Selasa, 8 Oktober 2013

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The Star Online: Business

Asia infrastructure surge to boost world trade, says HSBC


KUALA LUMPUR: Asia's infrastructure surge will boost world trade as infrastructure trade is set to triple by 2030 and its share of global trade is expected to rise significantly, according to HSBC's latest trade forecast report.

In a statement today, HSBC said in its Trade Confidence Index (TCI) conducted last June, international businesses around the world reported a slight increase in confidence in global trade prospects, with confidence amongst global and Asian traders rising slightly to 112, up from 111 in the second half of 2012.

Ng Wei Wei, country head of global trade and receivables finance for HSBC Bank Malaysia Bhd, said Malaysia's TCI for the first quarter of 2013 remained robust at 114, and despite challenges in the global economy, the findings indicated infrastructure spending was going to outperform the downbeat trend.

"In Malaysia, the government's Economic Transformation Programme continues to spur growth and domestic demand, with local players keen to participate in the increasing activity in the local business environment, and it also received international endorsement, demonstrated in the country's improvement in key global rankings," she said.

HSBC said the report revealed that between 2013 and 2030, infrastructure-related trade would grow at an average of 9% with a rise in its share of overall merchandise trade, from 45% of total goods exports in 2013 to 54% by 2030.

The report differentiates between goods for infrastructure the materials needed for infrastructure projects and investment equipment the machinery required by businesses to boost production.

It stated India and China would overtake the US as lead importers of infrastructure-related goods by 2020.

"Currently, the US is the biggest importer of infrastructure-related goods, but the report has predicted India will become the lead importer of goods for infrastructure as it invests in building its domestic networks, while China is set to become the top importer of investment equipment as it boosts manufacturing capacity by 2020," HSBC said.

Meanwhile, other rapidly-growing Asian economies are expected to take an increasing share of infrastructure-related imports over time, with Malaysia, Korea and Vietnam moving up the rankings, it added – Bernama. 

KLCI opens Wednesday lower as US debt ceiling looms


KUALA LUMPUR: The FBM KLCI kicked off Wednesday on a lower note, slipping almost five points lower as investors sentiments were tainted due to the concerns over the solution of the US budget.

At 9.02am, the KLCI was down 4.09 points to 1,773.41. Turnover was 37.36 million valued at RM14.508mil. There were 51 gainers, 86 decliners and 110 counters unchanged.

Reuters reported US stock futures rebounded from a one-month low on Wednesday on news that US President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen, seen as a proponent of dovish policy, as the next head of the US central bank.

"Still, global shares are likely to stay under pressure as investors start to take precautions to protect themselves against the possibility the US government may default on its debt later this month," it said.

BIMB Securities Research said equities were left to die another day as a solution over the US budget remains in a quandary, not to mention the looming debt ceiling crisis.

It said already both China and Japan holding a combined US$2.4tril in US debts have fired warning shots.

"Interestingly, Asian market performed with aplomb as almost all closed the day on a positive note possibly due to technical buying.

"Locally, the FBMKLCI closed the day on a flat note after spending most of the day in negative territory again from last minute buying activities and ended the day 0.68 point higher at 1,777.50," it said.

It noted although the downside bias for the local bourse remains, it is well supported at current levels. Another range trading day is in store within the 1,770 to 1,775 range.

HwangDBS Vickers Research said on local corporate developments, the following stocks may have added interests today, such as DiGi.Com, following a news report on Khazanah selling up to RM293.5mil worth of shares in the telecommunication group and LPI Capital, after the company has reported a 27% on-year increase of its third quarter earnings.

At Bursa Malaysia, KL Kepong fell 32 sen to RM22.34 and PPB Group 14 sen to RM14.24.

Financial counters fell with HLFG down 28 sen to RM14.86 and Affin 11 sen to RM4.21.

DiGi fell seven sen to RM4.90.

Ho Hup rose seven sen to RM1.55, QL six sen to RM3.88 and Sumatec 2.5 sen to 62 sen.

Billionaire Buffett's Berkshire discloses 2.8% stake in Goldman Sachs


NEW YORK: Warren Buffett's Berkshire Hathaway Inc <BRKa.N> disclosed a 2.8 percent passive stake in Goldman Sachs Group Inc <GS.N> as it converted warrants acquired during the financial crisis.

Buffett received the warrants five years ago when his investment in Goldman was seen as a vote of confidence in the bank, which was reeling from turmoil in the credit market.

Under Buffett's deal with Goldman, Berkshire had the right to buy about 43.5 million Goldman shares - or a roughly 9 percent stake then - at an exercise price of $115 per share.

Goldman had amended the deal in March, which gave Berkshire a much smaller stake but did not require it to commit any capital to exercise the warrants.

Reuters reported last week that Berkshire would convert the warrants into shares equal in value to the difference between the warrants' exercise price and the average closing price for Goldman shares in the 10 trading days up to October 1.

The billionaire investor disclosed the stake of 13.06 million shares as of October 1 in a regulatory filing late on Tuesday. (

The stake, valued at about $2 billion based on Goldman's Tuesday close of $153.05, makes Berkshire the sixth-largest external investor in the bank, according to Thomson Reuters data. - Reuters


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