New Thai PM Prayuth gives top cabinet posts to junta inner circle |
- New Thai PM Prayuth gives top cabinet posts to junta inner circle
- Dollar holds gains before factory data, crude oil retreats
- Syrian jihad ‘recruiter’ arrested in France
- Liv Tyler’s new beau
- Qantas stays loyal to its frequent flyer ‘cash cow’
- Urban Decay launches ‘Pulp Fiction’ make-up collection
| New Thai PM Prayuth gives top cabinet posts to junta inner circle Posted: 31 Aug 2014 05:56 PM PDT
Prayuth was widely expected to hand the top portfolios to the military as he chooses a government from the small circle that formed the junta that has ruled since a coup on May 22. Thailand's army chief has kept an iron grip on power as he extends the government, hand-picking an interim parliament that subsequently nominated him prime minister. The parliament, like the cabinet, is dominated by members of the military. The Thai king gave royal approval to the interim cabinet yesterday. The cabinet will have an audience with the monarch in coming days, the last formality before it can begin governing. The portfolios of transport, defence, commerce and interior ministries will go to members of the armed forces. Economics and finance go to civilians. The interior and defence ministers are two army generals that a Reuters report last year showed secretly backed the protests that undermined the government of Yingluck Shinawatra and paved the way for the coup. The interior ministry goes to General Anupong Paochinda, who was army chief from 2007 to 2010. General Prawit Wongsuwan returns to the defence ministry, and will also be the deputy prime minister. The two are towering figures in Thailand's military establishment, have close ties to Prayuth and are staunch monarchists who played a role in the previous coup in Thailand in 2006. That coup ousted Yingluck's brother, Thaksin Shinawatra. Prayuth, Anupong and Prawit are the military brass leading a royalist establishment that includes Bankgok's elite bureaucrats and big business and that aims to expunge the pervasive influence of populist former premier Thaksin Shinawatra from Thai politics. Thaksin and his allies have won every election held in Thailand since 2001 with their rural and working class backing. The victories have eroded the power base of the royalist establishment. DON'T WORRY TOO MUCH Before the cabinet list was made public, Prayuth said on Friday in his weekly televised address that Thais need not be concerned about the number of military men in his cabinet. They would all be held accountable, he said. "I need to have some people that I can trust to work with in this tough situation," he said. "If they perform poorly, I could reshuffle the cabinet anyway. So, don't worry too much." Some of the civilians in the cabinet were also members of the transition team after the previous coup in 2006. Pridiyathorn Devakula, a 67-year-old economist, was appointed as deputy prime minister to oversee the economy. Pridiyathon is a former governor of theBank of Thailand (BOT) and bungled the introduction of capital controls as a finance minister after the 2006 coup. The measures were swiftly reversed after causing the stock market to tank. Sommai Phasee was appointed finance minister. He was the deputy at finance in the interim government after the 2006 coup. Air Chief Marshall Prachin Chantong, who has overseen economic affairs for the junta, becomes transport minister and will oversee development of some of the big-ticket infrastructure projects that Prayuth hopes will help strengthen Thailand's faltering economy. Prachin's junta deputy, General Chatchai Sirikalya, will become commerce minister. — Reuters  |
| Dollar holds gains before factory data, crude oil retreats Posted: 31 Aug 2014 05:49 PM PDT
The greenback was at US$1.3135 per euro by 7:58 a.m. in Tokyo, after climbing to an almost one-year high August 29 as a report showed euro zone inflation slowed last month to the weakest pace since 2009. The dollar was near a seven-month high versus the yen. Oil in New York fell for the first time in five days in electronic trading, with US markets closed for the Labour Day holiday, while palladium climbed 0.3 per cent. S&P 500 futures lost 0.1 per cent after the gauge closed at 2,003.37. Bets policy makers will continue to support their economies underpinned the biggest monthly gain since February in global stocks, while the dollar advanced and a bond rally sent yields tumbling. Even as central banks from Australia to the euro area are due to meet this week, factory output is in focus today with manufacturing gauges from China to Japan, India and Europe scheduled. European Union governments vowed at the weekend to impose more sanctions on Russia should the conflict with Ukraine worsen. "A global data dump this week offers the enticing prospect that everything will soon become clear," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand Ltd, wrote in a client note. "A heavy dump of PMIs is always closely watched. The official read for China will be of particular interest." Bond sales Two measures of Chinese factory production are due today, with the official purchasing managers' index from the China Federation of Logistics and Purchasing expected to drop to 51.2 for August, from 51.7 in July, according to economists surveyed by Bloomberg. The final HSBC Holdings Plc and Markit Economics' China manufacturing PMI is due, after a preliminary reading fell to 50.3, the lowest level since May. Readings above 50 signal expansion in the sector. China is moving to allow more local governments to sell bonds directly to raise funds for projects deemed in the public interest. Under quotas approved by the nation's State Council, local authorities will be able to sell debt to invest in such projects, though bond sales to finance day-to-day expenditures will remain prohibited, according to a statement issued August 31 by the standing committee of the National People's Congress in Beijing. Nikkei futures The yen was little changed at 104.13 per dollar, after touching 104.49 on August 25, the lowest level since January. Japan's currency slipped 1.3 per cent in August in a second month of losses, though it was up 1.8 per cent in the second quarter as tensions from Iraq to Ukraine fueled demand for haven assets. Japan reports on capital spending and company profits today, and a final reading on the Markit/ JMMA Japan manufacturing PMI is due. The Bank of Japan reviews monetary policy Sept. 4. Nikkei 225 Stock Average futures added 0.1 per cent by 3 a.m. in Osaka August 30, and contracts traded on the Chicago Mercantile Exchange were little changed at 15,450 after rising 0.3 per cent August 29. Gauges of manufacturing are also due for Australia, South Korea, Taiwan, Indonesia and India today. Both Indonesia and Thailand will post inflation data, while markets in Malaysia and Vietnam are closed for holidays. In Europe, Germany and the U.K. are among countries that will see updates on the factory sector, and the Markit euro-zone PMI is also scheduled. Germany reports on gross domestic product and trade today. Euro slump The euro was little changed today after slipping 0.4 per cent on August 29 to US$1.3132, the weakest closing level since September 5 last year. The common currency lost 0.8 per cent last week in a seventh straight decline, the longest stretch of weekly losses since 1999. Consumer prices in the 18-nation bloc rose 0.3 per cent in August from a year earlier, down from inflation of 0.4 per cent in July, the European Union's statistics office said August 29. Investors are scrutinizing data out of the region after European Central Bank President Mario Draghi signaled at a Federal Reserve symposium in Jackson Hole, Wyoming last month that he may expand stimulus to ward off deflation. The ECB also meets Sept. 4, with economists surveyed by Bloomberg predicting no change to the area's three main interest rates. The deposit rate was pushed to negative in June amid an unprecedented stimulus package that included targeted long-term loans for banks. Aussie, Kiwi French Prime Minister Manuel Valls called for more action from the ECB to weaken the value of the euro, saying policy makers need to go "even further" than the measures taken in June. The euro fell for a second month in August, sliding 1.9 per cent, after reaching a 2 1/2-year high of US$1.3993 in May. Australia's dollar, known as the Aussie, was steady at 93.31 US cents, after slipping 0.2 per cent on August 29 to trim its monthly gain to 0.5 per cent. The Reserve Bank of Australia meets tomorrow, with economists predicting rates will be held at a record low, while data Sept. 3 is projected to show economic growth slowed last quarter in the country, which counts China as its biggest trading partner. The New Zealand dollar, dubbed the kiwi, was little changed at 83.59 US cents after capping a second-straight monthly decline, down 1.6 per cent in August. China is also New Zealand's most important trading partner. Iron ore The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, gained 0.2 per cent August 29, bringing its second consecutive monthly advance to 0.7 per cent. The index fell 1.2 per cent last quarter, after losing 0.4 per cent in the first three months of the year. Futures on Australia's S&P/ASX 200 Index were little changed in trading at the end of last week, as a gauge of iron- ore prices halted a nine-day slump. Prices for iron ore, the nation's biggest export earner, rose 0.7 per cent August 29 at China's Tianjin port, cutting their third straight weekly drop to 2.4 per cent. Iron ore tumbled 20 per cent last quarter and touched an almost two-year low on August 28, data compiled by The Steel Index Ltd. shows. Kospi index futures in Seoul fell 0.1 per cent August 29, while contracts on the Hang Seng and Hang Seng China Enterprises indexes in Hong Kong slipped at least 0.3 per cent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in New York rose 0.4 per cent August 29, capping a fourth straight monthly climb, up 2.8 per cent. Oil drops The MSCI Asia Pacific Index fell 0.6 per cent in August, after three months of gains, as stocks in Japan and Hong Kong retreated. MSCI's All-Country World Index climbed 2 per cent last month, the most since a 4.7 per cent increase in February. The value of global equities touched a record US$66 trillion in August, data compiled by Bloomberg show. West Texas Intermediate crude fell 0.2 per cent to US$95.77 a barrel, after gaining 2.5 per cent last week in its first advance since the five days to July 18. Palladium rose to US$907.55 an ounce on the spot market, after climbing 3.7 per cent in August for a seventh month of gains. That's the longest rally since 2011. Gold, regarded as a haven investment along with the yen, was down 0.1 per cent to US$1,286.37 an ounce, after gaining 3.4 per cent in the second quarter. Russia, the world's biggest producer of palladium and No. 1 energy exporter, may have its energy and finance industries targeted by the European Union, with the bloc's leaders tasking the European Commission at the weekend with coming up with proposals for more sanctions. Pro-Russia rebels attacked two Ukrainian coast-guard vessels for the first time, as fighting between separatists and military forces in the country's southeast continued. Mixed messages Russian President Vladimir Putin said talks on the "statehood" status of southeast Ukraine are needed to resolve the crisis, according to an interview on the country's Channel One TV aired yesterday. His spokesman, Dmitry Peskov, later told reporters that Putin isn't seeking statehood for the region. The US and Europe accuse Russia of supporting and arming the rebels in Ukraine after the ouster of pro-Russia President Viktor Yanukovych earlier this year threw the nation into turmoil. The S&P 500 rose 0.3 per cent August 29, capping a 3.8 per cent gain in August that was the steepest since February. The benchmark US index climbed 4.7 per cent in the second quarter, a sixth straight advance. Trading falters Yields on 10-year Treasury notes rose one basis point, or 0.01 per centage point, to 2.34 per cent August 29, with yields down 21 basis points for the month, the most since January. Rates on bonds from Spain, Italy, France and Germany all reached record lows last week amid speculation Draghi will enact more stimulus. US consumer confidence unexpectedly rose in August, offsetting a report at the end of last week showing consumer spending dropped in July for the first time in six months. The US stock market experienced the slowest trading in at least six years before the holiday weekend. Volume was below 5 billion shares in each of the nine days to August 28, the longest stretch in data compiled by Bloomberg going back to 2008. — Reuters |
| Syrian jihad ‘recruiter’ arrested in France Posted: 31 Aug 2014 05:48 PM PDT
The man, who is said to be of Chechen origin, was stopped at the Nice airport on Saturday and taken into custody. He is suspected of having paid in cash for a 16-year-old girl to fly to Turkey with the intention of then crossing the border to Syria, a statement by Interior Minister Bernard Cazeneuve said. Unconvinced by the girl's explanation that she was planning on visiting her grandmother in Istanbul, Turkish Airlines contacted French border police, who then called the security services. When investigators rang her father, he had no idea of her plans and said the family had no relatives in Turkey. A source close to the case said the girl's father had "objected to her leaving the country", while another source said the family, who live in Nice, were "taken by complete surprise" by her plans. Further investigations later led police to the suspect, who is believed to live in France and was already known to intelligence officers. Cazeneuve welcomed the arrest of the "alleged recruiter, whose role remains to be determined but will be explained before the judges." Like a number of European countries, France has expressed concern over radicalised young people leaving the country to fight in Iraq and Syria, and who could pose a risk to domestic security on their return. According to official estimates, around 800 French nationals or residents—including several dozen women—have travelled to Syria, returned from the conflict-ridden country or plan to go there. France unveiled a bill last month aimed stopping aspiring jihadists from travelling to Syria. It includes a ban on foreign travel of up to six months for individuals suspected of radicalisation, and gives authorities powers to temporarily confiscate and invalidate their passports. Across the channel, police in Britain have asked the public to identify "aspiring terrorists" amid government concern over people who go to fight with extremist groups in the Middle East could return to carry out attacks on home soil. — AFP |
| Posted: 31 Aug 2014 05:42 PM PDT
The Hollywood actress and David went public last week at the birthday party of Radio DJ Nick Grimshaw, in London. David, a British football agent and the best friend of David Beckham, is said to be really happy with the way the relationship is progressing. "They've actually been dating for three months. Everyone thinks Kate Moss introduced them, but it was originally Stella McCartney," an insider told British magazine Grazia. "Dave and Liv have known each other for ages, but they've always had partners. Then, when they both became single at the same time, they sort of clicked. Dave's been spending time in LA recently so means he can see more of Liv. They both seem really happy and he's telling everyone he's in love." Liv, the daughter of Aerosmith legend Steven Tyler, was previously married to British musician Royston Langdon. They went their separate ways in 2008, and share custody of their nine-year-old son Milo. Dave also has a son, seven-year-old Grey, with his ex-wife Davinia Taylor, and it's thought 37-year-old Liv gets on really well with his little one. "Apparently Liv is brilliant with Grey and that makes Dave happy too," the source added. Both children joined Liv and Dave when they jetted off to Spanish Island Formentera for some fun in the sun with friend Kate Moss. It had been reported earlier this summer that Liv wasn't interested in getting romantically involved with anyone, but her new love interest seems to have changed her mind. ― Cover Media |
| Qantas stays loyal to its frequent flyer ‘cash cow’ Posted: 31 Aug 2014 05:42 PM PDT
Hiding behind Qantas' staggering A$2.8 billion (RM8 billion) headline annual net loss announced last week is a hugely profitable loyalty programme that is the envy of the airline world — and the carrier isn't letting go. Some investors have urged Qantas to sell all or part of Qantas Frequent Flyer, which is valued as high as A$3 billion. Rival carrier Virgin Australia Holdings announced on Friday it was offloading a stake in its loyalty plan. "The Frequent Flyer programme isn't a 'cash-in' for Qantas, it's a cash cow," said Steve Worthington, a marketing professor at Melbourne's Monash University. "They were the first mover in the domestic market and their programme runs far deeper than any other." Qantas Frequent Flyer boasts more than 10 million members — almost half the Australian population — in a programme that goes well beyond the traditional loyalty schemes that award points for travel and credit card services. Qantas offers consulting services, data mining and even runs gift card programmes for top Australian retailers, giving the airline such an extensive reach that its loyalty points are often referred to as the country's de facto second currency. The airline's loyalty division was the only ray of light in an otherwise gloomy earnings report last week. The unit posted its fifth straight year of double-digit earnings growth to hit a record underlying profit of A$286 million. Chief Executive Alan Joyce said last week the airline had ruled out a partial sale of the loyalty division after a long-awaited review of the business. "This business is a great business," he said. "We believe there is shareholder value still for us holding that business." Beyond miles for flights American Airlines was the first carrier to start a frequent flyer programme in 1981, offering a straight flights-for-miles deal to gain an edge in the highly competitive US market. As they were adopted across the industry, including by alliances such as Oneworld, Star Alliance and Skyteam, airlines began monetizing the programmes by selling miles to hotels, credit card companies and retailers. That effectively gives them a license to print money as they determine the value of the points. Companies pay to acquire them because they calculate customers will favor the points-earning option when choosing between products or services, gaining them loyalty also. The airline gains working capital as the points are generally not redeemed for a good 18 months. Qantas, which counts the country's leading grocer Woolworths Ltd as a key partner, posted an 8 percent rise in billing last year as it added 14 new partners. Others include Westpac Banking Corp, InterContinental Hotels Group and Avis Budget Group Inc. That Woolworths alliance has given Qantas one of its key extras over other frequent flyer programmes, giving it deep market penetration via a valuable database of consumer spending habits — which it then uses in its consulting business. While some carriers such as Cathay Pacific Airways Ltd, which charges for entry, like to keep their programmes exclusive, Qantas is extending its loyalty business. More than 35,000 small-to-medium businesses signed up for its Aquire loyalty programme launched last year, which offers spending rewards. Around 300,000 people decided to activate a chip in their standard frequent flyer card that turns it into a debit card that can store money in nine currencies. Like other airlines, Qantas also benefits in the old-fashioned way, using point scorers to fill seats and to persuade passengers to stay loyal. Helping out the carriers is points "inflation" — it now costs far more points to get a free flight than it did a decade ago. Virgin sale Analysts said Virgin's surprise announcement on Friday that it was selling 35 per cent of its Velocity programme to private equity firm Affinity Partners was about gaining fast cash. "The timing for this proposed transaction is perfect for us as the programme is far from reaching maturity and there's no doubt that it will propel the business significantly forward," Virgin CEO John Borghetti said after reporting a A$355.6 million annual net loss. The sale values the unit at A$960 million, giving Qantas shares a bump in the process as analysts speculated about a higher valuation for Frequent Flyer. Virgin's plan has just 4.5 million members, fewer than half as many as Qantas. Applying a similar valuation, Qantas Frequent Flyer would be worth somewhere between A$2.5 billion and A$3 billion, said Angus Geddes, an analyst at Fat Prophets in Sydney. That's significantly more than the 185 million euros (RM750 million) that Germany's ailing Air Berlin received from Etihad for a 70 percent stake in its Topbonus programme in 2012. Air Canada, which has the only programme that analysts said was comparable to Qantas' plan, raised C$287.5 million in a 2008 initial public offering of Aeroplan that valued the business at C$2 billon (RM5.7 billion). Analysts said the unit's long-term value for Qantas far outweighs the benefits of any quick cash. "It's the jewel in the crown of the Qantas asset portfolio," said Bell Potter's O'Shea. "If they can get away with keeping it, it's what they should do." — Reuters |
| Urban Decay launches ‘Pulp Fiction’ make-up collection Posted: 31 Aug 2014 05:30 PM PDT
Twenty years ago, "Pulp Fiction" arrived in theatres, leaving its mark on an entire generation of moviegoers. To pay homage to the cult film, Urban Decay decided to do what it does best: cosmetics. In time for fall, the brand is launching make-up products inspired by Mrs Mia Wallace, the character played by Uma Thurman in the film. The collection, which initially consisted only of a nail polish and a lipstick named for the wig-clad character, was expanded to include a palette of five eyeshadows (including three brand new shades), a lip pencil and a glitter eyeliner. While the theme may be quirky, the quality of the products remains top notch. The 24/7 Glide-On Lip Pencil, for example, contains jojoba oil and vitamin E for soft, smooth lips. The glitter eyeliner contains peach, cucumber and carrot extracts — a powerful nourishing cocktail for the skin — and the Nail Colour polish is made without DBP, toluene or formaldehyde. In a nod to one of the film's most iconic scenes, the Bible verse quoted by Jules from the Book of Ezekiel is printed on the back of the eyeshadow palette. The Urban Decay x Pulp Fiction collection goes on sale in September. Prices range from US$15 (RM47) for the Mrs Mia Wallace Nail Colour to US$34 (RM107) for the Pulp Fiction Palette. — AFP-Relaxnews |
| You are subscribed to email updates from The Malay Mail Online | All To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
