US interest rate reversal
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The weaker US inflation and labour market data is leading to a repricing of rate cuts in the United States, which is providing a favourable backdrop for emerging market (EM) currencies like the ringgit. Currency analysts said the forex markets are now pricing in an interest rate cut by the US Federal Reserve (Fed) by September, which helped the ringgit to strengthen by some 400 points against the greenback this trading week to 4.667 at close yesterday – a six-month high. StanChart maintains its relative outperformance view of the ringgit within the regional forex complex.
#Fedratecuts #Emergingmarkets
https://www.thestar.com.my/business/business-news/2024/07/13/ringgit-looking-up-with-us-interest-rate-reversal

2024-07-12 14:12:28

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#note1wd8…hj5p

2024-07-12 14:12:16

Ringgit surges: Economic reforms, potential US rate cut propel currency to be Asia's second best performer
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The ringgit is now the second best-performing currency in Asia, with a year-to-date depreciation of only 1.66% against the US dollar. The government's commitment to economic reforms and optimism about a potential interest rate cut by the US have contributed to the ringgit's favorable performance. The ringgit traded at 4.6700/6730 against the US dollar, touching an intraday high of RM4.6630. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the positive reviews from credit rating agencies and the recent rating upgrade by JP Morgan have supported the ringgit's performance. The ringgit is expected to settle around 4.55 by year-end, considering the anticipated interest rate cut by the US Federal Reserve in September. However, the downside risk for the ringgit is the possibility of the Fed not cutting rates. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan expects Malaysia's economy to continue progressing, which will contribute to the strengthening of the ringgit.
#Ringgit #Currency #EconomicReforms #UsRateCut #Asia
https://www.thestar.com.my/business/business-news/2024/07/12/ringgit-surges-economic-reforms-potential-us-rate-cut-propel-currency-to-be-asia039s-second-best-performer

2024-07-11 21:43:08

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#note1gqf…hgej

2024-07-11 21:42:57

Healthcare to contribute RM19.6bil to economy in 2024
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Malaysia's healthcare industry is expected to contribute RM19.6bil to the economy in 2024. The medical device sector is expected to contribute US$4.19bil, while the pharmaceutical segment has already added over US$1.26bil to the national GDP. In 2023, Malaysia's total trade in the healthcare industry was valued at US$11.1bil, with exports of healthcare products amounting to US$6.81bil and total imports totaling US$4.29bil. The growth of Malaysia's healthcare industry has solidified the country's position as a key player in the global market.
#Healthcare #Pharmaceuticals #EconomicContribution
https://www.thestar.com.my/business/business-news/2024/07/12/healthcare-to-contribute-rm196bil-to-economy-in-2024

2024-07-11 21:07:21

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#note1gqf…hgej

2024-07-11 21:07:10

2024-07-11 03:48:29

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#note1h9h…q7t7

2024-07-11 03:48:18

Asian markets track Wall St records after Powell hints at rate cut
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Asian stocks rise following a Wall Street rally after Federal Reserve boss Jerome Powell hinted at a rate cut. Hong Kong and Shanghai stocks also push higher after recent struggles. Powell stated that decision-makers would not wait until inflation hit the bank's two percent target before loosening monetary policy. Traders increased bets on the Fed reducing borrowing costs in two months' time. The S&P 500 and Nasdaq both ended at record highs. Eyes are now on China's Third Plenum gathering next week, where officials are expected to discuss ways to boost the economy.
#AsianMarkets #WallStreet #RateCut #FederalReserve #JeromePowell #HongKong #Shanghai #ChineseEconomy #ThirdPlenum
https://www.thestar.com.my/aseanplus/aseanplus-news/2024/07/11/asian-markets-track-wall-st-records-after-powell-hints-at-rate-cut

2024-07-10 22:16:29

Rate cut prospects may bolster US stocks
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The prospect of near-term interest rate cuts is bolstering the case for investors to remain bullish after a run in US stocks that may soon be tested by upcoming corporate earnings reports and growing political uncertainty. Expectations that the Federal Reserve (Fed) will kick off its long-awaited rate-cutting cycle in September remained firm on Tuesday after Fed chairman Jerome Powell told Congress that the US is “no longer an overheated economy”, suggesting that the case for easing monetary policy is growing stronger. Rate-cut bets have fluctuated sharply throughout the year and have been only one of several factors – along with strong earnings and excitement over artificial intelligence – that have helped the S&P 500 rise about 17% year-to-date. Still, many investors believe increased clarity on when the Fed will begin easing monetary policy and how much it might lower rates in 2024 could provide a buffer to stocks if markets grow turbulent in the coming months. Investors on Tuesday were factoring in an over 70% chance that the Fed will cut rates in September, compared with roughly 50% a month ago, according to CME FedWatch. Fund funds futures are pricing in about 50 basis points of easing in 2024 overall, according to LSEG data. Corporate earnings kick off in earnest on Friday with reports from major banks and could weigh on the richly valued US equity market if companies fail to deliver on lofty expectations. S&P 500 companies are expected to increase earnings 10.6% this year and 14.5% in 2025, according to LSEG IBES. Stocks have typically risen in the six to 12-month period following the Fed’s first rate cut, as long as the economy avoids recession, Truist’s research showed. Lower interest rates could also help broaden the equity rally, which has been led by a handful of megacap companies like Nvidia. Only 24% of stocks in the S&P 500 outperformed the index in the first half, the third-narrowest six-month period since 1986, according to Bank of America Global Research strategists.
#UsStocks #InterestRateCuts #FederalReserve #CorporateEarnings #PoliticalUncertainty
https://www.thestar.com.my/business/business-news/2024/07/11/rate-cut-prospects-may-bolster-us-stocks

2024-07-10 05:23:59

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#note1ef8…6kqr

2024-07-10 05:23:45

Delivery driver shot in stomach after bringing order to wrong house, US cops say
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A food delivery driver in Missouri was shot in the stomach after mistakenly delivering an order to the wrong house. The driver, Dwayne Jones, went back to retrieve the order and was approached by the homeowner, who shot him. The incident occurred on July 7 in O'Fallon. When police arrived, they found the driver lying in the driveway with life-threatening injuries. Jones was arrested and charged with assault and armed criminal action. He is scheduled to appear in court on July 17. The delivery driver posed no threat to Jones.
#DeliveryDriver #Shooting #WrongHouse #Missouri #O'fallon
https://www.thestar.com.my/tech/tech-news/2024/07/10/delivery-driver-shot-in-stomach-after-bringing-order-to-wrong-house-us-cops-say

2024-07-09 12:12:49

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#note1vr7…984c

2024-07-09 12:12:38

Ringgit closes slightly higher against US dollar on weaker US data
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The ringgit rose marginally against the US dollar as the US Dollar Index (DXY) declined due to weaker US economic data. At 6.01 pm, the ringgit stood at 4.7055/7105 versus the US dollar compared with last Friday's close of 4.7065/7110. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US nonfarm payrolls for May was revised downwards last week from 272,000 to 218,000, suggesting that the US labour market may not be entirely robust. The US is steadily witnessing an increase in the unemployment rate to 4.1% in June from 3.9% and 4.0% in April and May, respectively. Mohd Afzanizam believes that the ringgit looks constructive to end the year at RM4.65.
#Ringgit #UsDollar #UsEconomicData
https://www.thestar.com.my/business/business-news/2024/07/09/ringgit-closes-slightly-higher-against-us-dollar-on-weaker-us-data

2024-07-09 10:06:49

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#note17r2…5vlv

2024-07-09 10:06:38

Budget 2025 to continue with economic reforms without sidelining the people, says Anwar
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Budget 2025 will continue to focus on achieving targets under the Madani Economy framework, according to Datuk Seri Anwar Ibrahim, the Prime Minister and Finance Minister of Malaysia. The government has implemented policy changes that have resulted in positive outcomes, including Malaysia's sovereign credit ratings being reaffirmed by S&P Global Ratings and Fitch Ratings. The country has also experienced a 4.2% growth in GDP for Q1 2024 and a 5.2% growth in exports. Anwar emphasized the need for effective communication and dissemination of information to address concerns and acknowledged the importance of rectifying problems with the country's economic structure. The government aims to introduce structural economic reforms while ensuring stronger social protection for the people and addressing issues such as the rising cost of living. Anwar stated that the government will implement new methods to stop monopolies, cartels, and leakages to benefit the people.
#Budget2025 #EconomicReforms #Malaysia
https://www.thestar.com.my/news/nation/2024/07/09/budget-2025-to-continue-with-economic-reforms-without-sidelining-the-people-says-anwar

2024-07-09 01:07:23

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#note1v6t…nhsk

2024-07-09 01:07:12

California to ask for US$20bil for climate
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California lawmakers have approved placing two bond measures on the November 5 ballot, one asking for US$10bil for school construction and another US$10bil to finance climate change infrastructure. The state already has about US$98bil of bond debt outstanding and more than US$32bil authorized but not yet issued. If approved, Proposition two would provide US$10bil for modernization, repair, and construction of school facilities, while Proposition four would invest in safe drinking water and help communities avoid and recover from wildfires, floods, droughts, and extreme heat. Senator Ben Allen, a Democrat, said that borrowing billions of dollars now for climate resiliency programs is crucial.
#California #ClimateChange #BondMeasures #SchoolConstruction #ClimateResilience
https://www.thestar.com.my/business/business-news/2024/07/09/california-to-ask-for-us20bil-for-climate

2024-07-09 00:24:57

Prabowo’s free-meal plan stirs investor fears
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Indonesia's President-elect Prabowo Subianto's plan to provide free meals to school children has raised concerns among investors. The plan, estimated to cost 71 trillion rupiah (US$4.35 billion) in 2025, has unsettled the country's debt and currency markets. While Prabowo and his team have tried to assure market participants that the incoming government respects the legal debt limits, bond yields have risen and the rupiah has depreciated. Some investors are worried about how much money Prabowo intends to spend on his programs and whether he will cut subsidies and investments to balance the budget. Foreign portfolio investments have been shrinking, with overseas investors pulling US$2.8 billion from rupiah government bonds and the stock market. The rupiah is at four-year lows against the US dollar, with losses of more than 5% this year. However, some investors are giving Prabowo the benefit of the doubt, pointing to his administration's plans to increase revenues, improve tax compliance, and cap the financial deficit at 2.8% of GDP.
#Indonesia #PrabowoSubianto #InvestorConcerns #GovernmentSpending #EconomicGrowth
https://www.thestar.com.my/business/business-news/2024/07/09/prabowos-free-meal-plan-stirs-investor-fears

2024-07-08 07:41:01

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#note1rfr…uel6

2024-07-08 07:40:49

Asian stocks, currencies rise on US rate cut wagers
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Asian stocks and currencies are rising on expectations that the US Federal Reserve will cut interest rates in September. Taiwan stocks surged to a record high, with TSMC hitting an all-time high. Inflation data from Taiwan, Thailand, and the Philippines have shown an easing trend, giving central banks room to cut rates. The market is eyeing a rate cut by the Bank of Korea as early as August. Regional currencies, including the Taiwan dollar, the South Korean won, and the Indonesian rupiah, gained against the US dollar. Markets are also awaiting China's inflation data and Malaysia's GDP estimates.
#AsianStocks #Currencies #UsRateCut #Taiwan #Tsmc #Inflation #CentralBanks #BankOfKorea #China #Malaysia
https://www.thestar.com.my/business/business-news/2024/07/08/asian-stocks-currencies-rise-on-us-rate-cut-wagers

2024-07-06 08:43:08

Chinese government entities remain a pillar of Hong Kong IPOs, but foreign investors have not lost interest
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Local government entities in mainland China participated in a third of the 18 IPO deals in Hong Kong in Q2 2024. However, the percentages of shares that government-related entities are taking has fallen. In the previous 15 months, 43 entities accounted for around 33% of the IPO shares. Some foreign investors, especially long-only funds, have started taking part in Hong Kong IPOs again. Companies with solid fundamentals at reasonable valuations are expected to attract more foreign funds. QuantumPharm, a Shenzhen-based AI-powered pharmaceuticals researcher, drew a diverse base of cornerstone investors in its IPO. The Hang Seng Index has rebounded around 20% from its January lows, and expectations of a US Federal Reserve interest rate cut later this year have improved IPO sentiment in Hong Kong.
#HongKongIpos #ChineseGovernmentEntities #ForeignInvestors
https://www.thestar.com.my/aseanplus/aseanplus-news/2024/07/06/chinese-government-entities-remain-a-pillar-of-hong-kong-ipos-but-foreign-investors-have-not-lost-interest

2024-07-05 00:17:18

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#note17c5…xszg

2024-07-05 00:17:06

Brent crude trades above US$87 a barrel
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Brent crude futures were up 21 cents, or 0.2%, at US$87.55 a barrel by 1922 GMT. US West Texas Intermediate (WTI) crude futures were up 18 cents at US$84.06 in trade thinned by the US Independence Day holiday. Brent crude hit its highest level since April on Thursday, holding above US$87 after data showed a decline in US inventories. In the previous session, Brent gained 1.3% to settle at US$87.34 for its highest close since April 30. WTI settled at an 11-week high of US$83.88. The gains followed a larger than expected decline in US crude stocks. The US Energy Information Administration (EIA) reported a 12.2 million draw in inventories. Analysts had expected a draw of 680,000 barrels. Traders were also tracking the war in Gaza and elections in France and the United Kingdom. German industrial orders fell unexpectedly in May, adding to signs that a recovery for Europe's largest economy remains elusive. Demand concerns were heightened by US data showing that first-time applications for US unemployment benefits increased last week while jobless numbers also rose. Russia's oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July. Saudi Arabia's Saudi Aramco cut the price for the flagship Arab light crude it will sell to Asia in August to US$1.80 a barrel above the Oman/Dubai average. UBS expects Brent crude to reach US$90 a barrel this quarter, citing OPEC+ production cuts and projected declines in oil inventories.
#Brentcrude #Usinventories #Geopoliticalrisks #Economicoutlook
https://www.thestar.com.my/business/2024/07/05/brent-crude-trades-above-us87-a-barrel

2024-07-05 00:16:44

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#note1e9m…5n7r

2024-07-05 00:16:31

US election, uncertainty and slowdown – a heady mix for markets
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The US presidential election is expected to increase uncertainty and potentially slow down the economy and stock market. Economic policy uncertainty indices have not yet reflected this, but if they do, it could lead to a softer second half of the year. Manufacturing activity has already shrunk for three consecutive months, and service-sector employment and new orders have slumped. The economic policy uncertainty index (EPU) is likely to rise due to populism, polarisation, and a tight race. Rising EPU can lead to delayed consumer spending and reduced investment and hiring by businesses. The US economy is not in recession yet, but GDP growth estimates have declined. Policy uncertainty is associated with greater stock-price volatility and reduced investment and employment in policy-sensitive sectors. Close and polarised elections tend to increase EPU even more. The outcome of the election could rest on razor-thin margins in a few states, which could lead to further EPU and a rocky ride for markets.
#UsElection #Uncertainty #EconomicPolicy #StockMarket #GdpGrowth
https://www.thestar.com.my/business/insight/2024/07/05/us-election-uncertainty-and-slowdown---a-heady-mix-for-markets

2024-07-04 22:14:14

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#note1ala…2a80

2024-07-04 22:14:14

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#note1ala…2a80

2024-07-04 22:14:03

The three pillars that Malaysia needs to improve
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Malaysia needs to improve in three key areas: technology, research and development (R&D), and digital products. While Malaysia has performed well in trade, particularly in the manufacturing sector, it lags behind in these other areas. The Toulouse School of Economics Centre of Collective Learning director, Prof Cesar A. Hidalgo, highlighted that Malaysia is not a big exporter of digital products and ranks low in technology and R&D. Prof Tan Sri Noor Azlan Ghazali, director of the Malaysian Inclusive Development and Advancement Institute, noted that research is primarily conducted at the university level, with limited involvement from corporate players and industries. The lack of a strong knowledge base and research capabilities hinders Malaysia's ability to generate and export products. Additionally, the article discusses the challenges of capturing digital trade and the need for Malaysia to focus on manufacturing rather than just assembling products. The article also mentions the importance of rewarding talents and attracting skilled migrants to strengthen the country's complexity and promote economic growth. The New Industrial Master Plan 2030 (NIMP 2030) aligns with PNB's three-year strategy to position Malaysia as a high-income economy with greater economic complexity.
#MalaysiaEconomy #EconomicComplexity #Nimp2030
https://www.thestar.com.my/business/business-news/2024/07/05/the-three-pillars-that-malaysia-needs-to-improve

2024-07-04 22:14:03

2024-07-02 12:11:08

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#note1dd0…sqzd

2024-07-02 12:10:57

Ringgit ends lower against greenback
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The ringgit ended lower against the US dollar, trading at 4.7200/7225 compared to Monday's close of 4.7120/7155. The US manufacturing sector contracted for a third straight month, with the Institute for Supply Management's Purchasing Managers' Index (PMI) slipping to 48.5 points in June. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the weaker demand in the US to companies being unwilling to invest in capital and inventory due to the restrictive monetary policy adopted by the US Federal Reserve. The ringgit was higher against a basket of major currencies and stronger against its ASEAN peers.
#Ringgit #UsDollar #ExchangeRate #Economy #Currency
https://www.thestar.com.my/business/business-news/2024/07/02/ringgit-ends-lower-against-greenback

2024-07-02 01:10:57

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#note167f…x7er

2024-07-02 01:10:45

UK can get US$72bil economic boost by going green, says CBI
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The CBI employers group says that the UK can receive a £57bil (US$72.1bil) economic boost by 2030 if the next government prioritizes net-zero emissions. The Labour opposition had planned £28bil a year of green investment but scaled it back to £23.7bil over five years due to concerns about public finances. The Conservative Party has also watered down its green transition plans. The CBI emphasizes the need for decisive action and long-term commitment to attract investment opportunities from net-zero. The CBI's analysis shows that the UK's net-zero sector grew by 9% in 2023 while the broader economy grew just 0.1%. The CBI calls for more attention to climate change, biodiversity loss, and net-zero from political parties.
#UkEconomy #GreenGrowth #NetzeroEmissions
https://www.thestar.com.my/business/business-news/2024/07/02/uk-can-get-us72bil-economic-boost-by-going-green-says-cbi

2024-07-01 00:20:47

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#note13y6…3y49

2024-07-01 00:20:36

Experts: Right-wing shift may slow, not reverse climate action
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A political shift to the right in Europe and the potential election of Donald Trump in the United States will not derail climate efforts as businesses are increasingly committed to green strategies. The shift to right-wing parties in Europe, India, Indonesia, and Argentina, along with the potential election in France, is offset by left-wing gains in Mexico and the expected gains in the United Kingdom. The November election in the United States could slow down progress on climate action, but it will not stop it. Chief executive officers understand that avoiding climate responsibility is not a good business plan. Nearly 6,000 of the world's biggest companies have plans aligned with capping global warming at 1.5 degrees Celsius. While there has been a backlash against environmental investing in the United States, companies are still shifting towards renewable energy. European Union climate policy ambitions have been watered down, and companies are reluctant to make their climate goals public. However, the real economy will continue to move towards decarbonization. The pace of change may be affected by politics, but a reversal is not expected. The advanced economies are no longer investing in coal as it is no longer cost-competitive.
#ClimateAction #RightwingShift #Businesses #GreenStrategies #Elections #UnitedStates #Europe #RenewableEnergy #Coal
https://www.thestar.com.my/business/business-news/2024/07/01/experts-right-wing-shift-may-slow-not-reverse-climate-action

2024-06-28 07:02:35

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#note10nr…t52l

2024-06-28 07:02:24

UK economy grew 0.7% in first quarter of 2024
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Britain's economy grew 0.7% in the first three months of 2024, exceeding the initial estimate of 0.6% growth, according to official figures from the Office for National Statistics. The data confirms that the UK economy emerged from a shallow recession at the beginning of the year. However, overall growth remains weak, with first-quarter gross domestic product (GDP) only 0.3% higher than the previous year. Economists polled by Reuters did not expect any revisions to the growth estimates. The UK economy has faced challenges since the December 2019 national election, including the impact of the COVID-19 pandemic, Russia's invasion of Ukraine, and post-Brexit trade frictions.
#UkEconomy #Gdp #Growth #Recession #Covid19 #Brexit
https://www.thestar.com.my/business/business-news/2024/06/28/uk-economy-grew-07-in-first-quarter-of-2024

2024-06-27 23:31:10

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#note1qrs…gwkx

2024-06-27 23:30:59

The mismatch in the US economy – perception versus reality
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Americans have a downbeat view of the US economy, despite its healthy well-being. Unemployment is low, real wages are rising, and GDP growth is above trend. However, surveys consistently show pessimism on the economy. The disconnect between perception and reality can be attributed to inflation and political polarization. Inflation has a significant impact on people's perceptions, and misinformation about the economy exacerbates the situation. Academic studies show that recession and unemployment are more painful than rising prices. There is also a distinct polarization in opinions on inflation based on political affiliation. Republicans are more likely to blame Biden and the administration, monetary policy, and fiscal policy for current inflation. However, inflation is not far off from the Fed's 2% goal. Real hourly wages for the lowest earners have grown 12.1% between 2019 and 2023. The media's biased sources of information and systematic bias contribute to inaccurate perceptions about the US economic performance. Many people wrongly believe the US economy is in recession, despite evidence to the contrary.
#UsEconomy #Inflation #Perception #Reality #Unemployment #Wages #GdpGrowth #PoliticalPolarization
https://www.thestar.com.my/business/insight/2024/06/28/the-mismatch-in-the-us-economy---perception-versus-reality

2024-06-26 23:59:12

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#note13m0…lnz3

2024-06-26 23:59:01

Bond traders bet on 300 bps of Fed cuts by March
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Traders in the US rates options market are betting on a whopping three percentage points worth of cuts in the next nine months. The options market linked to the secured overnight financing rate showed an increase in bets that stand to benefit if the Federal Reserve reduces its key rate to as low as 2.25% by the first quarter of 2025. This aggressive position is in contrast to the Fed officials' forecast of just 25 basis points of reductions by the end of this year and a total of 125 basis points by the end of 2025. Investors are hedging tail-risk outcomes, such as rapid and extreme rate cuts. The cash market also shows a dovish stance, with the biggest net long positions in three months. Traders in the Fed funds market have been buying August contracts that would pay out if policymakers cut at the July 31 policy meeting.
#BondTraders #FedCuts #InterestRates #OptionsMarket #FederalReserve
https://www.thestar.com.my/business/business-news/2024/06/27/bond-traders-bet-on-300-bps-of-fed-cuts-by-march

2024-06-26 06:37:02

Ringgit expected to be stronger against US$ in last quarter of 2024 - MoF
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The ringgit is expected to be stronger against the US dollar in the last quarter of 2024, according to Deputy Finance Minister Lim Hui Ying. Finance Minister II Datuk Seri Amir Hamzah Azizan targeted the value of the ringgit to be traded at RM4.50 against the US dollar at the end of the year. Malaysia recorded an approved investment of RM83.7 billion for the first quarter of this year, an increase of 13 percent year-on-year. The ringgit was the only regional currency that strengthened by 1.4 percent against the US dollar since Feb 26, 2024.
#Ringgit #UsDollar #CurrencyExchangeRate #MalaysianEconomy
https://www.thestar.com.my/business/business-news/2024/06/26/ringgit-expected-to-be-stronger-against-us-in-last-quarter-of-2024---mof

2024-06-25 03:19:09

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#note1x2a…uw33

2024-06-25 03:18:58

Ringgit opens easier against greenback ahead of US PCE
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The ringgit opened higher against the US dollar as cautious global economic sentiment prompted some investors to shift towards emerging currencies. At 9.10 am, the ringgit was trading at 4.7075/7110 versus the greenback. Investors are awaiting the release of the US personal consumption expenditures (PCE) price index on Friday. They will also closely monitor the first US presidential debate between President Joe Biden and his predecessor Donald Trump, scheduled for Thursday after the US markets close. The ringgit traded lower against a basket of major currencies but was mostly higher against its ASEAN peers. It declined versus the Thai baht, rose against the Singapore dollar, advanced against the Indonesian rupiah, and remained flat against the Philippine peso.
#Ringgit #UsDollar #UsPce #GlobalEconomicSentiment
https://www.thestar.com.my/business/business-news/2024/06/25/ringgit-opens-easier-against-greenback-ahead-of-us-pce

2024-06-22 00:12:56

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#note1vlc…53cy

2024-06-22 00:12:44

Oil eases on strong dollar, global economic news
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Crude prices fell about 1% on worries of a strong US dollar and negative economic news. Brent futures settled at US$85.24 a barrel, while US West Texas Intermediate crude (WTI) ended at US$80.73. Despite signs of improving US oil demand and falling fuel inventories, prices declined. The article mentions a panel approving tariff cuts for rice and commodities on June 5, 2024, and highlights that a repeat of the commodities boom is unlikely. It also mentions a succession drama gripping commodity trading firms on April 8, 2024. The article does not provide any viewpoints or opinions.
#Oil #CrudePrices #UsDollar #EconomicNews #FuelInventories
https://www.thestar.com.my/business/2024/06/22/oil-eases-on-strong-dollar-global-economic-news

2024-06-10 00:30:43

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#note1fjm…y2xe

2024-06-10 00:30:32

US oil and gas production shows flattening signs
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US oil and gas production in the United States is showing signs of flattening out as drilling rigs and well completion crews have been idled in response to the retreat in prices since the middle of 2022. Nationwide crude and condensate production was running at almost 13.2 million barrels per day (bpd) in March 2024, but there had been no net growth since October 2023. Production from the Lower 48 states excluding federal waters in the Gulf of Mexico was up by less than 0.5 million bpd in March compared with the same month a year earlier. Growth had slowed from 0.9 million or one million bpd in the second half of 2023, as the impetus from the previous high prices in 2022 faded. US futures prices have averaged US$73 to US$78 per barrel in May and June 2024, putting them in the 45 to 50th percentiles in real terms for all months since 2000. The number of rigs drilling for oil fell to an average of just 497 in May 2024 from a cyclical peak of 623 in December 2022. If futures prices remain around current levels, US production is likely to remain basically flat for the rest of 2024 through at least the middle of 2025. Dry gas production averaged 102.6 billion cubic feet per day (bcf/d) in March 2024 compared with 102.9 bcf/d in March 2023. Dry gas production appears to have peaked at the end of 2023 and has since been trending gently but steadily lower. Unless there is an unexpected rebound in prices, production is likely to remain broadly flat throughout the rest of 2024 and 2025, helping rebalance the market.
#UsOilProduction #GasProduction #DrillingRigs #Prices #Growth
https://www.thestar.com.my/business/business-news/2024/06/10/us-oil-and-gas-production-shows-flattening-signs

2024-05-30 23:27:41

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#note1r34…qjcg

2024-05-30 23:27:29

US firms grow more pessimistic on economy
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US economic activity continued to expand from early April through mid-May, but firms grew more downbeat about the future amid weakening consumer demand while inflation continued to increase at a modest pace. The US central bank's latest survey showed that the jobs market continues to gradually cool back down toward more normalised levels. Most Fed districts reported slight or modest growth in economic activity, while two noted no change. Waning consumer demand and geopolitical tensions were cited as downside risks. The Fed's benchmark interest rate is set to remain unchanged at the next policy meeting on June 11-12. Contacts in most Fed districts noted consumers were pushing back against additional price increases. A separate survey earlier this month showed manufacturers in May reported a surge in prices for a range of inputs, suggesting that goods inflation could pick up in the months ahead.
#UsEconomy #FederalReserve #EconomicActivity #ConsumerDemand #Inflation #InterestRates
https://www.thestar.com.my/business/business-news/2024/05/31/us-firms-grow-more-pessimistic-on-economy

2024-05-30 00:03:32

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#note16y3…dwja

2024-05-30 00:03:19

Wall Street ends lower amid interest rate concerns
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US stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve. The Dow fell more than 1% and hit its lowest level in nearly a month. All of the S&P 500 sectors ended lower as well, with rate-sensitive utilities among sectors with the biggest declines. The yield on the benchmark 10-year US Treasury note hit four-week highs at 4.6%, extending Tuesday's gains, after weak debt auctions. Conflicting expectations on the size and the timing of potential interest rate cuts have kept the market on edge since the start of this year. Sticky inflation and hawkish comments from central bankers have forced traders to temper down rate cut expectations to only one by November or December, per the CME FedWatch Tool, from multiple cuts expected at the start of the year. The main focus this week will be on Friday's release of April's Personal Consumption Expenditure data – the Fed's preferred inflation gauge. The Nasdaq retreated after closing above the 17,000 mark for the first time on Tuesday, while the small-caps Russell 2000 index fell 1.5%. After the closing bell, shares of Salesforce were down more than 15% as the company reported results and forecast second quarter revenue below estimates. Salesforce shares ended the regular session up 0.7%. During the regular session, shares of Marathon Oil advanced 8.4% after ConocoPhillips said it would buy the company in an all-stock deal for a little over its $15 billion market value. ConocoPhillips fell 3.1%. The energy sector dropped 1.8%. Airline stocks declined, led by American Airlines, which declined 13.5% after the company cut its second-quarter profit forecast. Dick's Sporting Goods rose 15.9% after lifting forecasts for annual sales and profit, while Abercrombie & Fitch shot up 24.3% on raised annual sales growth forecast.
#WallStreet #InterestRates #FederalReserve #TreasuryYields #StockMarket #Inflation #Nasdaq #Salesforce #MarathonOil #Conocophillips #AirlineStocks #Dick'sSportingGoods #Abercrombie&Fitch
https://www.thestar.com.my/business/2024/05/30/wall-street-ends-lower-amid-interest-rate-concerns

2024-05-28 01:01:02

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#note10gl…d0na

2024-05-28 01:00:50

Aussie bulls face pain on road to pandemic high
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Traders hoping the Australian dollar will strengthen beyond a closely tracked level are set to be disappointed as optimism over China’s rebound fades and the local economy falters. The currency has risen over 2% in May, potentially heading for its best month this year. However, it may struggle to rally further as Australia will be reluctant to raise interest rates and China continues to underwhelm with its economic support, analysts said. Such headwinds signal that the Aussie dollar will likely once again fail to break through the key resistance of 69 US cents and reach its post-pandemic high, a level that it didn’t manage to surpass three times last year, according to InTouch Capital Markets. When the Aussie tested the 69-cent level last year, the currency was weighed down by a drop in commodity prices on concerns about China’s economy and a hawkish Federal Reserve, which supported the US dollar. This time, commodities are slipping from highs, while an index tracking the greenback’s strength notched its best week in more than a month as Fed officials signalled inflation has to ease more before they’ll consider a rate cut. Traders also see the Reserve Bank of Australia (RBA) removing its hawkish bias as consumer spending slumps and cracks emerge in the labour market. Swaps data showed the central bank will remain on hold for the remainder of the year, marking a rapid reversal after pricing showed earlier this month there was an even chance of a rate hike in August, following a hotter-than-expected inflation print. Although the Aussie dollar will “struggle to rally significantly”, it may finish the year at 68 US cents as sentiment towards China starts to stabilise, said David Forrester, a senior strategist at Credit Agricole CIB in Singapore.
#AustralianDollar #China #InterestRates #CommodityPrices #Economy
https://www.thestar.com.my/business/business-news/2024/05/28/aussie-bulls-face-pain-on-road-to-pandemic-high

2024-05-26 08:07:56

Indonesia increases vigilance following spike in Covid-19 cases in Singapore
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Indonesia is closely monitoring the spread of two newly emerged Covid-19 sub variants, KP.1 and KP.2, which are thought to be responsible for a recent spike in cases in neighbouring Singapore. Coronavirus cases in Singapore have almost doubled in recent weeks, with the country reporting 25,900 cases between May 5 and 11, compared with 13,700 cases in the previous week. The average daily Covid-19 hospitalizations in Singapore increased to about 250 cases in the same period, from 181 the week before. The combined proportion of KP.1 and KP.2 accounts for over two-thirds of all Covid-19 cases there. Several other ASEAN countries, such as Malaysia, Thailand, and Cambodia, have also reported KP.1 and KP.2 cases. Indonesia has not found any cases of the new variants within its borders so far.
#Covid19
https://www.thestar.com.my/aseanplus/aseanplus-news/2024/05/26/indonesia-increases-vigilance-following-spike-in-covid-19-cases-in-singapore

2024-05-24 23:33:30

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#note17y2…gslr

2024-05-24 23:33:19

Oil posts weekly loss on fuel demand worries
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Oil prices rose about 1% on Friday, but fell for the week on worries that strong US economic data would keep interest rates elevated for a longer period, curbing fuel demand. The Brent crude July contract rose 76 cents to US$82.12 a barrel. The more-active August contract closed up 73 cents at US$81.84.
#OilPrices #FuelDemand #BrentCrude #UsEconomicData
https://www.thestar.com.my/business/2024/05/25/oil-posts-weekly-loss-on-fuel-demand-worries

2024-04-30 01:08:36

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#note1x2u…033c

2024-04-30 01:08:25

Ringgit flat against US dollar
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The ringgit ended flat against the US dollar as investors took a "wait-and-see" approach ahead of the latest economic assessment by the US Federal Open Market Committee during its meeting on April 30 and May 1. At 6pm, the ringgit was unchanged at 4.7650/7700 versus the greenback from last Friday’s close of 4.7650/7710. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid reckoned that market participants would maintain a cautious stance ahead of the meeting, as well as the release of key data points on the US labour market. "Nevertheless, the ringgit remains fairly stable, in tandem with major currencies that have strengthened against the US dollar," he pointed out.
#Ringgit #UsDollar #CurrencyExchange #Economy
https://www.thestar.com.my/business/business-news/2024/04/30/ringgit-flat-against-us-dollar

2024-04-29 02:55:19

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#note1rt9…c844

2024-04-29 02:55:07

Ringgit opens easier against US$ as investors await cues
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The ringgit opened easier against the US dollar on Monday as investors remained on the sidelines in anticipation of a number of significant global events and data points, including the upcoming Federal Open Market Committee (FOMC) meeting. At 9 am, the ringgit eased to 4.7715/7810 against the greenback from Friday’s close of 4.7650/7710. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the FOMC is set to meet on April 30 and May 1, and markets are expecting no change in rates and the committee’s tone. The ringgit traded mostly higher against a basket of major currencies. The ringgit gained versus the Japanese yen to 3.0154/0216 from 3.0408/0451 at Friday’s close and improved against the euro to 5.1098/1200 from 5.1157/1221 at the end of last week, but it slipped vis-a-vis the British pound to 5.9711/9829 from 5.9644/9719 previously. The ringgit was traded mixed against ASEAN currencies. It appreciated versus the Thai baht to 12.8782/9084 from 12.8902/9120 last Friday and edged up vis-a-vis the Indonesian rupiah to 294.3/295.0 from 293.9/294.4. However, it declined against the Philippine peso to 8.27/8.29 from 8.26/8.27 on Friday and fell versus the Singapore dollar to 3.5033/5105 from 3.5021/5068 previously.
#Ringgit #UsDollar #Investors #FomcMeeting #Currencies
https://www.thestar.com.my/business/business-news/2024/04/29/ringgit-opens-easier-against-us-as-investors-await-cues

2024-04-29 00:35:12

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#note1s6m…e5ma

2024-04-29 00:34:59

Ringgit likely to trend around 4.77 to US dollar
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The ringgit is expected to trend around 4.77 to a US dollar this week as the greenback maintains its strength and as the market continues diminishing the expectations of interest rate cuts, particularly in the United States. The primary concern for the ringgit is whether the Fed will adopt a hawkish stance and rule out rate cuts at the upcoming Federal Open Market Committee (FOMC) meeting. However, it is likely that the Fed will wait to gauge US employment data and the next series of consumer price index figures before committing to a fully hawkish stance.
#Ringgit #UsDollar #ExchangeRate #InterestRateCuts #FederalReserve #Fomc
https://www.thestar.com.my/business/business-news/2024/04/29/ringgit-likely-to-trend-around-477-to-us-dollar

2024-04-27 00:58:11

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#note1e7z…yg28

2024-04-27 00:57:59

Investors brace for 5% Treasury yields
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Investors are preparing for the 10-year US Treasury yield to breach a 16-year high of 5% hit last October as US inflation worries grow. Bond yields have climbed in recent weeks as signs of persistent inflation erode expectations for how deeply the Federal Reserve (Fed) will be able to cut interest rates without further fuelling consumer prices.
#Treasuryyieldsurge #Inflationfears #Ratecutexpectations #Stockmarketjitters #Fiscalpressures
https://www.thestar.com.my/business/business-news/2024/04/27/investors-brace-for-5-treasury-yields

2024-04-26 02:41:56

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#note1jex…43ws

2024-04-26 02:41:45

Ringgit retreats vs US$ ahead of personal consumption expenditure reading
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The ringgit was lower against the greenback in early trade on Friday, easing slightly to 4.7770/7825 against the greenback from Thursday’s close of 4.7745/7775. US GDP first quarter (1Q2024) came in lower than expected at 1.6 per cent versus a consensus forecast of 2.5 per cent, suggesting that the economy slowed in the first three months of this year. In 1Q2024, the personal consumption expenditure (PCE) price index was higher at 3.4 per cent from 1.8 per cent in the prior quarter, indicating sticky inflationary pressures. The ringgit was mostly lower against a basket of major currencies. It rose vis-a-vis the British pound to 5.9732/9800 from 5.9748/9786 yesterday but slipped versus the Japanese yen to 3.0693/0730 from 3.0677/0698 and vis-a-vis the euro to 5.1243/1302 from 5.1211/1243 previously. The ringgit traded easier against ASEAN currencies. The local currency depreciated versus the Thai baht to 12.9010/9208 against 12.8939/9087 from yesterday’s close and was lower versus the Philippine peso at 8.27/8.28 from 8.26/8.27. It declined vis-a-vis the Indonesian rupiah to 295.1/295.5 from 294.9/295.2 on Thursday and slid against the Singapore dollar to 3.5141/5184 from 3.5120/5144.
#Ringgit #UsDollar #ExchangeRate #Inflation #Economy
https://www.thestar.com.my/business/business-news/2024/04/26/ringgit-retreats-vs-us-ahead-of-personal-consumption-expenditure-reading

2024-04-25 23:27:56

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#note1p00…vpw6

2024-04-25 23:27:44

US stocks fall as weak GDP growth spreads rate-cut gloom
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US stocks closed lower on Thursday as data showed slower-than-expected US economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms. The US economy grew at its slowest pace in nearly two years in the first quarter while inflation accelerated, dampening hopes that the Federal Reserve would begin cutting interest rates this year. Disappointing results from Meta, whose shares plunged nearly 11%, also weighed on market sentiment. The Dow Jones Industrial Average fell 375.12 points, or 0.98%, to 38,085.80, the S&P 500 lost 23.21 points, or 0.46%, to 5,048.42 and the Nasdaq Composite lost 100.99 points, or 0.64%, to 15,611.76. Equities in the communications sector, dragged down by Meta, were the biggest losers in S&P 500. Other categories of stocks that lost ground are in healthcare, real estate, financials, consumer staples, and consumer discretionary sectors. Money markets are pricing in just about 36 basis points of rate cuts from the Fed this year, down from about 150 bps seen at the start of the year. International Business Machines fell 8% after it announced a US$6.4 billion deal to buy HashiCorp alongside its first-quarter results, in which revenue missed estimates. Southwest Airlines slid nearly 7% as the carrier slashed its projections for new aircraft deliveries from Boeing in 2024 for the third time. Caterpillar shed 7% after it cut second quarter sales forecasts as demand for its construction equipment eases from last year's boom. Rising gold prices helped Newmont, the world's largest bullion miner, to report first quarter profit that beat estimates. Its shares gained 12%. Declining issues outnumbered advancers by a 2.3-to-1 ratio on the NYSE. There were 72 new highs and 85 new lows on the NYSE. On the Nasdaq, 1,410 stocks rose and 2,819 fell as declining issues outnumbered advancers by a 2-to-1 ratio. The S&P 500 posted 14 new 52-week highs and seven new lows while the Nasdaq recorded 37 new highs and 203 new lows.
#Usgrowthslowdown #Ratecuthopesfade #Tightlabourmarket #Inflationsurprise #Disappointingearnings
https://www.thestar.com.my/business/2024/04/26/us-stocks-fall-as-weak-gdp-growth-spreads-rate-cut-gloom

2024-04-19 01:08:56

Celebrating cocktail creativity
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The inaugural Cocktail Week will take place from April 24 to 30 in Kuala Lumpur, featuring global guest bar takeovers, seminars, cocktail competitions, and the Festival Village. The event aims to educate the community on craft cocktails and expose them to Kuala Lumpur's vibrant cocktail scene. Fourteen bars from Asia will take over 18 participating cocktail bars and present their best cocktails. The Festival Village will showcase a wide array of cocktails from distinguished brands, and the Open Cocktail Competition will gather bartenders nationwide to showcase their creativity and skills. Mixologists from acclaimed bars across Asia will take over participating Kuala Lumpur bars. For more details, visit www.instagram.com/klcwofficial.
#Cocktail #Mixology #Event #Bartenders #Competition
https://www.thestar.com.my/metro/metro-news/2024/04/19/celebrating-cocktail-creativity

2024-04-17 07:43:29

Philippines and US troops to sink ship, retake islands in drills
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Philippines and US forces will conduct joint military drills next week, including sinking a target ship, retaking an island, and sailing in waters facing the South China Sea. The exercises aim to demonstrate combat-readiness and showcase the interoperability of the armed forces. The drills will take place in Philippine areas near Taiwan and the South China Sea, where tensions with Beijing are high. The annual war games, called Balikatan, will involve around 16,770 personnel and will be the largest yet. Australian and French troops will participate, and representatives from 14 countries will observe. The exercises are not directed at China, according to Colonel Michael Logico, one of the organizers. The US and Philippine navies and coast guards will sail beyond 12 nautical miles off the province of Palawan, and the French Navy will also participate in the maritime exercise. The troops will simulate the sinking of an enemy ship in the northern province of Ilocos Norte, and they will also simulate the retaking of three islands, two of them in northern Philippines. The drills are part of the preparations for scenarios where islands are taken and need to be retaken. The exercises will include cyber defense and information warfare exercises involving Philippine civilian government agencies.
#Philippines #Us #JointMilitaryDrills #SouthChinaSea #Balikatan #China #MaritimeTensions
https://www.thestar.com.my/aseanplus/aseanplus-news/2024/04/17/philippines-and-us-troops-to-sink-ship-retake-islands-in-drills

2024-04-09 23:56:52

Businesses concerned about US dollar appreciation
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Many enterprises in Vietnam are concerned about the adverse impacts of the sharp appreciation of the US dollar on their business and production. The exchange rate between the Vietnamese dong and the US dollar has recently increased sharply, causing input costs to increase significantly for enterprises that import raw materials or have US dollar-denominated loans. The rise in the exchange rate has been a big concern for both small and large companies, with large companies facing even more difficulties as their demand for imported raw materials and accessories for production always increases. The continuous and sharp exchange rate rise has also caused difficulties for garment producers in production and sales, as they have to spend more money to import equipment, machinery, and raw materials. The increase in the exchange rate has also led to higher prices for goods sold in European and American markets, resulting in lower demand. The exchange rate increase is attributed to the repatriation of profits by foreign direct investment enterprises and is considered a seasonal factor. Businesses are worried that if the exchange rate fluctuations are not controlled and continue to increase sharply in the middle and end of the year, their profits will be further reduced.
#UsDollarAppreciation #Vietnam #ExchangeRate #Businesses #Production #ImportedRawMaterials
https://www.thestar.com.my/business/business-news/2024/04/10/businesses-concerned-about-us-dollar-appreciation

2024-03-15 07:00:54

Tech drags on Asia stocks, dollar rises after US inflation data
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Asian stocks slumped on Friday following tech-led declines on Wall Street after hotter-than-forecast U.S. inflation data. U.S. benchmark bond yields reached 4.3%, the highest level this month. The dollar advanced to its highest level since March 5 against major peers. Crude oil slipped after surging above $85 for the first time since November. Bitcoin retreated from an all-time high. The rise in producer prices in the U.S. added to a heated reading on consumer inflation, leading to futures markets cutting the odds of a June policy easing. The reaction in the U.S. Treasury bond market pulled the dollar along. The 10-year Treasury yield stood around 4.28%. U.S. stock futures pointed lower, and the sell-off in the chip sector shares reverberated in Asian markets. Hong Kong's Hang Seng Index slid more than 2%, South Korea's Kospi fell 1.6%, and mainland Chinese blue chips dropped 0.6%. Japan's Nikkei eased 0.33%. The Bank of Japan is expected to exit ultra-easy stimulus at its upcoming policy meeting. The government appeared to back a policy shift, stating that the economy is no longer in deflation. The BOJ has reportedly started to make arrangements to end its negative interest rate policy. Japan's 10-year bond yield rose to 0.795%, and the yen weakened against the dollar. The euro declined, reaching a low of $1.08735. Bitcoin fell 4.6% to $67,417. Oil prices fell amid profit-taking, with Brent crude futures falling to $85.24 a barrel and U.S. West Texas Intermediate crude falling to $81.10.
#AsianStocks #U.s.Inflation #Dollar #TechSector #BondYields #CrudeOil #Bitcoin
https://www.thestar.com.my/business/business-news/2024/03/15/tech-drags-on-asia-stocks-dollar-rises-after-us-inflation-data

2024-01-26 02:08:09

US economic data to lend fuel to Bursa Malaysia rally
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Positive economic data from the US and subsequent Wall Street rally is expected to boost sentiment on Bursa Malaysia. The Federal Open Market Committee meeting next week will be a major economic event that could impact the lending rate. Hong Kong's Hang Seng Index spiked above the 16,000 level on news of China ramping up stimulus. The Technology sector is expected to see buying support. At market open, the benchmark FBM KLCI was down slightly, but some blue chips made gains. Shares climbed on reports of teams bidding for the KL-Singapore high-speed rail contract. KJTS jumped 63% upon debut on the ACE Market.
#UsEconomicData #BursaMalaysia #WallStreetRally #FederalOpenMarketCommittee #HangSengIndex #TechnologySector #FbmKlci #Kl-singaporeHigh-speedRail #Kjts
https://www.thestar.com.my/business/business-news/2024/01/26/us-economic-data-to-lend-fuel-to-bursa-malaysia-rally

2024-01-26 00:09:23

Oil rises on strong US economy, Red Sea tensions
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Oil prices gained about 3% on Thursday to settle at their highest since December after US economic data showed faster-than-expected growth in the last quarter and as tensions in the Red Sea kept disrupting global trade. Brent crude futures settled up US$2.39, or 2.99%, to US$82.43 a barrel. US West Texas Intermediate crude gained US$2.27, or 3.02%, to US$77.36. Geopolitical tensions in the Middle East and the disruption of shipping in the Red Sea corridor remained in focus. Yemen's Houthi leader said on Thursday the group would continue targeting ships linked to Israel until aid reaches the Palestinian people in Gaza. A Ukrainian drone attack on an oil refinery in southern Russia overnight also sparked supply worries. In the US, a larger-than-expected draw in crude inventories last week, primarily because of extreme cold, also supported prices. US inventories fell by 9.2 million barrels last week, according to the Energy Information Administration. Data on Thursday showed the US economy grew at a faster pace than expected in the fourth quarter, a positive demand indicator. Oil prices also drew support from expectation China's economy is recovering after the central bank announced a deep cut in bank reserves on Wednesday. The European Central Bank on Thursday retained its record-high benchmark rate of 4%, giving no hint that policymakers were contemplating policy easing.
#OilPrices #UsEconomy #RedSeaTensions
https://www.thestar.com.my/business/2024/01/26/oil-rises-on-strong-us-economy-red-sea-tensions

2024-01-25 00:23:51

Investors give up their futile wait for China to repair its economy
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Global investors are exiting the Chinese market as they lose hope in the country's ability to repair its economy. Stock markets in Hong Kong and Shanghai experienced significant declines, with the Shanghai index marking its worst day since April 2022. The frustration stems from the direction of the economy and opaque regulatory changes that hindered China's post-pandemic recovery. China's benchmark CSI 300 Index has slumped 47% since February 2021, while the Hong Kong HSI stock index has sunk 49%. Analysts believe that a turnaround will require significant policy measures, better Sino-US relations, and government intervention in the housing and stock markets. Some investors are scaling down their positions on China and shifting their focus to other emerging markets like India and Japan. Despite the outflow of funds, some overseas money remains in China, particularly from pension funds and indexed products. However, the narrative around investing in China has shifted from a macro story to a micro story, focusing on owning a few good companies rather than the entire economy.
#China #Economy #StockMarket #Investors #RegulatoryChanges
https://www.thestar.com.my/business/insight/2024/01/25/investors-give-up-their-futile-wait-for-china-to-repair-its-economy

2024-01-13 00:29:00

Oil climbs 1% as tankers avoid Red Sea
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Oil prices rose 1% as more oil tankers diverted course from the Red Sea following air and sea strikes by the US and Britain on Houthi targets in Yemen. The attacks were in response to previous attacks on shipping by the Iran-backed group. Brent crude futures settled 1.1% higher at $78.29 a barrel, reaching a session high of over $80, the highest this year. US West Texas Intermediate crude futures climbed 0.9% to $72.68. The increasing tensions in the Red Sea region have raised geopolitical risks.
#Redseatensions #Houthiattacks #Usukstrikes #Tankerdiversions #Brenthighs #Wtirebound #Geopoliticalrisks
https://www.thestar.com.my/business/2024/01/13/oil-climbs-1-as-tankers-avoid-red-sea

2024-01-12 04:43:57

China's exports rise, but deflation persists as economy enters 2024 on shaky footing
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China's exports grew 2.3% in December, beating expectations, while imports grew by 0.2%. The improved export data suggests a global trade comeback. However, deflationary pressures persist in China's economy, with consumer prices falling for a third month and factory-gate prices declining for over a year. Chinese policymakers may need to implement more policy easing measures to address weak domestic demand and the property sector's impact on the economy. The World Bank warns of a likely slowdown in global growth for a third consecutive year.
#China #Exports #Deflation #GlobalTrade #Economy
https://www.thestar.com.my/business/business-news/2024/01/12/china039s-exports-rise-but-deflation-persists-as-economy-enters-2024-on-shaky-footing

2024-01-12 02:40:32

Malaysia says Singapore pledges US$603mil in foreign direct investment
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Malaysia's trade ministry announced that a recent investment mission to Singapore resulted in 2.8 billion ringgit ($603.32 million) in committed foreign direct investment. The investments involve digital infrastructure company Equinix and a food manufacturing company. The ministry did not disclose the name of the food manufacturing company.
#Malaysia #Singapore #ForeignDirectInvestment #Equinix #FoodManufacturing
https://www.thestar.com.my/business/business-news/2024/01/12/malaysia-says-singapore-pledges-us603mil-in-foreign-direct-investment

2024-01-10 00:32:57

Biden administration to unveil new contractor rule
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The Biden administration will release a final rule that will make it more difficult for companies to treat workers as independent contractors rather than employees. The rule, which was first proposed in 2022, will require that workers be considered employees entitled to more benefits and legal protections when they are economically dependent on a company. The rule will likely affect a range of industries and is expected to take effect later this year. It may have a significant impact on app-based services that rely heavily on contract workers. The Trump-era regulation that allowed workers who own their own businesses or have the ability to work for competing companies to be treated as contractors will be replaced by this new rule. The Biden administration has said that the previous rule violated US wage laws and was out of step with federal court decisions. Worker advocates argue that a stricter standard is necessary to combat the misclassification of workers in some industries. Business groups have criticized the draft rule, stating that it will decrease flexibility for workers and have negative impacts on the economy. The new rule is likely to face legal challenges, and its potential impact on labour costs for sectors such as trucking, retail, and manufacturing is expected.
#BidenAdministration #ContractorRule #IndependentContractors #Employees #UsDepartmentOfLabour #App-basedServices #Trump-eraRegulation #MisclassificationOfWorkers #LabourCosts
https://www.thestar.com.my/business/business-news/2024/01/10/biden-administration-to-unveil-new-contractor-rule

2024-01-09 02:44:10

Inland Revenue Board and Customs Department exceeded targets, says Anwar
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The Inland Revenue Board collected RM823bil in 2022, surpassing its target by RM7bil. The Customs Department collected RM55bil, exceeding its target. Anwar Ibrahim, the Prime Minister and Finance Minister, praised the departments for their hard work. Anwar also urged government-linked companies to reduce their foreign investment portfolios and focus more on domestic investment.
#InlandRevenueBoard #CustomsDepartment #AnwarIbrahim #RevenueCollection #Government-linkedCompanies #ForeignInvestment #DomesticInvestment
https://www.thestar.com.my/news/nation/2024/01/09/inland-revenue-board-and-customs-department-exceeded-targets-says-anwar