Khamis, 9 Januari 2014

NST Online Business Times : latest

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NST Online Business Times : latest

Malaysia's November IPI beats expectations

Posted: 09 Jan 2014 07:25 PM PST

Industrial output in Malaysia sprang a pleasant surprise in November, posting a 4.4 per cent annualised growth and beating market expectations.

Research houses expect the industrial output to gain traction in 2014.

The stronger reading in November came from an improvement in the manufacturing sector said the Statistics Department yesterday.
Major sub-sectors which improved were electrical and electronics products, transport equipment and other manufactures.

The mining sector also grew by 4.8 per cent in November on the back of a healthy growth in the natural gas index by 17.4 per cent.

Electricity output also recorded an increase by 6.1 per cent on a yearly basis.

Bank of America Merrill Lynch economist Dr Chua Hak Bin is confident that the manufacturing sector recovery will gain traction this year.

"The robust IP reading is consistent with the visible pick-up in exports of manufactured goods (that is electronics and machinery)."

The mining sector, he added, surprised on the upside, following three consecutive months of contraction.

"Manufacturing sales have also recorded five consecutive months of expansion, following contractions in most of the first six months of 2013.

"A pick-up in global demand and resilient consumer spending will underpin the recovery, and help offset a slowdown in government expenditure."

Chua expects generous government handouts and subsidies to give way to fiscal consolidation and, towards this end, the government has already raised fuel and electricity prices, and abolished sugar subsidies.

CIMB Investment Bank expects the improved growth traction in the industrial output next year to be backed by the recovery in the advanced economies and improving export demand for semiconductors.

Ongoing implementation of the Economic Transformation Programme and property development projects supporting domestic-market oriented industries will also support the growth.

Based on the overall industrial production and manufacturing growth in November and October, CIMB expects the third quarter GDP growth to reach 5.3 per cent.

Meanwhile, the Statistics Department said the manufacturing sector enjoyed a 4.4 per cent growth to record RM53.2 billion in sales.

Ringgit set for best week since October

Posted: 09 Jan 2014 07:31 PM PST

Malaysia's ringgit was headed for the best week since October after data signaled a sustained recovery in Southeast Asia's third-biggest economy.

Exports exceeded imports by the most in 20 months in November, while factory output growth accelerated to a four-month high, according to official figures released this week. US employers added more workers than projected in December and claims for jobless benefits dropped last week, reports showed, backing the case for the Federal Reserve to continue trimming stimulus.

"The positive local data are helping the ringgit a lot, even though Fed tapering noises are still very real," said Choong Yin Pheng, senior manager for bond and economic research at Hong Leong Bank Bhd in Kuala Lumpur. "That boosted the outlook for the new year."

The ringgit strengthened 0.5 per cent since January 3, the biggest five-day gain since the week ended October 18, to 3.2736 per dollar as of 10am in Kuala Lumpur, according to data compiled by Bloomberg. The currency advanced 0.1 per cent today. One-month implied volatility, a measure of expected moves in the exchange rate used to price options, dropped 58 basis points this week to 7.05 per cent. The rate climbed five basis points, or 0.05 percentage point, today.

Malaysia's trade surplus widened to RM9.7 billion in November, the biggest gap since March 2012, a January 8 report showed. Industrial production increased 4.4 per cent from a year earlier, the fastest growth since July, according to official data released yesterday. The nation recorded a current-account surplus of RM9.8 billion in the third quarter compared with RM2.6 billion in the previous three months.

The ringgit will climb to 3.15 per dollar in 12 months, with the improvement in Malaysia's trade balance supporting the forecast for a stronger current-account position, Goldman Sachs Group Inc analysts including Singapore-based Mark Tan wrote in a January 8 research note.

Fed officials said in December that they will cut monthly bond purchases in January to US$75 billion from US$85 billion. Policy makers will trim stimulus in US$10 billion increments over the next seven meetings before ending them in December, according to a Bloomberg survey on December 19. The Federal Open Market Committee will announce its next policy decision on January 30.

The yield on Malaysia's 3.26 per cent sovereign notes due March 2018 fell 11 basis points this week, the biggest five-day drop since the period ended October 18, to 3.59 per cent, according to data compiled by Bloomberg. It was little changed today.-- Bloomberg

Kredit: www.nst.com.my

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Christie fires aide in New Jersey bridge scandal; prosecutor launches probe - Chicago Tribune

Posted: 09 Jan 2014 10:00 AM PST

New Jersey Governor Chris Christie on Thursday fired a top aide at the center of a brewing scandal that public officials orchestrated a massive traffic snarl on the busy George Washington Bridge to settle a political score.

Christie told a news conference he was stunned and heartbroken by revelations that his staff was behind the traffic jam designed to punish a local mayor who declined to endorse Christie's re-election bid. The office of the U.S. attorney in New Jersey said it had launched an investigation.

The scandal and potential legal problems come as Christie has emerged as one of the most powerful figures in the Republican Party as head of its governors association and a possible contender for the White House in 2016.

"I am embarrassed and humiliated by the conduct of some of the people on my team," Christie said. "I am who I am, but I am not a bully."

Christie said he has dismissed his deputy chief of staff, Bridget Anne Kelly.

U.S. Attorney Paul Fishman - whose job Christie held before he was elected governor - has opened a probe into the lane closures, his spokeswoman said.

"The Port Authority Office of Inspector General has referred the matter to us, and our office is reviewing it to determine whether a federal law was implicated," Rebekah Carmichael said in a statement.

The controversy erupted with the public release of incriminating emails showing that a top aide to Christie played a key role in closing some lanes to the bridge, in a ploy to punish the Democratic mayor of Fort Lee, New Jersey.

The George Washington Bridge, one of the busiest spans in the world, connects New York City to Fort Lee. The abrupt four-day lane closures in September caused hours-long traffic jams and held up the passage of school buses and ambulances.

A local newspaper reported that emergency responders were delayed in attending to four medical situations. One involved an unconscious 91-year-old woman who later died of cardiac arrest and another, a car accident, in which four people were injured.

"SOUL-SEARCHING"

Christie has enjoyed immense popularity at home since his election in 2009, particularly for his handling of recovery and rebuilding efforts after Superstorm Sandy devastated his state in late 2012. He was re-elected in a landslide in November.

He has also touted his ability to work with political opponents as a mark of his skill at overcoming partisan divisions and forging alliances to get things done.

But the blunt-talking governor is known as well for engaging in shouting matches, hurling insults and belittling challengers.

Christie said he had been misled by his staff and knew nothing of the lane closings before they occurred and that he had been led to believe the closures were part of a traffic study.

He also said he was "blindsided" and heartbroken by the emails, and that he was doing some "soul searching."

"What did I do wrong to make these folks think it was okay to lie?" Christie said. "What I want the people of New Jersey to know is that this is the exception, not the rule."

EMAILS RELEASED WEDNESDAY

Despite earlier denials that anyone in his administration would shutter the bridge entrances as retaliation, emails released on Wednesday showed that at least one of his top aides, Bridget Anne Kelly, was involved in discussions about the closures weeks beforehand.

"Time for some traffic problems in Fort Lee," Bridget Anne Kelly, wrote to a Port Authority executive in August.

The executive, David Wildstein, replied in an email: "Got it."

In another message sent amid the gridlock, an unidentified author wrote: "Is it wrong that I'm smiling," and Wildstein responded: "No."

The Port Authority of New York and New Jersey, which oversees the bridge, had previously said it was the result of a last-minute traffic study.

The emails were supplied to the media by Wildstein, the Port Authority executive, in response to a subpoena issued by a panel of state lawmakers.

A long-time Christie ally, Wildstein previously has admitted ordering the lane closures and resigned in December. Kelly was fired prior to Thursday's press conference.

EMS DELAYED

Dennis Rodman apologizes for his rant on CNN over North Korea trip - Los Angeles Times

Posted: 09 Jan 2014 10:11 AM PST

By Alexandra Zavis

January 9, 2014, 10:03 a.m.

Former NBA star Dennis Rodman apologized Thursday for an outburst on CNN during which he launched into an expletive-laden rant against a TV anchor and implied that an American being held by North Korea was at fault for his captivity.

Rodman brought six fellow retired NBA players to the country for an exhibition basketball game Wednesday with North Koreans at which he sang "Happy Birthday" to leader Kim Jong Un, who turned 31.

The trip has drawn criticism from human rights advocates and some members of Congress. The critics are concerned that the purported goodwill gesture sends the wrong message to a ruthless dictatorship that has threatened the United States and its regional allies with nuclear annihilation. The National Basketball Assn. and its retired players' affiliate have said they do not support the venture.

During an interview broadcast this week on CNN's "New Day," anchor Chris Cuomo asked Rodman whether he would use the visit to raise the case of Kenneth Bae, a Korean American tour guide and evangelist who has been imprisoned in North Korea for more than a year on charges of "hostile acts against the state."

"Do you understand what he did in this country?" Rodman responded. When Cuomo asked him to explain, Rodman turned on the anchor.

"I want to apologize," Rodman said in a statement released Thursday, in which he admitted to have been drinking before the CNN interview. "It had been a very stressful day. Some of my teammates were leaving because of pressure from their families and business associates. My dreams of basketball diplomacy was quickly falling apart."

Here is the full statement sent to the Los Angeles Times by Rodman's publicist, Jules Feiler:

"I want to apologize. I take full responsibility for my actions. It had been a very stressful day. Some of my teammates were leaving because of pressure from their families and business associates. My dreams of basketball diplomacy was quickly falling apart. I had been drinking. It's not an excuse but by the time the interview happened I was upset. I was overwhelmed. It's not an excuse, it's just the truth. I want to first apologize to Kenneth Bae's family. I want to apologize to my teammates and my management team. I also want to apologize to Chris Cuomo. I embarrassed a lot of people. I'm very sorry. At this point I should know better than to make political statements. I'm truly sorry."

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Dennis Rodman sings 'Happy Birthday' to North Korean leader Kim Jong Un

Twitter: @alexzavis

alexandra.zavis@latimes.com