Malaysia…

Diesel price much lower than other countries
Replying to a question from Datuk Seri Syed Razlan Syed Putra Jamalullail (BN-Arau) at Parliament, he said unsubsidised diesel would cost more than RM2 per litre. Instead, Malaysian consumers were paying RM1.58 per litre for subsidised diesel.

Shafie said diesel costs RM2.64 per litre in the US while it cost RM6.81 per litre in the UK, Portugal (RM5.22), France (RM4.89), Spain (RM4.65), Singapore (RM2.82), Indonesia (RM2.33) and Thailand (RM2.59).

??he government paid RM3.82 billion in the form of subsidies to industries in 2006. The fisheries sector received 1.16 million litres of diesel, while the transportation sector including passenger boat operators, received 5.46 million litres,” he said.

(Source: The Star Online)

TNB profit soars 88%
Stronger power demand growth and foreign exchange gains boosted Tenaga Nasional Bhd’s net profit by 88% to a record RM4.06bil for the financial year (FY) ended Aug 31, against RM2.16bil previously. Revenue rose 14% to RM23.3bil on a 13.6% increase in electricity sales. Earnings per share (EPS) expanded to 94.92 sen from 52.52 sen previously. TNB declared a final gross dividend per share of 16.3 sen, bringing the total for the year to 36.3 sen, representing 40% of the group’s free cashflow.

(Source: The Star Online)

Global…

China GDP up 11.5%
China’s economy, the biggest contributor to global growth, grew 11.5% in the third quarter, adding pressure for faster currency appreciation and higher borrowing costs to curb inflation and asset bubbles.

(Source: The Star Online)

Oil rises near US$89
Crude oil rose near US$89 in New York after the biggest drop in US imports since March caused an unexpected decline in inventories. Brent futures rose to a record in London.

(Source: The Star Online)

Buffett: US subprime market will affect consumers for two years
Warren Buffett said Thursday that he is still negative on prospects for the U.S. dollar and that problems in the U.S. subprime mortgage sector may continue to cause difficulties for some time. Buffett said that he remains “negative on the dollar relative to most major currencies.” The dollar has fallen against the yen, euro, British pound, India rupee and many other Asian and European currencies this year.

(Source: The Star Online)

U.S. stocks rally on Microsoft’s strong profit, Fed hopes
The euro, for example, has gained 8 percent against the dollar this year. U.S. stocks rallied Friday, and posted solid weekly gains, with technology stocks leading the charge after Microsoft Corp.’s earnings blew past analysts’ estimates while raised forecasts from Countrywide Financial Corp. helped soothe concerns about bad home loans.

(Source: MarketWatch.Com)

Dollar probes new depths against euro
The euro was trading at $1.4390, up from $1.4322 in late U.S. trading Thursday. In afternoon trading, it rose to $1.4393, its loftiest level since the European unit began trading in January 1999. The dollar was at C$0.9621 against the Canadian loonie, after earlier dropping to C$0.9587, its lowest level since 1974, as surging oil prices buoyed commodity-driven currencies.

(Source: MarketWatch.Com)

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