Tuesday, January 31, 2023

BNM: Malaysia’s official reserve assets at US$114.65b as of end-Dec 2022

KUALA LUMPUR: Malaysia’s official reserve assets amounted to US$114.65 billion (US$1=RM4.24) as of end-December 2022, while other foreign currency assets stood at US$5.40 million, said Bank Negara Malaysia (BNM).

The central bank said in accordance with the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS) format, the detailed breakdown of international reserves provides forward-looking information on the size, composition and usability of reserves and other foreign currency assets.

It also provides guidance on the expected and potential future inflows and outflows of foreign exchange of the federal government and BNM over the next 12-month period.

“For the next 12 months, the pre-determined short-term outflows of foreign currency loans, securities and deposits, which include, among others, scheduled repayment of external borrowings by the government and the maturity of foreign currency Bank Negara interbank bills, amounted to US$16.94 billion.

“The short forward positions amounted to US$26.39 billion as of end-December 2022, reflecting the management of ringgit liquidity in the money market,” it said in a statement today.

BNM said in line with the practice adopted since April 2006, the data excludes projected foreign currency inflows arising from interest income and the drawdown of project loans.

It added that foreign currency inflows are projected to amount to US$2.25 billion in the next 12 months.

BNM noted that the only contingent short-term net drain on foreign currency assets is government guarantees of foreign currency debt due within one year, amounting to US$378.50 million.

“There are no foreign currency loans with embedded options, no undrawn, unconditional credit lines provided by or to other central banks, international organisations, banks, and other financial institutions.

“BNM also does not engage in foreign currency options vis-à-vis ringgit,” it said.

Overall, the detailed breakdown of international reserves under the IMF SDDS format indicated that as of end-December 2022, Malaysia’s international reserves remained usable. -Bernama



Source: The Sun Daily

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8 Mistakes That Can Sabotage Your Retirement

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Making big financial mistakes can sabotage the comfort of your golden years. You can wreck even the best-laid plans with a single poor choice. Be aware of these common blunders — some that many people make well before retirement age and others that happen after they leave the workforce — and take action to avoid them.



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4 Ways to Save on Pet Expenses in Hard Times

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Editor's Note: This story originally appeared on Living on the Cheap. Owning a pet can be one of the most rewarding relationships in your life. Pets are loyal, loving and even provide health benefits for their owners, such as lower blood pressure and stress reduction. Unfortunately, pets can be expensive when you add up food costs, supplies and trips to the vet. Many people consider their pets...



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12 Things That Are Free in February

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It’s February, and love and freebies are in the air. From complimentary frozen yogurt to no-cost health apps, we’ve rounded up a bouquet of delicious and otherwise enticing deals to help make your month even sweeter. Think of it as our Valentine’s Day gift to you! Read on for everything you need to know about the best things you can get for free in the month of February. And for even more options...



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Monday, January 30, 2023

5 Tips for Buying Land

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Editor's Note: This story originally appeared on Point2. Owning your own plot of land is a dream come true for many of us. But, if you’re ready to make that dream a reality, you might be wondering exactly how to go about buying land. Let’s look at the key steps you’ll need to take to become a landowner.



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What to Know About Student Loans Before You Borrow

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Editor's Note: This story originally appeared on Living on the Cheap. Considering borrowing student loans for your education or your children’s? Here’s the basic information you need to know.



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Tax revenue up 15% in 2022

SEOUL: South Korea’s tax revenue rose 51.9 trillion won (US$42 billion) in 2022 from a year earlier on the back of an increased collection of corporate income taxes, coupled with revitalised consumption, the finance ministry said Monday.

The government collected 395.9 trillion won in taxes last year, up 15.1 per cent from the 344.1 trillion won tallied in 2021, according to the Ministry of Economy and Finance.

Yonhap reported that in 2020, the tax revenue fell by 7.9 trillion won due to the fallout of the COVID-19 pandemic, before rebounding by 58.5 trillion won on-year in 2021.

The ministry attributed the rise to an increased collection of corporate income taxes, which shot up 47.1 per cent, or 33.2 trillion won, to reach 103.6 trillion won.

The collection of income taxes also gathered ground as more people were employed on the back of eased pandemic regulations in 2022, advancing 12.8 per cent on-year to 128.7 trillion won.

The number of employed people came to 28.08 million in 2022, up 816,000 from the previous year, separate data from the government showed earlier. It marked the largest number since 2000 when the nation reported an on-year increase of 882,000 jobs.

The collection of value-added taxes climbed 14.6 per cent to 81.6 trillion won on increased consumption, it added.

But the collection of taxes from stock transactions dipped 38.5 per cent to 6.3 trillion won amid the bearish market. South Korea’s main index crashed 25 per cent in 2022. - Bernama



Source: The Sun Daily

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Leadership not a position of privilege, but one of responsibility

IN this week’s Success: The Insight Story column, SunBiz hears from AHAM Capital (formerly known as Affin Hwang Asset Management) managing director Datuk Teng Chee Wai (pic).

How has your life experience made you the leader you are today?

It has certainly been a journey over the last 20 years for me at the helm of AHAM Capital. At the beginning, we had very bare operations with a skeletal staff of just five people. There were no clients and no assets. What we had was just a vision to start up an asset management company in Malaysia and help Malaysians build wealth.

I came on board in January 2001, when I was asked by the management then of Hwang-DBS to run the asset management business. However, I was hesitant because it’s not something I was knowledgeable about, as prior to that I was just a fund manager. I had no experience in running a company, launching or marketing funds, as well as creating a culture and building a team.

However, I took up the challenge and I learnt everything from scratch. All these took me years of learning and a lot of reading on my own to understand how things work.

Over time it has proved to be a very successful and rewarding journey and I have no regrets.

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

The greatest asset of any asset management firm is its people. What we constantly look for are talent that have the passion and tenacity for this business. They must have the drive and energy to push themselves and overcome challenges as volatility is part and parcel of it.

I also believe that people should be given the chance to succeed, even if they are starting from scratch. I was given this same opportunity despite having no experience.

However, if you adopt the right positive mindset to always give your best, have the passion for what you do and constantly wanting to learn, then the results will certainly show.

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

Don’t do it just for the money. Do it because you are passionate and do it for the challenge. When you are successful, money will follow.

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

The asset management industry has certainly not escaped the technology wave that has swept across the wealth landscape. More investors especially digital-native ones are demanding greater convenience and are comfortable to perform their investment transactions online without the need to speak face-to-face with anyone.

However, we believe that inherently investments are sold and not bought. Because it’s intangible, nobody wakes up in the morning and say that they want to invest because the returns are also not immediate.

More importantly, there is value in advisory especially through highly experienced and knowledgeable wealth consultants who can tailor make a portfolio specific to their investors’ needs. Concepts like risk and money are also very personal, so there are benefits in having someone you can professionally confide in to know how your portfolio can be fully optimised to your goals and risk.

Conversations surrounding environmental, social and governance (ESG) are shifting towards the mainstream. How do you see these impacting businesses in the future?

From a broader perspective, we have seen the emergence of ESG gaining increasing traction in the asset management industry. There is a greater call by stakeholders demanding greater accountability in terms of financing of assets as well as deploying capital responsibly.

As a responsible asset manager and corporate citizen, we believe that AHAM Capital has a role to play in championing sustainability and helping to build a stronger and more resilient financial future. We do this by embedding ESG into our investment approach towards all our funds.

This is where we incorporate a range of ESG-related factors in addition to financial analysis into our securities selection process. This would allow us to take a more holistic view on risks as well as provide us an avenue to engage corporates on a shareholder level.

Through these open discussions, we are then able to communicate to them what they need to do better as a company, whether it relates to the well-being of their employees, prevent future supply chain disruptions or regulatory risks.

How has mentorship made a difference in your professional life?

I am fortunate to have met many great mentors in my professional career. When I was in Overseas Assurance Corp Ltd as a fund manager, my superior was instrumental in shaping my perspective on leadership. Leadership is not meant to be a position of privilege, but one of responsibility. They are the first in line and the last to leave.

I remember we were preparing a presentation as a team for a board meeting. However, things did not turn out as planned and it did not go well with the board members. But, she was the first to stand up by taking responsibility and did not shift any of the blame. This had a lasting impression on me about the traits of a leader and what it means to be a great one.

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

Our new brand identity AHAM Capital marks the start of a new and exciting journey for us and our clients. We intend to take our business to greater heights by embarking on three strategic growth pillars – wealth management, innovation and regionalisation – that will transform AHAM Capital into a leading independent wealth and asset management company in Southeast Asia.

Having said that, being number one is not the most important thing for us. What matters most is our clients and continuing to grow alongside them and staying true to our values.

Ultimately, it is how clients remember us and our brand legacy that will differentiate us.

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

Being in this business of managing money it is inevitable that there will be ups and downs in keeping with the capricious nature of market cycles. But the most important lesson especially for fund managers is humility.

They should not get carried away by the amount of money that they are managing on behalf of clients or take advantage of their position in the industry. Nobody can stay on top all the time by constantly beating the market and outperforming peers.

So, it is important that we never let success get to our heads and be overconfident. Always remember your roots and stay true to your values because it can all vanish in a second. Ultimately, it is a duty and responsibility to our clients that we must constantly seek to uphold through their trust.

What are the top factors you would attribute your and the company’s success to?

One thing that has always set AHAM Capital apart is how we run this business like we own it. I’m proud to share that the total staff investments into our own funds surpassed the RM170 million mark which is unique in this industry.

This reflects our own confidence in our solutions as well as demonstrates our commitment to our clients, as we are also invested alongside them in this journey. When market volatility hits, our own portfolios also hurt and vice versa. So, we manage our clients’ money just like we would our own.

Another factor is our entrepreneurial spirit. We are known to be innovative and quick on our feet in the marketplace. When there are opportunities, we try to capture them to the best of our abilities. But if something doesn’t work, we cut our losses and walk away with our heads held high.



Source: The Sun Daily

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Bursa Malaysia aims to woo more listings from Sabah, Sarawak

PETALING JAYA: Bursa Malaysia Bhd aims to attract more companies from Sabah and Sarawak to list on its exchange by organising initial public offering (IPO) workshops, seminars as well as networking in the two regions, driven by their potential to penetrate the environmental, social and corporate governance (ESG) capital market.

As at Dec 30, 2022, Sabah recorded one and nine listed companies on the ACE Market and the Main Market respectively, with a total market capitalisation (market cap) of RM4.72 billion.

Sarawak recorded one and 35 listed companies on the LEAP Market and the Main Market respectively, registering a market cap of RM17.85 billion. Sabah and Sarawak combined have a total of 46 companies and a market cap of RM22.57 billion on the exchange.

Bursa Malaysia remarked that well-performing East Malaysian companies could potentially enter ESG capital market.

“We believe that there are many good companies in Sabah and Sarawak with the potential to address the green economy while also satisfying the capital market’s demand for ESG-related businesses,” it told SunBiz.

The bourse operator said it intends to create more awareness to companies on the benefits of listing on the exchange via group forums that reach a wider audience as it believes that it is an opportune time.

“We achieve this through jointly organising relevant events such as initial public offering workshops or seminars with identified partners, as well as leveraging on events organised by third parties to share the key aspects of IPO to their network members. We had collaborated with one of our partners for an IPO event in Kota Kinabalu recently and we intend to organise more such events in both Sabah and Sarawak,” said Bursa Malaysia.

In addition, the exchange shared that it is always keen to create awareness among companies across the country on opportunities to raise funds via the equity capital market.

Bursa Malaysia said that by listing on the exchange, East Malaysia-based companies will benefit from having access to the capital market to raise funds to facilitate growth as well as enhance its credibility and investibility, as there will be higher levels of transparency and corporate governance practices.

“Listed companies have the opportunity to raise their corporate profile, awareness of the company’s products and services as well as overall business performance as they typically receive greater media coverage, and which is advantageous for the company to conduct its business,” it said.

The bourse advised interested Sabah and Sarawak-based companies to address – before pursuing a listing – the market segment they categorise themselves in, which is dependent on various factors, such as the company’s size, performance, growth prospects and stage/business cycle.

Bursa Malaysia does not have any particular industry or segment target for East Malaysia-based companies and is open to any suitable industry or industry segment the latter is interested to explore on its exchange.

Currently, the bourse said, there are no specific incentives for companies based in Sabah and Sarawak to list. However, based on Budget 2023 tabled in October 2022, listings of eligible technology-based companies for years of assessment 2023 to 2025 on the Main, ACE and LEAP markets are eligible for a tax deduction of up to RM1.5 million on the listing costs of fees to authorities, professional fees as well as underwriting, placement and brokerage expenses.

Year to date, the bourse has recorded six listings. one on the Main Market and five on the ACE Market.

Last year, Bursa Malaysia recorded an increase of 16.67% to 35 IPOs compared with 30 in 2021, which brought in RM11.15 billion market capitalisation with ACE Market peaking at 25 since its inception, following the reopening of the economy as more recovered companies sought listings.

The bourse expects the upward trend to continue in 2023. Three of the listings had a market cap of more than RM1 billion and 26 were priced above their IPO price.

Previously, Bursa Malaysia told SunBiz that it has a healthy pipeline for 2023.

“We are targeting to release the LEAP transfer framework by (the first half of 2023) H1’23, which we believe would increase the number of IPO in the LEAP Market as these companies will have a clearer view of how they can graduate to the ACE Market. We believe this momentum will continue into 2023, driven primarily by the implementation of Bursa Malaysia as the one-stop centre for all ACE Market listings, together with the upcoming launch of the LEAP transfer framework,” it said.



Source: The Sun Daily

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Ringgit extends winning streak

KUALA LUMPUR: The ringgit continued to tick higher for the seventh straight session ahead of the US Federal Reserve’s (Fed) meeting on Jan 31 - Feb 1.

At 9 am, the ringgit rose to 4.2345/2395 against the greenback from Friday’s close of 4.2410/2475.

SPI Asset Management managing partner Stephen Innes told Bernama that the market is expecting a downshift in US interest rate hikes, from a 50 to 25 basis points hike in the Fed funds rates at this week’s Federal Open Market Committee (FOMC) meeting, which should support the ringgit later in the week.

MIDF Research noted that the US dollar continued to weaken against major currencies last week, with the US Dollar Index falling 0.1 per cent week-on-week to 101.93, the lowest weekly closing in eight months.

It said the ringgit appreciated although the price of oil dropped, strengthening by 1.0 per cent week-on-week. “Although crude oil ended 1.1 per cent lower at US$86.66 per barrel, the ringgit and regional currencies appreciated further last week backed by positive growth fundamentals and risk-on demand,’’ the research house said in a note.

The ringgit traded mostly higher against a basket of major currencies, except vis-a-vis the British pound, where it slipped to 5.2495/2557 from 5.2453/2533 at Friday’s close

The local note gained against the Singapore dollar at 3.2270/2311 from Friday’s close of 3.2280/2332, improved against the euro to 4.6046/6100 from 4.6159/6230 and appreciated against the Japanese yen to 3.2551/2594 from3.2658/2711 previously. - Bernama



Source: The Sun Daily

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Expectation of higher, not actual, inflation is the issue: Experts

PETALING JAYA: Actual inflation is not the issue, but the expectation of higher inflation by the consumers, businesses, and investors is the concern that will have an impact on the retail industry, experts say.

Sunway University School of Mathematical Sciences Associate Dean (Employability and Engagement) Associate Professor Dr Jason Ng Wei Jian said consumers do expect inflation to continue to rise, and will or have already begun to make behavioural adjustments in their spending.

“This will have an impact on the retail industry this year due to consumers expecting higher inflation in addition to the impact of interest rate increases by Bank Negara Malaysia,” he told SunBiz.

Ng said the most direct impact of inflation for the retail industry would be lower sales due to reduced purchasing power of consumers, especially for retailers of non-essential goods and services as consumers will reallocate their budget to more essential goods and services.

Inflation expectations matter because actual inflation depends on what people expect it to be. It is the rate at which the people expect prices to rise in the future.

If everyone expects prices to rise 3% over the next year, businesses will want to raise prices by at least 3%, and workers will want similar-sized raises.

All else being equal, if inflation expectations rise by 3%, actual inflation will tend to rise by 3% as well.

“The retail industry can use this time to reinvent themselves. To reduce overhead costs arising from inflation, they should invest in their ecommerce platform. They can also make data driven decisions on inventory management and market trends,” he suggested.

BowerGroupAsia director Arinah Najwa Ahmad Said commented that due to the expected inflation, it is crucial for the government to have practical policies in Budget 2023, especially regarding food and fuel subsidies, and intervention on the price of household goods.

“Credit conditions can be expected to tighten as the cost of servicing debt has increased due to the rate hikes, thus putting more pressure on consumers to allocate their disposable income to service those debts,” she told SunBiz.

As domestic spending is expected to slow down and stabilise in 2023, experts are predicting a dampened recovery with the World Bank predicting the country’s gross domestic product (GDP) forecast to hover around 4%.

“This is all while the country is still facing external headwinds such as rising living costs and high inflation as supply chain disruptions from China continue as well as the Ukraine-Russia conflict,” she added.

According to the Socio-Economic Research Centre earlier this month, Malaysia’s headline inflation is expected to moderate to between 2.8% and 3.3% in 2023 from the peak of 4.7% in August last year following stable global commodity prices and the gradual move towards targeted subsidies mechanism locally.

Meanwhile, the Department of Statistics said Malaysia’s inflation eased to 3.8% in December 2022 compared with 4.0% in November 2022, mainly due to a slower increase in the food and non-alcoholic beverages group.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said inflation for 2022 increased to 3.3% compared with 2.5% recorded in 2021.

In December 2022, the Consumer Price Index stood at 129.2 against 124.5 in the same month of the preceding year.

The average price of RON97 unleaded petrol increased by 20% to RM3.60 per litre from RM3.00 per litre in the same month of the preceding year.

The increase in fuel prices, especially RON97 unleaded petrol, was influenced by the increase in the price of Brent crude oil by 8.9% to US$80.90 per barrel in December 2022.

Inflation for the income group below RM3,000 increased 3.6% from 125.3 in December 2021 to 129.8 in December 2022, due to the increase in the food and non-alcoholic beverages group at 6.1%.

However, compared to other countries in the Asia-Pacific region, the inflation rate in Malaysia in December 2022 of 3.8% was lower than the Philippines (8.1%), Thailand (5.9%), Indonesia (5.5%), and South Korea (5.0%).



Source: The Sun Daily

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MCCC: China companies welcome Malaysia’s openness to investments

KUALA LUMPUR: Companies from China are confident of Malaysia’s unity government led by Prime Minister Datuk Seri Anwar Ibrahim due to his openness to Chinese investments and a 20% increase in trade between the two countries is expected this year compared with 2022, according to the Malaysia-China Chamber of Commerce (MCCC).

MCCC not only expects a jump in Chinese investments but also in the number of Chinese tourists coming to Malaysia.

SunBiz spoke to MCCC president Loo Kok Seong (above), secretary-general cum chairman of management committee Tan In Fong and vice-president Datuk Joseph Lim after MCCC’s Lunar New Year celebration at Chinese Assembly Hall on Saturday.

“We expect there will be more factories moving to Malaysia from China and this will accommodate the supply chain for the RCEP,” said Lim, referring to the Regional Comprehensive Economic Partnership.

On the unity government under the leadership of Anwar, Lim said feedback MCCC received from businessmen in China is positive and they are confident of his governance due to the premier’s decision not to cut any existing contracts with China such as the East Coast Rail Link and Two Countries, Twin Parks.

“Ever since Anwar became the prime minister, he has not said anything bad about China investments. He has been to the (China) embassy and the Chinese ambassador paid a visit to him last month.

“From the business world, we understand. Not even one project was cut, everything continued. This way, it paints a good picture to the China government ... they come to invest in Malaysia and they want to make sure that once they commit, the investments coming in ... that they won’t be suddenly stopped,” Tan said.

He added that should Anwar visit China (which is speculated to be in April), it would bring more investments from China to Malaysia.

On outlook, Tan said MCCC is optimistic about the local economy this year and hopes it will continue to improve under the leadership of Anwar.

“The economy is improving, this is important for Malaysia. From our side, we hope our prime minister will help stabilise the government, then the economy will continue to improve,” remarked Loo.

MCCC said sectors that are expected to benefit from China’s reopening are high technology, education and tourism.

On MCCC’s wishlist for the revised Budget 2023 which will be tabled next month, Tan said they hope the government will consider tax exemption for SMEs as well as reducing the import tax.

Meanwhile, the Chinese ambassador to Malaysia, Ouyang Yujing, who was present at the event, said China will continue to encourage its enterprises to increase investments in Malaysia to help boost its economy and upgrade its industrial structure. He reckoned that business groups coming to Malaysia in 2023 will surpass pre-Covid pandemic levels.

“It is expected that there will be more people-to-people exchanges and cooperation in various fields between the two countries after this Spring Festival,” he said.

Ouyang remarked that China and Malaysia should take opportunities to further enhance its diplomatic relations and promote practical cooperation in various fields. “China is willing work with Malaysia to advance our comprehensive strategic partnership to a new height. We should strengthen economic cooperation, encourage science and technology innovation, and deepen all-round cooperation,” he said.

He noted that this year marks the 10th anniversary of the establishment of the China-Malaysia Comprehensive Strategic Partnership while next year will witness the 50th anniversary of China and Malaysia establishing diplomatic relations.



Source: The Sun Daily

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Sunday, January 29, 2023

Gold investment firm Quantum Metal plans to expand to 60 countries

GEORGE TOWN: Shariah-compliant gold investment company Quantum Metal Sdn Bhd plans to spread its wings to 60 countries within two years.

Founder Datuk Lim Khong Soon said the company has a foothold in 13 countries currently including the United Kingdom, Australia, the United States, Cambodia, Indonesia, the Philippines and Thailand.

“This achievement shows that the company is on the right track to meet its target of expanding to 60 countries in the next two years with a focus on those with large populations.

“So far, the reception has been very good in the countries where we have set up operations, which is why we want to continue our expansion to help the public,“ he told Bernama after Quantum Metal’s 10th anniversary dinner here last night.

Currently, the company has about 40,000 consultants and over 400,000 registered members nationwide, with between 2,000 and 3,000 new members being registered daily.

Meanwhile, Lim said the company is also committed to help as many Malaysians as possible in resolving their financial problems as part of the economic recovery plan, especially given the forecast of economic recession this year.

He said he wants to explain the importance and real value of gold, not just as an investment but also something that can be converted into cash for daily expenses.

“We are introducing a trading initiative and economic recovery solution via gold which is shariah-compliant to help improve the economic status of everybody,“ he said.

Lim said as a product that can be stored and transacted, the precious metal provides the opportunity for individuals, business owners and the general public to improve the economy while generating an income for themselves and their families. - Bernama



Source: The Sun Daily

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Saturday, January 28, 2023

Ringgit likely to continue uptrend next week

KUALA LUMPUR: The ringgit is expected to continue its uptrend next week amid improving global sentiments, an analyst said.

SPI Asset Management managing director Stephen Innes said China’s reopening and continuous positive momentum should further boost the local economy, particularly the tourism and services sectors.

“The China travel frenzy should be very positive for Malaysia’s economy, while the country’s oil and gas exports should go up as China needs to restock fuels of all varieties.

“We expect the ringgit to trade range-bound at between 4.2175 and 4.2475 next week, but to get through the 4.20 threshold, economic data will need to do some of the heavy lifting, particularly a visible bump in China consumer consumption,” he told Bernama.

In the meantime, Innes noted that investors will be keeping a close watch on the Federal Open Market Committee (FOMC) policy meeting due next week for forward guidance on the interest rate hike.

“There is a chance the FOMC could surprise and lean towards the hawkish side,” he added.

The ringgit ended the holiday-shortened week higher as market sentiment improved due to domestic and global factors, coupled with rising crude oil prices.

On a week-on-week basis, the ringgit was stronger against the US dollar at 4.2410/2475 at Friday’s close versus 4.2830/2875 a week earlier.

The local note also strengthened against a basket of major currencies compared to a week earlier.

It was higher against the British pound at 5.2453/2533 from 5.2861/2916, the euro at 4.6159/6230 from 4.6393/6442, the Japanese yen at 3.2658/2711 from 3.3073/3111 and the Singapore dollar at 3.2280/2332 from 3.2386/2425. - Bernama



Source: The Sun Daily

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US stocks rise after economic data

NEW YORK: US stocks climbed on Friday as investors parsed the latest economic data, reported Xinhua.

The Dow Jones Industrial Average rose 28.67 points, or 0.08 per cent, to 33,978.08. The S&P 500 added 10.13 points, or 0.25 per cent, to 4,070.56. The Nasdaq Composite Index increased 109.30 points, or 0.95 per cent, to 11,621.71.

Six of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and real estate up 2.27 per cent and 0.94 per cent, respectively, outpacing the rest. Energy dipped 1.99 per cent, the worst-performing group.

The US Commerce Department reported Friday that the US Personal Consumption Expenditures price index excluding food and energy, a key measure of inflation, increased 4.4 per cent year on year in December, down from the 4.7-per cent reading in November and roughly in line with market consensus.

“Improving supply chain functioning is calming core inflation, but the Fed’s current inflation focus, core services ex-shelter, is still too high,“ Chris Low, chief economist at FHN Financial, said Friday in a note.

Elsewhere, US consumer sentiment index rose to 64.9 in January, up from 59.7 in December, according to a survey released by the University of Michigan.

For the week, the Dow rose 1.8 per cent, the S&P 500 gained 2.5 per cent, and the tech-heavy Nasdaq jumped 4.3 per cent. - Bernama



Source: The Sun Daily

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The 10 Best Thrift Store Chains

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One of the best things about being a professional thrift shopper and reseller is exploring different parts of the country and seeing what national and local chains do best. After 30 years of road-tripping and online flipping, I’ve developed a list of secondhand shopping hot-spots that can guide your own treasure hunt. Here are the best thrift store chains.



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Edmunds Rates These 6 New Cars the Best in 2023

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Shopping for a new vehicle in 2023? You can’t go wrong the classic Honda Civic, according to the car experts at Edmunds, a company specializing in automotive research and reviews. The vehicle earned the honor of being the top-rated car in Edmunds Top Rated Awards 2023. In a summary of the rankings, Edmunds says that the Civic “is one of the most well-rounded cars on sale today”: This year’s...



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8 Topics to Tackle If You Want to Survive Retirement With Your Spouse

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This story originally appeared on NewRetirement. Before you got married, you probably discussed where you wanted to live, whether or not you would have kids and your general hopes for the future. Before you bought a house, you and your spouse talked about where would be best, what size home you hoped to acquire and more. Before you had kids, you hopefully discussed discipline philosophies...



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How to Overcome the 8 Biggest Challenges of Remote Work

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Editor's Note: This story originally appeared on FlexJobs.com. Are you ready to dip your toes into the world of remote work? Whether you’ve already landed a remote job or have just launched a job search, it’s a great time to consider some of the many ways that life will change when you start working from home. There are many ways that your life is likely to improve, from lower anxiety without a...



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Friday, January 27, 2023

Air India expected to seal half of mega aircraft order today

NEW DELHI: Air India will today (Jan 27) seal half of an order worth billions of dollars for some 495 jets with Boeing and engine suppliers General Electric and CFM International, two industry sources said, as its new owner seeks to revive the airline and compete with much larger rivals.

After months of closely-guarded, tough negotiations, Air India is set to place an order for 190 Boeing 737 MAX narrowbody planes as well as some 20 Boeing 787s and 10 Boeing 777X on a day marking one year since Tata Group took control of the former state-run carrier, the sources told Reuters.

The second half of the order, which industry sources have told Reuters includes around 235 Airbus single-aisle jets and about 40 Airbus A350 widebody aircraft, is expected to be formally wrapped up over the coming days.

Senior Boeing, GE and CFM officials are expected in India to mark the deal today.

Despite earlier expectations of a single coordinated announcement, it remains unclear when either deal may be publicly disclosed especially with the Aero India air show looming in February when deals like this are usually revealed.

Manufacturers Boeing and Airbus, as well as CFM’s joint venture partners GE and Safran declined comment. Air India did not respond to a request for comment.

Reuters reported last month Air India was closing in on a deal for about 500 jets.

The order, once finalised, aims to put Air India in the league of large global airlines and make it an influential customer for planemakers and suppliers at a time when its home market is seeing a strong post-Covid travel surge.

Domestic passenger air traffic in India grew 47% in 2022 from a year ago, government data showed.

Analysts caution the airline faces intense competition given the connectivity carved out by local and international rivals.

India, which is set to overtake China as the world’s most populous country, has a large, under-served air travel market dominated by budget carrier IndiGo. The bulk of India’s outbound passenger traffic, however, is carried by Middle Eastern airlines like Emirates and Qatar Airways.

Under its new owners Air India is looking to restore its reputation at home and overseas as a storied carrier with impeccable service and world-class planes.

It has put back in service nearly 20 aircraft that had been grounded for years due to lack of parts and money. The airline has also said it will spend over US$400 million (RM1.7 billion) to refurbish its entire legacy wide body fleet of 27 Boeing 787-8s and 13 777 aircraft.

The aim is to corner 30% of the domestic air travel market over the next five years thus narrowing the gap with market leader IndiGo. It also wants to increase by “multiples” its current share of international travel, the airline’s new chief executive Campbell Wilson previously said.

Tata’s four airlines, including two budget carriers, Air India and Vistara its joint venture with Singapore Airlines , have a combined market share of 24%.

Analysts have said Air India has the ability to claw back some passengers from rival Gulf carriers but not before it matches their quality of fleet and service. Nor will the domestic battle with IndiGo happen without tough competition from a carrier that continues to expand. – Reuters



Source: The Sun Daily

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Oil settles up 2% on strong US economic data, China reopening

NEW YORK: Oil prices rose about 2% on Thursday (Jan 26) on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive US economic data.

Brent futures rose US$1.35, or 1.6%, to settle at US$87.47 (RM371.52) a barrel, while US West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at US$81.01 (RM344.09).

The US economy grew faster than expected in the fourth quarter, but a measure of domestic demand rose at its slowest pace in 2½ years, reflecting higher borrowing costs.

“Crude prices got an unexpected boost from a US economy that doesn’t want to break,” said Edward Moya, senior market analyst at data and analytics firm Oanda.

US crude inventories edged up by 533,000 barrels to 448.5 million barrels in the week ending Jan 20, the Energy Information Administration (EIA) said. That was short of forecasts for a 1 million barrel rise, though the EIA says crude stocks are at their highest since June 2021.

China has been easing stringent Covid-19 restrictions this month, with Beijing reopening borders for the first time in three years.

“China’s reopening is supporting demand prospects,” said UBS analyst Giovanni Staunovo.

“Also, market participants are closely tracking the upcoming Opec+ JMMC (Joint Ministerial Monitoring Committee) meeting and the EU (European Union) embargo on refined products,” heo said.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are collectively known as Opec+.

The Opec+ ministerial panel meeting on Feb 1 is likely to endorse the oil producer group’s current output levels, Opec+ sources said.

Global economic growth is forecast to barely move above 2% this year, a Reuters poll of economists showed, suggesting a further downgrade is possible. That was at odds with widespread optimism in markets since the beginning of the year. – Reuters



Source: The Sun Daily

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Wall Street closes in the green, GDP data eases recession worries

NEW YORK: Wall Street ended a choppy session higher on Thursday (Jan 26) as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, all while eyeing the clock as it ticks down towards next week’s Federal Reserve (Fed) monetary policy meeting.

While all three major US stock indices advanced, megacap momentum stocks, buoyed by Tesla Inc’s earnings beat and upbeat sales forecast, helped put the Nasdaq in the lead.

A raft of data showed the US economy fared better in the fourth quarter than analysts expected, and the labour market remains tight, despite some signs of weakening demand. This is a double-edged sword for investors, as it could embolden the Fed to keep key interest rates at restrictive levels for longer.

While financial markets have largely priced in a 25 basis point rate from the central bank next Wednesday, that sentiment is not unanimous.

“The economic data had something in it for everybody; for the dreamers who think the economy is just slow enough to put the Fed on hold, and the pessimists who think growth is still too hot for the Fed to step away,” said David Carter, managing director at JPMorgan Private Bank in New York.

“Hope is not an investment strategy, and the economic facts could soon weigh on the market,” Carter added. “The biggest uncertainty is what will happen in the back half of this year.”

Fourth-quarter earnings season has hit full stride, with more than one fourth of the companies in the S&P 500 having reported. Of those, 69% have beaten consensus estimates, up from 67% on Wednesday, according to Refinitiv.

Analysts now see aggregate fourth quarter earnings falling 2.7%, worse than the 1.6% year-on-year decline seen on Jan 1, but an improvement over the 3% annual decline as of Wednesday, per Refinitiv.

The Dow Jones Industrial Average rose 205.57 points, or 0.61%, to 33,949.41, the S&P 500 gained 44.21 points, or 1.10%, to 4,060.43 and the Nasdaq Composite added 199.06 points, or 1.76%, to 11,512.41.

Of the 11 major sectors of the S&P 500, all but consumer staples advanced. Energy led the percentage gainers, boosted by rising crude prices due to signs of increasing demand from China.

Tesla Inc provided one of the heftiest boosts to the S&P 500 and the Nasdaq, its shares jumping 11% in the wake of its earnings report.

Chevron Corp announced it would triple its budget for share buybacks, which sent the oil major’s stock up 4.9%.

Among losers, IBM Corp fell 4.5% in the wake of its announcement that it would cut jobs divest some assets after falling short of its annual cash target.

Shares of Bed Bath & Beyond Ink plunged 22.2% after the home goods retailer received a

default notice from JPMorgan Chase.

Southwest Airlines Co slid 3.2% after warning of current quarter losses.

Shares of Intel Corp dropped as much as 6% in extended trading after the company

posted revenue below Street expectations. – Reuters



Source: The Sun Daily

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This Is the Cheapest New Car You Can Buy in 2023

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Looking for a cheap new car? The 2023 Nissan Versa is your best bet. With a starting price of $15,730, the Versa is the least expensive new car in America for 2023, according to a report from Kelley Blue Book. Nissan charges an additional $1,095 to deliver the subcompact car, KBB reports. Just three subcompact cars are left on the market for 2023, according to KBB. They are the: KBB notes that...



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These U.S. Cities Will Be Most Impacted by Rising Sea Levels

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Editor's Note: This story originally appeared on Construction Coverage. Increasing global temperatures will bring changes to our environment, economy, and society, but one of the most pronounced effects will be the impact on sea levels. A 2019 report from the U.N.’s Intergovernmental Panel on Climate Change (IPCC) estimated that global mean sea levels will most likely rise between 0.95 foot and 3.



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How to Create a Realistic Retirement Budget

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Editor's Note: This story originally appeared on The Penny Hoarder. You’ve spent decades in the workforce earning a living, your schedule dictated by the demands of the job. All the while, you’ve been steadily adding to your savings so that one day you could get to this point: retirement. You finally have time to cross items off your bucket list — or simply catch a midweek matinee movie.



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Thursday, January 26, 2023

What is a semi-detached house and should you buy one?

IN the Malaysian residential property market, you will sometimes hear the term “semi-D house”. So what exactly is a semi-D house? While it sounds slightly intricate, it really is just an abbreviation for “semi-detached”.

What is a semi-D house?

As its name implies, a semi-detached house is partly detached from neighbouring units. In other words, the house is only attached to a unit on one side, sharing a common wall with the unit it is attached to. In most developments, two semi-D units attached to one another are mirror images of each other.

On the “detached” side, there is typically a strip of land between the house and the perimeter fencing or wall. This feature of a semi-D house design means you can walk from the front to the back portion without having to enter the house.

Traditionally, the term semi-D was used when referring to a landed property with individual titles. Still, in recent years, developers have come up with terms such as semi-D cluster, semi-D condo and even semi-D in the sky.

A semi-D cluster refers to a semi-detached house located within a gated and guarded community. This type of property is known as a cluster house and usually comes with a strata title. A semi-D condo or semi-D in the sky is a marketing term for condo units that are attached to another unit only on one side, either because there are fewer units on one floor or because of the unique layout design which provides more privacy to its occupants.

What is the difference between a semi-D house and a terrace house?

A semi-D shares a common wall with a neighbouring unit only on one side while a terrace house is sandwiched between two units. The only exception to this is the corner lots of terrace houses, which are technically also semi-detached.

In Malaysia, semi-detached houses tend to be slightly bigger than terrace houses. Semi-detached houses also typically have a larger outdoor or garden area because of the land on the unattached side of the unit.

What is the difference between a semi-D house and a detached house?

A detached house refers to a unit that stands on its own within its own compound and is not attached in any way to the neighbouring unit. In Malaysia, it is also commonly known as a bungalow. You can walk around the perimeter of a detached house without having to enter the house, as shown below.

What are the advantages of staying in a semi-D house?

One of the biggest advantages of staying in a semi-D house is that you have a bigger outdoor area. This would be attractive to homeowners who enjoy gardening or having that extra outdoor space for an alfresco lounging area. With a wider land area, it is also more likely that owners of semi-D houses can park an extra car or two outside of their unit.

According to senior real estate negotiator Cruz Looi from Kith & Kin Realty, semi-D houses are better suited for families with children and offer more privacy than a terrace house. Besides that, a semi-D unit is only connected to another unit on one side, so you at least have a buffer on the other side. If you have noisy neighbours, you will only have to deal with noise on one side of your house.

What are the disadvantages of staying in a semi-D house?

Cruz said that one of the main disadvantages is that renovations can be tricky because you will have to consult with your neighbour if you want to renovate or extend your house. You will also have to spend more on maintenance due to the larger land area.

Is a semi-detached house a good investment?

“Semi-D houses in the Klang Valley are not a very good investment if you are looking for rental returns because the rental yield is typically low, where they hover around 3%,” said Cruz.

However, he said that this type of home is a good investment in the medium or long term due to the scarcity of land and there is an increasing demand for this type of landed property.

Buyers and renters of semi-D houses tend to be families with children. “We see more expatriates renting semi-D houses in suburban areas while more local families would rent semi-D houses in the outskirts,” Cruz said.

Therefore, buying a unit would be a good investment in the long run if you are looking at a semi-D house for your family or to upgrade your current home.

This article was first published as ‘What is a semi-D house and should you buy one?’ on iProperty.com.my and is written by Karr Wei.



Source: The Sun Daily

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Dow rises slightly but S&P 500 and Nasdaq slip

NEW YORK: Wall Street stocks mostly slipped on Wednesday (Jan 25), pulling back on concerns over lacklustre company earnings and ahead of key economic data released later this week.

The Dow Jones Industrial Average rose 9.88 points, or 0.03%, to 33,743.84, the S&P 500 lost 0.73 points, or 0.02%, to 4,016.22 and the Nasdaq Composite dropped 20.92 points, or 0.18%, to 11,313.36.

“I think that investors have been caught off-guard at the speed which stocks have risen as we entered into the new year,” said Tom Cahill of Ventura Wealth Management.

“Some are pulling back a little bit because of concerns over earnings, and in particular Microsoft,” he added.

All three major US stock indexes pared their losses throughout the afternoon to close well off session lows, with the blue-chip Dow eking out a small gain in the final minutes.

The tech-laden Nasdaq was weighed down after Microsoft Corp, the first major technology firm to post quarterly results, offered dour guidance and raised red flags with respect to its megacap peers which have yet to report.

“We’ve had up and down days, that indicates an ongoing tug-of-war,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “The dour guidance good news from the standpoint of what the Fed is doing is working.”

“That outcome has become the catalyst for the market one way or the other,” he added. “Earnings matter but what’s really got the market’s focus is the Fed interest rate/inflation story.”

Meanwhile aviation giant Boeing reported a fourth-quarter loss on Wednesday over elevated operating and supply chain costs, though it confirmed its 2023 outlook amid strong aviation demand. Boeing shares rose 0.3% on Wednesday. – AFP, Reuters



Source: The Sun Daily

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4 Used Car Models With Plummeting Prices (Finally)

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Used car prices are finally returning to earth. After climbing throughout most of the COVID-19 pandemic, used car prices finally fell 2% in November and 3% in December, according to iSeeCars. In the last month of the year, the average used car price dropped more than $1,000, which iSeeCars characterized as the “first substantial drop in more than 2 years.” For a handful of models...



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5 Retirement Planning Mistakes You’ll Regret Forever

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Retirement planning is no walk in the park. It’s complicated. No surprise that many of us make mistakes that can turn retirement dreams into last-minute panic. As retirement nears, there are tons of things to think about...



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Are Social Security Payments at Risk if the U.S. Defaults on Its Debt?

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Alarm bells are ringing in Washington. The United States recently hit its debt limit — the cap on how much money the federal government is allowed to borrow to pay for all its financial obligations, including Social Security and Medicare payments, salaries for the military, tax refunds and more. The Treasury Department has already begun taking “extraordinary measures” to ensure the country can...



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The 10 Most Risky Industries for Starting a Business

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Editor's Note: This story originally appeared on HireAHelper. Risk is unavoidable in any new business, but entrepreneurs in certain industries can expect greater likelihood of survival early on. Real estate and rental and leasing businesses have the highest first-year survival rates at 88.4%. Other industries that rank highly for survival rates include agriculture, forestry, fishing...



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Wednesday, January 25, 2023

9 States That Want to Tax the Wealthy in 2023

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Tax proposals in a handful of U.S. states could make the wealthy a little poorer each year. In nine places, legislators are introducing legislation that would impose annual taxes on richer people. Some proposals aim to tax people based on their accumulated wealth. Other changes would tax activities associated with wealthier taxpayers, such as earning capital gains. In what the Tax Foundation...



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Amazon Now Offers Multiple Medications for $5 a Month

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Amazon Prime members who take commonly prescribed generic medications now can get all such medicines for a flat fee of $5 each month. This new Prime benefit, known as RxPass, includes access to medications that treat more than 80 common health conditions, including high blood pressure, anxiety and acid reflux. It's not the usual blah, blah, blah. Click here to sign up for our free newsletter.



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