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This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Aluminium, for one, has seen year-to-date gains erased on demand headwinds, especially the slowdown in China’s manufacturing activity due to Covid-19 lockdowns. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Copper prices have also contracted to a more than seven-month low of US$9,000 a tonne as at last Thursday on fears of a global economic slowdown. Attributing the fall to a strong US dollar and weak Chinese demand, Fitch Solutions expects further weakening in metal prices in the second quarter before stabilising in the second half of the year. Local analysts are not overly concerned about softer aluminium prices as they … [Read more...] about Trailing demand a temporary blip for aluminium players

- A + A KUALA LUMPUR (May 24): KNM Group Bhd has sold its entire stake in Borsig GmbH, a German-based process equipment manufacturer, to GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for €220.8 million (RM1.03 billion), but is expected to make an estimated loss of RM490.55 million from the disposal. In a bourse filing on Tuesday (May 24), the group said its wholly-owned indirect subsidiary Deutsche KNM GmbH entered into a conditional sale, purchase and transfer agreement with GSV on Monday. KNM is a multinational group with core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries. GSV is a special investment vehicle wholly-owned by Vorsprung Industries SCSp, incorporated for the acquisition of Borsig. The price tag represents an enterprise value (EV) over earnings before interest, taxes, depreciation and amortisation (ebitda) of 6.63 times, compared with … [Read more...] about KNM to sell Borsig at a loss for RM1 billion

Share to Twitter Share to Linkedin Topline Fresh off the S&P 500's brief plunge into bear-market territory, financial stocks led a staggering market rally on Monday after bullish news from the nation's largest lender, but with uncertainty around interest rate hikes still posing a risk to stocks, experts aren't breathing a sigh of relief just yet. Key Facts The Dow Jones Industrial Average soared 633 points, or 2%, to 31,896 by 3:30 p.m. ET Monday, while the S&P jumped 1.85% and the tech-heavy Nasdaq, 1.4%—setting the market up for its first daily increase in a week. Heading up the Dow and S&P's gains, shares of JPMorgan—though still down 22% this year—surged 7% after the bank raised its outlook for net interest income this year to $56 billion, up from guidance of $50 billion in January, due to expectations that the Federal Reserve will raise rates to 3% this year. "Strong economy, big storm clouds," JPMorgan CEO Jamie Dimon said … [Read more...] about Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge

Moisture and adventure meets Thai culture and mythology at Andamanda , Thailand’s biggest water park, covering 58 rai of land in Kathu, in Phuket, southern Thailand. On Saturday, Thailand’s former deputy prime minister Suwat Liptapanlop attended the water park’s grand opening. The new theme park is located on the main road to Patong, about 800 metres west of the Samkong intersection, certainly one of the busiest roads on the island for any tourists going in or out of Patong. The Saturday soft-opening was used as a day for the staff to check the flow of a large group of customers, from the car park attendants to the people looking after the rides and pushing you down the slides. Watch The Thaiger’s review of Andamanda HERE . On Saturday, the 4.5 billion baht water park welcomed thousands of guests for the first time, including 1,500 Phuket residents (and three very wet Thaiger YouTube reporters). Andamanda is Thai mythology themed, with 5 zones covering 9.8 hectares … [Read more...] about Thailand’s biggest new attraction “Andamanda” opens in Phuket

In a speech this evening, PM Prayut Chan-o-cha announced that Thailand must reopen in 120 days, which would be October 14, despite slow vaccine rollout and risk of increased Covid-19 outbreaks. The speech seemed to mark a shift from trying to eradicated Covid-19 in Thailand through controlling the spread and vaccinating the population to an acceptance of the virus’s long-term presence and balancing the risks with the need to move forward. “We have to come to terms that it [Covid-19] will continue to be around in the world and in Thailand for some time. We cannot wait for a time when everyone is fully vaccinated with 2 shots to open the country or for when the world is free of the virus. We must be ready to live with some risk and just try to keep it at a manageable level, and let people go back to being able to earn a living.” PM Prayut lauded the progress in vaccination procurement, manufacturing, and distributing to the population, highlighting the negotiations with 6 suppliers … [Read more...] about PM Prayut announces Thailand will fully reopen within 120 days

3,886 new Covid-19 cases and 39 coronavirus-related deaths were reported by the Centre for Covid-19 Situation Administration. Since April 1, the latest wave of infections in Thailand, the CCSA has recorded 140,485 Covid-19 infections with more than 40,000 of those infections in Bangkok. Out of the new cases, 1,230 were detected in correctional facilities. Over the past month, thousands of inmates at more than a dozen Thai prisons have tested positive for Covid-19. Health officials have been rolling out active testing at prisons to quickly identify infections and contain the virus. Disease control measures remain strict in Bangkok, the epicentre of infections in the latest wave. Closure orders on many non-essential businesses and venues will remain in effect until at least June 14. More information will be released this afternoon following the CCSA’s daily briefing. Get more from The Thaiger FREE APP: ANDROID or iOS | HAVE YOUR SAY FORUM | … [Read more...] about Thursday Covid Update: 3,886 new cases and 39 deaths

The death of bruised Bryde’s whale washed ashore at the Bang Khun Thian coast in Bangkok, near the mouth of the Chao Phraya river on Friday, still remains a mystery. Investigating officers spotted a bruise on the mammal’s belly but couldn’t conclude the cause of death. The owner of a nearby restaurant informed Thai media that local fishermen saw the body of a floating whale on Bang Khun Thian coast on Friday evening. The next day the body was found washed up in a mangrove forest at the border of Bangkok and Samut Sakhon province. An officer from the Marine and Coastal Resources Research Department, Surasak Thongsookdee, arrived at the scene Saturday with a team of vets and collected meat samples for further investigation. The vet team acknowledged the bruise on its belly but were unsure whether it was caused before or after the whale had died. The officer added that the whale’s bones would be kept at the Marine and Coastal Resources Research & Development Institute in … [Read more...] about Bryde’s whale found dead at Bangkok’s Bang Khun Thian coast

3,440 new Covid-19 cases and 38 coronavirus-related deaths were reported today by the Centre for Covid-19 Situation Administration. Since April 1, the latest wave of infections in Thailand, the CCSA has recorded a total of 136,599. Out of the new cases, 1,087 were detected in correctional facilities. Thousands of inmates at more than a dozen Thai prisons have contracted the virus over the past month. Bangkok is the epicentre in the recent wave of infections with more than 40,000 cases reported since April 1. Restrictions remain tight and many non-essential businesses must remain closed until the situation improves. The Bangkok Metropolitan Administration decided to loosen measures and reopen 5 types of venues, but the order was quickly reversed by the Centre for Covid-19 Situation Administration. More information will be reported this afternoon following the CCSA’s daily briefing. Get more from The Thaiger FREE APP: ANDROID or iOS | HAVE YOUR SAY FORUM … [Read more...] about Wednesday Covid Update: 3,440 new cases and 38 deaths

The PM has been re-jigging the government coffers, saying he transferred funding for Covid-19 vaccines from the Health Ministry to the Central Fund – in case of urgent need. Prayut Chan-o-cha was addressing MPs yesterday, the last day of a 3-day debate on the 3.1-trillion-baht national budget for 2022. In particular, the PM was responding to criticism from the coalition’s Bhumjaithai Party, with a number of MPs accusing him of diverting funds from the Health Ministry. According to a Thai PBS World report, the PM says nobody, including himself, has any idea when the pandemic will end, or how much money will be needed to fight it. He says the situation calls for vaccine funding to be moved to the Central Fund, adding that with vaccine funding coming from both borrowing and the Central Fund, the money is readily available when there is an urgent need. He adds that the spending of Central Fund resources is subject to tight controls. The cuts to the Health Ministry’s budget were … [Read more...] about PM moved vaccine funds from Health Ministry to Central Fund in case of “urgent need”

The Eastern Spa and Wellness Associations says 80% of massage shops in Pattaya have closed forever, with fewer than 100 still able to operate. Speaking to the Pattaya News, the association’s president, Chairat Ratananophas, says the remaining businesses need financial support and clarity on when they can re-open. Currently, Covid-19 restrictions in the eastern province of Chon Buri mean massage shops, spas, saunas, and all other wellness venues have been closed for nearly 2 months. Chairat says that prior to the pandemic, there were around 400 licenced massage shops and spas in Pattaya. There are now fewer than 100, but he says some of the ones considered permanently shut could still return – if the tourists do. Until then, the association considers them permanently closed. In late 2020, many of Pattaya’s massage shops were getting some business from domestic tourists and local expats. However, this year’s resurgence of Covid-19 and the forced closures that followed, was the … [Read more...] about Over 80% of massage shops in Pattaya closed “permanently”