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Takaful Malaysia

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Oil hits 7-month low of US$94.13

NEW YORK: Oil plunged US$4 (US$1 = RM3.45) yesterday as investors fled to safer havens due to turmoil in the US financial system and on early signs Hurricane Ike had spared key US energy infrastructure.Lehman Brothers' filing for bankruptcy protection and Bank of America's agreement to buy Merrill Lynch stirred concerns that mounting global economic problems would slow energy demand further, sending investors out of oil.US crude dropped US$4.36 to US$96.82 barrel at 1630 GMT, after hitting a seven-month low of US$94.13 earlier, extending a 34 per cent slide from peaks in mid-July amid mounting evidence of slowing fuel demand.London Brent crude fell US$4.77 to US$92.81 a barrel, after earlier hitting US$91.17 a barrel - the lowest level since February.
Oil companies rushed to check damage to their facilities after Hurricane Ike struck the heart of the US energy industry near Houston on Saturday, leaving a quarter of the nation's oil and refined fuel production idled.Early indications showed no major damage to energy infrastructure, though several Texas refineries remained without power. The US Department of Energy said plants suffered minimal damage and were preparing to restart."The sell-off is partly because Hurricane Ike hasn't done any significant structural damage to the oil facilities, as well as growing concerns about the economy," said David Moore, a commodities strategist for Commonwealth Bank of Australia. - Reuters

Jakarta rejects Maybank's appeal

INDONESIA'S capital markets regulator has refused to relax rules for Malayan Banking Bhd, putting its RM8.8 billion deal to buy PT Bank Internasional Indonesia (BII) closer to collapse while a RM480 million deposit risks being forfeited.Maybank wanted an extension of time for it to cut down its stake in BII to 20 per cent from the stipulated two years.The timeframe came about in a new Indonesian law which was enacted on June 30 this year, months after the deal to buy BII was signed.Malaysia's Bank Negara had revoked its approval on the deal, saying two years is too short a time and Maybank faces risks of material losses should it be made to dispose of the shares to meet Indonesia's requirements.
Now that the Indonesian regulators have shot down Maybank's appeal, it is almost certain that the agreement to buy BII will lapse by September 26."The company respects this latest decision," said Maybank in a statement to Bursa Malaysia yesterday.This also means that Maybank is at risk of losing its deposit of RM480 million to Singapore's Temasek Holdings, unless Indonesia's Capital Market and Financial Institution Supervisory Agency (Bapepam) reconsiders its decision."It will be very unlikely for them (Indonesian authorities) to change their mind, chances are very slim. Looks like there won't be write-backs on the provision they made," said Jupiter Securities head of research Pong Teng Siew when contacted.During its full year ended June 30, Maybank made a provision of RM483.3 million, mainly for a non-refundable deposit it paid to buy BII.Maybank had also asked for Bapepam to let it conduct a partial tender offer of up to 80 per cent of BII shares, as it would meet the objective of a 20 per cent public free float upon the close of tender offer. This idea was also rejected."Bapepam had... informed Maybank that it is unable to consider Maybank's request ... as this would create a negative precedent to the newly introduced regulation," Maybank said.RAM Ratings, in a statement, expects the outcome to have no immediate rating impact on the lender."The bank's AAA (stable outlook)/ P1 ratings are anchored by its strong Malaysian franchise and sound credit fundamentals," said its head of financial institution ratings Promod Dass.Meanwhile, the Minority Shareholder Watchdog Group, which has sent a set of questions to the lender for clarification, said it is satisfied with the response. However, it remains opposed to the deal.Its chief executive officer Abdul Wahab Jaafar Sidek believes part of Maybank's board should be accountable and should step down, if the lender loses its deposit.Maybank shares have taken a beating since it announced the acquisition on concerns that it is overpaying. Its shares have fallen by 12.3 per cent, from RM8.95 each to RM7.85, since the deal was announced.-www.btimes.com.my

Oil prices drop in Asia on Saudi output comments

World oil prices fell in Asian trade Tuesday amid signs that OPEC will maintain production levels when it meets later in the day, analysts said.
New York's main contract, light sweet crude for October delivery, fell 1.15 dollars to 105.19 US dollars per barrel from 106.34 at the close of floor trading Monday in the US.
Brent North Sea crude for October delivery fell 1.17 dollars to 102.27 dollars.
The Organisation of the Petroleum Exporting Countries (OPEC) is due to meet later Tuesday in Vienna to discuss production targets, and the latest comments from its de facto leader, Saudi Arabia, suggest unchanged output levels.
"The market is fairly well balanced," said Saudi Oil Minister Ali al-Nuaimi, as he arrived in Vienna Tuesday for the meeting. "Inventories are in a healthy position, everything is in balance."
Experts said the comments boosted expectations of oil price weakness.
"If the market is coming to a view that OPEC will not be doing anything at all, then I think you might see oil prices lower and I think that is what's happening right now," said Commonwealth Bank of Australia strategist David Moore.
Other OPEC members, including Kuwait and the United Arab Emirates, have called for no change in output levels. But Algeria, Iran, Venezuela and Libya have raised fears of oversupply and suggested the need for a cut.
OPEC President and Algerian Energy Minister Chakib Khelil had said on Monday that a production cut by the 13-member group, which pumps about 40 percent of world oil, would be discussed.
"Everybody agrees that we will have an oversupply problem of between half a million and one-and-a-half million (barrels per day) by early next year," he said as he arrived in Vienna.
OPEC is believed to be producing about a million barrels per day (bpd) more than its official ceiling of 29.67 million bpd, with Saudi Arabia accounting for most of the excess.
Some analysts believe Saudi Arabia would be happy to see prices fall below 100 dollars a barrel to help stimulate economic growth.
Oil prices have fallen 28 percent since reaching record levels of above 147 dollars in July, hit by worries of waning energy demand as a world economic slowdown takes its toll. -www.news.my.msn.com

New investment wave to hit Malaysia

Up to RM4 billion of foreign direct investment (FDI) is expected to flow into the country over the next six months as more investors see Malaysia as a good investment destination amid concern over a global economic slowdown.Its transparent laws on land matters, wide use of the English language and value-for-money destination make the country attractive, an industry observer said.Business Times understands that the inflow of FDI will come from the Middle East, South Korea, Hong Kong, China and Taiwan, and is for land acquisitions in the growth corridors, including the Klang Valley.The deals are believed to be brokered by a local property firm with international interest.
"These new foreign investments could translate into a gross development value (GDV) exceeding RM15 billion," a source close to the deals told Business Times.It is learnt that a Korean developer has acquired 0.4ha in Jalan Kia Peng, Kuala Lumpur, for RM2,500 per sq ft to build a luxury one-block residence for around RM1 billion."The land was acquired at a record price. The residences will be a stunning landmark within the Kuala Lumpur City Centre enclave and may break the record for prices of high-end products."The developer aims to sell the units to Koreans and locals," the source said.The Iskandar Malaysia growth corridor in Johor, which has attracted RM33 billion in investments, or 70 per cent of the Johor state government's target of RM47 billion to date, is also experiencing a new wave of investments.The source said that more investments were expected to come from the United Arab Emirates, Qatar and Bahrain as investors look for prime properties like condominiums and offices in south Johor and in KLCC and Mont' Kiara, Kuala Lumpur.Companies from the Middle East - such as Kuwait Finance House, Aldar Properties, Mubadala Development Co, Millennium Development Co, Damac Properties and Limitless Dubai - are already investing in Iskandar Malaysia.Sabah, which is experiencing a mini-boom after the launch of the Sabah Development Corridor earlier this year, is attracting investors from South Korea, Hong Kong and Taiwan.Some RM500 million worth of investment is expected to be made by the first quarter of next year for resort and the broader property development," the source added.-www.btimes.com.my

Duty Slash Will Increase Agriculture Productivity

KUALA LUMPUR, Aug 30 (Bernama)- The abolishment of import duty on fertilizers and pesticides, as announced in the 2009 Budget, will contribute towards higher productivity at the farm and lower the price of agriculture products, says University Malaya Faculty of Economics & Administration Prof Dr Pazim Fadzim Othman.Prime Minister Datuk Seri Abdullah Ahmad Badawi, when tabling the 2009 Budget in the Dewan Rakyat yesterday said the 5-25 percent import duty on fertilizers and pesticides will be scrapped."Our research on 600 odd farmers shows that only a small percent produce nine tonnes per hectare, compared with four to five tonnes per hectare (by the rest) because they use less fertilizer," he said at the 2009 Post-Budget Dialogue here, Saturday.The programme was jointly organised by Malaysian Economic Association and Standard Chartered Bank Malaysia Bhd.Citing the high price of fertilizers and pesticides as the cause for the low productivity, Pazim said, "Everybody must understand that pesticides and fertilizers are not produced in the country and it must be imported."The import duty slash will encourage farmers to use more fertilizers and increase productivity and this will lower food price, he said.Pazim said the government's measures towards exploration of new areas for cultivation, optimisation of the usage of available resources, encouragement of private sector participation and investment were all good moves towards the goal of increasing domestic food production.The government is projecting an annual growth of 6.2 percent for the food crop sub-sector for the rest of the Ninth Malaysia Plan (2006 to 2010).