Khamis, 24 April 2014

The Star Online: Business

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The Star Online: Business

Japan minister says no accord with US on TPP

Posted: 24 Apr 2014 07:14 PM PDT

TOKYO: Japan's economy minister said Friday that Tokyo had not reached a basic accord with Washington over a Pacific-wide trade deal despite intense talks after a bilateral summit.

There had been hopes that Tokyo and Washington might break an impasse in the stalled talks during US President Barack Obama's visit to Tokyo.

Speaking hours before Obama's departure, however, Japanese economy minister Akira Amari said what had been achieved was "not a basic accord although there was progress".

"In talks between the two leaders and ministers, we have confirmed the path to solve important pending issues between Japan and the United States," Amari told reporters.

Japan and the United States would "cooperate to help accelerate talks with other countries participating" in the Trans-Pacific Partnership (TPP) to bring it to an early conclusion, he said.

Obama and Prime Minister Shinzo Abe failed to reach an agreement on the TPP in summit talks on Thursday but told their delegates to continue negotiations.

Obama urged Japan to take "bold steps" to seal the TPP, a vast agreement that would cover about 40% of the global economy and a key plank in the president's bid for a renewed US focus on Asia.

The ambitious 12-nation deal has stalled as Tokyo and Washington lock horns over key details, including Japanese tariffs on agricultural imports and US access to its ally's major auto market.

Obama arrived in Tokyo late Wednesday on the first leg of his Asian tour which will also bring him to South Korea, Malaysia and the Philippines. He will leave for Seoul later Friday. – AFP

Robert Kuok's POSH opens at S$1.13 on SGX debut

Posted: 24 Apr 2014 06:33 PM PDT

SINGAPORE:  PACC Offshore Services Holdings Ltd shares opened at S$1.13 as they started trading on the Singapore Exchange on Friday, down 1.7% from the initial offering price of S$1.15. 

The listing of the oilfield service company, part of Malaysian billionaire Robert Kuok's business conglomerate, comes as Singapore's IPO market has struggled to attract big-ticket listings in recent years. - Reuters

Plantations help blue chips eke out mild rebound

Posted: 24 Apr 2014 06:28 PM PDT

KUALA LUMPUR: Malaysia's blue chips managed to stage a mild rebound early Friday, underpinned by gains in plantations, shrugging off the previous day's losses.

At 9.05am, the FBM KLCI was up 2.65 points to 1,867.93. Turnover was 92.62 million shares valued at RM46mil. There were 160 gainers, 78 losers and 164 counters unchanged.

BIMB Securities Research expects the market to consolidate with immediate support at 1,860.

On the external front, Bloomberg reported Japanese stocks fell, driving a second day of declines for Asia's regional index, as the yen held near a one-week high amid escalating tensions between Russia and Ukraine.

At Bursa Malaysia, United Plantations rose 26 sen to RM25.76 and KL Kepong added 18 sen to RM24.08.

Among consumer stocks, Dutch Lady added 60 sen to RM47 while BAT gained 20 sen to RM61.80.

Southern Acids rose 46 sen to RM5.45, extending its gains for the second day.

Press Metal counters were among the top gainers, PMetal shares gained 19 sen to RM3.66, PMetal-WC 18 sen to RM1.90 and PMetal-LA 17 sen to RM3.52.

MMHE fell 12 sen to RM3.92 and Petronas Dagangan 10 sen to RM30.12 while Gamuda shed seven sen to RM4.55.


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