Monday, October 31, 2022

U.S. Cities With the Most New Businesses per Capita

Senior woman and small business owner working on a tablet in her art studio making her hobby a business
pikselstock / Shutterstock.com

Editor's Note: This story originally appeared on Smartest Dollar. Entrepreneurship is one of the most powerful forces in the U.S. economy. The Small Business Administration classifies 13% of all establishments as startups and estimates that there are a total of 31.7 million small businesses in the U.S. Historically startups have been a greater engine of job creation than established firms...



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Kenanga IB, AntChain Tech ink agreement to adopt mPaaS for wealth superapp

PETALING JAYA: Kenanga Investment Bank Bhd has entered into an agreement with AntChain Technology Pte Ltd, part of the Ant Group, to build Malaysia’s first wealth superapp using AntChain’s proprietary mobile platform solution.

This agreement follows from its recent memorandum of understanding with AntChain.

Kenanga’s superapp aims to help Malaysians save and grow their wealth through its interactive platform – one that delivers competitive financial products transparently, enabled by its experience in wealth creation and in today’s technology.

Kenanga group managing director Datuk Chay Wai Leong (pix) said the superapp will integrate a spectrum of financial and wealth offerings under one easy-to-access ecosystem, transforming how Malaysians view and approach wealth creation.

“A big part of Kenanga’s superapp success will ride on our ability to deliver a seamless and engaging digital customer experience. This is primarily the reason Kenanga is adopting AntChain’s mPaaS solution because it allows us to rapidly evolve the superapp to keep up with changing needs of our customers and react quickly in today’s fast-changing world,” Chay said in a statement today.

AntChain’s proprietary solution, known as the Mobile Platform as a Service (mPaaS), is a product which originated from Alipay app and a one-stop mobile app lifecycle management solution that will enable Kenanga to realise its superapp ambitions. The mPaaS product has been trialed and tested by numerous e-commerce and e-wallet brands around the region.

Ant Group Digital Technologies is a global leader in blockchain, privacy computing, security technologies and distributed databases.

The superapp will extend the suite of digital products that Kenanga has rolled out, from online stock trading platform Rakuten Trade to Kenanga Digital Investing, a robo-advisor that has amassed more than RM250 million in asset under management since its launch in February 2022.



Source: The Sun Daily

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Vietnam targets over US$5b in fruit export turnover by 2025

HANOI: Vietnam’s fruit export turnover is expected to top US$5 billion by 2025 and about US$6.5 billion by 2030.

According to a plan to develop key fruit trees until 2025 and 2030 approved recently by the Agriculture and Rural Development Ministry (MARD), Vietnam will concentrate on developing 14 key fruit trees, including dragon fruit, mango, banana, litchi, longan, orange, grapefruit, pineapple, rambutan, durian, jackfruit, passion fruit, avocado, and custard apple, Vietnam news agency (VNA) reported.

The area of these fruit trees is planned to reach 960,000 hectares by 2025 and 1 million hectares by 2030, producing about 11 to 12 million tonnes and 13 to 14 million tonnes of products, respectively.

MARD set to expand the total planting area of fruit trees nationwide to 1.2 million by 2025 and 1.3 million by in 2030, with respective yields of 14 million tonnes and 16 million tonnes.

The ministry has assigned its Plant Protection Department to coordinate with localities in disease management on fruit trees, and guide localities to develop planting area codes and traceability of the origin of products; and work with units on expanding export markets for fruit products.

It will join hands with localities and businesses in removing trade barriers, expanding markets, promoting science and technology transfer, supporting farmers in accessing capital, building concentrated fruit growing areas, and developing deep processing facilities, VNA reported.

Statistics from the General Department of the Vietnam Customs show that dragon fruit is the largest export turnover in the first eight months of 2022, reaching nearly US$463 million. It was followed by banana and durian with US$237 million and US$158 million, respectively.-Bernama



Source: The Sun Daily

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Green Equilibrium – Reducing transport sector’s energy consumption

TRANSPORT has been one of the high-energy utilisation sectors since 2008. Based on National Energy Balance 2019, 38% of final energy demand for Malaysia is used by the transport sector, which is 25,004 kilotonne oil equivalent (ktoe). Improving efficiency and increasing public transport usage will reduce energy consumption and emission.

Based on the Association of Water and Energy Research Malaysia’s (Awer) National Energy Security Study (a survey conducted using Department of Statistics methodology), we found interesting facts on public transport.

When we asked what is the main public transport problem in their area, 41.18% of Malaysian opined that public transport is always full during peak hours. Another 36.16% opined that public transport does not follow schedule and 14.54% opined that the public transport service is far away from their housing areas. Another 7.92% complained that there is no public transport system in their area.

When asked if they will be taking public transport more frequently if services are improved and more efficient, 52.78% of them responded that they will do so. Thus, transport-oriented development with first-mile and last -mile connectivity is vital to make public transport a preferred mode of commuting.

Private vehicle ownership must not be used as a direct measurement for reluctance to shift to public transport. Seamless connection for a user to move from a location to another and time taken to reach to their destination plays a major role. If taking public transport takes more time compared to driving, naturally people will make the choice that is convenient for them. While electrifying public transport is a good move, Awer would like to urge the government to ensure the technology used is durable, efficient (in energy use) and sustainable.

As for optimising fuel consumption, the government should introduce “mandatory” energy efficiency labelling for vehicles. Awer would like to add a word of caution on the proposed voluntary energy-efficiency labelling for vehicles which is driven by industry in the 12th Malaysia Plan. Prior to 2014, five-star energy-efficiency labelling was left as a voluntary attempt for electrical products. It was not successful and many non-energy-efficient products were still sold as businesses are not keen on such a move and our market was a dumping ground for unsold obsolete products that were banned by legislation in other countries.

Due to continuous pressure from Awer, the Energy Commission implemented the suggestion on mandatory five-star labelling and Minimum Energy Performance Standard (MEPS) beginning 2014. This was a more successful implementation and in the 11th Malaysia Plan more electrical products were added to the labelling scheme as per Awer’s suggestion. Thus, the government should drive this transition plan with a mandatory labelling scheme that uses a MEPS approach for energy-efficient vehicles. This will allow immediate savings on fuel consumption and drive sustainable approach for transportation sector rapidly.

Electrifying public transport should go through proper life-cycle analysis to determine sustainable transition technology for greener mobility. Awer has reminded the government regarding the lopsided “carbon emission” parameters that overlook other environmental parameters. The increase of coal mix as well as implementation of the Green Electricity Tariff eventually push ordinary consumers to use high carbon footprint electricity.

Real sustainable development is possible only when we take into consideration all environmental parameters when we develop products and utilise the “cradle-to-cradle” approach.

“Strive not to be a success, but rather to be of value.” – Albert Einstein

This article is contributed by Piarapakaran S, president of Awer.



Source: The Sun Daily

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Entrepreneurs must upgrade, upskill and think globally

IN this week’s Success: The Insight Story column, SunBiz chats with Malaysia Digital Economy Corp (MDEC) senior vice president & head of ecosystem development Gopi Ganesalingam (pic).

What traits do you look for in your talent or how do you decide who is right for a job?

As the tech industry constantly evolves, I always look for people who are innovative and open to new experiences, and going beyond academic qualifications. When people are open to change, this leads to a spark of creativity, new ideas, solutions, improved efficiency to address the needs of the rakyat.

Adaptability is crucial as well, as most organisations are in a state of continuous change and improvement. Being adaptable means you will easily and successfully accept change. It also means that you will keep up with the pace of change, ensuring your skills especially in IT will always be up to-date to thrive in the digital economy.

Another important trait is teamwork. MDEC is a large organisation, and we must work across several departments cohesively. I look for talent who have the ability to cooperate with a group of people to achieve desired goals.

How do you think the industry you are in will evolve?

In 1996, MSC Malaysia was introduced to transform Malaysia into a knowledge-based economy, and it has contributed greatly towards the growth of the nation’s digital economy. However, with the rapid shift of socio-economic norms in response to the constant advancements of digital technology, MDEC’s approach needed to evolve to meet new trends, challenges and progressing needs. Hence, we launched Malaysia Digital (MD) to encourage and attract companies, talent and investment while enabling businesses and the rakyat to play a leading part in the global digital economy.

For instance, digital investments are very different now. In the past, there would be large companies coming into Malaysia which would help create job opportunities, but today the scale is much smaller and with a more automated system. As such, we have to upgrade our incentives to be more attractive for new digital investments.

What advice can you offer those looking to start their career/own business?

We have learnt a lot from the Covid-19 pandemic and how it disrupted businesses in the tech industry. It is necessary for us to pivot and adapt to survive. Everything has become digital-focused; thus, it is necessary for all, especially entrepreneurs, to have an understanding of technology. The digital economy is the future, and we need to constantly upgrade, upskill ourselves to remain relevant and to thrive in it.

Furthermore, entrepreneurs need to start thinking globally. Challenges faced today can be solved by expanding and looking at what is happening across borders.

We all know about the industrial revolution, are we in for a technological revolution? Your thoughts.

The technological revolution started many years ago and we are now being reactive to what is occurring. Therefore, MD is relevant today as the strategic initiative aims to close the gaps between the urban and rural communities in Malaysia. For instance, manufacturers now will not be traditional manufacturers, as they will incorporate digital technology into their operations.

How has mentorship made a difference in your professional life?

It is my mission is to empower local tech entrepreneurs to fulfil their potential to be global players. As such, mentorship represents a significant part of my work and the company’s overall efforts. It brings me great joy when I can inspire people to be greater versions of themselves. You see mentorship can provide benefits for both mentor and mentee. Both of us can discover and learn new things, expand connections, and grow as professionals.

When it comes to launching a startup, there are many challenges that will arise. Generally, startups work at an accelerated pace and lack foundational processes because their focus is on getting their services off the ground so that they can be successful. Many first-time entrepreneurs will find themselves struggling and often need to seek support.

What do you want to accomplish in the next five years?

In the next five years, I would like to see MD be successful in terms of achieving its goals. Under MD, I would also want to see Malaysia marked on the world map as the digital hub of Asean; and, to be known for our digital advancements, creation of global tech companies, and vast job opportunities for people.

I would like to look back one day and be glad that I was part of MD, as this was the initiative that propelled us to move forward as a country and to not be left behind.

How do you stay abreast of issues affecting your industry?

As the lead agency in charge of accelerating Malaysia’s digital economy, it is crucial I stay abreast of matters that are impacting the industry. Not only do I need to stay updated on the latest technologies, but also learn new best practices for better industry outcomes. In my line of work, I am always on ground, meeting both familiar and new faces, learning what is the latest topic on everyone’s mind.

Now post-pandemic, everyone can physically meet up and attend networking events. Also, reading both local and international news and commentary from thought leaders helps me stay ahead of the industry.

What has been the biggest challenge you have faced? What did you learn from it?

In MDEC, the biggest challenge that I have faced is working with multiple stakeholders. At times, I must try and convince everyone to come together to be on the same page. While we have great talent and team players, the challenge is how to pivot everyone’s minds to becoming more digital-focused. Essentially, this means having to change the mindset of employees and disrupting how things are currently being done. In a paradigm shift, I learnt that two-way communication is a key factor.

When getting people to work together to achieve a common goal, communication will help in terms of having them understand what is needed and expected.

How do you expect policies on climate change to impact businesses?

To ensure Malaysia becomes a globally competitive digital nation, we need to be fully committed to encouraging the adoption of sustainable practices. Thus, policies and actions all of organisations will need to change and support this. Most recently, we signed a MoU with the United Nations Global Compact Network Malaysia and Brunei to raise further awareness and increase the adoption of sustainability and climate action across the digital economy. As outlined in the 12th Malaysia Plan, the government is aiming for a 45% reduction in greenhouse gas emissions intensity of GDP by 2030, compared to a 2005 baseline, and to achieve a 31% renewable energy mix by 2025. Malaysia remains committed to climate action and is striving to become a carbon-neutral nation at the earliest by 2050.

What are the top three factors you would attribute your success to?

My top three factors would be my ability to lead a team, my ability to manage stakeholders well, and lastly, my ability to identify the right talent in produce strong teams that are able to work seamlessly to achieve a common goal.



Source: The Sun Daily

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Tax Matters – Is the purchase of software tax deductible?

NO business can function in today’s corporate environment without using software. Businesses have to buy or license software. The tax laws regarding the treatment of the payment for the use or the purchase of software have been changing since the late 1990s.

In this article, we will cover the tax ramifications on this issue from 2017 since the Inland Revenue Board (IRB) can only raise assessments going back five years. However, if there is fraud, wilful default or negligence on the part of the taxpayer, the time limit will not be applicable.

Licensing of software

Any licence payments made for the use of the software by an enterprise to carry on its business will be tax deductible. If such payments are made to foreign parties who are non-tax residents, it will be subject to withholding tax and it is also likely to be subject to a 6% service tax on the basis that it is either an imported service or under the digital services tax regime.

Purchase of software

As it stands, due to the change in the definition of “plant” that was introduced in the Finance Act 2021 and effective from 2022, software is not eligible for capital allowance claim. Business enterprises will also not get a tax deduction as a tax expense or a revenue expenditure since this is a capital expenditure. In the tax year 2022, businesses cannot get a tax deduction for purchases of software.

However, the finance minister in the current caretaker government, in tabling Budget 2023 on Oct 7, mentioned that he would reinstate software to be included under the definition of “plant”. Unfortunately, this pronouncement cannot be implemented as yet due to the impending 15th general election (GE15). It is possible the government that comes into power after GE15 will implement this provision and allow expenditure on software to be eligible for capital allowance claims. If that transpires, taxpayers will be entitled to a 40% deduction in the first year, and thereafter 20% annually.

Between 2017 and 2021, expenditure incurred on the purchase of software packages or software systems was eligible for capital allowance. From 2018 to 2021, expenditures incurred on customised software comprising consultation fee, licensing fee and incidental fees related to the software development were eligible for capital allowances.

Where is the gap?

Although expenditure incurred on the purchase of customised software is allowed as a deduction via capital allowance claims, the law is silent with regardmto the costs incurred internally and capitalised in the balance sheet of the enterprise. Such internal costs will not be deductible.

Dividing line between purchase and licensing of software

Unless the business enterprise develops its own software, all other software acquired from third parties will be in the form of a licence. The copyright to the software still belongs to the developer of the software, and the user will be given a licence to use the software for the use of the enterprise.

In such a case, the buyer of the software is acquiring a copyrighted article for his own business use. The buyer cannot modify the software or redistribute the software. This is a grey area when determining whether such payments are for the use of the licence or an outright purchase of a copyrighted article equivalent to a purchase of a book where the copyright of the book always remains with the author.

The tax treatment of software across the world is still fluid and different countries adopt different treatments in relation to deductibility, application of withholding tax, transfer pricing and indirect taxes. In Malaysia, although there are a number of gazette orders issued over a period of time and changes to the laws, there is still significant room for providing legislative guidance to narrow down the ambiguities surrounding the treatment of software.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Nasdaq rolls out welcome mat for Malaysian companies

PETALING JAYA: Nasdaq Inc wants more Malaysian companies to list on its stock exchange as these companies could potentially do better in its broad, deep market, said vice chairman Bob McCooey.

At US$28.36 billion (RM134.37 billion), the New York City-based stock exchange is ranked second by market capitalisation of shares traded in the world, behind only the New York Stock Exchange.

McCooey, who also heads the Nasdaq business in the Asia-Pacific, said it is home to seven of the largest companies in the US capital markets, and has a track record of over 51 years of supporting the “most amazing companies”on the public markets.

“The largest market in this region is the Hong Kong Stock Exchange. The capitalisation of all of the companies on their market is US$4.5 trillion. The capitalisation of all the companies listed in the US markets is US$60 trillion. So that’s over 12 times the capitalisation.

“The US market is the largest, most liquid, the deepest capital market in the world with the largest set of investors, especially for companies in emerging technology, new technologies, fintech, and healthcare,“ McCooey told SunBiz in an interview recently.

Although most companies coming to Nasdaq are tech or tech-enabled companies, he said it does not exclude any sector. For example, Nasdaq is also home to Starbucks Corp and JetBlue Airways Corp.

“We’re one of the largest REIT (real estate investment trust) markets in the world. There are also healthcare companies, and some consumer brands that want to grow to be global brands over time. We could support them very well in their area. So we never exclude any type of company,“ he stressed.

McCooey said the goal is to talk to companies that choose to list outside of their home market.

“If they list outside their local market, Nasdaq is the right place. We had lots of good meetings and interest from corporates and financial sponsors to list their companies in the US,“ he revealed.

The first company from Malaysia to list on Nasdaq is Starbox Group Holdings Ltd. Starbox builds cash rebates, digital advertising, and payment solutions. It started trading on the exchange last month.

Nasdaq had a record 752 initial public offerings (IPO) last year. However, so far this year, the tally is only at 136 IPO with “very few” from China amid a strained relationship between Washington and Beijing.

In addition, previously 95% of the companies that list go public with a volatility index (VIX) of 20 or below, but now the VIX is at 30. Hence, McCooey said the biggest challenge right now is to find the right volatility level of the markets.

“We need that volatility to come down and the markets to be more receptive. Then we need some good IPO to happen, to not only price but to also trade well, to give confidence to other companies to come to the market,“ he added.

It has been a year in which the stock market has been challenged to find its footing. But Nasdaq continues to be hopeful that the opportunity for the market to begin to move higher is right around the corner.

“As the market is continuing to move higher, that gives us the opportunity for much more IPO activity which is good for investors and our business,“ McCooey said.

Malaysian companies that have indicated interest to list on Nasdaq include Carsome, Capital A Bhd, ARB IoT Group Ltd, Evoair Holdings, Graphjet Technology Sdn Bhd and Agape.



Source: The Sun Daily

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Sunday, October 30, 2022

Taco Bell eyes 20 restaurants in Malaysia by end of 2022 and another 22 outlets next year

GEORGE TOWN: Popular American fast-food chain Taco Bell is targeting 20 restaurants in Malaysia by the end of the year and another 22 restaurants next year to meet the overwhelming appetite for its Mexican food by Malaysians.

Taco Bell Malaysia and Singapore principal operator and chief executive officer Harris Beh said the company currently has 15 outlets in Malaysia, including the latest restaurant located here in Penang.

“We are looking at an aggressive expansionary strategy which requires skills and insights. We do have experienced operators and a management team who are all dedicated and passionate about the brand.

“We have created a new segment in the quick service restaurant segment in Malaysia and one of the most interesting things about this segment is that there is no limit to its expansion,” he told Bernama at the launch yesterday.

The launch of the Taco Bell City Junction outlet in Penang marked the opening of the brand’s 15th outlet in Malaysia and its first in the northern region.

Going forward, Beh said the taco maker is also looking at possibly setting up three Taco Bell drive-throughs next year.

Gita Sriram, the company’s marketing and communications head, said Malaysians have really embraced the Mexican-inspired cuisine despite tacos, quesadillas, and burritos being foreign cuisine.

She said Taco Bell’s advantages include the affordable food price and superior service compared with other fast food restaurants.

“We are excited to be here and we have (every) intention to spread our wings wider in Malaysia,” she added. - Bernama



Source: The Sun Daily

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Busan World Expo 2030 to create economic impact worth US$42.5b

BUSAN: The 2030 World Expo in Busan is expected to generate a 61 trillion won (US$42.5 billion) economic impact for South Korea and propel its second-largest city to become a global hub across multiple sectors. (US$1=RM4.72)

Busan Metropolitan City’s overseas expo outreach division director Lee Seung Woo said the World Expo host, expected to be announced in November 2023, will also indirectly create jobs for locals and attract investment opportunities from abroad.

“Around 35 million people from 200 countries are expected to visit the expo over the course of six months. The economic effects (among others) are worth 61 trillion won and 500,000 job opportunities.

“We expect the effect will be three times greater than that of the Olympics (held for two weeks) and the World Cup (one month). This will ultimately reinvigorate the local economy across sectors,” Lee told Bernama recently.

The South Korean government and the city of Busan officially submitted its proposal to host the World Expo 2030 on Sept 7 to the Bureau International des Expositions (BIE) secretariat in Paris with the theme “Transforming our World, Navigating to a Better Future”.

The plan includes a carbon-neutral expo as a differentiating strategy to beat competitors Italy and Saudi Arabia.

Creating a hub

The current southern port city is working on redeveloping North Port City in phases to host the event, Lee said.

Soon-to-be-completed in 2024, the venue will stand tall as a new maritime industrial hub, with international exchanges, finance, business and research and development facilities.

“Busan’s profile as a hub for finance, logistics, and maritime industries will improve. As a result, Busan will truly become a global hub city.

“Various business and tourism-related facilities will also be built, among them the Busanjin Terrace, a platform for Eurasian youth; a Central Activity Zone (CAZ) as a business district, and convention facilities related to the meeting, incentive travel, convention, exhibition (MICE) industry,” Lee said. The entire World Expo 2030 in Busan will cost around five trillion won (US$3.52 billion).

In Seoul, Busan World 2030 Expo bidding committee head of strategy and planning, Jung Hong Gon, said Busan's North Port is one of the most important location to contribute to the South Korean economy.

The country’s economy is heavily dependent on exports and a significant portion is via North Port. That site also is the best place to symbolise the “transformation of our world” -- the expo's chosen theme.

“If you think about other locations where an entire area has to be developed from scratch to host a global event, North Port is economically and environmentally viable because most of the existing port can be utilised,” Jung said.

“The port is located where the old city centre meets the sea, allowing visitors to enjoy the charms of nature and a metropolis all at once. This is one of the reasons why Busan is the best place to host the expo,” he added.

Jung said the existing port will be redeveloped for the expo and the rest of the work will be completed post-expo.

South Korea’s corporate giants -- Samsung, SK, Hyundai Motor, LG and Lotte, among others -- have joined the nationwide campaign to promote Busan’s bid.

Global superstar sensation BTS was appointed as public relations ambassador in June this year to promote the city's projects. The country hosted expos in Daejeon and Yeosu in 1993 and 2012, respectively.-Bernama



Source: The Sun Daily

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Saturday, October 29, 2022

BNM lauchnes e-Duit campaign, focus on e-payment education

PETALING JAYA: Bank Negara Malaysia (BNM) has launched the e-Duit campaign that highlights the aspect of education to protect the money of e-payment users.

BNM Deputy Governor Datuk Abdul Rasheed Ghaffour said with the slogan “Selamat, Senang, Segera”, the campaign will run continuously for five years, in line with the Financial Sector Blueprint (FSBP) 2022-2026.

“We aim to accelerate e-payment adoption among businesses and households by 15% per year for the next five years. In line with this aspiration, BNM and the payments industry will ensure readiness and access to various e-payment instruments such as payment cards, online payment, and a competitive PR code,“ he said at the launch of the campaign and the unveiling of the official iTEKAD programme logo here today.

Abdul Rasheed said as a result of the joint efforts between the government and the payments industry, the use of e-payment has expanded in both urban and rural areas.

“Based on the Global Findex 2021 report by the World Bank, it is estimated that 79% of adults in Malaysia used digital or e-payments during the Covid-19 pandemic.

“To further benefit consumers, efforts are being expedited to implement cross-border payment facilities,” he added.

Abdul Rasheed also announced that five new financial institutions have joined the iTEKAD programme, making the total number eight so far.

First launched in 2020, iTEKAD is a “blended social finance programme to support low-income microentrepreneurs,” BNM said in a statement in conjunction with the launch.

The five new members are RHB Islamic Bank Bhd, Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), Bank Simpanan Nasional (BSN), Bank Pertanian Malaysia Bhd (Agrobank) and the Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).

“The iTEKAD programme has produced a performance that it can be proud of, with 95 % of its entrepreneurs having implemented online sales and 48% having successfully generated monthly sales of over RM4,000,” he noted. - Bernama



Source: The Sun Daily

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Rubber market likely to trade range-bound with upward bias next week

KUALA LUMPUR: The Malaysian rubber market is expected to trade range-bound with an upward bias next week on anticipation of improving demand.

Denis Low, the immediate past president of the Malaysian Rubber Glove Manufacturers Association (MARGMA), said the rubber market is in a speculative mood amid bad weather conditions leading up to the seasonal monsoon which may severely affect output.

“While there are plenty of uncertainties in the world, coupled with the risk of global recession, rubber is still a required item in many products,“ he told Bernama.

Hence, he said, a stronger demand for rubber products is expected to help push up prices to a certain extent.

“For next week, we are putting our bets on more stockpiling activities as this is still an important commodity. Any serious shortages may be detrimental to many industries directly and indirectly,“ said Low.

Meanwhile, another dealer said market players are expected to remain on the sidelines ahead of global economic data and the United States Federal Reserve meeting next week.

“Prices will continue to track the performance of regional rubber futures markets, the currencies and benchmark crude oil amid global recession risks,“ he said.

On a Friday-to-Friday basis, Standard Malaysian Rubber (SMR) 20 fell 23.5 sen to 566 sen a kilogramme (kg) from 589.5 sen per kg, while latex-in-bulk added 0.5 sen to 462.5 per kg from 462 sen per kg a week earlier.

At 5 pm, MRB’s closing price for SMR 20 stood at 552 sen a kg while latex-in-bulk was at 460.5 sen a kg. - Bernama



Source: The Sun Daily

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Ringgit seen at 4.72-4.75 against greenback next week amid caution ahead of US rate decision

KUALA LUMPUR: The ringgit is expected to trade cautiously against the US dollar next week as traders look towards the US Federal Reserve’s (Fed) decision on a possible interest rate hike on Nov 2.

SPI Asset Management managing director Stephen Innes said the ringgit-US dollar pair is expected to trade in the 4.72 to 4.75 range next week.

“But we could test the upper bound if the Fed continues to beat the hawkish drum at next week’s US Federal Open Market Committee (FOMC) meeting,” he told Bernama.

Innes said that instead of just focusing on the FOMC, the market should widen its scope of interest as cracks in the Asian financial system are widening.

“The Bank of Korea intervened to stabilise its market on Thursday, while Chinese state-owned banks have sold dollars. These are band-aids to mask the issues and not (fixing) the core problems, leading to demand for US dollars again,” he added.

Innes reckons that the ringgit would be less appealing until the Fed clearly indicates a pivot in its monetary stance and China exits its Covid lockdowns.

On a weekly basis, the ringgit rebounded on Friday against the US dollar to 4.7225/7275 compared with 4.7380/7395 a week earlier.

Against a basket of major currencies, the local note weakened on a Friday-to-Friday basis.

It depreciated against the Singapore dollar to 3.3436/3474 from 3.3144/3157 at the end of last week and slid further against the euro to 4.7008/7058 from 4.6139/6153.

The ringgit fell against the British pound to 5.4455/4513 from 5.2677/2694 and dropped vis-a-vis the Japanese yen to 3.1976/2012 from 3.1384/1396 a week earlier. - Bernama



Source: The Sun Daily

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Hopeful US stock rally set for date with Fed reality

NEW YORK: A bounce in US stocks that has defied a barrage of major earnings disappointments faces a key test in the coming week, when the US Federal Reserve’s (Fed) next meeting could shed light on how long it will stick to the aggressive monetary policies that have crippled asset prices in 2022.

Betting on a less hawkish Fed has been a dangerous undertaking this year. Stocks have repeatedly rebounded from lows on expectations of a so-called Fed pivot, only to be crushed anew by fresh evidence of persistent inflation or a central bank bent on maintaining its pace of rate increases.

Pockets of softness in the US economy have fuelled recent hopes of a tempering of rate hikes, along with signs that some of the world’s central banks may be nearing the end of their rate hiking cycles. Meanwhile, cash-heavy investors afraid of missing out on a sustained rally have contributed to the bullish move, market participants said.

“The market is starting to believe that there is an endgame in sight for this huge global tightening cycle,” said Keith Lerner, a co-chief investment officer of Truist Advisory Services.

The S&P 500 was on pace to end the week with a gain of over 3%, as investors shrugged off brutal earnings reports from companies such as Amazon, Microsoft, Google parent Alphabet and Facebook parent Meta Platforms.

The benchmark index is up over 8% from its most recent low, a move that has been accompanied by a sharp rally in US Treasuries and a weakening of the dollar, reversing trends that have prevailed for most of the year.

A smaller-than-expected rate increase by the Bank of Canada added to hopes of a peak in global central bank hawkishness, as did comments from a Bank of Mexico board member cautioning against increasing monetary policy to excessively restrictive levels.

While investors have broadly factored in a 75-basis-point rate hike next Wednesday (Nov 2) at the end of the Fed’s two-day meeting, many will be looking for hints of future policy moves at chairman Jerome Powell’s press conference, as his comments have swayed asset prices this year.

For example, stocks rallied ahead of the Fed’s conference in Jackson Hole, Wyoming in August, only for the market to decline anew after Powell warned about economic fallout from the Fed’s efforts to fight inflation.

“If his tone is as terse and as hawkish as it was in August at Jackson Hole, that would certainly change the narrative rather rapidly,” said Art Hogan, the chief market strategist of B Riley Wealth.

Next week will also test whether stocks can continue to weather disappointing earnings news. More than 150 S&P 500 companies are due to report quarterly results next week, including Eli Lilly, ConocoPhillips and Qualcomm.

Investors will also closely watch next Friday’s monthly jobs report for signs of whether the Fed’s actions have tempered the labour market.

Plenty of investors believe it’s too early to hope for a slowing of rate hikes. Analysts at UBS Global Wealth Management said the Fed had yet to see evidence of cooling inflation and labour market conditions, and that they “continue to think that it is too early to expect the Fed to signal a more dovish stance”.

“Conditions for an equity market bottom, including that rate cuts and an economic trough need to be on the horizon, are not yet in place,“ the UBS analysts said in a note.

Lerner, of Truist, on Friday issued a report downgrading his view on equities to “less attractive” from “neutral” following the rebound. He said that while stocks have become cheaper on an absolute basis this year, “they have actually become more expensive relative to bonds given the sharp rise in interest rates”.

For now, however, it appears the bulls are emboldened. One example of investor enthusiasm can be seen in the options market, where the one-month average daily volume of S&P 500 puts, typically used for defensive positioning, outnumbers bullish calls by the smallest margin in at least four years, according to Trade Alert data.

“The market is thinking good things,“ said Kristina Hooper, the chief global market strategist of Invesco. “Powell will either confirm that or dispel that next week.” - Reuters



Source: The Sun Daily

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10 U.S. Cities Where Homes Are Cheapest Right Now

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Housing markets nationwide are cooling fast, but it would be a stretch to call many of them “cheap.” After years of climbing prices, values remain elevated in many places. If you still feel priced out in your community of choice, perhaps it’s time to look elsewhere. Recently, Realtor.com identified 10 markets where homes remain surprisingly affordable. Some of these markets have faced economic...



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10 Housing Markets That Are Most Likely to Keep Their Value

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Homeowners who closely follow real estate developments are getting a little nervous. After years of prices rising from coast to coast, the U.S. housing market suddenly is going cold. The pattern seems eerily similar to events more than 15 years ago, when housing values plunged seemingly overnight. The bursting of that housing bubble left millions of homeowners underwater on their mortgages.



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Friday, October 28, 2022

Intel trims full-year forecasts, plans staff cuts

BENGALURU: Chipmaker Intel Corp on Thursday (Oct 27) cut its full-year profit and revenue forecast and chief executive Pat Gelsinger, asked about potential layoffs, told Reuters “people actions” would indeed be part of a cost reduction plan.

Intel shares jumped 6% in after-hours trade. They had slumped roughly 47% so far this year, underperforming both the S&P 500 index and the Philadelphia SE Semiconductor index.

In its earnings release Intel said it was focused on driving US$3 billion (RM14.1 billion) in cost reductions in 2023. It also cut its capital spending forecast for this fiscal year to US$25 billion from a previous forecast of US$27 billion.

“The amount that we can do with respect to people costs is a minority of our overall cost structure. So driving efficiency in the factory network is way more important to our economics than people cost,” Gelsinger told Reuters, adding that adjustments of flexible workforces can be “quite immediate”.

The adjustments would start in the fourth quarter, he said, but did not specify how many employees would be affected.

Intel had 110,600 employees in late 2020, right before Gelsinger took the helm. That ballooned to 131,500 by early October this year.

A slump in PC demand and recession fears have muddied the outlook for the data center market, both big markets for Intel.

Intel’s “PC Client business was the silver lining as sales grew sequentially giving investors some hope that share loss has moderated materially,” said Summit Insights Group analyst Kinngai Chan.

Revenue from the client computing group, which accounts for Intel’s PC sales, rose to US$8.1 billion in the third quarter from US$7.7 billion in the second.

“We believe its data centre share loss should also moderate going into next year,” said Chan.

Intel has been losing market share in the data centre market and Gelsinger said it lost share again in the third quarter.

“Our products weren’t shipping new products like Sapphire Rapids, but as those are now in full production and we’re going to be ramping those aggressively, we’re better positioned going forward than we have,” he told Reuters adding that it would take several quarters to ramp.

But he said Intel gained “meaningful” market share improvement in the PC segment in the third quarter.

Surging inflation has hit demand for computers and other gadgets, forcing electronics companies to cancel orders for components such as chips as they struggle to clear inventory.

PC shipments fell 15.5% in the third quarter, data from Counterpoint Research showed. Intel said it expects 2022 PC market to decline in the mid-to-high teens.

Still Gelsinger said Intel expected its total addressable market in 2023 to stand at 270-295 million units.

The company now expects 2022 annual revenue of about US$63 billion to US$64 billion, compared with US$65 billion to US$68 billion estimated earlier. Its original forecast was for about US$76 billion. Analysts on average expected annual revenue of US$65.26 billion, according to Refinitiv data.

Intel trimmed its full-year adjusted earnings per share forecast to US$1.95 from US$2.30. – Reuters



Source: The Sun Daily

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Strong McDonald’s results showcase advantage amid inflation

NEW YORK: McDonald’s reported stronger-than-expected quarterly profits on Thursday (Oct 27) as executives pointed to signs it is drawing customers priced out of more expensive restaurants.

The fast-food chain, known for the Big Mac and its golden arches logo, scored a 9.5% jump in global comparable store sales as it benefited from higher guest counts and “strategic” price increases.

While McDonald’s has not seen significant trade down among its own consumers, the company is “benefiting from trade down” from more expensive restaurant categories, chief executive Chris Kempczinski said on a conference call with analysts.

Executives said the dynamics favor the brand.

“We actually think we’ve got pricing power right now,” a McDonald’s executive said on the conference call. “We’re gaining share among low-income consumers and that goes back to the fact that we are positioned as the leading brand in terms of value for money and affordability.”

Profits declined 8% to US$2 billion (RM9.4 billion) from the year-ago period, while revenue fell 5% to US$5.9 billion, reflecting the chain’s smaller footprint after the sale of McDonald’s Russia business earlier this year.

McDonald’s said it continued to face heavy cost pressures across its operations for food, paper and energy.

The company’s base economic scenario calls for a “mild to moderate” recession in the United States and one that is “potentially a little deeper and longer in Europe”.

“We’re going to continue to have inflation into 2023, both food and paper as well as labour, but we like our position relative to competitor in terms of where we stand,” Kempczinski said on a conference call.

In the US, McDonald’s raised prices 10% compared with the year-ago period, executives said on the call.

In Europe, the company plans to set up a programme to provide financial support to franchise companies struggling with economic conditions, especially spiking energy prices.

The programme will be akin to efforts set up early in Covid-19, when McDonald’s established US$1 billion in liquidity assistance to help franchisee companies facing financial stress. – AFP



Source: The Sun Daily

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US stocks mixed as markets digest earnings

NEW YORK: Wall Street stocks were mixed on Thursday (Oct 27) as markets took in a range of company earnings, with the Nasdaq slumping on weak results from Facebook parent Meta while the Dow ended higher.

The movements came after Meta reported a plunge in its quarterly profit, dragging the firm's shares 24.6% lower.

Google parent Alphabet and Microsoft had earlier reported weak earnings as well, and the tech-rich Nasdaq Composite Index closed 1.6% down to 10,792.68.

But the Dow Jones Industrial Average was up 0.6% at 32,033.28, helped by a better-than-expected performance from companies such as McDonald’s and Caterpillar.

The broad-based S&P 500 Index lost 0.6% to 3,807.30.

This came on the back of data showing that the US economy expanded 2.6% in the third quarter, although economists warned of a less rosy outlook ahead with consumer spending softening and business investment weakening.

The yield on the benchmark 10-year Treasury note slid to 3.94%, falling below the 4% threshold, on hopes that the Federal Reserve will soon pivot from its policy of aggressive interest rate hikes aimed at countering inflation.

A smaller-than-expected rate increase Wednesday from the Bank of Canada also boosted hopes for a similar shift soon from the Fed. – AFP



Source: The Sun Daily

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40% of Baby Boomers Have This Risky Belief About Social Security

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Counting too heavily on Social Security can be a recipe for financial disappointment during retirement. Yet, 40% of baby boomers expect the federal program to be their main source of income during their golden years. The 22nd annual Transamerica Retirement Survey of Workers found that baby boomers are much more likely to say they expect Social Security to be their primary source of retirement...



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The 10 Golden Rules of Becoming a Millionaire

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I’ve been offering financial advice professionally for many decades. I’m also a millionaire several times over. During my time in the trenches, I’ve heard every conceivable piece of financial advice, acted on many and offered some of my own. Following are the best of the best — a few simple sentences you can follow that will absolutely, positively make you richer.



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18 Tech Gadgets That Make Daily Life Easier

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Want to take some stress and strain out of daily life? We’ve got you covered! We’ve rounded up a variety of tech gadgets you can buy at Amazon that will ease your worries and simplify your routine. Please note that although prices you see here will almost always be accurate, they do sometimes differ slightly from what you will find on Amazon. We recommend you compare prices around the web before...



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Thursday, October 27, 2022

Costco Just Released Dozens of New Deals

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Costco has released its latest monthly deals — dozens of discounts worth thousands of dollars in savings. They’re available Oct. 26 through Nov. 20, although some of these deals are available in clubs only or online only. It's not the usual blah, blah, blah. Click here to sign up for our free newsletter. Here are some examples of the discounts available right now, just to name a few: $2.20 off 40.



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10 Groceries That Are in Short Supply — or Soon May Be

Woman next to an empty grocery store shelf
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As COVID-19 surged across the globe, we all got used to shortages of our favorite grocery items. However, few of us imagined such scarcity would stretch on for years. But almost three years since the pandemic began, a shifting list of grocery goods continues to disappear before our eyes. Every time one of these absent items finally pops up on the shelf again, another food goes missing.



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Financial Advisers Say These Are the Top 10 Retirement Planning Mistakes

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It’s easy to make big mistakes when saving and planning for retirement — and financial advisers say they see plenty of them. Recently, investment management firm Natixis surveyed 2,700 financial professionals in 16 countries and asked them to identify the biggest retirement planning mistakes today’s investors make. Following are the top errors these pros see. Avoiding these blunders will go a long...



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10 Markets Where Home Prices Are Falling the Most

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After years of a red-hot housing market, something “inconceivable” now is happening, according to Realtor.com: Home prices are falling. Higher mortgage rates are tanking demand, as more buyers find themselves unable to afford today’s still-elevated home prices. As a result, prices are slipping more than would be expected during the normal “cooling off” period that occurs every autumn, Realtor.



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10 Things That Can Ding Your Social Security Payments

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You’ve worked hard for your Social Security retirement benefits, and you probably want every dollar you’re entitled to receive. Unfortunately, the sad reality is that there are reasons why your Social Security payments could decrease. Many are in your control, but some are not. Keep reading to find out how your monthly check could get dinged for everything from poor timing on your part to poor...



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Cochclear to expand KL-based global manufacturing facility

KUALA LUMPUR: Cochlear Ltd, the global leader in implantable hearing solutions, today announced the expansion of its global manufacturing facility in Kuala Lumpur, elevating Malaysia as one of the global powerhouses in the manufacture and maintenance of hearing implant sound processors.

In a statement, it said the expansion involves an investment of more than RM30 million to support the company’s growing demand for cochlear and acoustic hearing implants in Malaysia as well as over 180 other countries.

Cochlear CEO and president Dig Howitt said the expansion is key to the company’s mission to help hundreds of thousands of people around the world to hear.

“In addition to increasing our ability to make more sound processors, the new global distribution centre supports efficiencies in transporting goods and sustainability benefits by reducing the air miles travelled between us and our suppliers.

“We’re very grateful for the strong support and partnership from Mida (Malaysian Investment Development Authority), Malaysia’s Ministry of Health and Association of Malaysian Medical Industries that has allowed us to grow in Malaysia, making Kuala Lumpur our third largest site in the Cochlear network,” he added.

Spanning 50,000 square feet, the new expanded site will manufacture and maintain Cochlear’s latest and most advanced cochlear and acoustic implant sound processors. The manufacturing site is powered by 100% renewable energy.

In the 2021-2022 fiscal year, Cochlear provided more than 40,000 hearing implants to adults and children around the world.

By 2024, the Malaysian government aims to implement universal newborn hearing screening in 95% of public and private hospitals to identify children and determine who could benefit from an assistive hearing device.

Currently, only 65% of hospitals in Malaysia offer this service. – Bernama



Source: The Sun Daily

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Wednesday, October 26, 2022

Saudi minister slams release of oil reserves ‘to manipulate markets’

RIYADH: Saudi Arabia’s energy minister on Tuesday (Oct 25) blasted the release of emergency oil stocks as an attempt to “manipulate markets”, the latest apparent salvo in a spat with Washington over oil production.

“People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortage of supply,” Prince Abdulaziz bin Salman told an investor conference in the Saudi capital.

“However, it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come.”

Prince Abdulaziz did not single out the United States in his comments about emergency stocks, but last week US President Joe Biden announced he was putting the final 15 million barrels on the market from a record release of US strategic reserves.

That tranche was to complete a 180-million-barrel release authorised in the spring, in response to price hikes linked to Russia’s invasion of Ukraine.

It also came on the heels of a decision by the Organization of the Petroleum Exporting Countries and its allies (Opec+), which Riyadh co-leads with Moscow, to cut oil production by two million barrels a day from November.

The cartel’s decision, weeks ahead of US congressional elections, has drawn intense criticism from the White House, which has said it amounted to “aligning with Russia” in the Ukraine war.

Prince Abdulaziz pushed back against that assessment on Tuesday.

“I keep listening, are you with us or against us? Is there any room for, ‘We are for Saudi Arabia and for the people of Saudi Arabia’?” he said to applause.

Asked about getting the decades-old partnership between Riyadh and Washington back on track, he said: “I think we as Saudi Arabia decided to be the maturer guys and let the dice fall.”

In Washington, State Department spokesman Ned Price said he would not respond directly to the prince, but that the release from the strategic reserve was part of Biden’s effort to meet demand.

“We’re going to do everything we can to see to it that supply is adequate for demand,” Price told reporters.

Also speaking at the Riyadh conference, Saudi investment minister Khalid al-Falih described the dust-up with the United States as “unwarranted” and temporary.

“If you look at the relationship with the people side, the corporate side, the education system, you look at our institutions working together, we are very close, and we will get over this recent spat that I think was unwarranted,” he said.

JPMorgan chief executive Jamie Dimon also said he was optimistic that bilateral ties would eventually improve.

“Saudi Arabia and the US have been allies for the last 75 years ... they’ll work it through” he said. “These countries will remain allies going forward.”

Hundreds of chief executive officers (CEO) and finance moguls are in Riyadh for the three-day Future Investment Initiative (FII), a Davos-style investment conference that analysts say will highlight Saudi Arabia’s geopolitical muscle despite strained ties with Washington.

The FII, often referred to as “Davos in the Desert”, was launched in 2017 as an economic coming-out party for the world’s largest crude exporter, which is trying to diversify away from oil under Crown Prince Mohammed bin Salman.

Up to 400 American CEO are expected to participate in the conference, though unlike in previous years there is no representation from the US government.

The event's organiser told AFP last week that American officials had not been invited.

“Saudi Arabia needs to attract American investment, technology, and popular interest to succeed,” Diwan said. “It still remains to be seen if this broader engagement can be maintained if the political mood in the United States turns hostile towards Saudi Arabia.” – AFP



Source: The Sun Daily

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US stocks close higher for third straight session

NEW YORK: Wall Street stocks rallied for a third straight session on Tuesday (Oct 25), propelled by a drop in US Treasury yields and generally solid corporate earnings.

The Dow Jones Industrial Average rose 337.12 points, or 1.07%, to 31,836.74, the S&P 500 gained 61.77 points, or 1.63%, to 3,859.11 and the Nasdaq Composite added 246.50 points, or 2.25%, to 11,199.12.

An index of consumer confidence weakened more than anticipated in October as concerns about costs of living intensified.

The data was the latest to suggest a slowing US economy, a dynamic that markets paradoxically welcome because of the prospect of a moderation in Federal Reserve policies.

Investors were pleased to see a drop in the yield of the 10-year US Treasury note, a proxy for Fed monetary policy.

“What it offers is confirmation that what the Fed is trying to accomplish is starting to work,” said Art Hogan, analyst at B. Riley Financial.

He also said that corporate earnings thus far have been “better than feared”, giving the market more running room.

“There’s increasing discussion about a light at the end of the tunnel for Fed rate hikes,” said Bill Merz, head of capital market research at US Bank Wealth Management in Minneapolis. Merz also cautioned that it wouldn’t be known for some time whether decades-high inflation was “decisively headed toward the Fed’s target”.

“We’re seeing a bit of a reprieve in the dollar and long-term bond yields have come down a little bit,“ Merz added. “Those factors are combining to provide room for a bit of a rally.”

Yields of 10-year Treasuries pulled pack on hopes that the Federal Reserve could begin easing its battle against inflation.

A mixed brew of earnings and downbeat forecasts, usually a negative for markets, suggested the barrage of interest rate hikes from the Fed is beginning to be felt, raising hopes that the central bank could pull back on the size of rate increases after its Nov 1-2 policy meeting.

Among individual companies, Coca-Cola gained 2.5% after reporting higher profits fuelled in part by price increases. However, Coca-Cola executives pointed to signs that consumers are starting to feel the pinch from inflation.

General Motors also pushed higher, climbing 3.6% following better-than-expected profits as the automaker said it is still seeing strong consumer demand for autos.

But General Electric dropped 0.5% after reporting a quarterly loss of US$55 million and lowering its full-year outlook as it grapples with higher costs.

Shares of Google parent Alphabet Inc dropped as much as 6% in after hours trading after the company missed quarterly revenue estimates.

Microsoft Corp fell more than 2% in after hours trading despite its revenue beat. – AFP, Reuters



Source: The Sun Daily

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