Oil-thirsty China to raise Kuwaiti imports by 50pc

BEIJING: China has agreed to raise 2010 crude imports from Kuwait by 50 per cent to about 240,000 barrels per day, trade sources said, with Chinese refiners set to to process at record rates as demand rebounds strongly.

The jump, which follows a one-third increase this year, comes after Iraq said it will more than double exports to the world's second-largest oil consumer and Saudi Arabia agreed to a 12 per cent increase for 2010.

"The deals have been finalised," said a trade source. "It's a big increase."

"Sinopec has raised the volume quite sharply," said a second trade source.

The increases from Iraq and Kuwait, both of which supply mostly heavy, high-sulphur oil, are partly due to top exporter Saudi Aramco cutting back on similar grades Chinese oil refiners consider more economic to process, traders said.

But more importantly, it's the expected demand increase from China that has led to the supply growth.

Sinopec Corp, Asia's top refiner, has said it will raise crude throuhgput next year to 4.1 million bpd, 14 per cent above the rates recorded in the first three quarters of this year.

China's fuel demand is poised for an 8 per cent expansion in 2010, more than double this year's 3 per cent, Sinopec's president, Wang Tianpu, said last month, amid increasing signs of a strong economic recovery spurred by aggressive government spending.

The 240,000-bpd level would be about 6 per cent of China's current total crude imports of nearly 4 million bpd, and brings China closer to Kuwait's top buyers such as Japan and South Korea. - Reuters

Banks to start collecting service tax on cards

Banks and other card issuers will collect the service tax on credit and charge cards from January 1 next year.

In a statement yesterday, the Association of Banks in Malaysia (ABM) said that banks and other card issuers would collect the service tax from cardholders and pay the sum to the Director-General of Customs and Excise.

Prime Minister and Finance Minister Datuk Seri Najib Razak had announced that there would be a yearly RM50 service tax on each principal credit or charge card during the tabling of the 2010 Budget. Each supplementary card would be subjected to a yearly service tax of RM25. The tax would take effect next year.

"Having read and discussed the same with member banks as well as other card issuers, ABM would like to apprise cardholders that the service tax payable will be set out in the cardholders' monthly statements separately," it said.

The service tax becomes chargeable on the anniversary date of issue, or upon renewal of the card.

ABM gave three scenarios for the imposition of the service tax:

* Issue of a new credit or charge card that is valid for one year.

If the new card is issued on January 10 next year, expiring on January 9 2011, the service tax will be levied on the date of issue.

* Issue of a new credit or charge card that is valid for five years.

If the card is issued on March 8 next year, expiring on March 7 2015, the service tax would be levied on the date of issue and on every subsequent anniversary date.

* An existing credit or charge card that is valid for five years.

Say, the card was issued on May 18 last year and remains valid till May 17 2013. There would be no service tax on the card's anniversary date this year. However, the tax would be charged on each anniversary date from next year.

The service tax will not be imposed on debit cards; petrol cards issued by petrol companies, such as FleetCard and SmartPay; closed-community charge cards used at workplaces, schools and clubs only; loyalty cards such as Bonus Link; and E-money such as Touch 'n Go.

It will also not be imposed on cards issued to replace lost or spoilt cards or those misused in cases of fraud.

In the event a credit or charge card is upgraded (say, from Classic to Gold) or downgraded (from Gold to Classic), or converted (from Islamic to conventional, or co-branded to generic, or vice versa) or reinstated (say, a cancelled card), the service tax will be imposed on the new cards issued unless the anniversary dates of the previous and new cards are the same.

Banks and other card issuers are allowed to enter into arrangements under which cardholders may apply for redemption/reward points or rebates towards payment of the service tax.

FAJAR & FAJAR-WA

Fajar



Fajar-wa

FAJAR share buy back on 21,22,23,24 Dec 09

Date of Buy Back	:	24/12/2009
Description of Shares Purchased	:	Ordinary Shares of RM0.50 each
No. of Shares Purchased	:	118,000 shares
Minimum Price Paid For Each Share Purchased	:	RM 1.010
Maximum Price Paid For Each Share Purchased	:	RM 1.030
Total Consideration Paid	:	RM 120,592.25
No. of Shares Purchased Retained in Treasury	:	118,000 shares
No. of Shares Which Are Proposed To Be Cancelled	:	0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date	:	2,720,970 shares

Date of Buy Back	:	23/12/2009
Description of Shares Purchased	:	Ordinary Shares of RM0.50 each
No. of Shares Purchased	:	305,100 shares
Minimum Price Paid For Each Share Purchased	:	RM 1.020
Maximum Price Paid For Each Share Purchased	:	RM 1.050
Total Consideration Paid	:	RM 318,142.06
No. of Shares Purchased Retained in Treasury	:	305,100 shares
No. of Shares Which Are Proposed To Be Cancelled	:	0 shares
Cumulative Net Outstanding Treasury Shares As At To Date 2,602,970

Date of Buy Back	:	22/12/2009
Description of Shares Purchased	:	Ordinary Shares of RM0.50 each
No. of Shares Purchased	:	227,400 shares
Minimum Price Paid For Each Share Purchased	:	RM 1.020
Maximum Price Paid For Each Share Purchased	:	RM 1.040
Total Consideration Paid	:	RM 235,370.97
No. of Shares Purchased Retained in Treasury	:	227,400 shares
No. of Shares Which Are Proposed To Be Cancelled	:	0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date

Date of Buy Back	:	21/12/2009
Description of Shares Purchased	:	Ordinary Shares of RM0.50 each
No. of Shares Purchased	:	472,300 shares
Minimum Price Paid For Each Share Purchased	:	RM 1.030
Maximum Price Paid For Each Share Purchased	:	RM 1.050
Total Consideration Paid	:	RM 493,799.89
No. of Shares Purchased Retained in Treasury	:	472,300 shares
No. of Shares Which Are Proposed To Be Cancelled	:	0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date	:	2,070,470 shares

PJI targets up to RM500mil job at LCCT Terminal

PETALING JAYA: PJI Holdings Bhd is eyeing a contract to provide mechanical and electrical engineering services worth RM400mil to RM500mil at the new LCCT Terminal.

It plans to fund the job through private finance initiatives (PFIs), a method that provides private funding for partnerships between the public and private sectors.

“The total cost of the new LCCT Terminal will be around RM2bil as announced by the Government,” said deputy CEO Lim Chong Ling at the company’s AGM.

“Next year, we will also explore water-related projects.”

Lim said PJI was waiting for details of the 10th Malaysia Plan (10MP) as it saw many opportunities in relation to its core business of electrical and mechanical engineering services.

“Also, the government is going more into financing public projects through PFIs. PJI will work with the Government through Economic Planning Unit or the Treasury.”

He added that the company had tendered for jobs worth RM500mil since June, mainly in mechanical and electrical engineering services and water infrastructure.

PJI now has an orderbook of about RM150mil and hopes to add RM150mil to RM200mil by June 2010.

TheStar

*****************************************************************************************************************

PJI Holdings Bhd (PJIH) was incorporated in 1999 and is public-listed on Malaysian Stock Exchange since 2001 with its original business started with PJ Indah Sdn Bhd operated in 1994.

PJIH comprises a number of companies which are involved in various spectrums of business like property development and specializing in engineering activities for the civil, building, mechanical and electrical, infrastructure, power substations, transmission lines, water treatment plants, renewable energy, environment services and other related engineering works.

Sands says Singapore casino opening delayed

SINGAPORE (AP) -- Las Vegas Sands Chairman Sheldon Adelson said the opening of the company's $5.5 billion Singapore casino and resort has been delayed again, and now expects it to begin operations in April.

The Marina Bay Sands, one of two casinos being built in Singapore, was initially scheduled to open this month. Then Adelson said in July it would open by February. Heavy rains and the bankruptcy of some of the project's sub-contractors further pushed back the opening, Adelson said.

"There are too many issues," Adelson told reporters Monday in Singapore. "But a delay of a week or two or a month is not considered to be a delay in construction."

Sands has focused its resources on the Singapore casino as a cash crunch brought on by the credit crisis and falling revenue forced it to suspend work on a Macau project last November and lay off as many as 11,000 workers.

Adelson said Sands plans to restart construction in Macau within five months and the first phase of its Cotai strip project should open by June, 2011.

Adelson said he wasn't concerned that rival Resorts World, built by Malaysia's Genting Bhd, is scheduled to open early next year in Singapore, before his resort.

"I'm glad that they are opening first," he said. "We'd rather they make the mistakes and we learn from it, rather than we make mistakes."

Adelson said the Marina Bay Sands is expected to earn $1 billion of profit annually. Las Vegas Sands plans to open at least 50 percent of its resort in April, including one thousand hotel rooms, a casino, and parts of a shopping mall and convention center.

Singapore is hoping the property, along with Resorts World, will attract tourists as the government gradually shifts the economy to services from manufacturing.

Adelson said business is picking up at his Venetian and Palazzo casinos in Las Vegas as convention and company meetings return to the gambling mecca.

"We did get hurt in this economic crisis," he said "But the groups are coming back in force."

Las Vegas Sands also owns the Sands Macau, Venetian Macau and Sands Casino Resort Bethlehem in Pennsylvania.

Iraq accuses Iran of seizing oil well near border

BAGHDAD – Iranian forces crossed into Iraq and seized an oil well just over the two countries' disputed border, Iraq's government said Friday, prompting a protest from Baghdad and providing a dramatic display of the sometimes tenuous relations between the wary allies.

The incident could trouble Iraq's drive to attract the international investment needed to develop its beleaguered oil sector, analysts said, and it raised questions about the two countries' ties, which had improved greatly after the fall of Saddam Hussein.

According to Iraq's deputy foreign minister, Mohammed Haj Mahmoud, Iranian troops crossed into Iraqi territory on Thursday and seized oil well No. 4 in the al-Fakkah oil field, located in Maysan province about 200 miles (about 320 kilometers) southeast of Baghdad. The oil field is one of Iraq's largest.

"This is not the first time that the Iranians have tried to prevent Iraqis from investing in oil fields in border areas," Mahmoud told the AP. He said he did not know if the Iranians were still in control of the well.

Iraq's national security council held an emergency meeting Friday to discuss the issue, and government spokesman Ali al-Dabbagh later said the seizure showed anew the need for clearly defined borders between Iraq and Iran. He said the two countries have begun diplomatic talks.

However, al-Dabbagh appeared careful to avoid describing the incident as a military incursion, saying the oil well takeover was carried out by a group of armed Iranians.

"Iraq considers this penetration as a border breach and a violation of Iraq's sovereignty," he said in a statement. "We call upon the Iranian government to solve all the border disputes with Iraq through diplomatic means and to avoid the use of military force."

Relations between the two countries have improved dramatically since the 2003 U.S.-led invasion toppled Saddam, who in the '80s attacked Iran and started an almost decade-long war. Since Saddam's ouster, however, both countries have had Shiite-led governments, a rarity in the mostly Sunni Middle East.

But their border remains in dispute.

The al-Fakkah field is considered a shared field between Iran and Iraq, meaning both nations are able to pump oil from it, but the Iraqis consider oil well No. 4 theirs.

Iranian soldiers carrying rifles seized the well Thursday night in a 25-car convoy and ordered the Iraqi workers to leave the area, according to a worker at the site who did not want to be identified for fear of retribution. The soldiers then mounted an Iranian flag inside the well, he said.

There were no reports of violence during the incident, and Iranian forces left the well on Friday, leaving the flag behind, the worker said. His account could not be immediately confirmed.

Analysts said it was too early to say whether the incident would mushroom into greater tension but said it could raise concerns with oil companies looking to invest in Iraq. Oil prices rose slightly after news of the incident.

"It looks like some kind of warning shot, and it could definitely escalate into a big worry for oil companies," said Samuel Ciszuk of the London-based IHS Global Insight.

In Washington, a U.S. official said that although Iranians have crossed the border before, they had not previously ventured this far.

Iraqi security forces were in the area, but there are no reports of fighting, he said on condition of anonymity because he was not authorized to speak on the record. The Iranians are believed to have left the area, he said.

An official at the Iranian Embassy in Baghdad who did not want to be identified because he was not authorized to speak to media said reports of Iran seizing the well were "mere rumors."

A message left for Iran's Foreign Ministry spokesman seeking comment was not returned. Iran's semiofficial Mehr news agency quoted officials at the National Iranian Oil Company as denying the incursion.

Such incidents have happened before. Last year, the Iraqi Oil Ministry accused Iran of stealing oil from the al-Fakkah field and of illegally seizing and capping off wells in a second field Iraq says lies entirely within its territory.

Iraq has an estimated 115 billion barrels of proven oil reserves — the world's third largest.

But years of neglect, war and insurgency have left the oil fields severely underperforming. Iraq has been trying to attract international investment, including a round of international bidding last week.

The incursion comes as Iraq is preparing for national elections on March 7, and in a research note, analysts at the Washington-based Eurasia Group said the incident could affect Iraq's domestic politics.

Although Iraqi Prime Minister Nouri al-Maliki, a Shiite, has tried to present himself as a nationalist candidate with wide support, "...there remains the lingering perception that he is close to Tehran. If Iran appears to be acting against the interests of Iraq, some of al-Maliki's more nationalist and Sunni supporters, who harbor hostility toward Iran, could desert him," the note read.

The al-Fakkah field, which has about 1.55 billion barrels of oil in reserves, was offered along with another two adjacent fields as a single group in Iraq's first postwar oil and gas bidding round in June. But the group received only one bid by a consortium grouping China's CNOOC Ltd. and Sinochem International Co. Ltd, which was rejected by the Oil Ministry.

>>YAHOO

Price for Honda City Grade S

Price List for Peninsular Malaysia
Selling Price : 82,272.50
Road Tax (1 year) : 90.00
Registration Fee : 150.00
Number Plate : 50.00
Ownership Endorsement Fee : 50.00
Retail Price (Without Insurance) :82,612.50
Insurance : 2,367.50
On-The-Road Price with Insurance : 84,980.00
Sum Insured : 82,000.00

Price for Honda City Grade E
Price List for Peninsular Malaysia
Selling Price : RM 87,142.50
Road Tax (1 year) : RM 90.00
Registration Fee : RM 50.00
Number Plate : RM 50.00
Ownership Endorsement Fee : RM 50.00
Retail Price (Without Insurance) : RM 87,482.50
Insurance : RM 2,497.50
On-The-Road Price with Insurance : RM 89,980.00
Sum Insured : RM 87,000.00

April opening for Singapore Marina Bay casino

SINGAPORE: Marina Bay Sands, Singapore's waterfront casino on the edge of the city state's business district, is likely to be open in April, Channel News Asia reported on Saturday, Dec 19 citing unnamed sources.

According to Reuters, the casino, operated by Las Vegas Sands, had been originally scheduled to open its doors by the end of 2009, but the date was put back to the first quarter of 2010. "Sources have told MediaCorp the earliest the resort will start operations is in April. But some industry observers said June is a more realistic date," Channel News Asia, the news TV channel operated by MediaCorp, reported on its website (www.channelnewsasia.com).

The source said the resort was determined to open at least the casino and about a third of the rooms first as they were considered "high-revenue areas". Marina Bay Sands was not immediately available to comment.

The Singapore casino will cost $5.25 to $5.5 billion against an original forecast of $3.2 billion when the project was conceived and will go into operation at a time when tourism is shrinking due to global economic recession.

A second casino is being built by Genting Singapore, a unit of Malaysia's GENTING BHD [], on the resort island on Sentosa. It is scheduled to open in the first quarter of 2010. Singapore is hoping the casinos will boost the number of visitors and benefit its retail sectors as well as flag carrier Singapore Airlines, the world's largest airline by market value. - Reuters

LCL boss: I sold 28m shares to help firm repay bank loan

LCL Corp Bhd's (7177) chairman Datuk Low Chin Meng progressively sold some 28 milion shares a month before major subsidiary, LCL Furniture Sdn Bhd, defaulted in its payment of credit facilities.

"I had instructed for the shares to be sold to help the company pay its loan facilities," Low told Business Times when contacted yesterday.

The move however, did not help steer the group away from defaulting on its loans. The group is now in PN17 status.

LCL Furniture is currently under receivership.

Low raised some RM16 million in the open market through the disposals.
While he has no plans of leaving the group, he would be compelled to adhere to the wishes of shareholders and board members, if they want him to leave. There have been no calls for him to do so yet.

With his own disposals and CIMB Islamic Bank Bhd force-selling 16 million shares belonging to him last Monday, Low no longer owns shares in the interior fit-out company he co-founded 24 years ago.

"Our company still has cash flow, its a little stream that helps us to go about with our job, it's not a cascading waterfall, which is what the banks want," LCL Corp chief executive officer Paul Lim Pang Kiam said after the group's extraordinary general meeting (EGM) in Selangor yesterday.

The EGM was convened to approve a change in auditors for the group to Messrs UHY Diong, with the resignation of Messrs Ernst & Young. The resolution was approved in the meeting, which lasted about 20 minutes.

The company is currently engaging all its lenders and creditors proactively to seek an amicable solution and a way out to resolve the critical issues, which includes a global debt- restructuring scheme.

Lim said despite the board's best efforts of proactively coming up with a debt-restructuring scheme and explaining the situation to their creditors, they could not stop LCL Furniture from going under receivership.

"By pulling the plug, first and foremost, our reputation has been affected. This has set us back and we may have to start from (ground) zero," he said.

The board of directors of LCL group is currently working with the receivers and managers to resuscitate the company.

"We are currently also actively engaging our Dubai clients (on getting payments back on track)," Lim said.

Jobs in Dubai make up about 80 to 90 per cent of LCL Corp's revenue.

By Presenna Nambiar

Fajar hourly price trend likely to climb gradually

SHARE prices on Bursa Malaysia once again slipped into consolidation yesterday. Declining counters outpaced advancing counters by 352 to 236.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell from its intra-day high of 1,270.05 points to its intra-day low of 1,264.76 yesterday. It closed at 1,269.03, giving a day-on-day loss of 1.78 points, or 0.14 per cent.

Fajarbaru Builder Group Bhd (Fajar) staged a technical rebound yesterday. Its daily price trend closed at RM1.08, giving a day-on-day gain of 8 sen, or 8.00 per cent.

Chartwise, Fajar's daily price trend fell from its high of RM1.29 on October 15 all the way down to its intra-day high of 99 sen on December 16, giving a total loss of 30 sen, or 23.26 per cent.
Its hourly price trend staged a technical breakout of its intermediate-term downtrend (B3:B4) yesterday. It continued to stay above its intermediate-term downtrend at the market close yesterday.

Fajar's hourly fast Moving Average Convergence Divergence indicator (MACD) continued to stay above its hourly slow MACD yesterday. Both of its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.

Fajar's hourly price trend is likely to embark on a gradual climb over its near-term perspectives.

Businesstimes

7047 FAJAR FAJARBARU BUILDER GRP BHD

Notice of Shares Buy Back - Immediate Announcement

Date of Buy Back : 17/12/2009 Description of Shares Purchased : Ordinary Shares of RM0.50 each No. of Shares Purchased : 600,000 shares Minimum Price Paid For Each Share Purchased : RM 1.050 Maximum Price Paid For Each Share Purchased : RM 1.070 Total Consideration Paid : RM 637,662.80 No. of Shares Purchased Retained in Treasury : 600,000 shares No. of Shares Which Are Proposed To Be Cancelled : 0 shares Cumulative Net Outstanding Treasury Shares As At To-Date : 1,598,170 shares Adjusted Issued Capital After Cancellation : 0 Date Lodged With Registrar of Company : Lodged By : Submitted By: TAN KOK AUN / WONG WAI YIN

17/12/2009 05:54 PM

MARC places Petra Perdana on 'developing' watch

KUALA LUMPUR: PETRA PERDANA BHD [] on Wednesday, Dec 16 was placed on ratings watch "developing" by the Malaysian Rating Corp Bhd (MARC).

Local rating agency MARC said in a statement that it has placed its A+ rating on Petra Perdana Berhad's (Petra Perdana) RM800 million Dual Currency Revolving Facility on MARCWatch Developing following the company's announcement that it had divested a 25.03% stake in Petra Energy Berhad (Petra Energy).

It said the divestment will reduce Petra Perdana's shareholdings in Petra Energy to 29.59% and will result in deconsolidation of Petra Energy from Petra Perdana's accounts. It added that Petra Energy had contributed 59.3% of the group's profit before tax for the nine-month period ended Sept 30, 2009.

"Petra Perdana has indicated that the net proceeds will be used to pare down bank borrowings and other financial obligations.

"The rating will remain on MARCWatch pending an evaluation of the impact of the divestment of Petra Energy shares on Petra Perdana's credit profile which had not been taken into consideration in MARC's affirmation of Petra's rating on Nov 26, 2009," the rating house said.

Analysts negative on Petra Perdana's sale of unit

ANALYSTS are negative on Petra Perdana's sale of its 25 per cent stake in subsidiary Petra Energy as it may affect its ability to perform in the future.

OSK Research said although Petra Energy's business of providing brownfield services may not be one of high growth, but at least it provides a stable business to the group.

"The disposal however would enable Petra Perdana to raise RM93.2 million cash to repay about 51 per cent of its borrowings and the cash may be crucial given the group's sluggish vessel operation with an estimated utilisation rate of below 50 per cent due to a lack of contracts to generate the cash to repay borrowings and maintain operations.

"We are downgrading our 2010 earnings forecast by 20 per cent in line with the lower contribution from Petra Energy and have a neutral recommendation for Petra Energy," said OSK Research in a note to investors.

Last Friday, Petra Perdana announced that it has sold 25 per cent or 48.8 million shares in subsidiary Petra Energy at RM1.91 a share by way of a direct business transaction to repay its short-term borrowings.

It did not identify the buyer but there are rumours that it could be Sarawakian businessman Datuk Bustari Yusof.

According to the announcement, the disposal was aimed at reducing Petra Perdana's bank borrowings and other financial obligations.

As at third quarter 2009, its short-term and long-term borrowings stood at RM183.4 million and RM345.4 million respectively.

Meanwhile ECM Libra is concerned with the two companies' inter-company transactions. This refers to how Petra Perdana will charter vessels for Petra Energy now that the latter is split.

"Typically, Petra Energy charters vessels from Petra Perdana and this generates some RM40 million-50 million per quarter in revenue," it said in a report.

With the sale, there is concern that Petra Energy could choose other vessels.

"With the eventual loss of steady income flow from Petra Energy, we have increasing doubts on Petra's ability to perform.

"Their vessels are fetching low rates while their operating lease commitments are growing with the delivery of new vessels," ECM Libra said in its research note, giving a "sell" recommendation to investors.

Local steelmakers may see higher iron ore costs

KUALA LUMPUR: Malaysian steelmakers, as with their global peers, may see adverse impact such as higher cost of iron ore resulting from the joint venture (JV) announced a week ago between mining giants Rio Tinto and BHP Billiton.

The JV that would combine the iron-ore mining operations of Rio Tinto and BHP in Western Australia is expected to bring more than US$10 billion (RM34 billion) in savings for both firms in terms of production and development synergies.

Rio Tinto and BHP have a combined iron ore production capacity of 350 million tonnes per year.

But despite significant cost savings, there are concerns that the JV would not result in lower prices of iron ore but rather higher cost for steel millers as Rio Tinto and BHP would command even bigger bargaining power to drive up prices.

“By extension — this could have significant impact on the bargaining leverage of steel millers all around the world, including Malaysia,” said AmResearch.

As a matter of fact, the JV could effective turn the global iron ore market, currently dominated by three large players (the largest is Vale SA of Brazil, followed by Rio Tinto and then BHP), into a duopoly.

Already, major iron ore importers such as China and the European Union (EU) have immediately protested against the JV. Malaysian steel millers too could be disadvantaged if the JV brings negative consequences on iron ore pricing.

AmResearch said local steel players that purchased iron ore included Perwaja Holdings Bhd — a unit of KINSTEEL BHD [] — and the Lion Group. ANN JOO RESOURCES BHD [] will also be stocking up iron ore ahead of the rollout of its new blast furnace plant by July 2010.

Nevertheless, local steel players have downplayed the negative consequences of the Rio Tinto-BHP JV somewhat.

“It will be too early to comment on the possible impact of the JV on the global steel market. However, as a steel miller, we hope that with the JV, any cost efficiency will be passed back to consumers, and resulting in better economies of scale for all parties,” said Perwaja managing director Tan Sri Pheng Yin Huah.

“The iron ore market was already dominated by three major players. If it were to change to a duopoly, it wouldn’t bring much difference in terms of pricing dynamics,” Ann Joo said in an email reply to The Edge Financial Daily.

The company explained that the benchmark pricing negotiation for iron ore has always been between the three miners and the Japanese and Chinese steel millers.

“Iron ore prices very much depend on the steel market outlook or the demand-supply dynamic. Prices will drop if there is no demand from the steel industry,” it said, adding that the Rio Tinto-BHP JV still had some legal and political hurdles to overcome.

Nevertheless, Rio Tinto and BHP in a joint statement have estimated that the JV deal to be completed in the second half of 2010.

OSK Research’s steel analyst Ng Sem Guan said consensus estimates for iron ore price next year pointed to a 20% to 30% rise.

Iron ore prices, which was set on the Japanese calendar for a period of 12 months from April 1 to March 31 each year, rose 9.5% from 2006 to 2007 and by 65% from 2007 to 2008. Nevertheless, it was 33% lower for the April 2009 to March 2010 period.

Ng said China did not conclude its annual iron ore benchmarking talks with suppliers this year and had been buying on the spot market.

Usually, China, being the largest iron ore buyer, sets the global benchmark price in its negotiations with suppliers. For smaller buyers such as the steel and iron millers in Malaysia, they buy part of their requirements at the benchmark price with the remainder at the spot market price.

“With or without the JV in place, the outcome for the 2010 benchmark price setting is still uncertain at this point of time,” said Ann Joo.

Lion Industries Corp Bhd also played down the impact of the JV. “Currently, the three big suppliers already control 75%-80% of the world’s iron ore supply. The JV is not expected to have any major impact on the existing iron ore supply situation,” it added.

Local steelmakers still expect improved profits next year, with more CONSTRUCTION [] activities to come on stream in the country. It has been reported that infrastructure projects worth an estimated RM61.7 billion would be rolled out in the next six to 12 months.

“The boost in construction sector will lead to higher demand for steel and other construction-related products, which will have a positive impact on the overall economy as well as the steel sector,” said Perwaja’s Pheng.

Meanwhile, AmResearch maintained its overweight call on the local steel sector as an anchor reflationary theme.

It said unlike cement, prices of steel were at the early stages of a cyclical upswing. Furthermore, earnings of local steel companies should gain traction as domestic steel demand supplant exports moving into 2010.

Written by Financial Daily

Dubai gets $10B from Abu Dhabi to cover debt

DUBAI, United Arab Emirates (AP): Dubai's government says it has received $10 billion in emergency funds from oil-rich neighbor Abu Dhabi that will go toward paying debts owed by its struggling Dubai World conglomerate.

Some $4.1 billion of the money will be used to pay off a pile of debt from Dubai World's Nakheel property division that comes due Monday.

Dubai's ability to repay those funds had been seen as a key test of the debt-laden emirate's creditworthiness.

The UAE central bank, based in the federation's capital Abu Dhabi, also says it is prepared to provide support to local banks.

Tan Chong Motor set to invest US$15m in Vietnam

KUALA LUMPUR: TAN CHONG MOTOR HOLDINGS BHD [] has received Vietnam's go-ahead to set up a subsidiary that will manufacture and assemble buses, trucks and cars. The company's total investment is expected to be US$15 million (RM50.9 million).

The company said earlier today, its unit TCIE (Labuan) Pty Ltd had received a certificate of investment from Danang Industrial and Export Processing Zones Authority to set up a wholly owned subsidiary, TCIE Vietnam Pte Ltd.

TCIE Vietnam will manufacture and assemble buses, trucks and passenger cars. It will also undertake to sell and provide after-sales services for the vehicles.

"The total investment capital for the investment project is US$15 million, of which US$6 million will be capital contribution [charter capital] from TCIE (Labuan) Pty Ltd. The charter capital of US$6 million shall be contributed within 24 months from the date of the issuance of the investment certificate," it said.

TCIE Vietnam has committed to purchase/lease 129,500 sq m of land in the expanded Hoa Khanh Industrial Zone, Danang City for US$3.04 million to carry out the project.

"The establishment of TCIE Vietnam is part of a long-term plan of the group to gain a regional footprint in markets with low auto penetration, abundant labour and low costs. TCIE Vietnam is expected to commence business operation in the third quarter of 2011," it said.

Petronas unit among firms in 2nd round of Iraq oil bids

BAGHDAD: Iraq is offering some of the world's largest remaining untapped oilfields in an auction that will spark fierce competition as the world's largest energy companies fight for rare access to cheap Middle East reserves.

Iraq holds the world's third-largest oil reserves. The quality of the reserves - sitting in huge fields that are cheap to pump - offers an unparalleled opportunity for oil giants.

Iraq's second bidding round since the US-led invasion of 2003 offers the last of Iraq's supergiant oilfields, so Big Oil's most powerful deal makers are under pressure to walk away with a contract. This may be their last chance to secure access to billions of barrels of easy oil.

Malaysia's Petronas Carigali Sdn Bhd is one of the 44 companies that have qualified to compete in the two-day auction, which begins today. - Reuters

Kencana Petroleum bids for RM4b of projects

KENCANA Petroleum Bhd is bidding for more than RM4 billion worth of projects, including that in Malaysia, India and Australia.

Group chief executive officer, Datuk Mokhzani Mahathir said Kencana which is firmly entrenched as the preferred integrated solutions and services provider for upstream oil and gas players, is also looking at projects in Indo-China.

The result of the quest for the projects, he added, will be known in a few months time.

"The chances of securing the projects is good, as we have proven to be a serious player in this industry," he told reporters after Kencana''s annual general meeting here today.

Mokhzani explained that Kencana had RM800 million worth of projects in hand mainly from fabrication works.

In addition to this, Kencana has also secured US$260 million worth of projects from Petronas Carigali.

Kencana is also looking at an investment of RM60 million to increase the efficiency of its fabrication yard in Lumut.

Mokhzani said that the yard in Lumut, had a capacity of 50,000 to 60,000 tonnes.

As for the outlook for next year, he said, it would be better than 2009, even Kenchana is not out of the woods yet. - Bernama

Oil rises above US$73 in Asia Wed

SINGAPORE: Oil prices rose above US$73 a barrel Wednesday in Asia as an unexpected drop in U.S. crude supplies suggested demand may be recovering.

Benchmark crude for January delivery was up 57 cents to $73.19 at midday Singapore time in electronic trading on the New York Mercantile Exchange.

The contract dropped $1.31 to settle at $72.62 on Tuesday.

U.S. crude inventories unexpectedly fell last week, the American Petroleum Institute said late Tuesday.

Crude stocks fell 5.8 million barrels while analysts had expected an increase of 600,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Department's Energy Information Administration plans to announce its inventory report later Wednesday.

"If the EIA number is similar, I think the market will jump $2 or $3 because this is a very bullish number," said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

Traders in Asia are also eyeing the U.S. dollar.

Investors tend to buy crude as a hedge against inflation and a weaker U.S. currency.

A strengthening dollar usually helps push oil prices down.

The euro rose to $1.4727 in early Wednesday trading from $1.4703 on Tuesday while the dollar was steady at 88.38 yen.

In other Nymex trading in January contracts, heating oil rose 0.54 cent to $2.00 while gasoline gained 1.54 cents to $1.94.

Natural gas jumped 1.5 cents to $5.13 per 1,000 cubic feet.

In London, Brent crude for January delivery rose 43 cents to $75.62 on the ICE Futures exchange. - AP

Genting Malaysia to buy Wisma Genting, land

Wednesday December 9, 2009

It will pay RM228mil to Genting for the purchase

PETALING JAYA: Genting Malaysia Bhd (GMB), formerly known as Resorts World Bhd, has proposed to acquire Wisma Genting in the heart of Kuala Lumpur and two parcels of lands in Segambut from parent company Genting Bhd for RM228.6mil.

Under the deal, GMB will pay RM212.7mil to Genting to acquire the 25-storey Wisma Genting from Genting’s Oakwood Sdn Bhd.

Meanwhile, GMB will pay RM15.9mil to acquire Genting’s 100% owned Genting Highlands Tours and Promotion Sdn Bhd, the owner of two parcels of adjoining develoment land in Segambut.

Genting owns 48.65% of GMB.

GMB, which occupies eight floors and two basement levels at Wisma Genting, said the acquisition would enable it to save RM3mil in annual rental cost and earn rental income of RM17.3mil from other tenants.

The purchase of the property in Segambut would also reduce GMB’s rental expenses by RM300,000 a year, while offering it the opportunity for development in the future.

In a separate statement, Genting said the disposals were consistent with the group’s intention of streamlining its Malaysian property investment and management activities under GMB.

“The disposals are expected to be completed on Dec 11, 2009 at which time, Oakwood and GHTP will cease to be subsidiaries of Genting,’’ the company told Bursa Malaysia yesterday.

>thestar

Builders positive on mega property projects

MBAM: Time’s right to revive construction sector in a big way

PETALING JAYA: Developers and construction players are generally, in favour of several mega property projects in the pipeline in Kuala Lumpur, especially the proposed development of a multi billion ringgit 100-storey skycraper, expected to be built near Matrade Centre, bordering Jalan Kuching and Jalan Duta.

Master Builders Association of Malaysia (MBAM) president Ng Kee Leen said the mega projects would help spur the Malaysian economy further and provide more jobs to players in the industry .

Occupying a 28-ha site owned by Permodalan Nasional Bhd (PNB), the project could be completed in three to five years, if approved.

“It’s definitely the right time to revive the construction industry in a big way as (prices of) raw materials for the construction industry have stabilised and more importantly, consumer confidence, both local and foreign, is rising,” Ng told StarBiz yesterday.

Kuala Lumpur City Hall had approved several 30-storey and 50-storey property developement projects in the city, which are expected to commence soon.

Kuala Lumpur City Hall and top officials from PNB were unavailable for comments on the mega projects or confirm if the proposed100-storey skyscraper project had been approved.

Ng said despite the current property overhang, there were signs of a revival in the construction industry.

“There is now more hiring of draftsmen and architects and if most of the mega projects are appproved, it would certainly help further boost the Malaysian economy,” he said.

On the impact of the 100-storey property project, Ng said: “We don’t see this (building more mega property projects) as having a negative impact on the construction industry or the economy.”

“It would show to the world the Malaysia’s seriousness in following through with its plans,” he said, citing the continued property developments in Hong Kong and Singapore despite the current property overhang.

Jack Chua, a local real estate property agent and a property consultant specialising in property in the Golden Triangle area, said the impact of new mega projects would overall be positive to the economy.

“We believe if Malaysian government policies remain consistent and attractive, there should still be good buying interest from locals and foreigners, even if more mega projects come onstream,” he said.

Meanwhile, a local property analyst said while government policies had generally been proactive and supportive of the construction industry’s growth, the recent re-introduction of the real estate property gains tax (RPGT) did not go well with players in the industry.

“Many of them felt that the RPGT came very suddenly, just when the construction industry was showing signs of recovery,” he said.

The analyst said many construction players, including associations like MBAM and Real Estate and Housing Developers Association, had urged the Government to reconsider deferring the RPGT to a more appropriate time.

By DANNY YAP

Oil below US$76 in Asia Mon as OPEC ministers flag steady output

Published: Monday December 7, 2009 MYT 12:13:00 PM

SINGAPORE: Oil prices hovered below US$76 a barrel Monday in Asia after several OPEC ministers said they don't expect their group to change production levels at a meeting later this month.

Benchmark crude for January delivery was up 20 cents to $75.67 at midday Singapore time in electronic trading on the New York Mercantile Exchange.

The contract lost 99 cents to settle at $75.47 on Friday.

Top oil officials from Libya, Kuwait, Algeria and Qatar said Saturday that the Organization of the Petroleum Exporting Countries, which supplies about 35 percent of the world's crude, will likely leave output levels unchanged at the group's next policy meeting on Dec. 22.

Saudi Arabia's oil minister, Ali Naimi, said Saturday that oil prices, which have bounced around the high $70s for about two months, were "perfect."

Oil traders are also eyeing the U.S. dollar as some investors buy crude as a hedge against inflation and a weaker U.S. currency.

On Friday, crude fell to a seven-week low after the Labor Department said the unemployment rate fell to 10 percent in November from 10.2 percent a month earlier, sparking a rally in the dollar.

The euro rose to $1.4886 in Asian trading Monday from $1.4851 on Friday while the dollar fell to 89.80 yen from 90.25.

In other Nymex trading in January contracts, heating oil rose 1.07 cents to $2.04 and gasoline was steady at $1.98. Natural gas jumped 9.4 cents to $4.68 per 1,000 cubic feet.

In London, Brent crude for January delivery rose 35 cents to $77.87 on the ICE Futures exchange. - AP

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生肖屬馬的人，今年因為命宮中吉星拱照，故此雖然偶有阻滯，但可逢凶化吉，轉禍為祥！氣勢暢旺，正是大展鴻圖的良機！但今年特別容易招惹小人，需防因而影響事業發展。

因有「三台」等吉星坐鎮在命宮中，故此屬馬的人今年將可掌握權柄，若能避開是非困擾，定可出人頭地，勇闖高峰！今年最重要的，是盡量爭取同事及下屬的支持，打好群眾基礎，這才可確保屹立不倒！

財運方面，屬馬的人今年財星高照，適宜投資經營，肯定有利可圖；但橫財先盛後衰，獲利便需及早收手，切忌貪勝不知輸。

屬馬的人今年健康良好，身心康泰；但秋冬之間必須慎防傳染病。

感情方面，屬馬的人今年切勿冷落愛侶，必須小心注意愛侶的感受，以免事業得意而感情失落。

屬馬的青少年
今年身體安康，頭腦靈活；若能專心向學，學業成績肯定可以突飛猛進，百尺竿頭，更進一步！今年必須注意改善人際關係，切勿自以為是，必須顧及別人的感受，以免眾叛親離，孤獨無伴。

屬馬的婦女
今年夫妻關係良好，家口平安，而家中經濟亦大有起色！但必需切戒貪念，以免因貪而變貧！易招小人，故此處事待人切勿太張揚。屬馬的少女，今年感情進展枝節橫生，切勿冷落愛侶，以免覆水難收。

屬馬的人今年吉星拱照，雖然偶有困阻，但亦可逢凶化吉，故此正是大展鴻圖的良好時機。今年可獲擢升，大可掌握權柄！但切勿得意忘形而招惹小人，必須盡可能爭取同事及下屬的支持。

今年工作進展暢順的月份，是農曆正月、四月、六月、八月、九月及十二月，好好把握時機奮進。

今年工作較多困阻的月份，是農曆二月、五月、七月及十一月。

屬馬的人今年財星高照，適宜投資經營，肯定有利可圖！橫財雖亦不俗，但可惜先盛後衰，故此獲利便需及時收手，切戒貪勝不知輸。

今年內財運暢旺的月份，是農曆的正月、四月、六月、九月及十二月，好好把握時機來開源節流。

今年財運較為低迷的月份，是農曆二月、五月、七月、十月及十一月，理財必須格外小心。農曆三月及九月，慎防盜劫之災。

屬馬的人今年健康良好，身心康泰；但切勿因而疏忽了休息保養，以免因工作過勞而累垮了身體；並需慎防患上急性傳染病。

今年健康易出毛病的月份，是農曆的二月、五月、七月、十月及十一月。農曆五月及十月慎防患上傳染病，七月則需慎防水險。

屬馬的人今年對於感情看得比較冷淡，但切勿冷落忽視愛侶，必須顧及愛侶的感受，以免感情失落，徒嘆奈何！

今年感情易出問題的月份，是農曆的二月、三月、八月及十一月，必須小心維繫。

今年感情較佳的月份，是農曆四月、六月及十二月。

在傳統的術數觀念中，宇宙萬物各有其相生相剋的特性，而那些對某個生肖特別有利之物，便是那個生肖的「吉祥物」。

擺放吉祥物在適宜的方位，可發揮其特有的生旺化煞作用，對改善流年運程大有幫助。

屬馬的人今年宜在西方，或在床頭擺放一對粉紅色石雕成的「靈犬旺豬」來催旺。

靈犬通曉人意，忠心事主，看守門戶，深受人們喜愛。肥胖的豬，在傳統觀念中，認為是福厚興旺的象徵，故此亦深受歡迎。傳統的中國農民，認為家有肥豬生育，又有靈犬看門，是家肥屋潤的吉祥象徵。

屬馬的人今年吉星拱照，流年運程大吉，工作進展暢順，得心應手，而且財源廣進；但可惜易惹小人，感情又易失落！若想催吉避凶，可擺放一對「靈犬旺豬」作為流年吉祥物。

屬馬的人今年宜在家中或房中的西方，擺放一對以粉紅色石雕成的靈犬旺豬來催旺；或是擺放在床頭亦可！倘若隨身配戴棕色的靈犬旺豬石墜作護身符，功效將更快更顯。

屬馬的人今年的三個生旺吉方，是西方、東南及東方；若能把睡床、工作檯和沙發擺放在屋內這三個方位上，便可符合這生肖今年的風水趨吉之道，有助改善流年運程。 倘若未能如此，最少亦要把這三種最重要的家具避開北方及西北，以符合避凶之道。 以上所提出的吉凶方位，是純以生肖屬馬的人來計算；而與其它生肖無關，請勿混淆。 屬馬的人今年的生旺顏色是紅、紫及黃色；若能利用這些顏色來佈置房間或穿衣服，這會對改善流年運程將大有幫助。 屬馬的人今年忌白色及灰色，最好能盡量避免使用。 屬馬的人今年的生旺數字是四及九。

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董易林2010年生肖運預測

2010年──庚寅年屬鼠人的流年運程 1948、1960、1972、1984 、1996 綜合分析，2010年對于生肖鼠來講，是极為有利的，虎(寅)為當年太歲，鼠(子)則為生助太歲的成員之一，鼠遇到虎等于是遇到貴人，對于鼠的要求和困難，太歲虎均會盡最大力量來幫助解決，因此說本流年為生肖鼠的朋友12年方可遇到一次的吉祥運程。 在本流年內，事業上會得到貴人的幫扶和領導的賞識，并且在職務上會有很好的升遷机會，此一年十分有利于個人的發展。稍有不利的是：鼠在命理上為陰， 而在易理生肖上則為陽，因此有許多五行學家稱鼠為雙面。即在有利于事業發展的同時，對婚姻感情不利，尤其是已婚的朋友，在此流年內要注意桃花劫，稍不注意 則會傷到夫妻感情，雖命有解星出現，也難免煩惱。 如在2010年春節之際，在祖墳祭一下祖，會給屬鼠的人帶來很多好事，諸如家庭的團結，財源的進展，職務的升遷，婚姻的美滿，添人進口，結交朋友等等。 生肖鼠的開運吉祥物：黃晶太极轉運鼠 2010年──庚寅年屬牛人的流年運程 1949、1961、1973、1985、1997 生肖牛在虎年的運程一般。從五行上來分析，虎為木，牛為土，有相克之意，可喜的是年干庚金為牛的貴人，在新的一年里只要牛人安分守己地工作，不招惹 是非，工作上少出頭露面，多干工作，少外出旅游，對老人尊敬，并少到鬧市活動，當無大礙。本流年內西南、西北方對生肖牛不利，應避免往此方向行走与發展。 值得高興的是在本年內婚姻感情較好，只要低調處事，對于肖牛來講，此一年的運程還是不錯的。 建議：在家中敬太歲虎，將會給生肖牛帶來一年的平和，同時也可化解一些不利因素。 生肖牛的開運吉祥物：翡翠增財如意 2010年──庚寅年屬虎人的流年運程 1938、1950、1962、1974、1986、1998 2010年，本年太歲為寅(虎)。談到虎，給我們大家的第一印象是威武凶猛，人人避而遠之，其實不盡然。 2010年為寅虎，虎為本流年太歲，那么對于生肖屬虎的朋友來講，本命年執政，可謂是与當年的皇帝平起平坐，形成二虎相爭之勢，此一年正所謂是伴君如伴虎，在各方面均需要格外注意。本年內多會出現一些官司、紅傷、火光之災和交通方面的意外等不利信息。 而對出生于80年后肖虎的朋友來講，多有交通方面和呼吸系統的不利。綜合分析，生肖虎的朋友在本流年內應多注意陰歷的一月份、四月份、七月份、十二月份，以上四個流月運程較差，需要特別注意。 生肖虎本命年配帶及擺放的吉祥物: 翡翠如意守運符 2010年──庚寅年屬兔人的流年運程 1939、1951 、1963、1975、1987 進入2010年庚寅流年，對于生肖兔來說，多有好的信息出現，但命犯劫財煞，本年度利于合作求財，切忌孤軍奮戰，得到的財富与合作人共分可化解劫財煞，否則做事或是求財都會被爭奪而走，最后變為破財之象。 生肖兔的老人在本年內應多注意肝膽和眼睛方面的健康，在此勸告子女們，平時多關心老人的健康。 學子們在學業方面壓力較大，易出現心不在學業的信息，比較喜歡偏科，但總体成績不會下滑太多，應用心堅持學習。 本年對于生肖兔來講，在感情運上同樣出現了劫煞，感情難以穩定，夫妻和戀人之間多有异心，互相之間不能信任，此為夫妻戀人之間相處的一大忌。因此，生肖兔的朋友在本年內應及時調整好自己的心態，冷靜處理感情上的事情，心態的好坏將會直接影響到事情的結果。 生肖兔的流年開運吉祥物：黃水晶佛頭 2010年──庚寅年屬龍人的流年運程 1940、1952、1964、1976、1988、2000 從五行上來講，虎為木，龍為土，有相克之意，工作事業方面會有明顯的壓力感和會出現意想不到的麻煩事。本年度肖龍之人應低調做人、做事，以防備小人 的暗害，防口舌、丟失、官司并少在官場、鬧市中出頭露面；身体方面需加強鍛煉，以防脾胃与皮膚病的發生；財運方面平平，不建議做大的投資，對求職、辦厂、 開公司、經商、建房等投資行為要多加深思后再行動，以防財運上的重大損失；開車的肖龍人應注意交通安全，以防禍患；已婚者夫妻感情不錯，未婚屬龍人在戀愛 上則需注意感情的培養；此年外出、交友都應小心謹慎，尤其是已婚龍人更應少和异性朋友接触，以防招致麻煩；肖龍人雖然在虎年中存有諸多的不利，但只要小心 謹慎地做好自己的事，不參与外面的是非，定能平和而順利地渡過；未成年的肖龍之人适合到出生地的西北、西南方求學。 在2009年的生肖運程中，對于生肖龍來講，雖沒有大的成就，但還算平安度過一年，只是是非較多，略有憂心之事。 但到了2010年，對生肖龍來講，算得上是龍爭虎斗之年，特別是1964年、1976年的出生的屬龍者，在事業和財富上應有一次大的收獲和高的起步 點，在您的交往中多了一些貴人，但相對的也多了一些競爭對手，不然，怎么能稱作是龍爭虎斗呢！雖在財運上有所收獲，需要注意的是，76年和88年出生的屬 龍人桃花運旺盛，多得异性朋友相助，而且這些异性朋友還多為比自己年長之人，所以一定要把握好分寸，以免影響婚姻家庭的穩定，從而對事業的發展造成不利影 響。生肖龍的老人多有健康上的不順，特別是在腸胃、血液方面易受到病魔的侵襲；生肖龍的學子們在新的一年則會有學業上的跨越。 生肖龍的流年開運吉祥物：增財如意 2010年──庚寅年屬蛇人的流年運程 1941、1953 、1965、1977、1989、2001 肖蛇之人進入庚寅年，是為較差的一個流年運程，雖然年支生月支，但從五行屬相上來分析屬六害之一，針對肖蛇之人來講，只有极少數人在本年度能發展起 來，大部分都處于低調狀態：自身的工作事業方面很難有所發展，或自身的健康較差、常遇小人等；或財運較差，或經常遇到破財之事；在職人員財運平平，對求外 財者來說非常艱難，須要謹防上當受騙；本年度不利于交友、求職、与人合作、求財、辦厂、辦公司等；已婚者感情平平，切忌夫妻之間發生口舌爭執之事，凡事應 以“忍”字為先，以免遭遇第三者插足，給家庭造成傷害，未婚者在感情方面應防止上當受騙；肖蛇的儿童如能在出生的北方求學還是比較有利的；身体健康方面應 以注意呼吸系統為主，并注意口腔、牙齒方面的不利。 建議：在春節前后，可敬奉太歲或佩帶本年度吉祥物來破解一年的不利因素； 生肖蛇的流年開運吉祥物：如意守運符/笑口佛 2010年──庚寅年屬馬人的流年運程 1942、1954 、1966、1978、1990、2002 肖馬之人在整個虎年中是較為不錯的，從五行上來講：虎屬木，馬屬火，為木火相生，是為母与子的關系，又為半合，所以肖馬之人在本流年內的工作、事業 的發展上是較為順利的，望肖馬的朋友抓住有利時机，在自己的事業上努力開拓進取，使家庭与事業更上一層樓。本年度最适合投資、建厂、開公司等各种項目的開 展；對未婚的男女來說，今年訂婚、結婚是非常有利的，將來夫妻會比較恩愛；如果考慮要個小寶寶，那么今年則是最佳年份；90%以上的肖馬朋友的運程是比較 順利吉祥的。健康方面應注意心血管方面的疾病与腎臟的不利。未成年的肖馬儿童如果能在出生地的東北方上學，將會對今后的學業有較大的幫扶作用。 注：本年度肖馬之人少到出生地的北方去，其他方位吉祥。 生肖馬的流年開運吉祥物：水晶轉運吉祥扣 2010年──庚寅年屬羊人的流年運程 1943、1955 、1967、1979、1991、2003 屬羊的人在整個虎年當中，因是受克之年，可以說在整個運程里都不算好，時不時會出現一些病災；財運方面稍不注意即會出現損耗；身体方面更應該注意胃 腸方面的不利和眼目之疾；夫妻感情平平，財運一般，利于穩中求安，更不要強求各方面的發展，以坐地經營為佳。本年度肖羊之人最好少到出生地的正北与東北方 去。 建議：在年前后敬一下太歲虎。 生肖羊的流年開運吉祥物：翡翠增財如意 2010年──庚寅年屬猴人的流年運程 1944、1956、1968、1980、1992、2004 申猴進入寅虎之年，可謂是動蕩非凡，申猴在工作、事業、感情、住房、厂房等方面均有較大變遷，而且是反复變遷的一個流年運程，《易經》曰：逢衝則 動，不動則傷。那么進入本流年針對肖猴之人來說，并不為坏事，但財運損耗較大，應制定財務計划，來節省一些不必要的開支；在此建議生肖猴的朋友最好能在年 前或年后安排自己出門旅游或探親訪友，如果有計划搬家或調動工作的朋友更應該提早行動，以免影響2010年的整体財運；進入該年度易有桃花劫等不利于婚姻 感情的災煞星出現，因此，夫妻之間應避免出現分歧，多加溝通，防止婚變；肖猴的老人應多加注意口腔与胃腸方面的健康；努力搞好人際關系并提防小人陷害。盡 量少到出生地的東南、東北方去，其余方向平平。 注：為減輕各种不利因素，可請太歲或吉祥物品以助各方面順利發展。 生肖猴的流年開運吉祥物：如意守運符 2010年──庚寅年屬雞人的流年運程 1945、1957、1969、1981、1993、2005 生肖雞行至虎年，可謂是中平之運，只要埋頭苦干自己事業，不反上、不排擠他人、不多管閑事、不到桃花劫處徘徊等，定能收獲滿意的成果；感情平和，如 果屬雞的青年在此一年中的正月、七月完婚，將來可得到一個身体健康、聰明可愛的小寶寶；未婚男女在虎年找對象，定是男得賢良美妻，女得敦厚大方之貴夫；本 年度財運雖一般，但只要用心經營，亦有斬獲；虎年肖雞按五行來分析有克太歲之意，因此要加強鍛煉身体，以防疾病來侵，同時要對自己的上司与老人敬而遠之， 可減少較多的麻煩。 生肖雞的流年開運吉祥物：增財如意 2010年──庚寅年屬狗人的流年運程 1946、1958、1970、1982、1994、2006 進入2010年虎年，對于生肖狗的朋友來說，整個運程還是不錯的，兩者之間有半合之意，因此只要肖狗的朋友在此一年內安分守己、勤奮埋頭苦干、尊重 他人，對于自己看不慣或對立的人敬而遠之；和上級領導及周圍的朋友同事保持良好的關系，不發生糾紛，定能在虎年中干出一番事業，得到較好的回報；感情方面 較為平和，全家平順。 本年內盡量少到出生地的西南、東南方去做事，利于到出生地的南方去發展或旅游；要注意投資、大的建設和借債。 注：在正月里敬一下太歲虎，可緩解本年度所存在的一些不利因素。 生肖狗的流年開運吉祥物：增財如意 2010年──庚寅年屬豬人的流年運程 1947、1959、1971、1983、1995、2007 本流年對于屬豬人來講，乃是十二年方遇一次的好運程。 在工作和事業上會有較大突破性的進展，財運也會接踵而來，已婚者婚姻幸福美滿，未婚男女非常适合談情說愛，确定終身，但個別命局者需要注意桃花劫。 本流年內會結交貴人朋友，同時也非常有利于生肖豬的子女學業和健康成長，家中老人身体狀況良好。生肖豬的朋友在此一年內可謂是事事順利、通暢，請把握時 机，及時開展自己的事業，為下一個目標而努力。 本年度最忌的方位：出生地的東南、西南方。 生肖豬的流年開運吉祥物：黃晶牛頭

Design Inspiration: Laboratory of ideas

These days more and more homeowners are adopting personal, eclectic looks for the interior. Instead of a single look or style, homeowners are, thanks to travel and exposure to different looks, filling their homes with furniture and furnishings from varying periods and the far-flung corners of the world. Achieving a personal, eclectic look though is more than just avoiding a one-look-fits-all design; it’s about finding a unifying thread among the different items so that the final look is one that is diverse yet harmonious.

Through this living room setting Koh hopes to give homeowners an idea of how to put varying looks together

It was with this in mind that Richard Koh established his design showroom, Interiorscape, which he has dubbed “a laboratory of ideas”. Based on his experiences gained over the years of marrying different looks and styles for a single space, the showroom boasts bespoke furniture and furnishings that are either locally made or sourced from abroad.

“The aim is to show people that you don’t have to be stuck with one look in the home… you can mix and put different things together to personalise the space,” he says. A good example is the

reproduction Venetian mirror that has been paired with a marble-top Chinese side table for a look that is refreshingly unique.

He calls the 400 sq ft showroom a “curated interior”, explaining that the furniture and furnishings chosen have been well thought out. Pointing to the showroom that has been done up as a living area, he says: “This is a useable room and shows homeowners that the living area can be more than just a room with a sofa. It can also be a reading area or even incorporate a study.”

He adds that the look in the showroom will be changed every three months. “We may choose a whole different look next, like a kidney-shaped sofa for a sexier vibe or a dining table with actual food and people dining akin to an art installation. The whole intention is to offer interior design ideas.”

"A Venetian mirror is paired with an antique side table"

Indeed, those looking for an eclectic selection of furniture will not be disappointed — there’s vintage, antique and modern to choose from. In most instances, the pieces are one-off, like a rare, teak art deco sofa set from Malaysia. Originally covered in multi-hued PVC, Koh had it reupholstered in leather, accentuating its elegant and classic lines.

The oversized Anglepoise lamp makes this a quirky and personalised corner

The ABC cabinet is another quirky statement piece ideal for a child's bedroom

There are also European vintage chairs, treasured Huanghuali stools, decidedly modern cabinets and quirky items, like an ABC cabinet that can be customised with any number of shelves or drawers and is suitable for a child’s room.

In giving the home a personalised treatment, the choice of soft furnishings should not be overlooked. Rugs, lighting and mirrors from varying eras and styles can come together harmoniously, Koh says, adding that art should not be overlooked either. “People seem to be afraid of hanging paintings in the home. Here, we try and show how artwork can be used to give the home a different look.”

For Koh, the space is also an opportunity to experiment with different design ideas — the first of these is a stool that’s covered entirely in ostrich hide. “I’m also experimenting with stainless steel chairs that are so comfortable you can even meditate in them!” Written by Sreerema Banoo

This pouffe that's upholstered in ostrich hide

Limited edition and rare furniture pieces like this teak arm chair are some of the gems here

Sony Ericsson W995

The W995 is a compact slider phone. The sliding mechanism is smooth, solid and feels durable.

The face of the phone is mostly dominated by a 2.6in inch screen and a few handy buttons. These buttons allow you to navigate most of the functions of the phone without having to use the keypad.

Sliding open the phone reveals the keypad which is quite comfortable to use as it has good tactile feedback. You will use it mostly for dialling numbers and composing messages.

The face and battery cover are made with brushed metal while the other parts are made of high quality plastic to give the W995 a strong but lightweight feel and slim shape.

The 2.6in screen is considered large for a phone of this size. It is extremely clear and stays that way even when outdoors. It does lose a bit of contrast under direct sunlight on a cloudless day though.

Aesthetically, the phone has a macho, sophisticated, high tech look. It also looks beautiful when the phone lights up in the dark.

User experience

This phone is really easy to use as it has a lot of shortcuts for applications. Plus, you can even configure your own shortcuts so you do not have to enter the main menu to drill down to your applications.

Dialling contacts through the address book or keying in numbers is easy. And when you dial a number, the phone will look up names in your address book that have the corresponding number. You can then select a name instead of dialling the whole number.

The W995 supports SMS, MMS and e-mail messaging. You can view SMS and MMS messages as a list or conversations.

The phone can handle e-mail attachments but there isn’t a document viewer on the phone, so you can’t view Word, Excel or PDF files.

Sounds good

The media centre menu is much like a mini XMB (CrossMediaBar) interface found on the PlayStation3.

You can use it to access your music, photos, videos, RSS feeds, podcasts and even games. We found it intuitive and easy to use.

You can activate the Walkman 4.0 player by just pressing a button. The volume control is on the right of the phone but the buttons were a bit hard to press as they were too tiny.

There are also rewind, play/pause and forward buttons beside the volume control. Holding down the Walkman button and ­shaking the phone activates the ShakeControl for adjusting the volume and changing tracks.

The SensMe feature works with MP3s that are tagged and analysed by the Media Go application on a computer and then loaded back into the phone.

The tagged MP3s fall into four quadrants of moods — sad, happy, fast and slow — so you can select songs based on mood rather than thumbing through a playlist.

Being a Walkman phone, the W995 delivers superior sound quality. It has stereo speakers at the top and bottom of the phone, a 3.5mm jack for your headphones and is bundled with premium in-ear earphones.

Other features include a graphic equaliser with presets or you can even configure your own setting.

This phone is definitely strong on bass so I had to turn it down a bit with the help of the equaliser.

Those who like heavy bass however will enjoy the sound. No distortions whatsoever were heard during testing.

Camera

The quality of the photos are as good as those of a camera though there is a bit more noise in low-light conditions.

This is understandable given the fact that the 8-megapixel sensor is made much smaller to fit into the phone.

An LED flash provides adequate lighting. The Cyber-shot shooting modes and settings also allow you to take photos in diverse conditions.

The built-in image stabiliser works well in properly lighted conditions but your hands have to be more steady to get the best shots. Also, the colours of the photos turned out wonderful.

COOL: The W995 comes with a kickstand and stereo speakers on the top and bottom so you can watch videos comfortably.

Videos are captured in WQVGA resolution at 30fps in MP4 format. The videos turned out clear, and the audio was crisp and loud.

As the phone has a kickstand and stereo speakers positioned on the top and bottom of the phone, you can comfortably watch videos with stereo sound.

Supported video formats are MPEG4 and 3GP. However for a phone with all the ­necessary hardware that is touted as a great video playback phone, there is no support for more advanced codecs such as DivX which is a bit of a letdown.

Also, the W995 comes with 118MB of internal memory and an 8GB M2 card so there should be ample space to store all your media.

Productivity

The W995 comes with the usual assortment of notes, alarm, calendar and reminder functions to keep track of your appointments and meetings.

But that’s as far as productivity applications go for the W995. It would’ve been cool to have document viewers or editors installed to do some work on it.

There are several games on the phone ranging from puzzles to racing and action games. There is even a game that asks you questions based on the songs on your phone.

Fitness fans would be happy to know there is a WalkMate step counter application. It can be set as your wallpaper so you can check how many steps you’ve done for the day.

The Light application which uses the LED flash as a torchlight is quite useful.

The most interesting thing about it is that it can be set to blink out an SOS signal. Great for those “I’m stuck on a desert island with a coconut tree” situations.

The W995 has a aGPS that works with Google Maps and other navigation applications that can give you voice directions as well as location services.

The aGPS also allows you to geotag the photos that you snap.

In terms of battery life, if you use the phone for calls and SMS, watching videos, listening to music, snapping pictures and moderate surfing, it will last about three days on a full charge.

You can charge it using the supplied charger or through a USB port but the phone uses a proprietary connector.

Pros: Easy to use; large, bright screen; excellent camera; good sound quality; 3.5mm audio jack; stylish phone.

Cons: No DivX codec support.

W995

(Sony Ericsson)

3G phone

Camera: 8.1 megapixels with autofocus and LED flash

Display: 2.6in screen (240 x 320 pixels), 256,000 colours

Messaging: SMS, MMS, e-mail

Connectivity: GSM 850/ 900/1800/1900, HSDPA 900 / 2100, Bluetooth, USB, WiFi

Expansion slot: M2 (up to 8 GB)

Phone memory: 118MB internal memory, bundled with 8GB M2 card

Battery Type: 930mAh lithium polymer

Standby/talk time: 360 hours/4 hours

Other features: aGPS, kickstand

Weight: 113g

Dimensions (W x D x H): 49 x 15 x 97mm

TM accepts tender offer

TELEKOM Malaysia Bhd (TM) has accepted the purchase of US$39.7 million (RM134.19 million) nominal value of the US$300 million (RM1.01 billion) of notes due 2010 and US$34.9 million (RM117.96 million) nominal value of the US$500 million (RM1.69 billion) of notes due 2014 issued by its unit, TM Global Incorporated.

It told Bursa Malaysia yesterday that the tender exercise will reduce TM’s debt by 3.68 per cent to RM6.76 billion and its foreign currency exposure, US$-denominated debt, has come down from 54 per cent to 52 per cent based on its borrowings as at September 30.

US study finds cinema chilling serving popcorn a nutritional horror show.

FORGET Freddy Krueger or flesh-eating zombies: the real villain of a night at the movies could be lurking in a bag of popcorn or drinks carton, according to a new US study.

Nutritional analysis of popcorn servings at some of the United State’s biggest cinema chains has found mind-boggling calorie counts that may surprise consumers who think of the snack as a relatively healthy treat.

However, the non-profit Centre for Science in the Public Interest compared some popcorn and drinks combos to consuming three McDonald’s quarter-pounders topped with 12 pats of butter.

The CSPI said in a statement that a medium popcorn and soda combo at Regal, the United States’ biggest movie theatre chain, contained an eye-popping 1,610 calories and around 60g of saturated fat.

At AMC theatres, the second largest theatre chain, a large popcorn contained 1,030 calories and 57g of saturated fat, equivalent to 500g of baby back spare ribs topped with a scoop of luxury ice cream, CSPI said.

The group said analysis of servings from Regal and AMC theatres showed calorie counts higher than the companies official estimates.

“Regal and AMC are our nominees for Best Supporting Actor in the Obesity Epidemic,” CSPI senior nutritionist Jayne Hurley said in a statement.

“Who expects about 1,500 calories and three days’ worth of heart-stopping fat in a popcorn and soda combo? That’s the saturated fat of a stick (125g) of butter and the calories of two sticks of butter.

“You might think you’re getting Bambi, but you’re really getting Godzilla.”

The study said the high calorie counts could be attributed to the fact that corn was popped in coconut oil.

Popcorn cooked in healthier canola oil showed lower levels of saturated fats but similar levels of calories and higher sodium, the study found. – AFP

EPF earns RM5.5bil investment income for third quarter

KUALA LUMPUR: The Employees Provident Fund (EPF) generated an investment income amounting to RM5.5bil in the third quarter of 2009, an increase of RM696.32mil, or 14.51%, over the RM4.8bil generated in the previous quarter.

In a statement yesterday on its unaudited results, the EPF said year-over-year, investment income in the third quarter also grew by 52.71% from RM3.6bil recorded in the previous corresponding period.

Equities continued to contribute significantly to the EPF’s investment income, growing 34.67% from RM1.74bil earned in the second quarter to RM2.34bil in the third quarter.

“The continued rally in the stock market has helped to boost EPF investment income for the quarter. Provided that market recovery continues with no unforeseen disruptions till year-end, members can expect a higher dividend for 2009 compared with that of the previous year,” said EPF chief executive officer Tan Sri Azlan Zainol.

Another major contributor to EPF’s investment income in the third quarter was loans and bonds, which increased 4.07% to RM1.89bil from RM1.81bil in the second quarter. This is attributed to the regaining momentum and confidence in Malaysia’s corporate bond market, and in line with the EPF’s low risk policy to invest only in high-grade companies with credit ratings of AAA or AA.

Investments in Malaysian Government Securities (MGS) also recorded an income of RM1.14bil in the third quarter, an increase of 2.54% from RM1.11bil in the second quarter.

Income from properties also experienced a steady growth, moving up 2.69% to contribute RM21.37mil for the quarter under review compared with RM20.81mil earned in the previous quarter.

Returns generated from money market instruments, however, declined 7.38% to RM87.31mil from RM94.27mil recorded in the second quarter.

The EPF’s total fund size currently stands at RM361.09bil from RM353.93bil in the second quarter.

The EPF’s total asset allocation as at Sept 30 was as follows: MGS 26.96%, loans and bonds 41.02%, equities 26.14%, money market instruments 5.47%, and properties 0.41%.

“As the custodian of more than 12 million members’ retirement savings, the overall performance of EPF’s investment portfolios will continue to be strictly-guided by measures devoted to safeguarding their interest while pursuing better returns for members’ retirement well-being,” said Azlan. — Bernama