SP Setia: Jamaludin may succeed Liew as SP Setia chief. I&P Group Sdn Bhd's Datuk Jamaludin Osman is among candidates tipped to head SP Setia Bhd with the imminent departure of its president and chief executive officer Tan Sri Liew Kee Sin next year. Business Times understands that Permodalan Nasional Bhd (PNB) is considering appointing either Jamaludin or a senior executive from within the PNB group of companies as the new SP Setia chief. I&P was formed from the merger of three property companies in the PNB stable, namely Island & Peninsular Bhd, Pelangi Bhd and Petaling Garden Bhd. The company's assets are worth about MYR10b. (Source: Business Times)
Sona Petroleum: Will not take stake in Singapore RH Petrogas. Contrary to earlier speculation, special-purpose acquisition company (SPAC) Sona Petroleum Bhd will not be taking up any stake in Singapore-listed RH Petrogas Ltd. RH Petrogas is an oil and gas (O&G) company controlled by Sarawak tycoon Tan Sri Tiong Hiew King. Tiong, whose flagship company is the unlisted Rimbunan Hijau Group, was not too keen on diluting his interest in RH Petrogas. Sona is now in the midst of evaluating other assets. It has moved on from RH Petrogas. (Source: The Star)
Media: Malaysia's media adex up 20% to MYR9.6b. Malaysia's overall media advertising expenditure (adex) grew 20% to MYR9.6b in the first nine months of this year, up from MYR8.0b in same period last year. Advertisers spent MYR5.6b on television advertising in the first nine months of the year, compared with MYR4.2b in the same corresponding period last year. During the period, newspaper adex revenue rose slightly to MYR3.3b from MYR3.2b recorded in the January to September period last year. In terms of market share, newspapers held 34.6% of the adex in the media industry, second after television. (Source: Business Times)
BFood: Expands in ASEAN. Few may be aware that the same store sales growth of Starbuck outlets in Malaysia is the top globally. This speaks well for the earnings prospect of Berjaya Food Bhd (BFood), which owns 50% of Berjaya Starbuck Coffee Sdn Bhd that owns the gourmet coffee chain in Malaysia ( Source: The Edge Financial Daily)
Bintulu Port: Dishes out major package of the MYR2bil Samalaju Port project. Bintulu Port Holdings Bhd (BPHB) has dished out a major package of the MYR2bil Samalaju Port project for bidding of contractors. The wharf package, the biggest of the several packages, will involve the construction of five wharves to cater for handymax and handysize bulk carriers. "Tender for the wharf package closes next month," Samalaju Industrial Port Sdn Bhd (SIPSB) head of operations Mat Salleh Mohd Etli. (Source: The Star Malaysia)
IPO: Karex to expand capacity with IPO proceeds. Karex Bhd, which is raising MYR75m from its initial public offering (IPO), slated on Nov 6, will use the proceeds to double the size of its manufacturing capacity to 6 billion condom pieces by end of 2015 from 3 billion condom pieces currently, said its CEO Goh Miah Kiat. "The listing will enable us to leverage on the growing opportunities of the global condom industry," he told reporters at the prospectus launch on Friday. (Source: The Sun Daily).
U.S: Senate leaders struggle to end shutdown as default looms. Senate Majority Leader Harry Reid, who started talks with Minority Leader Mitch McConnell, said the two had "a productive conversation" this afternoon. "The discussions were substantive, and we'll continue those discussions," Reid said before the Senate wrapped up almost four hours of debate without a deal being unveiled. "I'm optimistic about the prospects for a positive conclusion." (Source: Bloomberg)
China: Unexpected export drop underscores global demand threat. China's exports unexpectedly fell in September, signaling the constraints of global demand on the nation's recovery and highlighting distortions caused by fake invoices that have yet to be eliminated from trade data. Overseas shipments dropped 0.3% YoY, the General Administration of Customs said in Beijing on Oct. 12, while imports rose a more-than-forecast 7.4% YoY. (Source: Bloomberg)
India: Surprise factory slowdown pressures Singh to spur growth. India's industrial-output growth slowed more than economists estimated in August as consumer spending moderated, adding pressure on Prime Minister Manmohan Singh's government to intensify efforts to revive the economy. Output at factories, utilities and mines advanced 0.6% YoY after a revised 2.75% YoY climb in the previous month. (Source: Bloomberg)
U.S: Senate leaders restart fiscal talks after house scraps vote. Majority Leader Harry Reid, a Democrat, and Minority Leader Mitch McConnell, a Republican, had suspended their talks earlier while the House was considering its own bill. "Senator Reid and Senator McConnell have re-engaged in negotiations and are optimistic that an agreement is within reach," Adam Jentleson, Reid's spokesman, said in a statement. (Source: Bloomberg)
U.S: AAA rating put on negative watch by Fitch on delayed budget. The U.S.'s AAA credit grade was placed on rating watch negative by Fitch Ratings, which cited the government's failure to raise its borrowing limit as the Treasury's deadline nears. "The political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default," Fitch, which is a jointly owned subsidiary of Paris-based Fimalac SA and New York-based Hearst Corp., said in a statement. Fitch reiterated that it expects the debt ceiling to be raised. (Source: Bloomberg)
U.S: Fed regional directors saw 'moderate' growth amid fiscal risks. "Directors viewed recent readings on manufacturing activity and the housing and auto sectors as generally positive," according to minutes released. "Directors continued to see downside risks to the outlook stemming from ongoing domestic fiscal constraints and uncertainties, recent increases in long- term interest rates, and geopolitical concerns." (Source: Bloomberg)
U.K: Inflation was unexpectedly unchanged in September as air fares offset a decline in gasoline prices. Consumer prices increased 2.7% YoY. A separate report showed house-price growth accelerated in August, with increases in London driving a national index of values to a record. (Source: Bloomberg)
Russia: Central bank left its main lending rate unchanged for a 13th month and removed a signal that it will keep monetary policy on pause as inflation dropped into its target range for the first time since August 2012. Bank Rossii left the one-week auction rate, its benchmark introduced last month, at 5.5%. (Source: Bloomberg)
China: Foreign-exchange reserves rose last quarter by the most in more than two years, a sign the government's efforts to protect growth attracted money even as developing nations from India to Indonesia saw capital exit. Reserves were a record USD 3.66t at the end of September, the People's Bank of China said, up from USD 3.5t in June. (Source: Bloomberg)
