Borneo Bulletin Digital

14 / 40

14 SATURDAY, JULY 11, 2020 Business
Series Issuance Date Maturity Date Tenor Rental Rate
183 9 July 2020 8 October 2020 91 Days 0.1875%
Autoriti Monetari Brunei Darussalam (AMBD), the
agent to the Government of His Majesty Sultan Haji
Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-
Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul
Khairi Waddien, Sultan and Yang Di-Pertuan of
Brunei Darussalam, has announced the pricing of
its 183rd issuance of Sukuk Al-Ijarah securities.
With this issuance, the Brunei Government
has thus far issued over BND13.87 billion
worth of short-term Sukuk Al-Ijarah securities
since the maiden offering on April 6, 2006,
and total holdings of the Brunei Government
Sukuk outstanding as at July 9, 2020 stood at
BND357.6 million.
Sukuk Al-Ijarah securities issued
Democratic presidential candidate Joe Biden tours a metal fabricating facility in Dunmore. PHOTO: AP
DUNMORE, UNITEDSTATES (AFP) - JoeBidenunveiled
a USD700 billion plan to create jobs and invest in new
technologies in an aggressive challenge to United
States (US) President Donald Trump on economic
policy, as the warring sides clashed in key election
battleground Pennsylvania.
The Democratic challenger presented his
sweeping Build Back Better proposal, a contrast to
Trump’s America ›irst agenda, during a speech at a
metalworks plant in a swing state critical to either
candidate’s victory in November.
Vice President Mike Pence was simultaneously
barnstorming Pennsylvania, defending his boss’s
handling of the coronavirus pandemic and assuring
voters that Trump was best quali›ied to revive the
sputtering economy.
Biden’s manufacturing and innovation plan aims
to bring back positions lost during the coronavirus
pandemic, and create more than ›ive million new
jobs by investing in domestic production and
research and shrinking foreign supply chains.
The multi-pronged approach also tightens
Buy America guidelines, promotes new tax rules
including hiking the corporate tax rate to 28 per
cent from 21 per cent, and expands union access to
empower American workers.
“That’s what my plan is, to build back better,”
Biden told ironworkers after touring their 101-year-
old factory near Scranton, the blue-collar city where
the former vice president grew up.
The goal, he said, is “to sharpen America’s
competitive edge” in new industries like battery
technology, arti›icial intelligence, biotechnologies
and clean energy. “That’s the future.”
Biden said he rejects the “defeatist view” that
automation and globalisation will sap well-paid
US jobs.
“American manufacturing was the functioning
arsenal of democracy in World War II, and has to
be part of the engine of new prosperity in America
now,” he said.
Biden’s plan to protect American workers
underscores a recognition that, despite Trump’s
poor job approval numbers, voters still see him as
stronger than Biden on handling the economy.
But Biden drew a sharp contrast with his
billionaire rival, highlighting his working-class
upbringing and even making a side-trip to his old
Scranton neighbourhood.
Trump won in 2016 largely on the promise of
bringing back lost manufacturing jobs.
Biden accused him of turning his back on the
working class.
“Trump has simply given up,” Biden said, adding
that American families are “paying the price for this
administration’s incompetence”.
While the president repeatedly invokes American
business as a leading force in economic revival,
Biden’s plan relies on the federal government to
“bolster American industrial and technological
strength.” It proposes a USD400 billion investment
in domestic product procurement, and USD300
billion for research and development as well as
breakthrough technologies including reusable
energy and electric vehicles.
“This will be a mobilisation of R&D and
procurement investment in ways not seen since the
Great Depression and World War II,” Biden said.
Challenging Trump on
economy, Biden unveils
USD700B recovery plan
DAILY STOCK INDICES AND SECURITIESMARKET NEWSWATCH
(10/07/20)
MAJOR STOCK INDICES
DJIA : 25,706.09 (-361.19)
S&P 500 : 3,152.05 (-17.89)
HSI : 25,727.41 (-482.75)
STI : -
KLSE : 1,591.84 (+8.59)
SHCOMP : 3,383.32 (-67.27)
REVIEW
US stock futures fell early Friday trading following a mixed session in which
coronavirus concerns pushed investors further into tech shares. Dow Jones
Industrial Average futures were down 242 points or 0.95 per cent at 2.35am
ET. S&P 500 and Nasdaq-100 futures also traded lower, down 0.8 per cent and
0.59 per cent, respectively. The Nasdaq Composite closed at an all-time high
during regular trading as Amazon jumped three per cent to a record. Microsoft,
Apple and Net›lix were also higher. But the rest of the market struggled. The
Dow dropped more than 300 points, erasing its week-to-date gains. The S&P 500
dipped 0.6 per cent. The virus resurgence raised questions about the health of
the economy moving forward, pressuring companies that would bene›it from an
economic recovery. Airlines such as United, Delta and American all closed lower
on Thursday. Cruise operators Carnival and Norwegian Cruise Line also fell.
Stocks in Asia fell across the board Friday as investors remained cautious due to
the growing number of coronavirus cases around the world. Hong Kong’s Hang
Seng Index fell 2.26 per cent in late-afternoon trade. Reuters reported the city will
suspend all schools from Monday following a recent spike in coronavirus cases.
Mainland Chinese markets also fell: The Shanghai composite was down 1.95
per cent at 3,383.32, the Shenzhen composite was down 0.3 per cent at 2,251
while the Shenzhen component was down 0.61 per cent at 13,671.24. Australia’s
benchmark ASX 200 ended the session down 0.61 per cent at 5,919.20. The
heavily-weighted ›inancials subindex declined 0.72 per cent while the energy
subindex fell 1.98 per cent. The Nikkei 225 in Japan dropped 1.06 per cent to
22,290.81 while the Topix index fell 1.42 per cent to 1,535.20. In South Korea, the
Kospi index was down 0.81 per cent at 2,150.25. Over in Singapore, the Straits
Times Index is closed for General Election.
Gold remains and set for a ›ifth straight weekly gain on Friday as worries over
a spike in US coronavirus cases kept the safe-haven metal near the technical
USD1,800-per-ounce threshold. Spot gold was little changed at USD1,801.47 per
ounce by 0249 GMT, up nearly 1.5 per cent for the week. US gold futures rose 0.2
per cent to USD1,806.80.”
Disclaimer: All information is not intended as professional advice to users. All investment
products and services are not obligations of or guaranteed by Baiduri Capital and are subject
to investment risks.
For more information, please call us on 226 8825.
Website:
Email:
Baiduri Capital Sdn Bhd is an entitywholly ownedby Baiduri Bank and is part of the Baiduri
Bank Group. Baiduri Capital offers a wide range of investment services as below:
• Equities Trading • Exchange Traded Fund • Bonds • Unit Trust
• Investment-linked Life Insurance Products
Published from Tuesday to Saturday
Published from Tuesday to Saturday
CCY BID OFFER TENOR SGD USD
EUR/USD
USD/JPY
GBP/USD
USD/CHF
AUD/USD
NZD/USD
USD/CAD
USD/HKD
USD/SGD
USD/MYR
USD/THB
USD/IDR
USD/PHP
USD/KRW
1.1289
106.80
1.2586
0.9414
0.6945
0.6560
1.3606
7.7502
1.3924
4.2650
31.29
14360
49.45
1201.39
1.1291
106.83
1.2589
0.9418
0.6947
0.6562
1.361
7.7504
1.3929
4.2690
31.30
14510
49.47
1201.79
Overnight
1 week
1 mth
3 mth
6 mth
9 mth
12 mth
0.02
0.00
0.00
0.00
0.00
0.62
0.07
0.15
0.01
0.05
0.07
0.15
0.22
0.28
CRUDE AND GOLD PRICES
USD
Gold: 1802.68 (0.01)
Brent: 41.77 (0.58)
DAILY INTERBANK FOREX &MONEYMARKET COMMENTARY
(10/07/20)
FX REVIEW
The US dollar gained against most other currencies, although the strong
performance of the yen meant its index was last broadly ›lat. Among the
currencies to lose ground were the British pound, Australian dollar and Norwegian
crown, although their losses were tempered in early European trading hours. The
Chinese currency has gained almost one per cent this week, supported by hopes
of capital in›lows as share prices rebounded after Beijing indicated it wants a
healthy bull market.
FX OUTLOOK
“Currency pairs across the board are trading risk-off,” said Lee Hardman, currency
analyst at MUFG. “The Japanese yen has been trading within a very tight trading
range throughout the crisis. We’re de›initely back towards the bottom of that
range.” Higher China debt yields are also attracting foreign capital, said Dmitriy
Vlasov, portfolio adviser at East Capital in Hong Kong. We have had quite a big
in›lows in the ›ixed income markets as interest rate differentials are also leading
to the appreciation of the yuan.”
All information provided is not intended as professional advice to users. This daily
commentary and opinion is subject to change without notice. For the latest information,
please call our Treasury Department on 226 8307.
Website: Email: