The US Treasury added Singapore, Malaysia and Vietnam to a watchlist for currency manipulation, putting their foreign-exchange policies under scrutiny. Singapore made the list because of its large current account surplus and net foreign currency purchases of at least $17 billion in 2018, equivalent to 4.6% of GDP, according to the Treasury. Malaysia was cited for its bilateral trade surplus with the US of $27 billion last year and its current account surplus of 2.1% of GDP. Vietnam was highlighted for its large current account and bilateral trade surpluses, Bloomberg has said. Was it always to be like this? A moment of joy followed by a new sorrow?
Fugitive businessman Low Taek Jho, also known as Jho Low, has been implicated in K-pop sex scandal where sexual services were allegedly arranged by YG Entertainment head Yang Hyun-suk for foreign investors during dinner parties, according to an investigative TV program reporter. Does that shock you?
*CLOSURE OF BURSA MALAYSIA IN CONJUNCTION WITH HARI RAYA AIDILFITRI*
28 May 2019
In conjunction with the Hari Raya Aidilfitri celebrations, Bursa Malaysia will close for trading half day Tuesday, 4 June 2019 afternoon, and all day Wednesday, 5 June 2019 and Thursday, 6 June 2019.
*1. Half-Day Morning Trading Session on Tuesday, 4 June 2019*
Trading on Bursa Malaysia Securities will be opened for the morning session only. There will be no trading in the afternoon session. However, clearing and settlement services provided by Bursa Malaysia Securities Clearing and depository services provided by Bursa Malaysia Depository will continue as usual on Tuesday, 4 June 2019, and the office of Bursa Malaysia Securities will remain open until the end of business day.
*2. Bursa Malaysia will be closed for Hari Raya Aidilfitri holidays*
Bursa Malaysia and its subsidiaries will be closed on Wednesday, 5 June 2019 and Thursday, 6 June 2019 in conjunction with the Hari Raya Aidilfitri holidays.
Samsung Electronics Co Ltd may have a chance to strengthen its position in the smartphone market due to the hurt caused to Huawei Technologies Co Ltd in the wake of U.S.-China trade tensions, according to Fitch Ratings. I’d be damned if I was going to be the victim of a loser – or anyone else.
Did you know 2020 is Visit Malaysia Year? Nope. I don’t know. Nope, we don’t know either. LOL
Adam Levine Exits ‘The Voice’ Ahead of Season 17 — Who Is Replacing Him? Gwen Stefani, Carson Daly said. Whoa, hold on a minute, Carson. No doubt Gwen Stefani is a great singer, but that doesn’t necessarily make her a good coach. I’m just saying. I think it could have been done a little more carefully, that’s all.
24 May 19 (overnight)
-Authorizes $16b in farm aid.
-Farm aid to be paid in three tranches, ending as late as 2020.
-There’s a good possibility of a China trade deal.
-Remains hopeful at some point US will get together with China; will see China’s Pres Xi at G20 meeting.
-If a trade deal happens with China, that would be great; if not, that’s fine.
-Thinks probably things with China are going to happen fast.
-Huawei could be included in a China trade deal.
-Huawei is very dangerous; very concerned about Huawei security risks.
-Says ‘We’ll see what happens’ when asked if he will raise US debt limits.
-Says Pelosi is a mess, has ‘lost it’.
– US Commerce Department:
-Says it has proposed a rule to impose countervailing duties on countries that undervalue their currency relative to USD.
-Change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm US industries.
– US House Speaker Pelosi:
-Says she wishes the Trump administration, Trump’s family would have an “intervention” with President for good of country.
-Trump’s behavior in terms of obstruction of justice are in plain sight, cannot be denied, are impeachable offenses.
-Impeachment is divisive step and investigations might lead there but “we are not at that place”.
-Says Congress will have to pass appropriations, debt ceiling bill.
-Says White House is just crying out for impeachment.
– Fed’s Kaplan (non-voter):
-Fed can afford to remain patient for time being even though have not hit 2% inflation target.
-Rate is at the right point for the moment.
-Very ‘agnostic’ whether next move is up or down.
-Watching very closely how trade tensions unfold.
-It seemed on a recent visit that China is girding itself for trade tensions to go on for some time.
-China could depreciate the yuan if trade dispute drags on.
-Tighter labor markets mean inflationary pressures are intensifying.
– US Markit Manufacturing PMI:
-PMI for May plunged to 50.6 (expected 52.7), the lowest reading since Sep 2009.
– FT report on UK PM May:
-Reportedly, PM May plans to give a firm departure date tomorrow at meeting with 1922 Committee Chair Brady as her withdrawal deal collapses.
-Week of June 10 seen as the most likely departure date.
– ECB minutes of meeting:
-Raised concerns over weaker inflation expectations in Apr.
-Inflation uncomfortably below ECB’s target.
-Some ECB officials were less confident in second half of 2019 growth pickup, but data still consistent with baseline.
-Some recent data even weaker than expected.
-ECB could consider whether side effects of negative rates need mitigation.
-Drop in 5yr/5yr inflation linked swap mainly reflecting weaker economy, not anchoring.
-Signs of moderation in global activity have continued, trade weakness persisting.
-Brent crude plunged by -4.55% ($67.76), the largest 1-day decline in 5 months. WTI is down by -5.72% ($57.91).
-US stocks plummeted upon opening and never recover; DJIA and S&P 500 ended down by -1.11% and -1.19% respectively.
-US 10-year yield sinks to 17-month low, closed at 2.603%.
-USD/CNH traded in a relatively subdued manner, closing slightly lower by -0.11% at 6.9395.
-USD/SGD retreated after touching a fresh year high of 1.3830 to close little changed at 1.3797 (+0.04%).
-USD/JPY plunged on safe haven buying, closing down by -0.68% (109.59), the largest 1-day drop in 2-month.
-GBP/USD touched 1.2605 before rebounding to end little changed at 1.2657 (-0.03%).
-EUR/USD dipped briefly to a 23-month low of 1.1106 before rebounding strongly to close at 1.1180 (+0.25%).
Islamic officials disguise themselves as waiters to catch Muslims who do not fast during Ramadan in Malaysia. If Muslims are seen ordering food during the daytime, the officers will secretly take pictures of them and contact the local religious affairs department for further action. In Johor, Muslims who skip fasting can be punished with up to six months in jail, AFP has said. It is not uncommon for people to skip or miss a fast, whether intentionally or unintentionally. Islam offers great flexibility when it comes to fasting. Yes, it is a compulsory act on every able man and woman of the Islamic faith. However, there are certain requirements that must be met first before a person is deemed eligible to fast. Just saying!
Malton Bhd’s managing director Lim Siew Fai has passed away. Lim was 52 when he passed away on May 21, 2019, Malton said in a stock exchange filing today. He had been managing director since December 2015, and was the brother of Tan Sri Desmond Lim Siew Choon, Malton’s executive chairman and major shareholder. RIP.
Jokowi issues stern warning as riots rock Jakarta for second night, Straits Times said. You know what, there’s a lot of batik kebaya, batik shirt, batik sarong around town for this raya. Too many sellers. I said to my daughter, What?!? Why so many Jokowis. Daughter answered, Arr, sebijik batik jawa like the one Jokowi pakai, kawan kata batik tutup mayat. I replied, Oh THAT batik lepas. 😀
Agong’s father, former Pahang Sultan, dies at age 88. Almarhum Sultan Haji Ahmad Shah Al-Musta’in Billah ibni Almarhum Sultan Abu Bakar Ri’ayatuddin Al-Mu’adzam Shah was the fifth and former modern Sultan of Pahang, and also served as the seventh Yang di-Pertuan Agong of Malaysia from 26 April 1979 to 25 April 1984. Al-Fatihah.
In theory, getting richer is a simple calculation: earn more, spend less. But in practice, it’s harder than it sounds. 😦
CHINA has spent nearly two decades building a digital wall between itself and the rest of the world, a one-way barrier designed to keep out foreign companies like Facebook and Google while allowing Chinese rivals to leave home and expand across the world. Now President Trump is sealing up that wall from the other side, New York Times has said.
Life without Google is normal in China. Some 1.4 billion Chinese people wake up each day to check WeChat instead of Gmail, navigate with Baidu instead of Google Maps, and watch videos on Youku instead of YouTube. But will the rest of the world want to buy phones that use only these Chinese alternatives? Under a Trump administration blacklist, Huawei will have to either persuade consumers to do that, or scale down and limit itself to the Chinese market, LA Times said.
I’ll change phones or I’ll change my laptop, and all my photos stay.
KNM’s German subsidiaries have secured new credit facilities of up to €200 million from various financial institutions, which will be used to settle certain existing credit facilities. TheEdge has said. Credit can be good when used wisely.
At Bursa Malaysia today, semiconductor-related stocks Malaysian Pacific Industries Bhd (MPI) fell as much as 28 sen or 2.95% to RM9.22 while Inari Amerton Bhd dropped 11 sen or 7.33% after the US-China trade tension appeared to have escalated further amid US restrictions on Huawei Technologies Co Ltd. How to deal with it? I have two ways. Solve it or Ignore it.
Online shopping. You can buy KFC online via Lazada and skip the queues. Uhm that would definitely be a No. When I see a long queue, I tend to think the food is good. And I will join the queue.
Declare assets to MACC? Dr M: All MPs, including opposition must declare assets https://www.thestar.com.my/news/nation/2019/05/20/uncertain-over-asset-declaration/
The question is, did they the MPs declare everything? I can make a declaration, but that does not mean I declared everything. Just saying! Everything unsaid can be guessed. Truth may not always be confessed. I think the news on the asset declaration is open to interpretation.
H&M Group is one of the largest fashion retailers in the world, and while its namesake brand is globally recognized – H&M has over 4,400 stores in 72 countries around the world – its sister brands are not. Despite this, management see these as important tools for growth in the future, INSIDER said. Hey, even I pop into H&M sometimes. H&M, I think is an okay store. They have sales every time I go. However, like anything else in life, H&M may not be everyone’s cup of tea.