Volkswagen applies to set up first Thai auto unit |
- Volkswagen applies to set up first Thai auto unit
- Asian shares quietly encouraged by Wall Street record
- Powerful quake hits Chile, tsunami warning, officials say
- Automakers score US sales gains in March
- Kirchner to be godmother of lesbian couple’s daughter
- Euro boosted by Yellen speech, yen sinks on small Tankan gain
| Volkswagen applies to set up first Thai auto unit Posted: 01 Apr 2014 05:50 PM PDT
The manufacturer is seeking to participate in a government programme offering tax exemptions for automakers investing at least THB6.5 billion (US$652.7 million) in local manufacturing. Carmakers had until March 31 to apply for the programme which includes vehicle assembly, components and engine production, according to a ministry statement from October. People told Bloomberg that Volkswagen has not made a final decision on producing vehicles in Thailand as the exact terms and conditions may still change. Volkswagen could not be reached for a comment outside of normal business hours. Volkswagen sees a "strong market opportunity" in southeast Asia, Hans Dieter Poetsch, chief financial officer of the multinational automaker said in a presentation published on the company's website last week. — AFP  |
| Asian shares quietly encouraged by Wall Street record Posted: 01 Apr 2014 05:41 PM PDT
Even sluggishness in China is now considered favourably since it adds to the case for stimulus, and there are signs Beijing is hastening infrastructure spending in response. In early action, MSCI's broadest index of Asia-Pacific shares outside Japan crept up to a fresh four-month high, while Australia's market added 0.2 per cent. Nikkei futures pointed to an opening rise of perhaps 0.5 per cent. On Wall Street, the S&P 500 ended Tuesday up 0.70 per cent and just off a record intraday high. The Dow rose 0.46 per cent, while the Nasdaq bounced 1.64 per cent. The FTSEurofirst 300 added 0.56 per cent, helped by merger activity and improving French factory data. MSCI's world stocks gauge was up 0.6 percent. The US economic news was generally supportive of risk appetite. The manufacturing ISM climbed to 53.7 in March, from 53.2, with production showing a marked expansion from weather-induced weakness in February. Likewise, new vehicles sales rose to a surprisingly brisk 16.4 million annualised in March, ending three months of softness and supporting the view that demand is recovering now that the worst of the winter weather has passed. The arrival of Spring is also why the market is wagering the US payrolls report on Friday will show employment picked up to 200,000 in March. The brighter tone in the data pressured the long-end of the US Treasury curve, where yields on 10- and 30-year paper rose around 4 basis points. Shorter-dated debt fared better in the wake of Federal Reserve Chair Janet Yellen's comment that extraordinary stimulus would be needed for some time to come. Will they, won't they? Investors have also been speculating that the European Central Bank would soon take further steps to loosen policy, though officials are blowing hot and cold on the issue. On Tuesday, ECB vice-president Vitor Constancio told a news conference that low inflation was a concern and could drag on economic growth. Euro zone inflation slowed to an annual 0.5 per cent in March, its lowest since November 2009. But Constancio then went on to deny any risk of deflation, saying inflation was set to pick up. That was taken as diminishing the chance of an easing at the ECB's policy meeting on Thursday and gave the euro a modest lift. A Reuters poll of 22 euro money market traders found 18 expected no change in the 0.25 per cent main refinancing rate. The single currency was steady at US$1.3795 (RM4.50) on Wednesday, having edged up for a third straight session on Tuesday. It also gained on a broadly softer yen to reach 142.93, while the dollar was up at ¥ 103.62 (RM3.26) and near a three-week top. Among commodities, Brent crude was quoted at US$105.62 a barrel having shed over 2 per cent overnight on the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli. US crude was off 9 cents at US$99.63 a barrel in early trade, after also losing around 2 per cent to expectations for a build in domestic inventories. Spot gold was sulking at US$1,280.36 an ounce, having touched a seven-week low of US$1,277.29 on Tuesday. — AFP |
| Powerful quake hits Chile, tsunami warning, officials say Posted: 01 Apr 2014 05:39 PM PDT
The quake struck at 846 pm local time (2346 GMT) at a depth of 10 kilometres (six miles), 83 kilometres from Iquique on Chile's northern coast, the United States Geological Survey (USGS) said. The Hawaii-based Pacific Tsunami Warning Centre issued a warning. Chilean authorities also issued a tsunami alert after the quake, which they registered at 7.9. Chile is one of the most seismically active countries in the world, and a large earthquake has long been expected in the north of the country. In February 2010, central and southern Chile were hit by a powerful earthquake of 8.8-magnitude followed by a tsunami that devastated dozens of towns. The quake left more than 500 dead and US$30 billion (RM97.9 billion) in damage to infrastructure. — AFP |
| Automakers score US sales gains in March Posted: 01 Apr 2014 05:33 PM PDT
A total 1.54 million vehicles were sold in the United States in March, an increase of 5.7 per cent from March 2013, according to industry specialist Autodata. General Motors, the largest US automaker, said total sales rose 4.0 per cent in March from a year ago, to 256,047 vehicles. GM retail sales were up 7.0 per cent in March, offsetting a 5.0 per cent drop in fleet sales that was due to a planned reduction in deliveries. Kurt McNeil, GM's US vice president of sales operations, was upbeat about pent-up demand from consumers after the brutal winter that gripped large areas of the country. "We expect to see solid economic growth in the months ahead, with the job market, household income and consumer spending all showing positive signs," McNeil said in the sales report, which was delayed for several hours due to a computer systems problem. The report came as GM chief executive Mary Barra testified to Congress in a hearing over why the company ignored a faulty ignition problem for a decade despite numerous accident reports and 13 deaths. Analysts have speculated the trouble could cost the company billions of dollars in penalties and damages, in addition to the costly vehicle recalls. Ford, the number-two US automaker, said total sales in its home market rose 3.0 per cent in March year-over-year, to 244,167 vehicles. "March sales turned noticeably higher mid-month and finished strong," said John Felice, Ford vice president, US marketing, sales and service. Heading into selling season Ryan Brinkman of JPMorgan said that Ford's pickup in sales was "an encouraging sign for the industry as we head into the spring selling season." Chrysler, which was fully acquired by Italy's Fiat in January, posted a robust 13 per cent year-over-year increase in US March sales to 193,915 units. The unit of Milan-based Fiat Chrysler Automobiles has clocked in 48 consecutive months of year-over-year sales gains in the United States. "We are entering the spring selling season on a high note as our Jeep and Fiat brands recorded their best sales months ever," said Reid Bigland, head of US sales. Fiat brand sales leaped 24 per cent in March, the best sales month since the Italian auto brand returned to the US market in 2011. Japanese giant Toyota sold 215,348 units, an increase of 8.9 per cent from a year ago. The world's leading automaker said that March capped a first-quarter sales gain despite an unusually harsh winter. "Toyota dealers had their two best sales weekends of the year late in the month, and we're optimistic that momentum will spring us in into April," said Bill Fay, Toyota division group vice president. Japanese rival Nissan said US sales jumped 8.3 per cent to 149,136 vehicles, its best month ever. Honda said March sales fell 2.0 per cent from a year ago, to 133,318 vehicles. South Korea's Hyundai reported a 1.9 per cent fall in sales, to 67,005 units. Germany's Volkswagen sold 36,717 units, down 2.6 per cent from March 2012. — AFP |
| Kirchner to be godmother of lesbian couple’s daughter Posted: 01 Apr 2014 05:29 PM PDT
The couple said they asked the president — a mother of two herself — over Facebook. "Cristina has agreed to be godmother. What a great gesture! I hope she can come to the (baptism) ceremony and does not send a representative. It's a dream come true for us," Karina Villaroel said from Cordoba, 700 kilometres (450 miles) north of Buenos Aires. The office for the centre-leftist president, who pushed same-sex marriage legislation which was approved in 2010, has not confirmed if Kirchner will attend the baptism — believed to be the first time that a child of an Argentine lesbian couple has been baptised. Villaroel's partner, Soledad Ortiz, underwent in-vitro fertilisation and Umma Azul was born on January 27. "We come from Catholic families but do not go to church often ourselves," said Villaroel. "We want to baptise her and then the baby can decide what she wants to do, and follow her own heart." About 75 per cent of Argentines are Roman Catholic. Argentina in July 2010 became the first Latin American country to legalise same-sex marriage. Homosexual couples can also adopt. Argentine-born Pope Francis opposed same-sex marriage when he was archbishop of Buenos Aires. But at the time he criticised clergy for not baptisng the children of single mothers and gay people. — AFP |
| Euro boosted by Yellen speech, yen sinks on small Tankan gain Posted: 01 Apr 2014 05:26 PM PDT
Yellen's maiden speech as Federal Reserve chair on Monday, with its strong emphasis on the need to bring down unemployment significantly, reinforced expectations that the federal funds interest rate would not begin rising until late next year. That put a sell sign on the greenback, which was backed up by some improved manufacturing data from Europe. At 2100 GMT, the euro was at US$1.3793 (RM4.50), compared to US$1.3772 late Monday. Earlier it jumped over the US$1.38 level. "The talk is that this move was primarily fueled by stronger-than-anticipated economic data out of the (European) region as well as follow-through from dovish comments made by Yellen," said Jonathan Terela at Western Union Business Solutions. The Markit Eurozone manufacturing purchasing managers index for March fell to 53.0 from February's 53.2, but for market-watchers it demonstrated that the regional economy is holding up. The euro's move higher came two days before the European Central Bank reviews its policy, with the market dropping earlier expectations of a move to ease rates to address low inflation. "Although there has been some talk around a potential rate cut in order to fight deflation, the market has all but priced this possibility out," said Terela. The yen suffered after the quarterly Tankan index of sentiment at large manufacturers crept up to 17 from 16, less than expected and showing that Japanese businesses remain cautious about the future. The closely watched survey pointed to tepid investment among major firms and slumping sentiment for the April-June quarter, possibly due to Japan's sales tax rise, which came into effect on Tuesday. The dollar rose to ¥103.66 (RM3.26) from ¥103.22, while the euro traded at ¥142.98, compared to ¥142.15 late Monday. The British pound slipped to US$1.6628 from US$1.6664, while the dollar fell to 0.8833 (RM0.03) Swiss franc from 0.8844. — AFP |
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