Malaysia funds debts make defending ringgit tougher

[KLSE] Malaysia's task in propping up Asia's worst- performing currency just got a lot tougher. The cost of options protecting against further ringgit declines approached a 1 1/2-year high on speculation 1Malaysia Development, the state investment fund, will need a bailout. The currency is already languishing at its weakest level since 2009 as the oil-exporting nation suffers amid sliding crude prices.

"The market remains wary of 1MDB's ability to repay its debt," Irene Cheung, a foreign-exchange strategist in Singapore at Australia & New Zealand Banking Group, said Feb 24. "The ringgit is vulnerable to the near-term outlook for oil prices. A recovery is difficult." A weaker currency is a concern for Malaysia because it pushes up the cost of servicing the second-highest external debt burden among Asia's developing nations. 

Further losses in the ringgit may hasten an investor exodus from Malaysian assets and hurt the government's efforts to rein in its budget deficit. The ringgit has tumbled 7.4 per cent in the past three months, the most among 11 Asian currencies tracked by Bloomberg, and touched a six-year low of 3.6460 a dollar on Feb 23.

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Malaysian Shares open lower on Thursday

MALAYSIA[KLSE] share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 1.90 points to 1813.88.

Volume was 47.12 million lots worth RM27.7 million.

Gainers outnumbered losers 106 to 67.

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Malaysia New Highlights for Tuesday

• Malaysia share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 3.5 points to 1812.01.

• The ringgit opened higher against the US dollar today on short covering ahead of the congressional testimony by Federal Reserve Chairman.

• Perak Corp Bhd (PCB), a 15.74% stakeholder in Integrax Bhd, has asked Tenaga Nasional Bhd (TNB) to up its offer for Integrax to RM3.25, after rejecting its current offer of RM2.75 a share.

• TB Supply Base Sdn Bhd (TBSB), which has received interest from over 100 companies to utilise its facilities in Tok Bali, Kelantan, will spend RM100 million in 2015 for civil works and to build facilities such as additional warehouses, Customs and Immigration building, new offices, canteen, rigging loft, crew jetty and helipad.

• A temporary increase in the budget deficit and government debt will not tarnish Malaysia's long-term economic performance as the government's efforts to alleviate these imbalances will likely yield positive results in the near future, said Malaysian Rating Corp Bhd (MARC).

• Petronas Chemicals Group Bhd (PCG) has teamed up with German chemical producer, BASF SE to jointly build a new production plant for 2-Ethylhexanoic Acid (2-EHAcid) at the site of their existing joint venture, BASF Petronas Chemicals Sdn Bhd.

• Malaysian Resources Corp Bhd (MRCB) recorded a net loss of RM5.28 million in the fourth quarter ended Dec 31, 2014 (Q4) compared with a net profit of RM2.22 million a year ago on higher finance costs and higher share of losses from joint ventures.

• Pharmaniaga Bhd's net profit rose 76.44% to RM36.7 million for its fourth quarter (Q4) ended Dec 31, 2014 from RM20.8 million in the previous year, on improved revenue and lower provision for doubtful debts.

• Hibiscus Petroleum Bhd (Hibiscus)’s jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway), has executed an agreement with Lundin Norway AS to acquire a 30 per cent stake in a prospective resources referred to ‘PL338C’, located in the North Sea.

• Short-term interbank rates are expected to remain stable today with Bank Negara Malaysia (BNM) intervening to absorb excess liquidity from the financial system.

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Malaysia KLSE Highlights for Monday

• Bursa Malaysia opened on a positive note in welcoming the year of the goat in the Chinese calendar bolstered by buying interest in certain blue chips.
• The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.03 of-a-point better at 1,807.90 at mid-morning, supported by the petrochemical counter and selected blue chips. After opening higher at 1,811.01, the key index fluctuated between 1,804.95 and 1,811.29.
• The introduction of the 6% Goods and Services Tax (GST) in April will be the biggest agenda for the property market this year and will pose a challenge for property developers.
• Two days after 1Malaysia Development Bhd (1MDB) released results of a more than a month-long strategic review of its operations, the Ministry of Finance released a statement saying it is essential for the group to focus on enhancing its financials further to ensure maximum value creation for the economy.
• Lembaga Tabung Angkatan Tentera (LTAT) or the Armed Forces Fund Board registered an unaudited total profit of RM1.014 billion, an increase of 4.9% compared with last year's RM967 million, surpassing the RM1 billion mark for the first time in its 42 year history.

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Malaysia's Danajamin to guarantee bond, sukuk market

[KLSE] Malaysia's Danajamin Nasional Bhd, the country's sole specialised credit guarantor, plans to introduce partial guarantees to encourage a wider range of issuers in the country's conventional and Islamic bond markets, its top official said.

Malaysia is home to Asia's third largest bond market and has the world's biggest market for sukuk, but deals are dominated by highly rated issuers. Close to 90 per cent of all bonds and sukuk are rated AA or AAA.

Set up in 2009 to help develop the domestic debt market, Danajamin has provided guarantees for over 7 billion ringgit (US$1.92 billion) of issuance, 45 per cent of that amount in the form of sukuk.

The firm is one of a small but growing number of guarantors worldwide which support sukuk deals.

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Ringgit resumes losses as concern mounts on 1MDB debt obligations

[KLSE] The ringgit resumed losses as markets reopened after the holidays on concern that Malaysia's state investment company will need government aid to repay debt.

1Malaysia Development Bhd may require a 3 billion ringgit (S$1.1 billion) cash injection as income from its power assets is insufficient to service borrowings, according to a report in Edge newspaper Monday which cited unidentified people. 1MDB will seek refinancing "from the best available sources," the company said in a statement Monday in response to the report.

"Sentiment toward the ringgit is unlikely to change until we get clarity over the financial position of 1MDB," said Khoon Goh, a strategist at Australia & New Zealand Banking Group in Singapore. "There is concern that a government bailout would be required." The ringgit dropped 0.5 per cent to 3.6388 a dollar as of 11.40 am in Kuala Lumpur and earlier fell to 3.6460, the lowest level since April 2009, according to prices from local banks compiled by Bloomberg. The currency retreated 1.1 per cent last week before Malaysian financial markets closed Feb 19 and 20 for the Lunar New Year break.

The Finance Ministry, which owns 1MDB, will be "involved, as relevant and as required" in the refinancing options to maximize shareholder value, the company said in the statement.

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Malaysian Shares open higher on Monday

MALAYSIA[KLSE] share prices opened higher on Monday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 3.14 points to 1,811.01.

Volume was 80.45 million lots worth RM13.66 million.

Gainers outnumbered losers 107 to 57.

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Europe Stocks advance at open

Europe's main stock markets opened higher on Wednesday on hopes of an end to Greece's debt stand-off, dealers said.

London's benchmark FTSE 100 index rose 0.23 per cent to 6,914.31 points, Frankfurt's DAX 30 gained 0.33 per cent to 10,931.72 points and the CAC 40 index in Paris was up 0.60 per cent to 4,782.59 compared with Tuesday's close.

"European equities are trading higher this morning as renewed optimism is making the rounds that Greece and the EU will agree to a compromise after all," said ETX Capital analyst Markus Huber.

Greece will ask to extend its European loan agreement without signing up to the loathed duties of a full-blown bailout, its finance minister said, as Brussels pressures Athens for a deal

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Malaysia Market remains Closed today

[KLSE]  Due to Chinese new year malaysian market remains closed today

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Malaysia Jan inflation cools more than expected to 1.0% year-on-year, lowest since 2009

[KLSE] Malaysia's consumer price index in January rose 1.0 per cent from a year earlier, its smallest increase since November 2009, reflecting the drop in global oil prices.

Data from the Statistics Department on Wednesday attributed the inflation rate fall to the transport category that stemmed from lower fuel prices.

 

 

Economists had forecast in a Reuters poll that the annual inflation rate would ease to 1.9 per cent, from 2.7 per cent in December.

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Malaysian Shares close lower on Wednesday

MALAYSIA[KLSE] share prices closed lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 2.22 points to 1,807.87.

Volume was 897 million lots worth RM887.4 million.

Gainers outnumbered losers 381 to 276.

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Malaysian Shares open flat on Tuesday

MALAYSIA[KLSE] share prices opened flat on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 0.04 points to 1808.41.

Volume was 30.9 million lots worth RM10.16 million.

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Noble slips further in early trading on Tuesday

SHARES in Noble Group continued to fall in early trading on Tuesday after newcomer short-selling firm Iceberg Research hit out at Noble's classification of some firms as associates.

The counter slipped to a low of S$1.05 on Tuesday morning after closing at S$1.11 on Monday. At around 9.15am, it was the second most heavily traded stock by volume with some 9.18 million shares changing hands.

In a report dated Feb 15, Iceberg - which says it has no short position on the company - set a target price for the stock at just 10 Singapore cents per share. In the report, it raised the issue of whether certain Noble units should be classified as associates or long-term investments since the accounting treatment is different. Australia-listed firm Yancoal was one of those highlighted.

In a response to a query from Singapore Exchange, Noble referenced Iceberg's report and said that it "completely rejects" the allegations. "All material information to which Iceberg Research refers is in the public domain," it said. "There has been no material adverse change since the company last reported."

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Malaysian Shares open higher on Monday

MALAYSIA[KLSE] share prices opened higher on Monday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 2.48 points to 1,803.43.

Volume was 76.59 million lots worth RM58.96 million.

Gainers outnumbered losers 146 to 31.

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Hot stock: Noble shares fall 9 per cent in trading

NOBLE Group's shares fell 11 Singapore cents or 9 per cent to S$1.095 as at 12.05pm on Monday, being the top volume-traded counter. Singapore Exchange (SGX) issued a query regarding its trading activity. This is the second such query issued by SGX to the company in the past five months.

Iceberg Research issued a short-sell report on Noble, citing a price target of S$0.1. In its summary of findings, it listed several allegations, including that Noble exploits the accounting treatment of its associates to avoid large impairments and fabricate profit.

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Malaysian Stocks ended on 11.88 points higher

MALAYSIAN[KLSE] shares closed higher on Friday with the Kuala Lumpur Composite Index gaining 11.88 points to 1,800.95.

Some 1.96 billion lots, valued at RM2.32 billion were traded. Gainers outnumbered losers 493 to 303.

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Malaysian[KLSE] Stock HighLights for Friday

• Malaysia share prices opened higher on Friday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.95 points to 1791.68.

• CIMB Equities Research forecasts Petronas Dagangan’s first quarter 2015 performance to improve due to the rebound in the oil prices and the implementation of managed float system for RON 95 petrol and diesel since Dec 1, 2014.

• Minister of International Trade and Industry is hoping the newly launched Mid-Tier Companies Development Programme (MTCDP) will contribute an additional 0.5% to the country's export market this year. Malaysia's exports grew 6.4% in 2014.

• Digi.Com Bhd has appointed current COO Albern Murty as its new CEO effective April 1 with the departure of Lars-Åke Norling.

• Dialog Group Bhd's executive chairman and major shareholder, Tan Sri Ngau Boon Keat has placed out 85.6 million shares, representing a 1.7% interest in the group, to certain institutional investors.

• Corporates and millennials should capitalise on the Asean opportunity, as current intra-Asean trade stands at only 24% of total trade. Malayan Banking Bhd group president and CEO said if intra-Asean trade can be increased to 40% of total trade from 24%, the expected incremental impact on the Asean economy would be US$2.2 trillion (RM7.96trillion) annually and US$7 trillion in infrastructure spending.

• Tenaga Nasional Bhd (TNB), which got a drop of 5.28% in its share price yesterday, could further cut the power tariff in the second half of 2015 due to potentially lower liquified natural gas pricing in tandem with the slump in crude oil price.

• Malaysian has enforced anti-dumping duties on Hot Rolled Coils (HRC) originating from China and Indonesia, after a detailed investigation undertaken by the Ministry of International Trade and Industry (Miti) following a complaint by a domestic producer.

• YTL Corp Bhd’s net profit for its second quarter ended Dec 31, 2014 dropped 16% to RM321.5mil from RM383.5mil in the previous corresponding period due to decrease earnings from its utilities divisions.

• Malaysia is committed to realising the vision of the Asean Community, which will open up new and enormous opportunities for people and businesses through freer movement of goods, services, skilled labour and capital, said Prime Minister.

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Malaysian Shares open higher on Friday

MALAYSIA[KLSE] share prices opened higher on Friday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.95 points to 1791.68.

Volume was 30.63 million lots worth RM16.43 million.

Gainers outnumbered losers 117 to 46.

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Malaysian[KLSE] Stock HighLights for Thrusday

• Malaysia share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.26 points to 1790.69.

• Dufu Technology Corp Bhd, which last month denied claims that it was a takeover target, has received a letter alleging that certain senior management had misappropriated funds totalling RM3.9 million.

• Tanjung Offshore Bhd has lodged a police report against two directors who have been suspended from their executive positions following the findings of the company's Independent Committee.

• Kwasa Land Sdn Bhd, has awarded Project R3-2, an 8.79-acre residential development within Kwasa Damansara, to Impiana Land & Development Sdn Bhd.

• Glove manufacturers will see less downward margin pressure in 2015 due to a weaker ringgit arising from the decline in global oil prices, said Supermax Corp Bhd's CEO.

• Fitch Ratings appears to have made up its mind to downgrade Malaysia's sovereign ratings in late May or early June this year unless there are more convincing fiscal measures being introduced from now till May 2015.

• Hibiscus Petroleum Bhd's wholly owned unit, Carnarvon Hibiscus Pty Ltd (CHPL), will begin drilling an exploration well in VIC/P57 offshore Australia in June 2015.

• Tenaga Nasional Bhd's future prospects remain promising despite the new tariff adjustment and three per cent loss in its shares.

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Ringgit extends declines as Greece concern damps risk appetite

[KLSE] Malaysia's ringgit fell to a one-week low after European lawmakers failed to agree on a bailout plan for Greece, damping risk appetite on lingering concern the nation will default and exit the euro.

The ringgit dropped for a fourth day and bonds declined before reports on Malaysia's economic growth and the current account for the last quarter, which may reflect the slump in oil. Gross domestic product for all of 2014 rose 5.9 per cent, the fastest since 2010, according to the median estimate in a Bloomberg survey. Euro region finance ministers will resume talks next week on how to keep bailout funds flowing to Greece.

"People are in a cautious and risk-off mode again following what happened over Greece," said Choong Yin Pheng, senior manager for bond and economic research at Hong Leong Bank Bhd. in Kuala Lumpur. "We are still expecting a moderating trend for the Malaysian economy going into next year because of the oil price and the softer global outlook." The ringgit depreciated 0.5 per cent to 3.6185 a dollar as of 9.45 am in Kuala Lumpur, according to data compiled by Bloomberg. It earlier fell to 3.6233, the lowest level since Feb 3, and has lost 2 per cent in four days.

Fourth-quarter GDP increased 5 per cent from a year earlier, the least since the three months ended September 2013, the survey shows. The current-account surplus probably rose to 9.8 billion ringgit (US$2.7 billion) from 7.6 billion ringgit, according to a separate survey.

The ringgit has fallen 7.8 per cent in the past three months, the worst performance in Asia, as a 51 per cent decline in Brent crude since June cut earnings for the net oil exporter.

Sovereign bonds fell. The yield on Malaysia's 10-year government debt climbed three basis points, or 0.03 percentage point, to 3.88 per cent, data compiled by Bloomberg show. That's the highest since Jan 27.

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Malaysia's GDP growth picks up to 5.8% year on year in Q4

[KLSE] Malaysia's central bank issued the country's fourth quarter gross domestic product data on Thursday, showing the Southeast Asian economy grew 5.8 per cent from a year earlier.

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Malaysian Shares open lower on Thursday

MALAYSIA[KLSE] share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.26 points to 1790.69.

Volume was 21.34 million lots worth RM28.66 million.

Losers outnumbered gainers 78 to 68.

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Malaysian[KLSE] Stock HighLights for Wednesday

• Malaysia share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index 0.14 lower at 1,810.98.

• The international reserves of Bank Negara Malaysia amounted to RM386.5 billion (US$110.6 billion) as at Jan 30, 2015, down from RM388.6 billion (US$111.2 billion) as at Jan 15, 2015. The reserves position is sufficient to finance 7.9 months of retained imports and is 1.1 times the short-term external debt.

• Eden Inc Bhd's subsidiary, Musteq Hydro Sdn Bhd's next principal repayment due on July 26, 2015 for its RM80 million sukuk will determine the company's liquidity position.

• Puncak Niaga Holdings Bhd has expressed its concern over the Selangor water restructuring exercise, after a second extension was granted to allow certain conditions of the water assets sale to Pengurusan Air Selangor Sdn Bhd (Air Selangor) to be fulfilled.

• The Malaysia Deposit Insurance Corporation (PIDM) announced its Corporate Plan 2015-2017, which would involve completing a system to support the risk assessment and monitoring of insurer members.

• The Securities Commission Malaysia (SC) has released the Guidelines on Regulation of Markets under Section 34 of the Capital Markets and Services Act 2007 to introduce new requirements for the registration of equity crowdfunding (ECF) platforms and provide governance arrangement for the operator of such platforms.

• Himalayan Bank Ltd, the first bank in Nepal to expand out of the country, opened its first overseas representative office in Malaysia, with an aim to serve the growing Nepalese population here and bridge Malaysian investments into Nepal.

• BBCC Development Sdn Bhd signed a memorandum of understanding with Zepp Hall Network Inc to explore opportunities for Zepp to participate in the entertainment component of the RM8 billion Bukit Bintang City Centre (BBCC) project, and will next look at potential investors for the hotel component of the development.
  
  

• Investors are unlikely to pull back investments in the country, even though a recent study concluded that Malaysians place greater trust in non-governmental organisations compared to the government.

• CME Group Bhd has entered into a joint-venture with Tanah Mestika Sdn Bhd to undertake a mixed development with a gross development value of RM124.42 million in Kuantan, Pahang.

• Malaysia's GDP for 2014 is set to exceed Moody Analytics' forecast of 5.3 per cent as technology production and the construction sector are helping to offset a slowdown in the energy sector.

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Six-month drop low Malaysian palm oil stocks

KLSE: Malaysian palm oil end-stocks shrunk to their lowest in six months as the aftermath of flooding in the Borneo region reduced production to its weakest since February 2011, data from the industry regulator show.
The drop in stocks could add fuel to a rally in benchmark prices, which last week recorded their biggest weekly climb in six years, after the world’s No. 1 producer Indonesia approved a near-threefold rise in biodiesel subsidies that is expected to boost palm consumption.

The Malaysian Palm Oil Board (MPOB) said inventories in Malaysia, the No. 2 palm producer, fell 12.2% in January to 1.77 million tonnes, touching their lowest since July.
The smaller stocks, in line with a Reuters poll, were mostly attributed to a plunge in January crude palm oil production, which fell 15% to 1.16 million tonnes from December – slightly more than estimates for a 13% decline. Lacklustre export demand stemmed a further drop in stocks.
Exports of Malaysian palm oil fell 22.1% in January to 1.18 million tonnes, according to the MPOB. Shipments of biodiesel nearly halved to 10,490 tonnes compared with December.
Cargo surveyor Intertek Testing Services reported earlier that shipments of Malaysian palm oil fell 16% in the first 10 days of February, compared with the same period last month, due to poor demand from key buyers India and China.

Ahead of the MPOB report, the benchmark April contract on the Bursa Malaysia Derivatives Exchange rose 1% to trade at RM2,339 per tonne.
“The MPOB figures are relatively neutral to prices,” said Chandran Sinnasamy, a trader at LT International Futures in Malaysia.
“The bulls may attempt to push above RM2,350 to attract another rally to take profits. Failure may soften prices to RM2,270-RM2,300,” he added.

Market participants said the increase in Indonesia’s biodiesel subsidises had helped palm oil garner a more supportive outlook as it may translate to more stocks being blended into biofuel.
However, any gains may face stiff headwinds from soaring supplies of rival oilseeds and volatile crude oil markets which could dent the tropical oil’s food and fuel uptake. — Reuters

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FTSE Bursa Malaysia

KLSE: At 11.30 a.m. today, there were 305 gainers, 316 losers and 282 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,810.16 down 0.96 of a point, the FBMACE was at 6,476.53 down 25.38 points, and the FBMEmas was at 12,469.60 up 0.22 of a point.

Turnover was at 974.017 million shares valued at RM661.912 million

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Malaysian[KLSE] Stock HighLights for Tuesday

• Malaysia share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.24 points to 1812.74.

• Sime Darby Bhd has shortened the offer period for the remaining shares in London-listed New Britain Palm Oil Ltd (NBPOL) to February 23, 2015 following the approval by the European Commission end-January.

• The Employees Provident Fund (EPF), which announced a 6.75% dividend rate for 2014, aims to increase its global investments to 26% in the next three years.

• After selling Malaysian stocks unrelentingly since the start of the year, foreign investors appear to have made a reversal. Foreign selling peaked in the third week of January and has abated significantly thereafter.

• The General Insurance Association of Malaysia (PIAM) expects the general insurance industry to see a growth of 5.5% to 6% in gross written premiums this year amid global economic headwinds and the impending implementation of the Goods and Services Tax.

• 1Malaysia Development Bhd (1MDB) has not approached the Employees Provident Fund (EPF) to be a cornerstone investor for the listing of its power assets, Edra Global Energy Bhd.

• Perusahaan Otomobil Kedua Sdn Bhd (Perodua) may face compressed margins due to increased competition this year, but it expects to increase contribution from after-sales service to make up the shortfall.

• DiGi.Com Bhd plans to maintain its 2014 capital expenditure level of RM904 million in 2015 to continue to drive mobile internet revenue growth.

• Quarry machinery supplier SCH Group Bhd (SCH) is in negotiations to form a US$50,000 joint venture with a local company in Cambodia to expand its distribution and supply of industrial products business there.

• CIMB Group, following a strategic review of its entire business yesterday, announced that it will be closing its offices in Sydney and Melbourne. This follows an announcement last Friday that it is looking to reduce its Asia Pacific investment banking and equities operating cost by 30% in 2015.

• Malaysian Prime Minister appointed Wan Zulkiflee Wan Ariffin as the new president and chief executive officer of state oil firm Petroliam Nasional Bhd ( Petronas) from April.

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Malaysia[KLSE] Stocks end 0.46 points lower

Malaysian[KLSE] shares closed lower on Tuesday with the Kuala Lumpur Composite Index slipping 0.46 points to 1,811.12.

Some 2.47 billion lots, valued at RM2.29 billion were traded. Losers outnumbered gainers 434 to 373.

 

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Oil declines after three-day gain, Ringgit drops most in Asia

[KLSE] Malaysia's ringgit fell the most among Asian currencies as oil resumed a decline following a three-day gain.

The ringgit is Southeast Asia's worst-performing currency in the past six months as the drop in Brent crude cuts earnings for the region's only major oil exporter. The currency briefly trimmed losses after a report showed Malaysia's factory output beat economists' estimates in December. The nation's Federal Court is due to announce sentencing Tuesday in the case of opposition leader Anwar Ibrahim's appeal against a sodomy conviction, after it upheld a guilty verdict.

"Better-than-expected industrial production data staunched the bleeding in the ringgit," said Vishnu Varathan, a Singapore-based economist at Mizuho Bank Ltd. "Oil prices are not holding up anymore." The ringgit weakened 0.6 per cent, the biggest decline since Jan 20, to 3.5820 a dollar as of 12.21 pm in Kuala Lumpur, according to data compiled by Bloomberg. The currency has lost 10 per cent in six months and reached 3.6375 on Jan 29, the lowest level since 2009.

Brent has fallen 48 per cent since the end of June, prompting the government to revise to 2015 fiscal deficit target to 3.2 per cent of gross domestic product from 3 per cent.

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Malaysia's IOI wants control of Taipei 101

TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf

TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf

TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf

TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf

TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf

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Slow mortgages in Malaysia's new tax

[KLSE] Growth in Malaysia's Islamic home loans is forecast by banks to slow from the weakest pace since 2007 as a new tax damps housing demand.

AmInvestment Bank and CIMB Islamic Bank forecast the mortgage market will cool, just as tighter capital rules make lenders more cautious on expansion. The government will introduce a 6 per cent goods and services tax in April, adding to disincentives after regulators cut the maximum tenor on residential property loans to 35 years from 45 in July 2013.

The volume of property transactions is forecast to fall by 3 per cent to 5 per cent in 2015, Loong Kok Wen, a real estate analyst at RHB Research Institute Bhd, wrote in a December report. The central bank forecasts inflation will quicken to as much as 3.5 per cent this year from 3.1 per cent in 2014, while Prime Minister Najib Razak has reduced the economic growth estimate as a slump in oil prices lowers export earnings.

"Demand for mortgages will probably slow this year because people don't want to take on liability obligations in an environment of uncertainty," Mohd. Effendi Abdullah, head of Islamic markets at AmInvestment Bank, the nation's third-largest sukuk arranger, said by phone Feb 4. "GST and rising inflation will also weigh as they will reduce people's purchasing power." Mortgages that comply with Islam's ban on interest climbed 24 per cent in 2014 to an unprecedented 76.8 billion ringgit (US$21.6 billion), central bank data show. That's down from 29.7 per cent growth in 2013 and the slowest since 2007's 9.8 per cent pace. Conventional home financing grew 10 per cent to 298.5 billion ringgit last year, less than the 10.7 per cent increase in 2013.

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Malaysia(KLSE) Shares open higher on Tuesday

MALAYSIA(KLSE) share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.24 points to 1812.74.

Volume was 47.87 million lots worth RM21.24 million.

Gainers outnumbered losers 98 to 64.

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