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NEWS
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Outside Malaysia:
U.S: Fed says growth continues modestly as job market
tightens. The U.S. economy continued to expand modestly from late
November through the end of 2016 as a tightening labor market helped lift
wages and prices more broadly, a Federal Reserve survey showed. The
central bank’s Beige Book economic report, based on information collected
by regional Fed banks on or before Jan. 9, said firms and industries were
optimistic about growth this year. Employment gains were characterized as
slight to moderate, with most of the Fed’s 12 districts saying they
expected the labor market to continue tightening. (Source: Bloomberg)
U.S: China’s holdings of treasuries drop by most since
2011 in November, as the world’s second- largest economy uses its
foreign-exchange reserves to support the yuan. Japan’s holdings also
dropped but the country kept its spot as America’s largest foreign
creditor. A monthly Treasury Department report released in Washington
showed China held USD 1.05tr in U.S. government bonds, notes and bills in
November, a drop of USD 66.4b from the prior month that was the steepest
since December 2011. Japan’s portfolio decreased for fourth consecutive
month, falling by USD 23.3b to USD 1.11tr, according to the data.
(Source: Bloomberg)
U.K: Economy lost fewer jobs than expected and wage growth
picked up toward the end of 2016, suggesting the labor market remains
relatively resilient. The number of people in work fell by 9,000 to 31.8
million in the three months through November. The jobless rate stayed at
4.8%, the lowest since 2005, and wage growth reached the highest rate
since 2015. (Source: Bloomberg)
U.K: House price gauge declines for first time in five
months in December as the supply of properties for sale remained weak and
values slumped in London. The Royal Institution of Chartered Surveyors
said its index declined to 24 from 29 in November, indicating that a
smaller majority of respondents saw price gains. Predicted sales over the
next three months also slowed, with only 4 percent more respondents anticipating
an increase. However, the year-ahead sales outlook still rose slightly.
(Source: Bloomberg)
China: Money market rate jumped the most in two years,
with record central bank cash injections being overwhelmed by demand
before the Lunar New Year holidays. The People’s Bank of China put in a
net CNY 410b (USD 60b) through open-market operations, the biggest daily
addition since Bloomberg began compiling the data in 2004. That brings
the total injections so far this week to CNY 845b. The interbank seven-day
repurchase rate jumped 32 basis points, the most since December 2014, to
2.73%, according to weighted average prices. (Source: Bloomberg)
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Other News:
Silk Holdings: PNB to buy SILK Highway for MYR380m. Silk’s
toll concession asset will be sold to Permodalan Nasional Bhd for MYR380m
in cash. SILK is the concession holder of the 37-kilometre Kajang Traffic
Dispersal Ring Road under the concession agreement executed in October
1997 to finance, design, construct, operate and maintain the SILK Highway
for 36 years, ending July 31, 2037. The disposal is in line with the
group's strategy to monetise and unlock value of its infrastructure
assets to allow Silk Holdings to streamline its operations and use its
financial resources to focus on offshore marine support services.
(Source: The Edge Financial Daily)
Kwasa Land: To get MYR165.5m from Gadang for property job.
Kwasa Land, which is the master developer of the township in Sungai Buloh
will receive MYR165.5m for the development rights and revenue sharing
from Gadang Holdings for a property development project at Kwasa
Damansara township. It said 780 residential units comprising high rise
towers and villas are to be built on the 21.08 acres freehold land. R3-1
is projected to have a gross development value of MYR700m. (Source: The
Star)
Spring Gallery: In MYR161m Perak joint-venture project.
Its unit Million Rich DevelopmentS/B and Hasil Senudong S/B have entered
into a 60:40 joint venture agreement for the development of a residential
project on leasehold land measuring 3.3ha in Perak with a gross
development value of about MYR161.2m. The two-year project will begin by
January 2018. (Source: The Sun Daily)
Mesiniaga: TM appoints Mesiniaga to install, maintain
Internet gateway. Telekom Malaysia has awarded a MYR20.73m contract to
Mesiniaga for the supply, installation and maintenance of its managed
Internet gateway. The contract was for an eight-year period from Jan 1,
2017, to Dec 31, 2024. (Source: The Star)
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