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If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

- A + A KUALA LUMPUR (June 28): I-Bhd, the master developer of i-City Golden Triangle which is Malaysia’s No. 1 Technology City, is set to stride forward with confidence as the rebound in its business activities gathers momentum. Signs of renewed optimism and rebound are evident in all its major developments, the company said. "Passenger traffic is back at 2019 levels of 90% at Central i-City shopping mall which is a joint-venture between i-City and Thailand’s largest retail property developer, Central Pattana group. "Following the transition to endemicity, the leisure theme park has returned to profitability and [is] seeing a return to its pre-pandemic foot traffic. "The i-City Convention Centre (iCCC) is experiencing good take-up, especially on pent-up demand, as events and activities could not be held over the last two years," it said in a statement released after the company's annual general meeting (AGM) on Tuesday (June 28). Meanwhile, I-Bhd said Best … [Read more...] about I-Bhd strides ahead with confidence following rebound in business

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE share price of DRB-Hicom Bhd has been on a downward trend since December 2020, when the shortage of semiconductors became apparent the world over. Last Friday, DRB-Hicom was trading at RM1.16 — its lowest since March 23, 2020. This means DRB-Hicom is now trading at the level when stocks tumbled in reaction to the first Movement Control Order (MCO), which was implemented in March 2020 to contain the spread of Covid-19. This is in contrast to other automotive or automotive-based groups listed on Bursa Malaysia. For example, Bermaz Auto Bhd is trading at more than double the level on March 23, 2020, and MBM Resources Bhd is 38% higher than at the start of the pandemic. Shares in Sime Darby Bhd, which is also a conglomerate like DRB-Hicom, were up 43.5% last Friday compared with March 23, 2020. UMW Holdings Bhd, another conglomerate with a huge automotive … [Read more...] about At an almost two-year low, DRB-Hicom is still demonstrating upside uncertainty

- A + A KUALA LUMPUR (June 28): United Malacca Bhd recorded a net profit of RM18.72 million for its fourth quarter ended April 30, 2022 (4QFY22), compared with a net loss of RM11.7 million in the same period last year, thanks to higher crude palm oil (CPO) prices. Revenue grew 38.64% to RM147.45 million from RM106.36 million, backed by the group's operations in Malaysia which recorded a plantation profit of RM42.7 million, up 180% from RM15.2 million previously. The group posted earnings per share of 8.92 sen, compared with the loss per share of 5.58 sen seen last year, its bourse filing on Tuesday showed. "Higher earnings before interest, taxes, depreciation and amortisation (EBITDA) in the current quarter were mainly due to higher average CPO price of RM6,034 per tonne compared to RM3,454 per tonne in the preceding year. "[This is in addition to] palm kernel price of RM4,526 per tonne from RM2,549 per tonne in the preceding year even though fresh fruit bunch … [Read more...] about United Malacca’s 4Q profit drops 38% quarter-on-quarter to RM18.8 mil, declares 10 sen dividend

London (CNN Business) British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in cities including London and New York, secured the investment in 2020 from the UK government's Future Fund, which was designed to help startups survive the coronavirus pandemic. The company was founded by Emma Sayle in 2005, and organizes members-only parties in exclusive venues where "established gender stereotypes" are challenged, according to its website . It recorded a 330% increase in traffic to its website during coronavirus lockdowns, and now calls itself "the fastest-growing adult social network." At one point, the pandemic forced the company to move all its events and workshops online, accelerating … [Read more...] about The UK government has taken a stake in a sex party startup

The price of Haepyo canola oil and pressed olive oil will increase by up to 20.8 percent from next month. Ottogi also recently raised the price of commercial cooking oil by 20 percent. Cooking oil, such as canola oil and olive oilm are on display at a large mart in Seoul on Tuesday. [YONHAP] A lighting manufacturing company is losing money on each sale after raw material prices jumped 60 percent. "As we can't raise the price on our products at the rate raw material prices have increased, we face huge losses with the more orders we get," the owner of the manufacturing company said. "I'm considering downsizing our factory as raw material prices will likely rise for a long time." A new survey by the Bank of Korea found that four out of every 10 companies said this year raw material prices have risen by more than 20 percent compared to last year. Two out of every 10 companies said they are considering changes to employment or reducing new business investments in response to … [Read more...] about Losing money on each sale, Korean companies cut back

Share to Twitter Share to Linkedin Topline Gas prices are steadily but slowly dropping ahead of July Fourth and further relief at the pump may be coming ahead of one the most popular driving days of the year, though prices are still elevated compared to 2021. Key Facts The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall. That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA. Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic … [Read more...] about What To Expect For July 4th Gas Prices

Thai netizens have slammed government officials in the central province of Pathum Thani for wasting taxes on a pointless trip to Phang Nga and Phuket. Government officials from the Mueng Tha Khlong District were supposed to be taking part in a working seminar to develop women’s potential in Phang Nga, and Phuket, from June 23 – 26. But the non-profit organization, Anti-Corruption of Thailand, criticised the government on its Facebook page, ปฏิบัติการหมาเฝ้าบ้าน, saying they used the 490,000 baht trip as a holiday. The pictures posted on the non-profit organisation’s Facebook page were taken from the Facebook accounts of the seminar participants. The picture captions were cutting. One said, “Others might go to the sea to escape from love and hot weather, but we escape from work.” Another said, “Go to Phuket! Thanks to the kind sponsors,” and another, “Wonderful activities for Tha Khlong women.” The pictures reveal the participants cruising, visiting tourist attractions, … [Read more...] about Thai netizens berate government for wasting public cash on working holidays