LONDON, Feb 9 — After New Year cheer, reality is starting to bite.
Several factors have doused the rallies in some key basic resources this year, including dollar strength and concern about regulation, but most noticeable are the steps taken by commodity consuming giant China to curb excessive loan growth.
While the moves made so far are relatively small, the prospect of higher borrowing costs is proving hard to digest and looms large over sentiment.
KUALA LUMPUR, Feb 9 — UMW Toyota Motor will be initiating a special service campaign to address the brake issue of Toyota Prius.
President Kuah Kock Heng said the company’s technicians are being trained to undertake corrective measures.
“To-date there are over 60 units of the third generation Toyota Prius sold since its launch in October 2009,” he said in a statement today.
LONDON, Feb 9 — The London Metal Exchange said today it will open LME Asia, its first overseas office, in Singapore to serve members’ needs and make the most of opportunities in the region.
“LME Asia will be led by Liz Milan, the LME’s current commercial director, who will take on the role of managing director Asia,” the LME said in a statement.
Milan would not comment on her replacement, but said it will be announced in due course. She also told Reuters that the LME board had approved her appointment and that she is aiming to take up her new responsibilities in Singapore in early April.
KUALA LUMPUR, Feb 9 — Fraser & Neave Holdings Bhd (F&N) says it has achieved its best-ever quarterly results for the three months ended Dec 31, 2009 surpassing RM100 million in operating profit for the first time.
Riding on its strong growth momentum the previous year, F&N’s pre-tax profit grew by 39.6 per cent to RM103.057 million while revenue increased six per cent to RM992 million.
“The admirable results were driven by both the soft drinks and dairies divisions which performed well ahead of our internal targets,” said its Chief Executive Officer Tan Ang Meng in a statement today.
TOKYO, Feb 9 — US politics look to be playing a role in Washington’s harsh response to safety problems battering Toyota’s reputation, but no one expects a replay of the bitter trade wars that frayed ties and jolted currencies decades ago.
That’s in large part because while Toyota Motor Corp as No 1 seems an easy target, Japan firms overall are no longer seen as the competitive threat that once rocked US confidence.
“It is part of a US protectionist mood basically against foreign firms,” said Takuji Okubo, chief economist at Societe general Securities in Tokyo.
