KLCI opens below 1,000 level

KUALA LUMPUR: Blue chips fell sharply in early trade on Tuesday, sending the KL Composite Index below the key 1,000 level as sentiment was battered by weak regional markets and the tumble on Wall Street. At 9.05am, the KLCI was down 23.86 points or 2.34% to 995.86. Turnover was 22.31 million shares valued at RM31.27mil. There were only nine gainers, 195 losers and 34 counters unchanged. Major Asian markets which were opened for trading also fell...

Read More

Deal reached on financial markets bailout

WASHINGTON: Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that would cost taxpayers hundreds of billions of dollars. The House could vote on it Sunday and the Senate on Monday. House Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper. Treasury Secretary Henry Paulson talked of finalising the deal but added: “I think we’re there.” The plan would spend up to US$700bil, most of it on buying deeply devalued mortgages...

Read More

KL, Asia stocks extend gains on proposed US bailout

KUALA LUMPUR: The Malaysian and Asian markets extended gains Monday after the U.S. government proposed a US$700 billion plan to solve the world financial crisis by rescuing banks from billions of dollars in risky mortgage debt. The benchmark Kuala Lumpur Composite Index stood at 1029.16 up 3.46 points or 0.34% at 11.56 am (0356gmt). The losers at 236 led the gainers at 226. There were 198 counters unchanged and 2,509,618 lots were traded. In Japan, the Nikkei 225 index was 1.7 percent higher at 12,123.54 points by midday, while Hong Kong's Hang...

Read More

Markets fall on US financial worries

KUALA LUMPUR: Asian markets fell in the morning session on Monday as investors worried about the US financial health, especially after Lehman Brothers filed for bankruptcy. At Bursa Malaysia, declining stocks beat advancers nearly six to one as political concerns further weighed down sentiment. At 12.30pm, the KLCI had fallen 15.86 points or 1.52% to 1,028.17. Turnover was 126.92mil shares valued at RM250.13mil. There were 66 gainers, 385 losers while 149 counters were unchanged. Asian markets fell, with Taiwan’s Weighted Index down 250.12 points...

Read More

Markets fall on US financial worries

KUALA LUMPUR: Asian markets fell in the morning session on Monday as investors worried about the US financial health, especially after Lehman Brothers filed for bankruptcy. At Bursa Malaysia, declining stocks beat advancers nearly six to one as political concerns further weighed down sentiment. At 12.30pm, the KLCI had fallen 15.86 points or 1.52% to 1,028.17. Turnover was 126.92mil shares valued at RM250.13mil. There were 66 gainers, 385 losers while 149 counters were unchanged. Asian markets fell, with Taiwan’s Weighted Index down 250.12 points...

Read More

Pollution and global warming very serious in the next 10 years

SINGAPORE: A global policy framework for renewable energy is needed in the world today and sustainable initiatives that focus on carbon tax should be developed. This is necessary as over the next 10 years pollution and global warming are going to be very rapid. “If nothing is done, they will kill our world,’’ Suzlon Energy chairman and managing director Tulsi Tanti said at the Forbes Global CEO Conference yesterday. A carbon tax is an environmental tax on emission of carbon dioxide and other greenhouse gases. But to develop renewable energy there...

Read More

More broadband proposals surface

PETALING JAYA: Last year cable manufacturer Optical Communication Engineering Sdn Bhd (OCE) submitted a concept paper to the Government, suggesting a larger part of the existing infrastructure be used to roll out high-speed broadband (HSBB) in Peninsular Malaysia at a price tag of RM3bil. OCE believed that a large part of the existing fibre infrastructure could be put to better use and help the country save billions of ringgit. The price quoted was based on estimates that nearly half the equipment needed would be supplied by the company’s plant....

Read More

US stocks plummet

NEW YORK: Dejected investors sent stocks plunging Thursday, hurtling the Dow Jones industrials down more than 340 points after retailers and the government added to a mountain of bad economic news and devastated hopes for a late-year recovery. The market was already nervous as it waited for the government to release its August employment report on Friday. So news from the major U.S. retailers that shoppers curtailed their spending last month due...

Read More

Oil steady in Asia but risks seen in new storms

KUALA LUMPUR: Oil prices hovered around US$111 a barrel Tuesday in Asia as the threat of Hurricane Gustav dissipated but traders predicted further risks with new storms on the radar and concerns over slowing demand. Crude oil prices tumbled Monday as Gustav weakened more than expected and appeared to have caused little damage in New Orleans and surrounding areas. There was some disruption to oil supplies as oil companies shut down production and evacuated facilities ahead of the storm. Altogether, about 2.4 million barrels of refining capacity...

Read More