KLSE Market

Horse industry closely watches Dubai debt crisis
LEXINGTON, Kentucky: The debt crisis in Dubai was being closely monitored Friday by buyers and sellers of high-end racehorses, but there was no immediate indication Dubai’s ruler would scale back his enormous financial ties to the industry in the United States and elsewhere.

Dubai crisis jolts markets, but early fears ease
NEW YORK: Dubai’s debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and stall the global economic recovery.

Oil prices in largest percentage fall in 10 months
NEW YORK: Shades of the roiling energy markets that were set off last year by the crisis on Wall Street emerged again Friday with crude seeing the largest percentage drop in prices since January.

US stocks’ greatest rally in generation sideswiped

Judicial transformation
Chief Justice Tun Zaki Azmi is set on removing inefficiencies in courts, even if it means “dragging the judiciary and the Bar(Council), kicking and screaming.”

Speeding up the court system
MOVING from “ a cavemen era to the most modern system”, an American investor said when he was recently briefed of the court recording transcription (CRT) system.

‘Water will find its own level’
On Boxing Day last year, less than two months after he assumed the highest judicial post in the land, the Chief Justice of Malaysia, Tun Zaki Azmi, decided he wanted to take a first hand look at the courts – unannounced.

Tariff formula vital for new TNB revenue
PETALING JAYA: A tariff formula is crucial for Tenaga Nasional Bhd (TNB) to create new revenue streams which leverage on its core competencies in the energy business, says Maybank Investment Bank.

Malaysian unit bags 1 of 6 awards for Taxand
PETALING JAYA: Taxand, which has a global network of specialist tax advisors, recently won six awards at the International Tax Review’s (ITR) Asia Tax Awards 2009.

MSTB to start recruitment for software testing
KUALA LUMPUR: The Malaysian Software Testing Board (MSTB) is seeking to recruit about 120 information technology professionals and science graduates across all disciplines for the voluntary and non-profit organisation.

AirAsia likely big winner in MAHB cash incentive
PETALING JAYA: AirAsia Bhd is likely to be the key beneficiary of the new cash incentive offered by Malaysia Airports Holdings Bhd (MAHB).

Rubicon to embark on high-end LED ops in PraI
GEORGE TOWN: Nasdaq-listed Rubicon Technology Inc, a leading global light-emitting diode (LED) substrates and products manufacturer headquartered in Illinois, is setting up a state-of-the-art LED operations in Prai Industrial Estate.

Indepth study on tax plan for Iskandar knowledge workers
JOHOR BARU: The Federal Government is currently conducting an indepth study on the implementation of the 15% income tax rate for knowledge workers in Iskandar Malaysia.

Up Close and Personal
The founder of Russian software houseKaspersky Lab shares his most important rule in business: To set targets, reach them and leave the sceptics gaping.

Your 10 Questions for entertainer Gurmit Singh
Singaporean actor and comedian Gurmit Singh fields the 10 questions posed to him by our readers.

Biodiesel programme at the crossroads
HAMPERED by poor offtake and excalating cost of subsidy, the Government’s highly promoted B5 mandate – the blending of 5% biodiesel with 95% diesel – now stands at the crossroads.

Why IT solutions providers lack appeal despite good prospects
EVER wonder why some companies with seemingly good prospects do not attract as much investor interest as others? That’s the case for most information technology (IT) solutions providers.

Building confidence in public transport
FOR most of Klang Valley residents, the choice between driving in traffic jams and commuting in sardine-packed light rail transit (LRT) or buses during peak hours makes little difference.

Short but sweet
“IT was too short, one more year would have been perfect,” Irene Dorner, HSBC Bank Malaysia Bhd deputy chairman and CEO exclaims at the end of this interview with StarBizWeek earlier this week.

mTouche set to break the mould
MENTION mobile service providers and most people conjure up an image of single-product companies with unsustainable business plans. It’s hard to fault that notion – more often than not, these companies are rather smallish and struggling to remain profitable, which perhaps best explains the lack of investor interest in the sector.

BI solution anessential tool
BUSINESS intelligence (BI) solutions may be an essential tool in today’s business world but it is not wisely used by domestic small and medium enterprises (SMEs) who have yet to familiarise themselves as it is generally perceived as an “expensive investment.”

Consolidation within a tight band
It had been a short week for the local stock due to the Hari Raya Haji break on Friday. As widely expected, profit-taking consolidation was the theme for the week’s trade, with no major domestic catalyst or surprises driving the FBM Kuala Lumpur Composite Index (FBM KLCI).

EON Bank uses online marketing to boost customer base
EON Bank Bhd will use online marketing, beginning with the sponsorship of the movie, The Storm Warriors, as a new initiative to boost its customer base, including credit card customers.

McCann gets going with the tough
IN the advertising agency world, taking risks and having bold ideas are what separate the men from the boys. This is the philosophy that has made McCann Worldgroup Malaysia the creative powerhouse it is today.

Advertisers branding on hit reality shows
REALITY TV has become such a phenomena in recent years and those with great presentation and interesting content that connect easily with viewers are sure winners and are likely to have a strong following.

AFAA gives Matthews Award of Merit
THE Asian Federation of Advertising Associations (AFAA) has presented Macomm Management Services chief executive officer Jacob Matthews with its inaugural Award of Merit.

Property launches do well for this year
THE capital values for high end condominiums in quarter three (Q3) this year are currently still hovering close to the original purchase prices, albeit with a small premium.

Think critically when you buy that house
TWO weeks ago, we ran a piece on the importance of looking at details over and above location, pricing and the reputation of the developer. The piece highlighted the importance of installing smoke detectors, a sprinkler system and an adequate number of lifts in a condominium development.

Where’s the money going?
As business and commerce began to recover, investors may want to know where to put their money, especially since uncertainty in the form of job losses and the size of fiscal deficits continue to haunt the more advanced economies.

Dubai debt delays offer lessons
P. Gunasegaram believes that over-reliance on certain sectors to fuel growth can spell trouble in the longer term.

Government in quandary
Anita Gabriel wonders whether the Governmentshould guarantee the PKFZ bonds.

The road to Copenhagen
TODAY’S column comes from Kahala, Honolulu along Waikiki Beach. Its lagoons house six Atlantic bottle-nose dolphins within a secluded long stretch of clean, sandy beach and tropical gardens, amidst blue skies and lots of sunshine.

Can the euro zone survive economic recovery? xxxxxxx
THE economic recovery that the euro zone anticipates in 2010 could bring with it new tensions. Indeed, in the extreme, some countries could find themselves considering whether to leave the single currency altogether.

Early retirement is possible
ANYONE contemplating an early exit from the rat race faces just as many rewards as they do risks. The most obvious reward: Early retirement means more time to live life instead of working. On the other hand, there is always the risk of running out of money needed to survive the later years of life.

Recovery and its impact
LAST week, a woman turned to a so-called “support group” for economic recovery on Facebook to rant about the financial struggles that she was facing as a result of the global economic crisis.

EconBriefs
Compiled by Cecilia Kok

Maintaining competition
Review by ERROL OH

Snapshots
Review by Thean Lee Cheng

Shares in Asian banks, builders take a beating
DUBAI: Investors recoiled from risky assets yesterday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis.

Treasury pulse
The Monetary Policy Committee (MPC) meeting on Tuesday went rather predictably with Bank Negara leaving the Overnight Policy Rate (OPR) unchanged at 2%.

Eye on Stock
IJM Corp Bhd may have seen its profits plunged by more than half in its latest financial results, but prospects moving forward are already looking better.

Airbus to defer A380 delivery
MALAYSIA Airlines said yesterday Airbus was delaying delivery of the carrier’s first A380 superjumbo aircraft by eight months.. Managing Director and Chief Executive Azmil Zahruddin said MAS will now take delivery of its first A380 in August next year instead of January.. "We have never requested for the A380s to be delayed; all delays have been at Airbus’ request," he told Dow Jones Newswires.. The six aircraft were initially supposed to be delivered from January 2007.

Promoting green technology
GREEN technology will play a crucial role in the new economic model as it will be one of the new growth engines to the country, said Energy, Green Technology and Water Minister Datuk Peter Chin Fah Kui.

Developers against tax
ASSOCIATIONS from a broad spectrum of the property industry will submit a joint memorandum of appeal to Ministry of Finance, the latest by Monday, not to reinstate the real property gains tax (RPGT) from Jan 1 next year.. Chairman of the construction and property committee of The Associated Chinese Chambers of Commence and Industry, Datuk Teo Chiang Kok said revenue from the RPGT would be insignificant compared to the damages to the country’s image and credibility.

Ancom upbeat for 2010
Ancom Bhd, principally involved in agricultural and industrial chemicals, polymers and engineering, expects next year’s financial performance to be satisfactory, its chairman Datuk Johari Razak said.. "Looking ahead, the coming financial year will remain challenging. In facing these challenges, the group will remain competitive," he said in the company’s 2009 annual report.. Johari said the company would continue to focus on cost control measures and increase productivity to improve business profitability.

HP opens smart solutions store
KUALA LUMPUR: The Hewlett Packard one-stop Smart Office Solutions store was opened yesterday at Plaza Low Yat.. It’s run by HP authorised reseller Atoz Computer Sdn Bhd and is the first step in HP’s nationwide initiative to open such stores at key market centres in Malaysia.. HP Malaysia general manager, personal systems group, Danny Lee, said it is never easy to start up a business from scratch — even more so when faced with numerous options and decisions to be made, particularly with the vast choices of IT products and solutions available in the market.

Firefly 1 Million Target

NZ trade deficit down RM2.9b
WELLINGTON: New Zealand posted its lowest annual goods trade deficit for nearly seven years in the 12 months to October amid a slump in imports, official figures showed today.. The deficit came to NZ$1.2 billion (RM2.9b) in the year to October, the lowest annual figure since November 2002. For the month of October, the trade deficit came to NZ$487 million.

Euro stocks plunge
LONDON: Europe’s major stock markets plunged by more than three per cent yesterday after Dubai’s shock call to suspend the debt of a key state company fuelled anxiety over heavy public borrowing.. London’s FTSE index of leading shares closed 3.18 per cent lower at 5,194.13 points. Frankfurt’s DAX index fell 3.25 per cent to 5,614.17 points and in Paris the CAC closed 3.41 per cent lower at 3,679.23.. <em>NOTE: There is no Wall St report due to Thanksgiving holiday in the US</em>.  

India's Satyam fraud totals RM10.2b
NEW DELHI: Police probing India’s biggest corporate scandal said yesterday the fraud involving outsourcingcompany Satyam totalled over US$3 billion (RM10.2b), double the amount originally suspected.. The Central Bureau of Investigation (CBI) which filed new charges on Tuesday against 10 suspects, includingcompany founder and chairman B. Ramalinga Raju, warned the scandal could grow further.

Japan's jobless rate down to 5.1 per cent
TOKYO: Japan’s unemployment rate fell to 5.1 per cent in October from 5.3 per cent in September, improving for a third consecutive month, the government said this morning.. The latest rate beat the average market forecast of a 5.4 per cent rise.. The jobless rate for men dropped to 5.3 per cent from 5.6 per cent in September and for women edged down to 4.8 per cent from 4.9 per cent, the internal affairs ministry said.

#Stocks to watch:* KNM, GBH, Favelle Favco, Mamee
KUALA LUMPUR: Investors will again have to brace for a volatile week ahead starting Nov 30 as investment sentiment is expected to be impacted by the worries about a possible default from a Dubai state….

US stocks slide on Dubai worries
NEW YORK: U.S. stocks fell more than 1 percent in a truncated session on Friday, Nov 27 as a possible debt default by a Dubai state-owned conglomerate led to fresh concerns about the global financial ….