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EM ASIA FX-QE3 pumps flows into Asia; India reforms power rupee
SINGAPORE: Most emerging Asian currencies extended gains on Monday, enjoying capital inflows to the region after the Federal Reserve's aggressive policy stimulus last week, and the Indian rupee hit a four-month high on the government's reforms.
Swiss banks to suffer big withdrawals over tax: UBS
ZURICH: UBS expects Swiss banks to see European clients withdraw "hundreds of billions of francs" as a result of steps to stop foreigners using secret accounts to evade taxes.
Global stocks, euro edge lower as QE rally pauses
LONDON: European stocks and the euro both eased on Monday, beginning a new week in cautious fashion after chalking up strong gains in the previous session following the launch of fresh U.S. economic stimulus.
India central bank leaves interest rates unchanged, cuts CRR
MUMBAI: India's central bank on Monday left interest rates unchanged but cut the cash reserve ratio for banks, saying the primary focus of monetary policy remains fighting inflation, days after the government unveiled a spree of reforms to boost growth and improve its fiscal position.
China says EU crisis dims outlook for bilateral trade
BEIJING: China is concerned the debt crisis in Europe, its largest trading partner, will hurt the outlook for bilateral trade for the rest of 2012, senior officials said on Monday while urging more structural reform in the euro zone.
Probe focuses on JPMorgan's monitoring of suspect transactions
LONDON: A U.S. regulatory probe of JPMorgan Chase & Co's anti-money laundering systems is focusing on potential lapses in how the largest U.S. bank monitors suspect money transactions, according to people familiar with the situation.
Stocks firm, dollar sags after Fed-inspired rally
SINGAPORE: Asian stocks touched their highest in more than four months on Monday and gold, oil and copper hovered near multi-month highs, after rallying late last week on hopes that fresh stimulus from the world's top central banks will support flagging growth.
Pahang acts to resolve housing shortage
KUALA LIPIS: Pahang Housing and Transport Committee chairman Datuk Mohd Sofi Tan Sri Razak has described as critical the housing situation in the state, with more than 40,000 applications pending for low- and medium-cost houses.
Tun Razak Exchange set to bag international green development certification
KUALA LUMPUR: The Tun Razak Exchange (TRX) is set to bag an acclaimed international certification for sustainable green development.
Mixed views on Astro IPO; revenue to hit RM4.5bil
Fund managers and analysts are mixed on whether to subscribe for the comeback initial public offering (IPO) of Astro Malaysia Holdings Bhd.
Slowdown of property sector set to extend into next year
PETALING JAYA: Exorbitantly high selling prices, stringent banking rules and a generally cautious sentiment that has been having an impact on the Malaysian property market this year could continue into 2013.
Why the goods and services tax may not be such a bad thing after all
IN 2000, Australia introduced a goods and services tax (GST) and didn’t look back. Their experiences will shed some light on what we can expect when GST is introduced in Malaysia, and why it’s not such a bad thing after all.
Higher occupancy rate seen in Penang hotels
GEORGE TOWN: The Malaysian Association of Hotels (MAH, Penang) expects a slight increase of about 2% in occupancy rate of the hotels in Penang this year from 68% in 2011, due to the softer corporate market from Europe and the United States.
BIMB not opposed to buying debt-ridden Dubai Group’s stake in Bank Islam
IF the latest developments around BIMB Holdings Bhd are anything to go by, the Islamic financial services group may be shaping up to be one to watch.
Irda urged to act quickly to get China-based MNCs relocate to Iskandar
JOHOR BARU: Johor is in a good position to attract more multinational corporations (MNCs) based in China to relocate their operations to Iskandar Malaysia.
Culture becoming more relevant in marketing
SINGAPORE: Culture is becoming more relevant in marketing, not less so, according to Microsoft Asia-Pacific central marketing organisation lead Frederique Covington Corbett.
Stocks
Stocks firm, US$ sags Monday after Fed-inspired rally
SINGAPORE: Asian stocks touched their highest in more than four months on Monday and gold, oil and copper hovered near multi-month highs, after rallying late last week on hopes that fresh stimulus from the world's top central banks will support flagging growth.
Share prices on Bursa Malaysia expected to extend gains this week
KUALA LUMPUR: SHARE prices on Bursa Malaysia is expected to extend gains following the bullish performance of global stocks, after the US’ Federal Reserve outlined the third round of quantitative easing.
Bonus/Rights Issues
Bonus/Rights Issues
TM has room for healthy growth
WE are initiating coverage on Telekom Malaysia Bhd (TM) with a “neutral” call and a target price of RM6.55 based on seven times financial year Dec 31, 2013 (FY13) enterprise value over earnings before interest, tax, depreciation and amortisation (EV/EBITDA).
Japan Airlines set to return to Tokyo exchange
TOKYO: Japan Airlines (JAL), delisted from the Tokyo stock exchange after its bankruptcy in 2010, was set to return to Japan’s biggest bourse this week after a massive overhaul and US$8.5bil share sale.
Japanese shares will likely see more gains this week
TOKYO: JAPANESE shares will likely see more gains this week amid expectations that the Bank of Japan may follow suit after its US and European counterparts took action to bolster their economies.
Commodities
CIMB sees little impact on CPO
PETALING JAYA: CIMB Research sees minimal immediate impact on the price of crude palm oil (CPO) following news that the European Union (EU) may reduce the use of biofuels as they are now widely blamed for soaring food prices.
CPO futures expected to be cautious this week
KUALA LUMPUR: Crude palm oil (CPO) futures are expected to be cautious this week with the anticipation of more physical buyers.
Malaysian rubber market expected to extend gains this week
KUALA LUMPUR: The Malaysian rubber market is expected to extend its gains this week following positive response to news report that the Federal Reserve’s fresh phase of monetary stimulus will support economic growth and boost demand.
KLTM prices seen to hover around US$21,200 per tonne level this week
KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) prices were expected to hover around US$21,200 per tonne level this week bolstered by strong demand from the US and Europe, a dealer said.
Earnings
Kenanga: Fall in Gas M’sia profit temporary
PETALING JAYA: Gas Malaysia Bhd’s fall in earnings for the second quarter ended June 30 is expected to be temporary.
SMEs
SME blueprint at coordination stage
KUALA LUMPUR: The Small Medium Enterprise Masterplan (2012-2020), which sets the roadmap and directions for the SMEs over the next eight years, is at the coordination, monitoring and evaluation stage to ensure its effective implementation, according to SME Corp Malaysia.
Economy
Policy logjam could slow India’s growth
NEW DELHI: Indian Prime Minister Manmohan Singh has warned that a prolonged policy logjam could slow economic growth to 5%, a day after India unveiled long-delayed reforms aimed at reviving growth and preventing a credit rating downgrade.
Banking
Vanishing secrecy has Swiss banks seeking new model
GENEVA: With their long-cherished secrecy practices increasingly under attack, Swiss banks are scrambling for a new way to attract wealthy foreign clients.
Citibank disputes it hid Dewey’s financial woes
New York: Citibank is fighting claims the bank “fraudulently induced” former Dewey & LeBouef partners into signing up for a loan programme that financed their capital in the failed law firm, despite knowing of Dewey’s dire financial situation.
Aviation
BAE won’t divest any US businesses for merger
WASHINGTON: BAE Systems said it has no plans to divest any US business units as a result of the proposed merger with European aerospace giant EADS.
Energy
S. Sudan oil may flow soon
BEIJING: South Sudan may resume pumping oil as soon as November, China’s ambassador to Africa said, adding Beijing was optimistic leaders in Juba will soon reach pricing terms with Sudan on piping crude through the country from which it recently split.
Storm clouds gather over Gazprom
MOSCOW: From falling profits to a European Union (EU) anti-trust probe and a possibly misguided strategy based on pipelines – storm clouds are finally gathering over Russia’s previously invincible gas gaint Gazprom.
Economy
Greek PM: Exit from eurozone ‘not an option’
WASHINGTON: Greek Prime Minister Antonis Samaras said that exiting the eurozone was “not an option for Greece and expressed his determination to forge ahead with painful reforms.
Foreign News
Rebuilding Christchurch
Christchurch, New Zealand’s second city, is in rebuild mode after devastating earthquakes in September 2010 and February 2011.
Citi's Southeast Asia financial institutions head resigns
SINGAPORE: Citigroup's Southeast Asia head of financial institutions, David Khoo, has resigned under two years after joining the U.S. bank, a banking source with direct knowledge of the matter said.
China says EU crisis dims outlook for bilateral trade
BEIJING: China is concerned the debt crisis in Europe, its largest trading partner, will hurt the outlook for bilateral trade for the rest of 2012, senior officials said on Monday while urging more structural reform in the euro zone.
Probe focuses on JPMorgan's monitoring of suspect transactions
A U.S. regulatory probe of JPMorgan Chase & Co's anti-money laundering systems is focusing on potential lapses in how the largest U.S. bank monitors suspect money transactions, according to people familiar with the situation.
Designer Vivienne Westwood recycles ideas for latest collection
LONDON: British fashion designer Vivienne Westwood claims she hopes no one will buy her latest creations - for the sake of the planet.
Canon to suspend operations at three plants in China-Japan
TOKYO: Japanese electronics maker Canon Inc is set to suspend operations at three of its four plants in China on Monday and Tuesday following huge anti-Japanese protests in China, Japanese media reported on Monday.
China builds its own military-industrial complex
HONG KONG: When China turned to Russia for supplies of advanced weapons through the 1990s, it kick-started Beijing's military build-up with an immediate boost in firepower.
Winklevoss twins invest in social network company
NEW YORK: The Winklevoss twins, best known for their legal battle against Mark Zuckerberg over the founding of Facebook Inc, have invested in SumZero, a social network company aimed at professional investors, The Wall Street Journal said on Sunday.
Obama to launch auto trade case against China
WASHINGTON: President Barack Obama will launch a trade complaint against China over what it says is Beijing's unfair government backing of its auto industry, a White House official said on Sunday.
China struggles to cure the violent ills of health system
GUANGZHOU/BEIJING: Beijing is struggling to deal with an increasingly violent flashpoint of social unrest in its healthcare system, as its latest bid to cut costs is failing to ease tensions among millions of people who cannot afford basic treatment.
Oil up in Asia on Fed stimulus, Middle East unrest
SINGAPORE: Oil prices rose in Asia Monday as dealers welcomed the US Federal Reserve's plan to kickstart the economy, while tensions in the Middle East also provided support, analysts said.
Billionaire Buffett cancer treatment over
WASHINGTON: Billionaire investor Warren Buffett has completed radiation treatment for prostate cancer, according to a newspaper owned by the larger-than-life financier.
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