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News Update!
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krisluke
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19-Aug-2013 12:56
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The Singapore government unveiled a master plan on Sunday to double capacity at Southeast Asiaâ??s busiest airport, build a new waterfront city, move its massive port and relocate a military airbase to free up land for development. The plan announced by Prime Minister Lee Hsien Loong follows mounting discontent in one of the worldâ??s wealthiest nations over an influx of foreign workers and expatriates blamed for a range of problems - from strained infrastructure to among the highest living costs in Asia. In an annual National Day address, Lee sought to allay those fears, elaborating on a trove of long-term plans that appear intended to counter a growing voter backlash against the Peopleâ??s Action Party (PAP) that has ruled Singapore for more than half a century. These include changes to Singaporeâ??s health-care and education systems, and the move of its port - the worldâ??s second-busiest hub for container shipping - to a new location in Tuas in western Singapore from 2027. That would free up land in Tanjong Pagar, next to the central business district, for a sprawling new waterfront city, Lee said. He also unveiled plans for a fourth runway at Changi Airport, Southeast Asiaâ??s busiest. This will alllow the government to move a military airbase in central Singapore to Changi after 2030 and free up 800 hectares (1,980 acres) of land for homes, factories and businesses. â??This is how we can stay the hub in Southeast Asia and create many more opportunities for Singaporeans,â?? he said, citing competition from Kuala Lumpur and Bangkok. PACIFYING A NEW GENERATION Leeâ??s speech seemed intended to show voters that Singapore under the PAP will evolve well beyond the era of his father, the 89-year-old Lee Kuan Yew, the countryâ??s founder prime minister. The elder Leeâ??s stern and technocratic policies are credited with turning Singapore from a colonial outpost in the 1960s into a flourishing financial centre with clean streets and the worldâ??s highest concentration of millionaires. A new generation has begun to openly question the ruling partyâ??s wisdom, clamouring for more say in the countryâ??s direction. Online forums bristle with criticism of government plans announced in January to lift the population of 5.3 million by as much as 30% by 2030, mostly through foreign workers to offset a low birth rate. This has sparked debate over how many people can fit onto an island half the size of London and how much the national identity will be diluted. The younger Leeâ??s speech might help appease worries that the island is running out of space. Changi Airport, a base for Singapore Airlines, operates two runways but can take over a third now being used by the military. A fourth runway will be used by the air force, allowing the military to shut its airbase in the central region of Paya Lebar. Lee spent the bulk of his three-hour speech addressing concerns about housing, schools and healthcare -- hot-button issues that contributed to the PAPâ??s worst-ever result in 2011 general elections. Lee said prices would not be cut for new Housing and Development Board (HDB) apartments -- subsidised homes where the bulk of the population live. But more grants would be provided to help lower- and middle-income Singaporeans buy new homes. â??I will make sure that every Singaporean who is working can afford an HDB flat,â?? Lee said. The prime minister also said a state-administered health insurance plan, offered by local insurers Great Eastern Holdings Ltd and NTUC Income, will be extended to cover people as long as they live, up from the current cap of 90 years. People will have to pay higher premiums, but the government will assist those who would have difficulty such as the elderly. |
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krisluke
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19-Aug-2013 12:51
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Singapore Prime Minister Lee Hsien Loong pledged to improve housing affordability and revamp its health-care system, increasing support for citizens as the economy adjusts to an aging population and tighter labor supply. In his annual National Day Rally policy address yesterday, Lee also announced changes to the education system and unveiled long-term plans to free up space near the central business district for housing, offices and recreation. The government will provide help to companies struggling as it tightens the intake of foreign labor, he said. Lee, 61, is stepping up measures to help Singaporeans buffeted by infrastructure strains, rising living costs and greater competition for jobs, education and housing. The prime minister said the country, which celebrated its 48th year of independence this month, is at a ?turning point? and must make a ?strategic shift? in its approach to nation building. The government will ?strengthen social safety nets, assure people that whatever happens to you, you can get the essential social services that you need, especially health care,? Lee said. ?We will monitor closely how well people can afford housing in Singapore, and over time, as it becomes necessary, we will do more to help the lower- and the middle-income Singaporeans own their homes.? AGING POPULATION Lee is trying to steer the economy through an aging population and a declining overseas-worker supply by prodding companies to produce more with less manpower and hire older Singaporeans, as well as increasing the birth rate. Singapore probably delivered the biggest employment surge among 33 advanced economies in the decade to 2014, according to data compiled by Bloomberg. Annual jobs growth may halve in the coming years from a 2007 peak as the island widens the clampdown on foreign workers, Bank of America Corp. estimates. ?The foreign worker issue is complex and government cannot meet all the demands and there?s no perfect solution but we?ll definitely help small and medium-sized enterprises find a way to make it,? Lee said. ?We need to control foreign workers, otherwise it will lead to serious consequences.? A jump in population via immigration in recent years has stoked social tensions and public discontent, leading to weakened support for his People?s Action Party in elections held in the past two-and-a-half years. The next general election must be held by 2016. ?The groundswell of unhappiness is real, for them to ignore it would cost them significant votes in 2016,? said Terence Lee, an assistant professor of political science at National University of Singapore. ?Education, health care and housing are things which of course really matter a lot to Singaporeans.? EXPENSIVE HOUSING Young couples have held back from having children in Asia?s second-most expensive housing market, where public housing is the only affordable option for many families. With 82 percent of Singaporeans living in apartments built by the state, housing policy has been used to encourage the development of families. The administration will increase public-housing grants for some families to afford bigger homes, and add 20,000 pre-school places over the next five years, the prime minister said. While the government will provide more health-care subsidies, that means medical insurance premiums and contribution rates into the national savings system will have to rise, he said. An insurance program currently known as MediShield will soon be expanded to provide life-long coverage from a current ceiling of 90 years, Lee said. The new plan will be universal and provide better coverage for large hospital bills, and the government will create a package to help the elderly pay for their premiums, he said. MORE BABIES The government is encouraging Singaporeans to have more babies to avoid a shrinking pool of workers and consumers, a deterrent to future investment. Lawmakers from Lee?s party endorsed a set of proposals in February to allow more foreigners through 2030 to boost the workforce, which may raise the island?s population to 6.9 million from 5.3 million. Lee also elaborated on plans to free up 800 hectares of space for homes and offices by moving a military airbase to the eastern part of Singapore. There are also plans to convert a parking lot into shops and an indoor garden at Changi Airport, while a fifth terminal is targeted for completion in the mid- 2020s, he said. More land will also be available after 2027 when the lease for ports at Tanjong Pagar near the central business district expire and operations move to the island?s south-west, Lee said. ?I think it?s necessary to try and extend the CBD, and try to make way,? said Joey Chew, an economist at Barclays Plc in Singapore. ?It?s expensive land, it?s valuable land, so it doesn?t really make sense to have a port in Tanjong Pagar.? The infrastructure changes will take place in the next two decades or so, Lee said. ?These are very ambitious, long-term plans, it?s an example of how we need to think and plan for our future,? Lee said. ?If we can carry off these plans, we don?t have to worry about running out of space or possibilities for Singapore. We are not at the limit.? |
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krisluke
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19-Aug-2013 12:48
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Singapore
Source: PhillipCapital Research |
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krisluke
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19-Aug-2013 12:44
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Singapore: The Day Ahead
SINGAPORE DAYBOOK : Revamp for MediShield to include all Singaporeans - for life. MediShield Life premiums 'will be higher' due to better benefits, coverage. [SINGAPORE] Sweeping changes are in the pipeline for MediShield, the national medical insurance plan that currently covers some 92 per cent of Singaporeans. The scheme - introduced back in 1990 - will be revamped into a universal one known as MediShield Life, which will cover people for life instead of stopping at the current maximum age limit of 90 years. The opt-out option will be no more and, critically, the new scheme will include the elderly and those saddled with pre-existing illnesses. Outlining the policy change in his annual National Day Rally speech last night, Prime Minister Lee Hsien Loong explained that premiums for MediShield Life " will be higher" due to the better benefits and coverage. " They have to. (The scheme) has to break even," he said. He did not elaborate on the exact amount, but added that the Health Ministry will be conducting a public consultation exercise to gather views before deciding on the exact details of the scheme. Still, Mr Lee gave the assurance that the government will subsidise the premiums for those who could not afford them. Describing the shift to MediShield Life as a " major change" , Mr Lee stressed that the revamped scheme will give better protection for " very large bills" , meaning that patients will fork out less from their own pockets or from their Medisave when settling their bills. Big hospital bills remain a " major worry" for people here, though Mr Lee said that there were very few such cases given that the vast majority of people are already on MediShield. " But people still worry, especially those who don't have MediShield cover. They will find it harder and more expensive to get insurance if they are elderly or have pre-existing illnesses," said the prime minister. Paying tribute to Singapore's pioneer generation who worked hard in the country's early years and are now mostly retired and in their late 60s or older, Mr Lee said they will benefit from a new Pioneer Generation Package to help pay for their MediShield Life premiums. Separately, Mr Lee announced that the minimum qualifying age of 40 years for the government's Community Health Assist Scheme (Chas) will be scrapped in order to get more younger Singaporeans on board. Chas is one of the Health Ministry's programmes to help provide accessible and affordable medical and dental care to Singaporeans. Under the existing criteria, one must also have a per capita household monthly income of $1,500 or less, or if the annual value of their home is $13,000 and below for households with no income. For those with more serious conditions and have to visit specialist outpatient clinics, Mr Lee said that the current subsidy level for lower- and middle-income patients - which stands at 50 per cent - will be increased. Means-testing will be used to determine who qualifies for the higher subsidies. With all these changes in store, Mr Lee said that, because the state will be spending more on healthcare every year and giving out more subsidies, it is inevitable that Medisave contribution rates will go up in future. " We will increase contribution rates over time, as and when our economic conditions permit. How much? We have to discuss carefully. We need to save more to stand us in good stead, because we will all grow old," said Mr Lee. And, noting the growing number of requests by the public to use their Medisave for outpatient treatment, he said: " In principle, this is sound. We want to move in this direction. We've already taken some steps there." He noted how people can already use their Medisave for treatment such as chemotherapy, but hinted that there was scope to do more. " I think we can extend this further, especially for older people. We will need to study carefully how to do this," added Mr Lee. (Source: The Business Times) MARKET SCOOP Paya Lebar Airbase to shift to Changi PSLE: Wider bands instead of aggregate score New MediShield Life scheme to cover S'poreans for life Govt to make HDB flats more affordable (Source: The Business Times) |
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krisluke
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19-Aug-2013 12:39
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STI - Near-term support 3170, 3400 by year-end
STI's pullback to 3180 last Friday is in line with our view that the index will likely turn choppy heading towards September with near-term support at 3170.
Past this choppy period in the near-term, we see STI rising to the 13.9x (average) FY14F PE at 3390 by year-end.
We also maintain our view that the correction triggered by QE tapering talk back in May has ended at 3066.
Unless fresh macro uncertainties strike, we do not expect a re-test of this level.
Source: DBSV |
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krisluke
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19-Aug-2013 12:32
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STI broke down its four week consolidation 3200 support, two YEC level to watch in coming week: 3190, and 3167. |
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krisluke
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19-Aug-2013 12:30
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Straits Times Index is now forming its UDowntrend formation. Straits Times Index is now forming its UDowntrend formation.
After a week of long weekend, Straits Times Index did not do much of ?catching up? action last week. Instead, it started to show bearishness during the end of the week and did not maintain at its previous levels. The week started flat as the market stayed cautious and lacked of catalyst to move. However, STI managed to gain a bit of bullish momentum as the week progress and it managed to hit a high of 3251 level on Wednesday. As DJI plunges into the negative territory on Wednesday night, STI failed to maintain its gains on Thursday and went back to square one. This bearishness did not stop and much more selling pressure came in on Friday which caused STI to slide to as low as 3180 level. It had been more than a month that STI trades below 3200 level. STI ended at 3197 level and lost 32.38pts for the week. The key question now is whether STI will be going down further. Has the sideways momentum being compromised? Let?s look at STI?s chart?s technical details. Trend: Possible downtrend, 20ma flat, MacD slightly above 0 Support: 3170, 3130, 3080 Resistance: 3200 (50ma), 3231 (20 & 200ma), 3260 (100ma) Observations: Candlestick ?Doji like pattern with longer lower shadow. Histogram ? 2Rs. No divergence signal. RSI ? At 38.8%. No divergence signal. Stochastic ? At 46.1%. Bearish crossover already formed. Bollinger Band ? At lower band. Band is expanding after squeeze. Conclusion: STI?s bearish closing last week could be a defining moment for STI?s upcoming week?s movement. The sideways range between 3200 ? 3280 levels has been compromised as the major support of 3200 level was broken last Friday. Breaking 3200 support level indicates that STI is now forming a lower low level which indicates a downtrend formation. However, there is a lack of lower high formation to confirm the downtrend movement. Furthermore, STI have broken 3200 support level slightly and its candle action on Friday indicates its refusal to trade lower. There is a possibility that last Friday?s action is a whipsaw action. Therefore, it is important to confirm the trend by waiting for a lower high formation. The mid-term indicators show that the bearish divergence that was identified last week could be confirmed. The MacD line triggered a crossover signal while RSI is now trading below 50% levels. These are early indications that STI might be turning downtrend. Further confirmation will comes when the 20ma line is pointing downwards while MacD line is below 0 level. Short-term wise, STI is also starting to show bearish readings. The Histogram and Stochastic are both showing bearish momentum and they are very likely to continue. Therefore, selling pressure is to be expected to happen during the start of the week before any rebound could happen. Whipsaw possibility might also be low currently. With bearish expectation to happen for STI, it is very important to identify where STI will be forming its lower low formation. As 3200 support level is broken, STI will be heading towards its next support at 3170 level. 3170 can be considered to be a minor support and it might be able to hold STI well. If this support level fails, STI will be going for a deeper retracement to 3130 support level. Such movement towards the support level will be a very defining moment for STI as it will indicate the magnitude of the downtrend for the next few weeks. Hence, if STI falls sharply this week and break the support level quickly, it will mean that STI is going for a steep downtrend movement. At current level, it will be hard to predict the magnitude of STI?s downtrend. There is another possibility that STI can take, that is deeming last Friday?s bearish action to be a whipsaw action. This is possible because STI closed with a long lower shadow while it?s close exactly at 50ma support line. This support line will likely to give support to STI to enable it to rebound back above 3200 level again. Furthermore, with its gap down action last Friday, there is a mini gap between 3209 ? 3212 levels being formed which will likely to encourage STI to rebound to close this gap. Hence, STI might even choose this method to start the week despite bearish indication from the indicators. In conclusion, STI?s sideways formation had been compromised and could be forming downtrend formation currently. Key support at 3200 level had been broken and this will likely to lead STI to form a lower low formation before a rebound can happen. The possible level for lower low formation will be at 3170 or even as low as 3130 level. However, there is also a possibility of STI having whipsaw action last Friday as STI did not close lower than the 50ma support line and formed long lower shadow. Hence, STI might attempt to rebound during the start of the week and test its mini gap resistance between 3209 ? 3212 levels before further downside can happen. Therefore, STI will more likely to trade downwards cautiously rather than a sharp decline. What to watch out for this week: 1) Testing of 3170 support level. 2) Testing of 3200 resistance level or gap resistance between 3209 ? 3212 levels. 3) Breaking of 3170 support level. 4) Breaking of 3200 resistance level Trading strategy to adapt right now: - Long traders might need to stop out their long positions if stop loss levels are being compromised. |
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krisluke
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19-Aug-2013 12:27
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Index likely to slide further. OCBC Investment Research said: The continued pull-back on Wall Street last Friday night could cue the local bourse to further losses this morning. After cracking the 3200 psychological support with a 0.7% retreat last Friday, the STI is now likely to see a further slide towards the 3130 key support (minor troughs and key uptrend support). Meanwhile, the MACD continues to slip towards the centerline this suggesting that the downside momentum is building up. Below the 3130 base, we see the next support at the 3070 key trough. On the upside, 3200 is now the immediate support-turned-resistance, with the next hurdle pegged at the 3280 recent peak. |
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krisluke
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19-Aug-2013 12:08
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Jackson Hole meeting 2013 August 22 - 24 2013 Stay Tune.. ... |
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krisluke
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19-Aug-2013 11:47
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Wall St focus on Jackson Hole 
Trader Fred DeMarco, centre, and specialist Christopher Gildea, right, on the floor of the New York Stock Exchange. File photo / AP
The annual meeting of central bankers and policy makers in Jackson Hole, Wyoming, at the end of the week will be closely monitored for any clues about plans for monetary stimulus in the world's largest economies.
Fed Chairman Ben Bernanke will not attend, as was announced in April. Fed Vice Chair Janet Yellen, one of the two top contenders to replace Bernanke when his term expires in January, will chair the panel discussions at the Kansas City Fed symposium. Investors are beginning the week with firm expectations the Fed is set to begin downgrading its bond-buying program at the end of its next meeting on September 17 and 18 amid signs the American labour market is improving. On Friday, the Dow Jones Industrial Average fell 0.2 per cent, while the Standard & Poor's 500 Index declined 0.3 per cent and the Nasdaq Composite Index slipped 0.1 per cent. For the week, the Dow dropped 2.2 per cent, the S& P 500 shed 2.1 per cent, while the Nasdaq fell 1.6 per cent. US Treasuries also retreated, pushing yields on 10-year bonds 25 basis points higher in the past five days, according to Bloomberg News. " The market has come to realise that there's no QE infinity," Dallas Fed President Richard Fisher told Fox Business Network on Friday. " The economy is improving. We're seeing better numbers in the economy. You would expect to see a steepening of the yield curve."
The US dollar has benefitted from those expectations, however, climbing 1.4 per cent against the yen last week. " All the US data that's been coming out recently, it all leads back to Fed tapering expectations, and that's really what's driving the markets," Eric Viloria, senior currency strategist for Gain Capital Group in New York, told Bloomberg News. The coming days will provide fresh clues on the US housing market, with the latest reports on existing home sales released on Wednesday, the FHFA house price index on Thursday and new home sales on Friday. Other data will arrive in the form of the Chicago Fed national activity index on Tuesday, the PMI manufacturing index flash, weekly jobless claims, leading indicators and the Kansas City Fed manufacturing index on Thursday. The minutes from the latest FOMC meeting will be released on Wednesday. In Europe, the Stoxx 600 Index added 0.1 per cent last week, while Germany's DAX gained 0.6 per cent and France's CAC 40 advanced 1.2 per cent. The UK's FTSE 100 Index dropped 1.3 per cent. European stocks have become more appealing, bolstered by data showing the euro-zone economy grew in the second quarter, expanding after six consecutive quarters of contraction. Flows into European equities from US-based funds climbed to a two-month high in the week that ended August 14, according to data from Thomson Reuters Lipper service. Data on manufacturing and services PMI for the euro zone, France and Germany are due on Thursday, while euro-zone consumer confidence data are scheduled for release on Friday. HSBC manufacturing PMI data for China are also due on August 22. Recent reports have bolstered the outlook for the world's second-largest economy, which has been slowing to what is hoped a more steady rate of growth. Good news from China helps underpin commodities including gold. Gold, reaching a two month high of US$1,376.87on Friday, may extend its recent recovery. Prices may climb to as high as US$1,550 an ounce by the end of the year, Jeffrey Rhodes, managing director of the financial institutions division of the Kaloti Jewellery Group, a Dubai-based gold trader and refiner, told Bloomberg News. |
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krisluke
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19-Aug-2013 11:36
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Oil slips toward $107, Egypt unrest supports
PERTH, Aug 19 (Reuters) - U.S. crude futures slipped in early Asian trading on Monday, but civil unrest in Egypt provided support, with investors concerned that the conflict could spread in the region.
The Middle East produces about a third of the world's oil and Egypt operates the Suez canal, a key conduit for global oil shipments. FUNDAMENTALS * NYMEX crude for September delivery dipped 2 cents to $107.44 by 0101 GMT, after settling higher for a sixth straight session last week. * London Brent crude for October delivery rose 18 cents at $110.58 a barrel. * At least 830 people have died in Egypt since last Wednesday in clashes between followers of deposed Islamist President Mohamed Mursi against security forces. * A growing bipartisan chorus of U.S. lawmakers said on Sunday that the United States should suspend its $1.5 billion in military and economic aid to Egypt following a violent crackdown on protesters that has left nearly 800 dead. * Libya's oil production and exports have been crippled by violence and strikes, pushing exports to their lowest level since the civil war of 2011. One refinery has reinstated some exports. * U.S. consumer sentiment ebbed in August and residential construction rose less than expected last month, potentially dimming hopes of an acceleration in economic activity in the third quarter. MARKETS NEWS * The U.S. dollar index rose slightly against a basket of currencies to 81.321. * Asian markets face a tense few days waiting to see if minutes of the Federal Reserve's last policy meeting will provide some clarity on when it might start scaling back stimulus -- with far-reaching implications for borrowing costs across the globe. DATA/EVENTS * No major data events are expected on Monday. (Reporting by Rebekah Kebede Editing by Richard Pullin) |
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krisluke
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19-Aug-2013 11:34
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Asian shares aimless, gold hits two-month peak
Global Markets
* Dollar drifts lower, Treasury yields near highs * Markets await minutes of Fed meeting on Wednesday By Wayne Cole SYDNEY, Aug 19 (Reuters) - Asian markets were wary on Monday amid doubts whether minutes of the Federal Reserve's last policy meeting will provide clarity on when it might scale back stimulus, leading gold up to a two-month peak and nudging the U.S. dollar lower. Asian share markets showed no clear trend with a mixture of small losses and gains, while pressure remained on Indian assets after the rupee cratered to record lows despite government efforts to stem the flow. Yields on 10-year Treasury debt were up near two-year highs at 2.85 percent on Monday on persistent speculation the Fed will start tapering next month, and analysts suspect the minutes may not resolve the issue. " The Fed has made every effort to prepare the market for tapering come the fall and the minutes should continue to suggest just that," said Michael Cloherty, head of U.S. rates strategy at RBC Capital Markets. " What the minutes are unlikely to include, however, is any clear indication of the exact timing." That would depend on economic data in the lead-up to the Sept. 17-18 meeting. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent. It had ended last week with gains of 1.45 percent, though that merely recovered ground lost during the previous two weeks. Tokyo's Nikkei share average inched up 0.1 percent on Monday after ending last week flat. Japanese data showed the third-largest trade deficit on record as imports rose even faster than exports. Australia's S& P/ASX 200 index firmed 0.2 percent, while Korean shares eased 0.3 percent. Stocks in Shanghai were off 0.25 percent, still consolidating after a trading error last Friday caused wild swings. Crucial later in the week will be an early reading on Chinese manufacturing from HSBC. Recent data suggested the economy might be stabilising and any improvement in the purchasing manager index will be welcomed by Asian investors. Emerging currencies continued to struggle after India's rupee touched a record low beyond 62 per dollar, bringing its year-to-date losses to 11 percent. The Indonesian rupiah also tumbled to a four-year trough. The Reserve Bank of India has tried to restrict how much Indian residents and companies can invest abroad, but that only raised fears of outright capital controls that would further undermine the confidence of foreign investors. The Philippines suspended trading in the stock, foreign currency and debt markets on Monday due to heavy rains and flooding in some parts of Manila. DOLLAR DRIFTS The U.S. dollar gave up early, modest gains to stand at $1.3333 per euro, against $1.3332 late in New York on Friday. Against the yen it pulled back to 97.50, while the dollar index went flat at 81.269. The dollar has been in gradual decline for the past six weeks so, in part on concerns the prospect of Fed tapering would scare foreign investors out of U.S. bonds. Figures out last week showed China and Japan -- the two largest foreign holders of U.S. debt -- were at the forefront of a $66 billion exodus from long-term U.S. Treasuries in June, dumping a net $40 billion. Still, at some point yields should reach levels that are attractive to investors once more. " We continue to believe that tapering will begin at the September meeting and, hence, support the USD, especially against high-yielding currencies," analysts at Barclays said in a note. They added, however, there was a chance the Fed may have begun discussing lowering its threshold rate for unemployment as a way to convince investors that rates will remain near zero for a long time to come. " Any discussion in this regard is likely to be viewed as a dovish surprise by the market and lead to a near-term rally in the belly of the Treasury curve," said Barclays. The dollar would also be vulnerable in such an event. The Dow Jones industrial average dipped on Friday to end the week 2.2 percent lower. The Standard & Poor's 500 Index followed to shed 2.1 percent for the week. Europe's broad FTSE Eurofirst 300 index fared better to end last week a fraction firmer. Euro zone bond markets also outperformed their U.S. cousins, thanks in part to expectations the European Central Bank will keep policy super-loose for some time to come despite hints of economic recovery. Hopes for a pick-up in growth globally has also supported commodities recently, with copper holding at $7,372 a tonne after hitting a 10-week peak of $7,420 on Friday. Gold and platinum have gained as well, though they could be threatened if the Fed does wind down its stimulus. Gold made a fresh two-month high of $1,384.10 an ounce. Platinum and palladium were also near two-month highs. Oil futures shrugged aside early losses to sneak higher, having recorded their the biggest weekly percentage gain in six weeks as turmoil in Egypt and Libya stoked worries about supply. Brent crude futures for October were up 13 cents at $110.53 a barrel. U.S. oil for September added 3 cents to $107.43. |
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krisluke
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19-Aug-2013 11:32
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Japan exports hit 3-yr high on weak yen, trade deficit jumps
* July exports +12.2 pct yr/yr vs f'cast +13.1 pct
* Imports rise by most in 3 yrs on high oil prices * Export volume rises in sign of recovery * Japan logs third largest trade deficit on record (Writes through, adds outlook for economy and analyst quote) By Leika Kihara TOKYO, Aug 19 (Reuters) - Japanese exports rose in July at the fastest annual pace in nearly three years as the benefits of a weak yen finally started to take hold, and brisk sales of cars and electronics to the United States, Asia and Europe showed a recovery in overseas demand. Japan still ran its third-biggest trade deficit on record at 1.02 trillion yen ($10.5 billion) in July, as the weak yen and rising oil prices made energy imports ever more expensive, which may drag on corporate profits ahead. Analysts expect the world's third-largest economy to head for a steady recovery, although some warn of risks such as the continued slowdown in China, Japan's biggest trading partner. " As a trend, exports are recovering and will keep growing because the positive effect of the weak yen will strengthen in coming months," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute in Tokyo. " Hopefully that will offset risks, notably the possibility that China's economic recovery will remain weak." The 12.2 percent rise in exports in the year to July was less than a median estimate for a 13.1 percent increase but was the biggest gain since December 2010, data released on Monday by the Ministry of Finance showed. Exports to the United States, Asia and Europe all accelerated. Export volume also rose for the first time in over a year, offering more evidence that overseas demand could strengthen further. " We expect exports to continue to recover," said Hiroaki Muto, senior economist at Sumitomo Mitsui Asset Management in Tokyo. " The details are encouraging because you can see that exports to Japan's main markets are bouncing back." A depreciation of around 20 percent in the yen since November, when markets began expecting the aggressive easing in monetary policy undertaken by the Bank of Japan in April, has boosted the competitiveness of the export-driven economy. Japanese auto giant Toyota Motor Corp was among those that benefited from a weak yen and a pickup in overseas demand, posting a near-record quarterly profit and raising its earnings profit for the year to March 2014. OUTLOOK MURKY Japan's economy expanded for three straight quarters in April-June as Prime Minister Shinzo Abe's reflationary policies brightened sentiment and bolstered personal consumption. But growth slowed in the second quarter on an unexpected fall in capital expenditure, casting doubt on whether the economy can withstand the pain from a planned sales tax hike next April. Policymakers see export growth as key in gauging the economic outlook and hope that global growth will accelerate enough to make up for the expected downturn in personal spending after the tax hike. For now, the signs are positive. Exports to the United States, which bought the most Japanese goods in July, rose 18.4 percent, faster than in June and marking the seventh straight month of gains. Exports to China grew 9.5 percent year on year in July, more than a 4.7 percent annual increase in June. Rising costs of energy and raw material imports, however, may weigh on corporate profits. Almost all of Japan's nuclear reactors have remained idle since the Fukushima disaster in March 2011, putting extra pressure on the energy import bill. Imports rose 19.6 percent in July, the biggest gain in three years and more than the median estimate for a 15.4 percent increase, due to a jump in the cost of imports for crude oil and liquified natural gas, the ministry data showed. As a result, the trade deficit shot up to 1.02 trillion yen, well above the median estimate for a 785.6 billion yen deficit, and exceeding 1 trillion yen for the first time since January. " This is a pretty big deficit and a negative for Japanese companies that will suffer from rising costs," said Shinke of Dai-ichi Life Research. " Japan probably won't see a trade surplus until well into the business year starting in April 2015," Shinke said. (Editing by Simon Cameron-Moore) |
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krisluke
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18-Aug-2013 09:22
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Paul Bearer, Ex Manager of Undertaker and Kane .. .. Will he be back to WWE ? |
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krisluke
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18-Aug-2013 09:14
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Kane vs. Bray Wyatt (Ring of Fire Match) |
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krisluke
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18-Aug-2013 09:04
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Singapore Time not today, for countdown to WWE summerslam 2013 |
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krisluke
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18-Aug-2013 08:23
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Brotherhood faces ban as Egypt rulers pile on pressure
A soldier holds weapon as he stands on armoured personnel carrier positioned outside state-run television station in Cairo
CAIRO (Reuters) - Egypt's Muslim Brotherhood risks political elimination, with the new army-backed government threatening to ban the Islamist organisation after launching a fierce crackdown on its supporters that has killed hundreds. Struggling to stamp its authority on Egypt following the ousting last month of President Mohamed Mursi, the country's new rulers have upped the rhetoric, saying the Arab world's most populous nation is at war with terrorism. More than 700 people have died, most of them backers of Mursi, in four days of violence. That has earned Egypt stiff condemnation from Western nations, uncomfortable with Islamist rule but also with the overthrow of an elected government. The crackdown has, however, drawn messages of support from key Arab allies like Saudi Arabia, which have long feared the spread of Brotherhood ideology to the Gulf monarchies. Blaming a defiant Brotherhood for the bloodshed, Egyptian Prime Minister Hazem el-Beblawi proposed dissolving the group in a move that would force it underground and could usher in mass arrests of its members countrywide. The government said it was studying the possibility. " There will be no reconciliation with those whose hands have been stained with blood and who turned weapons against the state and its institutions," Beblawi told reporters. A statement from the United Nations said Secretary-General Ban Ki-moon condemned attacks on churches, hospitals and other public facilities and called for both sides to resolve the violence. " The secretary-general believes that preventing further loss of life should be the Egyptians' highest priority at this dangerous moment," the statement said. " With such sharp polarization in Egyptian society, both the authorities and the political leaders share the responsibility for ending the current violence." Violence flared briefly on Saturday as backers of Mursi exchanged fire with security forces in a central Cairo mosque, where scores of Muslim Brotherhood protesters had sought refuge from clashes the day before that killed 95 in the capital. Police finally cleared the building and made a string of arrests, with crowds on the street cheering them on and harassing foreign reporters trying to cover the scene. " We as Egyptians feel deep bitterness towards coverage of the events in Egypt," presidential political adviser Mostafa Hegazy said, accusing Western media of ignoring attacks on police and the destruction of churches blamed on Islamists. FADING POPULARITY Founded in 1928, the Muslim Brotherhood has deep roots in the provinces and won all five elections that followed the overthrow in 2011 of the autocratic Hosni Mubarak, appearing to cement themselves in the heart of Egyptian power for years to come. But accusations that they were incompetent rulers intent only on monopolising government tarnished their reputation. Hundreds of thousands of Egyptians took to the streets in June to denounce Mursi and the army says it removed him from office on July 3 to avoid a civil war. Since then, the state media has turned ferociously against the group and there appeared to be little sympathy for the Brotherhood faithful amongst many ordinary Egyptians. " Democracy did not work for Egypt, I am afraid," said Hussein Ahmed, a 30-year-old banker in Cairo, who had protested against Mubarak in the 2011 uprising. " Yes, the Brotherhood were elected, but they never cared about rights or freedoms of anyone but their own group. Why should we feel sorry for them now?" Brotherhood leaders accuse the military of deliberately sabotaging their time in office and plotting their demise. After two pro-Mursi protest camps were crushed by police on Wednesday, the Brotherhood launched a " Day of Rage" on Friday, and clashes left at least 173 dead. They have urged their supporters to take to the streets daily in the week ahead. There were no reports of major rallies on Saturday. The Interior Ministry said police had arrested more than 1,000 Muslim Brotherhood " elements" following Friday's riots. The group said daughters and sons of the leadership had been targeted in an effort to gain leverage over the organisation. The state news agency said 250 Brotherhood followers faced possible charges of murder, attempted murder and terrorism. The government has ordered a dawn-to-dusk curfew that looks set to last until the middle of September, leaving the normally crowded streets of major cities eerily deserted at sundown. Looking to regain some semblance of normality, banks were due to re-open on Sunday for the first time since Wednesday's carnage, and the stock exchange will also resume business, with trading cut to three hours from four because of the instability. (Additional reporting by Tom Perry, Michael Georgy, Tom Finn, Mohamed Abdellah, Ahmed Tolba and Omar Fahmy Writing by Crispian Balmer Editing by Andrew Roche and Bill Trott) |
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krisluke
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17-Aug-2013 09:27
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Wall St slips, Dow posts biggest weekly loss of 2013
New York skyline
* Stocks of homebuilders advance on rise in housing starts * Green Mountain Coffee, which joining Nasdaq 100 index, rises * Dow down 0.2 pct, S& P down 0.3 pct, Nasdaq down 0.1 pct By Caroline Valetkevitch NEW YORK, Aug 16 (Reuters) - U.S. stocks fell slightly on Friday, and the Dow industrials posted the biggest weekly loss this year as rising bond yields hurt shares paying rich dividends and earnings from retailers disappointed investors. The S& P 500 utilities sector, down 1.1 percent, led the day's decline as the yield on the benchmark 10-year U.S. Treasury note rose to a two-year high, making the highest dividend-paying stocks less attractive. Nordstrom late Thursday was the most recent department store chain to miss revenue estimates. The upscale retailer cut its full-year sales and profit forecasts. Shares fell 4.9 percent to $56.43. Earlier this week, Macy's reported an unexpected decline in sales and blamed hesitation by consumers. Macy's stock was down 2.8 percent to $44.99. It was a second week of losses for the major indexes. The Dow fell 2.2 percent for the week, its biggest decline since June 2012, while the S& P 500 and Nasdaq registered their biggest weekly losses since June, 2013. " Given how the consumer has been such a powerhouse, I think these are things that make you at least stop and wonder if you should be an aggressive buyer of retail stocks," said Eric Kuby, chief investment officer, North Star Investment Management Corp, Chicago. The Dow Jones industrial average was down 30.72 points, or 0.20 percent, at 15,081.47. The Standard & Poor's 500 Index was down 5.49 points, or 0.33 percent, at 1,655.83. The Nasdaq Composite Index was down 3.34 points, or 0.09 percent, at 3,602.78. For the week, the S& P 500 was down 2.1 percent and the Nasdaq was down 1.6 percent. It was a third day of declines for the S& P 500, which also ended just below its 50-day moving average of 1,657, while the Dow ended below its 100-day moving average of 15,102. Breaks below these technical levels could add to selling pressure. Adding to the market's concern, the Thomson Reuters/University of Michigan's preliminary reading on consumer sentiment in August slipped from July's six-year high. Other data showed U.S. housing starts rose 5.9 percent in July, compared with a 9.9 percent drop in June. Homebuilders Pulte Group and Lennar Corp gained on the news. Pulte shares rose 2.3 percent to $16.28, while Lennar advanced 1.8 percent to $33.88. Green Mountain Coffee Roasters shares rose 3.3 percent to $76.38 after Nasdaq OMX said the company will replace Life Technologies in the Nasdaq 100 index on Aug. 22. Volume was roughly 4.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, well below the average daily closing volume of about 6.4 billion this year. Decliners beat advancers on the NYSE by nearly 2 to 1 while on the Nasdaq decliners beat advancers by about 13 to 11. |
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krisluke
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17-Aug-2013 09:25
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Wall St Week Ahead: Undervalued euro shares a hurdle for U.S. stocks
* Inflows into European stocks accelerate -Lipper
* Euro-zone equities rise in August while U.S. stocks fall * Investors positioning for gains in Europe-BofA Merrill Lynch survey By Angela Moon NEW YORK, Aug 16 (Reuters) - After Wall Street's biggest weekly decline since June and the worst week this year for the Dow average, investors will be searching for a rebound. But the best gains may not be at home as investors take notice of an improved outlook in Europe. Fund managers have started to shift to euro-zone equities after a series of economic indicators showed the region finally emerging from recession. The region outperformed U.S. stocks in recent weeks, ending 0.2 percent higher this week while Wall Street underwent a 2 percent loss. For the month so far, the total return of euro-zone equities is around 1.9 percent compared to a 1.8 percent loss on the S& P 500 index. That's a very different picture from the first half of the year when the S& P 500 posted 12.6 percent growth, while the pan-European FTSEurofirst 300 index had a mere 1.6 percent growth. The difference might also point to which parts of the U.S. market are likely to perform well after a long run by companies that do the lion's share of their selling within America's borders. " The increase in volatility and uncertainty we've seen throughout the euro zone is finally coming to an end," said Diane Garnick, chief executive of Clear Alternatives, an asset management firm in New York. " We are much more comfortable looking at U.S. international companies that have exposure in Europe, given the stability we see there now," Garnick said, adding that she favors Johnson & Johnson over other stocks with big exposure to the domestic market like Walgreen Corp. Flows into European equities from U.S.-based funds hit a two-month high in the week ended Aug. 14, data from Thomson Reuters Lipper service showed, signaling steady investor appetite for the single-currency bloc's shares. A Lipper basket of 92 funds invested in European shares, which include exchange-traded funds' (ETFs) holdings, took in a net $755 million, the biggest inflow since a record $1.17 billion in mid-June and a rise from the prior week's $580 million inflows. A Bank of America Merrill Lynch survey of fund managers for August showed a net 20 percent of respondents would overweight the European market over a 12-month period, the highest reading in over six years. That made investors' top choice over this horizon Europe, ahead of Japan. " With macroeconomic views of the euro zone increasingly positive, investors are positioning for gains in the region's equities," the survey said. But while money managers are talking about an undervalued Europe, euro-zone troubles have not disappeared. Germany's quarterly growth still was just 0.7 percent. U.S. stocks have been hit recently by weak earnings from bellwethers like Wal-Mart and Cisco and by concerns that the Federal Reserve may start reducing its bond-buying program as early as next month. Investors will get a better sense of what the Fed's plan is next week from the central bank's July meeting minutes to be released Wednesday at 2:00 p.m. (1800 GMT). Economic indicators during the week include existing-homes sales, also due on Wednesday, weekly jobless claims and PMI Markit Flash manufacturing index on Thursday. New-home sales data is due on Friday. APPLE AT $500 Shares of Apple Inc jumped nearly 11 percent for the week, outperforming the Nasdaq, which ended 1.6 percent lower. Trading volume soared both in the stock and options markets this week after billionaire Carl Icahn said he owns a big stake in the company, which he believes to be undervalued. " It's almost like 'sell the market and buy Apple,'" said J.J. Kinahan, chief strategist at TD Ameritrade in Chicago. " I think the next level to look for is around $520 and $525, which are the areas with a lot of options activity," he said, adding that if Apple shares move above these levels, they have the potential once again to become a Wall Street darling. The stock ended up 0.9 percent at $502.33 on Friday. Entering the last week of earnings announcements, a number of retailers are due to report, including J.C. Penney Co on Tuesday. Target Corp is due to report on Wednesday and Gamestop Corp is scheduled to report on Thursday. Home improvement stocks like Home Depot and Lowe's are also due during the week. Data on Friday showed U.S. housing starts and permits for future home construction rose less than expected in July, suggesting that higher mortgage rates could be slowing the housing market's momentum. Home Depot shares are up nearly 22 percent this year and Lowe's is up nearly 45 percent so far in 2013. |
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krisluke
Supreme |
17-Aug-2013 01:22
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Hutchison Whampoa gets at least seven ParknShop bids-sources
* ParknShop attracts bids from Australia, Japan, private equity
* Australia, Japanese buyers seek overseas expansion * ParknShop price tag $3-4 billion By Denny Thomas and Stephen Aldred HONG KONG, Aug 16 (Reuters) - Hutchison Whampoa Ltd , controlled by Asia's richest man Li Ka-shing, has received at least seven offers for its Hong Kong supermarkets business, ParknShop, people familiar with the matter told Reuters on Friday. Hutchison set an asking price of between $3-4 billion for the business, which operates 345 stores in Hong Kong, mainland China and Macau, after a review last month. Octogenarian Li plans to use the sale proceeds to expand Hutchison's health and beauty retail operations, which have a bigger global footprint and offer higher margins compared with the supermarket business, sources have told Reuters. The offers for ParknShop came from Australia's Woolworths Ltd, Japan's Aeon Co, China Resources Enterprises Ltd (CRE), private equity firm KKR & Co and TPG Capital along with a partner, the people added. It was not immediately clear who the other bidders were. Hutchison's advisers Bank of America and Goldman Sachs are expected to assess the first-round offers, which were due on Friday, over the next week and will shortlist bidders, one person said. Australian conglomerate Wesfarmers Ltd, South Korea's Lotte Shopping and Wal-Mart Stores were among the other suitors who had shown early interest. Australian retailers have been looking for growth outside their home markets as the domestic economy slows. At $4 billion, ParknShop would be valued at about 20 times earnings one of the sources said. Supermarket operators in Asia-Pacific trade at a median 12-month price-to-earnings multiple of 22 times, according to Thomson Reuters data. The bidders are attracted by the lack of competition in a market dominated by just two operators - ParknShop and Singapore's Dairy Farm International Holdings Ltd. However some were deterred by Hong Kong's high rentals and the stiff asking price, sources previously told Reuters. About 270 of ParknShop's stores are located in Hong Kong. The winner could also use ParknShop's Chinese business to expand into the mainland, which has proved to be difficult for foreign companies. Established in 1973, ParknShop held a 40 percent share of the Hong Kong market for supermarkets for the year to June, according to Nielsen Homescan, with Dairy Farm on 33 percent. ParknShop generated HK$21.7 billion ($2.8 billion) in revenue last year and earnings before interest, tax, depreciation and amortisation (EBIDTA) of HK$1.4 billion, one person familiar with the matter said. The company has recorded less than 10 percent revenue growth in the medium term, one of the sources said. " We are still conducting strategic review of our supermarket business... and do not have a definite timetable for completion," ParknShop said. KKR declined to comment. Other companies mentioned in the report were not immediately available to comment. |
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