Archive for November, 2014

Street clashes erupt as Hong Kong police crack down on protesters

Street clashes erupt as Hong Kong police crack down on protesters

29-Nov-2014 Intellasia | Reuters | 4:58 PM

Thousands of pro-democracy activists clashed with police in running scuffles in the gritty district of Mong Kok early on Saturday in a bid to reclaim part of one of the [...]
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Taiwan votes in key elections ahead of presidential polls

Taiwan votes in key elections ahead of presidential polls

29-Nov-2014 Intellasia | AFP | 4:54 PM

Millions of voters go to the polls in Taiwan Saturday for the island’s largest ever local elections, with the Beijing-friendly ruling party facing a rout in a key test [...]
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China activists stand trial in dissent crackdown: lawyer

China activists stand trial in dissent crackdown: lawyer

29-Nov-2014 Intellasia | AFP | 4:52 PM

Two prominent Chinese political activists went on trial Friday for helping to organise small-scale protests against censorship, their lawyer said, the latest prosecution in a [...]
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Malaysia Airlines Apologizes For Insensitive Tweet, Reports Losses

Malaysia Airlines Apologizes For Insensitive Tweet, Reports Losses

29-Nov-2014 Intellasia | AP | 4:50 PM

Malaysia Airlines on Friday said its loss widened last quarter and apologized for a promotional tweet slammed as insensitive after two deadly passenger jet disasters this [...]
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SE Asia Stocks-Most down; weak oil prices hit energy shares

29-Nov-2014 Intellasia | Southeast Asian stock markets mostly drifted lower on Friday November 28 as a sharp fall in global oil prices dealt a blow to energy shares, but prospects of lower fuel costs lifted shares of airline companies. Energy stocks such as PTT and PTT Exploration and Production led the losers on the Thai stock market while rig builder Sembcorp Marine and palm plantation firm Astra Agro Lestari were among underperformers in the region. Brent crude held above $72 a barrel on Friday after hitting a new four year low earlier in the day after OPEC decided not to cut oil output to support prices. The oil market will remain oversupplied in 2015 with the growth of non-OPEC supply and OPEC natural gas liquids far outpacing global oil demand growth, Bangkok-based broker KT Zmico said in a report. Earnings growth for energy firms, especially of downstream and upstream operators, become less appealing when oil prices decline, it said. "The weak oil price is also a threat to upstream operator PTTEP, with 30 percent of its sales volume linked to liquid. Thus, its earnings growth will be diluted despite the larger sales volume," the broker said. Bangkok's SET Index edged down 0.3 percent, heading off a monthly gain of 0.9 percent. Jakarta's composite index eased 0.1 percent, but on track for a modest rise of 0.8 percent on the month. Other Southeast Asian stocks are set to post mixed performance in November, with Singapore poised to be an outperformer, up 2.6 percent, while worst performer Vietnam is set to fall 5.3 percent on the month. Airline stocks were among bright spots in the region thanks to expectations of a fall in fuel costs. Thai budget carrier Nok Airlines shot up 9 percent, Singapore Airlines jumped 2.7 percent and Malaysia's AirAsia surged 7 percent. AMERICA: A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session. The index, a benchmark for many investments, still closed out November with its third-best month this year. "Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story." The S&P 500 index lost 5.27 points, or 0.3 percent, to close at 2,067.56. As a group, energy companies lost 6 percent, the worst drop of the 10 sectors in the S&P 500 by far. The Dow Jones industrial average inched up 0.49 of a point, a sliver of a percent, to eke out another record high, 17,828.24. The Nasdaq composite picked up 4.31 points, less than 0.1 percent, to 4,791.63. Regular U.S. trading closed at 1 p.m. Eastern time on Friday and the market was shut Thursday for the Thanksgiving holiday. Rising corporate profits and a steadily improving U.S. economy have helped push the stock market to record highs this month. The S&P 500 gained 2.5 percent in November. But it was a quiet climb, a combination of many small steps. There wasn't a single day in November that the index rose more than 1 percent. The main news driving trading was a decision made Thursday by the OPEC oil cartel to keep production at 30 million barrels a day. That announcement hit oil prices hard as traders expect the global supply of oil to stay high. Crude oil slumped $7.54, or 10 percent, to settle at $66.15. The recent slide for oil prices has had a double-edged effect on the market. It has given a boost to airlines, shippers, retailers and cruise lines, which benefit from both falling costs and customers having more money in their pockets to spend. But it has battered drillers, producers and other companies that provide services to the oil and gas industry. It was the same story Friday. United Parcel Service gained 3 percent, and FedEx added 2 percent. Around the world, the slide in crude prices pulled oil and gas companies down. Newfield Exploration lost 16 percent and QEP Resources 15 percent, the two steepest drops by any company in the S&P 500 index. In Asia, China's state-owned oil giant CNOOC, the country's biggest crude producer, plunged. In Europe, shares in Royal Dutch Shell, Total and other energy giants fell. Despite those steep drops, Europe's major markets ended with slight gains. France's CAC 40 added 0.2 percent, while Germany's DAX inched up 0.1 percent. In the U.K, the FTSE 100 index of leading British companies barely moved from the previous day. "The template for equity markets today has been clear from the beginning," said Alastair McCaig, market analyst at IG. "Oil and energy manufacturers are down, while those companies that are oil consumers are up." In government bond trading, prices for 10-year Treasurys rose. The yield, which moves in the opposite direction, fell to 2.17 percent. In metals trading, the price of gold for February delivery lost $22 to $1,175.50 an ounce, and silver for March fell $1.05 to $15.56 an ounce. Copper for March fell 11 cents to $2.85 a pound. In other energy futures trading on the New York Mercantile Exchange: — Wholesale gasoline for December delivery fell 13.12 cents to $1.90 a gallon. — December heating oil fell 16.57 cents to $2.23 a gallon. — January natural gas fell 27 cents to $4.09 per 1,000 cubic feet
Benchmark Currency Rates

Source: Bloomberg | 
		4:45 PM	 

Southeast Asian stock markets mostly drifted lower on Friday November 28 as a sharp fall in global oil prices dealt a blow to energy shares, but prospects of lower fuel costs [...]
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Asian energy shares slide after OPEC decision

29-Nov-2014 Intellasia | AP | 6:00 AM

Crude oil and Asian energy shares tumbled Friday as OPEC’s decision to keep production steady rippled across the globe. Japanese stocks rose after a slew of economic [...]
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In HK, Tycoons and Fishermen Determine Who Leads the City

29-Nov-2014 Intellasia | Bloomberg | 6:00 AM

In a former fishing village now packed with high-rise apartment blocks, Law King-shing reflects on the quirk of history that made him one of the 1,200-strong elite that chose [...]
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HKMA Says Yuan Trade Surge Shows HK’s Role Intact

29-Nov-2014 Intellasia | Bloomberg | 6:00 AM

Hong Kong’s status as the world’s largest offshore yuan hub is intact as its trade settlement and lending in the Chinese currency climb, according to Hong Kong [...]
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China’s crackdown in HK may fuel a long-term democracy movement

29-Nov-2014 Intellasia | Washington Post | 6:00 AM

CHINA’S COMMUNIST authorities are nothing if not predictable. With a high-profile international summit hosted by President Xi Jinping this month behind them, they are [...]
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HK’s yuan usage surges in 2014

29-Nov-2014 Intellasia | China Economic Review | 6:00 AM

Hong Kong’s usage of the yuan in trades is up 73 percent from a year earlier in the first 10 months this year, totalling RMB5 trillion (US$815 billion), Bloomberg [...]
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Court Chastens Protest Leader In HK

29-Nov-2014 Intellasia | NY Times | 6:00 AM

Joshua Wong, a student who is the best-known face of Hong Kong’s pro-democracy protest movement, was ordered by a court on Thursday to stay away from the area where he [...]
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Tibetan tapestry fetches record $45 million in HK

29-Nov-2014 Intellasia | AFP | 6:00 AM

An ancient Tibetan silk tapestry has set a world record for Chinese art after it was sold to a Shanghai tycoon for $45 million (HK$348 million) at auction in Hong Kong, [...]
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Taiwan Dollar Set for Monthly Drop as Weak Yen Threatens Exports

29-Nov-2014 Intellasia | Bloomberg | 6:00 AM

Taiwan’s dollar headed for a third monthly drop on concern the yen’s plunge and slower growth in China will hurt the island’s exports. The Japanese [...]
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Taiwan keen on ‘original brand manufacturer’ model tie-up with Indian cos

29-Nov-2014 Intellasia | Thehindubusinessline | 6:00 AM

Taiwanese businesses have offered to partner with Indian companies on a unique ‘Original brand manufacturer’ (OBM) model as part of its industrial collaboration [...]
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Taichung mayoral contest key to Taiwan’s 2016 presidential poll

29-Nov-2014 Intellasia | SCMP | 6:00 AM

All eyes are on the fiercely fought mayoral elections in the central city of Taichung this weekend, as a victory by the opposition camp in this crucial constituency could [...]
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