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- A + A LONDON (May 19): Heavy falls in European and Asian stock markets followed Wall Street's worst day since mid-2020 on Thursday, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting. Bond markets rallied in the dive for safety and on bets that interest rate rises may get recalibrated, but it was the gloom striking down equities after Wednesday's US$25 billion wipeout in US retailer Target's shares that dominated the action. Europe opened down 1.8%, led by a 2.2% fall in its retail sector, while scarlet red US futures and some sharp overnight drops in China tech firms put 1½-year lows back in focus for MSCI all-country world. "Target and Walmart coming out with disappointing numbers has really, really spooked people," said Close Brothers Asset Management's Chief Investment Officer Robert Alster. "We are going to see a raft of downgrades to US GDP (forecasts) now... it really looks like we are running into … [Read more...] about Shares slump as retailer warnings fuel stagflation fears

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,592.34 points on Thursday, down 33.64 points, or 1.28 percent, from the previous trading day. [YONHAP] Shares dropped by more than 1 percent to snap a two-day winning streak, as investor appetite for risky assets fell amid fears about high-flying inflation that sparked a massive sell-off on Wall Street. The won fell against the dollar. The Kospi retreated 33.64 points, or 1.28 percent, to close at 2,592.34 points. Trading volume was moderate at about 663 million shares worth some 9.7 trillion won ($7.6 billion), with losers outnumbering gainers 767 to 124. Institutions sold a net 483.4 billion won, and foreigners offloaded 97.9 billion won, while retail investors bought 520.2 billion won. The key stock index faltered below the 2,600-point mark at the opening bell, tracking an overnight plunge on Wall Street. The S&P 500 sank 4.04 percent Thursday, the sharpest drop since June 2020, as … [Read more...] about Stocks drop more than 1 percent after Wall Street plunge

- A + A BENGALURU (May 19): The Philippine peso firmed on Thursday after its central bank raised rates for the first time in more than three years, while Asian shares tumbled on concerns around surging inflation, its impact on retail demand, and the threat of a recession. Stocks in Manila fell 1%, while the Philippine peso edged up 0.2%. The Philippine central bank raised its benchmark interest rate by 25 basis points, as expected, to address rising inflationary pressures. "With the recovery in hand and price pressures surging, Bangko Sentral ng Pilipinas (BSP) finally decided to join the rate-hike club... The bigger development was the quick walk-back of pandemic support with BSP closing the provisional advance and tweaking the bond purchase window," said Nicholas Antonio Mapa, senior economist at ING. Equities in the region also tracked weakness on Wall Street overnight as retail giant Target Corp warning of a bigger margin hit due to rising fuel and freight … [Read more...] about Philippine peso firms after rate hike, Asian stocks fall on growth fears

- A + A KUALA LUMPUR (May 19): MIDF Research has maintained its 'buy' call on Cahaya Mata Sarawak Bhd (CMSB) with an unchanged target price of RM1.62, following its better core earnings in the first quarter ended March 31, 2022 (1QFY22). CMSB's core earnings grew 65.6% year-on-year (yoy) to RM73.9 million, driven mainly by improved performances of its cement and road maintenance divisions, while the group’s share of results from its associates gave it an extra boost. In a note on Thursday (May 19), the research firm said CMSB's results came in above its expectation at 36% of FY22 earnings estimate. "The relaxation of the country’s Covid-19 restrictions allowed activities across various sectors to pick up pace, leading to improved demand for cement which is CMSB’s main revenue generator. "The division saw an improvement of 6.6% yoy for the quarter to RM136.6 million, while its profit before tax came in at RM29.2 million, a growth of 34.1%  yoy," it said. Hence, … [Read more...] about MIDF Research maintains ‘buy’ call on Cahya Mata on positive construction sector

- A + A KUALA LUMPUR (May 19): Tenaga Nasional Bhd's (TNB) wholly-owned subsidiary Vantage RE Ltd (Vantage RE) enhanced TNB’s renewable energy (RE) portfolio and net-zero goals with the acquisition of a 49% stake in the UK's Blyth Offshore Demonstrator Ltd (BODL), an offshore wind farm company, from EDF Renewables (EDFR), a subsidiary of French utility company Électricité de France (EDF). In a statement on Thursday (May 19), TNB said the acquisition, which was sealed on Oct 18, 2021, marks TNB’s maiden entry into the international offshore wind market as BODL currently owns offshore wind assets off Blyth, Northumberland, England. "The assets include five turbines with a total installed capacity of 41.5 megawatt (MW) (Blyth 1) and further development rights for a floating offshore wind project of up to 58.4MW (Blyth 2) located off Northumberland. "The five 8.3MW turbines of Blyth 1 are installed with gravity-based foundations, which use a concrete load to keep the … [Read more...] about TNB enhances sustainability journey via UK offshore wind farm company stake buy

What is the "piruruhon" technique? Are you familiar with Sarawak’s ngajat dances? Did you know about British/American filmmakers Martin and Osa Johnson Film Archive with 1930s footage from Borneo? How about learning woodcut printmaking from Sabah-based art collective Pangrok Sulap? The inaugural Borneo Native Festival (BNF), which takes place at KL's Central Market on May 20-22, presents three-days of cultural exhibitions, artisanal crafts, music, food demonstrations, dance competitions, talks, workshops, and film screenings by talents from Sabah and Sarawak in conjunction with Kaamatan and Gawai. The BNF’s hybrid programme will take on a mainly on-site format at Central Market. Not to worry if you cannot make it. Online activities include Krafkita, a virtual craft campaign and Kamek Bah Ni, a virtual programme that aims to educate viewers about Bornean culture. These will be posted on TikTok. Organised by non-profit organisation Sukaseni , the BNF is supported by the … [Read more...] about Borneo Native Fest rolls out Kaamatan, Gawai celebrations at KL’s Central Market

A super slide for stocks, bonds, and cryptocurrencies rolled all the way into last week, right up until Friday, when the Nasdaq posted its strongest one-day gain since November of 2020. Despite Friday's gains, the major averages posted losses for the week, with the Dow closing down more than 2% and posting its first seven-week losing streak since 2001. The S&P 500 fell 2.5% and hit its longest weekly losing streak since 2011, while the Nasdaq fell 2.8%. It's been a rough, rough year across capital markets. A full $35 trillion in global market value has been erased since the beginning of the year. That's 14% of all global wealth, including a trillion dollars of losses in cryptocurrencies. To put those losses in perspective, 2008 saw a 19% decline in global market value, and that doesn't include non-financial assets such as housing. Still, perspective is everything, especially for investors who have been invested in the U.S. stock market for at least five years. Believe it or not, … [Read more...] about Keeping it Real with Real Vision’s Raoul Pal

Examples of Art Deco architecture in Mumbai include the Chhatrapati Shivaji Terminus, Eros Cinema, the Bombay High Court, the Gateway of India and at least 35 buildings along Marine Drive. (Image: Md Mahdi via Unsplash) Mumbai is a city of dreams and shocking realities. And in-between Bollywood bling and bumper-to-bumper traffic are oodles of art, heritage, culture, mystery and sumptuous food. The best way to get to know Mumbai is to get out and explore. Luckily, we have some experts who can shine a light and show us the city as we have never seen it before. Here some of the best offbeat tours of Mumbai: Grisly Girgaon walk by Khaki Tours Dare to venture into the haunted lanes of Mumbai and become a ghost buster? Then join this walking tour around Girgaon in south Mumbai. Organised by Khaki Tours, the 2-hour walk takes participants on a exploration of the old buildings and graveyards which come alive through the stories associated with them. “My maternal side of the … [Read more...] about India heritage tours | Unusual things to do in Mumbai

The lifespan of companies is shrinking – to 18 years now from 90 years in 1935, says Shiv Shivakumar, group executive president, corporate strategy, at the Aditya Birla Group. In an interview with Moneycontrol , he said in the future, some legacy companies and those that have been around for 10-15 years will likely be bought over or close down. Shivakumar, who recently wrote a book on career and management titled The Art of Management, said employee loyalty no longer exists and the contract between a company and an employee is now very short. The only thing that’s permanent is learning and the ability to look ahead. Managers must communicate at all times, advises Shivakumar, who was formerly chairperson of PepsiCo Holdings in India and CEO of emerging markets at Nokia. The young workforce will not respect age – they will respect relevance and impact, he said in the emailed interview. Edited excerpts: You’ve said in your new book that careers have changed … [Read more...] about MC Interview | Employee loyalty doesn’t exist, the contract between a company and employee is now very short: Shiv Shivakumar

- A + A KUALA LUMPUR (May 19): Bursa Malaysia snapped a three-day winning streak to end in the red on Thursday (May 19), dragged by selling in selected heavyweights led by Press Metal Aluminium Holdings Bhd and Public Bank Bhd. Press Metal gave up 20 sen to RM5.08 and Public Bank fell four sen to RM4.57, with both stocks contributing a combined 4.203 points to the loss in the composite index. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.5 points or 0.35% to 1,549.41 from Wednesday's close of 1,554.91. The benchmark index, which opened 4.67 points easier at 1,550.24, moved between 1,545.02 and 1,554.53 throughout the day. Market breadth was negative with decliners outnumbering advancers 692 to 272, while 380 counters were unchanged, 925 untraded, and 22 others suspended. Total turnover dwindled to 2.69 billion units worth RM2.23 billion from 3.74 billion units worth RM2.25 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity … [Read more...] about Bursa Malaysia snaps three-day winning streak to end lower