2013年11月15日星期五
Gold down 7 sen as at 9.30am
The physical price of gold as at 9.30am stood at RM127.99 per gramme, down seven sen from RM128.06 at 5pm yesterday.
Ringgit traded higher against US dollar
The ringgit opened higher against the US dollar today, extending yesterday's gains as more investors shift their appetite to Asian currencies, including the local unit, dealers said.
At 9am, the ringgit appreciated against the greenback to 3.1935/1965 from 3.2040/2070 yesterday.
A dealer said the euro was dampened by the weak eurozone data while the Japanese yen slipped after the Finance Minister Taro Aso told a parliamentary committee that Japan must retain the currency intervention as a policy tool.
Against other major currencies, the ringgit was also traded higher.
The local note appreciated against the Singapore dollar to 2.5616/5644 from 2.5683/5712 yesterday and strengthened against the yen to 3.1868/1901 from 3.2255/2102 on Thursday.
Against the British pound, the ringgit emerged stronger to 5.1288/1349 from 5.1360/1424 yesterday and rose to 4.2962/3009 from 4.3107/3157 against the euro.
At 9am, the ringgit appreciated against the greenback to 3.1935/1965 from 3.2040/2070 yesterday.
A dealer said the euro was dampened by the weak eurozone data while the Japanese yen slipped after the Finance Minister Taro Aso told a parliamentary committee that Japan must retain the currency intervention as a policy tool.
Against other major currencies, the ringgit was also traded higher.
The local note appreciated against the Singapore dollar to 2.5616/5644 from 2.5683/5712 yesterday and strengthened against the yen to 3.1868/1901 from 3.2255/2102 on Thursday.
Against the British pound, the ringgit emerged stronger to 5.1288/1349 from 5.1360/1424 yesterday and rose to 4.2962/3009 from 4.3107/3157 against the euro.
FTSE Bursa Malaysia update: 9.30am
At 9.30am today, there were 204 gainers, 106 losers and 224 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,785.26 up 1.06 points, the FBMACE was at
5,769.74 up 11.88 points, and the FBMEmas was at 12,450.42 up 10.65 points.
Turnover was at 182.537 million shares valued at RM118.295 million
The FBM-KLCI was at 1,785.26 up 1.06 points, the FBMACE was at
5,769.74 up 11.88 points, and the FBMEmas was at 12,450.42 up 10.65 points.
Turnover was at 182.537 million shares valued at RM118.295 million
US stocks rise to fresh records
NEW YORK CITY: US stocks on Thursday barrelled to fresh records, shrugging off some disappointing earnings results amid greater confidence the Federal Reserve will wait longer before scaling back its aggressive stimulus program.
The Dow Jones Industrial Average tacked on 54.59 points (0.35 per cent) at 15,876.22. The broad-based SandP 500 rose 8.62 points (0.48 per cent) to 1,790.62, while the tech-rich Nasdaq Composite Index added 7.16 points (0.18 per cent) at 3,972.74.
The gains pushed the Dow and SandP 500 to new all-time records for the second day in a row.
Investors welcomed testimony from Fed Vice Chair Janet Yellen, who has been nominated to lead the central bank, at her confirmation hearing before the Senate Banking Committee.
Yellen defended the Fed's US$85 billion a month bond-buying program and rejected suggestions the program had generated fresh bubbles in property or stock markets.
"It wasn't surprising, but a real feel-good speech," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
"I think it gave the market confidence that tapering isn't going to happen any time soon."
Dow component Cisco Systems sank 11.0 per cent after company officials warned of slowing investment in China and other key emerging economies.
Chief executive John Chambers of the network-equipment maker reported double-digit order declines in Mexico, India, China, Brazil and Russia.
Wal-Mart Stores, another Dow component, edged 0.2 per cent higher after earnings exceeded expectations by a penny at US$1.14 a share. On the downside, the company trimmed its full-year profit forecast.
Retailer Kohl's fell 8.1 per cent after earnings lagged expectations and the company trimmed its full-year profit forecast from US$4.15-US$4.35 per share to US$4.08-US$4.23 per share. The company forecasts comparable-store sales at best flat or declining up to 2 per cent.
Yoga-attire manufacturer Lululemon Athletica lost 4.1 per cent after Sterne Agee downgraded the stock to "underperform".
The broker cited the company's unresolved search for a new chief executive and recent comments from the company's chairman and founder that some of the company's products "don't work" for some women. Sterne Agee said the comments offended many consumers
The Dow Jones Industrial Average tacked on 54.59 points (0.35 per cent) at 15,876.22. The broad-based SandP 500 rose 8.62 points (0.48 per cent) to 1,790.62, while the tech-rich Nasdaq Composite Index added 7.16 points (0.18 per cent) at 3,972.74.
The gains pushed the Dow and SandP 500 to new all-time records for the second day in a row.
Investors welcomed testimony from Fed Vice Chair Janet Yellen, who has been nominated to lead the central bank, at her confirmation hearing before the Senate Banking Committee.
Yellen defended the Fed's US$85 billion a month bond-buying program and rejected suggestions the program had generated fresh bubbles in property or stock markets.
"It wasn't surprising, but a real feel-good speech," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
"I think it gave the market confidence that tapering isn't going to happen any time soon."
Dow component Cisco Systems sank 11.0 per cent after company officials warned of slowing investment in China and other key emerging economies.
Chief executive John Chambers of the network-equipment maker reported double-digit order declines in Mexico, India, China, Brazil and Russia.
Wal-Mart Stores, another Dow component, edged 0.2 per cent higher after earnings exceeded expectations by a penny at US$1.14 a share. On the downside, the company trimmed its full-year profit forecast.
Retailer Kohl's fell 8.1 per cent after earnings lagged expectations and the company trimmed its full-year profit forecast from US$4.15-US$4.35 per share to US$4.08-US$4.23 per share. The company forecasts comparable-store sales at best flat or declining up to 2 per cent.
Yoga-attire manufacturer Lululemon Athletica lost 4.1 per cent after Sterne Agee downgraded the stock to "underperform".
The broker cited the company's unresolved search for a new chief executive and recent comments from the company's chairman and founder that some of the company's products "don't work" for some women. Sterne Agee said the comments offended many consumers
US stocks rise to fresh records
NEW YORK CITY: US stocks on Thursday barrelled to fresh records, shrugging off some disappointing earnings results amid greater confidence the Federal Reserve will wait longer before scaling back its aggressive stimulus program.
The Dow Jones Industrial Average tacked on 54.59 points (0.35 per cent) at 15,876.22. The broad-based SandP 500 rose 8.62 points (0.48 per cent) to 1,790.62, while the tech-rich Nasdaq Composite Index added 7.16 points (0.18 per cent) at 3,972.74.
The gains pushed the Dow and SandP 500 to new all-time records for the second day in a row.
Investors welcomed testimony from Fed Vice Chair Janet Yellen, who has been nominated to lead the central bank, at her confirmation hearing before the Senate Banking Committee.
Yellen defended the Fed's US$85 billion a month bond-buying program and rejected suggestions the program had generated fresh bubbles in property or stock markets.
"It wasn't surprising, but a real feel-good speech," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
"I think it gave the market confidence that tapering isn't going to happen any time soon."
Dow component Cisco Systems sank 11.0 per cent after company officials warned of slowing investment in China and other key emerging economies.
Chief executive John Chambers of the network-equipment maker reported double-digit order declines in Mexico, India, China, Brazil and Russia.
Wal-Mart Stores, another Dow component, edged 0.2 per cent higher after earnings exceeded expectations by a penny at US$1.14 a share. On the downside, the company trimmed its full-year profit forecast.
Retailer Kohl's fell 8.1 per cent after earnings lagged expectations and the company trimmed its full-year profit forecast from US$4.15-US$4.35 per share to US$4.08-US$4.23 per share. The company forecasts comparable-store sales at best flat or declining up to 2 per cent.
Yoga-attire manufacturer Lululemon Athletica lost 4.1 per cent after Sterne Agee downgraded the stock to "underperform".
The broker cited the company's unresolved search for a new chief executive and recent comments from the company's chairman and founder that some of the company's products "don't work" for some women. Sterne Agee said the comments offended many consumers
The Dow Jones Industrial Average tacked on 54.59 points (0.35 per cent) at 15,876.22. The broad-based SandP 500 rose 8.62 points (0.48 per cent) to 1,790.62, while the tech-rich Nasdaq Composite Index added 7.16 points (0.18 per cent) at 3,972.74.
The gains pushed the Dow and SandP 500 to new all-time records for the second day in a row.
Investors welcomed testimony from Fed Vice Chair Janet Yellen, who has been nominated to lead the central bank, at her confirmation hearing before the Senate Banking Committee.
Yellen defended the Fed's US$85 billion a month bond-buying program and rejected suggestions the program had generated fresh bubbles in property or stock markets.
"It wasn't surprising, but a real feel-good speech," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
"I think it gave the market confidence that tapering isn't going to happen any time soon."
Dow component Cisco Systems sank 11.0 per cent after company officials warned of slowing investment in China and other key emerging economies.
Chief executive John Chambers of the network-equipment maker reported double-digit order declines in Mexico, India, China, Brazil and Russia.
Wal-Mart Stores, another Dow component, edged 0.2 per cent higher after earnings exceeded expectations by a penny at US$1.14 a share. On the downside, the company trimmed its full-year profit forecast.
Retailer Kohl's fell 8.1 per cent after earnings lagged expectations and the company trimmed its full-year profit forecast from US$4.15-US$4.35 per share to US$4.08-US$4.23 per share. The company forecasts comparable-store sales at best flat or declining up to 2 per cent.
Yoga-attire manufacturer Lululemon Athletica lost 4.1 per cent after Sterne Agee downgraded the stock to "underperform".
The broker cited the company's unresolved search for a new chief executive and recent comments from the company's chairman and founder that some of the company's products "don't work" for some women. Sterne Agee said the comments offended many consumers
More gender diversity in boardrooms
SINGAPORE: Malaysia has beaten Singapore in gender diversity in corporate boardrooms, according to the third edition of the Singapore Board Diversity Report.
Only 7.9 per cent of all board directors in Singapore were women in 2012, up marginally from 7.3 per cent the year before and 6.9 per cent in 2010, indicating the slow progress in boardroom gender diversity.
In contrast, regional peers such as Indonesia (11.6 per cent), Malaysia (8.7 per cent) and Hong Kong (9.4 per cent) have had higher proportions of female directors.
The report, an annual publication by NUS Business School's Centre for Governance, Institutions and Organisations (CGIO) and BoardAgender, showed female representation continuing to increase but at a slow pace in Singapore boardrooms.
For the first time, the study has also found that gender diversity in Singapore-listed boardrooms enhances the financial performance and corporate governance of firms.
Significantly, the study found that the appointment of a new female director to a board was usually followed by improved Return on Assets (ROA) and Return on Equity (ROE) over the next three years.
In addition, cross referencing the findings against CGIO's Governance and Transparency Index (GTI) found that firms with higher-than-average female representation in the boardroom not only had better GTI total scores, they also tended to fare better in transparency, investor relations and remuneration.
NUS Business School Assistant Professor Meijun Qian, co-author of the study, said: "These findings suggest that board diversity is beneficial to corporations.
Yet, almost 60 per cent of SGX-listed firms do not have any women on their boards."
Women also continued to occupy fewer directorships per person in Singapore compared to men.
In 2012, 17.2 per cent of male directors held more than one board position, compared to 6.3 per cent of the women.
Females also continued to be under-represented in leadership positions on the board, with only 4.6 per cent of chief executives and 3.4 per cent of chairmen being women.
The proportion of all-male boards remained high at 58.2 per cent, slightly down from the previous year's 60 per cent.
Singapore-based companies among the SGX-listed companies did, however, have a higher-than-average proportion of female directors, at 9.5 per cent.
Family firms and companies under the Temasek Holdings portfolio also had greater female representation on their boards, scoring 8.8 per cent and 8.4 per cent respectively.
The industries with the highest proportions of women in the boardrooms were the property, hotels/restaurants and commerce sectors, while the lowest representation was in the manufacturing and multi-industry sectors.
In a new gender diversity ranking introduced in this report, CCFH (formerly known as Friven and Co) and Malacca Trust jointly clinched the top spot among the SGX-listed companies examined, while Banyan Tree Holdings and Straits Trading jointly held third place.
The ranking took into account the proportion of women and their leadership roles in boardrooms.
Supported by UBS and the Singapore Exchange (SGX), the latest report is based on a study of 677 SGX-listed companies which released their annual reports in Financial Year 2012.
It marked the first time that the researchers investigated the effects of female representation in boardrooms on companies' performance and corporate governance.
Only 7.9 per cent of all board directors in Singapore were women in 2012, up marginally from 7.3 per cent the year before and 6.9 per cent in 2010, indicating the slow progress in boardroom gender diversity.
In contrast, regional peers such as Indonesia (11.6 per cent), Malaysia (8.7 per cent) and Hong Kong (9.4 per cent) have had higher proportions of female directors.
The report, an annual publication by NUS Business School's Centre for Governance, Institutions and Organisations (CGIO) and BoardAgender, showed female representation continuing to increase but at a slow pace in Singapore boardrooms.
For the first time, the study has also found that gender diversity in Singapore-listed boardrooms enhances the financial performance and corporate governance of firms.
Significantly, the study found that the appointment of a new female director to a board was usually followed by improved Return on Assets (ROA) and Return on Equity (ROE) over the next three years.
In addition, cross referencing the findings against CGIO's Governance and Transparency Index (GTI) found that firms with higher-than-average female representation in the boardroom not only had better GTI total scores, they also tended to fare better in transparency, investor relations and remuneration.
NUS Business School Assistant Professor Meijun Qian, co-author of the study, said: "These findings suggest that board diversity is beneficial to corporations.
Yet, almost 60 per cent of SGX-listed firms do not have any women on their boards."
Women also continued to occupy fewer directorships per person in Singapore compared to men.
In 2012, 17.2 per cent of male directors held more than one board position, compared to 6.3 per cent of the women.
Females also continued to be under-represented in leadership positions on the board, with only 4.6 per cent of chief executives and 3.4 per cent of chairmen being women.
The proportion of all-male boards remained high at 58.2 per cent, slightly down from the previous year's 60 per cent.
Singapore-based companies among the SGX-listed companies did, however, have a higher-than-average proportion of female directors, at 9.5 per cent.
Family firms and companies under the Temasek Holdings portfolio also had greater female representation on their boards, scoring 8.8 per cent and 8.4 per cent respectively.
The industries with the highest proportions of women in the boardrooms were the property, hotels/restaurants and commerce sectors, while the lowest representation was in the manufacturing and multi-industry sectors.
In a new gender diversity ranking introduced in this report, CCFH (formerly known as Friven and Co) and Malacca Trust jointly clinched the top spot among the SGX-listed companies examined, while Banyan Tree Holdings and Straits Trading jointly held third place.
The ranking took into account the proportion of women and their leadership roles in boardrooms.
Supported by UBS and the Singapore Exchange (SGX), the latest report is based on a study of 677 SGX-listed companies which released their annual reports in Financial Year 2012.
It marked the first time that the researchers investigated the effects of female representation in boardrooms on companies' performance and corporate governance.
RHB Capital to open bank in Laos
RHB Capital Bhd formally received a temporary approval letter from Bank of Lao People's Democratic Republic on October 29, 2013, to establish RHB Bank (Lao) Ltd.
"The incorporation of RHB Bank (Lao) shall commence in due course to fulfill its performance obligations (including the application to relevant authorities in Laos) within six months from the date of temporary approval," it said in a filing to Bursa Malaysia today.
The temporary approval is valid until April 28, 2014.
"The incorporation of RHB Bank (Lao) shall commence in due course to fulfill its performance obligations (including the application to relevant authorities in Laos) within six months from the date of temporary approval," it said in a filing to Bursa Malaysia today.
The temporary approval is valid until April 28, 2014.
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