NEWS
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Outside Malaysia:
U.S: Initial jobless claims increased more than expected
last week, reflecting a jump in California that otherwise masked steady
progress in the U.S. labor market. Initial applications for unemployment
benefits climbed 13,000 to a one-month high of 277,000 in the week ended
June 11, a report from the Labor Department showed. Claims in California
increased by more than 19,000 on an unadjusted basis, probably due in
part to schools closing for summer recess, a Labor Department spokesman
said. (Source: Bloomberg)
U.S: The cost of living excluding food and fuel rose in
May, propelled by rising rents. The so-called core measure of the
consumer price index rose 0.2% last month, the same as in April, a Labor
Department report showed. The broader measure of consumer prices also
climbed 0.2%. Federal Reserve policy makers project strengthening demand
combined with more stable energy costs and less appreciation in the
dollar will allow more businesses to regain pricing power in coming
months. (Source: Bloomberg)
U.K: Retail sales climbed more than economists forecast in
May as warm weather spurred demand for summer clothing and department
stores offered promotions. The volume of goods sold in stores and online
increased 0.9% following an upwardly revised 1.9% gain in April, figures
from the Office for National Statistics showed. Sales excluding auto fuel
jumped 1%. (Source: Bloomberg)
Japan: The Bank of Japan keeps policy unchanged. With the
yen soaring to its strongest in almost two years after the decision,
Governor Haruhiko Kuroda reiterated in a press conference that the
central bank won’t hesitate to take action if needed. (Source: Bloomberg)
Indonesia: Bank Indonesia cut its benchmark interest rate
for the fourth time this year, indicating its willingness to support
economic growth in the face of mounting global risks. Governor Agus
Martowardojo and his board cut the reference rate by 25 basis points to
6.5%.(Source: Bloomberg) |
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Other News:
Construction: Funds to finance Bandar Malaysia project set
up. A consortium comprising four local banks and four international banks
with a combined asset base exceeding USD13t have set up a new fund to
finance the development of the Bandar Malaysia project. The fund will be
utilised to finance development and construction works. The participating
international banks include the Bank of China, Industrial and Commercial
Bank of China (ICBC), China Construction Bank (CCB) and HSBC. (Source:
The Edge Financial Daily)
AE Multi Holdings: To invest in partnership with JMT
Kelantan. The company is venturing into renewable energy industry with a
proposed investment of MYR140m in a tie-up with JMT Kelantan Baru Sdn
Bhd. Under the proposed collaboration, JMT shall grant AE Multi the right
to operate and maintain the two 10MW integrated mini-hydro power projects
in Kelantan and AE Multi shall be entitled to 80% of the total profit
from the sale of power to TNB. (Source: The Star)
Mah Sing: Eyes more JV deals. The company which has a cash
pile of MYR1.1b is exploring more land acquisition and JV opportunities
with both federal and state government in Greater KL, Klang Valley,
Iskandar Malaysia, Penang and states with strong economic prospects. The
company currently has a remaining land bank of 2,522 acres with a gross
development value and unbilled sales of MYR32.2b. (Source: The Sun Daily)
KNM: To improve revenue base. The company is focusing on
improving its income base to generate more recurrent revenue despite an
uncertain global economic environment. The company which currently
derives its revenue entirely from construction works, is now exploring on
more recurring income projects such as biofuel and waste-to-energy.
(Source: The Edge Financial Daily) |
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