- A + A KUALA LUMPUR (May 26): Bursa Malaysia extended Wednesday's gains to end higher on Thursday (May 26), supported by buying demand for selected industrial products and services as well as telecommunications and media counters amid cautious sentiment on regional bourses, dealers said. Press Metal Aluminium Holdings Bhd and Telekom Malaysia Bhd (TM) were the top two gainers, putting on 14 sen to RM5.44 and 26 sen to RM4.97 respectively, and contributed a total of 3.68 points to the gains in the FBM KLCI. At 5pm, the benchmark index settled 5.59 points, or 0.36%, higher at 1,541.15, from Wednesday’s close at 1,535.56, after moving between 1,535.89 and 1,541.75 throughout the day. The KLCI opened 4.16 points higher at 1,539.72. However, market breadth was negative with decliners outpacing advancers 557 to 406, while 364 counters were unchanged, 986 untraded and 31 others suspended. Total turnover rose to 2.89 billion units worth RM1.92 billion from 2.34 … [Read more...] about Bursa extends gains to close higher
Sony to ramp up PS5 production and broaden games portfolio
- A + A TOKYO (May 26): Sony Group Corp said it plans to ramp up production of its PlayStation 5 console as supply chain snarls ease, and signalled a radical broadening of its games portfolio including more titles on PCs and mobile. The PS5, which went on sale in November 2020, undersold its predecessor in its second year due to component shortages which had roiled the electronics industry. But it is expected to close the gap in year three and overtake PS4's instal base the following year. Beyond the initial ramp-up, "we're planning for heavy further increases in console production, taking us to production levels that we've never achieved before", Sony Interactive Entertainment chief executive officer Jim Ryan told an investor briefing. While Covid-19 lockdowns in China continue to create supply chain uncertainty, "things are definitely improving", he added. Sony has forecast PS5 sales of 18 million units in the business year to end-March compared with 11.5 … [Read more...] about Sony to ramp up PS5 production and broaden games portfolio
Australia, China foreign ministers vie for influence with Pacific visits
Penny Wong - A + A SYDNEY (May 26): Australia's Foreign Minister Penny Wong said Canberra will listen to Pacific islands who had "led the global debate" on climate change, and be a partner that does not come with strings attached. Wong's speech to the Pacific Islands Forum secretariat in Fiji on Thursday came as China's foreign minister arrived in the region seeking a sweeping 10-nation deal on security and trade that has further unnerved the United States and its Pacific allies. In pointed remarks, Wong said the 50-year-old regional forum, of which Australia was a member, was the "heart of Pacific regionalism". She said Australia had previously disrespected Pacific nations' struggle with climate change and rising sea levels, and the new Labor government would do more, including financing climate infrastructure and offering migration and work pathways to Australia for Pacific citizens. "The triple challenges of climate, Covid, and strategic contests will … [Read more...] about Australia, China foreign ministers vie for influence with Pacific visits
Global LNG markets brace for unknowns ahead of winter
- A + A DAEGU, South Korea (May 26): Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and a murky demand outlook from Europe and top importer China in the run-up to peak winter season, industry executives said. Western sanctions on Russia due to the Ukraine invasion have sparked fears of disruption of Russian gas supply to Europe, sending global gas prices to all-time highs earlier this year and raising energy security concerns. Moscow calls its action a special military operation. In addition to unpredictable weather, it remains unclear whether there will be further cuts in Russian supplies to Europe, the executives said. Also uncertain is whether Europe can build new LNG import infrastructure in time to replace massive Russian volumes, they added. One more question is when China will lift COVID restrictions, which have slashed imports in the first five months of this year. "We have massive uncertainty … [Read more...] about Global LNG markets brace for unknowns ahead of winter
Russia cuts rates again and takes aim at ruble’s rebound
- A + A (May 26): Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, as it looks to stem a rally in the ruble and unwinds the financial defenses in place since the invasion of Ukraine. The Bank of Russia lowered its benchmark to 11% from 14% on Thursday at an extraordinary meeting it announced only a day earlier. All 23 economists surveyed by Bloomberg predicted a reduction, with most forecasting a cut of two percentage points. The central bank said it “holds open the prospect of a key rate reduction at its upcoming meetings.” In a statement accompanying the decision, policy makers made little mention of the ruble beyond noting the exchange rate contributed to slower inflation. “External conditions for the Russian economy are still challenging, considerably constraining economic activity,” they said. “Financial stability risks decreased somewhat, enabling a relaxation of some … [Read more...] about Russia cuts rates again and takes aim at ruble’s rebound
Toyota arm buys rest of renewables firm for US$1.5 billion
- A + A SINGAPORE (May 26): The trading arm of Toyota Motor Corp will pay ¥185 billion (US$1.5 billion) to acquire the remaining stake in a Japanese wind and solar power company amid a nationwide effort to hit ambitious green goals. Toyota Tsusho Corp will acquire the 40% stake it does not already own in Eurus Energy Holdings from Tokyo Electric Power Co, according to a filing on Thursday. The deal will close as soon as June. The move comes amid a wider green energy buying spree in Japan. The government seeks to cut carbon emissions by 46% from 2013 levels by 2030, and become carbon neutral by 2050. Japan's industries are in turn committing to similar goals, and facing pressure from the government and investors to move out of fossil fuels. Toyota Motor owns a 34% stake in Toyota Tsusho, which essentially acts as its trading arm. Japan's top automaker last year was considering to acquire the 40% stake in Eurus Energy, Diamond Online reported in November. Eurus … [Read more...] about Toyota arm buys rest of renewables firm for US$1.5 billion
Dollar near one-month low as Fed minutes point to rates pause
- A + A TOKYO (May 26): The dollar hovered near a one-month low on Thursday as minutes from the Federal Reserve's May meeting confirmed the potential for a pause in rate hikes after likely further increases in June and July. The dollar index - which measures the currency against six major peers - edged 0.1% higher to 102.15 as a decline in Asian equities fostered demand for safe havens like the greenback. However, the index has mostly been consolidating around 102 after a short-lived bounce to 102.45 immediately following Wednesday's release of the minutes. Analysts said there was nothing to suggest a further ramp up of the Federal Open Market Committee's already hawkish stance. Wall Street rallied overnight on that outlook, while long-term Treasury yields held steady. Atlanta Fed President Raphael Bostic had already suggested earlier this week that a pause might be the best course of action in September to monitor the effects on the economy following two more … [Read more...] about Dollar near one-month low as Fed minutes point to rates pause
Global Times: China to provide South Pacific countries ‘what US, Australia failed to offer’
Solomon Islands - A + A (May 26): As China and South Pacific island countries are going to strengthen their cooperation to better serve local people's demand for development, some voices from the West or Western media have started to distort the cooperation and hype the fear of a new "Cold War," Global Times said. West will definitely feel anxious, Global Times said. Chinese State Councilor and Foreign Minister Wang Yi will pay an official visit to the Solomon Islands, Kiribati, Samoa, Fiji, Tonga, Vanuatu, Papua New Guinea and East Timor upon invitation from May 26 to June 4, and will also visit Micronesia via video and have a virtual meeting with leaders of Cook Islands and Niue. Observers believe this trip will be a milestone for relations between China and the entire region. Wang's trip will cover cooperation and deals in many fields including economy, infrastructure, climate change, public health, policing and security. However, some Western media … [Read more...] about Global Times: China to provide South Pacific countries ‘what US, Australia failed to offer’
Bigger food crisis can be averted If Asia remembers not to panic
- A + A (May 26): The world’s food problem is already severe as prices jump and protectionism flares but there’s a good chance governments can stop it from getting way worse if they heed a lesson from the crisis in 2008 — don’t panic. With a gauge of global prices already at a record following Russia’s invasion of Ukraine, a spate of nations have moved to curb exports in crops from wheat and sugar to cooking oils, exacerbating security risks for the rest of the world. Bad weather is a concern, too. Still, while wheat, corn and soy have soared, rice, a staple for more than three billion people, has so far been more stable. If nations do not panic or start hoarding, they can stop the current crisis from becoming a rerun of the one in 2008, when rice prices soared to put the region’s food security at serious risk, according to Harvard University Professor Emeritus Peter Timmer, who’s studied food security for decades. “The 2008 lesson is: Do not spook the market,” … [Read more...] about Bigger food crisis can be averted If Asia remembers not to panic
Billionaire Adani’s food venture is best-performing Asia IPO
- A + A (May 26): India’s Adani Wilmar Ltd is an outlier among Asia’s newly listed stocks. The food company has almost tripled since its debut, while most newcomers are trading under water. Shares in the firm, a joint venture between the group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd, have outperformed 121 Asian initial public offerings (IPOs) worth over US$100 million (about RM439.76 million) this year. Almost two-thirds of the region’s new listings are in the red as rising interest rates and the war in Ukraine take a toll. The Monetary Authority of Singapore and Nippon Life India were among investors in Adani Wilmar’s IPO, which makes Fortune brand cooking oils, wheat flour, rice, pulses, sugar and other food products. The firm said it would use part of the funds in the US$486 million offering to expand facilities, repay loans and make strategic acquisitions. The company is expected to “continue to gain market … [Read more...] about Billionaire Adani’s food venture is best-performing Asia IPO