林梧桐——雲頂的拓荒者
updated:2007-10-23 17:11:23 MYT
雲頂高原的開山鼻祖丹斯里林梧桐，是典型的白手興家大馬華裔商家，他憑獨到的眼光、不屈不撓的奮鬥精神，一步一腳印的將雲頂開闢成大馬首屈一指的旅遊勝地！
林梧桐和老一輩的華裔商人一樣，都是靠自己的雙手打拼，當然唯才是用也是他們的優點。即使已坐擁億萬財產，但他們還是過著平凡的生活，不奢華的作風值得後人學習。
雲頂賭場改變了林梧桐一生的命運；當年的一座荒山，如果不是靠堅定的毅力和打拼的精神，又怎會有今天享譽全球的雲頂高原。
林梧桐不是少年得志，他也沒有祖先留下財產的庇蔭，在發跡前他投身修路建橋領域，往往必須親力親為，那是傳統的華商拼搏生活。
年過半百才“上山”
上個世紀70年代，林梧桐年過半百才“上山”，對現代人而言，50歲已是準備退休安享晚年，可是林梧桐這時才展開人生另一里程碑。連“巴剎馬來語”都讓人發噱的他，就這樣在荒山野嶺中，披荊斬棘的為雲頂奠下穩固的根基。
如果說活到老、學到老，肯定的可以從林梧桐路領略到真正的終身學習；如果他沒有吃苦挨勞的毅力，缺乏宏觀的視野，經不起時間的考驗和耗磨，恐怕雲頂早就成了歷史名詞矣。
沒有林梧桐就沒有雲頂，當然如果沒有雲頂，大馬也不會有“賭王”出現。林梧桐能獲得唯一的大馬賭場執照，自有他過人之處。所謂創業不易、守業更難，雲頂既然是會生金蛋的鵝，林梧桐相信也感受到“高處不勝寒”，要永續的發展雲頂必須日新又新的求變。
一生奮鬥啟發後人
雲頂大放異彩時，林梧桐已是七十古來稀，但年齡不是障礙，他還是默默的為雲頂耕耘，同時又做好交棒的工作，妥善的安排讓雲頂順利的向前發展；今天的雲頂已從賭場變成娛樂城，更是進軍新加坡和世界賭場事業，林梧桐功成身退，無憾的走過這一生。
林梧桐沒受多少教育，但這並沒阻止他的事業進取心，他的打拼和不畏艱辛精神，值得後人學習；林梧桐敢於挑戰和付出，換來的是豐碩的果實，白手興家絕對不是偶然的。
享年90高齡的林梧桐，身後留下的不只是雲頂高原，也不是甚麼傳奇故事，他一生的奮鬥足以啟發後人，無論在怎樣惡劣的環境下，若能秉持堅定的毅念，吃得苦中苦，無論在人生或事業路上，總會有一番出路。
林梧桐的名字永遠和雲頂同在，林梧桐的故事也讓人津津樂道，這位雲頂拓荒者刻苦耐勞走過的心路歷程，更是另一種“馬來西亞，能”本色！ （星洲日報/及時評論•文：劉益萬•2007.10.23）
source= http://www.sinchew.com.my/content.phtml?sec=1&sdate=&artid=200710231533
Tuesday, October 23, 2007
身家144億令吉.林梧桐大馬第三大富豪
身家144億令吉
林梧桐大馬第三大富豪
updated:2007-10-23 17:50:49 MYT
（吉隆坡訊）根據《福布斯》今年3月公佈，雲頂集團老闆丹斯里林梧桐憑總資產43億美元（馬幣144億9000萬令吉），擢升成為大馬第3大富豪，身家比去年的15億美元增加很多。
林梧桐也在《福布斯》的全球首富排行榜中，名列204位。
84歲的糖王郭鶴年以76億美元的總資產排行大馬首富，電訊及電視（ASTRO）巨頭阿南達克里斯南則排行第二。
做事原則
林梧桐的父母常對他說：“小富由儉，大富由天。”
所以林梧桐從小在腦海中就深深烙上了中國傳統价值觀。
“一旦決定做一件事，就應該全力以赴，竭儘所能去完成它”的道理已成了他一生做事情的基本原則。
“父母當年的教誨—好心有好報，在我一生的多次經歷中果然應驗了。”
90歲大壽
林梧桐於今年4月16日在雲頂高原清水岩廟慶祝90歲大壽，並捐出1060萬令吉給6家慈善團體、機構及清水岩廟建築協會。
雲頂集團及雲頂高原清水岩廟也為他鑄造一個高達9尺、價值20萬令吉、以中國入口花崗岩鍍成的塑像，並由房屋及地方政府部長拿督斯里黃家定主持揭幕禮。
首相拿督斯里阿都拉也親自致電向他賀壽。
根據林梧桐的自傳，清水岩廟是他覺得最特別的地方，因為這所廟宇的所在地，正是1966年他得到清水祖師啟示，放手去開發雲頂高原勝地的地方，所以，相信他因此選擇在這個讓他做出人生最大改變的地方慶祝90歲大壽。 （星洲日報•2007.10.23）
soruce= http://www.sinchew.com.my/content.phtml?sec=1&sdate=&artid=200710231254
林梧桐大馬第三大富豪
updated:2007-10-23 17:50:49 MYT
（吉隆坡訊）根據《福布斯》今年3月公佈，雲頂集團老闆丹斯里林梧桐憑總資產43億美元（馬幣144億9000萬令吉），擢升成為大馬第3大富豪，身家比去年的15億美元增加很多。
林梧桐也在《福布斯》的全球首富排行榜中，名列204位。
84歲的糖王郭鶴年以76億美元的總資產排行大馬首富，電訊及電視（ASTRO）巨頭阿南達克里斯南則排行第二。
做事原則
林梧桐的父母常對他說：“小富由儉，大富由天。”
所以林梧桐從小在腦海中就深深烙上了中國傳統价值觀。
“一旦決定做一件事，就應該全力以赴，竭儘所能去完成它”的道理已成了他一生做事情的基本原則。
“父母當年的教誨—好心有好報，在我一生的多次經歷中果然應驗了。”
90歲大壽
林梧桐於今年4月16日在雲頂高原清水岩廟慶祝90歲大壽，並捐出1060萬令吉給6家慈善團體、機構及清水岩廟建築協會。
雲頂集團及雲頂高原清水岩廟也為他鑄造一個高達9尺、價值20萬令吉、以中國入口花崗岩鍍成的塑像，並由房屋及地方政府部長拿督斯里黃家定主持揭幕禮。
首相拿督斯里阿都拉也親自致電向他賀壽。
根據林梧桐的自傳，清水岩廟是他覺得最特別的地方，因為這所廟宇的所在地，正是1966年他得到清水祖師啟示，放手去開發雲頂高原勝地的地方，所以，相信他因此選擇在這個讓他做出人生最大改變的地方慶祝90歲大壽。 （星洲日報•2007.10.23）
soruce= http://www.sinchew.com.my/content.phtml?sec=1&sdate=&artid=200710231254
國家社會巨大損失
首相向林梧桐家人致哀
“國家社會巨大損失”
updated:2007-10-23 17:50:55 MYT
（怡保訊）首相拿督斯里阿都拉指出，雲頂集團創辦人丹斯里林梧桐的離世，對國家和社會都是巨大的損失。
他說，林梧桐是位堅忍不拔的企業家，在各工業領域為我國經濟貢獻良多，也是為人熟悉且被公認的慈善家。
阿都拉週二（23日）在霹靂州務大臣官邸出席“與首相共進午餐”活動後對記者表示，他向林梧桐的家人致哀，並將前往慰問他們。
他在這項活動上移交組屋銷匙給怡保市的貧困家庭，並在較早時派發開齋節禮品給霹靂州14間孤兒院的共500名孤兒。 （星洲日報•2007.10.23）
source = http://www.sinchew.com.my/content.phtml?sec=1&sdate=&artid=200710231635
“國家社會巨大損失”
updated:2007-10-23 17:50:55 MYT
（怡保訊）首相拿督斯里阿都拉指出，雲頂集團創辦人丹斯里林梧桐的離世，對國家和社會都是巨大的損失。
他說，林梧桐是位堅忍不拔的企業家，在各工業領域為我國經濟貢獻良多，也是為人熟悉且被公認的慈善家。
阿都拉週二（23日）在霹靂州務大臣官邸出席“與首相共進午餐”活動後對記者表示，他向林梧桐的家人致哀，並將前往慰問他們。
他在這項活動上移交組屋銷匙給怡保市的貧困家庭，並在較早時派發開齋節禮品給霹靂州14間孤兒院的共500名孤兒。 （星洲日報•2007.10.23）
source = http://www.sinchew.com.my/content.phtml?sec=1&sdate=&artid=200710231635
創辦雲頂•享年90歲. 林梧桐逝世
創辦雲頂•享年90歲
林梧桐逝世
updated:2007-10-23 17:11:13 MYT
（梳邦再也訊）雲頂集團創辦人丹斯里林梧桐今日（週二，23日）早上11時20分在梳邦再也醫藥中心的心臟醫護病房安詳離開人世，享年90歲。
林梧桐逝世時，至親包括太太潘斯里李金花、次子兼雲頂集團主席丹斯里林國泰、女兒及孫子等都陪同在側。
林國泰週二下午在姐姐林秀蓮的陪同下，在梳邦再也醫藥中心對記者說，其父親是在沒有任何病痛的情況下逝世。
林國泰一臉悲傷地說，父親是在2天前進院，週二安詳離開人世。
《星洲日報》探悉，林氏宗親會將著手成立治喪委員會，殯儀事務交由中央殯儀館處理。
林梧桐將會葬於3年前在梧桐再也興建的私家墓園，而喪府是設在雲頂半山的住家。
林梧桐遺孀潘斯里李金花於下午在兩名家屬的陪同下離開醫院。她拒絕發表談話，三人都哭紅了眼睛。
根據梳邦再也醫藥中心一名發言人表示發言人表示，林梧桐於9月底曾進入醫院治療，並在2天前再次進院。
對於各界對林梧桐的關注，林國泰聲聲感謝。
針對喪禮的安排，他表示，家屬將儘快對外作出公佈。
院方為避免媒體採訪引起混亂，一度向記者表示遺體已在2點前被領走，不過記者堅持在場守候。截至下午4時15分，運送遺體的手續尚在進行中。 （星洲日報•2007.10.23）
source: http://www.sinchew.com.my/content.phtml?sec=1&artid=200710231647
林梧桐逝世
updated:2007-10-23 17:11:13 MYT
（梳邦再也訊）雲頂集團創辦人丹斯里林梧桐今日（週二，23日）早上11時20分在梳邦再也醫藥中心的心臟醫護病房安詳離開人世，享年90歲。
林梧桐逝世時，至親包括太太潘斯里李金花、次子兼雲頂集團主席丹斯里林國泰、女兒及孫子等都陪同在側。
林國泰週二下午在姐姐林秀蓮的陪同下，在梳邦再也醫藥中心對記者說，其父親是在沒有任何病痛的情況下逝世。
林國泰一臉悲傷地說，父親是在2天前進院，週二安詳離開人世。
《星洲日報》探悉，林氏宗親會將著手成立治喪委員會，殯儀事務交由中央殯儀館處理。
林梧桐將會葬於3年前在梧桐再也興建的私家墓園，而喪府是設在雲頂半山的住家。
林梧桐遺孀潘斯里李金花於下午在兩名家屬的陪同下離開醫院。她拒絕發表談話，三人都哭紅了眼睛。
根據梳邦再也醫藥中心一名發言人表示發言人表示，林梧桐於9月底曾進入醫院治療，並在2天前再次進院。
對於各界對林梧桐的關注，林國泰聲聲感謝。
針對喪禮的安排，他表示，家屬將儘快對外作出公佈。
院方為避免媒體採訪引起混亂，一度向記者表示遺體已在2點前被領走，不過記者堅持在場守候。截至下午4時15分，運送遺體的手續尚在進行中。 （星洲日報•2007.10.23）
source: http://www.sinchew.com.my/content.phtml?sec=1&artid=200710231647
Monday, October 22, 2007
港股泡沫即将爆破
分析师警告 港股泡沫即将爆破
（香港法新电）香港股价在过去两个月来，持续飙升，分析师纷纷警告，中国因素激发的港股泡沫即将爆破。
出现将重挫征兆
自今年8月22日以来，香港恒生指数上升了36％，并在上周四突破了3万点的关卡，市场观察人士说，目前香港股市已经明显出现了即将重挫的所有征兆。
摩根士丹利（Morgan Stanley）在上周四发布的报告调降香港股市至“审慎”（cautious）级别，并表示：虽然对香港股市的基本面持乐观态度，但不论是增幅、收益还是所需资金都显示目前的估价已经无法持续了。
报告还指出，市场估价目前平均是收益的22倍，而且港股这一轮的牛市已经是“过久”了，是沙斯造成的2003年4月股市新低纪录以来，最久的一次。
摩根士丹利警告，目前港股的泡沫与2000年科技股泡沫类似。尤其是中国企业股与当年纽约自动报价股市的科技股与很多的共同点。估计在未来三个月内，恒生指数下挫到24000点的可能性为30％。
香港独立股评人大卫·韦伯（David Webb）也认为，目前港股已经非常明显的出现一个泡泡。他说：“这是1993和1997年后，在香港股市形成的第三个中国泡泡。唯一不同的是，这次在大陆也出现一个巨大的泡泡。”
根据韦伯的非牟利网站Webb-site.com最近的一项调查，很多人认为香港恒生指数将回跌到14000点的水平。
香港股市这一轮的牛市，主要是中国当局宣布港股直通车所推动的。尽管宣布至今，仍未确定中国大陆股民投资港股的确实日期，但却已经促使大笔资金先行流入港股。
投资者认为，一旦港股直通车落实，中国大陆的庞大资金便会远远流入香港股市，使得股价飙升，与上海股市看齐。
对此，韦伯持不同看法。他说，港股直通车计划的局限性应该很大，流入香港的资金也将远远不如预期。反之，如果这一计划取得成功，则将导致大陆股市资金大量流入港股，并因此出现向下调整。在大陆企业多在香港上市的情况下，大陆股价进行下调，港股价格也同样会受到冲击，到头来，港股也同样会下挫。
摩根士丹利的报告也赞成这一看法，强调资金已经流入香港，就如许多观察者所说的，大陆资金已经有的多通过非法途径进入香港。
不过，也有市场分析师说，最近几周的股市动荡反映了现行股价的基础是很稳固的，10年前的股灾不会重演。
在1997年10月23日，香港受到源起于泰国的亚洲金融风暴的冲击，股市在利率调高以抵御对港元的袭击下，挫跌超过10％。
无论如何，还是有分析师相信，只要上市企业业绩表现良好，股市还是会上扬的。富昌金融集团蔺常念(Francis Lun)就认为，现在各个方面都与1997年有些不一样了，而且股价是与企业盈利挂钩的。
但他也承认，在众多于香港上市的中国大陆企业之中，也有股价是与业绩不匹配的。例如最近展开首次公开售股（IPO）的阿里巴巴，股价就“天一般高”了。该公司管理层在IPO中计划筹集超过10亿美元资金，这一金额是该公司今年预期盈利的90倍之多。
Source = http://www.zaobao.com/cz/cz071022_502_1.html
（香港法新电）香港股价在过去两个月来，持续飙升，分析师纷纷警告，中国因素激发的港股泡沫即将爆破。
出现将重挫征兆
自今年8月22日以来，香港恒生指数上升了36％，并在上周四突破了3万点的关卡，市场观察人士说，目前香港股市已经明显出现了即将重挫的所有征兆。
摩根士丹利（Morgan Stanley）在上周四发布的报告调降香港股市至“审慎”（cautious）级别，并表示：虽然对香港股市的基本面持乐观态度，但不论是增幅、收益还是所需资金都显示目前的估价已经无法持续了。
报告还指出，市场估价目前平均是收益的22倍，而且港股这一轮的牛市已经是“过久”了，是沙斯造成的2003年4月股市新低纪录以来，最久的一次。
摩根士丹利警告，目前港股的泡沫与2000年科技股泡沫类似。尤其是中国企业股与当年纽约自动报价股市的科技股与很多的共同点。估计在未来三个月内，恒生指数下挫到24000点的可能性为30％。
香港独立股评人大卫·韦伯（David Webb）也认为，目前港股已经非常明显的出现一个泡泡。他说：“这是1993和1997年后，在香港股市形成的第三个中国泡泡。唯一不同的是，这次在大陆也出现一个巨大的泡泡。”
根据韦伯的非牟利网站Webb-site.com最近的一项调查，很多人认为香港恒生指数将回跌到14000点的水平。
香港股市这一轮的牛市，主要是中国当局宣布港股直通车所推动的。尽管宣布至今，仍未确定中国大陆股民投资港股的确实日期，但却已经促使大笔资金先行流入港股。
投资者认为，一旦港股直通车落实，中国大陆的庞大资金便会远远流入香港股市，使得股价飙升，与上海股市看齐。
对此，韦伯持不同看法。他说，港股直通车计划的局限性应该很大，流入香港的资金也将远远不如预期。反之，如果这一计划取得成功，则将导致大陆股市资金大量流入港股，并因此出现向下调整。在大陆企业多在香港上市的情况下，大陆股价进行下调，港股价格也同样会受到冲击，到头来，港股也同样会下挫。
摩根士丹利的报告也赞成这一看法，强调资金已经流入香港，就如许多观察者所说的，大陆资金已经有的多通过非法途径进入香港。
不过，也有市场分析师说，最近几周的股市动荡反映了现行股价的基础是很稳固的，10年前的股灾不会重演。
在1997年10月23日，香港受到源起于泰国的亚洲金融风暴的冲击，股市在利率调高以抵御对港元的袭击下，挫跌超过10％。
无论如何，还是有分析师相信，只要上市企业业绩表现良好，股市还是会上扬的。富昌金融集团蔺常念(Francis Lun)就认为，现在各个方面都与1997年有些不一样了，而且股价是与企业盈利挂钩的。
但他也承认，在众多于香港上市的中国大陆企业之中，也有股价是与业绩不匹配的。例如最近展开首次公开售股（IPO）的阿里巴巴，股价就“天一般高”了。该公司管理层在IPO中计划筹集超过10亿美元资金，这一金额是该公司今年预期盈利的90倍之多。
Source = http://www.zaobao.com/cz/cz071022_502_1.html
22-10-2007: Asian markets fall in volatile trade
22-10-2007: Asian markets fall in volatile trade
by Joseph Chin
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Asian markets including Bursa Malaysia fell in the morning session on Oct 22, with South Korea among the worst hit, in volatile trade as investors’ sentiment was hurt by the weak Wall Street last Friday.
At 12.30pm, the KLCI was down 25.08 points or 1.83% to 1,345.09, but off the early low of 1,339. The FBMEmas lost 187.59 points to 9,060.08 and the Second Board Index lost 1.7 points to 106.48. The KLCI futures fell 37 points to 1,320.5.
Turnover was 1.03 billion shares valued at RM887.54 million. Losers hammered gainers 791 to 71 while 105 counters were unchanged.
Asian markets fell with South Korea’s Kospi down 3.18% or 62.61 point to 1,907.49.
Japan’s Nikkei 225 down 2.58% to 16,380.63 and Singapore’s Straits Times Index lost 2.14% to 3,667.66. Hong Kong’s Hang Seng Index lost 2.53% to 28,720.83 and Shanghai’s A Share Index fell 0.37% to 6,084.39.
Light crude oil was off its record high of US$90 and it was trading at US$87.62 per barrel for November delivery
The ringgit was quoted at RM3.374 to US$1.
Analysts said the correction in the US markets was long overdue and they expected the markets would continue to be volatile.
Among the heavyweights, Maybank fell 30 sen to RM11.20, Tenaga 20 sen lower to RM9.15 and Telekom 10 sen lower to RM10.10.
Bursa fell 60 sen to RM13.20 while Kossan gave up most of its gains from last Friday, down 58 sen to RM4.22.
Crude palm oil futures fell RM45 to RM2,815 per tonne for November delivery and lost RM54 to RM2,711 per tonne for January. KL Kepong fell 40 sen to RM13.90, IOI Corp 35 sen to RM6.30.
Parkson fell 35 sen to RM7.20 while Naim, UMW and Public Bank foreign fell 30 sen each to RM5.64, RM14 and RM10.90 respectively.
DiGi rose 20 sen to RM23.20 after delivering a strong set of results. RHB Cap, VADS and Gamuda added 20 sen each to RM6, RM5.70 and RM9.20 respectively.
Call warrants of Hong Kong listed stocks rose in very active trade. CHCBC-C1 rose nine sen to 19 sen. It was the most active with 68.7 million shares done.
Financially-distressed Megan Media rose 5.5 sen to 16 sen and the warrants 7.5 sen to 13 sen in very active trade.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_c63529d3-cb73c03a-17ebe660-6e60c597
by Joseph Chin
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Asian markets including Bursa Malaysia fell in the morning session on Oct 22, with South Korea among the worst hit, in volatile trade as investors’ sentiment was hurt by the weak Wall Street last Friday.
At 12.30pm, the KLCI was down 25.08 points or 1.83% to 1,345.09, but off the early low of 1,339. The FBMEmas lost 187.59 points to 9,060.08 and the Second Board Index lost 1.7 points to 106.48. The KLCI futures fell 37 points to 1,320.5.
Turnover was 1.03 billion shares valued at RM887.54 million. Losers hammered gainers 791 to 71 while 105 counters were unchanged.
Asian markets fell with South Korea’s Kospi down 3.18% or 62.61 point to 1,907.49.
Japan’s Nikkei 225 down 2.58% to 16,380.63 and Singapore’s Straits Times Index lost 2.14% to 3,667.66. Hong Kong’s Hang Seng Index lost 2.53% to 28,720.83 and Shanghai’s A Share Index fell 0.37% to 6,084.39.
Light crude oil was off its record high of US$90 and it was trading at US$87.62 per barrel for November delivery
The ringgit was quoted at RM3.374 to US$1.
Analysts said the correction in the US markets was long overdue and they expected the markets would continue to be volatile.
Among the heavyweights, Maybank fell 30 sen to RM11.20, Tenaga 20 sen lower to RM9.15 and Telekom 10 sen lower to RM10.10.
Bursa fell 60 sen to RM13.20 while Kossan gave up most of its gains from last Friday, down 58 sen to RM4.22.
Crude palm oil futures fell RM45 to RM2,815 per tonne for November delivery and lost RM54 to RM2,711 per tonne for January. KL Kepong fell 40 sen to RM13.90, IOI Corp 35 sen to RM6.30.
Parkson fell 35 sen to RM7.20 while Naim, UMW and Public Bank foreign fell 30 sen each to RM5.64, RM14 and RM10.90 respectively.
DiGi rose 20 sen to RM23.20 after delivering a strong set of results. RHB Cap, VADS and Gamuda added 20 sen each to RM6, RM5.70 and RM9.20 respectively.
Call warrants of Hong Kong listed stocks rose in very active trade. CHCBC-C1 rose nine sen to 19 sen. It was the most active with 68.7 million shares done.
Financially-distressed Megan Media rose 5.5 sen to 16 sen and the warrants 7.5 sen to 13 sen in very active trade.
Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_c63529d3-cb73c03a-17ebe660-6e60c597
亞股黑色星期一
亞股黑色星期一
港挫逾千點•韓跌近5% 推薦給朋友 列印
updated:2007-10-22 18:04:54 MYT
■美國“黑色風暴”席捲亞洲，韓國股市受重傷，一度暴瀉近%。（法新社照片）(放大)
(放大)
（吉隆坡訊）“黑色星期一”，上週五（19日）美國股市暴挫，連累亞洲股市今日（週一，22日）表現慘不忍睹，下跌2至近5%，馬股一度下跌30點，日經指數暴跌超過3%，韓國重挫近5%；台股暴跌400點，剛開盤的港股更跳空狂瀉逾千點，亞股全面潰退，無一倖免。
7大工業國財長以及中行官員咸認信用危機將導致 全球經濟放緩，美股上週五重挫，由於美國銀行股的獲利不佳，加以製造商及工業公 司對於金融市場和經濟健康度的疑慮受到強化，道瓊工商指數上週五急殺2.6%或367點，收13522.02點，自動報價價指數重挫 2.7%，標普500指數暴跌2.6%。
分析員說:“上週美股暴跌，再度證實了次級房貸仍是市場問題之所在。”亞洲金融股人仰馬翻，美國經濟打擊出口股信心，大型出口股的下跌更拖跨股市表現。
日經指數週五上午開盤後就大幅滑落，一度下跌549點，收市掛16438.47點，大跌375.90點或2.24%，金融和出口股領跌。
韓國Kospi指數一度重挫4.82%，收市在1903.81點，下跌66.29點或3.36%。澳洲股市下跌129.00點，報6577.30點。台灣股市收市掛9360.63點，下跌251.09點。
香港股市在上週一（15日）度叩試3萬點後連續受壓，美國上週五的重挫更打擊投資信心，早市一度下跌超過1000點，跌幅一度收窄，惟最終仍以28373.63點收市，下跌1091.42點。
韓國分析員表示，跡象顯示次級房貸問題對景氣產生廣泛的衝擊，有必要大幅降息，但與此同時，油價狂飆，令利率決策陷入兩難。
新加坡、印尼、菲律賓等東南亞股市跌幅不遑多讓，在1%至4%之間。新加坡大盤由星展銀行等大型股領跌，收市跌105.34點至3642.64點。印尼股市重挫4.31%至52453.21點，菲律賓股市慘跌3.98%至3667.87點收市。
馬股一度失守1340點
上週五美國股市再因次貸問題而大跌，使週一馬股也受到惊嚇，綜指一度猛挫30點，金融股受創最大，綜指一度失守1340點水平。
馬股週一追隨亞股下跌，綜指開市後即猛挫30.81點至1339.36點，'連失1370、1360、1350和1340四個關口。午後跌幅收窄，以1350.81點收市，下跌19.36點或1.41%。
分析員指出，馬股週一（22日）早上以金融、出口導向股項領跌，主要是擔心美國次資引發的金融風波將蔓全延全球市場，以及打擊全球經濟成長，特別是基金經理認為風險較高的新興股市，包括大馬股市在內，更是首當其沖。
全天收市時。富時大馬全股項指數跌146.82點至9100.85點。第二交易板指數挫1.53點至106.65點。
馬來亞銀行（MAYBANK,1155）一度猛挫30仙，至11令吉20仙，全天收市時跌幅收窄，僅跌10仙至11令吉40仙。土著聯昌（COMMERZ,1023）全天挫40仙至10令吉60仙。而大眾銀行（PBBANK,1295）則退10仙，全天以10令吉50仙掛收。
主要金融藍籌股上演滑鐵盧，使馬股金融指數猛挫175.70點或1.60%至10777.10點，為全場跌勢最重指數之一。抗跌性較強的種稙領域，在缺乏買盤支撐下，使種植指數跌150.84點至6739.38點。 （星洲日報/財經•2007.10.22）
Source = http://biz.sinchew-i.com/content.phtml?sec=2&sdate=&artid=200710220556
港挫逾千點•韓跌近5% 推薦給朋友 列印
updated:2007-10-22 18:04:54 MYT
■美國“黑色風暴”席捲亞洲，韓國股市受重傷，一度暴瀉近%。（法新社照片）(放大)
(放大)
（吉隆坡訊）“黑色星期一”，上週五（19日）美國股市暴挫，連累亞洲股市今日（週一，22日）表現慘不忍睹，下跌2至近5%，馬股一度下跌30點，日經指數暴跌超過3%，韓國重挫近5%；台股暴跌400點，剛開盤的港股更跳空狂瀉逾千點，亞股全面潰退，無一倖免。
7大工業國財長以及中行官員咸認信用危機將導致 全球經濟放緩，美股上週五重挫，由於美國銀行股的獲利不佳，加以製造商及工業公 司對於金融市場和經濟健康度的疑慮受到強化，道瓊工商指數上週五急殺2.6%或367點，收13522.02點，自動報價價指數重挫 2.7%，標普500指數暴跌2.6%。
分析員說:“上週美股暴跌，再度證實了次級房貸仍是市場問題之所在。”亞洲金融股人仰馬翻，美國經濟打擊出口股信心，大型出口股的下跌更拖跨股市表現。
日經指數週五上午開盤後就大幅滑落，一度下跌549點，收市掛16438.47點，大跌375.90點或2.24%，金融和出口股領跌。
韓國Kospi指數一度重挫4.82%，收市在1903.81點，下跌66.29點或3.36%。澳洲股市下跌129.00點，報6577.30點。台灣股市收市掛9360.63點，下跌251.09點。
香港股市在上週一（15日）度叩試3萬點後連續受壓，美國上週五的重挫更打擊投資信心，早市一度下跌超過1000點，跌幅一度收窄，惟最終仍以28373.63點收市，下跌1091.42點。
韓國分析員表示，跡象顯示次級房貸問題對景氣產生廣泛的衝擊，有必要大幅降息，但與此同時，油價狂飆，令利率決策陷入兩難。
新加坡、印尼、菲律賓等東南亞股市跌幅不遑多讓，在1%至4%之間。新加坡大盤由星展銀行等大型股領跌，收市跌105.34點至3642.64點。印尼股市重挫4.31%至52453.21點，菲律賓股市慘跌3.98%至3667.87點收市。
馬股一度失守1340點
上週五美國股市再因次貸問題而大跌，使週一馬股也受到惊嚇，綜指一度猛挫30點，金融股受創最大，綜指一度失守1340點水平。
馬股週一追隨亞股下跌，綜指開市後即猛挫30.81點至1339.36點，'連失1370、1360、1350和1340四個關口。午後跌幅收窄，以1350.81點收市，下跌19.36點或1.41%。
分析員指出，馬股週一（22日）早上以金融、出口導向股項領跌，主要是擔心美國次資引發的金融風波將蔓全延全球市場，以及打擊全球經濟成長，特別是基金經理認為風險較高的新興股市，包括大馬股市在內，更是首當其沖。
全天收市時。富時大馬全股項指數跌146.82點至9100.85點。第二交易板指數挫1.53點至106.65點。
馬來亞銀行（MAYBANK,1155）一度猛挫30仙，至11令吉20仙，全天收市時跌幅收窄，僅跌10仙至11令吉40仙。土著聯昌（COMMERZ,1023）全天挫40仙至10令吉60仙。而大眾銀行（PBBANK,1295）則退10仙，全天以10令吉50仙掛收。
主要金融藍籌股上演滑鐵盧，使馬股金融指數猛挫175.70點或1.60%至10777.10點，為全場跌勢最重指數之一。抗跌性較強的種稙領域，在缺乏買盤支撐下，使種植指數跌150.84點至6739.38點。 （星洲日報/財經•2007.10.22）
Source = http://biz.sinchew-i.com/content.phtml?sec=2&sdate=&artid=200710220556
Sunday, October 21, 2007
美股上周五急挫 亚洲区域股市下跌
综合讯）美股上周五急挫，拖累日本股市大跌，日经平均指数今早低开251点之后，行情进一步转差，跌幅扩大至超过500点，最新报16325点，下跌486点，跌幅2.9%。
韩股今早亦告重挫，首尔综合指数早段大跌4.8%，低见1875点；最新报1878点，下跌91点，跌幅4.65%。
新加坡股市也猛跌，指数下跌超过100点，海指最新报3640.41点，跌幅超过2.8％。
美股上周急跌，由于企业盈利欠佳，投资情绪转差，加上在周五适逢八七年股灾二十周年，市场忧虑经济前景，大市更加急跌，三个主要指数均跌逾2.5%收市。
总结全个星期，道指累积跌幅4.1%，标普500指数跌3.9%，是自七月底以来表现最差的星期；纳指下跌2.9%。
Source:http://realtime.zaobao.com/2007/10/071022_04.html
韩股今早亦告重挫，首尔综合指数早段大跌4.8%，低见1875点；最新报1878点，下跌91点，跌幅4.65%。
新加坡股市也猛跌，指数下跌超过100点，海指最新报3640.41点，跌幅超过2.8％。
美股上周急跌，由于企业盈利欠佳，投资情绪转差，加上在周五适逢八七年股灾二十周年，市场忧虑经济前景，大市更加急跌，三个主要指数均跌逾2.5%收市。
总结全个星期，道指累积跌幅4.1%，标普500指数跌3.9%，是自七月底以来表现最差的星期；纳指下跌2.9%。
Source:http://realtime.zaobao.com/2007/10/071022_04.html
Saturday, October 20, 2007
美股挫366點港股ADR急瀉
上周五（10月19日）正是「87股災」20周年，受到美國企業盈利欠佳、信貸危機憂慮再現，加上紐約期油一度突破每桶90美元新高，令美股更添負面氣氛，三大指數均跌近2.6%，創下逾兩個月以來最大單日跌幅。本港市場人士憂慮，受外圍影響，港股或會出現大調整，未來兩周調整幅度或達5至8%。事實上，以美國預託證券（ADR）形式上市的港股當日已急瀉，其中中移動(941)大挫7.55元。
本報記者 李彥雯
美股周五全線急挫，其中道瓊斯工業平均指數連跌5個交易日，收市報13522點，大跌366點或2.64%；標準普爾500指數亦跌2.56%至1500點，為超過兩個月以來最大的單日跌幅；納斯達克指數則收報2725點，急挫74點或2.65%。
1987年的10月19日美國發生「黑色星期一」股災，當日道指暴跌508點，跌幅達22.6%，不單創下歷史單日最大跌幅，更引發一場全球股災。
中移動大跌7.55元
總結上星期，道指五個交易日，已經累積下跌4.1%，標普500指數及納斯達克指數亦分別跌3.9%及2.9%，是自7月底以來表現最差的一周。
美股下跌，大部分美國預託證券（ADR）形式上市的港股亦跌勢慘重。當中以重磅股中移動跌幅最大，其ADR折合價為140.35元，較港股收市價大跌7.55元或5.1%；其次為中石油(857)，跌0.86元或4.54%。而中海油(883)、聯通(762)、中電信(728)及匯控(005)均較港股收市價跌逾3%。國壽(2628)與中石化(386)亦分別跌2.76%及2.2%。
美國重型設備製造商Caterpillar周五公布第三季度業績表現遠遜預期，並表示樓市疲弱正影響其他經濟範圍，其所涉及的幾個行業已經在衰退中。此番言論令市場對信貸市場的憂慮重現，加上周五適逢1987年的股災20周年，令投資者更添不安情緒。
夏佳理料港股波動大
對於美股下挫逾300點，港交所(0388)主席夏佳理認為，這反映美國次按問題影響不限於短期，料本周港股亦會有大波動，卻難以估計會否在周一出現大跌市，呼籲投資者要注意風險。
亨達集團(111)研究部董事黃敏碩亦指出，大市已出現超買現象，在美股累積多日的跌幅，加上亞太區股市上周五亦全線下挫，相信在政策、資金及外圍因素推動下，港股亦會借機調整，料周一恒指將會下試28000至28500點，未來兩周調整幅度更可達5-8%。
然而，他認為，本港基調良好，對後市仍感樂觀。大市走勢仍視乎美國企業陸續公布的業績表現、內地即將公布的經濟數據，以及「十七大」會議後可有新一輪宏調措施出台。
至於匯豐銀行亞太區業務策略及經濟顧問梁兆基則表示，恒指與港股市盈率已經偏高，受外圍因素影響下，預期港股將會有大調整，卻由於本港基調良好，加上資金充裕，相信股災並不會出現。
SOurce: http://www.takungpao.com/inc/photo/photo_cont.asp?nid=811867&cid=36&c=&id=274797
本報記者 李彥雯
美股周五全線急挫，其中道瓊斯工業平均指數連跌5個交易日，收市報13522點，大跌366點或2.64%；標準普爾500指數亦跌2.56%至1500點，為超過兩個月以來最大的單日跌幅；納斯達克指數則收報2725點，急挫74點或2.65%。
1987年的10月19日美國發生「黑色星期一」股災，當日道指暴跌508點，跌幅達22.6%，不單創下歷史單日最大跌幅，更引發一場全球股災。
中移動大跌7.55元
總結上星期，道指五個交易日，已經累積下跌4.1%，標普500指數及納斯達克指數亦分別跌3.9%及2.9%，是自7月底以來表現最差的一周。
美股下跌，大部分美國預託證券（ADR）形式上市的港股亦跌勢慘重。當中以重磅股中移動跌幅最大，其ADR折合價為140.35元，較港股收市價大跌7.55元或5.1%；其次為中石油(857)，跌0.86元或4.54%。而中海油(883)、聯通(762)、中電信(728)及匯控(005)均較港股收市價跌逾3%。國壽(2628)與中石化(386)亦分別跌2.76%及2.2%。
美國重型設備製造商Caterpillar周五公布第三季度業績表現遠遜預期，並表示樓市疲弱正影響其他經濟範圍，其所涉及的幾個行業已經在衰退中。此番言論令市場對信貸市場的憂慮重現，加上周五適逢1987年的股災20周年，令投資者更添不安情緒。
夏佳理料港股波動大
對於美股下挫逾300點，港交所(0388)主席夏佳理認為，這反映美國次按問題影響不限於短期，料本周港股亦會有大波動，卻難以估計會否在周一出現大跌市，呼籲投資者要注意風險。
亨達集團(111)研究部董事黃敏碩亦指出，大市已出現超買現象，在美股累積多日的跌幅，加上亞太區股市上周五亦全線下挫，相信在政策、資金及外圍因素推動下，港股亦會借機調整，料周一恒指將會下試28000至28500點，未來兩周調整幅度更可達5-8%。
然而，他認為，本港基調良好，對後市仍感樂觀。大市走勢仍視乎美國企業陸續公布的業績表現、內地即將公布的經濟數據，以及「十七大」會議後可有新一輪宏調措施出台。
至於匯豐銀行亞太區業務策略及經濟顧問梁兆基則表示，恒指與港股市盈率已經偏高，受外圍因素影響下，預期港股將會有大調整，卻由於本港基調良好，加上資金充裕，相信股災並不會出現。
SOurce: http://www.takungpao.com/inc/photo/photo_cont.asp?nid=811867&cid=36&c=&id=274797
中國保險業步入新發展階段
【大公報訊】據新華社北京二十日消息：中國保險業在擴大開放、深化改革的進程中不斷發展，呈現出日漸市場化、專業化、國際化、規範化的新特點。中國保監會認為，這標誌著中國保險業正步入一個全新的發展階段。
中國保監會日前公布的一份報告指出，中共十六大以來的5年，是中國保險業發展勢頭最好、變化最快的時期。
這期間，中國保險企業通過建立現代企業制度不斷深化改革，到目前，除政策性的中國出口信用保險公司外，所有保險公司都已完成了股份制改造。2003年11月，中國人保成功在香港掛牌上市，成為第一家在境外上市的內地金融企業。隨後，中國人壽和中國平安也相繼在境外成功上市。
現在，中國保險業的改革正走向縱深，保險公司通過引入戰略投資者，優化股權結構，強化股權約束，初步形成了權力機構、決策機構、監督機構和經營管理者之間的有效制衡機制。
龍頭三企業保費3410億
改革同時大大增強了企業的競爭力。2002年以來，中國保險業務年均增長速度保持在16%左右，2006年全國保費收入達到5641億元人民幣，是2002年的1.8倍，在世界排名第9位，比2000年上升了7位。這其中，中國人保、中國人壽、中國平安3家龍頭企業的保費收入合計3410億元人民幣，比2003年增長30.9%，企業不良資產率均在0.06%以下，償付能力充足率均超過百分之百，中國人壽更達到350%。
現在，中國人壽的市值已躍居全球上市保險公司第一位。在2007年《財富》雜誌評選的世界500強中，中國人壽排名192位，比2003年提高了98位。
目前，中國保險業資金的運用日益規範化專業化。中國9家規模較大的保險公司已成立了專門的保險資產管理公司，其他保險公司設立了相對獨立的保險資金運用中心。保監會還就加強保險資金管理頒布了近30餘項規章和規範性文件，並特別強化了全面風險管理制度。
「走出去」拓國際市場
中國保險業在國際化方面也邁出了重要步伐。截至2006年底，15個國家和地區的41家外資保險公司在中國內地設立115個營業性機構，設立代表機構和辦事處的國家和地區達到19個。同時，中國人保、中國人壽、中國平安、中保國際、民安控股等中資企業則先後「走出去」，在廣闊的國際市場上一顯身手。
中國保險業還積極參與國際保險監管規則的制定，深入推進國際監管合作。2005年保監會同來自亞洲14個國家和地區的保險監督官簽署了《北京宣言》，初步確立了亞洲地區保險監管合作框架，為中國保險業在更高層次和更廣領域參與國際合作與競爭提供了廣闊的舞台。
保監會的報告顯示，中國現已初步確立了現代保險監管框架，保險監管逐步從以市場行為監管為主，過渡到市場行為和償付能力監管並重，再發展到初步形成償付能力、公司治理結構和市場行為監管三支柱的現代保險監管框架。
Source: http://www.takungpao.com/news/07/10/21/JJ-811875.htm
中國保監會日前公布的一份報告指出，中共十六大以來的5年，是中國保險業發展勢頭最好、變化最快的時期。
這期間，中國保險企業通過建立現代企業制度不斷深化改革，到目前，除政策性的中國出口信用保險公司外，所有保險公司都已完成了股份制改造。2003年11月，中國人保成功在香港掛牌上市，成為第一家在境外上市的內地金融企業。隨後，中國人壽和中國平安也相繼在境外成功上市。
現在，中國保險業的改革正走向縱深，保險公司通過引入戰略投資者，優化股權結構，強化股權約束，初步形成了權力機構、決策機構、監督機構和經營管理者之間的有效制衡機制。
龍頭三企業保費3410億
改革同時大大增強了企業的競爭力。2002年以來，中國保險業務年均增長速度保持在16%左右，2006年全國保費收入達到5641億元人民幣，是2002年的1.8倍，在世界排名第9位，比2000年上升了7位。這其中，中國人保、中國人壽、中國平安3家龍頭企業的保費收入合計3410億元人民幣，比2003年增長30.9%，企業不良資產率均在0.06%以下，償付能力充足率均超過百分之百，中國人壽更達到350%。
現在，中國人壽的市值已躍居全球上市保險公司第一位。在2007年《財富》雜誌評選的世界500強中，中國人壽排名192位，比2003年提高了98位。
目前，中國保險業資金的運用日益規範化專業化。中國9家規模較大的保險公司已成立了專門的保險資產管理公司，其他保險公司設立了相對獨立的保險資金運用中心。保監會還就加強保險資金管理頒布了近30餘項規章和規範性文件，並特別強化了全面風險管理制度。
「走出去」拓國際市場
中國保險業在國際化方面也邁出了重要步伐。截至2006年底，15個國家和地區的41家外資保險公司在中國內地設立115個營業性機構，設立代表機構和辦事處的國家和地區達到19個。同時，中國人保、中國人壽、中國平安、中保國際、民安控股等中資企業則先後「走出去」，在廣闊的國際市場上一顯身手。
中國保險業還積極參與國際保險監管規則的制定，深入推進國際監管合作。2005年保監會同來自亞洲14個國家和地區的保險監督官簽署了《北京宣言》，初步確立了亞洲地區保險監管合作框架，為中國保險業在更高層次和更廣領域參與國際合作與競爭提供了廣闊的舞台。
保監會的報告顯示，中國現已初步確立了現代保險監管框架，保險監管逐步從以市場行為監管為主，過渡到市場行為和償付能力監管並重，再發展到初步形成償付能力、公司治理結構和市場行為監管三支柱的現代保險監管框架。
Source: http://www.takungpao.com/news/07/10/21/JJ-811875.htm
中国股市叫人“看不懂”
中国股市越来越让人看不懂了。
最近，A股指数在大盘蓝筹股的带动下，一路狂飙突进，连续跨越5800和5900点关口，并站稳了6000点大关。
与此同时，有关A股泡沫的说法也不绝于耳，不仅李嘉诚、格林斯潘等大师们近期不断警告，就连美国股神沃伦o巴菲特也连续7次减持中国石油的股票。证监会主席尚福林也在一次公开场合中承认，股市“投机气氛更浓了”。
中国政府原本希望通过发行更多股票和允许更多资金投资海外，逐步为股市降温。但新推出的大型IPO如中海油服、中国神华等却带领指数一路上扬，就连央行第八次提高存款准备金率的影响也被忽略不计了。
面对种种“盛市危言”，市场并未理会，仍然牛气十足。每天仍有数十万投资者蜂拥进入股市。
股市为何大涨？
那么，到底是什么推动了股市大涨？A股为何总是让人看不懂？申银万国首席分析师桂浩明在接受本报访问时称，很多人看不懂中国股市，是因为第一，他们没有适应中国市场；第二，他们不了解中国证券市场的特殊情况。第三，他们对世界上近几年世界性的资产证券化以及证券投资热潮的兴起，没有一个整体上的把握。“不但中国股市在涨，周边市场也在涨，李嘉诚先生所在的香港股市现在也在涨。”
桂浩明说，投资者首先要深刻认识现在这个市场上涨的动力到底是什么；第二，充分认识泡沫和它的客观存在，以及如何设法通过理性的操作来消除泡沫。
第三点，要顺势而为。他说，A股股指到3000点时很多人是唱空的，但股市还是在涨。到了4000点，包括格林斯潘、李嘉诚等人，也都在讲“股市有泡沫”，但现在A股指数已经上到6000点了。
他认为，股指之所以一直大涨，本身是市场内在力量引发的。首先，市场有这种上涨的动力。现在上涨的个股，之前很多在9月份或8月份并没有很好的表现，比如银行股。其次，有些新股上市，比如说建设银行、中海油服等，给市场注入了新的血液，会带动新的上涨。
此外，最近“中”字头的企业注资比较明显，比如中国神华还未上市就表示未来会注资，中国船舶和中国远洋也一样。所以，尽管它们市盈率普遍较高，但还有上涨的动力。
桂浩明特别指出，此轮上涨主要集中在少数大盘蓝筹股上，它们权重较大，所以带动的指数较高，因此他认为这和整体股市泡沫的膨胀是没有很大关系的。
股市成经济晴雨表
然而，中国股市的股票总市值已达3万7000亿美元，今年股票的成交量已居世界之首，新股发行融资规模在全球市场中数一数二。股市也在短短两年时间内已上涨了近五倍。面对飙升的市场，投资者已经感到“高处不胜寒”。很多人已经在担心未来会不会出现类似5月30日的暴跌。
对此，桂浩明认为，今年5月30日的调整有很强的政策背景因素，而现在的市场状况和当时已经有很大的不同。
第一，“5·30”的时候是绩差股的过度炒作，而现在是绩优股和大盘股的行情。“5·30”时很多是非理性、投机性的题材炒作，而现在很多是机构基于价值挖掘价值发现的行情。当时，成交量、日换手量很大；现在，即便指数涨到6000点，其成交量也不过在2500亿左右。所以，不同的时期有不同的特点。他认为长期来看股市走势还是向上的。
中国证监会主席尚福林也在审议讨论十七大报告时表示，中国股市正呈现经济“晴雨表”的作用。他说，市场已经发生了转折性变化，主要体现在几个方面：市场规模发生了显著变化，市值大幅提高；市场结构得到了优化，上市公司和投资者构成发生较大转变；市场功能不断健全，市场配置资源能力明显提高；股市如今也成为社会各层面管理财富的一个平台；期货市场功能得到恢复，产品数量明显增加等。
然而，在很多外国投资者看来，中国股市的飙升正孕育着崩盘的危机。一直看空中国股市的投资大师罗杰斯近期也认为，中国股市已是一个“潜在的泡沫”。
股市整体健康
不过，代表中国证券业主流观点的桂浩明指出，中国股市整体上是健康的。他说，当然一些股票也存在一定泡沫，但这是任何市场都会存在的。如果说某个市场非常健康，没有任何投机，那不是股票市场。市场就是在一种不断自我更新、自我发展的过程中成长起来的。
他说，不要对市场的成熟度有过高的预期。以前人们一直说香港股市很成熟，但香港的权证炒作可能比中国大陆厉害好多倍，香港股市这几天的炒作行情并不比A股差多少。欧美市场也一样。“前几天谷歌（google）公司的市值已高达1800亿美元，一个搜索网站达到这么大的市值，你说有没有泡沫呢？”
因此，他认为A股短期内并不具备调整的压力。事实上，尽管近期指数一路飙升，但很多个股的调整幅度是很大的，很多个股甚至跌到了5月30日之前的价格。所以说如果有调整，那么这种调整也是很正常的，是一种很自然的现象。
Source:http://www.zaobao.com/finance/pages/comment071018.html
最近，A股指数在大盘蓝筹股的带动下，一路狂飙突进，连续跨越5800和5900点关口，并站稳了6000点大关。
与此同时，有关A股泡沫的说法也不绝于耳，不仅李嘉诚、格林斯潘等大师们近期不断警告，就连美国股神沃伦o巴菲特也连续7次减持中国石油的股票。证监会主席尚福林也在一次公开场合中承认，股市“投机气氛更浓了”。
中国政府原本希望通过发行更多股票和允许更多资金投资海外，逐步为股市降温。但新推出的大型IPO如中海油服、中国神华等却带领指数一路上扬，就连央行第八次提高存款准备金率的影响也被忽略不计了。
面对种种“盛市危言”，市场并未理会，仍然牛气十足。每天仍有数十万投资者蜂拥进入股市。
股市为何大涨？
那么，到底是什么推动了股市大涨？A股为何总是让人看不懂？申银万国首席分析师桂浩明在接受本报访问时称，很多人看不懂中国股市，是因为第一，他们没有适应中国市场；第二，他们不了解中国证券市场的特殊情况。第三，他们对世界上近几年世界性的资产证券化以及证券投资热潮的兴起，没有一个整体上的把握。“不但中国股市在涨，周边市场也在涨，李嘉诚先生所在的香港股市现在也在涨。”
桂浩明说，投资者首先要深刻认识现在这个市场上涨的动力到底是什么；第二，充分认识泡沫和它的客观存在，以及如何设法通过理性的操作来消除泡沫。
第三点，要顺势而为。他说，A股股指到3000点时很多人是唱空的，但股市还是在涨。到了4000点，包括格林斯潘、李嘉诚等人，也都在讲“股市有泡沫”，但现在A股指数已经上到6000点了。
他认为，股指之所以一直大涨，本身是市场内在力量引发的。首先，市场有这种上涨的动力。现在上涨的个股，之前很多在9月份或8月份并没有很好的表现，比如银行股。其次，有些新股上市，比如说建设银行、中海油服等，给市场注入了新的血液，会带动新的上涨。
此外，最近“中”字头的企业注资比较明显，比如中国神华还未上市就表示未来会注资，中国船舶和中国远洋也一样。所以，尽管它们市盈率普遍较高，但还有上涨的动力。
桂浩明特别指出，此轮上涨主要集中在少数大盘蓝筹股上，它们权重较大，所以带动的指数较高，因此他认为这和整体股市泡沫的膨胀是没有很大关系的。
股市成经济晴雨表
然而，中国股市的股票总市值已达3万7000亿美元，今年股票的成交量已居世界之首，新股发行融资规模在全球市场中数一数二。股市也在短短两年时间内已上涨了近五倍。面对飙升的市场，投资者已经感到“高处不胜寒”。很多人已经在担心未来会不会出现类似5月30日的暴跌。
对此，桂浩明认为，今年5月30日的调整有很强的政策背景因素，而现在的市场状况和当时已经有很大的不同。
第一，“5·30”的时候是绩差股的过度炒作，而现在是绩优股和大盘股的行情。“5·30”时很多是非理性、投机性的题材炒作，而现在很多是机构基于价值挖掘价值发现的行情。当时，成交量、日换手量很大；现在，即便指数涨到6000点，其成交量也不过在2500亿左右。所以，不同的时期有不同的特点。他认为长期来看股市走势还是向上的。
中国证监会主席尚福林也在审议讨论十七大报告时表示，中国股市正呈现经济“晴雨表”的作用。他说，市场已经发生了转折性变化，主要体现在几个方面：市场规模发生了显著变化，市值大幅提高；市场结构得到了优化，上市公司和投资者构成发生较大转变；市场功能不断健全，市场配置资源能力明显提高；股市如今也成为社会各层面管理财富的一个平台；期货市场功能得到恢复，产品数量明显增加等。
然而，在很多外国投资者看来，中国股市的飙升正孕育着崩盘的危机。一直看空中国股市的投资大师罗杰斯近期也认为，中国股市已是一个“潜在的泡沫”。
股市整体健康
不过，代表中国证券业主流观点的桂浩明指出，中国股市整体上是健康的。他说，当然一些股票也存在一定泡沫，但这是任何市场都会存在的。如果说某个市场非常健康，没有任何投机，那不是股票市场。市场就是在一种不断自我更新、自我发展的过程中成长起来的。
他说，不要对市场的成熟度有过高的预期。以前人们一直说香港股市很成熟，但香港的权证炒作可能比中国大陆厉害好多倍，香港股市这几天的炒作行情并不比A股差多少。欧美市场也一样。“前几天谷歌（google）公司的市值已高达1800亿美元，一个搜索网站达到这么大的市值，你说有没有泡沫呢？”
因此，他认为A股短期内并不具备调整的压力。事实上，尽管近期指数一路飙升，但很多个股的调整幅度是很大的，很多个股甚至跌到了5月30日之前的价格。所以说如果有调整，那么这种调整也是很正常的，是一种很自然的现象。
Source:http://www.zaobao.com/finance/pages/comment071018.html
Monday, October 15, 2007
10月19日黑色星期一 股灾20周年 历史会重演？
纽约综合电）最近的股市波动已勾起人们对1987年10月19日股灾的回忆。股民都不禁担心，股灾20周年将到来，历史是否会重演。
由于1987年发生股灾当天正好是星期一，这个股灾日被命名为“黑色星期一”。当天，道琼斯工商指数狂泻22.61%，达到1738.41点。
股市交易员说，现代科技已把当年股灾发生时的风险降低了，不过，市场恐慌可能引发的风险，仍然不容忽视。
今年的10月19日是在本周五，“黑色星期一”如果在今年重演，是否会提前在周一的10月15日发生；或是在周五发生，而改称为“黑色星期五”；或者是在下星期一（22日）才发生？这个“股灾随时会发生”的阴影恐怕到了11月也仍然挥之难去。
1987年股灾发生时，市场只充满了许多不确定因素，但并无任何重大的负面财经新闻，或发生重大政治事件来触发股灾。结果，道指却突然狂泻508点，纽约股市市值一日之间消失了5600亿美元。
据知，当年随着股价的持续下跌，各股票经纪行的电脑程序自动发出越来越多抛售指令，形成恶性循环，致使交易员根本无法处理大批抛售订单。
杰弗里股票行的交易员胡根回忆说：“当年市场气氛顿然惊慌失措，我们都不知道事态会继续恶化到什么地步。金融体系和股票市场面临崩溃……各种股票急着求售，却找不到买家。”
纽约股市之前更大的股灾，是发生在1914年第一次世界大战爆发后的12月12日，当年市值消失了24.39%。
今年，市场虽然也有些许紧张不安情绪，但可说比上两次股灾前夕的市场情绪稳定得多。
本月初，道指在第四季的第一个交易日就大涨，创下历史新高。现在，指数仍在1万4000点的历史性高水平徘徊。不过，此前纽约股市在今年2月27日曾因担心中国股市崩盘，而大跌3.29%。8月9日又因担心次优房贷市场崩溃，而下跌了2.83%。
令人稍微心安的是，即使是1987年的股灾，其危害程度也远远不及1929年10月发生的“黑色星期四”——该次股灾导致美国陷入延续十多年的大萧条年代。不过，1987年股灾仍随即带动伦敦、东京、香港等股市随之大跌。
当年，格林斯潘刚出任美国联邦储备局主席，他坚定地保证股市融资流通性不会有问题，稳住了市场情绪。同样的，格林斯潘的继任者伯南克在今年8月股市大跌时，也果断地注入数百亿美元扶盘，增加投资者信心。
有专家算出，在1987年黑色星期一的前一个交易日购买美国股票的人，如果当年坚持不肯亏本抛售，今日其所持股票的平均股价应是当年的5倍多。因此，如果今年再发生股灾，股民也可借鉴历史教训，而不必恐慌脱售。
Source: http://www.zaobao.com/gj/gj071015_510_1.html
由于1987年发生股灾当天正好是星期一，这个股灾日被命名为“黑色星期一”。当天，道琼斯工商指数狂泻22.61%，达到1738.41点。
股市交易员说，现代科技已把当年股灾发生时的风险降低了，不过，市场恐慌可能引发的风险，仍然不容忽视。
今年的10月19日是在本周五，“黑色星期一”如果在今年重演，是否会提前在周一的10月15日发生；或是在周五发生，而改称为“黑色星期五”；或者是在下星期一（22日）才发生？这个“股灾随时会发生”的阴影恐怕到了11月也仍然挥之难去。
1987年股灾发生时，市场只充满了许多不确定因素，但并无任何重大的负面财经新闻，或发生重大政治事件来触发股灾。结果，道指却突然狂泻508点，纽约股市市值一日之间消失了5600亿美元。
据知，当年随着股价的持续下跌，各股票经纪行的电脑程序自动发出越来越多抛售指令，形成恶性循环，致使交易员根本无法处理大批抛售订单。
杰弗里股票行的交易员胡根回忆说：“当年市场气氛顿然惊慌失措，我们都不知道事态会继续恶化到什么地步。金融体系和股票市场面临崩溃……各种股票急着求售，却找不到买家。”
纽约股市之前更大的股灾，是发生在1914年第一次世界大战爆发后的12月12日，当年市值消失了24.39%。
今年，市场虽然也有些许紧张不安情绪，但可说比上两次股灾前夕的市场情绪稳定得多。
本月初，道指在第四季的第一个交易日就大涨，创下历史新高。现在，指数仍在1万4000点的历史性高水平徘徊。不过，此前纽约股市在今年2月27日曾因担心中国股市崩盘，而大跌3.29%。8月9日又因担心次优房贷市场崩溃，而下跌了2.83%。
令人稍微心安的是，即使是1987年的股灾，其危害程度也远远不及1929年10月发生的“黑色星期四”——该次股灾导致美国陷入延续十多年的大萧条年代。不过，1987年股灾仍随即带动伦敦、东京、香港等股市随之大跌。
当年，格林斯潘刚出任美国联邦储备局主席，他坚定地保证股市融资流通性不会有问题，稳住了市场情绪。同样的，格林斯潘的继任者伯南克在今年8月股市大跌时，也果断地注入数百亿美元扶盘，增加投资者信心。
有专家算出，在1987年黑色星期一的前一个交易日购买美国股票的人，如果当年坚持不肯亏本抛售，今日其所持股票的平均股价应是当年的5倍多。因此，如果今年再发生股灾，股民也可借鉴历史教训，而不必恐慌脱售。
Source: http://www.zaobao.com/gj/gj071015_510_1.html
Sunday, October 14, 2007
Saturday, October 13, 2007
那个傻瓜爱过你？ 我？
14th Sept 2007
那个傻瓜爱过你？ 我？
是的。
我觉得你很可爱。
会开始想起你的笑。
是的。
我觉得你很容易满足。
会开始想起你喝汤的样子。
是的。
我觉得你很美丽，善良。
但，我又不看正视你的样子。。。
那个傻瓜爱过你？ 我？
是的。
我觉得你很可爱。
会开始想起你的笑。
是的。
我觉得你很容易满足。
会开始想起你喝汤的样子。
是的。
我觉得你很美丽，善良。
但，我又不看正视你的样子。。。
Sunday, September 30, 2007
马电讯国内外业务分家
马电讯国内外业务分家
国际机构评两边不讨好
■日期／Sep 28, 2007 ■时间／05:30:21 pm
■新闻／财经经纬 ■作者／本刊陈子莹
【本刊陈子莹撰述】马来西亚电讯公司（Telekom Malaysia，马电讯）今日做了重大宣布，旗下上市机构将一分为二：一家负责掌管国内业务，另一家则专注海外和流动通讯业务；这意味着，除了保留现有马电讯在马来西亚交易所的上市地位之外，将会有另一家全新的马电讯上市公司。
马电讯暂且把这两家公司称为“FixedCo”（固定线路公司）和“RegionCo”（区域公司），固定线路公司旗下资产都是马电讯在马来西亚境内业务，包括电话固定拨号（fixed line）业务、宽频及其他相关业务。
计划中的区域公司则涵盖马电讯在国内外的流动通讯公司，如马来西亚的天地通（Celcom）、印尼的XL、斯里兰卡Dialog、孟加拉Aktel、新加坡M1、印度Spice、柬埔塞Hello及伊朗的MTCE等。天地通是这家马电讯区域业务公司的唯一马来西亚资产。
现有股东可拥两家公司
马电讯的股东也许会关心自己的权益如何？针对这一点，马电讯也没有“亏待”股东们，集团行政总裁阿都华希（Abdul Wahid Omar，右图）表示，股东将获分配这两家上市公司的股票，预料也会有资本回退（Capital Repayment）。不过，阿都华希表示，所有详情将在今年12月敲定，预计重组后的两家公司可在明年第二季上市。
这两家上市公司将有各别的董事局和管理层。
马电讯是马来西亚的国有企业，由国库控股（Khazanah Nasional）持有部分股权；国库控股在重组后的两家公司，都各别持有40%股权。
区域业务盈利胜本地业务一倍
马电讯也预估了即将分家的两家公司的业绩表现。初步估计，打理海外和流动通讯的区域公司的营业额可达马币85亿6500万元，税后盈利则有13亿8000元；国内业务的固定线路公司的营业额估计会有78亿3400元，而税后盈利有6亿8900万元。
相比之下，区域公司比固定线路公司的税后盈利，多出一倍有余；纵观两家公司的资产，区域公司也似乎较有看头。
不过，阿都华希强调，本地业务的宽频服务是马电讯在本地业务中（流动通讯天地通除外），比较有利可图的业务。
在今天的记者发布会上，阿都华希也保证不会有自愿解职计划（VSS），这次的结构重组计划不会影响现有的行政操作。马电讯曾在2005年推行自愿解职计划，将旗下员工减少10%。
阿都华希将会担任旗下区域公司的行政总裁，国内的固定线路公司则由现任马来西亚业务行政总裁的占詹再拉尼（Zamzamzairani Mohd. Isa）出任。我国副首相纳吉昨日宣布，马电讯将参与一项总值马币152亿元，为期10年的高速宽频计划，投资额占总值的三分之一。
穆迪：可能会降级
国际评估组织穆迪（Moody）即时评估了马电讯的这项企业案，他们并不十分看好马电讯这次的重组，且做了降级的预警。穆迪把焦点放在该公司的债务，马电讯国内外业务分家后，债务该怎么分？谁应该承担哪些债务？这就成了关键。
穆迪指出，马电讯现有的美元债务将由固定线路公司承担。虽说马电讯的国内业务占据本地固定拨号和宽频市场的绝大部分的份额，不过随着加入了前述的高速宽频计划，马电讯就必须另外找钱投资。
此外，马电讯国内外业务分家后，国内固定线路公司就失去了海外业务地理多元化及流动通讯收入的优势了。
拥有国内外流动通讯业务的区域公司，虽然有地理多元化及高成长率，却也必须面对更大的风险。从穆迪的评估看来，马电讯分家后的两家公司似乎吃力不讨好。
为了配合今天的重组宣布，马电讯已从昨日下午二点半开始暂停交易，下周一（10月1日）恢复交易。
马电讯也估计，该公司原本在马来西亚交易所第七大市值公司，排位将会随着分家后而滑落。区域公司的市值在上市后，依然排在十大以内（第八位），而国内固定线路公司则会排在第14位。
Source = http://www.merdekareview.com/news.php?n=5035
国际机构评两边不讨好
■日期／Sep 28, 2007 ■时间／05:30:21 pm
■新闻／财经经纬 ■作者／本刊陈子莹
【本刊陈子莹撰述】马来西亚电讯公司（Telekom Malaysia，马电讯）今日做了重大宣布，旗下上市机构将一分为二：一家负责掌管国内业务，另一家则专注海外和流动通讯业务；这意味着，除了保留现有马电讯在马来西亚交易所的上市地位之外，将会有另一家全新的马电讯上市公司。
马电讯暂且把这两家公司称为“FixedCo”（固定线路公司）和“RegionCo”（区域公司），固定线路公司旗下资产都是马电讯在马来西亚境内业务，包括电话固定拨号（fixed line）业务、宽频及其他相关业务。
计划中的区域公司则涵盖马电讯在国内外的流动通讯公司，如马来西亚的天地通（Celcom）、印尼的XL、斯里兰卡Dialog、孟加拉Aktel、新加坡M1、印度Spice、柬埔塞Hello及伊朗的MTCE等。天地通是这家马电讯区域业务公司的唯一马来西亚资产。
现有股东可拥两家公司
马电讯的股东也许会关心自己的权益如何？针对这一点，马电讯也没有“亏待”股东们，集团行政总裁阿都华希（Abdul Wahid Omar，右图）表示，股东将获分配这两家上市公司的股票，预料也会有资本回退（Capital Repayment）。不过，阿都华希表示，所有详情将在今年12月敲定，预计重组后的两家公司可在明年第二季上市。
这两家上市公司将有各别的董事局和管理层。
马电讯是马来西亚的国有企业，由国库控股（Khazanah Nasional）持有部分股权；国库控股在重组后的两家公司，都各别持有40%股权。
区域业务盈利胜本地业务一倍
马电讯也预估了即将分家的两家公司的业绩表现。初步估计，打理海外和流动通讯的区域公司的营业额可达马币85亿6500万元，税后盈利则有13亿8000元；国内业务的固定线路公司的营业额估计会有78亿3400元，而税后盈利有6亿8900万元。
相比之下，区域公司比固定线路公司的税后盈利，多出一倍有余；纵观两家公司的资产，区域公司也似乎较有看头。
不过，阿都华希强调，本地业务的宽频服务是马电讯在本地业务中（流动通讯天地通除外），比较有利可图的业务。
在今天的记者发布会上，阿都华希也保证不会有自愿解职计划（VSS），这次的结构重组计划不会影响现有的行政操作。马电讯曾在2005年推行自愿解职计划，将旗下员工减少10%。
阿都华希将会担任旗下区域公司的行政总裁，国内的固定线路公司则由现任马来西亚业务行政总裁的占詹再拉尼（Zamzamzairani Mohd. Isa）出任。我国副首相纳吉昨日宣布，马电讯将参与一项总值马币152亿元，为期10年的高速宽频计划，投资额占总值的三分之一。
穆迪：可能会降级
国际评估组织穆迪（Moody）即时评估了马电讯的这项企业案，他们并不十分看好马电讯这次的重组，且做了降级的预警。穆迪把焦点放在该公司的债务，马电讯国内外业务分家后，债务该怎么分？谁应该承担哪些债务？这就成了关键。
穆迪指出，马电讯现有的美元债务将由固定线路公司承担。虽说马电讯的国内业务占据本地固定拨号和宽频市场的绝大部分的份额，不过随着加入了前述的高速宽频计划，马电讯就必须另外找钱投资。
此外，马电讯国内外业务分家后，国内固定线路公司就失去了海外业务地理多元化及流动通讯收入的优势了。
拥有国内外流动通讯业务的区域公司，虽然有地理多元化及高成长率，却也必须面对更大的风险。从穆迪的评估看来，马电讯分家后的两家公司似乎吃力不讨好。
为了配合今天的重组宣布，马电讯已从昨日下午二点半开始暂停交易，下周一（10月1日）恢复交易。
马电讯也估计，该公司原本在马来西亚交易所第七大市值公司，排位将会随着分家后而滑落。区域公司的市值在上市后，依然排在十大以内（第八位），而国内固定线路公司则会排在第14位。
Source = http://www.merdekareview.com/news.php?n=5035
TA Enterprise 2Q net profit up 31%
28-09-2007: TA Enterprise 2Q net profit up 31%
By Gan Yen Kuan
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: TA Enterprise Bhd posted a net profit of RM56.59 million for the second quarter (2Q) ended July 31, 2007, a 31% increase from RM43.09 million a year ago, mainly due to increased brokerage income and higher revenue from the property development segment.
Announcing the results yesterday, the company said its 2Q revenue rose 29% to RM138.41 million from RM107.27 million previously. Earnings per share were 4.07 sen.
For the six months, its net profit surged 86% to RM114.4 million from RM61.43 million a year ago, on the back of a 60% rise in revenue to RM272.26 million from RM170.65 million.
It said the improved six-month earnings were mainly contributed by the group’s stockbroking operations, property development activities, short-term financing activities, property investment and hotel operations in Australia.
On the current year’s prospects, TA Enterprise said while investors were still generally concerned with the US subprime issue, it did not expect that to have significant impact on Asian economies.
“Based on Malaysia’s strong underlying fundamentals, our outlook for the local equity and property markets remains positive and we expect our performance for this financial year will be better than that of the previous year,” it said.
Source = http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_4b8c640b-cb73c03a-1ed1dbe0-4f67266c
By Gan Yen Kuan
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: TA Enterprise Bhd posted a net profit of RM56.59 million for the second quarter (2Q) ended July 31, 2007, a 31% increase from RM43.09 million a year ago, mainly due to increased brokerage income and higher revenue from the property development segment.
Announcing the results yesterday, the company said its 2Q revenue rose 29% to RM138.41 million from RM107.27 million previously. Earnings per share were 4.07 sen.
For the six months, its net profit surged 86% to RM114.4 million from RM61.43 million a year ago, on the back of a 60% rise in revenue to RM272.26 million from RM170.65 million.
It said the improved six-month earnings were mainly contributed by the group’s stockbroking operations, property development activities, short-term financing activities, property investment and hotel operations in Australia.
On the current year’s prospects, TA Enterprise said while investors were still generally concerned with the US subprime issue, it did not expect that to have significant impact on Asian economies.
“Based on Malaysia’s strong underlying fundamentals, our outlook for the local equity and property markets remains positive and we expect our performance for this financial year will be better than that of the previous year,” it said.
Source = http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_4b8c640b-cb73c03a-1ed1dbe0-4f67266c
Tuesday, September 11, 2007
CPI创10年新高 沪深两市下跌4%
CPI创10年新高 沪深两市下跌4%
（2007-09-11 3:35 pm）
（综合讯）由于中国8月份CPI比预期来得高，更创下10年来最高水平，使投资者担心央行将调高利率，导致沪深两市大幅下跌。
沪指早盘一度达到5395.04点，距5400点整数关口一步之遥。不过，国家统计局公布8月CPI数据创10年CPI单月增幅新高，市场随后震荡下挫。沪综指收报5113.96点，下跌4.51%，或241.32点。另一方面，深成指也下跌789.09点，或4.40%，收报17129.39点。
一名分析师表示，银行股和房地产股的影响最大，因为投资者预料利率将因CPI数据而调高
Source = http://realtime.zaobao.com/2007/09/070911_26.html
（2007-09-11 3:35 pm）
（综合讯）由于中国8月份CPI比预期来得高，更创下10年来最高水平，使投资者担心央行将调高利率，导致沪深两市大幅下跌。
沪指早盘一度达到5395.04点，距5400点整数关口一步之遥。不过，国家统计局公布8月CPI数据创10年CPI单月增幅新高，市场随后震荡下挫。沪综指收报5113.96点，下跌4.51%，或241.32点。另一方面，深成指也下跌789.09点，或4.40%，收报17129.39点。
一名分析师表示，银行股和房地产股的影响最大，因为投资者预料利率将因CPI数据而调高
Source = http://realtime.zaobao.com/2007/09/070911_26.html
Monday, September 10, 2007
次贷危机是美国金融界的大救星
次贷危机是美国金融界的大救星
[1342] (2007-09-08)
这么多年来，世界经济和金融有两个怪现象：第一是中国一直保持10%以上的增长，速度惊人，成了世界最大的工厂和外汇储存；第二就是美国的经常账户贸易赤字一直是巨额吓人, 也是世界最大的消费国和债务国。
中国的中心是一切稳定，必须要保持8%以上的增长率才能每年增加1000万以上的新工作岗位；中国还是用计划+市场的中央调控的经济和金融，不怕狂风暴雨。
美国的中心是寅吃卯粮，还想要百姓眼前的钱一元可当两元花，所以年年赤字；过去两年贸易赤字，年平均超越8000亿美元，必须要靠吸纳世界近七成的盈余储蓄才能渡日；仍是依赖政府信用向全球借贷的市场经济为主导，就怕风吹草动。
这两个经济巨人一直互补共存，小打小闹。今年夏天的游戏都是来自华盛顿:
a.拿中国产品质量说事；
b.拿次贷危机自我批评。
中国既然已经属于世界工厂，质量和检查就必须跟上。美国的质量大棒只会把中国打得“明天会更好”，这也是华盛顿出拳时没有想到的结果。下面就要谈一下华尔街拿次贷危机做文章的几层意思。
1. 在历史上，美国房地产发生过三次金融革命，建立了非常科学和完善的一，二级房贷市场。这次次贷危机出来后，从体制上也找不出哪儿需要再完善的地方。只好由政府担保（不买单）的佳策，让困难户可以重新贷款渡难关。历史上次贷佔的比例一直保持个位数，不成气候也形成不了危机。
2. IT股市破灭后，老葛13次降息，又维持1%达一年之久，把IT泡沫时期，普天大众的赌博瘾头又都引进到房市中，把买房当炒股玩，房价四年连涨80%！次贷也随之生机勃勃，招数日新月异，最后连要饭的签个字都能贷到款买个房子赌赌，能不出事吗！这是老葛晚节不保的杰作之一。
3. 次贷危机涉及金额不大，牵扯到的200万户，其中75%以上属于自住房主，多数没事，少数要靠布什的面子重新贷款就搞定了；其余投资的房蟲，数量上也比正常年景被取消抵押品赎回权的数量要低。问题的关键出在次贷危机全球买单，都是由于美国政府管辖下的信贷评级机构耍了大家，丢了信誉。今后美国再凭信用借大钱就没那么容易了，所以着急了。美国政府信用的额度，说大发点，半个世界都可以借来。
4. 西欧金融界在今年春天就感到次贷危机的寒冷，尔后融资的力度和速度都比华尔街快一步多一倍。美国刚开始是偷着乐，想捂着混过去，后来发现不对劲啦，往华尔街流的钱慢了下来，会要出大事的。这才让次贷危机浮出台面，一举数得：解决危机；股市降温；主要是让世界金融界放心：美国的金融还是安全的！
当今世界，一个国家金融的信誉和安全，在许多方面都比国防安全更重要，这已经是不争的事实了。靠借贷和超前消费的美国政府和老百姓，应该特别珍惜自己的信用，否则“明天会更惨”。
Source = http://www.zaobao.com/special/forum/pages5/forum_us070908.html
[1342] (2007-09-08)
这么多年来，世界经济和金融有两个怪现象：第一是中国一直保持10%以上的增长，速度惊人，成了世界最大的工厂和外汇储存；第二就是美国的经常账户贸易赤字一直是巨额吓人, 也是世界最大的消费国和债务国。
中国的中心是一切稳定，必须要保持8%以上的增长率才能每年增加1000万以上的新工作岗位；中国还是用计划+市场的中央调控的经济和金融，不怕狂风暴雨。
美国的中心是寅吃卯粮，还想要百姓眼前的钱一元可当两元花，所以年年赤字；过去两年贸易赤字，年平均超越8000亿美元，必须要靠吸纳世界近七成的盈余储蓄才能渡日；仍是依赖政府信用向全球借贷的市场经济为主导，就怕风吹草动。
这两个经济巨人一直互补共存，小打小闹。今年夏天的游戏都是来自华盛顿:
a.拿中国产品质量说事；
b.拿次贷危机自我批评。
中国既然已经属于世界工厂，质量和检查就必须跟上。美国的质量大棒只会把中国打得“明天会更好”，这也是华盛顿出拳时没有想到的结果。下面就要谈一下华尔街拿次贷危机做文章的几层意思。
1. 在历史上，美国房地产发生过三次金融革命，建立了非常科学和完善的一，二级房贷市场。这次次贷危机出来后，从体制上也找不出哪儿需要再完善的地方。只好由政府担保（不买单）的佳策，让困难户可以重新贷款渡难关。历史上次贷佔的比例一直保持个位数，不成气候也形成不了危机。
2. IT股市破灭后，老葛13次降息，又维持1%达一年之久，把IT泡沫时期，普天大众的赌博瘾头又都引进到房市中，把买房当炒股玩，房价四年连涨80%！次贷也随之生机勃勃，招数日新月异，最后连要饭的签个字都能贷到款买个房子赌赌，能不出事吗！这是老葛晚节不保的杰作之一。
3. 次贷危机涉及金额不大，牵扯到的200万户，其中75%以上属于自住房主，多数没事，少数要靠布什的面子重新贷款就搞定了；其余投资的房蟲，数量上也比正常年景被取消抵押品赎回权的数量要低。问题的关键出在次贷危机全球买单，都是由于美国政府管辖下的信贷评级机构耍了大家，丢了信誉。今后美国再凭信用借大钱就没那么容易了，所以着急了。美国政府信用的额度，说大发点，半个世界都可以借来。
4. 西欧金融界在今年春天就感到次贷危机的寒冷，尔后融资的力度和速度都比华尔街快一步多一倍。美国刚开始是偷着乐，想捂着混过去，后来发现不对劲啦，往华尔街流的钱慢了下来，会要出大事的。这才让次贷危机浮出台面，一举数得：解决危机；股市降温；主要是让世界金融界放心：美国的金融还是安全的！
当今世界，一个国家金融的信誉和安全，在许多方面都比国防安全更重要，这已经是不争的事实了。靠借贷和超前消费的美国政府和老百姓，应该特别珍惜自己的信用，否则“明天会更惨”。
Source = http://www.zaobao.com/special/forum/pages5/forum_us070908.html
美股也玩政策市？
美国房信危机并没有过去，上周末，美国总统布什和美联储主席伯南克发表讲话，表示他们必须考虑市场的现实因素，但是联邦政府无义务保护投机者。虽然他们反复强调，联邦政府不会为部分投机者买单，但是他们的讲话还是被市场理解为政府托市。美国股市在此消息刺激下，强力反弹。
房信在美国金融体系中，因为其庞大规模而影响很大。事实上，美国房信体系出现问题，并不是第一次，更不是最后一次。但是美国总统和美联储主席以讲话方式应对实质性问题，似乎却是第一次。虽然小布什总统声称将为部分人提供新的信贷担保，但是这对于本来已经还款困难的人无异于债上加债。而先前的格林斯潘时代，面对信用危机的处理方式可能要强硬和专业的多。布什和伯南克的软弱措施，从根本上并不能解决问题。因为即使联邦政府提供新的的信贷担保，也不过只能解燃眉之急。而对于未来，还不起房贷的人更会债台高筑。而事实上，美国经济可能真正需要的是减缓全球化速度、减税和控制美国国债规模。
毫无疑问，造成美国社会两极分化的恰恰是美国一直推行的全球化政策。当信息时代到来，美国将传统产业的生产与经营逐步转移到劳动力成本较低的国家，劳动密集型产业的转移造成了美国国内低端就业岗位严重不足的现状。因此，当国际化大公司从对发展中国家工人的廉价剥削中赚取大量利润的同时，美国的中低层人群的生活和工作却日益恶化。因为美国社会已经发展到一个新的社会类型，美国仅仅凭借其财团、信息技术和军事力量就能支配世界经济。而传统的轻重工业，都可以被美国放弃。但事实上，即使在美国作为支柱的信息IT产业，其基石也不过一块粘土砖和一块土疙瘩。中国在计算机硬件领域和印度在软件领域的成就不容小视。技术壁垒的松软，让诸多的人后来居上。即使是旧时代在计算机技术方面以落后著称的俄罗斯，如今也拥有一批诸如卡巴斯基杀毒软件这样的强力技术公司。而今日，美国硅谷最后的防御地带可能只剩下高端技术和规模优势。而高端技术不足以统治市场，规模优势则仅仅是时间问题。
直至如今，克林顿时代的减税政策仍然为美国人津津乐道。而两届布什政府的穷兵黩武则大量消耗了美国的财富。打了多场亏本的战争之后，美国政府依旧没有意识到一切从开始就是个错误。无论是科索沃，还是阿富汗或者投资巨大的伊拉克，没有收益的战争严重违背了美国的立国原则——绝不做赔本买卖。而今日在伊拉克，连英国都失去了继续投资的兴趣而撤兵。美国却还要增兵，只为让世界上最先进的美国军队担任穆斯林世界的治安联防队。事实上，从一开始我就十分怀疑美国这次军事投资能否收回成本。尤其在美国号召世界援助伊拉克和阿富汗之后，一切都表明美国对于伊拉克石油的隐晦都注定了美国很可能颗粒无收。而事实上，伊拉克人民的生老病死本来就与美国无关。而美国国内经济却因为伊拉克和阿富汗战争而无法减税。这本质上是对美国国家利益的真正威胁，但是一个名叫贪婪的欲念却让智商只有90的小布什总统看不清状况。
另外，美国的问题还远不止于此。比如美国的国债，包括中国在内的很多国家都很热衷于追捧收益率相对很高的美国国债。但是美国现在却只能通过贬值来减少支付债务的压力。超级巨大的财政赤字是从里根时代就存在的问题。通过不断的发行货币和债务，美国政府一度完全无视财政赤字的负效应。但是日积月累之后，美国不得不为其状况买单。通过贬值美元来减小债务压力其实很危险。美元的贬值另外一面却也大大降低了美元持有者的经济实力。而世界上持有美元最多的恰恰是美国人自己。而货币一旦贬值，则如需升值则十分困难。而美国现在真的是需要考虑是否可以通过友好协商为自己减免债务的时代了。
美国总统和联储主席的发言很容易就让中国的投资者想起90年代。那时的中国股市也具有类似的特征。所谓“政策市”或者直接想起了朱总理，那些记忆今日仍让人记忆犹新。不过同样的事情发生在美国身上，不知道凯恩斯先生是不是又要卷土重来?
Source: http://www.zaobao.com/special/forum/pages5/forum_us070908a.html
房信在美国金融体系中，因为其庞大规模而影响很大。事实上，美国房信体系出现问题，并不是第一次，更不是最后一次。但是美国总统和美联储主席以讲话方式应对实质性问题，似乎却是第一次。虽然小布什总统声称将为部分人提供新的信贷担保，但是这对于本来已经还款困难的人无异于债上加债。而先前的格林斯潘时代，面对信用危机的处理方式可能要强硬和专业的多。布什和伯南克的软弱措施，从根本上并不能解决问题。因为即使联邦政府提供新的的信贷担保，也不过只能解燃眉之急。而对于未来，还不起房贷的人更会债台高筑。而事实上，美国经济可能真正需要的是减缓全球化速度、减税和控制美国国债规模。
毫无疑问，造成美国社会两极分化的恰恰是美国一直推行的全球化政策。当信息时代到来，美国将传统产业的生产与经营逐步转移到劳动力成本较低的国家，劳动密集型产业的转移造成了美国国内低端就业岗位严重不足的现状。因此，当国际化大公司从对发展中国家工人的廉价剥削中赚取大量利润的同时，美国的中低层人群的生活和工作却日益恶化。因为美国社会已经发展到一个新的社会类型，美国仅仅凭借其财团、信息技术和军事力量就能支配世界经济。而传统的轻重工业，都可以被美国放弃。但事实上，即使在美国作为支柱的信息IT产业，其基石也不过一块粘土砖和一块土疙瘩。中国在计算机硬件领域和印度在软件领域的成就不容小视。技术壁垒的松软，让诸多的人后来居上。即使是旧时代在计算机技术方面以落后著称的俄罗斯，如今也拥有一批诸如卡巴斯基杀毒软件这样的强力技术公司。而今日，美国硅谷最后的防御地带可能只剩下高端技术和规模优势。而高端技术不足以统治市场，规模优势则仅仅是时间问题。
直至如今，克林顿时代的减税政策仍然为美国人津津乐道。而两届布什政府的穷兵黩武则大量消耗了美国的财富。打了多场亏本的战争之后，美国政府依旧没有意识到一切从开始就是个错误。无论是科索沃，还是阿富汗或者投资巨大的伊拉克，没有收益的战争严重违背了美国的立国原则——绝不做赔本买卖。而今日在伊拉克，连英国都失去了继续投资的兴趣而撤兵。美国却还要增兵，只为让世界上最先进的美国军队担任穆斯林世界的治安联防队。事实上，从一开始我就十分怀疑美国这次军事投资能否收回成本。尤其在美国号召世界援助伊拉克和阿富汗之后，一切都表明美国对于伊拉克石油的隐晦都注定了美国很可能颗粒无收。而事实上，伊拉克人民的生老病死本来就与美国无关。而美国国内经济却因为伊拉克和阿富汗战争而无法减税。这本质上是对美国国家利益的真正威胁，但是一个名叫贪婪的欲念却让智商只有90的小布什总统看不清状况。
另外，美国的问题还远不止于此。比如美国的国债，包括中国在内的很多国家都很热衷于追捧收益率相对很高的美国国债。但是美国现在却只能通过贬值来减少支付债务的压力。超级巨大的财政赤字是从里根时代就存在的问题。通过不断的发行货币和债务，美国政府一度完全无视财政赤字的负效应。但是日积月累之后，美国不得不为其状况买单。通过贬值美元来减小债务压力其实很危险。美元的贬值另外一面却也大大降低了美元持有者的经济实力。而世界上持有美元最多的恰恰是美国人自己。而货币一旦贬值，则如需升值则十分困难。而美国现在真的是需要考虑是否可以通过友好协商为自己减免债务的时代了。
美国总统和联储主席的发言很容易就让中国的投资者想起90年代。那时的中国股市也具有类似的特征。所谓“政策市”或者直接想起了朱总理，那些记忆今日仍让人记忆犹新。不过同样的事情发生在美国身上，不知道凯恩斯先生是不是又要卷土重来?
Source: http://www.zaobao.com/special/forum/pages5/forum_us070908a.html
Malaysian banks maintained as 'overweight' on budget incentives
Malaysian banks maintained as 'overweight' on budget incentives - DBS Vickers
10/09/2007 15:16:00
KUALA LUMPUR (Thomson Financial) - DBS Vickers Research said Monday it is
keeping its "overweight" rating on Malaysian banks as the sector emerges as a
key beneficiary of incentives for the capital market and property sector
announced Friday in the national budget for 2008.
In his budget speech to parliament, Prime Minister Abdullah Ahmad Badawi
announced that the commission rates for Internet trading and cash upfront
transactions will be fully negotiable. This is to encourage greater retail
participation in the stock market, he said.
In addition, clearing fees for share purchases will be reduced from 0.04
percent to 0.03 percent from January 1, 2008.
The government also proposed to extend the stamp duty exemption on instruments
related to mergers and acquisitions of listed companies to 2010 from 2007.
Meanwhile, in order to promote growth in the property sector, the government
proposed a 50 percent stamp duty exemption on documents of transfer for the
purchase of one house per individual costing under 250,000 ringgit.
It will also allow monthly withdrawals from the state pension fund for housing
loan repayments.
"Higher than expected capital market flows would act as earnings catalysts to
banks," said DBS Vickers Research in a note to clients.
Bumiputra-Commerce Holdings Bhd and AMMB Holdings Bhd, the two largest players
in the local investment banking market, will be the key beneficiaries of
increased capital market activities as a result of the incentives announced
Friday, it said.
Meanwhile, Malaysia's third-largest bank Public Bank Bhd will benefit from
incentives to the property sector given its leading position in mortgage
financing, DBS Vickers said.
"We expect to see stronger mortgage loan growth in the next few quarters from
this move," it said.
The government also proposed in the budget the implementation of the
single-tier tax system, under which dividends can be more easily distributed as
profits are only taxed at the company level and dividends received will be
exempted from tax.
The proposed single-tier tax system would be a boon to dividend-yielding stocks
like Public Bank, DBS Vickers said.
"We are forecasting total dividend per share of 70 sen for financial year 2007
and 85 sen for 2008. At current prices, gross yields amount to 7-8 percent," it
said.
The brokerage is keeping its "buy" on the foreign tranche of Public Bank shares
with a target price of 11.80 ringgit. The foreign tranche shares carry no voting
rights and trade under the ticker PBBank-O1.
At 2.36 pm, PBBank-O1 was down 20 sen or 2 percent at 10.00 ringgit, AMMB lost
12 sen or 2.7 percent to 4.30 ringgit and Bumiputra-Commerce was unchanged at
10.60 ringgit.
The Kuala Lumpur Composite Index was down 22.5 points or 1.7 percent at
1,282.40.
Source: Osk Wire News
10/09/2007 15:16:00
KUALA LUMPUR (Thomson Financial) - DBS Vickers Research said Monday it is
keeping its "overweight" rating on Malaysian banks as the sector emerges as a
key beneficiary of incentives for the capital market and property sector
announced Friday in the national budget for 2008.
In his budget speech to parliament, Prime Minister Abdullah Ahmad Badawi
announced that the commission rates for Internet trading and cash upfront
transactions will be fully negotiable. This is to encourage greater retail
participation in the stock market, he said.
In addition, clearing fees for share purchases will be reduced from 0.04
percent to 0.03 percent from January 1, 2008.
The government also proposed to extend the stamp duty exemption on instruments
related to mergers and acquisitions of listed companies to 2010 from 2007.
Meanwhile, in order to promote growth in the property sector, the government
proposed a 50 percent stamp duty exemption on documents of transfer for the
purchase of one house per individual costing under 250,000 ringgit.
It will also allow monthly withdrawals from the state pension fund for housing
loan repayments.
"Higher than expected capital market flows would act as earnings catalysts to
banks," said DBS Vickers Research in a note to clients.
Bumiputra-Commerce Holdings Bhd and AMMB Holdings Bhd, the two largest players
in the local investment banking market, will be the key beneficiaries of
increased capital market activities as a result of the incentives announced
Friday, it said.
Meanwhile, Malaysia's third-largest bank Public Bank Bhd will benefit from
incentives to the property sector given its leading position in mortgage
financing, DBS Vickers said.
"We expect to see stronger mortgage loan growth in the next few quarters from
this move," it said.
The government also proposed in the budget the implementation of the
single-tier tax system, under which dividends can be more easily distributed as
profits are only taxed at the company level and dividends received will be
exempted from tax.
The proposed single-tier tax system would be a boon to dividend-yielding stocks
like Public Bank, DBS Vickers said.
"We are forecasting total dividend per share of 70 sen for financial year 2007
and 85 sen for 2008. At current prices, gross yields amount to 7-8 percent," it
said.
The brokerage is keeping its "buy" on the foreign tranche of Public Bank shares
with a target price of 11.80 ringgit. The foreign tranche shares carry no voting
rights and trade under the ticker PBBank-O1.
At 2.36 pm, PBBank-O1 was down 20 sen or 2 percent at 10.00 ringgit, AMMB lost
12 sen or 2.7 percent to 4.30 ringgit and Bumiputra-Commerce was unchanged at
10.60 ringgit.
The Kuala Lumpur Composite Index was down 22.5 points or 1.7 percent at
1,282.40.
Source: Osk Wire News
Thursday, September 6, 2007
或引進新大股東 業務前景亮麗 戴樂集團魅力加分
或引進新大股東 業務前景亮麗 戴樂集團魅力加分-7th Sep 2007
※報導 : 梁志華
(吉隆坡6日訊)戴樂集團(DIALOG,7277,主板貿服股)有望憑藉聯營計劃的合作基礎，趁機將跨國機構引進該公司成為大股東，分析員對此不感到驚訝，並認為新大股東的加入，可以為該公司的投資魅力加分，加上該公司的業務前景一片亮麗，分析員繼續看好該股，給予「超越大市」評級。
戴樂集團在4月份從柔佛機構手中，接過Tanjung Lansat港口的中央油槽設施與油槽終站發展計劃，並擁有30年的特許經營權。
據了解，戴樂集團目前正與兩家跨國公司進行洽談，不僅想要說服他們成為油槽終站的用戶，更希望與他們成為合作夥伴，聯手發展這項油槽終站計劃。
聯昌國際投行分析員指出，如果上述情況真的出現，那么，相關計劃現有的80對20股權結構，可能將出現變化。
戴樂集團最終可能將減持股權，藉此引進跨國公司。
跨國公司的加入，將有助于吸引更多的投資，並加強相關計劃的成功機率。
戴樂集團與這些跨國機構的關係，可能不止于此。目前，戴樂集團正積極洽談有關脫售該公司一批顯著股權的事宜，洽購對象很有可能將會是這兩家跨國公司之一。
這意味著，戴樂集團不僅在發展計劃上，將出現新股東，現在連該公司本身也將出現新股東，而且這的策略夥伴可能是同一單位。
分析員對此並不感到驚訝，因為戴樂集團的股權結構相當鬆散，使得這家資金充裕的公司，一直以來都是併購對象的熱門。
分析員認為，如果戴樂集團真的宣布Tanjung Lansat油槽終站的新客戶或合作夥伴，或者為該公司引進新大股東的消息，料將為該公司的投資魅力加分。
Source = http://www.orientaldaily.com.my/#top
※報導 : 梁志華
(吉隆坡6日訊)戴樂集團(DIALOG,7277,主板貿服股)有望憑藉聯營計劃的合作基礎，趁機將跨國機構引進該公司成為大股東，分析員對此不感到驚訝，並認為新大股東的加入，可以為該公司的投資魅力加分，加上該公司的業務前景一片亮麗，分析員繼續看好該股，給予「超越大市」評級。
戴樂集團在4月份從柔佛機構手中，接過Tanjung Lansat港口的中央油槽設施與油槽終站發展計劃，並擁有30年的特許經營權。
據了解，戴樂集團目前正與兩家跨國公司進行洽談，不僅想要說服他們成為油槽終站的用戶，更希望與他們成為合作夥伴，聯手發展這項油槽終站計劃。
聯昌國際投行分析員指出，如果上述情況真的出現，那么，相關計劃現有的80對20股權結構，可能將出現變化。
戴樂集團最終可能將減持股權，藉此引進跨國公司。
跨國公司的加入，將有助于吸引更多的投資，並加強相關計劃的成功機率。
戴樂集團與這些跨國機構的關係，可能不止于此。目前，戴樂集團正積極洽談有關脫售該公司一批顯著股權的事宜，洽購對象很有可能將會是這兩家跨國公司之一。
這意味著，戴樂集團不僅在發展計劃上，將出現新股東，現在連該公司本身也將出現新股東，而且這的策略夥伴可能是同一單位。
分析員對此並不感到驚訝，因為戴樂集團的股權結構相當鬆散，使得這家資金充裕的公司，一直以來都是併購對象的熱門。
分析員認為，如果戴樂集團真的宣布Tanjung Lansat油槽終站的新客戶或合作夥伴，或者為該公司引進新大股東的消息，料將為該公司的投資魅力加分。
Source = http://www.orientaldaily.com.my/#top
“国阵君主制”取而代之
“国阵君主制”取而代之
君主反制政府乃历史嘲讽
【本刊林宏祥撰述】霹雳州皇储拉惹纳兹林（Raja Nazrin Shah）最近发表“君主制有助于维护治理制度中的制衡作用”言论，英文报《太阳报》（theSun）发表社论正面肯定，而英文评论圈健笔金格（Kim Quek，原名杨泰章）早前也曾撰文《御诏救国？》（Monarch to the rescue?），这种对“君主驾临反制政府”的渴求，无不反映民间对恣意妄为的国阵政府既厌恶又无奈的感受。
拉惹纳兹（左图）林周一（9月3日）在国库发展研讨会（Khazanah National Development Seminar）上重申君主在《联邦宪法》中的角色与地位，尽管不如首相阿都拉、副首相纳吉重申“马来西亚为回教国”般掀起争议，却为近来“开明皇族势力反扑”的迹象，平添一注脚。【点击：霹雳皇储开明言论冲击执政党 当权精英贪腐封建势力反扑？】
自1983年国会修宪，以废除国家元首否决国会立法的权力后，君主制在立法过程中便仅剩“仪式性”角色。1992年发生柔佛州苏丹殴打勾球教练事件后，国会修宪废除统治者免控权，进一步削弱传统皇族势力，让享有“国家最高象征”尊崇地位的统治者，顿时声名狼藉。
强势首相马哈迪当年以皇族“行为不检”、“挥霍无度”、“滥权失职”等指控，全面动员打击这股封建势力。不过，惊涛骇浪的舆论底下，是新旧政治精英角力激起的旋涡，“以君主为首的旧精英集团”和“以首相为首的新精英集团”，为控制政治、经济权力而博奕。当时的人民党主席赛胡先（Syed Husin Ali）曾一针见血指出：“一些君主渴望得到的许多东西，也正是执政政治领袖们及其伙伴所要得到的。”
国阵的“君主制”
左翼政治领袖赛胡先当年以“政经利益的矛盾”解读“修宪风云”，对皇室、执政党残暴行为不满的他就提醒：“残暴加残暴，不等于仁慈”。
皇族势力遭巫统削弱后，政治影响力大不如前；如今，“言论开明”、“作风亲民”的拉惹纳兹林重提君主制起制衡作用，民间、媒体竟呼应“君主救国”，可视为对当下俨然“国阵君主制”的抗议与不满。
1990年代人民党副主席张永新（右图）从社会心理角度分析“修宪风云”，即社会的效忠对象已从传统封建势力（皇族）转移至新权贵和官僚集团。
从另一角度，此现象也暗示着“封建君主制”的影响力逐步衰退，“新政治精英（巫统／国阵）君主制”的建立与巩固。环顾当下执政集团，从巫统、马华公会到民政党等，已逐步继承了“君主制”特征；一些国阵领导人的言行，显露的恰恰就是民间过去对“皇族”的不良印象。
政党＝家族事业？
屈指一数，现任副首相纳吉自1976年代亡父（第二任首相阿都拉萨）守土彭亨州北根区（Pekan）国会议席后，在政坛平步青云至今，目前坐“副”望“正”；而“二度举剑、且扬言继续举剑”的巫统青年团团长、被视为未来首相接班人的希山慕丁（Hishammuddin Hussein），是第三任首相胡先翁（Hussein Onn）的儿子。持有牛津大学哲学、政治、经济学位的巫青副团长凯里（Khairy Jamaluddin），是现任首相阿都拉巴达威的女婿，在阿都拉掌权后未经选票考验便直接登跃巫青副团长。为牵制阿都拉派系势力而卷入“代理战”的慕克利斯（Mukhriz Mahathir），也是掌权22年强势首相马哈迪的儿子。
马华公会方面，黄家定、黄家泉两弟兄共掌马华公会总会长及总秘书要职，在第11届全国大选中落败的黄家泉党职“不降反升”，自惹争议。马青副总团长林熙隆、中委林熙杰，在父亲（前总会长）林良实引退后跃进政坛，延续“林氏家族”的势力。【点击：熙隆要延续林氏家族势力】
林时彬在父亲（民政党前任主席）林敬益权力转移时期“不劳而获”当选民青团署理团长，同样免不了要承受异样的眼光，摆不脱“裙带风”之嫌。在印度国大党，尽管主席三美威鲁（Samy Vellu）儿子维尔巴里（S. Vell Paari）尚未出任该党要职，却是党营企业麦卡控股（Maika Holding）的行政总裁。若说“国库通党库”是我国公开的秘密，政党沦为政治人物家族事业的趋势，岂不让人担忧？
目前独揽首相、财政部长、国内安全部长三大职位的阿都拉，其儿子卡玛鲁丁（Kamaluddin Abdullah）控制的斯可米集团（Scomi Group）在自己就任大位后营业额与净利不断倍增、政府工程合约源源不绝，阿都拉竟以“马哈迪儿子工程更多”相驳，还理直气壮辨称“不公布财产是人家的权力，无关透明施政”，无不反映掌权者不受制约的傲慢、狂妄心态。
挥霍无度：正副首相专机
君主制既然是“象征”，自离不开“仪式”。赛胡先早前接受《独立新闻在线》访问时，还非议皇室仪式穷奢极侈，但以相同标准检视经历“民主议会”程序而掌权的政治精英，不也同样挥霍无度？
拥有三千万豪华游艇、六千万澳洲豪宅、私人贵宾飞机等指责接踵而来，阿都拉尽管屡次否认，却也总是留下团团疑惑。与本地政治没有利益挂钩的土耳其报章拒绝道歉，但声称对方错误报道豪华游艇的阿都拉却没有追究责任；阿都拉女婿凯里一度声称澳洲豪宅乃卡玛鲁丁所有，后来也不了了之；甚至否认购买专机、承认租借贵宾专机后，阿都拉也只是以“你若真想知道，我会告诉你细节”打发记者，回避了“租金多少钱”的问题。【点击《星报在线》：PM nafi beli jet VIP untuk diri sendiri】
前副首相安华依布拉欣于今年8月21日在柔佛州新邦令金（Simpang Renggam）一场政治演说上，揭露副首相纳吉（左图）夫妇最近度假时，乘坐商业客机飞抵日本后，就以私人专机游走各国。
曾任财政部长的安华声称，专机租金一天为马币10万元，并说：“有人愿意爆料给我，是因为人民已厌倦这种贪污作为！”
有皇族血统的《今日马来西亚》主编拉惹柏特拉（Raja Petra Kamaruddin）早前反击巫统全国宣传主任莫哈末泰益（Muhd Muhamdd Taib）指自己侮辱国家元首、挑起宗教、种族情绪时，抖出莫哈末泰益曾经开出一张一千两百万元的支票，作为与雪州公主离婚的赡养费，直指这名前雪州大臣贪污。莫哈末泰益没有否认指控，还说“这是成年旧事了”。【点击：“我在地狱迎接你！” 拉惹柏特拉抖泰益臭史】
当权者享有免控权？
马来西亚皇族终在1992年丧失“免控权”，但此权力却移植到以巫统／国阵掌控的执法机构中。现任副国安部长佐哈里（Mohd Johari Baharum）、总警长慕沙哈山（Musa Hassan）、反贪局前总监朱基菲里（Zulkipli Mat Noor）在闹得沸沸扬扬的贪污、受贿指控中，皆戏剧性地由总检察长阿都干尼（Abdul Ghani Patail）宣称“证据不足”而落幕，印证了马哈迪讽刺意味浓厚的“（涉嫌贪污者）肯定没事”的预言。
违法建豪宅、沙爹屋，后来因触犯《公司法令》而面对39项控状的巫统巴生港口区州议员查卡利亚（Zakaria Md Deros），在今年8月24日“控状全撤销”，是继柏华惹钢铁厂（Perwaja Steel Sdn Bhd）前董事经理谢英福无罪获释后，另一未能服众的结局。
由首相推荐、国家元首委任的总检察长，如今囊括决定是否提控及（代表政府）起诉权力，俨然在司法审讯前下判决，也是备受争议的角色。蒙古女子命案中，纳吉的智囊和保镖成了被告，已引起坊间诸多猜疑，但纳吉却始终未被传出庭。上月闹开的印度女艺人素加塔（Sujatha Krishnan）离奇死亡案件，更一度传出与三美威鲁之子维尔巴里有关，如今也没有下文。【点击：质疑三嫌犯都与纳吉有关联 前辩护律师有意传副揆供证、匿名信控诉三美儿子涉案 马尼促查女艺人死亡真相】
君主制的没落
重温前副首相嘉化巴巴（Ghafar Baba，右图）于1992年12月10日的国会提案、以历史性96票对0票通过“柔佛苏丹殴人事件是违反马来西亚宪法精神和以君主立宪、议会民主制度为基础的国家法律之滥权行为”议决，我们仿佛看到封建君主制的黑影，如今隐约出没在国阵政府里头。
对照废除了封建制度的日本，尽管废除封建制后扶持并巩固了天皇制，也遭部分日本人非议，但学者型政治人物赛胡先阿里却也曾在1990年代肯定天皇制的一大跃进：“……天皇制下的日本政体却扩大了民主统治，比起过去的封建时代，人民有更多的权力，并参与了所有政府事务。”
嘉化巴巴当时还说了一段话：“历史已经清楚告诉我们，在世界上的一些国家的一些事件中，人民因不能再忍耐而采取了宪法与法律以外的行动推翻其君主，其结果是现在世界上的君主越来越少。”
15年后的拉惹纳兹林，没有否认这个事实，他在演词中说：“过去五个世纪中，世界许多君主消失了，因为这些统治者将自己的地位视为天赐的权力，更甚于责任。”
拉惹纳兹林重申君主为“法治公正的守护者”、是沙文主义、极端主义抬头时，理性、中庸与良好施政的声音。
这名牛津大学哲学、政治与经济系毕业生，且有哈佛大学政治与经济博士学位的皇储，更引述美国总统罗斯福（Franklin Roosevelt）的话：“永恒的真理如果不在新的社会形势下赋予新的意义，要么就不是真理，要么就不是永恒的”，无不暗讽拒绝改变、拒绝适应新的社会环境的掌权者。
在巫统主席、署理主席擅自宣布马来西亚为回教国、巫青团团长拔剑出鞘、巫统领袖以煽动族群情绪的语言来捍卫“新经济政策”、国阵领袖面对互联网冲击而惊惶失措、围剿打压之际，拉惹纳兹林将君主视为“所有族群、宗教、政治派别团结的象征”，为取角越来越狭隘的政治角力，捎来了理性、求变的声音。
封建皇族势力因开明的霹雳皇储而让人耳目一新，是马来西亚人民在1992年修宪制约皇族之前，无法想像的局面。我们只能说，任何不受制衡的政权，都难逃堕落与腐败，君主制如此，回教国亦然。
只是，马来西亚需要历史重复多少遍，才能吸取这个教训？
Source = http://www.merdekareview.com/news.php?n=4885
君主反制政府乃历史嘲讽
【本刊林宏祥撰述】霹雳州皇储拉惹纳兹林（Raja Nazrin Shah）最近发表“君主制有助于维护治理制度中的制衡作用”言论，英文报《太阳报》（theSun）发表社论正面肯定，而英文评论圈健笔金格（Kim Quek，原名杨泰章）早前也曾撰文《御诏救国？》（Monarch to the rescue?），这种对“君主驾临反制政府”的渴求，无不反映民间对恣意妄为的国阵政府既厌恶又无奈的感受。
拉惹纳兹（左图）林周一（9月3日）在国库发展研讨会（Khazanah National Development Seminar）上重申君主在《联邦宪法》中的角色与地位，尽管不如首相阿都拉、副首相纳吉重申“马来西亚为回教国”般掀起争议，却为近来“开明皇族势力反扑”的迹象，平添一注脚。【点击：霹雳皇储开明言论冲击执政党 当权精英贪腐封建势力反扑？】
自1983年国会修宪，以废除国家元首否决国会立法的权力后，君主制在立法过程中便仅剩“仪式性”角色。1992年发生柔佛州苏丹殴打勾球教练事件后，国会修宪废除统治者免控权，进一步削弱传统皇族势力，让享有“国家最高象征”尊崇地位的统治者，顿时声名狼藉。
强势首相马哈迪当年以皇族“行为不检”、“挥霍无度”、“滥权失职”等指控，全面动员打击这股封建势力。不过，惊涛骇浪的舆论底下，是新旧政治精英角力激起的旋涡，“以君主为首的旧精英集团”和“以首相为首的新精英集团”，为控制政治、经济权力而博奕。当时的人民党主席赛胡先（Syed Husin Ali）曾一针见血指出：“一些君主渴望得到的许多东西，也正是执政政治领袖们及其伙伴所要得到的。”
国阵的“君主制”
左翼政治领袖赛胡先当年以“政经利益的矛盾”解读“修宪风云”，对皇室、执政党残暴行为不满的他就提醒：“残暴加残暴，不等于仁慈”。
皇族势力遭巫统削弱后，政治影响力大不如前；如今，“言论开明”、“作风亲民”的拉惹纳兹林重提君主制起制衡作用，民间、媒体竟呼应“君主救国”，可视为对当下俨然“国阵君主制”的抗议与不满。
1990年代人民党副主席张永新（右图）从社会心理角度分析“修宪风云”，即社会的效忠对象已从传统封建势力（皇族）转移至新权贵和官僚集团。
从另一角度，此现象也暗示着“封建君主制”的影响力逐步衰退，“新政治精英（巫统／国阵）君主制”的建立与巩固。环顾当下执政集团，从巫统、马华公会到民政党等，已逐步继承了“君主制”特征；一些国阵领导人的言行，显露的恰恰就是民间过去对“皇族”的不良印象。
政党＝家族事业？
屈指一数，现任副首相纳吉自1976年代亡父（第二任首相阿都拉萨）守土彭亨州北根区（Pekan）国会议席后，在政坛平步青云至今，目前坐“副”望“正”；而“二度举剑、且扬言继续举剑”的巫统青年团团长、被视为未来首相接班人的希山慕丁（Hishammuddin Hussein），是第三任首相胡先翁（Hussein Onn）的儿子。持有牛津大学哲学、政治、经济学位的巫青副团长凯里（Khairy Jamaluddin），是现任首相阿都拉巴达威的女婿，在阿都拉掌权后未经选票考验便直接登跃巫青副团长。为牵制阿都拉派系势力而卷入“代理战”的慕克利斯（Mukhriz Mahathir），也是掌权22年强势首相马哈迪的儿子。
马华公会方面，黄家定、黄家泉两弟兄共掌马华公会总会长及总秘书要职，在第11届全国大选中落败的黄家泉党职“不降反升”，自惹争议。马青副总团长林熙隆、中委林熙杰，在父亲（前总会长）林良实引退后跃进政坛，延续“林氏家族”的势力。【点击：熙隆要延续林氏家族势力】
林时彬在父亲（民政党前任主席）林敬益权力转移时期“不劳而获”当选民青团署理团长，同样免不了要承受异样的眼光，摆不脱“裙带风”之嫌。在印度国大党，尽管主席三美威鲁（Samy Vellu）儿子维尔巴里（S. Vell Paari）尚未出任该党要职，却是党营企业麦卡控股（Maika Holding）的行政总裁。若说“国库通党库”是我国公开的秘密，政党沦为政治人物家族事业的趋势，岂不让人担忧？
目前独揽首相、财政部长、国内安全部长三大职位的阿都拉，其儿子卡玛鲁丁（Kamaluddin Abdullah）控制的斯可米集团（Scomi Group）在自己就任大位后营业额与净利不断倍增、政府工程合约源源不绝，阿都拉竟以“马哈迪儿子工程更多”相驳，还理直气壮辨称“不公布财产是人家的权力，无关透明施政”，无不反映掌权者不受制约的傲慢、狂妄心态。
挥霍无度：正副首相专机
君主制既然是“象征”，自离不开“仪式”。赛胡先早前接受《独立新闻在线》访问时，还非议皇室仪式穷奢极侈，但以相同标准检视经历“民主议会”程序而掌权的政治精英，不也同样挥霍无度？
拥有三千万豪华游艇、六千万澳洲豪宅、私人贵宾飞机等指责接踵而来，阿都拉尽管屡次否认，却也总是留下团团疑惑。与本地政治没有利益挂钩的土耳其报章拒绝道歉，但声称对方错误报道豪华游艇的阿都拉却没有追究责任；阿都拉女婿凯里一度声称澳洲豪宅乃卡玛鲁丁所有，后来也不了了之；甚至否认购买专机、承认租借贵宾专机后，阿都拉也只是以“你若真想知道，我会告诉你细节”打发记者，回避了“租金多少钱”的问题。【点击《星报在线》：PM nafi beli jet VIP untuk diri sendiri】
前副首相安华依布拉欣于今年8月21日在柔佛州新邦令金（Simpang Renggam）一场政治演说上，揭露副首相纳吉（左图）夫妇最近度假时，乘坐商业客机飞抵日本后，就以私人专机游走各国。
曾任财政部长的安华声称，专机租金一天为马币10万元，并说：“有人愿意爆料给我，是因为人民已厌倦这种贪污作为！”
有皇族血统的《今日马来西亚》主编拉惹柏特拉（Raja Petra Kamaruddin）早前反击巫统全国宣传主任莫哈末泰益（Muhd Muhamdd Taib）指自己侮辱国家元首、挑起宗教、种族情绪时，抖出莫哈末泰益曾经开出一张一千两百万元的支票，作为与雪州公主离婚的赡养费，直指这名前雪州大臣贪污。莫哈末泰益没有否认指控，还说“这是成年旧事了”。【点击：“我在地狱迎接你！” 拉惹柏特拉抖泰益臭史】
当权者享有免控权？
马来西亚皇族终在1992年丧失“免控权”，但此权力却移植到以巫统／国阵掌控的执法机构中。现任副国安部长佐哈里（Mohd Johari Baharum）、总警长慕沙哈山（Musa Hassan）、反贪局前总监朱基菲里（Zulkipli Mat Noor）在闹得沸沸扬扬的贪污、受贿指控中，皆戏剧性地由总检察长阿都干尼（Abdul Ghani Patail）宣称“证据不足”而落幕，印证了马哈迪讽刺意味浓厚的“（涉嫌贪污者）肯定没事”的预言。
违法建豪宅、沙爹屋，后来因触犯《公司法令》而面对39项控状的巫统巴生港口区州议员查卡利亚（Zakaria Md Deros），在今年8月24日“控状全撤销”，是继柏华惹钢铁厂（Perwaja Steel Sdn Bhd）前董事经理谢英福无罪获释后，另一未能服众的结局。
由首相推荐、国家元首委任的总检察长，如今囊括决定是否提控及（代表政府）起诉权力，俨然在司法审讯前下判决，也是备受争议的角色。蒙古女子命案中，纳吉的智囊和保镖成了被告，已引起坊间诸多猜疑，但纳吉却始终未被传出庭。上月闹开的印度女艺人素加塔（Sujatha Krishnan）离奇死亡案件，更一度传出与三美威鲁之子维尔巴里有关，如今也没有下文。【点击：质疑三嫌犯都与纳吉有关联 前辩护律师有意传副揆供证、匿名信控诉三美儿子涉案 马尼促查女艺人死亡真相】
君主制的没落
重温前副首相嘉化巴巴（Ghafar Baba，右图）于1992年12月10日的国会提案、以历史性96票对0票通过“柔佛苏丹殴人事件是违反马来西亚宪法精神和以君主立宪、议会民主制度为基础的国家法律之滥权行为”议决，我们仿佛看到封建君主制的黑影，如今隐约出没在国阵政府里头。
对照废除了封建制度的日本，尽管废除封建制后扶持并巩固了天皇制，也遭部分日本人非议，但学者型政治人物赛胡先阿里却也曾在1990年代肯定天皇制的一大跃进：“……天皇制下的日本政体却扩大了民主统治，比起过去的封建时代，人民有更多的权力，并参与了所有政府事务。”
嘉化巴巴当时还说了一段话：“历史已经清楚告诉我们，在世界上的一些国家的一些事件中，人民因不能再忍耐而采取了宪法与法律以外的行动推翻其君主，其结果是现在世界上的君主越来越少。”
15年后的拉惹纳兹林，没有否认这个事实，他在演词中说：“过去五个世纪中，世界许多君主消失了，因为这些统治者将自己的地位视为天赐的权力，更甚于责任。”
拉惹纳兹林重申君主为“法治公正的守护者”、是沙文主义、极端主义抬头时，理性、中庸与良好施政的声音。
这名牛津大学哲学、政治与经济系毕业生，且有哈佛大学政治与经济博士学位的皇储，更引述美国总统罗斯福（Franklin Roosevelt）的话：“永恒的真理如果不在新的社会形势下赋予新的意义，要么就不是真理，要么就不是永恒的”，无不暗讽拒绝改变、拒绝适应新的社会环境的掌权者。
在巫统主席、署理主席擅自宣布马来西亚为回教国、巫青团团长拔剑出鞘、巫统领袖以煽动族群情绪的语言来捍卫“新经济政策”、国阵领袖面对互联网冲击而惊惶失措、围剿打压之际，拉惹纳兹林将君主视为“所有族群、宗教、政治派别团结的象征”，为取角越来越狭隘的政治角力，捎来了理性、求变的声音。
封建皇族势力因开明的霹雳皇储而让人耳目一新，是马来西亚人民在1992年修宪制约皇族之前，无法想像的局面。我们只能说，任何不受制衡的政权，都难逃堕落与腐败，君主制如此，回教国亦然。
只是，马来西亚需要历史重复多少遍，才能吸取这个教训？
Source = http://www.merdekareview.com/news.php?n=4885
Saturday, September 1, 2007
聯儲局將採遏制行動
伯南克：金融亂局若持續
聯儲局將採遏制行動
updated:2007-09-01 19:01:46 MYT
■伯南克（右）在作出信心喊話後，與布什總統經濟顧問委員會主席愛德華拉齊爾交換意見。(放大)
（華盛頓訊）美國聯儲局主席伯南克在次級房貸風暴導致市場資金明顯緊縮以來首次發言表示，聯儲局將在必要時採取行動，防止信用市場風暴打斷經濟成長腳步。
伯南克週五在聯儲局年度研討會上表示，聯儲局目前“持續密切觀察情勢發展”，並且“將在必要時採取行動”，限縮金融市場混亂對整體經濟可能造成的負面影響。
他指出，如果信用條件進一步緊縮的情況持續下去，房地產市場更加惡化的風險就會提高。
進一步調降重貼現率
伯南克也暗示，聯儲局已經準備好進一步調降重貼現率，或者使用其他方法減輕市場資金緊縮的現象。
但他也強調，聯儲局不會出手拯救那些做出錯誤決定的投資人。
他說，保護投資人與借貸方免於承擔自身金融決定的結果並非聯儲局的責任；不過他也指出，若金融市場混亂可能導致更大範圍的經濟負面影響，聯儲局將在必要時採取行動，予以限制。
伯南克並未具體說明下一步動作，不過他清楚表明聯儲局有準備，將注意全美各地即時指標與資訊，不會讓市場騷動擴大影響整體經濟。
就在伯南克談話的一個小時後，美國總統布什也宣佈連串措施，以協助次級房貸借貸人還款，但表示不會直接資助借貸人。
美經濟風險提高
聯儲局謹慎悲觀
分析師認為，伯南克週五的談話顯示，聯儲局在9月18日會議之前將評估各種可能方案，最後可能會提高他們對美國經濟成長風險的評估。
曾任聯儲會副主席、現為普林斯頓大學教授的柏林葛表示，伯南克的談話透露一點“謹慎悲觀”的語調，與先前的“謹慎樂觀”態度已有明顯不同。
他預期聯儲局將會降息，但降息幅度不會超過0.5%點。
拯救房市政策
成效待評估
Oaktree資產管理公司表示，雖然美國總統布什推出幫助次級貸款者計劃，但是並沒有真正回應次級貸款問題，許多無力負擔的人買下房屋，很難長久地保護這類的人民，市場對幫助計劃有大反應，但不表示問題解決。
RBS Greenwich Capital懷疑，聯儲局對1.8%的核心通脹率滿意，但亦可能有足夠空間讓聯儲局作出調整來穩定金融市場。不過，美國第3季消費成長超過2%，短期經濟出現衰退可能性不高。 （星洲日報/財經•2007.09.01）
聯儲局將採遏制行動
updated:2007-09-01 19:01:46 MYT
■伯南克（右）在作出信心喊話後，與布什總統經濟顧問委員會主席愛德華拉齊爾交換意見。(放大)
（華盛頓訊）美國聯儲局主席伯南克在次級房貸風暴導致市場資金明顯緊縮以來首次發言表示，聯儲局將在必要時採取行動，防止信用市場風暴打斷經濟成長腳步。
伯南克週五在聯儲局年度研討會上表示，聯儲局目前“持續密切觀察情勢發展”，並且“將在必要時採取行動”，限縮金融市場混亂對整體經濟可能造成的負面影響。
他指出，如果信用條件進一步緊縮的情況持續下去，房地產市場更加惡化的風險就會提高。
進一步調降重貼現率
伯南克也暗示，聯儲局已經準備好進一步調降重貼現率，或者使用其他方法減輕市場資金緊縮的現象。
但他也強調，聯儲局不會出手拯救那些做出錯誤決定的投資人。
他說，保護投資人與借貸方免於承擔自身金融決定的結果並非聯儲局的責任；不過他也指出，若金融市場混亂可能導致更大範圍的經濟負面影響，聯儲局將在必要時採取行動，予以限制。
伯南克並未具體說明下一步動作，不過他清楚表明聯儲局有準備，將注意全美各地即時指標與資訊，不會讓市場騷動擴大影響整體經濟。
就在伯南克談話的一個小時後，美國總統布什也宣佈連串措施，以協助次級房貸借貸人還款，但表示不會直接資助借貸人。
美經濟風險提高
聯儲局謹慎悲觀
分析師認為，伯南克週五的談話顯示，聯儲局在9月18日會議之前將評估各種可能方案，最後可能會提高他們對美國經濟成長風險的評估。
曾任聯儲會副主席、現為普林斯頓大學教授的柏林葛表示，伯南克的談話透露一點“謹慎悲觀”的語調，與先前的“謹慎樂觀”態度已有明顯不同。
他預期聯儲局將會降息，但降息幅度不會超過0.5%點。
拯救房市政策
成效待評估
Oaktree資產管理公司表示，雖然美國總統布什推出幫助次級貸款者計劃，但是並沒有真正回應次級貸款問題，許多無力負擔的人買下房屋，很難長久地保護這類的人民，市場對幫助計劃有大反應，但不表示問題解決。
RBS Greenwich Capital懷疑，聯儲局對1.8%的核心通脹率滿意，但亦可能有足夠空間讓聯儲局作出調整來穩定金融市場。不過，美國第3季消費成長超過2%，短期經濟出現衰退可能性不高。 （星洲日報/財經•2007.09.01）
銀公: 美息加減處兩難局面 (Interest Hike or interest cut?)
美國聯儲局將於9月18日舉行議息會議，銀行公會署理主席洪丕正昨日認為，在息口決策上聯儲局面臨兩難局面。當地通脹有上升壓力，聯儲局在上次的會後聲明，已反映當局持續關注通脹問題，令市場關注當局今年內會否為降通脹而加息。然而，次按風潮拖累環球及美國市況波動，透過減息，將有利市場重拾投資及消費信心。
洪丕正認為，距離下次議息會議尚餘約兩周，相信當局將審慎留意市場變化及資金流向，一旦發現次按問題持續惡化，觸發市場資金抽緊及股市波動，聯儲局減息的機會便相對增加。
恒生銀行副董事長兼行政總裁柯清輝，昨日出席「恒生銀行獎學金」活動後說，預期聯儲局年底前減息兩次，若次按問題未受控，估計明年初再減息一次。雖然市場估計9月減息幅度將會增至50至75點子，但他相信當局普遍傾向循序漸進減息，每次維持25點子的步伐。
他解釋，倘若大幅減息，當地市場未必承受得了，或對經濟構成負面影響，而且通脹的升溫仍是一個考慮因素，相反若維持25點子的幅度，當局可了解減息對市場帶來的影響及變化。本港息口方面，柯清輝認為，倘若美息下調，相信本港銀行亦跟隨。
港元同業拆息（HIBOR）近期持續向上，隔夜及一周拆息分別為4.16%及4.84%，而一個月拆息由上周五的4.65%，上升至4.897%水平，3個月拆息更升至4.878%水平，創01年4月以來新高。洪丕正認為，拆息持續向上，一方面反映美國次按帶來的不明朗因素，亦顯示未來4至6個月本港的首次招股活動（IPO），故拆息於現水平仍然穩定，整體而言拆息仍然屬於合理。
洪丕正強調，本港資金仍然非常充裕，整體基調持續向好，出口、消費及就業市場理想。同時，外管局放寬內地居民直接投資港股，肯定對本港市場投資氣氛帶來正面的刺激。他補充說，資金自由行將引導內地資金有秩序流入本港，有助紓緩內地股市熾熱的現況，亦為內地開放金融市場踏出重要的一步，長遠有助拉近A股與H股之間的差價。
Source = http://www.takungpao.com/news/07/09/01/JJ-789000.htm
洪丕正認為，距離下次議息會議尚餘約兩周，相信當局將審慎留意市場變化及資金流向，一旦發現次按問題持續惡化，觸發市場資金抽緊及股市波動，聯儲局減息的機會便相對增加。
恒生銀行副董事長兼行政總裁柯清輝，昨日出席「恒生銀行獎學金」活動後說，預期聯儲局年底前減息兩次，若次按問題未受控，估計明年初再減息一次。雖然市場估計9月減息幅度將會增至50至75點子，但他相信當局普遍傾向循序漸進減息，每次維持25點子的步伐。
他解釋，倘若大幅減息，當地市場未必承受得了，或對經濟構成負面影響，而且通脹的升溫仍是一個考慮因素，相反若維持25點子的幅度，當局可了解減息對市場帶來的影響及變化。本港息口方面，柯清輝認為，倘若美息下調，相信本港銀行亦跟隨。
港元同業拆息（HIBOR）近期持續向上，隔夜及一周拆息分別為4.16%及4.84%，而一個月拆息由上周五的4.65%，上升至4.897%水平，3個月拆息更升至4.878%水平，創01年4月以來新高。洪丕正認為，拆息持續向上，一方面反映美國次按帶來的不明朗因素，亦顯示未來4至6個月本港的首次招股活動（IPO），故拆息於現水平仍然穩定，整體而言拆息仍然屬於合理。
洪丕正強調，本港資金仍然非常充裕，整體基調持續向好，出口、消費及就業市場理想。同時，外管局放寬內地居民直接投資港股，肯定對本港市場投資氣氛帶來正面的刺激。他補充說，資金自由行將引導內地資金有秩序流入本港，有助紓緩內地股市熾熱的現況，亦為內地開放金融市場踏出重要的一步，長遠有助拉近A股與H股之間的差價。
Source = http://www.takungpao.com/news/07/09/01/JJ-789000.htm
布什出招紓緩次級按揭危機
美國總統布什星期五宣布一系列措施，紓緩以欠債增加及喪失抵押品贖回權為特徵的次級按揭危機。美國樓市過去數月飽受次按危機困擾，並引發環球股市大地震。這是美國政府首次對此做出正式回應。
【大公報訊】綜合通訊社華盛頓三十一日消息：布什在白宮對記者說，次按危機需要一段時間才能結束，不過有關問題只是美國經濟的一小部分，其穩固基礎不會因而受損。他表示有信心美國經濟可以「平安度過任何動盪」。
布什的建議包括以更優惠條款重組借貸，並由聯邦房屋管理局提供貸款保證。另外，布什亦要求國會改革稅務條例協助業主，而財政部、房屋及城市發展部將會聯手，確認未來兩年可能拖欠供款的業主身份。
促國會改革稅務法規
上述措施以無法償還按揭貸款的小業主為對象，讓政府支持的聯邦房屋管理局為拖欠還款九十天或以上的次級按揭貸款人做擔保，協助他們避免喪失抵押品贖回權。布什也希望把容許該機構擔保的貸款限額，由目前的三十六萬二千七百九十美元，調高至四十一萬七千美元。
計劃還包括：
●暫緩執行房主需負擔的即使獲債務寬免但仍要繳稅的相關法律。
●敦促國會通過改革法規，讓聯邦房屋管理局在以次級按揭協助抵押持有人方面，可以更靈活。
●聲言與由民主黨主導的國會合作，改革稅務法規，協助受困擾的借貸人能重整自己的債務。
●呼籲積極執行進取的借貸法例，及強化借貸常規。
布什還強調嚴厲執法和防止不負責任借貸的重要性。
一名政府高級官員三十日說，布什將指示財政部長保爾森和住房及城市發展部長杰克遜，起草一項倡議，協助有困難的抵押借款者，獲得他們所需要的服務和產品，避免他們拖欠貸款。
不過，《華爾街日報》批評說：「政府的方案將令聯邦住房管理局的貸款可以落入信貸紀錄最差的人手裡，以負擔經已增加的風險。」
美國喪失抵押品贖回權和遲緩還款的情況預期仍會繼續惡化。準備在○七及○八年重新設定高利率的可調整利率貸款，將有二百多萬宗。因預付按揭而加諸的嚴厲處罰，將令一些業主更頭痛。
Source: http://www.takungpao.com
【大公報訊】綜合通訊社華盛頓三十一日消息：布什在白宮對記者說，次按危機需要一段時間才能結束，不過有關問題只是美國經濟的一小部分，其穩固基礎不會因而受損。他表示有信心美國經濟可以「平安度過任何動盪」。
布什的建議包括以更優惠條款重組借貸，並由聯邦房屋管理局提供貸款保證。另外，布什亦要求國會改革稅務條例協助業主，而財政部、房屋及城市發展部將會聯手，確認未來兩年可能拖欠供款的業主身份。
促國會改革稅務法規
上述措施以無法償還按揭貸款的小業主為對象，讓政府支持的聯邦房屋管理局為拖欠還款九十天或以上的次級按揭貸款人做擔保，協助他們避免喪失抵押品贖回權。布什也希望把容許該機構擔保的貸款限額，由目前的三十六萬二千七百九十美元，調高至四十一萬七千美元。
計劃還包括：
●暫緩執行房主需負擔的即使獲債務寬免但仍要繳稅的相關法律。
●敦促國會通過改革法規，讓聯邦房屋管理局在以次級按揭協助抵押持有人方面，可以更靈活。
●聲言與由民主黨主導的國會合作，改革稅務法規，協助受困擾的借貸人能重整自己的債務。
●呼籲積極執行進取的借貸法例，及強化借貸常規。
布什還強調嚴厲執法和防止不負責任借貸的重要性。
一名政府高級官員三十日說，布什將指示財政部長保爾森和住房及城市發展部長杰克遜，起草一項倡議，協助有困難的抵押借款者，獲得他們所需要的服務和產品，避免他們拖欠貸款。
不過，《華爾街日報》批評說：「政府的方案將令聯邦住房管理局的貸款可以落入信貸紀錄最差的人手裡，以負擔經已增加的風險。」
美國喪失抵押品贖回權和遲緩還款的情況預期仍會繼續惡化。準備在○七及○八年重新設定高利率的可調整利率貸款，將有二百多萬宗。因預付按揭而加諸的嚴厲處罰，將令一些業主更頭痛。
Source: http://www.takungpao.com
Sunday, August 26, 2007
美國的困局 主宰全球市場
美國的困局 主宰全球市場
- Monday, August 27, 2007
道瓊斯工業指數在7月中旬創下歷史新高14000點后，于月杪挫跌5.6%至13,211點，使全球股市出現持續的賣壓。
雖然目前全球股市的不穩定局面，與今年3月時期股市急降的情形相似，並且都是因為同樣的原因，那就是美國房產泡沫的困擾、次級房貸業者的問題、日圓利差交易的平倉活動等，現在，美國的困擾在于次級房貸的問題正迅速蔓延，並造成投資者調低風險口味(RiskAppetite)，而其中的直接影響就是導致美國大宗的收購計劃面對難以獲得融資的問題（這表示，儘管利率提升，借貸者如私募資本公司，也無法獲得融資進行併購活動）。這帶來信貸危機擴大的憂慮，也讓美國金融市場承受更大的壓力。
我們相信，美國的問題將會造成股市產生更多的波動，全球市場需要一些時間才能夠平復下來。無論如何，我們依然相信，全球投資者對新興市場的興趣，特別是對亞洲股市的興趣，會相對較強，亞洲股市相信將會在塵埃落定之后回升。
全球經濟更強穩
排除美國股市崩盤的可能，我們認為，當地的信貸危機所產生的信貸緊縮影響，只是暫時性和短期性的問題。它應該不會對亞洲股市造成長遠的負面影響。
在這關鍵時刻，我們相信，雖然次級房貸或信貸問題很嚴重，並需要密切關注；但全球經濟的基礎依然強穩。今年，美國的國內生產總值，相信將可繼續取得2%的健康成長（美國商務部在7月27日宣佈，2007年第2季的國內生產總值，取得3.4%的成長）。
鑒于歐洲、日本、中國、印度及亞洲經濟的強勁成長，國際貨幣基金組織(IMF)在7月25日，提高全球在2007及2008年的經濟成長預測，從4.9%至5.2%。為何亞洲股市會有良好的表現？
亞洲經濟與股市非常強勁，因為：
●亞洲的中央銀行有充足的國際外匯儲備金；亞洲擁有接近2兆5000億美元的國際外匯儲備金，單單是中國就有1兆2020億美元。此外，日本則擁有9000億美元的儲備金。
●在亞洲金融風暴時期的清理后，目前銀行系統的呆賬處于相當低的水平。
●在過去幾年持續的成長與良好的獲利情況下，亞洲公司都有充裕的現金。
●亞洲人民擁有豐富的資金，以及少量的貸款。
利率削減與茁壯成長推高印尼表現
印尼的經濟迅速發展，此外，通貨膨脹率的壓力也在各項的經濟改革措施下減緩；自去年起，印尼中央銀行已經開始有減低利率的空間。連續多次的利率削減行動(從06年的12.5%下跌至現在的8.75%)帶動消費開銷。
因著消費開銷好轉而受惠的商家主要是大財團，包括提供在印尼銷售豐田及本田汽車與電單車的的汽車經銷商Astra International。
其他協助改善印尼經濟表現的因素，包括：
●商品價格居高--棕油、石油、木材、鋁、煤炭等等的出口價格達到歷史新高，為國家帶來豐富財源。
●基礎設施貸款的發放--這是多年來規劃的最后一個階段。當銀行發出基礎設施貸款，銀行領域的貸款將大幅度成長。印尼的貸款年成長接近20%。
銀行領域也從印尼經濟復甦的過程中獲利；獲得良好管理的印尼銀行，如Panin銀行，在07上半年貸款按年成長38%，淨利則提升60%。(Panin銀行的創始人及擁有人是著名的印尼華僑。澳紐銀行在該銀行擁有30%的股權。)
大馬經濟下半年料強勁
雖然一些人認為，大馬經濟並沒有如預期的快速成長，而第九大馬計劃也沒有正式啟動，不過，我們從涉及這些計劃的上市公司所得到的消息是，許多第九大馬計劃下的合約，已經發出並開始施工。我們預測，我國經濟能夠在下半年迅速成長，在未來12至18個月內，這強勁的成長，預料將導致建築材料例如鋼鐵、石灰和建築器材等，面對供
應短缺的問題。
此外，我們相信本地消費開銷也蓄勢待發，因為：
●公務員加薪在今年7月已經生效
●國內生產總值成長率提高(預測今年有6%)
●股市帶來的財富效應
●商品價格創新高，包括原棕油(每公噸2660令吉)及樹膠(每公斤722令吉)帶來的財富效應
大馬經濟成長的一個先兆是，在報章上刊登的廣告數量有增長的跡象；我們察覺到一個很好的例子就是，《星報》報紙的厚度在今年有所增加。
最后，市場預料政府將如往昔般，在9月7日宣讀的年度財政預算案中，繼續為人民帶來好消息。
結論
我們相信美國市場及次級房貸問題值得關注，並需要獲得緊密的觀察。短期內，區域市場將面對美國帶來的不穩定性和下降趨勢。在這個過渡時期，採取謹慎及保守策略是萬全之策。
無論如何，我們也相信亞洲將在中期或長期內，將繼續吸引海外投資基金，因為本區域的經濟茁壯成長，加上亞洲股市的漲勢料能持續。
Source = Oriental Daily Newspaper
- Monday, August 27, 2007
道瓊斯工業指數在7月中旬創下歷史新高14000點后，于月杪挫跌5.6%至13,211點，使全球股市出現持續的賣壓。
雖然目前全球股市的不穩定局面，與今年3月時期股市急降的情形相似，並且都是因為同樣的原因，那就是美國房產泡沫的困擾、次級房貸業者的問題、日圓利差交易的平倉活動等，現在，美國的困擾在于次級房貸的問題正迅速蔓延，並造成投資者調低風險口味(RiskAppetite)，而其中的直接影響就是導致美國大宗的收購計劃面對難以獲得融資的問題（這表示，儘管利率提升，借貸者如私募資本公司，也無法獲得融資進行併購活動）。這帶來信貸危機擴大的憂慮，也讓美國金融市場承受更大的壓力。
我們相信，美國的問題將會造成股市產生更多的波動，全球市場需要一些時間才能夠平復下來。無論如何，我們依然相信，全球投資者對新興市場的興趣，特別是對亞洲股市的興趣，會相對較強，亞洲股市相信將會在塵埃落定之后回升。
全球經濟更強穩
排除美國股市崩盤的可能，我們認為，當地的信貸危機所產生的信貸緊縮影響，只是暫時性和短期性的問題。它應該不會對亞洲股市造成長遠的負面影響。
在這關鍵時刻，我們相信，雖然次級房貸或信貸問題很嚴重，並需要密切關注；但全球經濟的基礎依然強穩。今年，美國的國內生產總值，相信將可繼續取得2%的健康成長（美國商務部在7月27日宣佈，2007年第2季的國內生產總值，取得3.4%的成長）。
鑒于歐洲、日本、中國、印度及亞洲經濟的強勁成長，國際貨幣基金組織(IMF)在7月25日，提高全球在2007及2008年的經濟成長預測，從4.9%至5.2%。為何亞洲股市會有良好的表現？
亞洲經濟與股市非常強勁，因為：
●亞洲的中央銀行有充足的國際外匯儲備金；亞洲擁有接近2兆5000億美元的國際外匯儲備金，單單是中國就有1兆2020億美元。此外，日本則擁有9000億美元的儲備金。
●在亞洲金融風暴時期的清理后，目前銀行系統的呆賬處于相當低的水平。
●在過去幾年持續的成長與良好的獲利情況下，亞洲公司都有充裕的現金。
●亞洲人民擁有豐富的資金，以及少量的貸款。
利率削減與茁壯成長推高印尼表現
印尼的經濟迅速發展，此外，通貨膨脹率的壓力也在各項的經濟改革措施下減緩；自去年起，印尼中央銀行已經開始有減低利率的空間。連續多次的利率削減行動(從06年的12.5%下跌至現在的8.75%)帶動消費開銷。
因著消費開銷好轉而受惠的商家主要是大財團，包括提供在印尼銷售豐田及本田汽車與電單車的的汽車經銷商Astra International。
其他協助改善印尼經濟表現的因素，包括：
●商品價格居高--棕油、石油、木材、鋁、煤炭等等的出口價格達到歷史新高，為國家帶來豐富財源。
●基礎設施貸款的發放--這是多年來規劃的最后一個階段。當銀行發出基礎設施貸款，銀行領域的貸款將大幅度成長。印尼的貸款年成長接近20%。
銀行領域也從印尼經濟復甦的過程中獲利；獲得良好管理的印尼銀行，如Panin銀行，在07上半年貸款按年成長38%，淨利則提升60%。(Panin銀行的創始人及擁有人是著名的印尼華僑。澳紐銀行在該銀行擁有30%的股權。)
大馬經濟下半年料強勁
雖然一些人認為，大馬經濟並沒有如預期的快速成長，而第九大馬計劃也沒有正式啟動，不過，我們從涉及這些計劃的上市公司所得到的消息是，許多第九大馬計劃下的合約，已經發出並開始施工。我們預測，我國經濟能夠在下半年迅速成長，在未來12至18個月內，這強勁的成長，預料將導致建築材料例如鋼鐵、石灰和建築器材等，面對供
應短缺的問題。
此外，我們相信本地消費開銷也蓄勢待發，因為：
●公務員加薪在今年7月已經生效
●國內生產總值成長率提高(預測今年有6%)
●股市帶來的財富效應
●商品價格創新高，包括原棕油(每公噸2660令吉)及樹膠(每公斤722令吉)帶來的財富效應
大馬經濟成長的一個先兆是，在報章上刊登的廣告數量有增長的跡象；我們察覺到一個很好的例子就是，《星報》報紙的厚度在今年有所增加。
最后，市場預料政府將如往昔般，在9月7日宣讀的年度財政預算案中，繼續為人民帶來好消息。
結論
我們相信美國市場及次級房貸問題值得關注，並需要獲得緊密的觀察。短期內，區域市場將面對美國帶來的不穩定性和下降趨勢。在這個過渡時期，採取謹慎及保守策略是萬全之策。
無論如何，我們也相信亞洲將在中期或長期內，將繼續吸引海外投資基金，因為本區域的經濟茁壯成長，加上亞洲股市的漲勢料能持續。
Source = Oriental Daily Newspaper
Thursday, August 23, 2007
Better investor protection
23-08-2007: Better investor protection
by Surin Murugiah
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: A new law will give the Securities Commission (SC) more clout to take civil action against perpetrators of a wider range of market misconduct when it comes into effect next month.
The Capital Markets and Services Act 2007 (CMSA), which is a consolidation of Part IV of the Securities Commission Act 1993, Securities Industry Act (SIA) 1983 and Futures Industry Act 1993, provides civil remedies for offences in breach of Sections 175, 176, 177, 178, 179 and 181 of the CMSA on top of the prescribed criminal penalties.
The offences are false trading and market-rigging transactions, stock market manipulations, false or misleading statements, fraudulently inducing persons to deal in securities, use of manipulative and deceptive devices, and dissemination of information about illegal transactions.
Previously, the SC could only take civil action against insider trading offences under Section 89E of the SIA 1983.
Under Section 200, paragraphs (1), (2) and (3) of the CMSA, the SC may obtain up to three times compensation of the pecuniary gain made or loss avoided, and claim civil penalty not exceeding RM1 million which will be used to compensate persons who have suffered losses or damages as a result of the contravention.
The SC yesterday at a background briefing on the CMSA told the media that this part of the legislation was an important and positive development as it offered added protection for investors.
Other changes the CMSA will bring include the establishment of a single licence regime that allows for dealing in securities and trading in futures contracts, and a single guideline governing different intermediaries as opposed to seven currently.
The SC said intermediaries would only require one capital markets services licence to carry out one or more regulated activities, which include dealing in securities, trading in futures contracts, fund management, advising corporate finance, investment advice and financial planning.
“There is no need for an existing licence holder under any of the three legislation to apply for a new one as it would be deemed to hold a CMSA licence when the Act comes into force,” said the SC.
Another major change brought about by the CMSA is that financial institutions undertaking capital market activities will now have to comply with specific investor protection provisions from which they were previously exempted.
The investor protection provisions that apply to financial institutions are disclosure of interest in securities, reasonable basis to make recommendations to clients, priority to client’s order and regulation of dealings in securities as principal.
As part of the changes in the law with regards to financial institutions, and to promote Malaysia as a global Islamic financial hub, the CMSA lists clear statutory provisions recognising Islamic products.
“The CMSA provides power to the Minister (of Finance) to prescribe modifications to give full effect to the principles of Syariah in respect of Islamic finance,” said the SC.
The CMSA also accords investors wider access to products, enhances protection for bond investors, promotes greater responsibility among industry players, and requires private placement monies to be ring-fenced via a trust account.
“The requirement for private placement monies to be ring-fenced is for cases where the exercise does not require a prospectus. If these corporate exercises do not proceed, then the monies can be returned to the applicants or placees,” said the SC.
Also, as part of investor protection, the CMSA clarifies that the effective period for an interim stop order is 21 days or the conclusion of a hearing to determine whether a prospectus has contravened any securities laws or contains false or misleading statements, among others.
The law now also covers cases where shares have been issued, and provides that monies be returned to applicants within 14 days of a stop order being made, and for appropriate steps to be taken to effect a share cancellation.
The CMSA creates a new category of markets called the registered electronic facility that caters to products offered electronically, said the SC.
The Act will also provide a framework for the recognition and oversight of self-regulatory organisations (SRO), which lay down the prerequisites for recognition, statutory duties of SRO and withdrawal of such recognition.
To promote investor protection, the CMSA requires approval by the SC for a person to act as a trustee for debenture holders, as the legislation intends to upgrade the role of trustees as “gatekeepers” of bonds, said the SC.
“Past experience shows that the trustees in some cases don’t even know the laws relating to debentures, which leads to bonds that default,” it said.
The CMSA also extends the range of corporate exercises that will not require the SC’s approval in future to facilitate fund raising activities, including issuance of securities by offshore companies exclusively to persons outside Malaysia, share splits or share consolidation, entitlements in respect of warrants, options or rights and issuance of securities of a foreign company to an offshore company.
Source: Osk Wirenews
by Surin Murugiah
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: A new law will give the Securities Commission (SC) more clout to take civil action against perpetrators of a wider range of market misconduct when it comes into effect next month.
The Capital Markets and Services Act 2007 (CMSA), which is a consolidation of Part IV of the Securities Commission Act 1993, Securities Industry Act (SIA) 1983 and Futures Industry Act 1993, provides civil remedies for offences in breach of Sections 175, 176, 177, 178, 179 and 181 of the CMSA on top of the prescribed criminal penalties.
The offences are false trading and market-rigging transactions, stock market manipulations, false or misleading statements, fraudulently inducing persons to deal in securities, use of manipulative and deceptive devices, and dissemination of information about illegal transactions.
Previously, the SC could only take civil action against insider trading offences under Section 89E of the SIA 1983.
Under Section 200, paragraphs (1), (2) and (3) of the CMSA, the SC may obtain up to three times compensation of the pecuniary gain made or loss avoided, and claim civil penalty not exceeding RM1 million which will be used to compensate persons who have suffered losses or damages as a result of the contravention.
The SC yesterday at a background briefing on the CMSA told the media that this part of the legislation was an important and positive development as it offered added protection for investors.
Other changes the CMSA will bring include the establishment of a single licence regime that allows for dealing in securities and trading in futures contracts, and a single guideline governing different intermediaries as opposed to seven currently.
The SC said intermediaries would only require one capital markets services licence to carry out one or more regulated activities, which include dealing in securities, trading in futures contracts, fund management, advising corporate finance, investment advice and financial planning.
“There is no need for an existing licence holder under any of the three legislation to apply for a new one as it would be deemed to hold a CMSA licence when the Act comes into force,” said the SC.
Another major change brought about by the CMSA is that financial institutions undertaking capital market activities will now have to comply with specific investor protection provisions from which they were previously exempted.
The investor protection provisions that apply to financial institutions are disclosure of interest in securities, reasonable basis to make recommendations to clients, priority to client’s order and regulation of dealings in securities as principal.
As part of the changes in the law with regards to financial institutions, and to promote Malaysia as a global Islamic financial hub, the CMSA lists clear statutory provisions recognising Islamic products.
“The CMSA provides power to the Minister (of Finance) to prescribe modifications to give full effect to the principles of Syariah in respect of Islamic finance,” said the SC.
The CMSA also accords investors wider access to products, enhances protection for bond investors, promotes greater responsibility among industry players, and requires private placement monies to be ring-fenced via a trust account.
“The requirement for private placement monies to be ring-fenced is for cases where the exercise does not require a prospectus. If these corporate exercises do not proceed, then the monies can be returned to the applicants or placees,” said the SC.
Also, as part of investor protection, the CMSA clarifies that the effective period for an interim stop order is 21 days or the conclusion of a hearing to determine whether a prospectus has contravened any securities laws or contains false or misleading statements, among others.
The law now also covers cases where shares have been issued, and provides that monies be returned to applicants within 14 days of a stop order being made, and for appropriate steps to be taken to effect a share cancellation.
The CMSA creates a new category of markets called the registered electronic facility that caters to products offered electronically, said the SC.
The Act will also provide a framework for the recognition and oversight of self-regulatory organisations (SRO), which lay down the prerequisites for recognition, statutory duties of SRO and withdrawal of such recognition.
To promote investor protection, the CMSA requires approval by the SC for a person to act as a trustee for debenture holders, as the legislation intends to upgrade the role of trustees as “gatekeepers” of bonds, said the SC.
“Past experience shows that the trustees in some cases don’t even know the laws relating to debentures, which leads to bonds that default,” it said.
The CMSA also extends the range of corporate exercises that will not require the SC’s approval in future to facilitate fund raising activities, including issuance of securities by offshore companies exclusively to persons outside Malaysia, share splits or share consolidation, entitlements in respect of warrants, options or rights and issuance of securities of a foreign company to an offshore company.
Source: Osk Wirenews
Sunday, August 19, 2007
Global credit crunch could slow Malaysia's economic growth this year
Global credit crunch could slow Malaysia's economic growth this year - UPDATE
17/08/2007 18:15:00
KUALA LUMPUR (Thomson Financial) - The global credit crunch has the potential
to slow Malaysia's economic growth this year if it spreads to the wider US
economy, slowing it drastically or in the worst case scenario, sending it into a
recession.
The world's largest retailer Wal-Mart has already issued a profit warning for
the year, saying Tuesday that consumer spending has slowed in the US and abroad.
If the US economy slips into a recession, even the Malaysian government's
pump-priming efforts through its Ninth Malaysia Plan, will not help to avert a
sharp slowdown in the domestic economy.
The official forecast for GDP growth this year is six percent.
The economy grew 5.9 percent in 2006.
The US is Malaysia's single largest trading partner, absorbing the bulk of
Malaysian-made electrical and electronics products.
"The US economy has already slowed down sharply and if there is a recession, I
am sure it is going to be bad," said Suhaimi Illias, chief economist at
Aseambankers Research.
The impact of the current slowdown in the US economy has been reflected in the
domestic economy over the past few months, he said
Malaysia's industrial output for June recorded a slower growth of 0.5 percent
from a year earlier after exports fell 0.4 percent during the same month,
according to official data. Exports have slowed since the beginning of the year,
growing a mere 1.1 percent in the first-half from 2006.
"Based on what happened in 2001 when the US economy was in a recession, the
impact on Malaysia was big, as economic growth slowed down significantly to 0.4
percent from 7.5 percent in 2000," Suhaimi said.
Song Seng Wun, economist at CIMB-GK Research in Singapore, said a recession in
the US could lead to a global recession, although he thinks it's premature to
make that assumption now.
"Asian economies are highly dependent on trade, so in the event of a global
recession, we will not be immune," Song said.
"But it is premature now to say there will be a global recession," he said.
"As much as I hate it, things remain uncertain for now. The good news is as
long as the turmoil in the financial markets does not spread to the real economy
then everything will be fine," Song said.
Increased risk of recession in the US
"An imminent slide towards a recession (in the US) is a clearly plausible
scenario now with a looming credit crunch that will choke off credit to all but
the most obviously credit-worthy," MIMB Investment Bank head of research Pong
Teng Siew said.
However, the full impact on the US economy from the current turmoil will only
be seen in three to six months, Pong said.
The risk of a recession in the US has certainly increased now, Aseambankers'
Suhaimi said.
He said the major concern now is if the global credit squeeze will spill over
to the real economy via the financial system.
The credit crunch, which was initially confined to the US, has now been
"globalised" through the financial markets, he said.
The fundamentals of Asian economies, including Malaysia, remain positive for
now, Song of CIMB-GK said.
Asian economies may fare better this time as the region's two growth engines,
namely China and India, are on a much stronger footing now, he said.
Malaysian Institute of Economic Research (MIER) executive director Mohamed
Ariff said the global credit crunch could develop into a crisis that is more
painful than the 1997 Asian financial crisis.
He said during that time, regional economies could recover very quickly as
exports were cheap due to the sharp devaluation of regional currencies.
Mohamed Ariff said a drastic slowdown in the US will have a serious impact on
regional economies as it will have a knock-on effect on China and the whole
Asian region.
Regional economies need "budgetary and monetary concerted efforts" to overcome
the current crisis, he said.
Pump-priming may not be sufficient
Locally, many have argued that the Malaysian economy should be able to sail
through the current turmoil shielded by the government's ongoing pump-priming
efforts.
The government plans to spend up to 200 billion ringgit under its five-year
development blueprint, the Ninth Malaysia Plan, which will run to 2010.
Head of economic research at CIMB Investment Bank, Lee Heng Guie is expecting
the government to budget for a higher development spending of 50 billion ringgit
or 7.4 percent of gross domestic product in 2008.
This represents a rise of 12.4 percent over 2007's budgeted expenditure of 44.5
million ringgit or 7.2 percent of GDP, Lee said.
"It is true that rising public spending will help. But the issue is the
government has a limit too as to how much they can pump-prime," said Suhaimi of
Aseambankers.
Malaysia's budget deficit in 2007 is estimated at 3.4 percent of GDP or 21.4
billion ringgit.
(1 US dollar = 3.51 ringgit)
aipeng.soo@thomson.com
Source = Osk Wirenews
17/08/2007 18:15:00
KUALA LUMPUR (Thomson Financial) - The global credit crunch has the potential
to slow Malaysia's economic growth this year if it spreads to the wider US
economy, slowing it drastically or in the worst case scenario, sending it into a
recession.
The world's largest retailer Wal-Mart has already issued a profit warning for
the year, saying Tuesday that consumer spending has slowed in the US and abroad.
If the US economy slips into a recession, even the Malaysian government's
pump-priming efforts through its Ninth Malaysia Plan, will not help to avert a
sharp slowdown in the domestic economy.
The official forecast for GDP growth this year is six percent.
The economy grew 5.9 percent in 2006.
The US is Malaysia's single largest trading partner, absorbing the bulk of
Malaysian-made electrical and electronics products.
"The US economy has already slowed down sharply and if there is a recession, I
am sure it is going to be bad," said Suhaimi Illias, chief economist at
Aseambankers Research.
The impact of the current slowdown in the US economy has been reflected in the
domestic economy over the past few months, he said
Malaysia's industrial output for June recorded a slower growth of 0.5 percent
from a year earlier after exports fell 0.4 percent during the same month,
according to official data. Exports have slowed since the beginning of the year,
growing a mere 1.1 percent in the first-half from 2006.
"Based on what happened in 2001 when the US economy was in a recession, the
impact on Malaysia was big, as economic growth slowed down significantly to 0.4
percent from 7.5 percent in 2000," Suhaimi said.
Song Seng Wun, economist at CIMB-GK Research in Singapore, said a recession in
the US could lead to a global recession, although he thinks it's premature to
make that assumption now.
"Asian economies are highly dependent on trade, so in the event of a global
recession, we will not be immune," Song said.
"But it is premature now to say there will be a global recession," he said.
"As much as I hate it, things remain uncertain for now. The good news is as
long as the turmoil in the financial markets does not spread to the real economy
then everything will be fine," Song said.
Increased risk of recession in the US
"An imminent slide towards a recession (in the US) is a clearly plausible
scenario now with a looming credit crunch that will choke off credit to all but
the most obviously credit-worthy," MIMB Investment Bank head of research Pong
Teng Siew said.
However, the full impact on the US economy from the current turmoil will only
be seen in three to six months, Pong said.
The risk of a recession in the US has certainly increased now, Aseambankers'
Suhaimi said.
He said the major concern now is if the global credit squeeze will spill over
to the real economy via the financial system.
The credit crunch, which was initially confined to the US, has now been
"globalised" through the financial markets, he said.
The fundamentals of Asian economies, including Malaysia, remain positive for
now, Song of CIMB-GK said.
Asian economies may fare better this time as the region's two growth engines,
namely China and India, are on a much stronger footing now, he said.
Malaysian Institute of Economic Research (MIER) executive director Mohamed
Ariff said the global credit crunch could develop into a crisis that is more
painful than the 1997 Asian financial crisis.
He said during that time, regional economies could recover very quickly as
exports were cheap due to the sharp devaluation of regional currencies.
Mohamed Ariff said a drastic slowdown in the US will have a serious impact on
regional economies as it will have a knock-on effect on China and the whole
Asian region.
Regional economies need "budgetary and monetary concerted efforts" to overcome
the current crisis, he said.
Pump-priming may not be sufficient
Locally, many have argued that the Malaysian economy should be able to sail
through the current turmoil shielded by the government's ongoing pump-priming
efforts.
The government plans to spend up to 200 billion ringgit under its five-year
development blueprint, the Ninth Malaysia Plan, which will run to 2010.
Head of economic research at CIMB Investment Bank, Lee Heng Guie is expecting
the government to budget for a higher development spending of 50 billion ringgit
or 7.4 percent of gross domestic product in 2008.
This represents a rise of 12.4 percent over 2007's budgeted expenditure of 44.5
million ringgit or 7.2 percent of GDP, Lee said.
"It is true that rising public spending will help. But the issue is the
government has a limit too as to how much they can pump-prime," said Suhaimi of
Aseambankers.
Malaysia's budget deficit in 2007 is estimated at 3.4 percent of GDP or 21.4
billion ringgit.
(1 US dollar = 3.51 ringgit)
aipeng.soo@thomson.com
Source = Osk Wirenews
Friday, July 6, 2007
Malaysia's Maybank target raised to 15.40 rgt on construction spending
Malaysia's Maybank target raised to 15.40 rgt on construction spending - CIMB
06/07/2007 15:27:00
KUALA LUMPUR (Thomson Financial) - CIMB Research has raised its target price on
Maybank, Malaysia's largest banking group by assets, to 15.40 ringgit from the
previous 15.30, while keeping its "outperform" call on the stock, saying the
bank will be an indirect beneficiary of rising infrastructure spending under the
government's five-year development plan, the Ninth Malaysia Plan.
CIMB banking sector analyst Winson Ng said Maybank will likely see better
prospects for financial year ending June 2008 as the Ninth Malaysia Plan, which
runs through 2010, could lead to higher loan demand.
Although the core financing for projects will be raised from the capital
market, the implementation of these projects will have spillover effects on
smaller players in the construction sector, said Ng.
In addition, the bank's Singapore unit is expected to register double-digit
loan growth in the 2008 fiscal year based on the projected 11 percent growth
rate for Singapore's banking industry.
"Increased business activity to these players will require them to take up
additional financing for capital investment and working capital purposes," he
said.
Maybank has 18.5 percent share of the construction loans market.
Loan growth had been weak for the first nine months to March as Maybank
continued to focus on expanding its non-interest income, said Ng.
Growth momentum is expected to have improved in the fourth quarter to June, but
full-year loan growth will still be sluggish at a projected 3.8 percent for
financial year 2007, he said.
The revised target price has also taken into account higher-than-expected gains
from the bank's disposal of non-performing loans, he said.
Maybank plans to dispose of another two tranches of NPLs worth a total of 3-4
billion ringgit, the analyst said.
At 3.11 pm, Maybank was unchanged at 12.20 ringgit.
Source: Osk Wirenews
06/07/2007 15:27:00
KUALA LUMPUR (Thomson Financial) - CIMB Research has raised its target price on
Maybank, Malaysia's largest banking group by assets, to 15.40 ringgit from the
previous 15.30, while keeping its "outperform" call on the stock, saying the
bank will be an indirect beneficiary of rising infrastructure spending under the
government's five-year development plan, the Ninth Malaysia Plan.
CIMB banking sector analyst Winson Ng said Maybank will likely see better
prospects for financial year ending June 2008 as the Ninth Malaysia Plan, which
runs through 2010, could lead to higher loan demand.
Although the core financing for projects will be raised from the capital
market, the implementation of these projects will have spillover effects on
smaller players in the construction sector, said Ng.
In addition, the bank's Singapore unit is expected to register double-digit
loan growth in the 2008 fiscal year based on the projected 11 percent growth
rate for Singapore's banking industry.
"Increased business activity to these players will require them to take up
additional financing for capital investment and working capital purposes," he
said.
Maybank has 18.5 percent share of the construction loans market.
Loan growth had been weak for the first nine months to March as Maybank
continued to focus on expanding its non-interest income, said Ng.
Growth momentum is expected to have improved in the fourth quarter to June, but
full-year loan growth will still be sluggish at a projected 3.8 percent for
financial year 2007, he said.
The revised target price has also taken into account higher-than-expected gains
from the bank's disposal of non-performing loans, he said.
Maybank plans to dispose of another two tranches of NPLs worth a total of 3-4
billion ringgit, the analyst said.
At 3.11 pm, Maybank was unchanged at 12.20 ringgit.
Source: Osk Wirenews
Malaysia's oil/gas sector at 'overweight' on petroleum hub project
Malaysia's oil/gas sector at 'overweight' on petroleum hub project - AmResearch
06/07/2007 15:36:00
KUALA LUMPUR (Thomson Financial) - AmResearch has kept its 'overweight' rating
on the oil and gas (O&G) sector after the managers of the 1.4-billion-ringgit
Asia Petroleum Hub (APH) project in Tanjung Bin, Johor, said the hub will be
operational by mid-2009, having secured clients and financing for the massive
project.
"From our understanding, the new facility should address the lack of storage
space in Malaysia as well as lower bunkering cost,'' the research house said in
a note to investors Friday.
It noted that three key contracts have been awarded by the managing contractor
of the hub, ZAQ Construction Sdn Bhd.
The contracts involved procurement, construction and commissioning of the
petroleum hub and bunkering facilities and the recipients included Muhibbah
Engineering, which secured a 450 million ringgit contract, Nam Fatt
Construction, which won a 553 million ringgit contract, and Kencana Petroleum,
which received a 240 million ringgit contract.
"Macro newsflow momentum remains strong and will gain traction further out.
This project may possibly have positive spillover (effect) on KNM Group and
Dialog,'' AmResearch said, adding that it
has "buy'' calls on Coastal Contracts, Ramunia, Wah Seong, Alam Maritim and
Petronas Gas.
Asia Petroleum Hub Sdn Bhd executive chairman Abdul Rashid Mohamad Isa
Al-Qadiry said yesterday at the project's ground-breaking ceremony that APH has
secured three clients and expects to run at full capacity within six months of
starting operations.
It will fund about 1.1 billion ringgit of the 1.4 billion total cost via
project financing obtained from CIMB Bank.
Source: osk wirenews
06/07/2007 15:36:00
KUALA LUMPUR (Thomson Financial) - AmResearch has kept its 'overweight' rating
on the oil and gas (O&G) sector after the managers of the 1.4-billion-ringgit
Asia Petroleum Hub (APH) project in Tanjung Bin, Johor, said the hub will be
operational by mid-2009, having secured clients and financing for the massive
project.
"From our understanding, the new facility should address the lack of storage
space in Malaysia as well as lower bunkering cost,'' the research house said in
a note to investors Friday.
It noted that three key contracts have been awarded by the managing contractor
of the hub, ZAQ Construction Sdn Bhd.
The contracts involved procurement, construction and commissioning of the
petroleum hub and bunkering facilities and the recipients included Muhibbah
Engineering, which secured a 450 million ringgit contract, Nam Fatt
Construction, which won a 553 million ringgit contract, and Kencana Petroleum,
which received a 240 million ringgit contract.
"Macro newsflow momentum remains strong and will gain traction further out.
This project may possibly have positive spillover (effect) on KNM Group and
Dialog,'' AmResearch said, adding that it
has "buy'' calls on Coastal Contracts, Ramunia, Wah Seong, Alam Maritim and
Petronas Gas.
Asia Petroleum Hub Sdn Bhd executive chairman Abdul Rashid Mohamad Isa
Al-Qadiry said yesterday at the project's ground-breaking ceremony that APH has
secured three clients and expects to run at full capacity within six months of
starting operations.
It will fund about 1.1 billion ringgit of the 1.4 billion total cost via
project financing obtained from CIMB Bank.
Source: osk wirenews
Wednesday, June 13, 2007
Malaysia-Singapore joint IDR committee cannot make policies
Malaysia-Singapore joint IDR committee cannot make policies - Malaysia govt
14/06/2007 10:45:00
KUALA LUMPUR (XFN-ASIA) - The Malaysian cabinet has decided that the
Malaysia-Singapore ministerial level joint committee on the Iskandar Development
Region (IDR) will not be empowered to formulate policies on development in the
area.
The committee will function only as a facilitator for projects between the two
countries, a statement released by the Prime Minister's office said.
The committee will be jointly chaired by Malaysia's Minister in the Prime
Minister's Department Effendi Norwawi and Singapore's National Development
Minister Mah Bow Tan.
Source: Osk Wirenews
14/06/2007 10:45:00
KUALA LUMPUR (XFN-ASIA) - The Malaysian cabinet has decided that the
Malaysia-Singapore ministerial level joint committee on the Iskandar Development
Region (IDR) will not be empowered to formulate policies on development in the
area.
The committee will function only as a facilitator for projects between the two
countries, a statement released by the Prime Minister's office said.
The committee will be jointly chaired by Malaysia's Minister in the Prime
Minister's Department Effendi Norwawi and Singapore's National Development
Minister Mah Bow Tan.
Source: Osk Wirenews
Malaysia's AirAsia aims for first flight to India in 2008
Malaysia's AirAsia aims for first flight to India in 2008 - report
13/06/2007 17:28:00
KUALA LUMPUR (XFN-ASIA) - AirAsia Bhd plans to launch its first flight to India
towards the end of 2008 and its first destination is likely to be Amritsar in
Punjab, the Bernama news agency reported in a despatch from Mumbai, citing
AirAsia chief executive officer Tony Fernandes.
"I am really limited by the planes and the earliest we can look at (it) is the
third quarter of 2008," he said.
The budget carrier is able to fly to India under a bilateral agreement between
India and Malaysia but it will not be able to fly within India unless the Indian
government grants its approval, he said, ruling out alliances with Indian budget
carriers to enter the Indian market.
Source: Osk WIrenews
13/06/2007 17:28:00
KUALA LUMPUR (XFN-ASIA) - AirAsia Bhd plans to launch its first flight to India
towards the end of 2008 and its first destination is likely to be Amritsar in
Punjab, the Bernama news agency reported in a despatch from Mumbai, citing
AirAsia chief executive officer Tony Fernandes.
"I am really limited by the planes and the earliest we can look at (it) is the
third quarter of 2008," he said.
The budget carrier is able to fly to India under a bilateral agreement between
India and Malaysia but it will not be able to fly within India unless the Indian
government grants its approval, he said, ruling out alliances with Indian budget
carriers to enter the Indian market.
Source: Osk WIrenews
Malaysia's AirAsia to fly to China's Shenzhen from July 15
Malaysia's AirAsia to fly to China's Shenzhen from July 15
13/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - Budget carrier AirAsia Bhd said it will start flying
to China's Shenzhen from two of its hubs -- Kuala Lumpur and Bangkok -- from
July 15.
"We are very confident that this route will open more opportunities to enhance
both of our hubs with greater international links in the region, especially with
Shenzhen being the gateway to Southern China and Hong Kong," said Kathleen Tan,
executive vice president for commercial at AirAsia.
Currently, the airline is serving seven daily flights to Macau, from Kuala
Lumpur, Kota Kinabalu and from Bangkok.
It also serves one daily flight to Xiamen from Bangkok.
Source: Osk Wirenews
13/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - Budget carrier AirAsia Bhd said it will start flying
to China's Shenzhen from two of its hubs -- Kuala Lumpur and Bangkok -- from
July 15.
"We are very confident that this route will open more opportunities to enhance
both of our hubs with greater international links in the region, especially with
Shenzhen being the gateway to Southern China and Hong Kong," said Kathleen Tan,
executive vice president for commercial at AirAsia.
Currently, the airline is serving seven daily flights to Macau, from Kuala
Lumpur, Kota Kinabalu and from Bangkok.
It also serves one daily flight to Xiamen from Bangkok.
Source: Osk Wirenews
Malaysia's Time dotCom, Hutchison Global sign broadband solution deal
Malaysia's Time dotCom, Hutchison Global sign broadband solution deal - report
13/06/2007 16:26:00
KUALA LUMPUR (XFN-ASIA) - Time dotCom Bhd has entered into an agreement with
Hong Kong's Hutchison Global Communications Ltd to offer customised broadband
service solutions to corporate customers in Malaysia, the Bernama news agency
reported, citing Time managing director Baharum Salleh.
"Under the agreement, Time dotCom is well-positioned to offer not only Global
IP Virtual Private Network (IP-VPN) services but also International Ethernet
Services to corporate customers in Malaysia," Baharum said.
"Hutchison has a comprehensive international network coverage to support the
Global IP-VPN services between Malaysia and the rest of the world," he said.
"Additionally, the International Ethernet Services that cover six countries
will also be offered via the collaboration," he added.
The agreement between the two companies is for an initial period of 3 years.
Hutchison, a subsidiary of Hutchison Telecommunication International Ltd, owns
the largest fibre-to-the-building telecommunications network in Hong Kong.
Source: Osk Wirenews
13/06/2007 16:26:00
KUALA LUMPUR (XFN-ASIA) - Time dotCom Bhd has entered into an agreement with
Hong Kong's Hutchison Global Communications Ltd to offer customised broadband
service solutions to corporate customers in Malaysia, the Bernama news agency
reported, citing Time managing director Baharum Salleh.
"Under the agreement, Time dotCom is well-positioned to offer not only Global
IP Virtual Private Network (IP-VPN) services but also International Ethernet
Services to corporate customers in Malaysia," Baharum said.
"Hutchison has a comprehensive international network coverage to support the
Global IP-VPN services between Malaysia and the rest of the world," he said.
"Additionally, the International Ethernet Services that cover six countries
will also be offered via the collaboration," he added.
The agreement between the two companies is for an initial period of 3 years.
Hutchison, a subsidiary of Hutchison Telecommunication International Ltd, owns
the largest fibre-to-the-building telecommunications network in Hong Kong.
Source: Osk Wirenews
Tuesday, June 12, 2007
Understanding ETF
Understanding ETF
Q: What is an exchange-traded fund (ETF)?
An ETF is essentially a unit trust fund, except that it is traded on a stock exchange. It represents a basket of securities and is designed to track the performance of an index. The performance of an ETF usually mirrors that of the index it tracks.
Take the FBM30etf as example. Since it tracks the FBM30, it will buy the index's constituent stocks. The number of shares bought for each stock will be based on its weightage on the index.
Q: What benefits does an ETF bring to investors?
Unlike unit trust funds, investors can buy and sell units of an ETF at anytime during trading hours like trading a stock. An ETF is traded in blocks of 100 units.
Instead of buying shares of each and every stock, ETF allows investors to gain exposure to a basket of securities with just a single purchase of ETF units. ETF offers portfolio diversification like unit trust funds.
ETF incurs low management fee as a result of passive management. Transaction cost is low (0.6% via brokerage) compared with unit trust fund (3% to 5% sales charge).
Q: How do I buy or sell ETF?
Like ordinary stocks, you can buy or sell ETF through your broker.
Q: How is the market price of an ETF determined?
As an ETF is traded like a stock, the price of each unit is determined by the supply and demand of the market, and in general, will be traded closely to the market value of the underlying basket of securities.
Q: How do I value an ETF?
An ETF is valued according to its net asset value (NAV). NAV is the fund's assets minus its liabilities divided by the number of outstanding shares. At the end of each trading day, the NAV will be calculated. The increase in NAV means the increase in the value of one's holdings.
Investors should also look at whether an ETF is traded at a premium or discount to the index it tracks.
Q: Does an ETF pay dividends?
Most ETFs do pay dividends. However, investors should study the prospectus of the particular ETF on its dividend policy.
Source: The Edge
Q: What is an exchange-traded fund (ETF)?
An ETF is essentially a unit trust fund, except that it is traded on a stock exchange. It represents a basket of securities and is designed to track the performance of an index. The performance of an ETF usually mirrors that of the index it tracks.
Take the FBM30etf as example. Since it tracks the FBM30, it will buy the index's constituent stocks. The number of shares bought for each stock will be based on its weightage on the index.
Q: What benefits does an ETF bring to investors?
Unlike unit trust funds, investors can buy and sell units of an ETF at anytime during trading hours like trading a stock. An ETF is traded in blocks of 100 units.
Instead of buying shares of each and every stock, ETF allows investors to gain exposure to a basket of securities with just a single purchase of ETF units. ETF offers portfolio diversification like unit trust funds.
ETF incurs low management fee as a result of passive management. Transaction cost is low (0.6% via brokerage) compared with unit trust fund (3% to 5% sales charge).
Q: How do I buy or sell ETF?
Like ordinary stocks, you can buy or sell ETF through your broker.
Q: How is the market price of an ETF determined?
As an ETF is traded like a stock, the price of each unit is determined by the supply and demand of the market, and in general, will be traded closely to the market value of the underlying basket of securities.
Q: How do I value an ETF?
An ETF is valued according to its net asset value (NAV). NAV is the fund's assets minus its liabilities divided by the number of outstanding shares. At the end of each trading day, the NAV will be calculated. The increase in NAV means the increase in the value of one's holdings.
Investors should also look at whether an ETF is traded at a premium or discount to the index it tracks.
Q: Does an ETF pay dividends?
Most ETFs do pay dividends. However, investors should study the prospectus of the particular ETF on its dividend policy.
Source: The Edge
Tradewinds surges 27% in early trade
13-06-2007: Tradewinds surges 27% in early trade
Email us your feedback at fd@bizedge.com
Tradewinds Corporation Bhd’s share price surged as much as 27% or 41 sen to RM1.89 in very active trade on June 21 after a foreign research house re-rated the counter.
It opened at RM1.51, up three sen. Within the first two hours, there were 38.33 million shares done at prices ranging from RM1.51 to RM1.89.
At 11am, it was trading at RM1.78, up 30 sen.
The company reported net profit of RM7.86 million in the first quarter, compared with a net loss of RM23.61 million a year ago.
Earnings per share was 1.28 sen versus 3.79 sen loss per share. Its net assets per share was RM2.18.
Source : The Edge
Email us your feedback at fd@bizedge.com
Tradewinds Corporation Bhd’s share price surged as much as 27% or 41 sen to RM1.89 in very active trade on June 21 after a foreign research house re-rated the counter.
It opened at RM1.51, up three sen. Within the first two hours, there were 38.33 million shares done at prices ranging from RM1.51 to RM1.89.
At 11am, it was trading at RM1.78, up 30 sen.
The company reported net profit of RM7.86 million in the first quarter, compared with a net loss of RM23.61 million a year ago.
Earnings per share was 1.28 sen versus 3.79 sen loss per share. Its net assets per share was RM2.18.
Source : The Edge
BROKER CALL Malaysia's oil/gas sector 'overweight' on firm demand
BROKER CALL Malaysia's oil/gas sector 'overweight' on firm demand - Aseambankers
13/06/2007 11:39:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research said it has kept its
''overweight'' rating on the oil and gas sector as it expects global energy
demand to remain robust.
"Global energy demand is expected to remain robust over the next few years,
underpinned by rapid economic growth in Asia (i.e China, India and Middle
East),'' it said in a note to investors, adding that oil consumption is expected
to grow by a cumulative annual growth rate (CAGR) of 1.6 pct from 2007-2030.
However, the research house acknowledged that "long term sustainability could
be a key issue due to exhaustion of hydrocarbons."
"Elsewhere, escalating costs and skill shortage will remain an issue to the
sector, at least in the near-to-mid term in the era of high oil prices,'' it
added.
"Nevertheless, we remain overweight on the oil and gas sector, in anticipation
of a greater push for exploration and production activities, leading to greater
demand for supplies and services,'' Aseambankers concluded.
It has maintained its "strong buy" recommendations on Ramunia, with a target
price of 1.80 rgt; and KNM, target price 17.0 rgt; as well as "buy" calls on
Petronas Gas, target price 11.20 rgt; EPIC, target price 2.60 rgt; Dialog,
target price 2.35 rgt; Wah Seong, target price 4.10 rgt; Petra Perdana, target
price 4.10 rgt; and Alam Maritim, target price 4.65 rgt
Source: Osk Wirenews
13/06/2007 11:39:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research said it has kept its
''overweight'' rating on the oil and gas sector as it expects global energy
demand to remain robust.
"Global energy demand is expected to remain robust over the next few years,
underpinned by rapid economic growth in Asia (i.e China, India and Middle
East),'' it said in a note to investors, adding that oil consumption is expected
to grow by a cumulative annual growth rate (CAGR) of 1.6 pct from 2007-2030.
However, the research house acknowledged that "long term sustainability could
be a key issue due to exhaustion of hydrocarbons."
"Elsewhere, escalating costs and skill shortage will remain an issue to the
sector, at least in the near-to-mid term in the era of high oil prices,'' it
added.
"Nevertheless, we remain overweight on the oil and gas sector, in anticipation
of a greater push for exploration and production activities, leading to greater
demand for supplies and services,'' Aseambankers concluded.
It has maintained its "strong buy" recommendations on Ramunia, with a target
price of 1.80 rgt; and KNM, target price 17.0 rgt; as well as "buy" calls on
Petronas Gas, target price 11.20 rgt; EPIC, target price 2.60 rgt; Dialog,
target price 2.35 rgt; Wah Seong, target price 4.10 rgt; Petra Perdana, target
price 4.10 rgt; and Alam Maritim, target price 4.65 rgt
Source: Osk Wirenews
BROKER CALL - Malaysia's water sector 'overweight' on 9MP rollout
BROKER CALL - Malaysia's water sector 'overweight' on 9MP rollout - Aseambankers
13/06/2007 12:28:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research has kept its ''overweight''
rating on the water sector pending the rollout of projects under the Ninth
Malaysia Plan (9MP).
"We reaffirm our positive outlook for the water sector, especially for the long
term,'' it said, and noted that the government plans to call for an
international tender for the 44.6 kilometre tunnel works for the Pahang-Selangor
water transfer project "within these few months and for construction works to
start in early-2008."
"This would lead to the rollout of the other main packages of the larger
Pahang-Selangor water project, which we estimate would cost at least 9 bln rgt
in total,'' it added.
Potential beneficiaries of the projects are Gamuda, IJM Corp, and UEM Builders
while smaller players like Loh & Loh, Salcon and Taliworks could feature at the
sub-contracting levels, it said.
Aseambankers said national water asset management company PAAB's active
involvement in discussions to take over water-related assets in the two states
of Negeri Sembilan and Melaka, "is also positive development."
"Here, we understand that Ranhill Utilities is vying for a role in the
operation and maintenance of water treatment plants in Melaka,'' it noted.
Source: Osk Wirenews
13/06/2007 12:28:00
KUALA LUMPUR (XFN-ASIA) - Aseambankers Research has kept its ''overweight''
rating on the water sector pending the rollout of projects under the Ninth
Malaysia Plan (9MP).
"We reaffirm our positive outlook for the water sector, especially for the long
term,'' it said, and noted that the government plans to call for an
international tender for the 44.6 kilometre tunnel works for the Pahang-Selangor
water transfer project "within these few months and for construction works to
start in early-2008."
"This would lead to the rollout of the other main packages of the larger
Pahang-Selangor water project, which we estimate would cost at least 9 bln rgt
in total,'' it added.
Potential beneficiaries of the projects are Gamuda, IJM Corp, and UEM Builders
while smaller players like Loh & Loh, Salcon and Taliworks could feature at the
sub-contracting levels, it said.
Aseambankers said national water asset management company PAAB's active
involvement in discussions to take over water-related assets in the two states
of Negeri Sembilan and Melaka, "is also positive development."
"Here, we understand that Ranhill Utilities is vying for a role in the
operation and maintenance of water treatment plants in Melaka,'' it noted.
Source: Osk Wirenews
BROKER CALL - Malaysia's MRCB kept 'buy' on huge order book
BROKER CALL - Malaysia's MRCB kept 'buy' on huge order book - CIMB
12/06/2007 10:40:00
KUALA LUMPUR (XFN-ASIA) - CIMB Research has reiterated its "buy" call on
Malaysian Resources Corp Bhd (MRCB) as the firm could potentially emerge as the
best play for exposure to mega projects planned for Penang, and to overseas
ventures particularly in the Middle East.
Apart from the 1.2 bln rgt Penang Monorail and 1 bln rgt Penang outer ring road
(PORR) projects, MRCB could add another potential mega job -- the 1.2 bln rgt
new Penang international airport -- to bag three mega jobs in one state, CIMB
said.
The Penang monorail, the 9-bln-rgt Bakun power transmission project and more
overseas contracts are expected to drive MRCB's order book which currently
stands at 1.7 bln rgt, it said.
The company is targeting new contracts worth 1.5 bln rgt by the end of the
year.
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
"We are surprised by this news and would take a slight positive view should it
materialise," the research firm said.
As for Saudi Arabia, MRCB has been working with several parties in the Middle
East on a potential transport hub, which may provide another big boost to
overseas contributions.
MRCB's 33-year toll highway concession for the Eastern Dispersal Link will
feature a new stream of recurring income by 2011, it added.
CIMB is keeping its target price of 3.15 rgt for MRCB.
At 10.36 am, MRCB was down 0.03 rgt or 1.20 pct at 2.46 rgt and Equine Capital
Bhd was off 0.02 rgt or 0.63 pct to 3.18.
(1 usd = 3.47 rgt)
Source: Osk Wirenews
12/06/2007 10:40:00
KUALA LUMPUR (XFN-ASIA) - CIMB Research has reiterated its "buy" call on
Malaysian Resources Corp Bhd (MRCB) as the firm could potentially emerge as the
best play for exposure to mega projects planned for Penang, and to overseas
ventures particularly in the Middle East.
Apart from the 1.2 bln rgt Penang Monorail and 1 bln rgt Penang outer ring road
(PORR) projects, MRCB could add another potential mega job -- the 1.2 bln rgt
new Penang international airport -- to bag three mega jobs in one state, CIMB
said.
The Penang monorail, the 9-bln-rgt Bakun power transmission project and more
overseas contracts are expected to drive MRCB's order book which currently
stands at 1.7 bln rgt, it said.
The company is targeting new contracts worth 1.5 bln rgt by the end of the
year.
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
"We are surprised by this news and would take a slight positive view should it
materialise," the research firm said.
As for Saudi Arabia, MRCB has been working with several parties in the Middle
East on a potential transport hub, which may provide another big boost to
overseas contributions.
MRCB's 33-year toll highway concession for the Eastern Dispersal Link will
feature a new stream of recurring income by 2011, it added.
CIMB is keeping its target price of 3.15 rgt for MRCB.
At 10.36 am, MRCB was down 0.03 rgt or 1.20 pct at 2.46 rgt and Equine Capital
Bhd was off 0.02 rgt or 0.63 pct to 3.18.
(1 usd = 3.47 rgt)
Source: Osk Wirenews
Monday, June 11, 2007
Iran to build five new oil refineries across Asia
Iran to build five new oil refineries across Asia - UPDATE
11/06/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Iran has announced it will help build five new
refineries across Asia including China with a total capacity of 1.1 mln barrels
per day in a bid to bolster ties in the region.
"Iran has finalised feasibility studies for five refining projects in five
Asian countries with a total capacity of 1.1 mln barrels per day," Seyed Kazam
Vaziri Hamaneh, Iran's petroleum minister said.
Seyed Kazam said the projects are part of Iran's attempt to boost cooperation
with Asian countries, adding that his nation will provide the crude oil.
"Those are some of the cooperation opportunities which I hope will be
supported by Asian countries," the minister told some 1,255 delegates at the
two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming
20 years," he said.
He later told reporters that refineries will be built in China, Singapore,
Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or
the cost of the projects.
"We are supposed to be partners in the refineries and also try to provide the
crude oil for those refineries. The aim is to bring Asian countries together and
to provide crude oil for mutual benefit," he said.
The minister also proposed the creation of an Asian energy market comprising
major suppliers and consumers such as Japan, China, India and South Korea.
Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian
consumers could bring about "mutual benefit" as Asian countries could invest in
upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the
Organisation of Petroleum Exporting Countries. It is also the world's second
largest owner of oil and gas reserves.
He also made a pitch to investors, saying Iran will need 93 bln usd in foreign
investments and more than 43 bln usd in domestic resources by 2014 to boost oil
and gas output.
Iranian oil production is expected to reach 5.3 mln barrels daily by 2014 from
its current level of 4.3 mln barrels per day.
"The country (Iran) cannot meet that level of investment and technology needs
on its on," he said.
Despite United Nations Security Council sanctions on Iran over its refusal to
suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran
will be able to raise foreign funds.
"No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said it will invest in the construction of
an oil refinery in northern Malaysia, part of an ambitious pipeline project to
transport Middle East oil to East Asian countries.
Ghanimi Fard, executive director for international affairs with the National
Iranian Oil Co, said initial discussions are moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he
told reporters at the sidelines of the gathering.
"Crude oil is going to be supplied by the National Iranian Oil Company," said
Fard in the first official confirmation of Iran's participation in the ambitious
project.
Source: Osk Wirenews
11/06/2007 18:25:00
KUALA LUMPUR (XFN-ASIA) - Iran has announced it will help build five new
refineries across Asia including China with a total capacity of 1.1 mln barrels
per day in a bid to bolster ties in the region.
"Iran has finalised feasibility studies for five refining projects in five
Asian countries with a total capacity of 1.1 mln barrels per day," Seyed Kazam
Vaziri Hamaneh, Iran's petroleum minister said.
Seyed Kazam said the projects are part of Iran's attempt to boost cooperation
with Asian countries, adding that his nation will provide the crude oil.
"Those are some of the cooperation opportunities which I hope will be
supported by Asian countries," the minister told some 1,255 delegates at the
two-day Asia Oil and Gas Conference here.
"China and India are expected to be two major potential consumers in the coming
20 years," he said.
He later told reporters that refineries will be built in China, Singapore,
Indonesia, Malaysia and Syria but declined to elaborate on the partnerships or
the cost of the projects.
"We are supposed to be partners in the refineries and also try to provide the
crude oil for those refineries. The aim is to bring Asian countries together and
to provide crude oil for mutual benefit," he said.
The minister also proposed the creation of an Asian energy market comprising
major suppliers and consumers such as Japan, China, India and South Korea.
Seyed Kazam said the proposed grouping of West Asia oil suppliers and Asian
consumers could bring about "mutual benefit" as Asian countries could invest in
upstream and downstream oil and gas projects.
Oil-rich Iran is the second-largest oil exporter after Saudi Arabia in the
Organisation of Petroleum Exporting Countries. It is also the world's second
largest owner of oil and gas reserves.
He also made a pitch to investors, saying Iran will need 93 bln usd in foreign
investments and more than 43 bln usd in domestic resources by 2014 to boost oil
and gas output.
Iranian oil production is expected to reach 5.3 mln barrels daily by 2014 from
its current level of 4.3 mln barrels per day.
"The country (Iran) cannot meet that level of investment and technology needs
on its on," he said.
Despite United Nations Security Council sanctions on Iran over its refusal to
suspend a uranium enrichment program, Seyed Kazam expressed confidence that Iran
will be able to raise foreign funds.
"No, we are not concerned about the sanctions," he told reporters.
Separately, Iran's state oil company said it will invest in the construction of
an oil refinery in northern Malaysia, part of an ambitious pipeline project to
transport Middle East oil to East Asian countries.
Ghanimi Fard, executive director for international affairs with the National
Iranian Oil Co, said initial discussions are moving smoothly.
"Some works have been done and preliminary discussions have gone very well," he
told reporters at the sidelines of the gathering.
"Crude oil is going to be supplied by the National Iranian Oil Company," said
Fard in the first official confirmation of Iran's participation in the ambitious
project.
Source: Osk Wirenews
中国股市热
中国股市热（二）
【本刊特约吴以伦撰述】经济学泰斗级人物凯恩斯（Keynes，John Maynard，1883-1946）早年从事证券投资时，曾总结了一个“最大笨蛋理论”（Theory of Greater Fool，也称“博傻理论”）。这个理论并不深奥，以艺术品市场为例，人们甚至可以完全不管某件艺术品的真实价值（即使它一文不值），只要预期会有更大的笨蛋会花更高的价格买走，他们就可以高价买下。
在资本市场中也是如此，投机行为的关键在于判断“有没有比自己更大的笨蛋”；只要不是最大的笨蛋，自己就一定是赢家，只是赢多赢少的问题。如果没有一个愿意出更高价格的更大笨蛋来做“下家”，那么自己就成了最大的笨蛋。可以这样说，任何一个投机者信奉的无非是“最大的笨蛋”理论。
中国股市是否已经出现“最大的笨蛋”的问题，许多人都已在关注；用一句大家比较熟悉的话，中国股市是否存在泡沫？
然而，“泡沫”这个概念似乎不见得容易衡量，有一句著名的话：“泡沫”只有等到它破了之后才知道，只有等破了之后才能追认它为“泡沫”。这就好像一个经济再怎么空前发展，也不能称之为“盛世”，因为这个概念不能用在当下，反而只能追认过去某个时段而已。
中国股市曾在上周创下历史新高，但仍没有多少人敢说这就是中国股市的定限，至少负责任的分析师都不会这么说。若说泡沫都能成功预见的话，那泡沫也就不会产生了。
衡量股市泡沫的重要指标
国际上常用来衡量股市泡沫的一个重要指标，就是市盈率（Price Earnings Ratio），它是指公司当时股价与每股盈利的比率。简单的说，就是付出的投资要多少年才能收回，像泰国（平均市盈率）是不到10倍、韩国是11倍、香港不到20倍及马来西亚是18倍。前一阵，许多人认为印度泡沫现象很严重，是亚洲经济当中泡沫最大的，但印度的市盈率其实也就20倍左右。
中国则保持在40至50倍之间，单只个股甚至可以高到一千多倍。如果就简单理解，中国股票的估值已经太贵，甚至是股价太高。股价和盈利相比是太高的情况，如果以市盈率40倍为例，就是说买一只股票需要等待企业分红派息40年，才能把整笔买入股票的钱取回来。
当然，单纯就以市盈率衡量股市的好坏，似乎不见得客观，因为中国似乎有其“独特”的国情存在。从1990年代末开始，中国的企业特别是国有企业，似乎不热衷分红派息。以中国银行为例，虽然其市值占中国股市总市值比例的前列，2006年的全年净利润也超过400亿人民币，但其派息政策是每十股派0.4元，以市价计算大约是0.8%，为银行存款利息的五分之一，如此低的派息造成其市盈率必然会被拉高。
这么低的回报，为什么还有这么多人热衷中国股票？这是因为中国的金融建设还不健全，以寿险为代表的理财产品还不规范，时常产生法律纠纷。在证券市场，基金及债券发展历史尚短，还没有足够的吸引力；银行推出的理财产品也只是在近几年随着境外银行登陆才开始呈现多元化。如果把钱存在银行，除了利息过低之外，还得被扣除利息税。
中国企业这种“高利润低分红”的情况似乎很平常，因为中国经济还在发展，竞争异常激烈，企业希望减少派息甚至不派息让企业持有更多的现金进行市场投资，增加投资新项目，占领市场份额，最终获取更大的利润。这个特点也与“股神”华伦巴菲特（Warren Buffett）的看法“暗合”。
中国低派息政策必将调整
与中国类似的地方还有日本，日本企业的传统就是维持稳定的低派息政策，但随着日本股东要求分享企业财富的呼声大增，越来越多日本企业转向提高派息政策。中国的情况呢？随着对资金流向的多元化、渴望获得股东的认可及同行业的竞争，必然会调整其派息政策。
当下有经济学家拿人类历史上第一起有记载的投机泡沫，17世纪荷兰的“郁金香狂热”来比较，对中国股市可能出现类似局面忧心忡忡。那个时候，有人培育出一种特别的郁金香球茎，其价格也不断上涨，磨房主甚至卖掉了自己的磨房，为的就是一只罕见的郁金香球茎。
从1634年开始，荷兰百业荒废，全国上下都开始为郁金香疯狂。与所有投机泡沫一样，参与的人们最初都实际赚到了钱。由于价钱节节上升，只需低买高卖，买高卖更高；得了甜头后，大家信心大增，倾家荡产地把更多的钱投入郁金香的买卖，希望赚取更多的金钱。
原本旁观的人看到挣钱这么容易，也受不了诱惑，加入到疯狂抢购的队伍中来。与此同时，欧洲各国的投机商也纷纷云集荷兰，参与这一投机狂潮。为了方便郁金香交易，人们干脆在阿姆斯特丹的证券交易所开设固定交易市场；鹿特丹、莱顿等城市随后也开设固定的郁金香交易场所。
在这股狂热到达巅峰时，也就是1636至1637年的那个寒冬，人们不仅买卖已收获的郁金香球茎，还提前买卖1637年将要收获的球茎。球茎的期货市场就这样诞生了。球茎在实际货物交割之前不需实际支付货款，又进一步加剧了郁金香的投机。一直到1637年2月4日，最后一个笨蛋出现，整个因郁金香球茎吹气的泡沫被刺破。
“郁金香狂热”乃历史借鉴
“郁金香狂热”不仅沉重打击了举世闻名的阿姆斯特丹交易所，更使荷兰的经济陷入一片混乱，加速了荷兰由一个强盛的殖民帝国走向衰落的步伐。从17世纪中叶开始，荷兰在欧洲的地位就受到了英国的有力挑战，欧洲繁荣的中心也开始向英吉利海峡彼岸的英国转移。
“郁金香狂热”确实是一个很好的历史借鉴，但“郁金香市场”的交易规模很小，缺少风险抗衡能力，而且其炒作对象与国民经济基本状况毫无关系，品种单一又缺少增长性。股票市场则是与国民经济走势密切相关的市场，上市公司也不像郁金香那样只是一个摆设；只要有足够的规模、有足够多的良好上市公司，只要股民大众对国家政治、经济、社会的发展前景保持足够的信任度，其稳定向上的趋势就不会轻易改变，前一时期的市场正好证明了这个道理。
除了市盈率，还有其他衡量股市是否存在泡沫的方法；比较推崇的是用国家的利率水平和国内生产总值（GDP）增长率作对比。中国2007年第一季度内生产总值增速为11.1%，通货膨胀为3%，两者相加为14%。同期中国利率则明显较低，选取利率中最高的贷款利率也不到7%，与内生产总值增长率相比两者差距近一倍。这不是今年才独有的现象，去年、前年甚至更长的一段时间，中国的情况都是如此。
两者的差距产生了相应的连锁反应，个人或者企业必然会努力寻求借贷融资。由于获取资金的成本不到7%，而可以产生的回报基本可以翻倍，一个理性人必然会选择此方法投资。中国政府也意识到两者之间的差距过大，近几年来一直在缩小两者的差距，控制通货膨胀、抑制经济过热及提高贷款利率，都是常见的政策。
Source: http://www.merdekareview.com/news.php?n=4235
【本刊特约吴以伦撰述】经济学泰斗级人物凯恩斯（Keynes，John Maynard，1883-1946）早年从事证券投资时，曾总结了一个“最大笨蛋理论”（Theory of Greater Fool，也称“博傻理论”）。这个理论并不深奥，以艺术品市场为例，人们甚至可以完全不管某件艺术品的真实价值（即使它一文不值），只要预期会有更大的笨蛋会花更高的价格买走，他们就可以高价买下。
在资本市场中也是如此，投机行为的关键在于判断“有没有比自己更大的笨蛋”；只要不是最大的笨蛋，自己就一定是赢家，只是赢多赢少的问题。如果没有一个愿意出更高价格的更大笨蛋来做“下家”，那么自己就成了最大的笨蛋。可以这样说，任何一个投机者信奉的无非是“最大的笨蛋”理论。
中国股市是否已经出现“最大的笨蛋”的问题，许多人都已在关注；用一句大家比较熟悉的话，中国股市是否存在泡沫？
然而，“泡沫”这个概念似乎不见得容易衡量，有一句著名的话：“泡沫”只有等到它破了之后才知道，只有等破了之后才能追认它为“泡沫”。这就好像一个经济再怎么空前发展，也不能称之为“盛世”，因为这个概念不能用在当下，反而只能追认过去某个时段而已。
中国股市曾在上周创下历史新高，但仍没有多少人敢说这就是中国股市的定限，至少负责任的分析师都不会这么说。若说泡沫都能成功预见的话，那泡沫也就不会产生了。
衡量股市泡沫的重要指标
国际上常用来衡量股市泡沫的一个重要指标，就是市盈率（Price Earnings Ratio），它是指公司当时股价与每股盈利的比率。简单的说，就是付出的投资要多少年才能收回，像泰国（平均市盈率）是不到10倍、韩国是11倍、香港不到20倍及马来西亚是18倍。前一阵，许多人认为印度泡沫现象很严重，是亚洲经济当中泡沫最大的，但印度的市盈率其实也就20倍左右。
中国则保持在40至50倍之间，单只个股甚至可以高到一千多倍。如果就简单理解，中国股票的估值已经太贵，甚至是股价太高。股价和盈利相比是太高的情况，如果以市盈率40倍为例，就是说买一只股票需要等待企业分红派息40年，才能把整笔买入股票的钱取回来。
当然，单纯就以市盈率衡量股市的好坏，似乎不见得客观，因为中国似乎有其“独特”的国情存在。从1990年代末开始，中国的企业特别是国有企业，似乎不热衷分红派息。以中国银行为例，虽然其市值占中国股市总市值比例的前列，2006年的全年净利润也超过400亿人民币，但其派息政策是每十股派0.4元，以市价计算大约是0.8%，为银行存款利息的五分之一，如此低的派息造成其市盈率必然会被拉高。
这么低的回报，为什么还有这么多人热衷中国股票？这是因为中国的金融建设还不健全，以寿险为代表的理财产品还不规范，时常产生法律纠纷。在证券市场，基金及债券发展历史尚短，还没有足够的吸引力；银行推出的理财产品也只是在近几年随着境外银行登陆才开始呈现多元化。如果把钱存在银行，除了利息过低之外，还得被扣除利息税。
中国企业这种“高利润低分红”的情况似乎很平常，因为中国经济还在发展，竞争异常激烈，企业希望减少派息甚至不派息让企业持有更多的现金进行市场投资，增加投资新项目，占领市场份额，最终获取更大的利润。这个特点也与“股神”华伦巴菲特（Warren Buffett）的看法“暗合”。
中国低派息政策必将调整
与中国类似的地方还有日本，日本企业的传统就是维持稳定的低派息政策，但随着日本股东要求分享企业财富的呼声大增，越来越多日本企业转向提高派息政策。中国的情况呢？随着对资金流向的多元化、渴望获得股东的认可及同行业的竞争，必然会调整其派息政策。
当下有经济学家拿人类历史上第一起有记载的投机泡沫，17世纪荷兰的“郁金香狂热”来比较，对中国股市可能出现类似局面忧心忡忡。那个时候，有人培育出一种特别的郁金香球茎，其价格也不断上涨，磨房主甚至卖掉了自己的磨房，为的就是一只罕见的郁金香球茎。
从1634年开始，荷兰百业荒废，全国上下都开始为郁金香疯狂。与所有投机泡沫一样，参与的人们最初都实际赚到了钱。由于价钱节节上升，只需低买高卖，买高卖更高；得了甜头后，大家信心大增，倾家荡产地把更多的钱投入郁金香的买卖，希望赚取更多的金钱。
原本旁观的人看到挣钱这么容易，也受不了诱惑，加入到疯狂抢购的队伍中来。与此同时，欧洲各国的投机商也纷纷云集荷兰，参与这一投机狂潮。为了方便郁金香交易，人们干脆在阿姆斯特丹的证券交易所开设固定交易市场；鹿特丹、莱顿等城市随后也开设固定的郁金香交易场所。
在这股狂热到达巅峰时，也就是1636至1637年的那个寒冬，人们不仅买卖已收获的郁金香球茎，还提前买卖1637年将要收获的球茎。球茎的期货市场就这样诞生了。球茎在实际货物交割之前不需实际支付货款，又进一步加剧了郁金香的投机。一直到1637年2月4日，最后一个笨蛋出现，整个因郁金香球茎吹气的泡沫被刺破。
“郁金香狂热”乃历史借鉴
“郁金香狂热”不仅沉重打击了举世闻名的阿姆斯特丹交易所，更使荷兰的经济陷入一片混乱，加速了荷兰由一个强盛的殖民帝国走向衰落的步伐。从17世纪中叶开始，荷兰在欧洲的地位就受到了英国的有力挑战，欧洲繁荣的中心也开始向英吉利海峡彼岸的英国转移。
“郁金香狂热”确实是一个很好的历史借鉴，但“郁金香市场”的交易规模很小，缺少风险抗衡能力，而且其炒作对象与国民经济基本状况毫无关系，品种单一又缺少增长性。股票市场则是与国民经济走势密切相关的市场，上市公司也不像郁金香那样只是一个摆设；只要有足够的规模、有足够多的良好上市公司，只要股民大众对国家政治、经济、社会的发展前景保持足够的信任度，其稳定向上的趋势就不会轻易改变，前一时期的市场正好证明了这个道理。
除了市盈率，还有其他衡量股市是否存在泡沫的方法；比较推崇的是用国家的利率水平和国内生产总值（GDP）增长率作对比。中国2007年第一季度内生产总值增速为11.1%，通货膨胀为3%，两者相加为14%。同期中国利率则明显较低，选取利率中最高的贷款利率也不到7%，与内生产总值增长率相比两者差距近一倍。这不是今年才独有的现象，去年、前年甚至更长的一段时间，中国的情况都是如此。
两者的差距产生了相应的连锁反应，个人或者企业必然会努力寻求借贷融资。由于获取资金的成本不到7%，而可以产生的回报基本可以翻倍，一个理性人必然会选择此方法投资。中国政府也意识到两者之间的差距过大，近几年来一直在缩小两者的差距，控制通货膨胀、抑制经济过热及提高贷款利率，都是常见的政策。
Source: http://www.merdekareview.com/news.php?n=4235
Sunday, June 10, 2007
Malaysia's MRCB lower on speculation to buy stake in Equine
STOCKWATCH - Malaysia's MRCB lower on speculation to buy stake in Equine
11/06/2007 11:11:00
KUALA LUMPUR (XFN-ASIA) - Malaysian Resources Corp Bhd (MRCB) shares were
lower, bucking the trend in the broader market, on speculation that it will buy
a stake in Equine Capital Bhd, a move that analysts said will add very little to
MRCB's shareholders value.
At 11.09 am, MRCB was down 0.01 rgt or 0.40 pct at 2.50, while Equine was flat
at 3.06 rgt.
The KLCI was up 12.18 points or 0.90 pct at 1,364.57
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
OSK Research said there is no sense in acquiring a stake in Equine Capital as
it will not add to MRCB's shareholders value as Equine is primarily engaged in
property development and the provision of recreational and equestrian
activities, which is "relatively trivial compared to MRCB's construction job
profile".
In addition, Equine reported a 79 pct drop in net profit to 3.56 mln rgt for
the year to March 2007 on the back of a turnover of 76.5 mln rgt.
"We would be disappointed if MRCB (takes) an equity stake in Equine," OSK
analyst Tursina Yaacob said.
"(However,) we would be comfortable in MRCB's participation in the project
since construction of the new airport in Batu Kawan will add 1.2 bln rgt to the
company's orderbook, bringing total outstanding work to 3 bln rgt," she said.
In addition, the construction of an airport will enhance MRCB's job profile,
increasing its ability to bid for a wider range of projects.
"Assuming a conservative 8 pct margin, the project would add 96 mln rgt to
MRCB's bottomline," she said, but added that she is maintaining her earnings
projections for MRCB until there is confirmation of the acquisition.
OSK has a 'trading buy' recommendation on MRCB, with a 12-month target price of
3.25 rgt.
Source: Osk WireNews
11/06/2007 11:11:00
KUALA LUMPUR (XFN-ASIA) - Malaysian Resources Corp Bhd (MRCB) shares were
lower, bucking the trend in the broader market, on speculation that it will buy
a stake in Equine Capital Bhd, a move that analysts said will add very little to
MRCB's shareholders value.
At 11.09 am, MRCB was down 0.01 rgt or 0.40 pct at 2.50, while Equine was flat
at 3.06 rgt.
The KLCI was up 12.18 points or 0.90 pct at 1,364.57
There is speculation that MRCB will acquire a stake in Equine to participate in
the building of a new airport in Penang.
OSK Research said there is no sense in acquiring a stake in Equine Capital as
it will not add to MRCB's shareholders value as Equine is primarily engaged in
property development and the provision of recreational and equestrian
activities, which is "relatively trivial compared to MRCB's construction job
profile".
In addition, Equine reported a 79 pct drop in net profit to 3.56 mln rgt for
the year to March 2007 on the back of a turnover of 76.5 mln rgt.
"We would be disappointed if MRCB (takes) an equity stake in Equine," OSK
analyst Tursina Yaacob said.
"(However,) we would be comfortable in MRCB's participation in the project
since construction of the new airport in Batu Kawan will add 1.2 bln rgt to the
company's orderbook, bringing total outstanding work to 3 bln rgt," she said.
In addition, the construction of an airport will enhance MRCB's job profile,
increasing its ability to bid for a wider range of projects.
"Assuming a conservative 8 pct margin, the project would add 96 mln rgt to
MRCB's bottomline," she said, but added that she is maintaining her earnings
projections for MRCB until there is confirmation of the acquisition.
OSK has a 'trading buy' recommendation on MRCB, with a 12-month target price of
3.25 rgt.
Source: Osk WireNews
Thursday, June 7, 2007
Malaysia's Time dotcom sees return to profitability by 2009 - report
Malaysia's Time dotcom sees return to profitability by 2009 - report
07/06/2007 18:03:00
KUALA LUMPUR (XFN-ASIA) - Time dotcom Bhd expects to return to profitability by
2009 as its restructuring exercise is progressing well, the Bernama news agency
reported, citing managing director Baharum Salleh.
Time reported a pretax loss of 177.1 mln rgt for financial year 2006, against a
loss of 237.9 mln rgt in 2005, according to the report.
"Based on our plan, improvement in numbers will start by the third or fourth
quarter this year while profitability is expected within three years," said
Baharum.
"We have done several market engagements which will give us revenue and from
the third quarter onwards, hopefully the result will be much better from the
previous quarter," he added.
The company will allocate some 134 mln rgt for capital expenditure this year,
up from 44 mln rgt a year ago.
The funds will be utilised to upgrade its existing fibre-optic network to an
internet protocol-based network, said Baharum.
Baharum also said that Time is currently in talks with several parties to roll
out its 3G services.
"We are in discussions with several companies on the content, network and
connectivity," he said, adding that the service will be launched in the "most
economical way" but in tandem with market demand.
Source: Osk Wirenews
07/06/2007 18:03:00
KUALA LUMPUR (XFN-ASIA) - Time dotcom Bhd expects to return to profitability by
2009 as its restructuring exercise is progressing well, the Bernama news agency
reported, citing managing director Baharum Salleh.
Time reported a pretax loss of 177.1 mln rgt for financial year 2006, against a
loss of 237.9 mln rgt in 2005, according to the report.
"Based on our plan, improvement in numbers will start by the third or fourth
quarter this year while profitability is expected within three years," said
Baharum.
"We have done several market engagements which will give us revenue and from
the third quarter onwards, hopefully the result will be much better from the
previous quarter," he added.
The company will allocate some 134 mln rgt for capital expenditure this year,
up from 44 mln rgt a year ago.
The funds will be utilised to upgrade its existing fibre-optic network to an
internet protocol-based network, said Baharum.
Baharum also said that Time is currently in talks with several parties to roll
out its 3G services.
"We are in discussions with several companies on the content, network and
connectivity," he said, adding that the service will be launched in the "most
economical way" but in tandem with market demand.
Source: Osk Wirenews
Stocks Fall As Yields Climb
Stocks Fall As Yields Climb
Thursday June 7, 1:08 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent; Dow Falls More Than 100 Points
NEW YORK (AP) -- Wall Street fell sharply for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely. The Dow Jones industrials fell more than 100 points and the S&P 500 index hovered near the 1,500 mark.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=37
Thursday June 7, 1:08 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent; Dow Falls More Than 100 Points
NEW YORK (AP) -- Wall Street fell sharply for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely. The Dow Jones industrials fell more than 100 points and the S&P 500 index hovered near the 1,500 mark.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=37
10-Year Treasury Yield Passes 5 Percent
10-Year Treasury Yield Passes 5 Percent
Thursday June 7, 10:45 am ET
By Madlen Read, AP Business Writer
10-Year Treasury Note Yield Rises Above 5 Percent; Could Keep Lifting Mortgage Rates
NEW YORK (AP) -- The yield on the Treasury's 10-year note passed 5 percent Thursday, hitting a 10-month high as investors see their hopes for an interest rate cut evaporating.
The 10-year yield broke through 5 percent mark overnight and rose as high as 5.07 percent in mid-morning trading in New York, reaching its highest point since late July. U.S. bond markets were following a trend toward lower prices and higher yields in trading abroad.
Source: http://biz.yahoo.com/ap/070607/10_year_yield.html?.v=7
Thursday June 7, 10:45 am ET
By Madlen Read, AP Business Writer
10-Year Treasury Note Yield Rises Above 5 Percent; Could Keep Lifting Mortgage Rates
NEW YORK (AP) -- The yield on the Treasury's 10-year note passed 5 percent Thursday, hitting a 10-month high as investors see their hopes for an interest rate cut evaporating.
The 10-year yield broke through 5 percent mark overnight and rose as high as 5.07 percent in mid-morning trading in New York, reaching its highest point since late July. U.S. bond markets were following a trend toward lower prices and higher yields in trading abroad.
Source: http://biz.yahoo.com/ap/070607/10_year_yield.html?.v=7
Stocks Fall After 10-Year Yield Climbs
Stocks Fall After 10-Year Yield Climbs
Thursday June 7, 12:31 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent, Retailers Report Tepid Sales
NEW YORK (AP) -- Stocks fell for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely.
The 10-year Treasury note's yield surpassed 5 percent in overnight trading. With rates rising in the market, the Federal Reserve is expected to be less inclined to cut short-term interest rates. And a dip in applications for unemployment benefits last week, which indicates a healthy labor market, also made a rate cut seem less likely.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=35
Thursday June 7, 12:31 pm ET
By Madlen Read, AP Business Writer
Stocks Fall After 10-Year Yield Passes 5 Percent, Retailers Report Tepid Sales
NEW YORK (AP) -- Stocks fell for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely.
The 10-year Treasury note's yield surpassed 5 percent in overnight trading. With rates rising in the market, the Federal Reserve is expected to be less inclined to cut short-term interest rates. And a dip in applications for unemployment benefits last week, which indicates a healthy labor market, also made a rate cut seem less likely.
Source: http://biz.yahoo.com/ap/070607/wall_street.html?.v=35
Wednesday, June 6, 2007
首相再婚
即時新聞更新: June 6, 2007 13:36
首相再婚
（吉隆坡6日訊）首相拿督斯里阿都拉結婚了！
首相辦公室今日發表文告宣布，首相將于週六（9日）與管家珍妮阿都拉（Jeanne）共結連理，婚禮在首相官邸舉行，只邀近親出席。
新娘子今年54歲，1953年7月29日生于吉隆坡，在八打靈再也阿松大高中受教育。擁有豐富酒店行政管理經驗，曾管理多家著名酒店，包括希爾頓和泛太平洋酒店。
來自4名孩子家庭的珍妮，是家中長女，曾任副首相官邸管家和首相官邸經理，即阿都拉的管家。
珍妮和已故前夫育有兩名孩子，分別是納帝雅和納汀。
有關首相再婚消息早在3月份傳開，在回應記者提問時，伯拉只說“謠言，只是謠言”。
首相生于1939年11月26日，現年68歲。首相夫人拿汀斯里恩頓于2005年10月20日清晨7時55分，不敵乳癌病魔，在布城官邸病逝，享年64歲。
Source: ChinaPress malaysia :http://www.chinapress.com.my/breaking_new.asp?a=0607bkg01.txt
首相再婚
（吉隆坡6日訊）首相拿督斯里阿都拉結婚了！
首相辦公室今日發表文告宣布，首相將于週六（9日）與管家珍妮阿都拉（Jeanne）共結連理，婚禮在首相官邸舉行，只邀近親出席。
新娘子今年54歲，1953年7月29日生于吉隆坡，在八打靈再也阿松大高中受教育。擁有豐富酒店行政管理經驗，曾管理多家著名酒店，包括希爾頓和泛太平洋酒店。
來自4名孩子家庭的珍妮，是家中長女，曾任副首相官邸管家和首相官邸經理，即阿都拉的管家。
珍妮和已故前夫育有兩名孩子，分別是納帝雅和納汀。
有關首相再婚消息早在3月份傳開，在回應記者提問時，伯拉只說“謠言，只是謠言”。
首相生于1939年11月26日，現年68歲。首相夫人拿汀斯里恩頓于2005年10月20日清晨7時55分，不敵乳癌病魔，在布城官邸病逝，享年64歲。
Source: ChinaPress malaysia :http://www.chinapress.com.my/breaking_new.asp?a=0607bkg01.txt
Malaysia detects new outbreak of bird flu
Malaysia detects new outbreak of bird flu
06/06/2007 17:17:00
KUALA LUMPUR (XFN-ASIA) - A new outbreak of the deadly H5N1 strain of bird flu
has been detected among poultry in a village on the outskirts of the capital,
Kamarudin Mohammed Isa, head of the disease control section at the Department
of Veterinary Services, said.
He said the virus was confirmed late Tuesday night in chickens in the Sungai
Buloh area.
"We just confirmed it last night. We will implement standard procedures. We
will cull birds within a one kilometre radius from the index cases," he told
Agence France-Presse.
He said authorities are expected to start killing about 2,000 chickens in the
village and surrounding area later today.
Malaysia suffered outbreaks of avian influenza among poultry in early 2006, but
there were no human cases and the nation declared itself free of the disease
last June.
Source: OSK Wirenews
06/06/2007 17:17:00
KUALA LUMPUR (XFN-ASIA) - A new outbreak of the deadly H5N1 strain of bird flu
has been detected among poultry in a village on the outskirts of the capital,
Kamarudin Mohammed Isa, head of the disease control section at the Department
of Veterinary Services, said.
He said the virus was confirmed late Tuesday night in chickens in the Sungai
Buloh area.
"We just confirmed it last night. We will implement standard procedures. We
will cull birds within a one kilometre radius from the index cases," he told
Agence France-Presse.
He said authorities are expected to start killing about 2,000 chickens in the
village and surrounding area later today.
Malaysia suffered outbreaks of avian influenza among poultry in early 2006, but
there were no human cases and the nation declared itself free of the disease
last June.
Source: OSK Wirenews
Tuesday, June 5, 2007
Malaysia's central bank seen cutting key rate by 50 basis pts by year-end
Malaysia's central bank seen cutting key rate by 50 basis pts by year-end - ING
05/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - ING Research chief economist for Asia Tim Condon said
he expects Bank Negara to cut its key rate by 50 basis points by the end of the
year, bringing its policy rate to 3 pct and set the floor for government bond
yields.
He said Malaysian exports are performing dismally and a policy change is only a
matter of time.
"We recently revised our forecast for Bank Negara Malaysia policy rate cuts. We
had forecast the central bank remaining on hold all year but we now expect 50
basis points of rate cuts by the end of the year," it added.
Condon said in a report that Bank Negara has always stated its policy of
managing the ringgit to promote exchange rate stability against the currencies
of its main trading partners.
"Singapore is Malaysia's second largest trading partner after the US so Bank
Negara pays close attention to what the Monetary Authority of Singapore does in
managing the Singapore dollar trade-weighted index," it said.
"We note that since March the Singapore dollar has depreciated slightly against
the US dollar," it said, adding that Bank Negara's policy of "heavy
intervention and grudging accommodation of ringgit appreciation pressure" has
caused the ringgit to appreciate against the Singapore dollar.
ING said it has also cut its 10-year government bond yield forecast to 3.00 pct
from 3.50 pct. The yield is currently at 3.10 pct.
Source: OSK Wirenews
05/06/2007 15:20:00
KUALA LUMPUR (XFN-ASIA) - ING Research chief economist for Asia Tim Condon said
he expects Bank Negara to cut its key rate by 50 basis points by the end of the
year, bringing its policy rate to 3 pct and set the floor for government bond
yields.
He said Malaysian exports are performing dismally and a policy change is only a
matter of time.
"We recently revised our forecast for Bank Negara Malaysia policy rate cuts. We
had forecast the central bank remaining on hold all year but we now expect 50
basis points of rate cuts by the end of the year," it added.
Condon said in a report that Bank Negara has always stated its policy of
managing the ringgit to promote exchange rate stability against the currencies
of its main trading partners.
"Singapore is Malaysia's second largest trading partner after the US so Bank
Negara pays close attention to what the Monetary Authority of Singapore does in
managing the Singapore dollar trade-weighted index," it said.
"We note that since March the Singapore dollar has depreciated slightly against
the US dollar," it said, adding that Bank Negara's policy of "heavy
intervention and grudging accommodation of ringgit appreciation pressure" has
caused the ringgit to appreciate against the Singapore dollar.
ING said it has also cut its 10-year government bond yield forecast to 3.00 pct
from 3.50 pct. The yield is currently at 3.10 pct.
Source: OSK Wirenews
Friday, June 1, 2007
Dow, S&P 500 Hit Record Highs on Data
Dow, S&P 500 Hit Record Highs on Data
Friday June 1, 7:58 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher After Manufacturing, Jobs Data; Dow, S&P Set Records
NEW YORK (AP) -- Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
ADVERTISEMENT
The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time trading high.
Investors found reason for optimism in a stronger-than-expected jobs report for May. Nonfarm payrolls rose by 157,000 last month, a larger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5 percent, as forecast, according to the Labor Department report.
The economic picture appeared brighter still following a lower reading on inflation from the Commerce Department and data from the Institute for Supply Management's May survey, which indicated that the manufacturing sector was strengthening.
Investors have been trying to glean from recent economic data any clues about the state of the economy and the direction of interest rates. The market hopes a slowing economy will prompt the Federal Reserve to lower rates, something the Fed is loath to do if inflation remains defiantly above the central bank's target. The job figures Friday pleased Wall Street, however, because they showed growth without an attendant rise in wage inflation
Source: http://biz.yahoo.com/ap/070601/wall_street.html?.v=58
Friday June 1, 7:58 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher After Manufacturing, Jobs Data; Dow, S&P Set Records
NEW YORK (AP) -- Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
ADVERTISEMENT
The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time trading high.
Investors found reason for optimism in a stronger-than-expected jobs report for May. Nonfarm payrolls rose by 157,000 last month, a larger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5 percent, as forecast, according to the Labor Department report.
The economic picture appeared brighter still following a lower reading on inflation from the Commerce Department and data from the Institute for Supply Management's May survey, which indicated that the manufacturing sector was strengthening.
Investors have been trying to glean from recent economic data any clues about the state of the economy and the direction of interest rates. The market hopes a slowing economy will prompt the Federal Reserve to lower rates, something the Fed is loath to do if inflation remains defiantly above the central bank's target. The job figures Friday pleased Wall Street, however, because they showed growth without an attendant rise in wage inflation
Source: http://biz.yahoo.com/ap/070601/wall_street.html?.v=58
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
Kuala Lumpur shares end morning higher on follow-through interest
Kuala Lumpur shares end morning higher on follow-through interest - UPDATE
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
Thursday, May 31, 2007
Sinchew
馬股全面揚升
綜指閉市漲8點 推薦給朋友 列印
updated:2007-05-31 17:41:15 MYT
（吉隆坡訊）美國聯儲局會議記錄緩和投資者對美國經濟的憂慮，加上大馬首季國內生產總值超出預期，馬股也隨亞股“棄中就美”全面揚升。
綜合指數起7.71點，閉市掛1346.89；全富時股項指數揚升81.80，掛5950.20；第二板指數漲0.47點，以100.53掛休。
上升股539隻，跌價股271隻，294隻股股價維持不變，另外290隻股未有交易，36隻股暫停交易。
成交量7億6298萬8000股，總值19億9300萬令吉。
Source: http://biz.sinchew-i.com/content.phtml?sec=2&artid=200705311660
綜指閉市漲8點 推薦給朋友 列印
updated:2007-05-31 17:41:15 MYT
（吉隆坡訊）美國聯儲局會議記錄緩和投資者對美國經濟的憂慮，加上大馬首季國內生產總值超出預期，馬股也隨亞股“棄中就美”全面揚升。
綜合指數起7.71點，閉市掛1346.89；全富時股項指數揚升81.80，掛5950.20；第二板指數漲0.47點，以100.53掛休。
上升股539隻，跌價股271隻，294隻股股價維持不變，另外290隻股未有交易，36隻股暫停交易。
成交量7億6298萬8000股，總值19億9300萬令吉。
Source: http://biz.sinchew-i.com/content.phtml?sec=2&artid=200705311660
Kuala Lumpur shares close higher in line with strong regional gains
Kuala Lumpur shares close higher in line with strong regional gains - UPDATE
31/05/2007 17:32:00
KUALA LUMPUR (XFN-ASIA) - Share prices closed higher, rebounding from its
earlier sluggishness, as the local bourse played catch-up with the strong
performances in regional markets, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 7.71 points or 0.58 pct at
1,346.89, off a high of 1,350.46 and a low of 1,338.40.
The FTSE Bursa Malaysia 30-large cap index gained 82.11 points or 0.96 pct to
8,649.16 and the second board index added 0.47 point or 0.47 pct to 100.53.
Gainers led losers 539 to 271, with 294 stocks unchanged and 228 counters
untraded.
Trading volume was 762.988 mln shares, valued at 1.993 bln rgt.
Analysts said the market recovered from yesterday's weakness on the back of
Wall Street's rebound overnight.
"Trading momentum was weak throughout the day before the key index spiked up in
the last hour of trading, when the local bourse tried to pull away on the back
of the regional strength," said an investment analyst from a local brokerage.
On the market's near-term outlook, the analyst said he expects the sideways
trading to continue for now.
"The risk has certainly increased and the market's future direction will very
much depend on developments on the external front," he added.
SJ Securities technical analyst Phua Kwee Hock agreed that the key index is
likely to be stuck in rangebound trade for a couple of months and that he sees
the 2008 budget, to be unveiled only in the third quarter, as the next major
catalyst to lift the market.
Index heavyweights finished the day mostly higher, with Telekom Malaysia adding
0.20 rgt or 1.96 pct to 10.40, Tenaga gaining 0.20 rgt or 1.74 pct to 11.70 and
Maybank was steady at 12.10.
Petra Perdana rose 0.04 rgt or 1.10 pct to 3.66 after the firm reported strong
first quarter to March results boosted by two one-off items.
SP Setia jumped 0.35 rgt or 4.35 pct to 8.40 after it proposed to acquire a
piece of freehold land in the prestigious Bukit Tunku residential area for 73.9
mln rgt in cash from Tenaga Nasional.
IJM Plantations was higher after its fourth quarter to March net profit surged
to 8.940 mln rgt against 4.024 mln a year earlier, rising 0.08 rgt or 3.86 pct
to 2.15.
BIMB Holdings advanced 0.01 rgt or 0.84 pct to 1.20 as its third quarter to
March results swung to a net profit of 36.469 mln rgt, against a loss 84.875 mln
a year earlier.
Zelan topped the gainers list after the power plant construction company said
it is negotiating to buy key stakes in power assets in India, Indonesia and the
Middle East. The stock was up 0.40 rgt or 3.28 pct at 12.60.
As for losers, Sime Darby fell after the company reported its third quarter to
March results, with operating profit falling slightly due to its weak automotive
division. It finished the day down 0.20 rgt or 1.96 pct to 10.00.
Three-month interbank rates were quoted at 3.55/57 and the overnight rates were
at 3.47/50.
At the close, the ringgit was quoted at 3.3975/4025 against the dollar.
Source: Osk Wirenews
31/05/2007 17:32:00
KUALA LUMPUR (XFN-ASIA) - Share prices closed higher, rebounding from its
earlier sluggishness, as the local bourse played catch-up with the strong
performances in regional markets, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 7.71 points or 0.58 pct at
1,346.89, off a high of 1,350.46 and a low of 1,338.40.
The FTSE Bursa Malaysia 30-large cap index gained 82.11 points or 0.96 pct to
8,649.16 and the second board index added 0.47 point or 0.47 pct to 100.53.
Gainers led losers 539 to 271, with 294 stocks unchanged and 228 counters
untraded.
Trading volume was 762.988 mln shares, valued at 1.993 bln rgt.
Analysts said the market recovered from yesterday's weakness on the back of
Wall Street's rebound overnight.
"Trading momentum was weak throughout the day before the key index spiked up in
the last hour of trading, when the local bourse tried to pull away on the back
of the regional strength," said an investment analyst from a local brokerage.
On the market's near-term outlook, the analyst said he expects the sideways
trading to continue for now.
"The risk has certainly increased and the market's future direction will very
much depend on developments on the external front," he added.
SJ Securities technical analyst Phua Kwee Hock agreed that the key index is
likely to be stuck in rangebound trade for a couple of months and that he sees
the 2008 budget, to be unveiled only in the third quarter, as the next major
catalyst to lift the market.
Index heavyweights finished the day mostly higher, with Telekom Malaysia adding
0.20 rgt or 1.96 pct to 10.40, Tenaga gaining 0.20 rgt or 1.74 pct to 11.70 and
Maybank was steady at 12.10.
Petra Perdana rose 0.04 rgt or 1.10 pct to 3.66 after the firm reported strong
first quarter to March results boosted by two one-off items.
SP Setia jumped 0.35 rgt or 4.35 pct to 8.40 after it proposed to acquire a
piece of freehold land in the prestigious Bukit Tunku residential area for 73.9
mln rgt in cash from Tenaga Nasional.
IJM Plantations was higher after its fourth quarter to March net profit surged
to 8.940 mln rgt against 4.024 mln a year earlier, rising 0.08 rgt or 3.86 pct
to 2.15.
BIMB Holdings advanced 0.01 rgt or 0.84 pct to 1.20 as its third quarter to
March results swung to a net profit of 36.469 mln rgt, against a loss 84.875 mln
a year earlier.
Zelan topped the gainers list after the power plant construction company said
it is negotiating to buy key stakes in power assets in India, Indonesia and the
Middle East. The stock was up 0.40 rgt or 3.28 pct at 12.60.
As for losers, Sime Darby fell after the company reported its third quarter to
March results, with operating profit falling slightly due to its weak automotive
division. It finished the day down 0.20 rgt or 1.96 pct to 10.00.
Three-month interbank rates were quoted at 3.55/57 and the overnight rates were
at 3.47/50.
At the close, the ringgit was quoted at 3.3975/4025 against the dollar.
Source: Osk Wirenews
Wednesday, May 30, 2007
Malaysia April M3 money supply up 14.2 pct vs 12.8 pct in March - central bank
Malaysia April M3 money supply up 14.2 pct vs 12.8 pct in March - central bank
31/05/2007 10:31:00
KUALA LUMPUR (XFN-ASIA) - The broad M3 measure of money supply expanded by 14.2
pct in April from a year earlier against a rise of 12.8 pct in March , the
central bank said.
Narrow money, or M1, increased at an annual rate of 17.9 pct in April,
unchanged from March, due to higher placements of demand deposits by business
enterprises.
"The increase in M3 reflected the increase in net foreign assets as well as the
higher loans outstanding and holdings of securities by banking institutions," it
said in a statement.
On a month-on-month basis, the increase in net foreign assets is the major
contributor to the expansion in M3, reflecting higher international reserves and
net foreign assets of the banking institutions.
"Claims on the private sector were also expansionary on account of higher loans
outstanding and holdings of securites by the banking institutions.
"Government operations however, were contractionary on M3 as the government
deposited the proceeds from the issuance of Malaysian Government Securities with
Bank Negara," it added.
The banking system's capitalisation remained strong with the risk-weighted
capital ratio at 13.1 pct.
The net NPL ratio improved further to 4.4 pct due mainly to recoveries and
conitnued write-offs by banking institutions.
Total deposits with the banking system increased by 4.3 bln rgt in April
against 3.8 bln rgt in March or 18.3 pct on an annual basis against 18 pct in
March.
The expansion mainly reflected higher deposit placements by businesses and
individuals, which was partly offset by lower deposits among financial
institutions.
Total loans outstanding expanded by 6.2 pct on an annual basis as at end-April,
unchanged against the growth seen at end-March.
Loans outstanding to businesses and households expanded at annual growth rates
of 5.8 pct and 7.9 pct against 6.3 pct and 7.8 pct in March, respectively.
The ringgit appreciated against the US dollar by 2.0 pct, the yen by 5.3 pct
and the euro by 1.1 pct between April 1 and May 28.
Source: Osk Wirenews
31/05/2007 10:31:00
KUALA LUMPUR (XFN-ASIA) - The broad M3 measure of money supply expanded by 14.2
pct in April from a year earlier against a rise of 12.8 pct in March , the
central bank said.
Narrow money, or M1, increased at an annual rate of 17.9 pct in April,
unchanged from March, due to higher placements of demand deposits by business
enterprises.
"The increase in M3 reflected the increase in net foreign assets as well as the
higher loans outstanding and holdings of securities by banking institutions," it
said in a statement.
On a month-on-month basis, the increase in net foreign assets is the major
contributor to the expansion in M3, reflecting higher international reserves and
net foreign assets of the banking institutions.
"Claims on the private sector were also expansionary on account of higher loans
outstanding and holdings of securites by the banking institutions.
"Government operations however, were contractionary on M3 as the government
deposited the proceeds from the issuance of Malaysian Government Securities with
Bank Negara," it added.
The banking system's capitalisation remained strong with the risk-weighted
capital ratio at 13.1 pct.
The net NPL ratio improved further to 4.4 pct due mainly to recoveries and
conitnued write-offs by banking institutions.
Total deposits with the banking system increased by 4.3 bln rgt in April
against 3.8 bln rgt in March or 18.3 pct on an annual basis against 18 pct in
March.
The expansion mainly reflected higher deposit placements by businesses and
individuals, which was partly offset by lower deposits among financial
institutions.
Total loans outstanding expanded by 6.2 pct on an annual basis as at end-April,
unchanged against the growth seen at end-March.
Loans outstanding to businesses and households expanded at annual growth rates
of 5.8 pct and 7.9 pct against 6.3 pct and 7.8 pct in March, respectively.
The ringgit appreciated against the US dollar by 2.0 pct, the yen by 5.3 pct
and the euro by 1.1 pct between April 1 and May 28.
Source: Osk Wirenews
Kuala Lumpur shares outlook - Higher on Wall St rally, forecast-beating Q1 GDP
Kuala Lumpur shares outlook - Higher on Wall St rally, forecast-beating Q1 GDP
31/05/2007 08:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher following
the overnight rally on Wall Street and Malaysia's better-than-expected first
quarter GDP results, dealers said.
The central bank yesterday said the economy expanded by 5.3 pct in the first
quarter, beating market estimates of a first-quarter GDP growth of 4-5 pct.
Favourable quarterly earnings of major companies are expected to further boost
sentiment, helping ease concerns over falls in China's stock markets yesterday,
they added.
Stocks to watch today include IJM, BIMB, Kumpulan Guthrie and Sime Darby, which
may all attract buying after having announced strong quarterly earnings, dealers
said.
Yesterday, the Kuala Lumpur Composite Index (KLCI) was down 3.82 points or 0.28
pct at 1,339.18, off a low of 1,331.18.
The FTSE Bursa Malaysia 30-large cap index lost 25.10 points or 0.29 pct to
8,567.05, and the second board index fell 1.50 points or 1.48 pct to 100.06.
Losers led gainers 725 to 197, with 175 counters untraded and 237 stocks
unchanged.
Trading volume was 922.94 mln shares, valued at 1.918 bln rgt.
Source: Osk Wirenews
31/05/2007 08:06:00
KUALA LUMPUR (XFN-ASIA) - Share prices are expected to open higher following
the overnight rally on Wall Street and Malaysia's better-than-expected first
quarter GDP results, dealers said.
The central bank yesterday said the economy expanded by 5.3 pct in the first
quarter, beating market estimates of a first-quarter GDP growth of 4-5 pct.
Favourable quarterly earnings of major companies are expected to further boost
sentiment, helping ease concerns over falls in China's stock markets yesterday,
they added.
Stocks to watch today include IJM, BIMB, Kumpulan Guthrie and Sime Darby, which
may all attract buying after having announced strong quarterly earnings, dealers
said.
Yesterday, the Kuala Lumpur Composite Index (KLCI) was down 3.82 points or 0.28
pct at 1,339.18, off a low of 1,331.18.
The FTSE Bursa Malaysia 30-large cap index lost 25.10 points or 0.29 pct to
8,567.05, and the second board index fell 1.50 points or 1.48 pct to 100.06.
Losers led gainers 725 to 197, with 175 counters untraded and 237 stocks
unchanged.
Trading volume was 922.94 mln shares, valued at 1.918 bln rgt.
Source: Osk Wirenews
Stocks Retreat After China Market Drop
Stocks Retreat After China Market Drop
Wednesday May 30, 9:44 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Fall After Drop in Chinese Stocks, Ahead of Fed Minutes
NEW YORK (AP) -- Wall Street retreated in early trading Wednesday as investors around the world reacted to a plunge in China's stock market, and awaited the release of minutes from the last Federal Reserve meeting.
ADVERTISEMENT
The pullback in the U.S. wasn't seen as a surprise as stocks were perhaps overdue for a consolidation after a strong run since the second half of 2006. And the declines in Asian and European markets did not appear as dramatic as on Feb. 27, when investors around the world recoiled at a 9 percent slide in the Shanghai index.
The tumble in Chinese stocks rippled through the global markets. When Beijing tripled a tax on stock trading to cool the country's market boom, the main Shanghai Composite Index dropped 6.5 percent and the Shenzhen Composite Index for China's smaller second market slid 7.2 percent.
Investors also retrenched ahead of the Fed minutes, which Wall Street hopes will indicate that policy makers are leaning more toward a rate cut by the end of the year than a rate hike. The minutes will be released at 2 p.m. EDT.
In the first hour of trading, the Dow Jones industrial average fell 52.25, or 0.39 percent, to 13,469.09.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 6.22, or 0.41 percent, at 1,511.89, and the Nasdaq composite index dropped 16.31, or 0.63 percent, to 2,555.75.
Source: http://biz.yahoo.com/ap/070530/wall_street.html?.v=14
Wednesday May 30, 9:44 am ET
By Joe Bel Bruno, AP Business Writer
Stocks Fall After Drop in Chinese Stocks, Ahead of Fed Minutes
NEW YORK (AP) -- Wall Street retreated in early trading Wednesday as investors around the world reacted to a plunge in China's stock market, and awaited the release of minutes from the last Federal Reserve meeting.
ADVERTISEMENT
The pullback in the U.S. wasn't seen as a surprise as stocks were perhaps overdue for a consolidation after a strong run since the second half of 2006. And the declines in Asian and European markets did not appear as dramatic as on Feb. 27, when investors around the world recoiled at a 9 percent slide in the Shanghai index.
The tumble in Chinese stocks rippled through the global markets. When Beijing tripled a tax on stock trading to cool the country's market boom, the main Shanghai Composite Index dropped 6.5 percent and the Shenzhen Composite Index for China's smaller second market slid 7.2 percent.
Investors also retrenched ahead of the Fed minutes, which Wall Street hopes will indicate that policy makers are leaning more toward a rate cut by the end of the year than a rate hike. The minutes will be released at 2 p.m. EDT.
In the first hour of trading, the Dow Jones industrial average fell 52.25, or 0.39 percent, to 13,469.09.
Broader stock indicators were also lower. The Standard & Poor's 500 index was down 6.22, or 0.41 percent, at 1,511.89, and the Nasdaq composite index dropped 16.31, or 0.63 percent, to 2,555.75.
Source: http://biz.yahoo.com/ap/070530/wall_street.html?.v=14
我国首季经济成长5.3%
我国首季经济成长5.3%
国家银行：下半年会更好
【本刊陈子莹撰述】马来西亚国家银行总裁洁蒂今天宣布，我国在今年首季取得5.3%的经济成长率，超出市场预测；经济学家一般都预测，我国在2007年第一季的经济成长会介于4%至5%之间。马来西亚在2006年第一季取得的经济成长是6%。
洁蒂（Zeti Akhtar Aziz，右图）今天会见媒体时表示，尽管第一季的外围需求已减少，对制造业的出口带来一定影响，不过服务业的增长成了第一季经济成长的主要带动力。她接着指出，服务业在今年第一季的成长是9.6%，远远超出其他领域的表现。
服务业成长主要是由消费相关以及金融业的收费服务（fee based services）带动。此外，我国今年所倡导的旅游年，也为国家带来不少的旅客，在带动经济成长方面贡献不少。
制造业放缓 服务业加强
相比之下，在带动我国经济成长，扮演重要角色的制造业，这次只不过取得1.7%。制造业在去年同期取得8.8%的成长，而去年全年的成长为7.1%。制造业成长萎缩，已是许多经济学家的预料中事。全球电子业在今年首季已放缓，导致需求量减低，这尤其对马来西亚这个以电子产品为主要出口的经济体影响甚深。
尽管如此，洁蒂表示，制造业在第一季放缓，显示制造业里的电子业需求降低；不过，这并不只是马来西亚单独面对的问题，这是全球电子业所面对的困境，预计全球电子业将会在今年下半年复苏。事实上，我国制造业里与资源相关的行业，在第一季的表现也不俗。
此外，洁蒂也认为，服务业强劲的表现，绝对可抵消制造业放缓的问题。她预计，在种种有利因素的刺激下，服务业将会继续表现良好，尤其是消费以及金融领域。她预料年中假期季节，我国将会有更多的游客到访，再加上公务员的薪金调升，将有效地刺激国内私人消费。
洁蒂最后提到，除了国内私人消费继续增长，在第九马来西亚计划期间的工程启动，也有助于推动我国下半年的经济成长。因此，国行将会把全年经济成长预测，维持在6%。
另一方面，她也表示，马币近期走强的趋势，在在反映出我国经济的基本实况，预料马币接下来也会逐渐随着国内的经济状况而调整。马币在今年初至今，兑美元的汇率增值了4.2%,兑日园和欧元，则分别增值了6.5%和1.9%。
经济学家预测4.8%
早前马来西亚《商业时报》也曾做过一项抽样调查，新马两地的经济学家预测马来西亚2007年首季的经济成长，可达4.8%。他们兼认为以制造业出口为导向的马来西亚，由于受到外围需求减弱的影响，今年第一季的经济成长会放缓下来。
《商业时报》是收集了19位马新经济学家对第一季我国经济成长的预测数据后，总结第一季国内生产总值可达4.8%。
我国在今年首季的出口成长，比去年同期降低了1.4%,同时也比去年的第四季，减少了7.4%。此外，第一季的制造业生产成长率也仅达1.8%，比上一季的4.8%减缓了。
尽管如此，也有经济学家认为，马来西亚在服务业的强劲成长，就可以弥补出口减弱的缺口。《商业时报》引述亚欧美证券银行首席经济学家苏海米的看法时指出，旅游业是我国今年第一季服务业成长的强心剂。马来西亚在今年首五个月，就有890万名游客的到访，比去年同时期增加了25%。
大多数的经济学家都预测，马来西亚的经济在今年下半年会表现更好。由于预计中的通膨率会在下半年，放缓至2%以下，再加上公务员大幅度调薪刺激私人消费；因此经济学家也认为，下半年应该会更好。
Source: http://www.merdekareview.com/news.php?n=4182
国家银行：下半年会更好
【本刊陈子莹撰述】马来西亚国家银行总裁洁蒂今天宣布，我国在今年首季取得5.3%的经济成长率，超出市场预测；经济学家一般都预测，我国在2007年第一季的经济成长会介于4%至5%之间。马来西亚在2006年第一季取得的经济成长是6%。
洁蒂（Zeti Akhtar Aziz，右图）今天会见媒体时表示，尽管第一季的外围需求已减少，对制造业的出口带来一定影响，不过服务业的增长成了第一季经济成长的主要带动力。她接着指出，服务业在今年第一季的成长是9.6%，远远超出其他领域的表现。
服务业成长主要是由消费相关以及金融业的收费服务（fee based services）带动。此外，我国今年所倡导的旅游年，也为国家带来不少的旅客，在带动经济成长方面贡献不少。
制造业放缓 服务业加强
相比之下，在带动我国经济成长，扮演重要角色的制造业，这次只不过取得1.7%。制造业在去年同期取得8.8%的成长，而去年全年的成长为7.1%。制造业成长萎缩，已是许多经济学家的预料中事。全球电子业在今年首季已放缓，导致需求量减低，这尤其对马来西亚这个以电子产品为主要出口的经济体影响甚深。
尽管如此，洁蒂表示，制造业在第一季放缓，显示制造业里的电子业需求降低；不过，这并不只是马来西亚单独面对的问题，这是全球电子业所面对的困境，预计全球电子业将会在今年下半年复苏。事实上，我国制造业里与资源相关的行业，在第一季的表现也不俗。
此外，洁蒂也认为，服务业强劲的表现，绝对可抵消制造业放缓的问题。她预计，在种种有利因素的刺激下，服务业将会继续表现良好，尤其是消费以及金融领域。她预料年中假期季节，我国将会有更多的游客到访，再加上公务员的薪金调升，将有效地刺激国内私人消费。
洁蒂最后提到，除了国内私人消费继续增长，在第九马来西亚计划期间的工程启动，也有助于推动我国下半年的经济成长。因此，国行将会把全年经济成长预测，维持在6%。
另一方面，她也表示，马币近期走强的趋势，在在反映出我国经济的基本实况，预料马币接下来也会逐渐随着国内的经济状况而调整。马币在今年初至今，兑美元的汇率增值了4.2%,兑日园和欧元，则分别增值了6.5%和1.9%。
经济学家预测4.8%
早前马来西亚《商业时报》也曾做过一项抽样调查，新马两地的经济学家预测马来西亚2007年首季的经济成长，可达4.8%。他们兼认为以制造业出口为导向的马来西亚，由于受到外围需求减弱的影响，今年第一季的经济成长会放缓下来。
《商业时报》是收集了19位马新经济学家对第一季我国经济成长的预测数据后，总结第一季国内生产总值可达4.8%。
我国在今年首季的出口成长，比去年同期降低了1.4%,同时也比去年的第四季，减少了7.4%。此外，第一季的制造业生产成长率也仅达1.8%，比上一季的4.8%减缓了。
尽管如此，也有经济学家认为，马来西亚在服务业的强劲成长，就可以弥补出口减弱的缺口。《商业时报》引述亚欧美证券银行首席经济学家苏海米的看法时指出，旅游业是我国今年第一季服务业成长的强心剂。马来西亚在今年首五个月，就有890万名游客的到访，比去年同时期增加了25%。
大多数的经济学家都预测，马来西亚的经济在今年下半年会表现更好。由于预计中的通膨率会在下半年，放缓至2%以下，再加上公务员大幅度调薪刺激私人消费；因此经济学家也认为，下半年应该会更好。
Source: http://www.merdekareview.com/news.php?n=4182
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