Asian stocks decline as dollar reaches four-year high |
- Asian stocks decline as dollar reaches four-year high
- Man City to hunt down Chelsea following win at Southampton
- Fans bid farewell to ‘Chespirito’ ― Mexico’s favourite comedian
- Overtly confrontational! China refuses British lawmakers entry to Hong Kong
- A rose, by any other name, would smell as sweet
- Hong Kong expects drop in retail sales after protests
| Asian stocks decline as dollar reaches four-year high Posted: 30 Nov 2014 05:15 PM PST
The MSCI Asia Pacific Index lost 0.2 per cent by 9.12am in Tokyo, fueled by declines among Australian and South Korean stocks as Japanese shares advanced. Standard & Poor's 500 Index futures dropped 0.4 per cent. US oil slid below US$65 (RM222.76) a barrel for the first time since May, 2010 as investors digested OPEC's refusal to cut output. Gold sank as much as 2.1 per cent, while copper futures tumbled. The Bloomberg Dollar Spot Index rose for a third day, as the greenback climbed at least 0.2 per cent against the yen, Aussie, Swiss franc and the Korean won. Collapsing oil prices have driven the Bloomberg Commodity Index to its lowest level since 2009, damping the outlook for global price growth amid concerns over slowing economies. Swiss voters yesterday rejected a measure that would have forced their central bank hold at least 20 per cent of its balance sheet in gold. Gauges of manufacturing for China, Japan and the euro area are due today, along with reports on the sector in the US, where normal trading resumes after Thanksgiving. "Concerns about disinflation and deflation are being fueled by what we're seeing in energy and commodity markets at this point in time," Richard Gibbs, global head of economics at Macquarie Group Ltd, Australia's largest investment bank, said in a Bloomberg TV interview in Sydney. "Clearly the decision by the Saudis to not even counternance a cut in production has strong geopolitical undertones." 'Shock therapy' Saudi Arabia, the biggest oil exporter among the Organization of Petroleum Exporting Countries, was a driving force behind the 12-member group's decision last week to maintain its collective production ceiling at 30 million barrels a day. The oil minister of Iran, which advocated for an output cut, said in an interview late last week that the "shock therapy" of a steep decline in prices is no solution to OPEC's loss of market share to US shale producers. West Texas Intermediate crude sank 2.7 per cent to US$64.36 a barrel, set for its lowest close since July 2009 after tumbling 10 per cent November 28. WTI slid 18 per cent in November, while Brent crude oil retreated 18 per cent, the most since 2008. Brent was down 2.4 per cent today, at US$68.48 per barrel, headed for its lowest settlement since October 2009. Gold slid to as low as US$1,142.88 an ounce today, its lowest intraday level since November 7. The metal, used as a hedge against inflation, fell 0.5 per cent in November for a third straight monthly retreat. Silver sank 4.5 per cent to US$14.7475 an ounce on the spot market, touching its lowest price since August 2009. Copper futures on the Comex lost 1.9 per cent to US$2.7925 a pound. Commodity currencies The Aussie dropped 0.9 per cent to as low as 84.27 US cents today, the weakest level since July 2010. Yields on the country's 10-year bonds fell for a seventh straight day, declining two basis points, or 0.02 per centage point, to 3 per cent. It earlier dropped below 3 per cent for the first time since 2010. The New Zealand dollar slipped 0.6 per cent to 77.97 US cents after Reserve Bank of New Zealand Governor Graeme Wheeler said the real effective exchange rate is unjustified. "With oil prices still cratering, markets are reluctant to buy any currency that's associated with commodities," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand Ltd, wrote in a note e-mailed to clients. Currencies of commodity-linked nations drove declines against the greenback last week, with the Norwegian krone, Mexican peso, Canadian dollar and South African rand all down at least 1 per cent. The Bloomberg dollar index, which tracks the dollar against 10 major peers, climbed 2.4 per cent in November for a fifth straight month of gains. China PMIs The yen was down a second day, losing 0.2 per cent to 118.88 per dollar after sinking 0.8 per cent November 28. The Swiss franc lost 0.2 per cent to the dollar, while the won slid 0.8 per cent. Two indexes of Chinese factory production are scheduled for today, with economists surveyed by Bloomberg projecting the official PMI for November will drop to 50.5, from 50.8 in October. A preliminary reading on the HSBC Holdings Plc/ Markit China manufacturing PMI for last month saw the gauge drop to 50, the lowest level since May. Readings above 50 indicate expansion. China floated plans for an insurance system on bank deposits yesterday, as part of its move toward a market-driven economy. Data on manufacturing is also due for India, South Korea, Taiwan, Vietnam and Indonesia as well as a raft of European nations. US factory gauges from Markit and the Institute for Supply Management are scheduled, with investors also focused on the monthly payrolls data due at the end of the week. ― Bloomberg  |
| Man City to hunt down Chelsea following win at Southampton Posted: 30 Nov 2014 05:04 PM PST
Chelsea have been imperious to date this season, but they dropped points in a 0-0 draw at Sunderland on Saturday and City took advantage with an impressive victory at St Mary's a day later. Second-half goals from Yaya Toure, substitute Frank Lampard and Gael Clichy saw the champions end Southampton's unbeaten home record and City manager Manuel Pellegrini challenged his side to carry their form into Wednesday's away game with Sunderland. "We have 25 games to play," said the Chilean, whose team trail Chelsea by six points. "It's a lot of points. Nobody knows what happens in the future. "Chelsea are playing very well. We'll see what happens in the future. And we must try to see what we do against Sunderland." Sergio Aguero had been City's saviour in their mid-week win over Bayern Munich in the Champions League, taking his tally for the season to 17 goals with a hat-trick in a 3-2 success. The Argentine showcased the altruistic side to his game against Ronald Koeman's Southampton, teeing up Toure to drive home City's 51st-minute opener and then steering a glorious pass into Clichy's path for the visitors' third goal. His afternoon had started in inauspicious fashion, as he was booked for diving in the ninth minute despite appearing to have been cleaned out by Southampton centre-back Jose Fonte. Pellegrini commented: "From my position I saw that it was a penalty, but I am not the referee. "One thing I was absolutely sure about was that Sergio never dived. Sergio is not a player that tries to cheat the referee." 'Not good enough' City lost Eliaquim Mangala in the 74th minute after he was shown a second yellow card for barging over Southampton substitute Shane Long as he raced towards goal, but Pellegrini defended the Frenchman, saying he had committed a "necessary foul". A hamstring injury to captain Vincent Kompany meant that City finished the game with nine men. The Belgian centre-back is scheduled to undergo tests on Monday. Southampton matched City in an even first half, with visiting goalkeeper Joe Hart saving twice in quick succession from Graziano Pelle and Steven Davis, but after City made the breakthrough, they ran out of steam. Koeman conceded that his side, who have made the best start to a Premier League season in the club's history, were initially "a little bit nervous". But although they are due to visit Arsenal on Wednesday and then entertain Manchester United on December 8, he said it was too early to write off Southampton's chances of a top-four finish. Asked for his response to those in the media who will dismiss his side's hopes of Champions League qualification, he told his post-match press conference: "They write of today. Because we didn't show something different. "But if we are the fifth in the league, still we are very happy. On Wednesday we will get a new opportunity to show the qualities. There's no time to be disappointed." However, having seen his team beaten for only the second time in 11 league games, he conceded that they had come up short. "We knew we had to be good to have a good result today (Sunday), but our ball possession in the beginning of the game was not good," said the former Netherlands international. "I think we defended well. We had a good organisation. They didn't create a lot of opportunities. "But when I thought in the second half, 'OK, little by little we'll do a little bit more pressing to try to win the game,' it was 1-0 down. It was not good enough today. That is what I have to say." ― AFP |
| Fans bid farewell to ‘Chespirito’ ― Mexico’s favourite comedian Posted: 30 Nov 2014 05:00 PM PST
A coffin bearing his remains was carried into the Azteca stadium on a red trailer flanked by the characters he created, an orphan who lived in a barrel and a goofy superhero with a big heart. At the sight of it, the crowd rose to their feet chanting "Chespirito! Chespirito!" His widow Florinda Meza, a star in the legendary series, waved from another vehicle to the fans who had waited in line for hours to bid farewell to the actor. He died in Cancun on Friday at age 85. Eduardo de la Borbolla said he had come to say thanks "for all these years that he made us laugh." In honour of his hero, he sported a red cap with the symbol of "El Chapulin Colorado" (Red Grasshopper), one of Gomez Bolanos's most famous characters. The actor -- whose nickname Chespirito meant "Little Shakespeare," for his short stature and prolific writing -- created some of the most popular television shows in the history of Latin America. In "El Chavo del Ocho" ("The Kid from the Eight"), he played a mischievous orphan who always wore a hat with ear flaps and slept in a barrel in the courtyard of a working-class housing complex. In "El Chapulin Colorado," he was a red-hooded superhero with antennas and armed with a yellow and red hammer. His victory catchphrase was, "They didn't count on my cleverness!" "He was like a brother, an uncle, a father," said Esteban Chavez, as he waited in line to enter the stadium. "That is why we came to say goodbye." 'A master is gone' Tens of thousands of children and adults thronged the stadium, many of them in the costumes of their favourite characters. Before arriving at the stadium, Gomez Bolanos' coffin was paraded through the streets of Mexico City, past applauding crowds. Televisa, the Mexican television network where Gomez Bolanos spent his entire career, orchestrated the event, which also included a sombre religious ceremony and speeches. A giant cross was erected in the stadium on an enormous red carpeted stage between towering portraits of the comedian. "A genius, a master is gone," said actor Carlos Villagran, one of the players in "El Chavo del Ocho." "El Chavo del Ocho" and "El Chapulin Colorado" had millions of viewers from Mexico to the Andes and the tip of South America, as well as in Portuguese-speaking Brazil. The shows were exported to more than 25 countries, including Thailand and Russia, and reruns can still be seen in some countries. Colombian Toris Jaimes said "as little girls we just loved El Chavo, and we have so many fond memories. We are grateful he was part of our lives, so that's why we are here." In Bogota, the tallest building in the city, the Torre Colpatria, was illuminated in red with the "Chapulin Colorado's" trademark yellow heart. His comedies masked deep fears that haunted him since childhood. Born to a Mexico City middle-class family on February 21, 1929, his father, a painter and illustrator for newspapers, died when he was eight years old. Gomez Bolanos studied engineering but, at the age of 22, he began to write for an advertising company before moving on to radio, television and film scripts. His television show "Chespirito," which began to air when he was 40 years old, was on the air for 25 years. ― AFP |
| Overtly confrontational! China refuses British lawmakers entry to Hong Kong Posted: 30 Nov 2014 04:48 PM PST
"I have been informed by the Chinese Embassy that if we attempt to travel to Hong Kong, we will be refused entry," foreign affairs select committee chairman Richard Ottaway said in a statement. "We are a committee of elected Members of Parliament from a democratic nation who wish to scrutinise British diplomatic work in Hong Kong. "The Chinese government are acting in an overtly confrontational manner in refusing us access to do our job." The committee is looking at Britain's relations with Hong Kong 30 years after it agreed terms for handing the city over to China, and at how those terms are being implemented. News that the committee cannot visit comes as thousands of pro-democracy activists in Hong Kong have clashed with police over the way the city's next leaders will be elected in 2017. The Chinese embassy in London could not immediately be reached for comment. Ottaway called for an emergency debate in parliament to discuss the matter. Earlier this year, China asked parliament to shelve the inquiry, saying it would not allow foreign forces to intervene in its internal affairs. — Reuters |
| A rose, by any other name, would smell as sweet Posted: 30 Nov 2014 04:47 PM PST DECEMBER1 — "In Kuala Lumpur, traffic is congested along Jalan Tuanku Abdul Halim heading to Petaling Jaya. It is bumper to bumper along Lebuhraya Sultan Iskandar to Jalan Tun Razak and traffic is starting to build up from Jalan Sentul all the way to Jalan Sultan Azlan Shah. Traffic ranger Alvin reports there has been an accident in Persiaran Tuanku Syed Sirajuddin while a burst pipe in Jalan Sultan Yahya Petra has caused a 3km traffic snarl in the area." Huh? What? Where? Imagine listening to such a traffic update during rush hour. You look at your watch, and it's already 8.30am and you start considering your options. Get your co-driver to Google it up? Ask friends on Facebook? Wake your fiance up and ask for help? If you are lucky, and if your loved ones are awake at 8.30am, then you can try calling them asking for directions. "What is the new name for Lebuhraya Mahameru? I am not familiar with the new road names and I need you to help me check, so I don't get caught in traffic." "It's 8.30am and you are asking me for directions? Hold on, let me check and I'll let you know," your fiance replies. You continue driving as you wait for your better half to return your call. But even before you can say haiyo, you realise that Lebuhraya Sultan Iskandar is actually Lebuhraya Mahameru the moment you get stuck in the long massive snarl. Such is the dilemma many road users have been and will be facing for the next three months (some even more) before it is etched in our head that Persiaran Tuanku Syed Sirajuddin is the new name for Persiaran Duta and Jalan Semarak is now known as Jalan Sultan Yahya Petra. Federal Territories Minister Datuk Seri Tengku Adnan Mansor had over the weekend clarified saying the idea to change the road names last week was a suggestion by the ministry and not made upon the request of the Conference of Rulers as reported earlier. The minister said the renaming of roads was done with the aim to remind city dwellers, and Malaysians as a whole, of the names of our former Yang diPertuan Agong as they are a part of Malaysia's monarch system. One wonders what were the guidelines which were set by the ministry before it shortlisted the the roads which would be given new names. While celebrating and remembering the names of our rulers is something which every Malaysian should know without a doubt, questions are being raised on whether more thought should have been put into the entire exercise to ensure the roads which were renamed befit a king. While Jalan Duta is a major road in the city which used to, as the name suggest, house many embassies, the same cannot be said about Jalan Khidmat Setia (Jalan Sultan Mizan Zainal Abidin) or Jalan Khidmat Usaha (Jalan Sultan Haji Ahmad Shah). Why didn't the authorities rename more famous roads like Jalan Raja Laut (which houses City Hall's headquarters), Jalan Raja (which houses Dataran Merdeka) or Jalan Ampang (which was previously suggested to be renamed Jalan Tun Dr Mahathir Mohamad) instead? In any case, why didn't the ministry reserve new roads for our kings or rename several roads in Putrajaya to honour our monarchs? Imagine unsavoury activities in certain areas being reported in the press and our beloved monarch gets dragged in. There are certain areas in the city with high number of vice activities including prostitution and surely we do not want the names of our past rulers, for example Jalan Sultan Azlan Shah to be published in the papers for the wrong reasons. What about roads like Jalan Raja Chulan or Jalan Raja Bot? Will our younger generation one day think these roads were also named after our kings? What assurance do we have that people will know and appreciate the names of those plastered on road signs? I have my utmost respect to our monarchs. And as such, we must understand the roles and contribution of our rulers. Knowing our rulers better is more than just placing their names on road signs. An individual does not simply change his or her name without a clear reason and same can be said about the exercise here. A rose, by any other name, would smell as sweet. * This is the personal opinion of the columnist. |
| Hong Kong expects drop in retail sales after protests Posted: 30 Nov 2014 04:47 PM PST
Protests began choking parts of the Asia financial center in late September, disrupting business in one of the world's key markets for luxury companies such as Prada SpA, Burberry and Gucciowner Kering. Three analysts contacted by Reuters forecast falls in retail sales of 0.3, 0.5 and 4.4 per cent from a year earlier. Citi bucked the trend, with a research note predicting a rise of 1.2 per cent. There have been annual declines most months this year, including a 6.9 per cent tumble in June, blamed largely on a corruption crackdown in China that hurt Hong Kong purchases of luxury goods. But September retail sales grew 4.8 per cent. "The impact of the (protest) movement to the retail sales data should be the most serious in the first two weeks of October as things were most intense back then," said Lily Lo of DBS Bank, who expects a fall of 0.3 per cent. China's "Golden Week" holiday, which ended October 7, is usually one of the year's busiest shopping weeks, but scores of retailers said protests hit sales during the period, which began just days after police fired tear gas to disperse activists. Shoppers make a shift? Some analysts said it was difficult to gauge the financial impact of the demonstrations because some shoppers may have shifted to other Hong Kong areas unaffected by the protests. Dickson Concepts, operator of the Harvey Nichols department stores in Hong Kong, on Thursday became the latest company to flag an impact from the protests, saying the city's retail market had further deteriorated as a result of the civil unrest. That follows warnings from other Hong Kong-listed retailers such as Chow Tai Fook, the world's largest jewellery maker by market value, and Luk Fook Holdings, a dealer for Audemars Piguet, Tag Heuer and other brands of watches. Chow Tai Fook has said October same-store sales in Hong Kong fell 24 per cent. More than 100,000 people took to the streets at the height of the protests to demand greater democracy in Hong Kong, forcing some shops to close. Others, including Prada and domestic rival Tod's, shortened business hours. "When there were protests in Admiralty, we didn't come here to shop. It was dangerous with all the unrest and nobody knew what was happening," said a retired man surnamed Lam, referring to the key protest site next to government buildings. Camp largely intact Police on Wednesday cleared the protest site in the bustling shopping district of Mong Kok, but early Saturday there were clashes between activists and police. The main camp remains mostly intact in Admiralty, while a handful of demonstrators were still camped out in Causeway Bay shopping area. Luxury goods companies have already under been pressure from Beijing's anti-corruption campaign, which has sapped appetites for such goods among mainland Chinese, some of Hong Kong's biggest tourist spenders. Hong Kong accounts for about US$9.7 billion (RM33.2 billion) of global luxury sales, or 4 per cent of the total, according to estimates by Bernstein Research. The Hong Kong government has warned that prolonged unrest could threaten the city's economic stability while economists say there is anecdotal evidence it has dragged on economic activity. On November 14, the government revised its 2014 economic growth estimate to 2.2 per cent from 2-3 per cent. At the start of the year, it saw 3-4 per cent growth. A private survey on business activity in October showed a sharp deterioration in operating conditions, with output shrinking at the quickest rate in nearly three years. ― Reuters |
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