oil production

 
 

Venezuela adds to chaos with one of biggest currency devaluations ever

CARACAS, Aug 21 — Venezuelan President Nicolas Maduro carried out one of the greatest currency devaluations in history over the weekend — a 95 per cent plunge that will test the capacity of an already beleaguered population to stomach even more…


BHP lifts dividend to record as profit hits four-year high

MELBOURNE, Aug 21 — BHP Billiton Ltd paid out a record dividend as profits hit a four-year high on stronger prices and confirmed it’ll return the bulk of almost US$11 billion (RM45.14 billion) in asset sales to investors. The world’s top miner…


Is Boustead Plantations’ RM397m land buy worth it?

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AT RM397 million, Boustead Plantations Bhd’s proposed land acquisition in Sabah looks likely to add some short-term strain to the planter’s cash flow when completed. While the purchase will increase its existing planted area by about 6% — and grow its total land bank by about 5% — the oil palm trees on the acquired land are old at an average age of 18.7 years. So the odds are the acquisition will add to Boustead Plantations’ finance costs without a corresponding boost to income given the low-yield trees Furthermore, withRead More


RAM reaffirms AAA/stable rating of Sabah’s bonds

KUCHING: RAM Ratings has reaffirmed the rating of the Sabah’s RM1.0 billion Bonds (2014/2019) at AAA/stable. The rating is based on the Constitution of Malaysia’s requirement that any state government borrowing be subject to the approval of the Federal Government. “Although we do not consider federal government approval to be a direct guarantee, such an […]


Second quarter GDP growth expected to ease to 5.2%

PETALING JAYA: Malaysia’s gross domestic product (GDP) growth is expected to ease to 5.2% year on year in the second quarter (Q2) from 5.4% in the first quarter, said Standard Chartered Global Research.

“The zero-rating of the goods and services tax (GST) from June 1, with the sales and services tax (SST) only coming into effect from Sept 1, resulted in a tax holiday; this may have boosted private spending in June,” it said in its report today.

In addition, election campaign spending from late April till early May also likely contributed to Q2 GDP growth.

Meanwhile, palm oil production may have weighed on headline GDP growth, as production fell 6.4% year on year, likely due to lower crude palm oil prices after five consecutive quarters of a year-on-year increase.

A review of mega infrastructure projects post-general election may have also weighed on investments and, therefore, GDP growth.

“While we maintain our 5.3% growth forecast for the year, growth may be more reliant on private consumption than before, supported by the tax holiday in Q2 and Q3 and a healthy labour market.

“Nevertheless, household consumption is already running hot at 7% year on year and may be weighed down by slowing property prices and still-high household leverage,” said Standard Chartered Global Research.

The research unit cut its investment and external outlook due to the review of mega projects and trade tensions.

On balance, it projected a small positive output gap but noted that the risk scenario is biased towards the downside and monetary policy loosening if trade tariffs expand beyond the current US$50 billion (RM204.5 billion) of goods.


US cuts oil output outlook as Permian constraints threaten

DALLAS, Aug 8 — The pace of US crude production growth might be slowing or at least that’s what the government is seeing for now. The Energy Information Administration forecasts domestic oil output to average 11.7 million barrels a day next…


Oil rises as Saudi supply cut counters fears over trade war

LONDON, Aug 6 — Oil rose in New York after Saudi Arabia was said to have curbed production, offsetting concerns that the growing trade dispute between the US and China will hurt demand. West Texas Intermediate futures added 0.5 per cent in…


Saudi Arabia reduced oil production in July

LONDON, Aug 4 — Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to Opec delegates familiar with the matter. The biggest member of the Organisation of Petroleum Exporting…


Oil trades near US$68 as inventory and Opec output weigh on market

TOKYO, Aug 2 — Oil traded near US$68 a barrel after sliding for two consecutive sessions as rising US inventories and higher output from Opec and Russia weighed on the market. Futures in New York were little changed, following a 3.5 per cent slide…


Venezuela’s president admits economy has failed

CARACAS, Aug 1 — Under-fire Venezuela President Nicolas Maduro admitted his economic model has “failed” in the wake of food and medicine shortages and public service paralysis, such as yesterday’s power failure that affected 80 per cent of…