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NEWS
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Outside Malaysia:
U.S: Consumer inflation expectations drop in New York Fed
survey. U.S. household expectations for inflation in three years’ time
fell last month, according to a Federal Reserve Bank of New York survey,
while views on future spending bounced back. The survey showed expected
inflation of 2.62% three years ahead in September, according to the
median response, down from 2.71% the month before, according to New York
Fed data published. The latest update brings expectations closer to the
2.45% reading in January that marked the lowest level in the survey’s
three-year history. (Source: Bloomberg)
U.S: August foreclosure rate drops 42% YoY, CoreLogic
says. August saw 37k completed foreclosures vs 64k in August 2015, a
decline of 42% YoY and a 69% decline from peak of 118.2k in September
2010, according to CoreLogic’s National Foreclosure Report. National
foreclosure inventory was 351k (0.9% of all homes with a mortgage) vs
499k homes (1.3% of all homes with a mortgage) YoY, lowest inventory
since July 2007. Foreclosure inventory fell by 30% from the previous
year, the largest year-over-year decline since January 2015,” said Dr.
Frank Nothaft, chief economist for CoreLogic. (Source: Bloomberg)
Germany: Investor confidence improved more than
anticipated in October in a sign that growth remains robust even as
concerns about German banks weigh on the outlook, according to the ZEW
Center for European Economic Research. Index of investor and analyst
expectations, which aims to predict economic developments six months ahead,
rose to 6.2 from 0.5 in September. Reading is highest since June. Index
of current situations rose to 59.5 from 55.1. (Source: Bloomberg)
U.K: May backs down on parliament vote over her Brexit
terms. Prime Minister Theresa May has accepted that Parliament should be
allowed to vote on her plan for taking Britain out of the European Union,
but asked lawmakers to do it in a way that gives her space to negotiate.
The decision may calm investors after they dumped the pound on concern
May was taking a gung-ho approach to the negotiations. The currency took
a beating, falling more than 6% this month, after May signaled her
intention to put immigration curbs before the City of London’s interests
in pulling Britain out of European Union. (Source: Bloomberg)
Japan: Current-account surplus stood at JPY 2.0t for
August, supported by a pickup in trade in goods. The surplus widened 23%
YoY. The numbers come as the yen has appreciated this year, gaining 16%.
Its strength has put pressure on Japanese exporters and threatened to
undermine the nation’s trade surplus. However, cheap energy imports have
generally kept the trade balance positive, supporting the current-account
surplus. (Source: Bloomberg)
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Other News:
Nexgram: Bags a MYR7.4m contract to build factory and
warehouse. The company indirect 70% subsidiary Blue Hill Development S/B
has bagged a MYR7.4m contract to design and build an open shed warehouse
and a factory as extension of an existing warehouse in Port Klang for Mah
Sing Plastic Industries S/B. The construction works will begin from 17
Oct 2016, and be completed by 15 Jul 2017. (Source: The Star)
TH Heavy Engineering: To extend maturity of sukuk. The
company has written to the Securities Commission Malaysia to update the
regulator on the variation of terms to extend the maturity date of its
non-rated sukuk murabahah of up to MYR170 million by one year, from 30
Sep 2016 to 29 Sep, 2017. Last month, THHE’s wholly owned subsidiary O
& G Works S/B received a winding-up petition with a claim for
MYR688,728.23. The loss-making group has received 10 winding-up petitions
since July this year with claims amounting to over MYR45m. (Source: The
Sun Daily)
Systech: Gets MSC status, 10-year tax exemption incentive.
The federal government has granted a 10-year tax exemption on Systech's
51%-owned unit SysArmy S/B following the approval of its MSC status. The
tax exemption, it said, is for the 100% income tax exemption on statutory
income derived from the MSC Malaysia Qualifying Activities for a period
of 10 years. (Source: The Edge Financial Daily)
Komarkcop: Shift focus. The group is shifting focus to
Southeast Asia as the group faces increasing competition in China. The
group which has recently lost "big client" in China is now
targeting to expand its operation to Indonesia, the Philipines and
Vietnam. To scale down its China operations, the group recently sold its
wholly-owned subsidiary Komark Investment Holding Ltd along with its
China unit for MYR48m. Beyond Asean, the group is also looking to expand
its presence in India to take advantage of the country's rapidly growing
e economy. (Source: The Edge Financial Daily)
Axiata: Will maintain controlling stakes in overseas ops,
says CEO. The group is not ruling out the possibility of a minor stake
sale in its overseas operation companies (opcos) to reinvest in higher
potential businesses, but intends to maintain a controlling stake in
these opcos if such a rationalisation exercise takes place. The group’s
president-cum-chief executive officer (CEO) Tan Sri Jamaludin Ibrahim
said, if a minor stake sale takes place, the proceeds could also be used
to enhance the group operationally such as improving its network
infrastructure, besides being used for reinvesting in higher potential
business. (Source: The Edge Financial Daily)
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