The Australian bushfire season that began in September has been horrific with more than 7 million hectares of bush destroyed, more than 25 deaths, significant loss of livestock, estimates of more than a billion wildlife animals killed and more than 1800 homes destroyed. More than 200 fires are still burning. Following the intensification of the bushfires over the Christmas/New Year period attention has now turned to the impact on the economy. This note looks at the key impacts.

The short-term impact on GDP and wealth

U.S. Confirms Iranian Missile Strikes on Iraqi Bases Housing U.S. Troops

U.S. Confirms Iranian Missile Strikes on Iraqi Bases Housing U.S. Troops

SARS-LIKE OUTBREAK SUSPECTED IN WUHAN
BEIJING • Chinese experts are investigating an outbreak of a respiratory illness in the central city of Wuhan that some have likened to the 2002-2003 outbreak of Sars (Severe Acute Respiratory Syndrome).

The city's health commission said in a statement yesterday that 27 people had fallen ill with a strain of viral pneumonia, seven of whom were in serious condition. However, the health commission said the cause of the outbreak was still unclear and called on citizens not to panic.

SARS-LIKE OUTBREAK SUSPECTED IN WUHAN
BEIJING • Chinese experts are investigating an outbreak of a respiratory illness in the central city of Wuhan that some have likened to the 2002-2003 outbreak of Sars (Severe Acute Respiratory Syndrome).

The city's health commission said in a statement yesterday that 27 people had fallen ill with a strain of viral pneumonia, seven of whom were in serious condition. However, the health commission said the cause of the outbreak was still unclear and called on citizens not to panic.

Post removed.Why?

Post removed.Why?

KBank warns of baht volatility after sell-offs
National
Dec 09. 2019
Facebook TwitterBy The Nation3,458 Viewed
The baht faced sell-offs early in the week in line with falling safe-haven currencies and assets, triggered by stronger-than-expected Chinese PMI (purchase managers index) data.

The baht fell further later in the week to a one-month low of Bt30.38 to the US dollar, after the Bank of Thailand (BOT) signalled to closely monitor the baht's movement and warned that the Thai currency would likely be volatile and might not have one-sided gains as seen in the past months. In addition, the baht’s losses were also in line with net foreign selling orders of Thai stocks. During the week December 9-13, Kasikorn Research Centre (KBank) expects the baht to move within a range of Bt30.20-30.50 to the dollar.

Tuesday, December 10, 2019

KBank warns of baht volatility after sell-offs
National
Dec 09. 2019
Facebook TwitterBy The Nation3,458 Viewed
The baht faced sell-offs early in the week in line with falling safe-haven currencies and assets, triggered by stronger-than-expected Chinese PMI (purchase managers index) data.

The baht fell further later in the week to a one-month low of Bt30.38 to the US dollar, after the Bank of Thailand (BOT) signalled to closely monitor the baht's movement and warned that the Thai currency would likely be volatile and might not have one-sided gains as seen in the past months. In addition, the baht’s losses were also in line with net foreign selling orders of Thai stocks. During the week December 9-13, Kasikorn Research Centre (KBank) expects the baht to move within a range of Bt30.20-30.50 to the dollar.

Take the case of agriculture products. From the farm gate to fork, there are far too many players, especially the middlemen, who make agricultural product prices prohibitive. Business malpractices, such as hoarding, price manipulation and cartels, make the bad situation worse.

Carmelo De Ferlito of the Institute for Democracy and Economic Affairs says Malaysia can do a number of things that may cause the appreciation of the ringgit. Admitting the possibility of pure speculation in the ringgit, he says currency transactions are largely influenced by the “mood” created by economic fundamentals and other factors.

The market may dictate, but the nation must decide. With or without a ringgit peg. If we have to do it, we should go ahead.

© 2019. NEW STRAITS TIMES PRESS (M) BERHAD (4485-H).
ALL RIGHTS RESERVED.

Take the case of agriculture products. From the farm gate to fork, there are far too many players, especially the middlemen, who make agricultural product prices prohibitive. Business malpractices, such as hoarding, price manipulation and cartels, make the bad situation worse.

Carmelo De Ferlito of the Institute for Democracy and Economic Affairs says Malaysia can do a number of things that may cause the appreciation of the ringgit. Admitting the possibility of pure speculation in the ringgit, he says currency transactions are largely influenced by the “mood” created by economic fundamentals and other factors.

The market may dictate, but the nation must decide. With or without a ringgit peg. If we have to do it, we should go ahead.

© 2019. NEW STRAITS TIMES PRESS (M) BERHAD (4485-H).
ALL RIGHTS RESERVED.

So what determines the value of the ringgit? Simply put, whatever happens within and without. Crude oil prices and the US-China trade war are two external determinants. Consider the trade war. According to Afzanizam, there has been a rise in risk aversion among investors since the trade spat began between the world’s two largest economies.

The effect: rush to buy “safe haven” currencies, such as the US dollar, Swiss franc, Japanese yen and euro. The result: a weakening of the ringgit. Unfortunately, this is one lever Malaysia can’t pull or push. It must look at what is within its control. Like cost of living issues.

What causes the ringgit to be where it is? There are many factors, but first let’s settle the fair value question. Notwithstanding views to the contrary, we think there is one. So does the chief economist at Bank Islam, Dr Mohd Afzanizam Abdul Rashid, who has been keeping tabs on the ringgit. He says the ringgit has averaged 3.59 to the US dollar since July 2015 when Malaysia unpegged the currency.

To Afzanizam, the ringgit’s fair value should range between 3.80 and 3.90 to the US dollar. Close to the homegrown solution of pegging the ringgit at 3.80 to the US dollar.

Human and institutional manipulation is possible. Want examples? Currency speculation and financial meltdowns are glaring examples. We dare say this: the greedy and powerful were behind them.

We should not be too quick to assign inevitability to the decisions of the market. Plus, Cambridge University economist Ha-Joon Chang tells us what makes the market “free” is, if at all it is so, a political decision. He is right.

The government is always involved in the market. Here and everywhere else. So are free marketeers! Adam Smith is wrong: the invisible hand isn’t invisible at all. But this is a discussion for another time.

NST Leader: Appreciating ringgit
DECEMBER 4, 2019 @ 12:06AM

The market may dictate, but the nation must decide. With or without a ringgit peg. If we have to do it, we should go ahead. - FILE PIC
THE market is saying something about the ringgit. Whether it is right or wrong is up for discussion (expect some economists to disagree with this). When this Leader went to press, the ringgit was trading at 4.17 to the United States dollar.

Is this a fair value of the country’s currency? Free marketeers will be offended by this question. To them, no one will know this except the market. True, there is a market out there — nebulous though it is — but it isn’t as free as we like to think it is.

1 Brazilian real to 0.99 ringgit
1 ringgit to 1.01 Brazilian real

If you don't like the particular country, you can draft and enact a laws to against the particular country. Thank to US and HK protesters to create this history.

Us made history that Us can use their Act and laws to mind other country business. Next time, other countries will also follow.

Hong Kong Human Rights and Democracy Act by U.S. Next time, we can also draft a laws or Act to against Indonesia open burning and haze problem peoples.

The Hong Kong government forecast its gross domestic product would contract 1.3 per cent this year from a year ago, its first contraction in a decade.

The region officially entered a technical recession in the third quarter.

McKnight said the financial and real estate sectors have been relatively unscathed so far, even as companies like Goldman Sachs have estimated that as much as US$4 billion in investment money have shifted from Hong Kong to Singapore.

The Hong Kong government forecast its gross domestic product would contract 1.3 per cent this year from a year ago, its first contraction in a decade.

The region officially entered a technical recession in the third quarter.

McKnight said the financial and real estate sectors have been relatively unscathed so far, even as companies like Goldman Sachs have estimated that as much as US$4 billion in investment money have shifted from Hong Kong to Singapore.

The Hong Kong government forecast its gross domestic product would contract 1.3 per cent this year from a year ago, its first contraction in a decade.

The region officially entered a technical recession in the third quarter.

McKnight said the financial and real estate sectors have been relatively unscathed so far, even as companies like Goldman Sachs have estimated that as much as US$4 billion in investment money have shifted from Hong Kong to Singapore.

Maybank Hong Kong has been in operations since February 1962. It is part of the Maybank Group which is the largest banking Group in Malaysia and 4th largest bank by asset in South East Asia with significant presence. It has evolved from a traditional retail bank into a commercial bank offering an extensive range of wholesale banking products including Corporate Lending, Capital Markets, Cash Management, and Trade Finance to large local and multinational corporations. Maybank Hong Kong also provides Private Wealth solutions to eligible individuals.

Protest chaos leads to the most bank branch closings in Hong Kong’s history other than during typhoons
250 bank branches, 19 per cent of the city’s outlets, were closed the whole day while another 100 closed earlier than usual
ATMs, online banking remain open

Protest chaos leads to the most bank branch closings in Hong Kong’s history other than during typhoons
250 bank branches, 19 per cent of the city’s outlets, were closed the whole day while another 100 closed earlier than usual
ATMs, online banking remain open

Protest chaos leads to the most bank branch closings in Hong Kong’s history other than during typhoons
250 bank branches, 19 per cent of the city’s outlets, were closed the whole day while another 100 closed earlier than usual
ATMs, online banking remain open

Citi Banker’s Arrest in Hong Kong Caps Wave of Protest Warnings
By Lulu Yilun Chen, Alfred Liu, and Manuel Baigorri
November 12, 2019, 11:30 PM EST
Updated on November 13, 2019, 10:34 PM EST
Banks urge employees to take precautions as violence escalates
‘Managers should not hesitate

On Thursday, foreign students including mainland Chinese students were evacuating Hong Kong after several universities emerged as battlegrounds as protesters tried to prevent police from storming their campuses.

On Thursday, foreign students including mainland Chinese students were evacuating Hong Kong after several universities emerged as battlegrounds as protesters tried to prevent police from storming their campuses.

On Thursday, foreign students including mainland Chinese students were evacuating Hong Kong after several universities emerged as battlegrounds as protesters tried to prevent police from storming their campuses.

Dozens of foreign students have been urged to leave Hong Kong after another night of clashes left several people seriously injured.

A worker for the Food and Environmental Hygiene Department, struck by an object thrown by protesters earlier on Wednesday, was in critical condition, according to the government. A 15-year-old believed to have been hit in the head by a tear-gas canister has reportedly suffered a skull fracture.

A man dressed in black and around the age of 30 was found dead in Tsuen Wan in Hong Kong’s New Territories, according to police who said he appeared to have fallen from a building.

Dozens of foreign students have been urged to leave Hong Kong after another night of clashes left several people seriously injured.

A worker for the Food and Environmental Hygiene Department, struck by an object thrown by protesters earlier on Wednesday, was in critical condition, according to the government. A 15-year-old believed to have been hit in the head by a tear-gas canister has reportedly suffered a skull fracture.

A man dressed in black and around the age of 30 was found dead in Tsuen Wan in Hong Kong’s New Territories, according to police who said he appeared to have fallen from a building.

Dozens of foreign students have been urged to leave Hong Kong after another night of clashes left several people seriously injured.

A worker for the Food and Environmental Hygiene Department, struck by an object thrown by protesters earlier on Wednesday, was in critical condition, according to the government. A 15-year-old believed to have been hit in the head by a tear-gas canister has reportedly suffered a skull fracture.

A man dressed in black and around the age of 30 was found dead in Tsuen Wan in Hong Kong’s New Territories, according to police who said he appeared to have fallen from a building.

Hong Kong protests: ‘rioters’ tried to shoot us with arrows, police say as fourth day of mayhem hits city
Protesters block Cross-Harbour tunnel and Tolo Highway remains closed
City leader Carrie Lam holds late-night meeting with senior ministers to discuss crisis

Hong Kong protests: ‘rioters’ tried to shoot us with arrows, police say as fourth day of mayhem hits city
Protesters block Cross-Harbour tunnel and Tolo Highway remains closed
City leader Carrie Lam holds late-night meeting with senior ministers to discuss crisis

Hong Kong protests: ‘rioters’ tried to shoot us with arrows, police say as fourth day of mayhem hits city
Protesters block Cross-Harbour tunnel and Tolo Highway remains closed
City leader Carrie Lam holds late-night meeting with senior ministers to discuss crisis

Hong Kong protests continue to disrupt operations of local banks
Banks advise customers to use mobile banking amid suspension of the services of a set of branches due to protests.


Continuing protests in Hong Kong keep disrupting the operations of local banks. Today, a number of bank branches are closed due to what is (in a politically correct manner) referred to as “public events”.

HSBC published a notice on its website warning that several of its branches are closed today:



“HSBC University of Hong Kong Branch, Festival Walk Branch & Premier Centre, Jade Plaza Branch, Central Branch & Premier Centre, Exchange Square Branch & Premier Centre are closed on 12 November 2019 due to public events. HSBC customers can use the Bank’s Internet Banking, Mobile Banking, Phone Banking or self-service banking terminals. We are sorry for the inconvenience and will provide updates on the operation of our outlets as the situation evolves”.

Standard Chartered has informed its customers of nine branches affected by the “public events”.

Hong Kong protests continue to disrupt operations of local banks
Banks advise customers to use mobile banking amid suspension of the services of a set of branches due to protests.


Continuing protests in Hong Kong keep disrupting the operations of local banks. Today, a number of bank branches are closed due to what is (in a politically correct manner) referred to as “public events”.

HSBC published a notice on its website warning that several of its branches are closed today:



“HSBC University of Hong Kong Branch, Festival Walk Branch & Premier Centre, Jade Plaza Branch, Central Branch & Premier Centre, Exchange Square Branch & Premier Centre are closed on 12 November 2019 due to public events. HSBC customers can use the Bank’s Internet Banking, Mobile Banking, Phone Banking or self-service banking terminals. We are sorry for the inconvenience and will provide updates on the operation of our outlets as the situation evolves”.

Standard Chartered has informed its customers of nine branches affected by the “public events”.

Hong Kong protests continue to disrupt operations of local banks
Banks advise customers to use mobile banking amid suspension of the services of a set of branches due to protests.


Continuing protests in Hong Kong keep disrupting the operations of local banks. Today, a number of bank branches are closed due to what is (in a politically correct manner) referred to as “public events”.

HSBC published a notice on its website warning that several of its branches are closed today:



“HSBC University of Hong Kong Branch, Festival Walk Branch & Premier Centre, Jade Plaza Branch, Central Branch & Premier Centre, Exchange Square Branch & Premier Centre are closed on 12 November 2019 due to public events. HSBC customers can use the Bank’s Internet Banking, Mobile Banking, Phone Banking or self-service banking terminals. We are sorry for the inconvenience and will provide updates on the operation of our outlets as the situation evolves”.

Standard Chartered has informed its customers of nine branches affected by the “public events”.

Hong Kong faces more protests after clashes at university
17 minutes ago
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Related TopicsHong Kong anti-government protests
Image copyrightREUTERS
Image caption
Students are seeking to have police banned from entering campuses
Hong Kong is facing another day of anti-government protests after a night of pitched battle at a top university.

At the Chinese University of Hong Kong police fired tear gas and rubber bullets as protesters ignited fires and petrol bombs until the early hours.

Considerable student anger over police moving their operation onto campuses was matched by police warning that the rule of law was close to "collapse".

Riot police continue to be deployed across the city.

The police decision to enter campuses signals a shift in strategy, correspondents say, as they have largely avoided clearance operations at schools and universities.

Hong Kong faces more protests after clashes at university
17 minutes ago
Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share
Related TopicsHong Kong anti-government protests
Image copyrightREUTERS
Image caption
Students are seeking to have police banned from entering campuses
Hong Kong is facing another day of anti-government protests after a night of pitched battle at a top university.

At the Chinese University of Hong Kong police fired tear gas and rubber bullets as protesters ignited fires and petrol bombs until the early hours.

Considerable student anger over police moving their operation onto campuses was matched by police warning that the rule of law was close to "collapse".

Riot police continue to be deployed across the city.

The police decision to enter campuses signals a shift in strategy, correspondents say, as they have largely avoided clearance operations at schools and universities.

Hong Kong faces more protests after clashes at university
17 minutes ago
Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share
Related TopicsHong Kong anti-government protests
Image copyrightREUTERS
Image caption
Students are seeking to have police banned from entering campuses
Hong Kong is facing another day of anti-government protests after a night of pitched battle at a top university.

At the Chinese University of Hong Kong police fired tear gas and rubber bullets as protesters ignited fires and petrol bombs until the early hours.

Considerable student anger over police moving their operation onto campuses was matched by police warning that the rule of law was close to "collapse".

Riot police continue to be deployed across the city.

The police decision to enter campuses signals a shift in strategy, correspondents say, as they have largely avoided clearance operations at schools and universities.

BOJ chief opens door to deeper negative rates
Japan's central bank keeps policy unchanged despite U.S. rate cuts

BOJ chief opens door to deeper negative rates
Japan's central bank keeps policy unchanged despite U.S. rate cuts

Federal Reserve officials reduced interest rates by a quarter-percentage point for the third time this year and signaled a pause in further cuts unless the economic outlook changes materially.

Federal Reserve officials reduced interest rates by a quarter-percentage point for the third time this year and signaled a pause in further cuts unless the economic outlook changes materially.

Fed Cuts Rates a Quarter Point, Powell Says Policy in Good Place
By Christopher Condon and Steve Matthews
October 31, 2019, 2:00 AM GMT+8
Updated on October 31, 2019, 9:02 AM GMT+8
Fed chairman says baseline economic outlook remains favorable
Policy likely to remain appropriate if data confirm outlook

Fed cuts rates for a 3rd time but signals it will now pause

Fed cuts rates for a 3rd time but signals it will now pause

PRINSIPTEK CORPORATION BERHAD

Type of Meeting Annual General Meeting
Indicator Notice of Meeting
Description Notice of 17th Annual General Meeting
Date of Meeting 25 Nov 2019
Time 09:00 AM
Venue Malaya 1, Level 1,
The Westin Kuala Lumpur,
199, Jalan Bukit Bintang,
55100 Kuala Lumpur
Date of General Meeting Record of Depositors 18 Nov 2019