Monday, July 26, 2010

Delta Petroleum plans $130M asset sale


Delta Petroleum Corp. -- which earlier this month had a major planned asset sale fall through -- said Monday it has reached a new deal to sell off another package of assets for $130 million to pay down debt.

The Denver oil and gas company (NASDAQ: DPTR) said it has reached agreement with Wapiti Oil & Gas LLC to sell various "non-core assets." The deal is expected to close next month, Delta said.

Friday, July 23, 2010

World may see recession sooner than expected


The global rebound is “fragile” and shocks could push the world toward another recession, according to Government of Singapore Investment Corp., manager of more than US$100 billion ($137 billion) of the nation’s foreign reserves.

Risks to the global recovery have increased due to Europe’s debt turmoil, continued deleveraging in the US and protectionist pressures, Tony Tan, deputy chairman of GIC, said in a speech in Singapore today. The fund is ranked the world’s sixth-largest state investment company by Sovereign Wealth Fund Institute in California.

“The economic recovery, while real, is fragile and there is a risk that negative shocks could push the global economy towards a recession sooner than expected,” Tan said. “The strong rebound in global industrial production is peaking while monetary and fiscal policies, particularly in the larger emerging economies, are being normalised.” Policy makers in most developed economies have refrained from raising interest rates from record lows amid concern the global recovery will falter. The International Monetary Fund this month said financial-market turmoil has increased the risks to the rebound, and Moody’s Investors Service lowered its credit ratings on Portugal and Ireland.

Wednesday, July 14, 2010

Thailand ups interest rates by 25bps to 1.5%


Thailand's central bank raised interest rates by 25 basis points on Wednesday, July 14, the first increase since the global financial crisis, citing the recovery in the economy and rising inflationary pressure across Asia.

The Bank of Thailand raised its one-day repurchase rate to 1.50% from a record low of 1.25%, as expected, and analysts said another increase in August was likely to curb inflationary pressure in Southeast Asia's second-biggest economy.

Thursday, July 8, 2010

Bank Negara ups OPR by 25bps to 2.75%


Bank Negara raised the Overnight Policy Rate (OPR) by 25 basis points to 2.75% at the Monetary Policy Committee (MPC) meeting on Thursday, July 8. The central bank said the MPC considered the new level of the OPR to be appropriate and consistent with the current assessment of the growth and inflation prospects. It also said the stance of monetary policy continues to remain accommodative and supportive of economic growth. Bank Negara said prices were expected to rise at a gradual pace in the coming months, in line with the continued improvement in domestic economic conditions, and taking into account possible adjustments in administered prices.

Wednesday, July 7, 2010

"Don’t panic!”


Don’t panic!” was good advice provided by Lance-Corporal Jones to his commanding officer in the 1970s BBC comedy series “Dad’s Army”. Perhaps it should now be directed to central banks and increasingly jittery investors.

The last six months have witnessed a roller coaster as markets and policymakers have alternated between euphoric optimism and crashing pessimism with bewildering speed.

Many seem convinced the world’s major economies are poised on either the brink of liquidity-induced inflation; a renewed descent into recession and deflation; or perhaps both at different times, with near-term disinflation is followed by an upsurge in inflation later.

But what if policymakers and investors are overestimating the likelihood of extreme outcomes? Past experience suggests outcomes are much more likely to fall somewhere in the middle, as the economy “muddles through”; the likelihood of extreme outcomes being realized is actually very small.

Tuesday, July 6, 2010

Wilmar says key Asian markets have sugar deficits


Wilmar International, buying Australia’s biggest sugar refiner, said key Asian markets suffer from deficits of the sweetener and its purchase will help expansion plans in Indonesia.

Wilmar is willing to spend as much money as Sucrogen, acquired for A$1.75 billion ($2.08 billion) from CSR Ltd., needs for its expansion plans, Chief Executive Officer Kuok Khoon Hong told reporters at a conference in Singapore today. Wilmar plans to build 200,000 hectares (494,210 acres) of plantations in Indonesia’s Papua province within 5 years, Kuok said.
Kuok is taking advantage of Wilmar’s record profit to fund his strategy to diversify earnings at the world’s largest palm oil trader. Sugar demand in Asian markets, including China and India, outstrips annual supply by 30 percent, Wilmar said in a presentation filed today, citing the International Sugar Organization.
Indonesia’s attraction lies in “its deficit in sugar, the large tracts of land available to build sugar plantations,” Kuok said. Prices in the nation are also higher than international rates, he said.
Wilmar rose 1.2% to $5.95 in Singapore trading. Raw sugar has slumped 38% this year on the ICE Futures U.S. in New York. The sweetener reached a 29-year high of 30.4 cents on Feb. 1 after adverse weather reduced production in Brazil and India.

Three-A Resources Berhad (3A)

3A remains focused on its core strength in the Food & Beverage industry through its wholly-owned subsidiary, SSSFI. SSSFI is one of the leading Food & Beverage ingredients manufacturers in the country with products ranging as follows:

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