EURO

100 euro !!!, 100 euro !!!, 100 euro !!!, 100 euro !!!

Share Market - Margin

Margin high can earn more money !!!

Credit Card

All bank provided credit card, and must spend on it!!!

US Dollar

10 US Dollar !!!, 20 US Dollar !!!, 50 US Dollar !!!, 100 US Dollar !!!

Gold Bar

Buy 1 gold bar for yourself !!!

Tuesday, July 29, 2008

Al Rajhi Bank buys i-City offices for RM95m

KUALA LUMPUR: Al Rajhi Bank (Malaysia) Bhd made its first foray into Malaysia’s real estate investment by proposing to acquire 36 office suites at i-City Cybercentre 1 in Shah Alam from I-Bhd for RM95mil.

I-Bhd announced Monday that both parties had signed a sale and purchase agreement for the bank to purchase the 36 units at i-City -- a RM2bil integrated commercial development on 72-acres of freehold land along the Federal Highway in Section 7, Shah Alam.

Al Rajhi Bank (Malaysia) chief executive officer Ahmed Rehman said this investment was a strategic decision as the bank was transforming itself to become a banking technology partner for customers, particularly with the launch of its full-fledged cash management platform.

i-City is designed as a fully integrated township, comprising a shopping mall, corporate towers and offices, cybercentre office suites, data-centres and innovation centre, hotels and serviced apartments.

I-Bhd director Eu Hong Chew said while the attractive selling price of i-City set a role model and new benchmark for the Shah Alam township as well as for the western side of Klang Valley, there were still tremendous opportunities for capital enhancement and appreciation.

Sunday, July 27, 2008

Dominica invests in geothermal energy

ROSEAU, Dominica (AP) - The tiny Caribbean island of Dominica has signed an agreement with West Indies Power Holdings for the exploration of geothermal energy.

Officials with the Nevis-based company say it will take 18 months and cost US$4 million to dig wells up to 6,000 feet (1,800 meters) deep just south of the island. They hope to find hot water and convert it to steam so it can be used to generate electricity.

The project's second phase includes construction of a 15-megawatt plant that will cost US$45 million and take more than one year to build.

Former acting Attorney General Bernard Wiltshire said Saturday that the project will generate additional revenue for Dominica. Officials plan to sell excess power to Martinique and Guadeloupe. - AP

Tuesday, July 22, 2008

Govt urged to reduce sales tax on plastics

IPOH: The Malaysian Plastics Manufacturers Association wants the Government to reduce the sales tax on all plastic finished products from the current 10%.

Its president Lim Kok Boon said the sales tax paid by consumers now had doubled from four years ago.

“The drastic increase in the selling price of plastic finished products has resulted in a decrease in demand by 30%," he told reporters here on Tuesday.

The sales tax reduction would also assist in stabilising demand for plastic products, he added.

He said the price of plastic resin had more than doubled over the last four years.

“The price of plastic resin in 2004 was US$700 (RM2,270) per ton and it is now US$2,000 (RM6,486) per ton,” said Lim.

The increase in price of resin, compounded by hikes in petrol prices and electricity tariffs, had made plastic products more expensive, he said.

Friday, July 18, 2008

Market down in early trade, oil US$130

KUALA LUMPUR: Blue chips fell in early trade Friday as investors avoided most equities on concerns about the current political situation, rising inflation and slowing economic growth, despite the fact that oil had fallen to US$130 per barrel.

The KL Composite Index fell 2.22 points to 1,118.95. Turnover was 24.22 million shares valued at RM60.14mil. There were 107 gainers, 65 losers while 102 counters were unchanged.

Asian markets fared better. Shanghai’s A Share Index rose 1.73% or 48.7 points to 2,864.73, Singapore’s Straits Times Index added 0.54% to 2,879.7 and the Nikkei 225 0.38% higher at 12,937.19.

The top loser was E&O-LA which tumbled 72 sen to RM1.70 but with 1,000 units done.

The decline in crude oil prices and weaker crude palm oil prices dragged plantations down with KL Kepong falling 40 sen to RM14.80, IOI Corp and Kulim 30 sen each to RM5.80 and RM8 while Kulim-WB fell 40 sen to RM5.60. Batu Kawan, Far East and Asiatic gave up 15 sen each to RM9.60, RM7.30 and RM6.60.

Public Bank foreign fell 10 sen to RM10.40 but the local shares rose 10 sen to RM10.40.

Tanjong added 20 sen to RM12.40, while Hong Leong Bank added 15 sen to RM5.65, and IOI Properties 14 sen to RM4.86.

AirAsia rose two sen to 91.5 sen in active trade.

Tuesday, July 15, 2008

Asian, European markets tumble as worries mount over US financial woes

LONDON: Asian and European stock markets fell sharply Tuesday as investor confidence in the U.S. financial system eroded further despite a government-backed plan to help beleaguered mortgage financiers Fannie Mae and Freddie Mac.

Financials were hit particularly hard as investors worried that trouble in the U.S. markets would spill over to Asia and Europe.

By afternoon in Europe, Britain's FTSE 100 had fallen 2.55 percent to 5,165.20, Germany's DAX lost 2.60 percent at 6,039.20 and France's CAC-40 retreated 2.18 percent to 4,052.28.

Fears of yet more bank losses in Europe weighed on stocks. Several major banks have written off billions and had to raise more capital.

"We have got results coming out later in the week and there are worries there are going to be more write-downs,'' said Lawrence Peterman, investment director at Eden Financial in London.

Official figures showing inflation in Britain hit a higher-than-expected 3.8 percent in June, up from 3.3 percent in May, was also having an effect, Peterman said.

In Asia, every major index suffered declines, with Hong Kong's Hang Seng Index dropping more than 3.8 percent and Taiwan's benchmark losing over 4.5 percent. In Tokyo, the Nikkei 225 index dropped nearly 2 percent to close at 12,754.56.

Share prices on Bursa Malaysia closed lower in cautious trading as investors continued selling shares in selected counters, especially finance and plantation stocks.

Investors remained guarded in the wake of weak overnight performance on Wall Street and other regional markets as worries raised with the continued fallout from the US sub-prime mortgage market crisis.

Major blue chips like Sime Darby, IOI Corp, Tenaga and Maybank yielded to selling pressure.

In Japan, traders were rattled by a local business newspaper report that the country's top three banks hold a combined 4.7 trillion yen (US$44 billion) in Fannie Mae and Freddie Mac debt.

Another newspaper report unnerved Taiwan's market with news that at least two leading financial institutions have invested in the mortgage giants, and the country's central bank may also have purchased their bonds.

In China, rumours were circulating that the Chinese government had also invested in Fannie and Freddie bonds.

The two government-chartered companies received a boost Sunday when the US central bank and Treasury Department promised to step in with short-term funding and other aid should mortgage losses mount. Together, the companies hold or back about half the outstanding mortgages in the United States.

A sell-off of regional banks overnight on Wall Street, as well as fears that other American banks might face difficulties ahead, only added to the unease. On Monday, the Dow Jones industrial average fell 45.35, or 0.41 percent, to 11,055.19 after spiking nearly 140 points in early trading.

"Investors are quite concerned we could be heading toward a meltdown in the equities market if there's no rebuilding in confidence, especially in the U.S.,'' said Alex Tang, head of research at Core Pacific-Yamaichi in Hong Kong.

In Hong Kong, the blue-chip Hang Seng Index plunged almost 840 points to 21,174.77 _ its lowest close in nearly four months.

China's biggest lender, ICBC, dove nearly 5.2 percent, and HSBC lost more than 3 percent. Heavyweight China Life Insurance slid 5.3 percent.

In mainland China, the benchmark Shanghai Composite Index fell 3.4 percent to close at 2779.45.

The drop was sharpest for real estate developers, banks and insurers. Among financial companies, China Life and Ping An Insurance both tanked 6 percent. Midsize lender Pudong Development Bank Ltd. dropped 7.1 percent.

The government is due to release closely watched inflation data Thursday, which could add to pressure for an interest rate hike. Analysts expect a decline from May's 7.7 percent but expect the rate to stay above the government's 4.8 percent target for the year.

Elsewhere, South Korea's benchmark slid 3.2 percent, India's Sensex was down 4.6 percent in late trade and Australia's main index lost 2.1 percent.- AP

Monday, July 14, 2008

Stocks open lower in early trade

KUALA LUMPUR: Stocks opened lower in early trade Monday in the absence of strong fresh corporate news while the weaker Wall Street last week also weighed down sentiment.

At 9.30am, the KLCI was down 3.54 points to 1,146.58. Turnover was 25.78 million shares valued at RM27.1mil. There were 41 gainers, 118 losers and 73 counters.

Among Asian markets, Japan’s Nikkei 225 rose 0.48% or 63.22 points to 13,102.91 but Singapore’s Straits Times Index fell 0.33% to 2,917.05 and Shanghai’s A Share Index lost 0.92% to 2,968.73.

Light crude oil fell over US$2 to US$143 a barrel following a recovery in the US dollar after US Treasury and the Federal Reserve took steps to help the embattled mortgage lenders Fannie Mae and Freddie Mac.

On the home front, all eyes will be on the outcome of an
emergency motion of no confidence against Prime Minister Datuk Seri Abdullah Ahmad Badawi at 11.30am Monday.

At Bursa Malaysia, among the losers were KL Kepong, down 20 sen to RM15.10, Bursa lost 15 sen to RM6.75 and Goodway 14.5 sen to 60.5 sen. Down 10 sen each were Public Bank and Tanjong to RM10.40 and RM12.60.

MK Land rose one sen to 25 sen on talks of a takeover. It was the most active with 3.55 million shares done.

Ingress was traded higher on expectations of securing new rail contracts, rising seven sen to 55 sen.

MPI rose 35 sen to RM7.05, Johor Land 24 sen to RM1.24, KNM 20 sen to RM6, while Public Bank foreign rose 10 sen to RM10.50.


MKLAND : [Stock Watch] [News]
INGRESS : [Stock Watch] [News]

Monday, July 7, 2008

African leaders call on G8 to honour aid pledge

TOYAKO, Japan (Reuters) - African leaders urged the Group of Eight rich nations on Monday to keep promises to help their continent and pleaded with them to remember that soaring oil and food prices were making their poverty worse.

German Chancellor Angela Merkel (L) and Russia's President Dmitry Medvedev meet at the Group of Eight (G8) Summit at The Windsor Hotel Toya Resort and Spa in Toyako, July 7, 2008. (REUTERS/RIA NOVOSTI/KREMLIN/Dmitry Astakhov)

The G8 has been accused by activists of reneging on the promise made at its 2005 summit in Gleneagles, Scotland, to double aid by 2010 to $50 billion, half of which would go to Africa.

"Some African leaders just wanted to emphasise that while appreciating G8 leaders' commitment to help Africa in past G8 summits, they just wanted to point that they would like to see these commitments fully implemented," Japanese Foreign Ministry spokesman Kazuo Kodama said.

"They also sent their message that they would really like to see no backtracking, as such, on the part of G8 leaders on their commitments."

The issue of African poverty topped the agenda at the start of a three-day G8 summit in Japan, closely linked with rising food and fuel prices and the contentious topic of how to fight global warming, which the leaders will tackle later in the week.

Citing a final draft of the G8 leaders' communique, Japan's Yomiuri newspaper reported on Monday that they would call rising food and oil prices a "serious threat".

Japan invited the leaders of Algeria, Ethiopia, Ghana, Nigeria, Senegal, South Africa and Tanzania to join the day's discussion at a luxury hotel wreathed in fog on the northern island of Hokkaido.

"African leaders asked for the G8 leadership to help those who are hurt significantly by rising oil prices, such as showing their leadership in talks with OPEC countries," a Japanese official said after the meeting.

BETTER MONITORING

World Bank President Robert Zoellick, who was also at the talks, said the leaders discussed a system to better track the aid to ensure commitments were honoured.

"There was a desire to have greater comfort on both sides on the delivery. So there was some movement towards the idea that the G8 in their process -- perhaps with their sherpas -- may engage with the African Union commission," Zoellick said.

"Countries need to deliver on their promises, and that was the tone that was generally accepted in the discussion," he told a news conference.

A report last month by the Africa Progress Panel, which was set up to monitor implementation of the Gleneagles commitments, said that under current spending plans the G8 will fall $40 billion short of its target.

This year marks the half-way point to reach eight Millennium Development Goals (MDGs) set by the U.N. General Assembly in September 2000 to reduce world poverty by 2015.

With grain prices having doubled since January 2006, Africa needs more help, not less, activists say.

A preliminary World Bank study released last week estimated that up to 105 million more people could drop below the poverty line due to rising food prices, including 30 million in Africa.

In Liberia, the cost of food for a typical household jumped by 25 percent in January alone, increasing the poverty rate to over 70 percent from 64 percent, the study found.

Max Lawson, a policy adviser to Oxfam, a British advocacy group, said the summit was arguably the most important G8 gathering in a decade.

"The world is clearly facing multiple crises -- serious, serious economic problems, both rich and poor countries. But it is poor people who suffer the most, suffering hugely from food price increases," Lawson told reporters.

ZIMBABWE DIVISIONS

World leaders took the opportunity to raise the prospect of more sanctions against Zimbabwe unless quick progress is made to end a political crisis after a run-off election in June in which Robert Mugabe was the only presidential candidate.

The opposition candidate withdrew amid widespread violence against his supporters.

They told the African leaders at the gathering to deal with Mugabe or trade and investment on the whole continent would be affected, a Canadian official told reporters.

Tanzanian President Jakaya Kikwete suggested that African leaders shared the G8's concerns, but differed over the best response.

The G8 comprises the United States, Japan, France, Britain, Germany, Canada, Italy and Russia.

Many critics and even member countries suggest the G8, formed in 1975 with just six members in the wake of the first oil crisis, should expand to take in large developing nations to better represent the world.

On Monday hundreds of demonstrators from Japan and other countries marched in heavy rain toward the summit venue, carrying signs slamming the rich nations' cosy club.

Heavy security meant that they were kept several kilometres away. Two groups tried to take unauthorised routes but were turned back by dozens of police.

Global warming will be the focus of an expanded meeting on Wednesday that will include China and India, two fast-growing economies that are pumping out more and more greenhouse gases.

But deep divisions within the G8 as well as between rich and poor nations have raised doubts about the chances for progress beyond last year's summit, where the G8 agreed to "seriously consider" a global goal of halving greenhouse gas emissions by 2050.

The European Union and green groups are piling pressure on a reluctant United States to agree to a target to halve global greenhouse gas emissions by mid-century and back the need for 2020 targets for rich countries as well.

(Additional reporting by Chikafumi Hodo, David Ljunggren, Gernot Heller, Chisa Fujioka, Yoko Kubota and David Fogarty)

Copyright © 2008 Reuters

FMH targets new location by next year

TOTAL logistics player Freight Management Holdings Bhd (FMH), which is finalising a joint-venture company in Indonesia, also plans to expand its freight services in another South-East Asian (SEA) country by next year.

Managing director Chew Chong Keat said the operations in this new location would be similar to its proposed Indonesian ventures in the sea and airfreight services.

“Since we are in the midst of negotiation, I am not able to disclose the exact location,” he told StarBiz,

He ,said the expansion was in line with the group's goal to create a strong regional base.

Chew said the plan to expand its freight services in Indonesia, without having to invest in major infrastructure and transportation such as warehouses and trucks, would mitigate the direct impact from rising fuel prices.

Chew Chong Keat

FMH holds a 62% stake in JV company, PT Icon Freight Indonesia, via its subsidiary, Icon Line (M) Sdn Bhd.

“We will have to outsource the warehouse and transportation needs but intend to concentrate on our core freight services business,” he said.

Chew said Indonesia's large manufacturing sector offers great prospects for freight services.

The country's population is ten times higher than Malaysia's and its domestic consumption is also high, he added.

Prior to Indonesia, FMH established its first overseas office in Western Australia two years ago with the setting up of a joint-venture company, Icon Freight Services Pty Ltd, in which it controls 55%.

On the local front, FMH owns more than 190,000sq ft of warehousing, 20 trucks and nine prime movers for its freight operations.

FMH's freight services include full container loads and less container load services for sea, rail and air. This made up about 90% of the group's pre-tax profit.

Besides freight services, FMH is also expanding its fleet of barges and tugboat services of its 51% owned Singapore-based TCH Marine Pte Ltd.

“We will receive a new barge valued at S$1.6mil next month,” he said. FMH currently owns and operates seven barges and nine tugboats.

Chew is confident that the group would have another prosperous year in its yet-to-be announced financial result for financial year ended June 30, 2008.

“In fact, our nine months cumulative results had exceed our internal growth targets of between 10% and 15%,” he said.

Sunday, July 6, 2008

Bursa CEO willing to take the rap

Bursa CEO: Since I’m head of management, I have to be fully accountable

KUALA LUMPUR: Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff is willing to bear the responsibility for the technical glitch on Thursday that led to a halt in trading for an entire day.

“Obviously the management would have to bear the responsibility and since I'm head of management, I have to be fully accountable,” he said when asked who would be held responsible for the failure.

The high profile failure of the trading system has brought up talk about Yusli's future in Bursa, a subject that he admitted rested with the board of directors of the exchange.

“I don't decide my contract. All the senior management of Bursa are on contract and it's the board's prerogative if they want to keep us on contract,” he told the media yesterday.

Thursday's trading halt has raised concerns that the system is unreliable, and doubts were compounded by the “bad timing” of the glitch in a period of bad market sentiment that was stirred by the political issues over the past few days.

Datuk Yusli Mohamed Yusoff (left) and Yew Kim Keong speaking to the press on Friday.

However, Yusli was quick to reassure that system integrity was the exchange's utmost priority and that the flaw that crashed the exchange's system would “no longer be a problem going forward.”

To ensure this, Bursa is mulling over the idea of an automated start-up of its back-up system in a situation when a partial or single point at the primary site fails.

Chief information officer Yew Kim Keong said trials on its recovery system were previously done for the scenario of a total system breakdown and not when a single point failed.

This happened on Thursday when the derivatives and bond trading were still operating despite the failure in the equities trading system. As such, the exchange decided to only switch on that part to the back-up system.

However, the synchronisation of data between the primary site and back-up system was longer than the anticipated three hours, stopping Bursa from resuming trading in the afternoon, Yew said.

Hewlett-Packard (M) Sdn Bhd managing director T.F. Chong said the design of the computer system depended on the business environment and the requirements of the respective stock exchange.

Hewlett-Packard is the vendor of the HP Non-Stop Hardware, which is the existing architecture being used by Bursa.

On whether cost was a constraint for Bursa to have a variety of situational recovery trials, Yusli said the exchange had to be practical.

“We could spend all our time testing on business continuity process (BCP) or draw a line somewhere. Our BCP is in line with international practice,” he said.

Bursa spends the most on technology after manpower, which stood at 30% and 50% respectively of operating cost. Total operating cost amounts to RM200mil.

On the benchmark index's drop of almost 2% yesterday, Yusli said that was in tandem with several markets in the region, which also fell in the last few days.

“Malaysia offers very good values to investors. Even our stock valuations today offer are attractively priced based on fundamentals,” he added.


For latest MSEB indices, charts and other information click here

Wednesday, July 2, 2008

KLCI falls to March 10 level

KUALA LUMPUR: The Kuala Lumpur Composite Index fell to the March 10 level of 1,157 in late-morning trade Tuesday on some selling pressure on key stocks.

At 11.30am, the KLCI was down 17.4 points to 1,157.43 while the FBM Emas fell 110.87 points to 7,705.45 while the FBM Second Board gave up 75.01 points to 5,402.04.

Turnover was 151.29 million shares valued at RM294mil. There were 57 gainers, 461 losers and 145 counters unchanged.

The KLCI plunged to 1,157 on March 10 after the market reopened that day following the weekend general elections.

On the market, fund managers said there could be some bargain hunting on battered down stocks but there were still some uncertainties to contend with.

KFCH was the top loser, down 40 sen to RM5.95, Bursa fell 30 sen to RM6.85 while Nestle and IJM Corp lost 25 sen each to RM28.75 and RM5.20 respectively while Public Bank foreign gave up 20 sen to RM10.30.

Tuesday, July 1, 2008

Tough first half for world markets

PETALING JAYA: The first half year was a tough one for stock investors and the bad news is that most people believe it won't get easier any time soon.

The Dow Jones Industrial Index - probably the most watched stock index in the world - dropped 106.91 points last Friday and at 11,346.7 points was 19.9% lower from its peak eight months ago.

A 20% decline is widely considered by analysts as the start of a so-called bear market.

Most Asian stock markets, at least the major ones, have already been in deep bear market territory for the past couple of months.

From Japan to India, stock markets across the region have had their worst six months in a long time coming off four years of almost uninterrupted gains.

In Vietnam the main index had crashed 56% year-to-date, while in China the two stock exchanges in Shanghai and Shenzhen slumped at least 45% during the same period.

Analysts said as long as crude oil price keeps heading north, worries over rising inflation and decelerating growth would continue to keep a lid on stock prices worldwide.

Crude oil futures traded in New York, the global benchmark for oil price, surged above US$143 per barrel for the first time yesterday to extend gains to 48.8% year-to-date.

Malaysia, a net oil and gas exporting country, was not spared from the global sell-off on equities.

The KL Composite Index (KLCI) slipped 3.97 points on the last trading day of June to close at 1,186.57 - down 22.5% from a record 1,524.69 points achieved on Jan 14.

“We are still sticking to our bearish bias as the market is at great risk of re-testing the 1,157.47-point level,'' OSK Investment said in its technical outlook for the KLCI this week.

The level cited by OSK is the KLCI's lowest so far this year. The benchmark sank 123 points in one of its biggest single-day decline in history on March 10 after Barisan Nasional saw its worst-ever performance in a general election.

The fragile market sentiment was battered by a steep 41% increase in petrol price sold at local pumps to RM2.70 on June 5 and the decision to allow Tenaga Nasional Bhd to raise electricity tariff for a second time in two years effective today.

Economists had forecast that the consumer price index (CPI) would probably be at 5% in June and remain high for the rest of the year.

“On the whole, the confluence of domestic and external concerns will likely keep investors on the sidelines and risk appetite for equities subdued,'' RHB Research Institute said in its strategy report yesterday.

The firm also downgraded its year-end target for the KLCI to 1,128 points.

Despite the gloom during the past six months, there were still winners in the market. Losing stocks, however, overwhelmed risers by a wide margin.

Steel manufacturers were the top performers, led by Southern Steel Bhd which was up 72% to RM3.10 as at end-June, followed by Ann Joo Resources Bhd, up 43% to RM3.82; and Lion Industries Bhd, up 21% to M2.61.

Among palm oil companies, Kulim (M) Bhd gained 22% to RM9.70 as crude palm oil futures contract traded on Bursa Derivatives jumped 18% during the period.

However, top planter IOI Corp Bhd eased 4% to RM7.45, while Kuala Lumpur Kepong Bhd was almost flat at RM17.60.

Meanwhile, the drop in trading volume by half from an average of about RM2bil a day in the earlier part of the year to below RM1bil in recent weeks contributed to Bursa Malaysia Bhd's dismal share price performance.

Shares in the exchange operator closed at RM7.45 yesterday, down 48% year-to-date.

More than half of the top 30 largest stocks on Bursa - accounting for nearly 70% the total market capitalisation - posted double-digit losses for the six months under review.


Latest business news from AP-Wire