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Energy stocks advance as OPEC signals continued cuts

Tan KW
Publish date: Tue, 02 Jul 2019, 03:51 PM
Tan KW
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KUALA LUMPUR (July 1): Energy-related stocks on Bursa Malaysia advanced in heavy trading today, as oil prices jumped by over US$1 a barrel, on news the Organization of Petroleum Exporting Countries (OPEC) look set to be extending supply cuts until at least end-2019.

KNM Group Bhd and Bumi Armada Bhd were leading the pack of most active stocks, altogether accounting for one-fifth of Bursa’s total turnover.

At 3.30pm, KNM shares were up 3.5 sen or 13.7% to a six-month high of 29 sen, while Bumi Armada inched up one sen or 4.7% to 22.5 sen.

Other energy-related stocks on the most active list included Perdana Petroleum Bhd, Dayang Enterperise Holdings Bhd and Sapura Energy Bhd.

Perdana Petroleum was up 5.5 sen at 40 sen, while Sapura Energy shares rose one sen to 31 sen. Meanwhile, Dayang extended gains, as it rose another nine sen to trade at RM1.27 per share.

OPEC and its allies look set to extend oil supply cuts this week, at least until the end of 2019, as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude, amid a weakening global economy, according to news reports.

Iranian Oil Minister Bijan Zanganeh was quoted as telling reporters that he would support prolonging output cuts by six to nine months. Tehran has in the past objected to policies put forward by arch-rival Saudi Arabia, saying Riyadh was too close to Washington, Reuters reported.

At the time of writing, Brent crude futures were up 2.95% at US$66.65 a barrel.

 

https://www.theedgemarkets.com/article/energy-stocks-advance-opec-signals-continued-cuts

 

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Malaysia still far from being out of the woods, says Daim
KUALA LUMPUR (Aug 5): Malaysia is still far from reaching the status of a developed country with unified citizens that is ready to face the industrial challenges of the future, says Council of Eminent Persons (CEP) chairman Tun Daim Zainuddin.
Daim said Malaysia is still playing catch up with the fourth industrial revolution when other countries are already gearing for the supposed fifth industrial revolution.
"Let us not be under any illusions. We are still far from being out of the woods. We are far from being ready for the changes happening around us.
"We are far from being a united people. We are far from being able to compete at the global level. We are far from being able to embrace differences and changes.
"And underpinning all of this unpreparedness is education," he said at the launch of the International Conference on Emerging Issues in Public Policy at Universiti Malaya's Institute of Public Policy and Management.
The former finance minister pointed out that education is the key to prepare the youth for the future. However, he said the education ministry has failed to prioritise the right issues to tackle, which has hindered the progress of reforms within the national education policy.
"We are still arguing over whether we should teach Maths and Science in English, when the rest of the world has embarked on advanced curriculums that focus on Industrial Revolution 4.0 (IR4) so as to make their youth more competitive and relevant in a world that is going to be dominated by artificial intelligence and robotics," he said.
"To participate in IR4, we must go through a knowledge-based economy and here Malaysia has failed because the government, through the Ministry of Education, has not got its priorities right. The Education Ministry must not fail our nation.
"While we are still mired in the political rhetoric of languages, others around us have moved beyond English or Mandarin or Bahasa Malaysia into the language of programming and coding. When will we realise just how far behind we are and lacking?" Daim added.
In facing the rise of technology in industrialisation, Daim said the government should implement policies that create an environment where people are allowed to maximise their potential and pursue creative pursuits that are complemented by technology, not replaced by it.
The reality is, he said, technology will have the most impact on future employment as robots replace humans in menial tasks. But where one window closes, another opens, he added.
"Fields such as Artificial Intelligence, Big Data, Robotics, Supply Chain Logistics, and Smart Manufacturing need skilled workers and indeed, the World Economic Forum has estimated that 133 million jobs will emerge as technology advances," he said.
At the same time, Daim stressed that education is not just for skills development, but it is also for the soul. He said the values that are instilled in the youth at home and at the school level will greatly impact the type of adults they evolve into.
"We must empower them with the ability to think critically, logically, wisely and to make their own informed decisions, no matter the situation. We must raise a new generation of leaders and great thinkers, not of sheep and cowards," he said.

2019-08-06 16:00

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