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
Thursday, September 6, 2007
“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
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