Business Times : latesthttp://www.btimes.com.my enMonday, December 02, 2013, 12.31 PMR&F to pay RM4.5b for Malaysian siteshttp://www.btimes.com.my/articles/20131202112215/Article/ http://www.btimes.com.my/articles/20131202112215/Article/Mon, 02 Dec 2013 11:22:15 +0800Guangzhou RandF Properties Co, a landlord in the southern Chinese city's business district, will pay RM4.5 billion (US$1.4 billion) for six sites in Malaysia from a royal family, marking its first acquisition abroad.
The developer plans to build commercial and residential properties on the 47 hectares in the southern Malaysian state of Johor Bahru, according to a statement to the Hong Kong stock exchange today.
Developers from China are committing billions of dollars to projects around the world, from apartment towers in New York and a new business district in the UK to a residential redevelopment in Sydney. Regulatory restrictions at home and concerns that the Chinese property market is overheating have spurred companies to venture overseas for the first time.
"Like other developers, RandF made the move to diversify its investment portfolio outside China as domestic property curbs don't seem to end soon," said Alan Jin, a Hong Kong-based property analyst at Mizuho Securities Asia Ltd. "It remains uncertain how much demand is out there."
RandF will purchase the land from the Sultan of Johor for the development that could have about 3.5 million square meters of floor area including homes, offices and a hotel, according to the statement.
RandF shares fell 1.3 per cent to HK$12.30 as of 11.01am in Hong Kong trading. The Hang Seng China Enterprises Index, tracking Chinese companies traded in Hong Kong, climbed 0.3 per cent, while the Shanghai Stock Exchange Property Index, which tracks 24 developers traded in the city, lost 3.3 per cent.
Li Ka-shing, Asia's richest man, said last week that his companies have slowed land purchases in Hong Kong and China as prices have escalated to a high level.
At least 10 Chinese cities have tightened their property policies in November as local governments face pressure to meet annual home-price targets, according to Centaline Property Agency Ltd, the nation's biggest real estate brokerage. Three of China's four major cities -- Shenzhen, Shanghai and Guangzhou -- raised minimum down-payment requirements for second-home mortgages to 70 per cent from 60 per cent.
RandF's entry into Malaysia follows Country Garden Holdings Co, the developer controlled by China's richest woman Yang Huiyan, which said last year it will buy prime waterfront land in the southern part of the Southeast Asian nation.
RandF has been exploring opportunities to tap into fast- developing markets overseas to boost its longer-term profitability, chairman Li Sze Lim said in today's statement.
"The Malaysian property market has significant growth potential that comes from strong economic fundamentals and demographic factors offering opportunities which the group is well positioned to take advantage of," he said.
Average Malaysian home values rose 43 per cent to a record in the four-and-a-half-years to June, according to government data. Prices in the capital Kuala Lumpur climbed 62 per cent to RM605,711 between the start of 2009 and the end of the second quarter this year, while those in Johor climbed 37 per cent to RM187,644, CBRE Group Inc said.-- Bloomberg Short-term rates to remain stablehttp://www.btimes.com.my/articles/20131202103915/Article/ http://www.btimes.com.my/articles/20131202103915/Article/Mon, 02 Dec 2013 10:39:15 +0800Short-term interbank rates are expected to remain stable today following Bank Negara Malaysia's intervention to reduce excess liquidity from the financial system.
The central bank estimated today's liquidity at RM28.17 billion in the conventional system and RM8.59 billion in Islamic funds.
The bank will conduct a RM7 billion range maturity auction money market tender for two days to 91 days and a RM100 million repo tender for 91 days.
It will also call for two RM700 million Islamic range maturity auction Al-Wadiah tender for 14 days and RM1.3 billion for 31 days.
At 4pm, the bank will undertake a conventional overnight tender of up to RM21.1 billion and a RM6.7 billion Al-Wadiah overnight tender.-- Bernama Tin price unachangedhttp://www.btimes.com.my/articles/20131202111601/Article/ http://www.btimes.com.my/articles/20131202111601/Article/Mon, 02 Dec 2013 11:16:01 +0800On the Kuala Lumpur Tin Market, business was done today at US$22,670 per tonne (ex-smelter), unchanged from last Friday on a turnover of 50 tonnes.-- Bernama
KL shares remain mixed mid-morninghttp://www.btimes.com.my/articles/20131202104211/Article/ http://www.btimes.com.my/articles/20131202104211/Article/Mon, 02 Dec 2013 10:42:13 +0800Shares on Bursa Malaysia remained mixed at mid-morning today with investors' interest confined to selected heavyweights in consumer stocks, dealers said. British American Tobacco gained 30 sen to RM63.20 and Apex Healthcare added 29 sen to RM4.89. As at 11am, the FTSE Bursa Malaysia KLCI (FBM LCI) increased 7.52 points to 1,815.12, after opening 5.15 points higher at 1,812.75. Losers led gainers 273 to 225, with 254 counters unchanged, 812 untraded and 20 others suspended. Turnover was low with 392.1 million shares traded valued at RM244.2 million. The Finance Index improved 12.369 points to 16,688.02, the Plantation Index gained 15.87 points to 8,895.92 and the Industrial Index was 9.29 points higher at 3,163.12. The FBM Emas Index increased 34.86 points to 12,585.79, the FBMT100 Index advanced 36.43 points to 12,315.21, the FBM Ace added 23.87 points to 5,606.97 and the FBM 70 rose 18.159 points to 14,182.11. Among actives, XOX lost half a sen to 16.5 sen, 1 Utopia gained half a sen to eight sen and Sumatec declined half a sen to 30 sen. As for heavyweights, Maybank rose three sen to RM9.81, CIMB fell one sen to RM7.57 and Sime Darby was flat at RM9.65.-- Bernama Gold up 11 sen at RM125.02http://www.btimes.com.my/articles/20131202104553/Article/ http://www.btimes.com.my/articles/20131202104553/Article/Mon, 02 Dec 2013 10:45:53 +0800The physical price of gold as at 9.30am stood at RM125.02, up 11 sen from RM124.91 at 5pm last Friday.-- Bernama
Gold futures contracts open marginally higherhttp://www.btimes.com.my/articles/20131202104747/Article/ http://www.btimes.com.my/articles/20131202104747/Article/Mon, 02 Dec 2013 10:47:47 +0800Gold futures contracts on Bursa Malaysia Derivatives opened marginally higher Monday, continuing its last week's buying
momentum, dealers said.
A dealer said the precious metal was in favour ahead of the uncertain US economic data expected to be released this week.
The data would give the cue on when the Federal Reserve would start to taper its bond-buying programme, the dealer added.
At 9.29am, only one contract month was traded in the local market.
December 2013 was traded at RM129.75 a gramme, up six ticks from Friday's settlement, with two lots traded.
January 2014 stood at RM129.55 a gramme while February 2014 and March 2014 were both pegged at RM129.95 a gramme, respectively.
Open interest stood at 1,132 contracts.-- Bernama FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20131202104953/Article/ http://www.btimes.com.my/articles/20131202104953/Article/Mon, 02 Dec 2013 10:49:53 +0800At 10.30am today, there were 211 gainers, 228 losers and 248 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,814.28 up 6.68 points, the FBMACE was at
5,617.81 down 13.03 points, and the FBMEmas was at 12,583.98 up 33.05 points.
Turnover was at 313.171 million shares valued at RM186.155 million.-- Bernama
KLCI futures traded higher in early sessionhttp://www.btimes.com.my/articles/20131202111307/Article/ http://www.btimes.com.my/articles/20131202111307/Article/Mon, 02 Dec 2013 11:13:07 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives was higher, in early session today.
As at 10.40am, spot month December 2013 was 3.5 points better at 1,814.50, January 2014 added 4.5 points to 1,816, February 2014 garnered 2.5 points to 1,814 and March 2014 was flat at 1,806.
Volume stood at 1,525 lots while open interest totalled 35,991 contracts.-- Bernama Ringgit traded lower against US dollarhttp://www.btimes.com.my/articles/20131202104411/Article/ http://www.btimes.com.my/articles/20131202104411/Article/Mon, 02 Dec 2013 10:44:11 +0800The ringgit opened lower against the US dollar today on profit-taking after benefiting from the greenback at Friday's close,
dealers said.
At 9am, the ringgit was quoted at 3.2270/2300 to a US dollar from Friday's closing at 3.2215/2245.
The ringgit was also traded lower against other major currencies.
The local unit fell against the Singapore dollar to 2.5711/5739 from 2.5678/5703 on Friday and weakened against the yen to 3.1492/1537 from 3.1469/1514 last week.
The domestic currency depreciated against the British pound to 5.2958/3020 from 5.2604/2663 on Friday and declined against the euro to 4.3855/3902 from 4.3832/3885 last week.-- Bernama
Four people were killed and more than 60 were injured Sunday when a Metro-North commuter train derailed in the Bronx. VPC
Kevin McCoy, Rick Hampson and John Bacon, USA TODAY 12 p.m. EST December 1, 2013
NEW YORK — Four people were killed and more than 60 were injured Sunday when a commuter train derailed in the Bronx.
The Fire Department of New York said more than 130 firefighters raced to the derailment scene just north of the Spuyten Duyvil station, helping extricate passengers and crew from the Metro-North train. Four or five of the southbound train's seven cars derailed in an area on the edge of the Hudson River near the station just north of Manhattan, the Metropolitan Transportation Authority said.
The crash shattered the Sunday morning calm in one of the city's most bucolic neighborhoods. Wilma Rosen has lived-in the Spyten Dyvll section of the Bronx for 35 years. Hilly, leafy and on the water at the confluence of the Harlem and Hudson rivers, "it's such a beautiful spot. Most people's idea of the Bronx is not like this," she said.
The train originated at 5:54 a.m. in Poughkeepsie, one of New York City's northern suburbs. The derailment, at about 7:20 a.m., forced a suspension of all service on the Hudson line between Grand Central Station in Manhattan and the Croton Harmon station in Westchester County, a northern suburb.
The New York City Police Department declared a "level-three mobilization" — a somewhat-common alert for a serious incident — sending officers from across the Bronx to the derailment scene. The National Transportation Safety Board said it was sending a "Go-Team" to investigate the tragedy.
Gov. Andrew Cuomo, who arrived at the scene later Sunday morning, said all train passengers and crew were accounted for. The cause of the derailment remained under investigation.
"What we do know is four people lost their lives in the holiday season after Thanksgiving," said Cuomo, who called for memorial prayers. Cuomo said 11 of the 63 injuries were considered critical, with the remainder less serious.
Families trying to get information about relatives or friends who were aboard the train were advised to contact New York City's 311 information system, Cuomo said.
NYPD Commissioner Raymond Kelly said the train engineer "got banged up somewhat, but is conscious and alert." The engineer made some "unofficial statements" to investigators, but that information is being withheld for the NTSB, Kelly said.
Frank Tatulli, a passenger on the train, told WABC-TV in New York that he takes the train every Sunday morning, and that it was travelling faster than usual as it approached a curve. Tatulli said he got out of the train on his own, but suffered head and neck injuries.
MTA President Tom Prendergast, who joined Cuomo for a briefing near the derailment site, said speed was one factor in the investigation. He also said the incident took place near the area of a July derailment, but was believed to involve a different track.
The White House released a statement saying President Obama had been briefed on the tragedy by Lisa Monaco, assistant to the President for homeland security and counterterrorism.
"His thoughts and prayers go out to the friends and families who lost a loved one and everyone affected by this incident," the statement said. "The White House will continue to stay in contact with the federal, state and local partners as they respond to this event."
Charles Manley lives with his family on fifth floor of apartment house overlooking the tracks on Palisade Avenue. He said he was in bed when he heard a sound "like someone dropping a pile of pipes down next to your head" -- even though the crash was hundreds of yards away and below.
"There there was this long terrible sound of sheet metal screeching," Manley said.
Enrie Morales, 50, of the Riverdale section of the Bronx, said she was out for her morning walk along an escarpment overlooking the tracks about 60 feet below.
"It sounded like the earth rumbled," she said. She ran to the edge of the cliff and saw train cars spread across the tracks like toys. She said that for many years when she lived north of the city she took this early morning train. The train has fewer cars than most, she said.
"At that hour it's always the same people, the same conductors. Everybody knows everybody" and many passengers are asleep, she said.
The Metro-North's Hudson line serves New York City and Westchester, Putnam, and Dutchess counties, ending in Poughkeepsie.
Service on the line was at first suspended from Poughkeepsie to Grand Central Station. Later Sunday morning, Metro-North said rail service was restored from Poughkeepsie to Tarrytown. Passengers would then take buses to the White Plains station on the Harlem line, where they would catch trains to and from Grand Central Station.
Amtrak Empire Line service between New York City and Albany was suspended after the derailment, according to a service update on the national rail carrier's website. However Amtrak Northeast Corridor service between New York City, Washington, D.C. and Boston was not affected, according to the update.
HealthCare.gov A man looks over the Affordable Care Act signup page on the HealthCare.gov website in New York. (Reuters /November 28, 2013)
Tribune wire reports
8:58 a.m. CST, December 1, 2013
The Obama administration declared victory on Sunday in its effort to get HealthCare.gov working smoothly for the vast majority of users, saying the site had reached a goal of handling 50,000 simultaneous users after a five-week "tech surge."
In a six-page progress and performance report, administration officials said the troubled website could now handle at least 800,000 visitors per day, with the system remaining up at least 90 percent of the time.
The new performance levels mark significant improvement after the Obamacare website's disastrous October 1 launch, when it crashed in the face of high traffic volumes and remained down 60 percent of the time for weeks.
But officials remain concerned about high volumes this month, with the potential for large numbers of people entering the site to apply for insurance coverage beginning January 1.