Business Times : latesthttp://www.btimes.com.my enWednesday, June 29, 2011, 08.28 AMSig Gases up on Iwatani gas plant jobhttp://www.btimes.com.my/articles/20110629093228/Article/ http://www.btimes.com.my/articles/20110629093228/Article/Wed, 29 Jun 2011 09:32:28 +0800Sig Gases Bhd rose the most in almost two weeks after the Malaysian industrial gas producer and distributor signed a preliminary agreement with Iwatani Corp. to set up a helium gas plant in Malaysia's Johor state.
The stock advanced 1.3 per cent to 80 sen at 9:20 a.m. local time in Kuala Lumpur trading, set for its steepest close since June 16. - Bloomberg Ho Hup climbs after Formis buys stakehttp://www.btimes.com.my/articles/20110629092230/Article/ http://www.btimes.com.my/articles/20110629092230/Article/Wed, 29 Jun 2011 09:22:30 +0800Ho Hup Construction Co rose the most in a week in Kuala Lumpur trading after Formis Resources Bhd bought a 20.6 per cent stake in the Malaysian construction and property group.
The stock climbed 1.2 per cent to 81.5 sen at 9:14 a.m. local time, set for its steepest increase since June 22. -- Bloomberg E&O jumps on township project in Johorhttp://www.btimes.com.my/articles/20110629092409/Article/ http://www.btimes.com.my/articles/20110629092409/Article/Wed, 29 Jun 2011 09:24:09 +0800Eastern and Oriental Bhd, a Malaysian property group, rose the most in two weeks after forming a joint venture with Khazanah Nasional Bhd and Temasek Holdings Pte LTd to develop a "wellness" township project in the southern Johor state.
The stock climbed 3.9 per cent to RM1.62 at 9:07 a.m. local time in Kuala Lumpur trading, set for its biggest gain since June 15. -- Bloomberg Malaysian sovereign bonds on high demandhttp://www.btimes.com.my/articles/20110629092212/Article/ http://www.btimes.com.my/articles/20110629092212/Article/Wed, 29 Jun 2011 09:22:12 +0800Malaysia sold US$2 billion of Islamic notes at yields below its guidance after attracting interest five times higher than bonds on offer, two people familiar with the matter said.
The Southeast Asian nation sold US$1.2 billion of five-year Shariah-compliant bonds, or sukuk, to yield 145 basis points over Treasuries, and US$800 million of 10-year notes at 165 basis points, according to a sales notice. Malaysia's yield guidance was said to be 15 basis points higher than the final pricing for both maturities.
The sale attracted US$10 billion of orders, said the people who couldn't be named as the information is confidential. - Bloomberg Malaysian petroleum income tax bill passedhttp://www.btimes.com.my/articles/20110629092841/Article/ http://www.btimes.com.my/articles/20110629092841/Article/Wed, 29 Jun 2011 09:28:48 +0800KUALA LUMPUR: The Dewan Rakyat today passed the Petroleum Income Tax (Amendment) Bill 2011 after it was read three times when a division was taken. Opposition member Azmin Ali (PKR-Gombak) raised an objection under Article 46(4) of the standing orders that if 15 or more members object to a decision, a voice vote must follow. The bill was passed when Deputy Speaker Datuk Ronald Kiandee announced that 45 of 75 voters were for and 29 against. Earlier, when wrapping up the debate on the bill, Deputy Finance Minister Datuk Dr Awang Adek Hussin said the incentives related to the Petroleum Income Tax Act 1967 included reducing the income tax rate from 38 per cent to 25 per cent for marginal oilfields. Besides that, capital allowance would be speeded up from 10 to five years for marginal oilfields, and investment allowance given to projects requiring high capital expenditure and technical skills, he said. "This incentive is to encourage investment for increased national petroleum production and help reduce the management cost of the upstream petroleum industry to attract more exploration activities as well as oilfield development," he said. The Securities Commission (Amendment) Bill 2011 tabled by Deputy Finance Minister Datuk Donald Lim Siang Chai was also passed by the Dewan Rakyat. The amendment includes expansion of the commission's surveillance functions and a working outline to recognise foreign auditors and audit firms. The sitting resumes tomorrow.-- BERNAMA Palm oil will see greater demand: Oil Worldhttp://www.btimes.com.my/articles/20110629092634/Article/ http://www.btimes.com.my/articles/20110629092634/Article/Wed, 29 Jun 2011 09:26:55 +0800Palm oil will be in greater demand in the season starting in October as production of other oilseeds rises at a slower pace, Oil World said.
Growth of soybean, rapeseed and canola supplies in particular is expected to slow, which will increase dependence on rising imports of oils and fats, the Hamburg-based researcher said in a report yesterday.
Exports of 17 oils and fats will climb to 70.3 million metric tons in the year through September 2012 from 67.2 million tons in the prior period, Oil World said. Palm oil may account for almost 56 per cent of world shipments, compared with 47.5 per cent in 2001-02, it said.
"Palm oil should be available on the world market at sufficiently large discounts relative to soya oil and other oils and fats to facilitate the expected increase in exports," Oil World said.
More palm oil may be exported as biodiesel, according to the report. Indonesia and Singapore have increased monthly shipments of biodiesel to a combined 150,000 tons, with potential for further growth, Oil World said.
"The increasing requirements of soya oil for biodiesel production in Argentina, Brazil and the USA will curb the growth in soya oil exports in 2011-12," Oil World said.
U.S. soy-oil exports have dropped because of higher domestic requirements for biodiesel production, according to the researcher. It predicted combined biodiesel output in Argentina and Brazil will rise this year to 4.7 million tons from 3.9 million tons a year ago.
Soy-oil exports globally will come to 10.5 million tons at most for the next season, up from 10.2 million tons estimated for the 2010-11 year, the report showed.
World supplies of rapeseed and canola oils probably will be tight next season due to crop failure in the European Union and lower-than-expected production and export supplies in Ukraine, Oil World said. -- Bloomberg US stocks surge over 1pc on Greek hopeshttp://www.btimes.com.my/articles/20110629075328/Article/ http://www.btimes.com.my/articles/20110629075328/Article/Wed, 29 Jun 2011 09:26:57 +0800NEW YORK: US stock markets rallied on Tuesday, with all three major indices leaping more than one per cent amid optimism that Europe would reach a deal to avoid a destabilising default by Greece.
The Dow Jones Industrial Average rose 145.13 points (1.21 per cent) to close at 12,188.69.
The broader SandP 500 jumped 16.57 points (1.29 per cent) to 1,296.67, while the tech-heavy Nasdaq Composite climbed 41.03 points (1.53 per cent) to 2,729.31.
Investors welcomed reports that progress was being made in talks to prevent a Greek default, in part by rolling over a large portion of Greece's debt into 30-year bonds.
Market participants were hopeful that Greece's government would succeed in pushing through unpopular austerity measures, despite a general strike called by unions that led to street clashes in Athens.
The rally was driven by "optimism that Greece will come through with passing their austerity plan," said Scott Marcouiller, chief technical market strategist with Wells Fargo Advisors.
Energy stocks jumped along with a rebound in oil prices, with ExxonMobil rising 2.1 per cent and Chevron gaining 1.4 per cent after the world's two major oil benchmarks - West Texas Intermediate in New York and Brent North Sea crude in London - both gained more than US$2 a barrel. -- AFP Full Feed Generated by Get Full RSS, sponsored by USA Best Price.
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