Ahad, 18 November 2012

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Posted: 18 Nov 2012 06:14 PM PST

Affin Investment Bank cut its rating on Parkson Holdings Bhd to 'reduce' from 'buy', following its retail unit's disappointing earnings in the first nine months of the year due to uncertain operating conditions in China.

Parkson Retail Group's surprising weaker year-to-date same-store-sales growth was caused by a slowdown in China's consumer spending and gross domestic product, the research house said on Monday.

Parkson's third-quarter core net profit plunged 42 percent year-on-year because of losses at new stores, rental hikes and high costs in its e-commerce segment, Affin added.

Affin lowered its target price on Parkson Holdings to RM4.84 from RM5.35.

As of 0154 GMT, Parkson shares were down 3.2 per cent, underperforming the Malaysian benchmark index which dropped 0.2 percent. - Reuters

Karex to expand condom output capacity

Posted: 18 Nov 2012 05:53 PM PST

Karex Industries Sdn Bhd, the world's biggest condom manufacturer, will expand capacity after selling shares next year, boosting Malaysia's bid to rejuvenate its rubber industry amid competition from Thailand and Vietnam.

"Demand for condoms is continuously growing," said Goh Miah Kiat, whose great-grandfather started the company as a grocery store on a Malaysian rubber plantation almost a century ago. "It's a very good time. With the company going public, additional funds could be raised for it to expand further."

From trading rubber, the Gohs' business evolved into exporting contraceptives. Their move up the value chain mirrors Malaysia's as it seeks to shift from an agricultural base into more lucrative industries, ranging from latex medical gloves to petrochemicals, as part of a strategic move to escape what economists call the middle-income trap.

"When we got into condoms, it was pretty much a dirty word," Goh, executive director at Karex, said in a Nov. 12 interview. "Today, things have changed. Asia is going to create a lot of demand because our population is very young."

The Selangor-based company, which supplies the United Nations and markets including Brazil, the U.S. and China, is seeking funds through a share sale to double annual production capacity to 6 billion pieces, Goh said. The Southeast Asian country is the world's biggest condom producer, according to the Malaysian Rubber Board. -- Bloomberg

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Israel-Gaza conflict - USA TODAY

Posted: 18 Nov 2012 09:02 AM PST

World

Obama defends Israel's right to defend itself

Obama defends Israel's right to defend itself

President Barack Obama on Sunday defended Israel's airstrikes on the Gaza Strip, but he...

President Barack Obama on Sunday defended Israel's airstrikes on the Gaza Strip, but he warned that escalating the offensive with Israeli ground troops could deepen the death toll and undermine any hope of a peace process with the Palestinians. (...

Obama Reaffirms Close Links with Thailand, Previews Burma Visit - Voice of America

Posted: 18 Nov 2012 08:46 AM PST

— In Bangkok, President Barack Obama and Thai Prime Minister Yingluck Shinawatra have reaffirmed close relations between the United States and Thailand.

After a visit to a royal monastery and symbol of Thailand's Buddhist religion and culture, Obama and Secretary of State Hillary Clinton went to a hospital in Bangkok for an audience with ailing Thai king Bhumibol Adulyadej.

At 85, the king is a powerful unifying influence for the Thai people through decades of political upheaval, including military coups and a political crisis in 2010.

After bilateral talks, Obama and Prime Minister Yingluck Shinawatra used a news conference to reflect on nearly 180 years of diplomatic relations, and reaffirm deep political, economic and security links.

Thailand democracy

As in the United States, the president said, democracy is something that needs continuing work.

"What you are seeing here in Thailand is a democratically-elected prime minister, who is committed to democracy, committed to rule of law, committed to freedom of speech and the press and assembly," said Obama. "But obviously what is true in Thailand, as is true in America, is that all citizens have to remain vigilant and there is always improvement to be made."

The Thai prime minister said her government is committed to national reconciliation and stable democracy.

"The destination of us [Thailand] is the stability of democracy, because we believe it will be the fundamental of economic growth in the future," she said. "So, the destination to go with that vision is national reconciliation."

U.S. President Barack Obama and Secretary of State Hillary Clinton tour Wat Pho Royal Monastery in Bangkok, November 18, 2012.

Obama said it is "no accident" that Asia and oldest U.S. Asian ally Thailand were his first overseas stops since being re-elected. He said the Asia-Pacific region will shape U.S. security and prosperity and is critical to creating jobs and opportunity for Americans.

Burma reforms

President Obama departs early Monday for Burma, the first U.S. president to visit a country starting down a long and difficult road of political and economic reforms.

Previewing his message to Burma, Obama said he will congratulate the Burmese people for progress, but underscore there is a long way to go for reforms to take hold.

"What they will hear from me is that we congratulate them on having opened the door to a country that respects human rights, and respects political freedom, and is saying that it is committed towards a more democratic government," said Obama. "But you will also hear that the country has a long way to go."

Obama said the United States is "calibrating its policies and responses" and will respond if it sees "backsliding and slipping" in the reform process.

In Burma, Obama will meet with Burma's President Thein Sein, who has been carefully managing the reform process.

Aung San Suu Kyi

The president will visit the home of democracy figure and member of parliament Aung San Suu Kyi, who spent years under house arrest at the hands of a military government. The two met at the White House this past September.

Obama and Aung San Suu Kyi are also Nobel Peace Prize laureates. The president received the honor in 2009 for what the Nobel committee called his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.

Aung San Suu Kyi received hers in 1991 for her non-violent for democracy and human rights in her country.

Kredit: www.nst.com.my

Ahad, 18 November 2012