Gold, gold prices Gold prices were flat on Monday in the international markets after solid US jobs report last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and bond yields. Spot gold was flat at $1,774.09 per ounce, as of 0121 GMT, after dropping 1 percent in the previous session. US gold futures were steady at $1,790.60. At 9:44am, gold contracts were trading 0.05 percent lower on the Multi-Commodity Exchange ( MCX ) at Rs 51,850 for 10 grams and silver added 0.07 percent at Rs 57,404 a kilogram. Precious metals gave up all the two days' consecutive gain as the US job report stood twice stronger than forecasted. US dollar, which moves opposite to gold prices, gained 0.82 percent on Friday may put pressure on precious metals today. However geopolitical tension between China and Taiwan may support the prices of gold at lower levels. Technically, after a marginal correction in precious metals, prices may rebound … [Read more...] about Gold Prices Today: Strong US jobs data to weigh in on yellow metal, support around Rs 51,500
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TNB, Tan Chong, Hibiscus Petroleum, Ecomate, Heineken, PIE Industrial and China Automobile
- A + A KUALA LUMPUR (Aug 12): Here is a brief look at some corporate announcements and news flow on Friday (Aug 12), which include Tenaga Nasional Bhd (TNB), Tan Chong Motor Holdings Bhd, Hibiscus Petroleum Bhd, Ecomate Holdings Bhd, Heineken Malaysia Bhd, PIE Industrial Bhd and China Automobile Parts Holdings Ltd Tenaga Nasional Bhd (TNB) and Tan Chong Motor Holdings Bhd have become the latest companies to have secured a four-year extension to their power purchase agreements (PPAs) from the Energy Commission. The extension of the PPA period from 21 years to 25 years is for large-scale solar plants under the government's fourth competitive bidding programme, known as LSS4 or MEnTARI. Meanwhile, Reuters reported that TNB plans to begin the process next year for a potential US$1 billion (RM4.44 billion) listing of its power generation business. In what would be the country's largest initial public offering in a decade, TNB Power Generation Sdn Bhd, known as TNB Genco, … [Read more...] about TNB, Tan Chong, Hibiscus Petroleum, Ecomate, Heineken, PIE Industrial and China Automobile
S&P 500, Nasdaq close up for fourth straight week as optimism grows
- A + A NEW YORK (Aug 12): Wall Street closed higher on Friday (Aug 12) as signs that inflation may have peaked in July increased investor confidence that a bull market could be under way and spurred the S&P 500 and the Nasdaq to post their fourth straight week of gains. The S&P 500 is up 17.7% from a mid-June low, with the latest gains coming from data this week showing a slower-than-expected rise in the consumer price index and a surprise drop in producer prices last month. The S&P 500 crossed a closely watched technical level of 4,231 points, indicating the benchmark index has recouped half its losses since tumbling from the all-time peak in January. A 50% retracement for some signals a bull market. "It's really just a number, but it certainly makes investors feel better — at least those who bought near the bottom," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "I wouldn't declare victory over this bear market … [Read more...] about S&P 500, Nasdaq close up for fourth straight week as optimism grows
Congress Vs. Inflation: The Legislative Tax Showdown
Share to Twitter Share to Linkedin Tax Notes reporter Benjamin Guggenheim discusses the latest tax legislation on Capitol Hill: the recently passed CHIPS and Science Act and the revived reconciliation bill known as the Inflation Reduction Act. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International . This week: Build Back smaller? After months of stalled negotiations, little agreement in either chamber of Congress, and a declaration that Build Back Better was dead, last week, Senate Democrats were able to make progress on not one, but two separate bills. The first, known as the CHIPS and Science Act, was a more bipartisan effort from the Senate that has generally been split down party lines. While the second, known as the Inflation Reduction Act (IRA), is Senate majority leader, Chuck Schumer, D-N.Y., and Senator Joe … [Read more...] about Congress Vs. Inflation: The Legislative Tax Showdown