NEW YORK: Comparing the Federal Reserve to a rehab clinic offering addicted investors a synthetic high has been a favorite of Wall Street wags ever since the first round of Fed stimulus nearly four years ago. The punch line is that you always need more and more to get the same high and each bout of euphoria is followed by a crashing comedown.
NEW YORK: The Federal Reserve will buy a total of $600 billion of bonds under its new stimulus program announced Thursday, known as QE3, and will look for a U.S. unemployment rate of 7 percent before it halts the program, according to the median of forecasts from a Reuters poll on Friday.
MADRID: Tens of thousands of Spaniards rallied in Madrid on Saturday to protest against spending cuts and tax rises in a country reeling from high unemployment and a grueling recession.
NICOSIA: German reticence over how fast to centralize banking supervision in Europe stoked tensions with France on Saturday, which urged prompt implementation of a plan designed to tackle the financial crisis and help underpin the single currency.
NICOSIA: Greece may get more time to reach financial targets under its 130 billion euro rescue package but probably not more money, its international lenders signaled on Friday, saying a decision had to come by the end of October.
SAN FRANCISCO: Facebook Inc CEO Mark Zuckerberg might need to talk more often. A 30-minute appearance at a technology industry conference earlier this week has translated into $6.785 billion (4.183 billion pounds) in additional market valuation for his company.
NEW YORK: U.S. stocks rose for a fourth straight session on Friday to close out the week at nearly five-year highs after the Federal Reserve took bold action to spur the economy, a move that could keep equities buoyed in the coming months.
PETALING JAYA: Malaysian funds and private sector have invested close to £3bil in prime central London since September 2009, according to sources.
KUALA LUMPUR: MBF Holdings Bhd’s shareholders may see up to a total gross RM1 dividend declaration per share in the next two years as the group intends to dispose of more non-core businesses.
PETALING JAYA: Mass Rapid Transit Corp (MRT Corp) has awarded five more work packages worth RM3.74bil for the massive Sungai Buloh-Kajang MyRapid Transit (MRT) line following the conclusion of the One Stop Procument Committee.
PETALING JAYA: Affin Investment Bank is looking at a potential capital upside of 14% from IGB Real Estate Investment Trust’s (REIT) initial public offering (IPO) price of RM1.25.
KUALA LUMPUR: AirAsia Bhd has many “defences” against Malindo Airways, the new low-cost carrier start-up that will compete with it in the domestic market, said RHB Research Institute.
KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) RM2.44bil (US$800mil) Regulation S Tier 2 capital subordinated notes under the RM15.23bil (US$5bil) multi-currency medium-term notes programme has been oversubscribed by 5.6 times its order book which was well diversified and allocated to high-quality investors.
PETALING JAYA: CIMB Investment Bank Bhd expects the Government to reduce the withholding tax on dividends for real estate investment trusts (REITs) in the upcoming Budget 2013.
KUALA LUMPUR: TSH Resources Bhd has secured a direct 20.2% shareholding in Pontian United Plantations Bhd (PUPB).
PETALING JAYA: Analysts have left their earnings estimates for Dialog Group Bhd unchanged despite news that it will head a consortium to expand its investments in Pengerang.
Managing director of Watsons Malaysa on his posting in Malaysia.
KUALA LUMPUR: Binariang GSM Sdn Bhd’s move to possibly hive away its stake in India-based Aircel Communications, in which Maxis Communications owns 74%, is not necessarily “the best move,” says RAM Rating Services Bhd’s analyst Lee Chai Len.
PETALING JAYA: RAM Ratings will be closely monitoring developments at insurer Pacific & Orient Bhd, which recently obtained central bank approval to commence preliminary negotiations for the proposed divestment of the company’s 49% stake in subsidiary Pacific & Orient Insurance Co Bhd to Sanlam Ltd.
KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has affirmed its rating of AAAIS(fg) on Antara Steel Mill Sdn Bhd’s RM300mil sukuk mudharabah programme with a “stable” outlook.
PETALING JAYA: MK Land Holdings Bhd chairman Tan Sri Mustapha Kamal Abu Bakar says the Government should consider releasing its land for the building of affordable homes.
PETALING JAYA: Government-linked private equity fund manager Ekuiti Nasional Bhd (Ekuinas) is undertaking a RM78.2mil follow-on investment in Rancak Selera Sdn Bhd to help the company expand its existing network to Singapore.
PETALING JAYA: Metronic Global Bhd’s managing director Ng Tek Che has resigned from the company to pursue other business interest.
Tan Sri Lim Wee Chai, chairman of Top Glove Corp Bhd, is not satisfied. He wants his company to have a bigger share of the global market.
IF one takes a tour of the austere office of Top Glove Corp Bhd, better known as Factory 9, one immediately understands why Top Glove is the largest rubber glove manufacturer in the world.
While organic growth will allow Top Glove Corp Bhd to achieve its targets, the process can be expedited and made easier if it buys over another glove firm to increase its production capacity and market reach.
TOP Glove Corp Bhd became the first rubber glove maker to move upstream by acquiring its own rubber plantation land to ensure a consistent supply of latex.
Holding pole position for seven years is a tough job. Can Top Glove Corp Bhd maintain its dominance in the competitive rubber glove industry?
It was a marathon meeting lasting 24 hours in a hotel in Singapore over two weeks ago that resulted in the creation of Malindo Airways.
THE dwindling supply of raw commodities has become a major concern among local downstream commodity-based industry players despite Malaysia being a world producer of palm oil, rubber, cocoa and to a certain extent rich in mineral resources such as gold, iron ore and coal.
CHRISTCHURCH, New Zealand’s second city and the economic hub of the South Island, is open for business.
AN advocate of excellence, Guinness Anchor Bhd (GAB) places importance not only in the quality of its products but also emphasises on how its brews are served to ensure consumer satisfaction is achieved.
There should be a balanced regulation for Islamic finance, one that does not impede its growth or allow for abuse, according to leading industry players.
WHILE the Education Blueprint 2013 to 2025 has its merits, the passion to drive the quality of education higher will ultimately determine the success and execution of building up the nation’s talent pool to match the increasing demands of a knowledge-based economy.
HAVING been under the weather recently, I was unable to do anything too “physically strenuous” for a few days and decided to revisit one of my favourite past times – playing video games, to relieve boredom.
Tan Sri Andrew Sheng talks about the potential of eBanking in China.
Errol Oh says some practitioners (the partners and sole proprietors of accounting firms) have shown that they are a persistent and outspoken lot.
P Gunasegaram comments that underestimating the capability and capacity of new low cost carrier Milando Airways is dangerous.
Joan Hoi on using accountability as a catalyst to drive performance.
Malaysia has always placed great emphasis on upgrading and developing its infrastructure facilities such as telecommunications, utilities transport and smart buildings to improve productivity and enhance economic competitiveness.
TREND ANALYSIS - By K.M. LEE
UEM Land Holdings Bhd
CAUTIOUS sentiment continued to affect advertising expenditure (adex) in the country in the second half of the year, according to data from information and measurement firm Nielsen Malaysia.
DENTSU Utama Sdn Bhd, which is part of the Tokyo-headquartered Dentsu group, has appointed Nina Mohamed Nor as creative director.
SPIKES Asia Festival of Creativity and Cheil Worldwide are again teaming up to form the Spikes Asia Creative Academy, offering a unique learning opportunity for a select group of students from across Asia-Pacific.
THE coming Budget 2013 is expected to address two interesting issues - how to curb the speculative property market and how to address the issue of affordable housing.
THE Malaysian Institute of Estate Agents (MIEA) wants to encourage more participants outside the Klang Valley area for its upcoming Real Estate Awards next month.
Compiled by THEAN LEE CHENG
SEOUL: Standard & Poor’s (S&P) raised South Korea’s sovereign credit rating by one notch yesterday to A-plus, the country’s third upgrade in as many weeks, further bolstering the safe-haven perception of the country’s treasury bonds.
HONG KONG: Asian markets surged yesterday after the US Federal Reserve said it would unleash a huge open-ended bond-buying programme aimed at jump-starting growth and boosting jobs in the world’s largest economy.
HONG KONG: The latest stimulus from the US Federal Reserve increases the risk that Hong Kong’s redhot property market will overheat and authorities may act to deal with that at an “appropriate” time, Hong Kong’s de facto central bank said.
LONDON: State-backed Royal Bank of Scotland (RBS) confirmed it plans to push ahead with a flotation of its Direct Line insurance division in what could be the biggest listing on the London Stock Exchange for more than a year.
TOKYO: Japan’s export-reliant economy will likely stall for the rest of 2012 as it struggles due to Europe’s relentless debt crisis, a subdued China economy and a persistently strong yen, a Reuters poll shows.
FRANKFURT: German Finance Minister Wolfgang Schaeuble sought to allay fears that Europe’s top economy would have to pick up the tab if other countries could not pay their share of the eurozone’s rescue fund.
In a Sense - Jottings and musings by NG BEI SHAN
In a Sense - Jottings and musings by DANIEL KHOO
In a Sense - Jottings and musings by LEONG HUNG YEE