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Khamis, 13 Februari 2014

NST Online Business Times : latest

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Ringgit opens higher

Posted: 13 Feb 2014 06:52 PM PST

The ringgit opened higher against the US dollar on mild demand from investors and renewed weaknesses on the greenback, a
currency dealer said.

At 9am, the local unit strengthened against the US dollar to 3.3190/3220 from 3.3210/3240 yesterday.

The dealer said the US dollar dropped last night against other major currencies due to an unexpected slip in the US retail sales amid concerns that the US economic growth could be slowing down.

However, the ringgit opened lower against other major currencies, except the yen.


The local currency weakened against the Singapore dollar to 2.6225/6267 from 2.6203/6231 yesterday but rose against the yen to 3.2469/2514 from 3.2527/2572 Thursday.

The local unit was traded slightly lower against the British pound to 5.5261/5325 from 5.5258/4321 yesterday and depreciated against the euro to 4.5394/5448 from 4.5255/5303 Thursday.-- Bernama

Ringgit forwards set for weekly gain

Posted: 13 Feb 2014 07:09 PM PST

Malaysia's ringgit forwards headed for a third straight weekly advance, the longest run of gains since September, as US data fueled speculation policy makers will slow the pace of stimulus cuts.

Sales at US retailers fell in January by the most since June 2012 and more Americans than forecast filed for jobless benefits last week, reports showed yesterday. Figures released February 7 indicated payrolls rose less than projected last month. Malaysia reported the smallest fiscal deficit in six years in 2013 and the widest current-account surplus in four quarters.

"The numbers out of the US have been pretty worrying," said Choong Yin Pheng, senior manager for bond and economic research at Hong Leong Bank Bhd in Kuala Lumpur. "Malaysia's current-account surplus is definitely a positive."

One-month non-deliverable forwards strengthened 0.4 per cent this week and 0.1 per cent today to 3.3242 per dollar as of 9.59am in Kuala Lumpur, according to data compiled by Bloomberg. The contracts traded 0.2 per cent weaker than the spot rate, which gained 0.3 per cent since February 7 and 0.1 per cent today to 3.3185.

One-month implied volatility in the ringgit, a measure of expected moves in the exchange rate used to price options, fell 99 basis points this week to 6.68 per cent, data compiled by Bloomberg show. The rate increased three basis points, or 0.03 percentage point, today.

Citigroup Inc is bearish on the ringgit as domestic investors continue to diversify away from local-currency assets and funds move from fixed-income instruments globally, analysts including Singapore-based Siddharth Mathur wrote in a research note yesterday.

Malaysia's budget shortfall narrowed to 3.9 per cent of gross domestic product last year from 4.5 per cent in 2012, according to the central bank's quarterly bulletin this week. The excess in the broadest measure of trade widened to RM16.2 billion (US$4.9 billion) in the last three months of 2013 from RM9.8 billion in the previous period.

Sales at US retailers declined 0.4 per cent in January following a revised 0.1 per cent drop in December that was previously reported as an increase, official data showed yesterday. Federal Reserve Chair Janet Yellen pledged to keep scaling back stimulus in measured steps in her first report to Congress on February 11.

The yield on the Malaysian government's 4.181 per cent notes maturing in July 2024 dropped three basis points this week and two basis points today to 4.14 per cent, data compiled by Bloomberg show.- Bloomberg

Kredit: www.nst.com.my

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Comcast-Time Warner Deal: How It's Playing on Twitter - New York Times

Posted: 13 Feb 2014 08:36 AM PST

It is a huge merger between two household names. So, naturally, Comcast's deal to buy Time Warner Cable is lighting up social media with quips and analyses.

The news first broke on Twitter on Wednesday evening, when David Faber of CNBC posted a brief message outlining the deal. Before long, the tweets were flying.

The conversation touched on some of the intriguing features of the deal, such as the lack of a breakup fee, and soon turned to whether the combination would stand up to scrutiny in Washington. And, of course, there were plenty of comedic analysis, too.

First, the initial reaction to the news:

Regulatory questions loom over this deal, though the companies do not compete directly in any markets.

One of Comcast's advisers was an individual banker, Paul J. Taubman.

Some on Twitter saw an opportunity to inject humor:

Farhad Manjoo, the new technology columnist for The New York Times, weighed in:

Comcast already uses Time Warner Cable for its Internet service in New York.

A blast from the past:

What does the deal mean for a rival product from Google?

This is what happens when a TV anchor has a scoop after hours:

Another Storm Hits Northeast; 'Oh, No, Not Again' - ABC News

Posted: 13 Feb 2014 08:47 AM PST

The latest storm to roll off nature's assembly line during this bustling winter spread heavy snow and sleet along the Northeast corridor Thursday, while utility crews in the ice-encrusted South labored to restore power to hundreds of thousands of shivering residents.

The storm shuttered schools and businesses, made driving scary, grounded thousands of flights and made more back-breaking work for people along the East Coast, where shoveling out has become a weekly chore — sometimes a twice-weekly one.

"Snow has become a four-letter word in Delaware County and all along the East Coast this winter," said Tom McGarrigle, chairman of the Delaware County Council, in suburban Philadelphia.

Baltimore awoke to 15 inches of snow. Washington, D.C., had at least 11, and federal offices and the city's two main airports were closed.

Philadelphia had nearly 9 inches by early morning, making it the fourth 6-inch snowstorm of the season — the first time that has happened in the city's history. Harrisburg, Pa., had at least 8 inches.

At least 14 deaths, most of them in traffic accidents, were blamed on the storm as it made its way across the South and up the coast. The victims included a truck driver in Ashburn, Va., who was working to clear snowy roads. He had pulled off the road and was standing behind his vehicle when he was hit by a dump truck.

Across the South, the storm left in its wake a world of ice-encrusted trees and driveways and snapped branches and power lines.

More than 200,000 homes and businesses in the Atlanta area alone were waiting for the electricity to come back on. Temperatures were expected to drop below freezing again overnight.

In North Carolina, where the storm caused huge traffic jams in the Raleigh area on Wednesday as people left work and rushed to get home in the middle of the day, National Guardsmen in high-riding Humvees patrolled the snowy roads, looking for stranded motorists.

State Emergency Management Director Mike Sprayberry said there was no way to estimate how many were stuck in their vehicles.

Some roads around Raleigh remained clogged with abandoned vehicles Thursday morning. City crews were working to tow the vehicles to safe areas where their owners could recover them.

The procession of storms and cold blasts — blamed in part on a kink in the jet stream, the high-altitude air currents that dictate weather — has cut into retail sales across the U.S., the Commerce Department reported Thursday. Sales dipped 0.4 percent in January.

Many cities are seeing their supplies of road salt dwindling fast, and school systems have run out of school days.

In New Cumberland, Pa., Randal DeIvernois had to take a rest after shoveling his driveway. His snowblower had conked out.

"Every time it snows it's like, oh, not again," he said. "I didn't get this much snow when I lived in Colorado. It's warmer at the Olympics than it is here. That's ridiculous."

The sloppy and dangerous weather threatened to disrupt deliveries of Valentine's Day flowers.

"It's a godawful thing," said Mike Flood, owner of Falls Church Florist in Virginia. "We're going to lose money, there's no doubt about it."

———

Associated Press writers Sarah Brumfield in Washington; Matthew Barakat in Falls Church, Va.; and David Dishneau in Frederick, Md.; contributed to this report.
Kredit: www.nst.com.my
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