The Star Online: Business
The Star Online: Business |
- Market takes off with a good start
- Reinsurance expenses to rise within predicted 1012 pct range
- Elpida shares surge on report of possible Toshiba merger
| Market takes off with a good start Posted: 03 Jan 2012 06:39 PM PST KUALA LUMPUR: The FTSE Bursa Malaysia KLCI was up 3.99 points or 0.26% to 1,517.53 at 10 a.m. today with gainers leading the losers. There were 347 counters up, 185 down and 272 remained unchanged. Among the top three gainers were KLK that added 64 sen to RM23.64, BKawan that added 48 sen to RM17.98 and BAT increased 38 sen to RM49.82. For the heavyweights, Sime Darby lost 3 sen to RM9.09, Digi was up 9 sen to RM3.90 and Tenaga gained 5 sen to RM6. HwangDBS said the Wall Street was off to a strong start in the New Year when key U.S. equity indices jumped between 1.5% and 1.7% last night. "Apparently, investors' confidence was boosted by expectations that the global manufacturing sector would show promising growth this year and the positive external vibes could give a lift to our Malaysian bourse today," it said in a marker preview report today. Hwang said the benchmark FBM KLCI would probably recover all the losses suffered yesterday to rise towards the immediate resistance level of 1,530 ahead. It said stocks that might see action today include CI Holdings, after a local daily, quoting sources, reported that the company was looking to acquire a new business soon; Bonia, following its acquisition of a German leather goods maker for RM13mil ; and Tricubes, which has just been awarded a Government contract worth RM6mil. Regionally, Nikkei 225 was up 105.21 points to 8,560.56, the Hang Seng Index lost 42.52 points to 18,834.89, the Shanghai Composite Index gained 10.55 points to 2,209.96, Taiwan Taiex Index added 25.93 points to 7,079.31, Kospi Index gained 0.63 points to 1,876.04 and the FTSE Straits Times Index added 18.01 points to 2,706.37. Full content generated by Get Full RSS. |
| Reinsurance expenses to rise within predicted 1012 pct range Posted: 03 Jan 2012 05:24 PM PST SYDNEY, Jan 4 (Reuters) Insurance Australia Group , the country's top car and home insurer, said its reinsurance expenses for 2012 should rise within an expected 1012 percent range as AsiaPacific insurers emerge from a disaster filled 2011. IAG, which dominates the Australian market along with QBE Insurance and Suncorp, has seen record claims from floods and storms in Australia and earthquakes in New Zealand forcing it to raise reinsurance cover to up to A$4.7 billion ($4.88 billion) from A$4.1 billion a year ago. The insurer forecast in a statement total reinsurance expenses of A$700 million to A$720 million for the 2012 financial year. That compared with A$620 million for the previous year. "In challenging market conditions, we are pleased to have concluded a programme which provides us with increased coverage and the additional security of some multiyear protection," Chief Executive Mike Wilkins said in the statement. Australian insurers were among the worst hit in 2011, a year which saw global disaster losses of more than $100 billion, and look set to struggle to keep a lid on reinsurance costs. Insurers have sought to contain a blowout by spreading the risk and arguing to reinsurers that while 2011 was a recordbreaking disaster year, the floods and earthquakes were probably oneoffs. Under the programme, IAG would be covered for losses up to A$4.2 billion and it retains the first A$250 million of each loss. It also encompasses an upper layer cover from $4.2 billion to $4.7 billion, providing earthquake loss protection in respect of Australia and New Zealand for a period of three years at agreed prices, IAG said. IAG shares were up 0.7 percent in morning trade, against a broader market trading up 2 percent. ($1 = 0.9634 Australian dollars) Full content generated by Get Full RSS. |
| Elpida shares surge on report of possible Toshiba merger Posted: 03 Jan 2012 05:21 PM PST TOKYO, Jan 4 (Reuters) Shares of Elpida Memory rose more than 7 percent in early trade on Wednesday after the Taiwanese trade publication DigiTimes said the troubled chipmaker may merge with Toshiba. The report is the latest in a series about possible survival plans for Japan's last remaining player in the dynamic randomaccess memory (DRAM) market, as it battles tumbling prices and loss of market share to South Korea's betterfunded giants. Japan's Asahi newspaper said last month Elpida was considering asking to delay paying back 30 billion yen ($391 million) in public funds after its earnings were hit by the European debt crisis. A separate report said Elpida would start tieup talks with Taiwan's Nanya Technology Corp with a view to a possible merger. Toshiba shares fell 1 percent in early trade. An Elpida spokesman said he was aware of the DigiTimes report, but declined to comment. No one at Toshiba was immediately available for comment. ($1 = 76.7500 Japanese yen) - Reuters Full content generated by Get Full RSS. |
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