The Star Online: Business
The Star Online: Business |
- KLCI slips in early Wednesday trade, Tenaga down
- RUBBER-Tokyo Futures Move Higher As Weaker Yen Boosts
| KLCI slips in early Wednesday trade, Tenaga down Posted: KUALA LUMPUR: Malaysia's FBM KLCI fell in early Wednesday trade on concerns about a US military action against Syria, mirroring the cautious key Asian markets. At 9.03am, the KLCI was down 0.34 of a point to 1,723.87. Turnover was 53.21 million shares valued at RM19.29mil. There were 70 gainers, 46 losers and 100 counters unchanged. BIMB Securities Research said although foreign funds outflow have had receded somewhat, it feared they may be waiting for the local bourse to go higher before initiating another wave of selling. "Yesterday, we saw another RM181mil worth of foreign net outflow and was surprised by the uptrend. We expect the index to consolidate today at around the 1,720 level," it added. Tenaga fell 14 sen to RM8.80, giving up about half of the previous day's gains when it advanced on hopes of a tariff hike. KL Kepong fell the most, down 20 sen to RM21.20 and Kulim 11 sen to RM3.37. However, PPB Group rose 28 sen to RM13.40 with 100 shares done, Sime Darby and IOI Corp added four sen each to RM9.44 and RM5.41. Other decliners were UMW, down 14 sen to Rm12.44, Bursa four sen to RM7.36 and Muhibbah three sen to RM7.36. |
| RUBBER-Tokyo Futures Move Higher As Weaker Yen Boosts Posted: TOKYO: Benchmark TOCOM rubber futures rose to a more than three-month high early on Wednesday as a weaker yen continued to bolster the contract that sets the tone for Southeast Asia tyre grade prices. FUNDAMENTALS * The key Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery <0#2JRU:> was up 0.9 percent at 286.9 yen per kg at 0034 GMT, its highest level since May 23. The futures contract settled 2.1 percent higher on Tuesday. * The U.S. dollar was quoted around 96.55 yen in early Asian trade, with the greenback higher after stronger-than-expected U.S. economic data lifted expectations the U.S. central bank will start scaling back stimulus this month. * Japan's central bank will consider further monetary easing if the country decides to raise its sales tax as planned to 8 percent from 5 percent in April, a local newspaper reported on Wednesday. * Top rubber consumer China bought nearby physical cargoes this week to replenish stockpiles, with protests by Thai farmers barely causing a ripple in physical trading, dealers said late on Tuesday. * For the top stories in rubber market and other news, click , or MARKET NEWS * Japan's benchmark Nikkei stock average dipped 0.6 percent in early Wednesday trade, as investors took profits after the benchmark closed near a three-week high the previous day. * The 19-commodity Thomson Reuters-Jefferies CRB index rose 0.6 percent on Tuesday after 11 of the 19 futures markets it tracked ended in positive territory. - Reuters |
| Posted: NEW YORK: Eastman Kodak Co, the photography pioneer which invented the digital camera, emerged from Chapter 11 bankruptcy protection on Tuesday, with plans to continue as a smaller digital imaging company. The new Kodak will focus on commercial products such as high-speed digital printing technology and printing on flexible packaging for consumer goods. "You can't imagine how much I have been waiting for this moment ... This is a totally new company," Chief Executive Antonio Perez told reporters. Kodak, founded in 1880 by George Eastman, was for years synonymous with household cameras and family snapshots. It filed a $6.75 billion bankruptcy in January 2012, weighed down by high pension costs and a years-long delay in embracing digital camera technology. The new company expects to have $2.5 billion in revenue this year, Perez said. Kodak once employed more than 60,000 people and was one of the largest employers in Rochester,New York, where it is based. Perez told reporters his most difficult task at the helm of the bankrupt company was dealing with hefty pension costs. "I would not recommend anyone to file for Chapter 11, but if you have to deal with legacy costs, in my opinion, that's the only way you can do it," Perez said. The company in April resolved a crucial dispute with its British pension fund, which dropped a $2.8 billion claim against Kodak. The fund also bought the company's personalized imaging and document imagingbusinesses, to be named Kodak Alaris, for $650 million. The company said it has repaid its debtor-in-possession lenders and will receive about $406 million in new financing. Perez, in charge since 2005, had been trying to steer the company towards consumer and commercial printers but was unable to stem the cash drain. The company has not posted an annual profit since 2007. Chief executives are commonly ousted through the bankruptcy process, but Perez remains top boss atKodak, a result he attributed to his ability to do "what I needed to do" during the restructuring. "When I came here, the previous board ... gave me three tasks - restructure the film business, create a completely new company that would have a future, and ... eliminate or settle the very large legacy costs that we had from the old company," Perez said. Kodak had hoped to fetch more than $2 billion through its bankruptcy process for about 1,100 patents related to digital imaging, but drew only $525 million for the portfolio, which experts said was a crucial reason it had to sell core businesses and reinvent itself. "We're not the largest competitor in the market, but we're offering the biggest differentiation in the market," Perez said.- Reuters |
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