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Nasdaq tanks 2.8% in worst day since March as yield spike hits tech stocks Posted by: superadmin - 09-29-2021, 10:20 AM - Forum: Business, Economy and Investment - No Replies Nasdaq tanks 2.8% in worst day since March as yield spike hits tech stocks, Dow drops 570 points U.S. stocks fell sharply on Tuesday, with tech names dragging down the broader markets as Treasury yields traded near three-month highs and lawmakers in Washington continued their budget stalemate. The Nasdaq Composite dropped 2.83% to 14,546.68 for its worst day since March and the S&P 500 shed 2.04% to finish at 4,352.63. The Dow Jones Industrial Average lost 569.38 points, or 1.63%, to close at 34,299.99. The 10-year Treasury yield continued its speedy climb on Tuesday, rising as high as 1.567% as investors bet the Fed would carry through on its promise to curb its emergency bond-buying stimulus as inflation jumps. The 10-year yield, which traded as low as 1.13% as recently as August, has reversed dramatically to the highest levels since June after the Fed signaled last week it would taper its $120 billion in monthly bond purchases “soon.” “The market’s been steadily coming around to the reality that yields were awfully low relative to the fundamentals. Now the Fed is shifting, and everybody’s shifting their positions, all at once, as we tend to do,” said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research. - More -   The United States is heading for a cliff -- and taking the world with it Posted by: superadmin - 09-29-2021, 10:13 AM - Forum: Politics - No Replies (CNN)It's a game of chicken with the global economy. The United States is heading for a cliff over the need for Congress to lift the ceiling on how much the US government can borrow. If things go wrong, the reverberations will be felt far beyond US shores. Since the US government spends more than it takes in through revenues, a debt default would force it to stop paying out — so military salaries, government retirement payments and other benefits would dry up. And if the US can't pay interest on its debts, the rates it pays to borrow money will probably rise — meaning that mortgages, car loans and credit card bills would also go up. Millions of Americans would probably lose their jobs and the slowing pandemic recovery would crash. Since the stability of US debt is the bedrock of the global economy, a default by Washington could plunge the rest of the world into crisis. The unthinkable nature of these consequences is why Washington's warring politicians, generally after a period of brinkmanship and concession wringing, generally bite the bullet and vote in the dead of night to raise the debt ceiling. But this time is different. Republicans are refusing to play ball because they say President Joe Biden's Democrats are on an-out-of-control spending spree that will balloon the national debt — currently standing at nearly $29 trillion. Their position is deeply hypocritical. For a start, Democrats voted with the GOP multiple times to raise the debt limit under Republican presidents. But more than that, the debt limit must be raised to pay for obligations that the Republicans themselves incurred by voting for massive tax cuts that favored the rich under then-President Donald Trump. It's as if the country went on a tear in Las Vegas for a week and refused to pay the credit card bill. - More -   12th Malaysia Plan: Economists say it's all about the execution Posted by: superadmin - 09-29-2021, 10:00 AM - Forum: Politics - No Replies 12th Malaysia Plan: Economists say it's all about the execution, not just making a wish list KUALA LUMPUR, Sept 29 — Various economists have described the 12th Malaysia Plan as “comprehensive” or “not far reaching enough” but all agree that its success will, of course, depend on its execution. Lee Heng Guie, executive director of think tank Socio-Economic Research Centre, said the five-year plan (2021-2025) was well-drafted, but that the challenge lies in actually executing the initiatives and ensuring there are sufficient funds to do so. “I think the plan is more comprehensive, cutting across all sectors, and you must understand, this plan was crafted when the economy is still under the impact of Covid-19. “So there’s a lot of high hopes on the plan supporting the short-term and medium-term growth trajectory, and the complexity and challenges tied to remaining competitive in the global economy in meeting rising rakyat expectations. So a lot of effort was put into the crafting of this plan, because this is the first five years to achieve the Shared Prosperity Vision 2030,” he said. - More -   Is destroyed Johor land part of a degazetted forest reserve? Posted by: superadmin - 09-29-2021, 09:06 AM - Forum: Environment Protection News - No Replies JOHOR BARU – Forest land destroyed on the northeastern coast of Johor, shown on satellite images, may have been part of a forest reserve that has now been degazetted. Following an environmental impact assessment (EIA) report carried out by Golden Ecosystem Sdn Bhd, which was approved by the Environment Department in May 2017, the land was understood to be part of the Jemaluang Forest Reserve. The EIA said the reserve was “degazetted and transferred to private ownership under agricultural status”. Although the EIA does not state when the forest was degazetted, Macaranga.org said the Jemaluang jungle was gazetted as a reserve in October 1923. However, Macaranga reported that the land was not listed in the Johor Forestry Department’s reports from 2015 to 2019, suggesting that the exercise occurred in 2014. The Vibes is awaiting a response from the Johor Forestry Department concerning the degazettement date of the Jemaluang forest. - More -   3 reasons why DAP is alive and kicking despite the odds Posted by: superadmin - 09-29-2021, 08:47 AM - Forum: Politics - Replies (3) From Lim Teck Ghee Three factors have made the DAP’s fight to gain a larger political following and recognition of its multi-racial credentials – despite its primarily Chinese leadership – more daunting. The first is the widespread perception among many in the Malay electorate that it is indeed a Chinese chauvinist party. Ever since its formation, it has been tarred by Umno leaders as well as Umno supporters manning the Malay mass media and other organs of Malay influence with the accusation that it is an enemy of the Malay race. The DAP until today is regularly vilified in the Malay world as the mastermind behind any controversy that is construed as undermining the dignity of the Malay race, Islamic religion as well as disrespectful of king and country. The second is the failure of the country’s opposition parties and their leaders to stay the course of resistance against the Umno-led Barisan Nasional (BN) political juggernaut during the past four decades. In reshaping the country’s politics after the May 1969 episode and to make more palatable the reality of a Malay-dominant national polity, second prime minister Razak Hussein was able to induce several former opposition parties including Gerakan, PPP, PAS, and several former opposition parties in East Malaysia to join the enlarged Alliance, which was renamed Barisan Nasional (BN). In the aftermath of the 1974 election, it was initially the DAP and the Sarawak Nasional Party (SNAP) in East Malaysia which kept alive the flame of political opposition in Parliament. Dr Tan Chee Koon, from the newly set up Parti Keadilan Masyarakat Malaysia or Pekemas, was the sole other opposition member elected to the 1974 Parliament, which saw BN winning a more than two thirds parliamentary majority – 135 of the 154 seats contested. This majority enabled the governing party to introduce more amendments to the constitution on several occasions thereby strengthening the executive powers of Umno and BN governing parties, and further diluting the democratic spirit of the original constitutional document. - More -   Do the job, no excuse now, Tok Mat tells Umno Posted by: superadmin - 09-29-2021, 08:41 AM - Forum: Politics - No Replies PETALING JAYA: Umno has no other choice but to perform and support the current government led by its vice-president Ismail Sabri Yaakob, party deputy president Mohamad Hasan said. Mohamad, commonly known as Tok Mat. said the government must set everything aside to focus on jumpstarting the country, especially on economic recovery. “We are in this government now. We must support this government, we no longer have any excuses, where before this, we could still point fingers. “Now, what is next? What is next is to perform. What is next is that we must carry out our duties and do the job,” he said. Those in government must ensure that priority is given to the people’s welfare. “What is important is food on the table and money in the pocket. If we can expedite that, then the new light (of this government) can shine on all Malaysians.” - More -   Meng Wanzhou Wins Her Freedom! US Drops Extradition Charges Against Huawei Executive! Posted by: superadmin - 09-28-2021, 08:03 PM - Forum: Politics - No Replies   Meng Wanzhou's return to China applauded by Japanese netizens Posted by: superadmin - 09-28-2021, 07:47 PM - Forum: Politics - No Replies Meng Wanzhou's return to China applauded by Japanese netizens who compare it with Japan's surrender to US' oppression 30 years ago Meng Wanzhou's return to China on Saturday after nearly three years in detention in Canada has been applauded by Japanese netizens, who compared her return with Japan's quick surrender to the US' oppression over 30 years ago. Some believe that if Japan had made continued efforts like the Chinese government, the situation would be different nowadays. An expert in international affairs told the Global Times that in order to serve the US' strategy, the Japanese government has sacrificed the most fundamental economic interests of its people, which is a total tragedy. If Japan would have been able to fight as courageously as China back then, today Japan might have an important role in the global politics and economy, instead of being generally regarded as a vassal state of the US. Meng's return to China has triggered heated discussion on Japanese social media. "China really has powerful national strengthen! Although there is no specific content from the judicial side, this time the US is a complete failure! 'This is not the way to deal with Chinese people' will surely become a buzzword this year," said one netizen. "Three years of illegal detention[...] Huawei is not the second Alstom. The Earth is not a place where the US can do whatever it wants," said another. - More -   Petrol supply: Army put on standby to ease fuel crisis Posted by: superadmin - 09-28-2021, 07:25 PM - Forum: Business, Economy and Investment - No Replies The Army is ready to help ease fuel supply problems after a fourth day of long queues and pump closures. Up to 150 military tanker drivers will prepare to deliver to forecourts which have run dry because of panic buying. The surge in demand came amid fears a driver shortage would hit fuel supply - which is plentiful at refineries. The transport secretary said there were "tentative signs" of stabilisation in petrol stations and queues would start to reflect this in the coming days. Grant Shapps said: "Once we all return to our normal buying habits... the quicker we get back to normality." Meanwhile, the Petrol Retailers Association said there was some evidence that the number of motorists visiting petrol stations was slowly beginning to calm. - More -   To see Germany’s future, look at its cars | The Economist Posted by: superadmin - 09-28-2021, 07:20 PM - Forum: Business, Economy and Investment - No Replies Pages (1120): « Previous 1 … 819 820 821 822 823 … 1120 Next » Jump to page: