The Star Online: Business
The Star Online: Business |
- Malaysia-Market factors to watch Mon Dec 19
- Germany may pay full ESM contribution in 2012
- Trafigura earned record $1.1 bln in 2011
| Malaysia-Market factors to watch Mon Dec 19 Posted: 18 Dec 2011 04:21 PM PST KUALA LUMPUR: Following is a list of events in Malaysia as well as news stories and press reports which may influence financial markets. WHAT IS HAPPENING IN MALAYSIA, TIMES LOCAL FOLLOWED BY GMT: > Permodalan Nasional Bhd (PNB) to announce income distribution for ASB at Theatrette, Level 2, Menara PNB, Jalan Tun Razak, Kuala Lumpur at 2.00 pm (0600) > Deputy International Trade and Industry Minister Mukhriz Mahathir launches 3 i-Programme at Block 3A Plaza Sentral, Kuala Lumpur at 2.30 pm (0630) > Tenaga Nasional Bhd Chief Operating Officer Azman Mohd attends the launching of Skim Latihan 1Malaysia-Industri Bekalan Elektrik at Auditorium Abu Zarim (inside UNITEN), TNB Integrated Learning Solutions Sdn Bhd at ILSAS Km 7, Jalan Kajang-Puchong, Bangi at 2.30pm (0630) MARKET SNAPSHOT: * Malaysia's benchmark stock exchange edged up 0.14 percent at 1,466.22 on Friday, led by gains in investment holding and management company YTL Corp Bhd and property invesment company PPB Group Bhd. * A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt crisis will engulf world economies. * World stocks rose on Friday after upbeat U.S. data and corporate results, while concerns over the European banking sector and nervousness about potential ratings downgrades in European sovereign debt underpinned German government bonds. * Malaysian crude palm oil futures rose more than 1 percent on Friday, rebounding from the previous day's six-week lows on rising equity markets, traders said, although they expected further losses on euro zone debt worries. IN THE NEWS REUTERS MALAYSIA >Malaysia's Boustead subsidiary wins 9 bln rgt ship job >Bakrie & Bros eyes infrastructure growth >Lion Air aims dominate Indonesia's domestic market >Malaysia to award 5 marginal oilfield licences in 2012 >Malaysia's Maybank picks BII president director >Vietnam 2012 rice output seen steady -Ag Min >Malaysia's Felda Global to list in April-paper >Tenaga in LNG talks with Total, Shell and Qatar traders Full content generated by Get Full RSS. |
| Germany may pay full ESM contribution in 2012 Posted: 18 Dec 2011 04:12 PM PST BERLIN (Reuters) - Germany's Finance Minister Wolfgang Schaeuble said the country may pay its full contribution to the euro zone's permanent rescue fund in 2012, a regional German paper wrote. "It is clear that the sooner and the more paid-in capital the ESM (European Stability Mechanism) has, the more it gains trust on the financial markets," he was quoted as saying by the Rheinische Post Duesseldorf, in an interview to appear in Monday's print edition. "My priority is to create trust." The Finance Ministry was unavailable to comment. European leaders agreed in Brussels last week to accelerate the launch of the ESM by a year to mid-2012, as part of measures aimed at putting an end to a devastating debt crisis. The ESM, which will replace the temporary EFSF bailout fund, will have an effective lending capacity of 500 billion euros ($651.9 billion) and total subscribed capital of 700 billion euros, of which 80 billion euros will be paid-in capital from euro zone countries. EU leaders agreed earlier this year that the paid-in capital will be channeled into the fund over five years in five equal installments. Germany's total contribution to the paid-in capital is set for 21.5 billion euros, paid in instalments of 4.3 billion euros. Earlier this year, it was reticent to pay up its contribution at a faster pace, due to concerns about sticking to its debt brake and consolidating its own budget. Schaeuble was cited earlier this week by a newspaper as saying Germany would fund its contribution to the ESM with a supplementary budget. A government source told Reuters earlier this week that Germany's first instalment could be much higher than previously planned "because people want the ESM to be able to act soon." The statement of rating agency Fitch on Friday that a comprehensive solution to the euro zone crisis was beyond the region's reach has heightened pressure on leaders to get to grips with the turmoil. The chairman of euro zone finance ministers, Jean-Claude Juncker, said on Wednesday he would like all paid-in capital for the ESM to be contributed during its first year of operation, to ensure it had the firepower to deter speculation. Schaeuble was also cited as saying the new fiscal compact for all European Union member states except Britain - which last week vetoed it - should be implemented by March 2012, and the new treaty for a stability union should be linked to the ESM treaty. "It would make sense for the new pact to be linked with the new ESM treaty," he said. "That would mean that solidarity is inseparable from solidity." "Markets want to see actions," he said. The 'fiscal compact' is meant to allow closer scrutiny of countries' spending to stop a similar debt crisis recurring and potentially making it more palatable for the European Central Bank to step up its purchases of distressed euro zone debt to hold down borrowing costs. Full content generated by Get Full RSS. |
| Trafigura earned record $1.1 bln in 2011 Posted: 18 Dec 2011 04:09 PM PST NEW YORK (Reuters) - Commodities trader Trafigura's profits soared nearly two-thirds to a record over $1 billion this year, the Financial Times reported on Sunday, citing a note to bondholders. The secretive firm, one of the world's top three traders of metals and oil, reported net profits of $1.11 billion in the fiscal year through September, up from $690 million in 2010 and a previous record $837 million in 2009, the FT said. While Trafigura's chief executive Claude Dauphin cited "prolonged volatility" as a key driver, the Swiss-based trader's performance is notable given tough times for many players such as Cargill The FT said Trafigura had declined to comment. "We will look back to 2011 as a year in which we played a leadership role in decisively balancing global supply and demand for raw materials," Dauphin said in the note to bondholders, according to the FT. He noted that the war in Libya, the Arab Spring uprising in Egypt and Japan's tsunami had roiled markets. But he sounded a cautious note on the outlook. "As we look ahead to 2012 we know the recovery of European and U.S. economies will be, at best, slow in light of harsh fiscal austerity measures and bruised banking systems," Dauphin said in the note. He added that "the immediate future for emerging economies however is somewhat more dynamic". The FT said Trafigura's oil trading volume rose 15 percent from the previous year to 2.3 million barrels per day, while base metals trading rose 26 percent to 11 million tons. Its operating profit surged 141 percent to $1.25 billion and revenues jumped to $121.5 billion from $79.2 billion, the FT said. Trafigura traces its roots back to a band of commodity traders who split from Marc Rich & Co in 1993, as the trading house morphed into Glencore While it was initially renowned primarily for its trading prowess, like many of its rivals Trafigura has recently stepped up investment in critical infrastructure, including a growing string of oil depots and gasoline stations across Africa and the Caribbean and an aluminum and bauxite terminal in Louisiana Full content generated by Get Full RSS. |
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