TOKYO: Asian shares rallied on Thursday with a decline in U.S. Treasuries pointing to a tentative recovery in risk appetite that has been hammered by the escalating war in the Middle East. China set its growth target at a slightly lower pace than the previous year in a closely watched, wide-ranging economic plan. South Korea's KOSPI led regional benchmarks with a 10.4% surge, while Japan's Nikkei jumped 2.9%. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.109%, as the 30-year bond yield rose 3.1 basis points to 4.7479%. U.S. crude rose 3.01% to $76.91 a barrel and Brent rose to $83.43 per barrel, up 2.49% on the day.

KUALA LUMPUR (March 5): Sunview Group Bhd (KL:SUNVIEW)’s unit has secured a RM289.71 million fixed contract sum to carry out engineering, procurement, construction and commissioning (EPCC) work for a solar photovoltaic power plant in Bintulu, Sarawak. In a bourse filing on Thursday, Sunview said its wholly owned subsidiary Fabulous Sunview Sdn Bhd had accepted a letter of award from Malakoff Evergreen Sdn Bhd (MEVSB) for the solar photovoltaic project. Malakoff Evergreen is a 70%-owned subsidiary of Tuah Utama Sdn Bhd, which in turn is wholly owned by Malakoff Corp Bhd (KL:MALAKOF), and is involved in developing solar photovoltaic and other renewable energy projects in Sarawak. Sunview said the project is expected to contribute positively to the group’s future earnings over the contract term. Earlier this month, Sunview Group proposed a diversification of its principal activities to include solar power generation, to reduce its reliance on the EPCC business, and provide more stable and recurring revenue.

KUALA LUMPUR (March 5): Seremban-based developer Matrix Concepts Holdings Bhd (KL:MATRIX) topped out Levia Residence Kuala Lumpur in Pandan Perdana, Cheras on Thursday. Levia Residence KL marks the group’s second development in the Klang Valley after completing Chambers KL in 2018. It is also the first project under its Levia collection and the group’s first high-rise project undertaken by its in-house construction team. “Cheras continues to grow supported by MRT (mass rapid transit) connectivity and its proximity to TRX (Tun Razak Exchange). Demand in this corridor remains strong,” said Matrix Concepts group executive director Kelvin Lee Chin Guan in the project’s topping out ceremony.

KUALA LUMPUR: Bersatu has withdrawn its suit at the High Court here against Dewan Rakyat Speaker Tan Sri Johari Abdul over his refusal to declare vacant the parliamentary seats held by five of its former Members of Parliament (MPs). The political party’s lawyer, Chetan Jethwani, informed Justice Mahazan Mat Taib on Thursday (March 5) that Bersatu had no alternative but to withdraw the suit following the Federal Court’s decision on Jan 9. ALSO READ: Bersatu takes legal action against Johari Abdul over parliamentary seatsThe apex court had dismissed its application for leave to appeal in a separate bid to challenge the Speaker’s refusal to declare four Sabah parliamentary seats vacant. The court then ordered Bersatu to pay RM10,000 in costs to the five MPs. The five MPs named as defendants are Datuk Iskandar Dzulkarnain Abdul Khalid (Kuala Kangsar), Mohd Azizi Abu Naim (Gua Musang), Zahari Kechik (Jeli), Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal (Bukit Gantang) and Datuk Dr Zulkafperi Hanapi (Tanjong Karang).

Quarterly data over the last five years shows uneven sectoral labour productivity growth, with some sectors recording consecutive quarters of year-on-year contractions. Mohammad Iesa notes that when wage growth and productivity are misaligned, the consequences are clear: Slower wage growth can widen income inequality; and faster wage growth relative to productivity can fuel inflationary pressures. He adds, however, that wage growth does not always move in lockstep with productivity growth in market-based economic systems. Wan Amirah argues that the discussion on matching wages to productivity should not be reduced to “wages versus productivity”, but it should examine the institutional and structural bottlenecks that prevent productivity improvements from being reflected in broader wage growth. Mohammad Iesa cautions, however, that while it is essential for increasing labour productivity, technology alone is not enough.

Inspector-General of Police (IGP) Datuk Seri Mohd Khalid Ismail said the individual voluntarily came forward to give a statement after a report on the matter was lodged on Feb 26. He said the statement was lengthy and required time for the police to thoroughly examine. Mohd Khalid said the investigation requires a comprehensive and careful approach as it involves national security matters. The investigation will also examine the possibility of foreign involvement, although this will depend on further developments in the probe, he said. Mohd Khalid stressed that matters involving national security must be handled carefully to avoid causing unnecessary public concern.

(March 5): China’s government has told the country’s largest oil refiners to suspend exports of diesel and gasoline as an escalating conflict in the Persian Gulf disrupts the arrival of crude from one of the world’s largest producing regions. The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments, the people said. An exception was made for jet and bunker fuel held in bonded storage and supplies to Hong Kong and Macau, they added. PetroChina Co, Sinopec, CNOOC Ltd, Sinochem Group and private refiner Zhejiang Petrochemical Co regularly obtain fuel export quotas from the government. China has a vast refining sector, but much of its production is funnelled to serve domestic demand, meaning it is not a critical supplier.

KUALA LUMPUR: Malaysians are strongly advised to defer all non-essential travel to Iran, Iraq, Jordan, Kuwait, Qatar, Bahrain and the United Arab Emirates (UAE), as the official travel advisory issued by the Foreign Ministry is still in effect. The ministry, widely known as Wisma Putra, said it is monitoring the fluid security and travel situation across the Middle East in close coordination with Malaysian diplomatic missions in the region. In a media advisory yesterday, Wisma Putra said it noted the announcement by UAE authorities on the opening of designated safe air corridors and Malaysia Aviation Group’s (MAG) temporary resumption of return services to and from Jeddah and Madinah from yesterday to March 8. “Following the announcement, our missions are liaising with relevant authorities and operational stakeholders to clarify implementation details and facilitate orderly onwards travel as conditions permit,” it said. Officers conduct welfare and needs-based assessments there, giving priority to those facing extended transit delays and time-bound accommodation arrangements.

KUALA LUMPUR (March 5): theedgemalaysia.com highlighted five stocks with momentum at Bursa Malaysia’s afternoon close on Thursday. Only one showed positive momentum, while four showed negative momentum. The algorithm differentiates between stocks that exhibit positive (+ve) momentum and negative (-ve) momentum. It merely tells you which stocks are seeing higher-than-normal volume and price movements. But the “+ve” (suggesting a rising price trend on volume) and “-ve” (suggesting a falling price trend on volume) indicators should give readers a better idea of what the market is buying and when to sell.

He said that in fostering this transition, the details matter just as much as lofty pronouncements. “For example, transferring just 2% of the volume of road freight load here to rail will subject rail capacity to an increase demand by 25%, and planners need to know this. This would leave only a 30-40% capacity margin on the KTMB network, after taking into account the 20% spare capacity for contingencies. “To ensure all trains move unhindered, it essential to incorporate a robust assessment that takes into account current and future data and operational standards. “This type of planning for growth must be rich in details, and not consist merely of lofty statements or simplistic tabletop projections,” Yuslizar said.

(March 5): Thailand’s nearly yearlong stretch of falling consumer prices may now provide a buffer against potential energy-driven inflation spike. With tensions in the Middle East threatening to lift global oil prices and pushing inflation in many economies above targets, Thailand’s negative inflation and muted core readings could help cushion the impact. Over the past year, softer energy prices have kept overall inflation below the Bank of Thailand’s target range of 1%-3%. If global oil prices remain in the US$80 (RM315.60) to US$120 per barrel range, inflation this year could quicken to between 1% and 3%, he said. Higher oil prices would raise costs for prepared foods and other consumer goods, adding upward pressure on prices, Nantapong said.

Extensive airspace closures mean carriers like Emirates and Qatar Airways QCSC have essentially ground to a halt, creating opportunities for rivals that can fly non-stop between Europe and Asia. Middle Eastern hubs like Dubai, Abu Dhabi and Doha are key stopover points for long-haul travel. The major Middle Eastern carriers aren’t publicly listed but British Airways’ owner IAG SA is down almost 9% this week, Deutsche Lufthansa AG fell 7.7% and Air France-KLM tumbled 15%. Mainland Chinese carriers may also be well positioned to increase passenger numbers in the absence of the Middle Eastern airlines. Aiden McAleenan, a 28-year-old registered nurse, had his plans to relocate to Melbourne from the UK thrown into disarray when Qatar Airways cancelled his flight on March 3.

BEIJING/HONG KONG (March 5): China said on Thursday that it would inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic risks, and boost financing for technology companies amid intensifying US rivalry. The report said Beijing would further replenish the capital at financial institutions and prudently dispose of non-performing assets in the sector. This follows a roughly US$72 billion recapitalisation last year aimed at boosting big state banks' core capital as they face lower profit margins and asset-quality strains. Beijing also plans to regulate competition among financial institutions and promote consolidation among small- and medium-sized local financial institutions, the report shows. Beijing also pledged to continue tackling "risks arising from real estate, local government debt and small and medium local financial institutions".

Price pressures would narrow the space for further monetary easing at a time when economic momentum remains weak. The central bank said its policymaking Monetary Board will keep a close eye on incoming data, specifically on inflation. “We are watchful of the recent developments in the Middle East for their implications on near-term inflation and economic activity,” the BSP said in a statement. Inflation is expected to accelerate anew in coming months as the Iran war deepens, risking a sustained disruption in global oil supply. BSP Governor Eli Remolona last month said monetary policy “cannot do much more” to support economic growth at this point.

WASHINGTON, March ⁠4 (Reuters) - U.S. Senate Republicans backed President Donald Trump's ⁠military campaign against Iran on Wednesday, voting to block ‌a bipartisan resolution aiming to stop the air war and require that any hostilities against Iran be authorized by Congress. The latest effort by Democrats and ⁠a few Republicans to rein in President Donald ​Trump's repeated ‌foreign troop deployments, sponsors described the war powers resolution ⁠as a ​bid to take back Congress' responsibility to declare war, as spelled out in the U.S. Constitution. Opponents rejected this, insisting that Trump's ⁠action was legal and within his ​right as commander in chief to protect the United States by ordering limited strikes. This is going to end very quickly," Republican Senator Jim Risch of Idaho, chairman of the Senate Foreign Relations Committee, said in a speech ​against the resolution. Trump's fellow Republicans hold slim majorities in ​both the Senate and House of ‌Representatives, and have blocked previous ​resolutions seeking to curb his war powers.