Lagarde: unflappable IMF chief who smashed glass ceiling

Christine Lagarde burst through the glass ceiling at one of the world's leading institutions, becoming the first woman to head the International Monetary Fund.

Her ascension to the prestigious post marked the culmination of a meteoric rise for the French lawyer and former government minister, who began a second term as managing director of the IMF in July.

But her stellar career may have hit a snag.

On Friday a court will decide whether she will stand trial over a massive state payout to French tycoon Bernard Tapie in 2008 when she was economy minister.

The trailblazing 60-year-old, who is accused of negligence in the affair, says she has a "clear conscience."

"I've always acted in accordance with the law, and I've always had in mind the public interest," she told AFP in an interview in Washington earlier this month.

Her legal woes have done little to dent her popularity in France, where her name has long been bandied about as a possible contender for president.

In an interview with AFP earlier this month, she appeared to rule out any return to the political fray.

"I think I'm better suited to what I'm doing today than for the world of politics," she said.

A high-profile trial would be a blow to the unflappable finance czar, who patiently worked to restore the IMF's luster after the sex scandal that brought down her predecessor and fellow compatriot Dominique Strauss-Kahn in 2011.

Malindo Air establishes interline partnership with Qatar Airways

Malindo Air has teamed up with Qatar Airways to offer seamless connectivity for passengers when travelling between ASEAN and more than 100 destinations in Qatar Airways' network.

In a statement today, Malindo Air Chief Executive Officer (CEO) Chandran Rama Muthy said the partnership, which took effect on July 8, 2016, would allow Qatar Airways' passengers to tap into Malindo Air's growing short-haul regional network that currently serves 36 cities in 13 countries, including 13 major airports in Malaysia.

"This will give convenience for travellers from all corners of the globe to visit Malaysia and experience our diverse culture, explore our eco-tourism and enjoy the renowned Malaysian hospitality," he said.

He added that Malindo Air's extensive network coverage in Malaysia would also enhance the choice of travel destinations for customers in both the business and leisure segments.

World Bank confirms NYU's Romer as next chief economist

The World Bank on Monday confirmed New York University economics professor Paul Romer as its next chief economist, bringing in a prominent voice advocating for investment in human capital and innovation.

Romer, 60, will replace Kaushik Basu, a former Indian government economics adviser who is retiring. Romer will take up the position in September and is tasked with keeping the World Bank Group at the forefront of international development knowledge.

Romer is a proponent of "endogenous growth theory," which holds that investments in human capital, innovation and knowledge are significant contributors to economic growth.

The theory, which Romer helped develop in the 1980s and 1990s, also holds that the spillover effects of a knowledge-based economy will lead to economic development and that the long-run growth rate of an economy can be increased with measures such as subsidies for research and development, and education.

"We're most excited about his deep commitment to tackling poverty and inequality and finding innovative solutions that we can take to scale," World Bank President Jim Yong Kim said of Romer in a statement.

Romer's appointment comes at a time when the World Bank, the International Monetary Fund and officials from the world's largest economies are increasingly worried by a slowdown in global growth and trade.

The IMF said last week that the United States' future growth potential could be even lower than previously thought as aging baby boomers leave the workforce and productivity stagnates.

The Malaysian government is spending 20bn ringgit ($4.6bn; £3bn) on boosting shares

Malaysia has seen the ringgit lose 20% of its value against the dollar this year and a 9% fall in its stock market.

The announcement had a modest impact on share values with the Kuala Lumpur composite index up 0.6% to 1,612.52.

The country's economy has suffered because of falling prices for its commodity exports.

Its position worsened two months ago after its prime minister Najib Razak was involved in a political scandal.

The prime minister said state investment firm ValueCap will invest in undervalued companies and firms in the manufacturing sector would be exempt from import duties until the economy is back on track.

Slowing demand from China, falling commodity prices and a strengthening US dollar has pushed the ringgit to near 18-year lows.

SE Asia Stocks-Thailand recovers on strong GDP growth; Malaysia extends losses

Thai shares bounced back from the previous session's losses to trade higher on Monday after quarterly GDP data and corporate earnings came broadly in line with market expectations, while other Southeast Asian stock markets were mixed.

Thailand's main stock index was 0.2 percent higher at 0512 GMT, driven by energy & utilities and banking sectors, after the country's economy grew faster than expected in the
first quarter, boosted by stronger government spending and
tourism.

"Stocks are trading at fair value and, therefore, we do not expect a high upside to today's trading," said an analyst with Phillip Securities (Thailand). Siam Cement Pcl rose 1.24 percent, PTT Pcl gained 2.3 percent and Siam Commercial Bank Pcl added 1.2 percent.

Asian stocks eked out modest gains as buoyant Japanese equities helped offset some of the gloom from Chinese data. China's investment, factory output and retail sales all grew
slower than expected in April, adding to doubts about whether the world's second-largest economy is stabilising. Meanwhile, Malaysian stocks extended losses, led by energy and basic materials sectors. 

Oilfield services provider SapuraKencana Petroleum was the biggest loser with a drop of 0.6 percent. Data released on Friday showed Malaysia's economy expanded 4.2 percent in January-March compared with a year earlier, its slowest growth for a quarter since 2009 as exports and domestic demand were weak. Vietnam shares were headed for their first gain in three sessions, with property shares and energy stocks leading the gains, after better-than-expected trade surplus data for April.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on day
Market Current Previous Pct Move
Close
Singapore 2733.97 2734.91 -0.03
Bangkok 1397.95 1394.69 0.23
Manila 7499.44 7436.79 0.84
Jakarta 4733.116 4761.715 -0.60
Kuala Lumpur 1615.9 1628.26 -0.76
Ho Chi Minh 612.73 610.82 0.31
Change on year
Market Current End 2015 Pct Move
Singapore 2733.68 2882.73 -5.17
Bangkok 1398.14 1288.02 8.55
Manila 7499.44 6952.08 7.87
Jakarta 4733.116 4593.008 3.05
Kuala Lumpur 1615.9 1692.51 -4.53
Ho Chi Minh 612.73 579.03 5.82

Malaysia Stock Market May Snap Losing Streak

The Malaysia stock market has finished lower in three straight sessions, sliding almost 20 points or 1.2 percent along the way. The Kuala Lumpur Composite Index settled just shy of the 1,710-point plateau, although the market may see traction on Thursday.

The global forecast for the Asian markets is upbeat, with the markets expected to follow the price of crude oil higher. The European and U.S. markets were higher, and the Asian markets figure to follow that lead.

The KLCI finished slightly lower again on Wednesday following losses from the industrial issues and plantation stocks, while the financial shares were mostly higher.

Among the actives, Maybank, Sime Darby, PPB Group and IOI Corporation all finished lower, while MISC, Hong Leong Bank, RHB Capital, Public Bank, CIMB Group and Genting all ended higher.

The lead from Wall Street is positive as stocks saw considerable volatility on Wednesday, surging mid-day before slipping off the highs by the close.

The Dow edged up 42.67 points or 0.2 percent to 18,096.27, while the NASDAQ rose 7.80 points or 0.2 percent to 4,948.13 and the S&P 500 added 1.60 points or 0.1 percent to 2,102.40.

The market strength was partly due to another substantial rebound by the price of crude oil following speculation regarding another effort to freeze production - as well as a report showing a smaller than expected increase in crude inventories.

Among individual stocks, Yahoo (YHOO) and Intel (INTC) moved higher following solid earnings news, while Coca-Cola (KO) came under pressure after reporting earnings that beat estimates but on weaker than expected volume.

Malaysian palm oil/Vegoils: Market factors to watch

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday May 10.
    
FUNDAMENTALS

* Malaysian benchmark palm oil futures rose on Monday, supported by improved demand and forecasts that stockpiles will drop on falling production ahead of a data release from the Malaysian Palm Oil Board (MPOB). 

* U.S. corn futures fell about 2 percent on Monday to the lowest level since mid-April, pressured by broad weakness in commodities and positioning a day ahead of a monthly U.S. Department of Agriculture report, analysts said. 

* Oil prices tumbled on Monday on expectations that U.S. crude inventories would again build to record highs, taking the market's focus off swooning Canadian oil output due to raging wildfires. 

MARKET NEWS

* The yen tumbled against the U.S. dollar on Monday as Japan signaled it was ready to intervene in the currency market, while a sharp drop in oil prices undercut equities.