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NEWS
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Outside Malaysia:
U.S: Services pick up for first time in five months,
indicating the economy was improving after a sluggish start to the year.
The Institute for Supply Management’s non-manufacturing index, covering
industries including construction, finance and retailing, rose to 54.5
from 53.4 in February, the Tempe, Arizona-based group’s data showed.
Readings above 50 signal expansion. (Source: Bloomberg)
E.U: Economy grew slower than initially anticipated at the
end of the first quarter, according to Markit Economics, which revised
down a key index of activity. Markit said its composite Purchasing
Managers Index rose to 53.1 in March from 53 in February. While that’s
above the 50 level that divides expansion from contraction, it’s below
the initial reading of 53.7 published March 22. (Source: Bloomberg)
Germany: Factory orders unexpectedly fell in February in a
sign that a global trade slowdown is weighing on Europe’s largest
economy. Orders, adjusted for seasonal swings and inflation, dropped 1.2%
from the prior month, when they rose a revised 0.5%, data from the
Economy Ministry showed. Orders climbed 0.5% YoY. (Source: Bloomberg)
China: Forex losses jump 13-fold to USD 7.5b, with more
ahead. The impact of August’s yuan devaluation has shown up in Chinese
publicly traded companies’ annual results -- and investors are bracing
for more pain. Some 980 listed Chinese companies reported combined
foreign-exchange losses of CNY 48.7b (USD 7.5b) for last year, almost 13
times the amount in 2014, Bloomberg- compiled data show. Profits at those
firms slumped 11% last year to CNY 789.2b. State-owned oil refiner China
Petroleum & Chemical Corp., or Sinopec, reported CNY 3.9b in net FX
losses, increasing from CNY 179m in 2014. The yuan’s 4.5% tumble last
year, the largest since 1994, swelled financing costs for Chinese
companies, the biggest dollar borrowers in Asia. More depreciation in
January triggered a global stock rout and contributed to a 31% first-
quarter drop in Chinese dollar bond sales. While the CNY has rallied
against the U.S. dollar for two months, it is still weakening against a
basket of currencies. (Source: Bloomberg)
India: Central bank lowered its key interest rate for the
first time in six months and said it would look for more room to ease as
it watches monsoon rains. Governor Raghuram Rajan cut the benchmark
repurchase rate to 6.5% from 6.75%, the Reserve Bank of India said. “The
stance of monetary policy will remain accommodative,” Rajan said in the
statement. “The Reserve Bank will continue to watch macroeconomic and
financial developments in the months ahead with a view to responding with
further policy action as space opens up.” (Source: Bloomberg)
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Other news:
Aviation: Sky-high DCA fees, airlines to pay up to 10
times present rate effective April 15. The increase in fees for
everything from the usage of air space, air traffic facilities and other
services to the air operator’s certificate (AOC) and the pilot’s flight
license will see a big increase under a review of fees and charges made
by the DCA after 40 years. Under the revised fee, the bigger the
aircraft, the more the cost, and even the smaller jets, cargo planes and
helicopters have not been spared. DCA said the new charges will help with
rising expenses, upgrade and maintenance works and replacement of
systems. (Source: The Star)
Plantation: Colombia cuts palm oil import tariff to 0%. To
counter inflation, for a period of six months commencing on Feb 29, 2016
and ending on Aug 29, 2016, Colombia has authorized imports of palm oil
at 0% from the previous 40%.This offers an opportunity for Malaysian palm
oil and oleo-chemical manufacturers to make inroads into the market.
According to Matrade, Colombian trade statistics show that imports of
palm oil-related products in 2015 totaled USD129m (MYR501m). Malaysia’s
exports are valued at USD0.9m and registered 0.71% of Colombia’s import
market share. (Source: The Sun Daily)
MAHB: KAFS seeks MYR456m from MAHB for shortened
concession. This is for the alleged losses and damages related to changes
in the concession period under the Airport Facilities Agreement (AFA).
AFA gave Kuala Lumpur Fueling System Sdn Bhd the rights and authority to
operate and maintain the aircraft fueling system for a concession period
of 50 years.. MAHB said its solicitors have the opinion that MAHB has a
good arguable case against KAFS in the arbitration. (Source: The Edge
Financial Daily)
Mudajaya: Buys 74% stake in PT Harmoni Energi. PT Harmoni
Energi, a subsidiary of PT ISI is a special purpose vehicle and has a
power purchase agreement (PPA) with PT PLN (Persero) Wilayah Papua Dan
Papua Barat for the development of a 2x7 MW coal-fired steam power plant
on a build-operate-own basis in Manokwari, West Papua of Indonesia. The
PPA is for 25 years from the commercial operation date. The financial
close pursuant to the PPA is Oct 26, 2016. The proposed acquisition, if
completed, is expected to contribute positively towards the earnings and
net assets of the group in the future financial year, said Mudajaya.
(Source: The Sun Daily)
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