Dollar slips, stocks on defensive after Trump's protectionist address - Business News

stock futures dipped 0.2 percent, erasing gains made on Friday.In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first". "His speech sounded protectionist. "The market is getting nervous about the possibility that the world's trade might shrink," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank in Tokyo. "Many of his policies, including tax cuts and infrastructure spending, needs approval from the Senate and (may not be) that easy to realise. So it is hard to expect rosy news that would please markets," he added.

January 23, 2017 01:22 UTC

Not a good deal for UMW Oil and Gas, says CIMB Research - Business News

KUALA LUMPUR: CIMB Equities Research is negative on UMW Oil and Gas’s (UMW-OG) plan to buy an offshore service vessels (OSV) player and a product tanker operator as well as issue rights to recapitalise and to fund the purchases.“We are negative on these proposals as the acquirees are priced much higher than UMW-OG and the rights issue is unnecessarily large and dilutive.“We downgrade our DCF-based target price to factor in the dilution,” it said in a report issued last Friday.To recap, by July, UMW-OG targets to complete two acquisitions, i.e. These proposals have taken us by surprise because UMW-OG has been suffering deep losses and is not in a position to acquire.“The unfavourable valuation gap is also surprising. The size of the dilutive rights issue would not have been so large if not for the proposed acquisitions.“We have kept unchanged the DCF valuation of UMW-OG’s drilling business on a standalone basis at RM1.956bil. “Although UMW-OG is planning to buy ICON at 0.82 times P/BV, we are valuing the business at only 0.6 times as the sector is trading at an average P/BV of only 0.4 times. Our DCF analysis of Orkim yields a valuation of RM447mil, lower than the cash acquisition price of RM495mil.

January 23, 2017 00:48 UTC

Penang property projects worth RM11.3b on hold

KUALA LUMPUR: The Business Processing Outsourcing Prime (BPO Prime) and Penang International Technology Park (PITP) projects worth a combined RM11.3 billion, which involve the Penang Development Corp (PDC) and Singapore’s Temasek Holdings Private Ltd, have been deferred due to current property market conditions. The BPO Prime project with a gross development value (GDV) of RM1.3 billion in Bayan Baru, Penang was to be completed in 2019. However, it has been postponed indefinitely, inadvertently pushing back the commencement of the PITP project, slated to begin after the BPO Prime project. The Penang government said in 2014 that the PITP and BPO Prime will be completed over the next five to 10 years. Invest-in-Penang Bhd (investPenang) said the BPO Prime project is an integrated and multifunctional development, providing high-quality BPO space amid a green urban setting.

January 23, 2017 00:42 UTC

Ten pillars of Britain's Modern Industrial Strategy - Business News

Investing in science, research and innovation - we must become a more innovative economy and do more to commercialise our world-leading science base to drive growth across the UK.2. Improving procurement - we must use strategic government procurement to drive innovation and enable the development of UK supply chains;6. Delivering affordable energy and clean growth - we need to keep costs down for businesses, and secure the economic benefits of the transition to a low-carbon economy.8. Cultivating world-leading sectors - we must build on our areas of competitive advantage, and help new sectors to flourish, in many cases challenging existing institutions and incumbents.9. Creating the right institutions to bring together sectors and places - we will consider the best structures to support people, industries and places.

January 23, 2017 00:30 UTC

Sorry, no pay hikes, say most Japanese firms: Survey - Business News

Although the yen has weakened recently, many companies were hurt badly by last year's spike in the currency and are loath to commit to higher wages in the face of uncertainty amid threats about trade barriers by new U.S. President Donald Trump. "Without base pay rise, wage growth is unlikely to accelerate. Some 23 percent said they have kept overall wages unchanged, while 51 percent have raised them around 0.5-1.5 percent. Only 26 percent said wages had risen by about 2 percent or more. "We cannot afford to raise base salaries, but we have no choice but to do so given government policy," wrote a manager of a transport equipment firm, who intends to offer a smaller raise than last year.Managers answered on condition of anonymity in the survey, which was conducted for Reuters by Nikkei Research.

January 23, 2017 00:29 UTC

Trump to begin renegotiating NAFTA pact soon with Mexico, Canada - Business News

WASHINGTON: U.S. President Donald Trump said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement. "We will be starting negotiations having to do with NAFTA," Trump said at a swearing-in ceremony for his top White House advisers. "We are going to start renegotiating on NAFTA, on immigration and on security at the border. "The president has been really amazing," Trump said. "I think we are going to have a very good result for Mexico, and the United States, and everybody involved.

January 23, 2017 00:23 UTC

Growing furniture exports - SMEBiz Focus

According to Malaysian Furniture Council president Chua Chun Chai, local manufacturers started moving into exports in the 1990s. Back then, furniture manufacturers were likely to be those who were previously involved with renovation works using wooden materials. But family-owned furniture manufacturers benefited from this as a lot of the professionally-trained talent joined them. Chua, who is also managing director of furniture manufacturer Hup Chong Furniture Sdn Bhd, also notes that their entrepreneurial spirit and hard work kept the local furniture industry a vibrant one. Last year, Malaysia’s furniture export for January to November was valued at about RM8.6bil with products produced by over 2,000 local furniture manufacturers.

January 23, 2017 00:11 UTC

Facebook scam leaves Form 5 girl and dad RM5,100 poorer - Nation

The Form Five student had befriended one Amanda Smith, purportedly an American based in Chicago, on Facebook last month. Smith then told the teenager that she had sent a parcel containing the cash on Jan 11. She was told that she had to pay RM5,100 for the parcel to be cleared by Customs. However, the woman later told her that another RM8,300 was needed to allow senior officers to release the parcel. Sandakan police chief Asst Comm Mohd Azhar Hamin said the Form Five girl was accompanied by her father to lodge the police report.

January 22, 2017 23:48 UTC

Ringgit in spotlight on OPEC deal, Trump's cue

KUALA LUMPUR (Jan 23): Malaysian shares and the ringgit may take the cue from US President Donald Trump's policies and crude oil prices. This followed Trump's inauguration last Friday and the weekend meeting between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, which agreed on a method to verify supply-cut compliance. Meanwhile, investors are closely following Trump's announcements on the US' economic growth measures and the country's global policies. Crude oil prices rose ahead of the weekend meeting in Vienna between the OPEC and other oil-producing nations. Today, Bloomberg reported that OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply.

January 22, 2017 23:48 UTC

Hull's Mason has surgery after fracturing skull - Football

LONDON (Reuters) - Hull City player Ryan Mason sustained a skull fracture during Sunday's Premier League match at Chelsea and underwent surgery at a London hospital, his club said. Midfielder Mason suffered the head injury in a collision during Hull's 2-0 defeat and was rushed to hospital after being treated for 10 minutes on the field. "The club can confirm that Ryan Mason sustained a skull fracture in our fixture at Chelsea this afternoon," Hull City said in a statement. "He was taken to St Mary's Hospital where he has undergone surgery. "Ryan is in a stable condition and is expected to remain in hospital for the next few days.

January 22, 2017 23:34 UTC

New ways of working - Business News

But more fundamentally speaking, I think we should admit we are slow in changing our ways of working. There are some reasons why business and organisations should be set up differently in 2016. Let me take you through five ways businesses can be empowered by the Internet. It is just through a parallel transformation of technology and management mindset we will get to a really different place with our inner ways of working. Malaysian businesses, it’s time to embrace New Ways of Working.

January 22, 2017 23:28 UTC

Ekovest confident of Duke growth - Business News

Company sees healthy traffic growth on the highway despite MRT, LRTPETALING JAYA: Ekovest Bhd is confident that the intracity Duke Highway will continue to see healthy traffic growth despite the rise and proliferation of the public transport sector in Malaysia. The company said it had taken into account these factors in their projections and was confident of growth. The company reckons that traffic growth will make a major advance when the phase 2 of the Duke Highway opens. Earlier last week, Ekovest got a contract from the government to further extend the present Duke Highway plans or also known as Duke Phase 2A (Duke 2A). Notably a 40% disposal of the Duke Highway would help shore up its finances ahead of the big construction contract of the Duke 2A.

January 22, 2017 23:27 UTC

Maybank IB expects FBM KLCI to hit 1,780 by year-end - Business News

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) expects Bursa Malaysia to touch the 1,780 level by the end of the year, riding on the back of the recovery in global oil prices, foreign exchange, as well as easing in foreign fund outflow. The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 1.62 points at 1,664.89 on Friday. He also noted that foreign fund outflows would continue this year, however, the situation would not be alarming. Meanwhile, on the external factor, Lim noted that politics and central banks’ policies would continue to be the key influencers to the financial markets. Meanwhile, Maybank IB’s top picks for stocks are from construction and tourism sectors.

January 22, 2017 23:25 UTC

Dolphin ventures into biogas - Business News

Dolphin managing director Eric Low Teck Yin said it was looking to offer customers new long-term solutions that could see new revenue streams from electrifying biogas and higher palm oil extraction rates in their mills. Last December, Dolphin acquired a 100% stake in Biogas Sulpom Sdn Bhd (BSSB) for RM300,000. The deal also includes the subscription and shareholders agreement between Dolphin, its wholly owned subsidiary Dolphin Biogas Sdn Bhd and Seri Ulu Langat Palm Oil Mill Sdn Bhd. The company supplies and maintains palm oil extraction machines to mills in South-East Asia. “In palm oil, the good thing is any stone that you unturn has a good opportunity for everyone,” he said.

January 22, 2017 23:19 UTC

Currency weakness a challenge for MAHB’s Turkey business - Business News

SEPANG: The weakness of the Turkish lira remains a challenge for Malaysia Airports Holdings Bhd (MAHB). “There are headwinds in Turkey and like any investor we are concerned,” MAHB managing director Datuk Badlisham Ghazali said in an interview. He added that the “currency swings help on the cost side and since our revenue is in euro, it is a natural hedge. Despite the slowdown, ISG ended 2016 with a 4.8% rise in passenger traffic to 29.6 million from a year ago. The earnings disappointment from ISG due to the lingering passenger traffic weakness remains a near term hurdle for MAHB, writes an analyst.

January 22, 2017 23:19 UTC

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