Edaran Terhad

●23hb November 2016●

Disusun oleh Perpustakaan, UPP

Barita HarlM

2 3 NOV 2016fiFTAH 27 SENV J L . I # 1 1 I 22 November 2016

Pjasaran getah Malaysia terns meningkat dan ditutup tinggi semalam, pada hari kedua bertu-

rut-turut, seiring dengan dengan pengukuhan pasaran niaga hada- pan getah serta kenaikan harga minyak mentah, kata peniaga.

Beliau berkata, penanda aras niaga hadapan Bursa Komoditi Tokyo dilaporkan meningkat lebih dua peratus semalam ke paras ter- tinggi sejak Jun 2015.

Harga komoditi itu diniaga hadapan Shanghai juga, katanya, naik ke paras tertinggi pada 17,680 yuan satu tan sejak 30 Julai, 2014.

“Selain itu, harga minyak men­tah,, yang dibuka pada AS$49-38 satu tong membantu merangsang harga getah,” katanya.

Harga minyak mentah yang lebih tinggi akan meningkatkan permintaan bagi getah asli setelah harga getah sintetik, yang dihasil- kan daripada petroleum, menjadi- semakin mahal.

Pada tengah hari, harga fizikal rasmi Lembaga Getah Malaysia bagi gred tayar SMR 20 naik 27 sen kepada RM7.85 sekilogram manakala lateks pukal menokok 11.5 sen kepada RM5-67 sekilogram.

Harga penutup tidak rasmi bagi gred tayar SMR 20 naik 16 sen kepa­da RM7.87 sekilogram manakala lateks pukal naik 8.5 sen kepada RM5.69 sekilogram. BERNAMA

2 .3 NOV 2016RUBBERKUALA LUMPURThe Malaysian rubber market extended its gain to close higher for the second consecutive day yester­day, in line with the firmer regional rubber futures markets and coupled with the improved crude oil prices, a dealer said.

He said the benchmark Tokyo Commodity Exchange rubber futures reportedly jumped more than 2% to the highest level since June 2015.

Also, he said, commodity prices on yesterday's Shanghai futures also rose to the highest level of 17,680 yuan per tonne since July 30, 2014.

The dealer said the higher crude oil prices would lift the demand for natural rubber as prices of syn­thetic rubber, which was produced by petroleum, had become more expensive.

At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 rose 27 sen to 784.50 sen a kg while latex-in-bulk was 11.5 sen higher at 566.5 sen a kg.

The unofficial closing price for tyre-grade SMR 20 added 16 sen to 786.50 sen a kg while latex-in-bulk was up 8.5 sen at 569.0 sen a kg. - Bernama SMR PRICES FROM MRB tN SEN A KILO: NOV 22____________

Offer Price Noon sell Closing sellSen/Kg US Cents/Kg Sen/Kg US Cents/Kg

SMR CV 871.50 200.15 875.00 200.95SMR L 831.00 190.85 835.00 191.80SMR 5 796.50 182.85 798.50 183.40SMR GP 793.50 182.25SMR 10 786.50 180.65 788.50 181.10SMR 20 784.50 180.20 786.50 180.65CENTRIFUGED LATEX - LOCAL PRICE (ISO 2004) IN MALAYSIANSEN/KG(WET)Offer Price Noon sell Closing sellLatex in bulk 566.50 569.00Note: Effective from Jan 2, 2014, MRB will publish only the sellers'offer price.FARMGATE LATEX PRICE:

Latex CuplumpLow High Low High

(sen/kg) (sen/kg)Peninsular 600.00 700.00 287.00 365.00Sabah 625.00 625.00 280.00 335.00Sarawak - - 150.00 330.00

US$Low High

Sabah 290.00 350.00Sarawak 271.00 .526.00 Source: Malaysian Rubber Board

AT A GLANCECOMMODITIES (NOV 22)________________________________

Tin (per tonne) US$20,860 +US$460Gold (per gramme) RM167.48 +RM0.40CPO Futures (per tonne) Dec RM2.935 +RM12US$ CPO Futures (per tonne) US$663.00Rubber (per kg) SMR 20 784.50 sen +27 senLatex 566.50 sen +11.5 senNOV 21Nymex Oil Dec (per barrel) US$47.49 +US$1.80

2 3 NOV 2016EXCHANGE RATEBank Negara's best available quotations by commercial banks of Kuala Lumpur at 5pm on Nov 22, 2015 UNITS OF FOREIGN CURRENCY PER UNIT OF MALAYSIAN RINGGIT________________________________________ _ _ _

Buying OD Selling ODUS dollar: 0.2257 0.2261Sterling: 0.1808 0.1812Singapore dollar: 0.3211 0.3218Yen 100: 25.0045 25.0678Euro: 0.2122 0.2126Chinese Renminbi: 1.5544 1.5576Ringgit Malaysia per foreign currency

OPENING RATES BY MAYBANK ON NOV 1, 2016____________

SELLING BUYING BUYINGTT/OD TT OD

1 US Dollar.................................4.4710 4.3590 4.34901 Australian Dollar....................3.3100 3.2080 3.19201 Brunei Dollar..........................3.1540 3.0590 3.05101 Canadian Dollar......................3.3410 3.2450 3.23301 Euro......................................... 4.7680 4.6320 4.61201 New Zealand Dollar...............3.1870 3.0620 3.04601 Papua New Guinea Kina......1.5150 1.2750 1.25901 Singapore Dollar....................3.1535 . 3.0590 3.05101 Sterling Pound........................5.5870 5.4540 5.43401 Swiss Franc..............:............4.4370 4.3290 4.3140100 Uae Dirham....................123.5000 116.9100 116.7100100 Bangladesh Taka................5.7330 5.4110 5.2110100 Chinese Renminbi............64.9000 62.5000 0.0000100 Danish Krone....................65.8500 60.4900 60.2900100 Hongkong Dollar..............58.4800 55.3700 55.1700100 Indian Rupee......................6.6810 6.2600 6.0600100 Indonesian Rupiah.............0.0346 0.0312 0.0262100 Japanese Yen......................4.0620 3.9320 3.9220100 New Taiwan Dollar.......... 15.1000 N/A 0.0000100 Norwegian Krone.............53.9900 49.6000 49.4000100 Pakistan Rupee................. 4.3500 4.0700 3.8700100 Philippine Peso...................9.1400 8.6000 8.4000100 Qatar Riyal......................124.2800 118.2200 118.0200100Saudi Riyal......................120.7600 114.6400 114.4400100 South Africa Rand....:......32.3600 29.8000 29.6000100 Sri Lanka Rupee.................3.1100 2.8500 2.6500100 Swedish Krona.................50.2500 45.7000 45.5000100 Thai Baht.......................... 13.4600 11.4100 11.0100

VMM*

2 .3 NOV 2016Top Glove melabur da lam penyelidikanKUALA LUMPUR 22 Nov.- Top Glove berkualiti dan mengurangkan Corporation Bhd. (Top Glove), pekerja asing. Perkara ini boleh di- pembuat sarung getah asli terbesar capai melalui aptomasi yang dapatdunia akan melabur dalam penye- dihasilkan daripada penyelidikan. lidikan bagi menambah bailc kualiti Jadi pengambilan graduan univer- dan produktiviti syarikat dengan siti dapat mengurangkan pekerja meningkatkan pengambi- asing kerana kos bagilan antara 200 hingga 300 pekerja asing akanpenyelidik pada tahun / terus meningkat dandepan. I T i l kualiti produk tidak

Pengerusi Eksekutif i ^ S s,, fl konsisten manakalaTop Glove, Tan Sri Dr. ’ A T -t- kos bagi automasi akanLim Wee Chai berkata, £ T SSftyt *. semaldn menurun.syarikat yang kini mem- “Melalui penyelidi-punyai too penyelidik kan kita dapat rneng-terdiri daripada jurutera, hasilkan produk yangahli kimia dan saintis fgjgj V lebih baik dan lebihberharap peningkatan l im w e e c h a i konsisten. Selain itu,dalam penyelidikan dan penyelidikan bukaninovasi tersebut dapat mengu- sahaja dapat dibuat dalam aspek rangkan penggantungan kepada teknikal, malah kami juga dapat pekerja asing. membuat penyelidikan dalam pe-

Beliau berkata, pihaknya akan masaran, kewangan dan sumber terus meningkatkan pengambilan manusia yang seterusnya dapat penyelidik terutamanya dalam menambah baik banyak aspek,” kalangan graduan kerana golo- katanya dalam Persidangan Pe- ngan ini mampu bekerja keras ngurusan Kilang ' Persekutuan dan terlatih. Pekilang-pekilang Malaysia (FFM)

“Kami mahukan pekerja yang 2016 di Petaling Jaya di sini hari ini.

The Star2 3 NOV 2016

Top Glove to expand R&D to improve product quality

billion glov&Fby May 2018. ^ Better quality: Latex gloves on hand-shaped moulds move along an automated system on theOn foreign labour, Lim said the company production line at a Top Glove factory in Setia Alam. The company is planning to recruit between

still needed foreign workers, while seeking to 200 and 300 researchers to improve product quality. - Bloomberg cut down the number.

“We'll let go some 1,000 workers and year,” he said. ing productivity and reducing cost in thereplace them with automation. He added that the savings could be used for manufacturing sector.

“One worker may cost around RM2,000 per automation. The speakers were drawn from themonth. Themed “Human Resource Productivity Malaysia Productivity Corporation, Energy

“So, for 1,000 employees, it costs the compa- and Energy Efficiency”, the conference was Commission, Linde Malaysia Sdn Bhd, and ny RM2mil per month and RM24 million per aimed at maintaining profitability by increas- Top Glove. - Bemama

2 3 NOV 2016

Supermax sees profit increasing 9% to 11%Group aims to upgrade its technology, facilities for better efficiency

KUALA LUMPUR: Supermax Corp Bhd sharp gains in rubber prices due to short- expects its profit margin for financial year term fluctuations to its customers.ending June 30, 2017 to rise by between 9% It was reported that the price of natural H g S i n ^and 11%, given the growing demand for rub- rubber (NR) latex was expected to increase in ber gloves, consumption of contact lenses and the next two months to reach to as high as through distribution of products. RM5.42 per wet kilo in December 2016.

Chairman Tan Sri Rafidah Aziz said going This forecast is made based on the recent J m h F '■ forward, product contribution from distribu- price trend which saw the price of NR latex ..tion centres would be higher when the sales rise by 39% in October 2016 as compared to marketing and the demand pool increased. January 2016, or a 6% cost increase, as com-

“The distribution centres will play an pared to September 2016. important role in future and contribute to our “Any impact will be short term. Gloves are \ Tafcf A ?"bottomline, in addition to the continued a necessity in the medical industry, any price Jg fupgrading of our manufacturing efficiency in increase is negligible to the end-users as we 'v H K *" ' L .older plants,” she told reporters after the export 100%,” he said. company’s AGM on Monday. On the contact lens business, Thai said

To step up to rising competition, Rafidah that the company's plant in Sungai Buloh said the group aimed to upgrade its technolo- could produce 40 million lenses a year at I

Group managing director Datuk Seri This would be ramped up to 70 million next

the impact of rising raw material costs, gas The contact lens business marks Supermax’sprices and foreign exchange fluctuations. entry into high-end manufacturing being the

“The increase in the gas prices and mini- first Malaysian company to make contact

However, they are all settled with the weak- The group also plans to set up a contact lens ■ B B B B B B : iening of the currency. manufacturing plant in the US in future. - Thai: The increase in gas prices and minimum

He saw the group would pass the recent Bemama . wages affect our operating costs.'

U t t tM f t

2 3 NOV 2016Bercadang mengadakan dialog penanaman pokok berkenaan

Ketum: RISDA rujuk pakar

dibuattanpamemj^danm enda^ ^ ^ ^ ^ ^ ^ ^ ^ ^ '• ^ ^ ^ , .n „ f]arinar)a mprp 2AHIDIZAINULABIDIN(duadarikiri)menyampaikanreplikacekbantuankewanganusahawankepadaSarajatuldurIdris

ka yang pakar terlebih dahu lu sempena Kamival Usahawan RISDA Negeri Selangor di Shah Alam. Selangor, semalam. - UTUSAN/ABDUL RAZAK IDRIS

“Dalam dialog tersebut, semuakajianberkaitan ketum oleh pakar- rita selepas merasmikan Kamival berminat untuk menanam ketum nya di Filipina, Indonesia dan pakar sebelum ini akan kita kum- Usahawan RISDA Neger-i Selangor dan mereka meminta pihaknya Kemboja,” ujarnya. pul untuk dibawa kepada kerajaan. di sini, hari ini. membekalkan benih. Dalam perkembangan lain, Za-

“Kita harap kerajaan dapat Yang turut hadir ialah Timba- “Jika kita dapat bekalkan hidi memberitahu, pihaknya kinimempertimbangkan cadangan lan Ketua Pengarah Pembangu- benih pun sudah cukup. Kita bu- menghadapi kekangan pekerja ini. Kita bukan hendak tanam nan RISDA, Datuk Wan Ahmad kan mahu tanam dalam negara, asingbagisektorperladangan. ketum di negara ini tetapi di luar Shabri Zainuddin Wan Mohamad kita pun faham dan tidak mahu Menurutnya, masalah berke- negara, cuma benih itu kita akan dan Pengarah RISDA Selangor, tanaman ini disalahgunakan oleh naan amat serius dan perlu ditan- bekalkan dan kita juga mahu Mohd. Rosli Hassan. pihak tidak bertanggungjawab. gani segera supaya tidak menje-tanaman ini dipatenkan di Ma- Zahidimenambah,beberapane- “Jika cadangan ini diluluskan, jaskan hasil pengeluaran komoditilaysia,” katanya kepada pembe- gara di Asia Tenggara sudah mula kita merancang untuk menanam- seperti getah dan kelapa sawit.

B«rifa H«ria®

2 3 NOV 2016

AS mungkin kekal dalam TPPA Malaysia masih. komited

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' i - . r r l n h n l r a m a l Harap TPPA tak ditarik balik Dan Ms.Bl•*'P & J F g l U U d l . I dl I I dl meri ka Syarikat (AS) “Saya harap TPPA tidak ditarik

- T r n m n h i inf- .'*-■% Y/.-. mungkin tidak akan balik sepenuhnya (oleh AS) dan Mensuhs isn sarrn Menteri Perriaeaneanf l l i h ' »'• * * * i r U I T i p D U a t &.* menarik diri sepe- ada cara lain untuk meneruskan Mengmas isu sama, Menten PeraaganganW X , K- ; r \ auhnya daripada rundingan FTA ini,'katanya pada Antarabangsa dan Industn II, Datuk Sen Ong

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, ‘ * • - - • lebih baik untuk TPPA dilaksana- jar janjinva pada Pilihan Raya Pre- mskan tanpa AS terdapat klausa tertentu\ \ , S A Z i * T . ; : '• kanba^meneruskanperdagangan siden, baru-baru ini. LihatMs.BZ i YangperludipmdabenkutanTPPAmele-

^ bebas dselunihdunia. ____ L _ ___ ________ -_____ .

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baCTi meneruskan mikanPersidanganBesi dan KelulidiKualaTi I . Lumpur, semalam.

. perdagangan beoas Mengenai prospek pasaran global, MoellerX f e di Seluruh d unia” berkata, pelabur akan bersikap tunggu dan

lihat dalam membuat tindakan pelaburan Stewn Moeller, selanjutnya berikutan mereka memantauPengarah Urusan BlackRock Asset secara teliti tindakan yang akan diambil

\ Management North Asia Limited oleh Trump dalam tempohioo hari pertamaH H H H H H H IH IH H H H H k H H H H H H H H h *^**aijj \ _________________________ beiiau memulakan tugasnya.

m o o n

M alaysia anggap TPPA diteruskanekonomi@utusan.com.my

■ kuala lumpur 22 nov. . ^^HSetakat ini, kita anggap

M +’***'* ^ ^ M p e r ja n jia n in id ite ru s k a n .d a nkan Perjanjian Perkong- ■ % ’ ~ biarkan proses beqalan seperti.sian Trans-Pasifik (t p p a ) b ia s a te r m a s u k k e u ta m a a n . , .

memandangkanbelumadaseba- . r * ' j iT 'rang keputusan rasmi dikeluar- H k . k e p a d a u n d a n g -im d a n g b U T U hkan berhubung perkara tersebut sebe lum SebarangkepUtUSanmeskipun bakal Presiden Ameri- ^ ^ B k ^ g jr i l^ ^ ^ ^ g r i i in u k ta n ia d k a i l"

menyatakan hasrat menarik diri .daripada perjanjian dagangan I H H .^^^^^BpNGKACHUANitu. A Perdagangan An tarabangsa

Menteri Perdagangan Antara- f f iK iH jj^ H n fan Industri IIbangsa dan Industri II, Datuk Seri ' ” "Ong Ka Chuan berkata, Malaysia Yang turut hadirKetuaPegawai dan Malaysia dengan saiz pasaran tidak boleh mengambil sikap Eksekutif Institut Besi Malaysia, bernilai AS$30 trilion (RM127.49 berhenti dan menunggu langkah jarrod Lim Keng Yow dan Timba- trilion).seterusnya kerana belum ada se- lan Ketua Pegawai Eksekutif (II), Sebelum ini, Menteri Perda- barang kata putus dan pada masa Pembangunan Perkhidmatan dan gangan Antarabangsa dan Indus- sama turut mengambil kira 10 ne- Pembuatan, Lembaga Pembangu- tri, Datuk Seri Mustapa Mohamed gara lain yang menyertai perjan- nan Pelaburan Malaysia (MIDA), pemah menyatakan TPPA mung- jian tersebut. Datuk N. Rajendran. kin terkub.ur sekiranya Trump

Bagaimanapunujarbeliau,seki- Trump daripada parti Repub- menjadi Presiden AS memandang- ranya perjanjian tersebut diterus- likan mengalahkan calon Demo- kan negara kuasa ekonomi duniakan tanpa AS, terdapat klausa krat, Hillary Clinton dalampilihan itu menyumbang lebih daripadatertentu perlu dipinda meman- raya tersebut yang menyaksikan 80 peratus output yang diperlu-dangkan TPPA yang ditandata- pasaran saham, mata wang dan kan di bawah perjanjian terse-ngani di New Zealand pada Feb- komoditi dunia terjejas teruk ke- but.ruari lalu, meletakkan klausa 85 san tindakan panik pelabur melu- Pada 2015, jumlah eksport peratus daripada saiz ekonomi pus dan mengubah aset masing- Malaysia ke negara-negara TPPA atau sekurang-kurangnya enam masing berikutan kemenangan ialah 41 peratus. AS merupakan negara bersetuju meneruskan tidak dijangka itu. rakan dagang utama Malaysiaperjanjian itu. Awal pagi ini dalam mesej vid- merangkumi 10.7 peratus daripa-

“Setakat ini, kita anggap per- eonya, Trump mahu menarik diri da jumlah eksport dan 8.4 pera- janjian ini diteruskan dan biarkan daripada TPPA pada hari pertama tus daripada import menjadikan proses berjalan seperti biasa ter- beliau melangkah ke White House Malaysia antara lima negara uta- masukkeutamaan kepadaundang- pada Januari sejajar dengan ikrar ma dagangan terbesar. undang buruh sebelum sebarang kempen yang disuarakan sebelum Sementara itu, menurut Reu- keputusan dimuktamadkan,” ka- ini. lers , Perdana Menteri Jepun, Shin-tanya selepas merasmikan Per- Perjanjian TPPA yang diterajui zo Abe yang menyertai Sidang Ke- sidangan Besi dan Keluli: Usaha AS turut dianggotai l l lagi negara muncak Kerjasama Ekonomi Asia PenggabunganM apanbagilndus- iaitu Australia, Brunei, Kanada, Pasifik (APEC) di Lima menyifat- tri Besi dan Keluli di Malaysia di Chile, Jepun, Mexico, New Zea- kan TPPA tidak bermakna tanpa sini hari ini. land, Peru, Singapura, Vietnam penyertaan AS.

Minister: TPP can still go aheadWAY FORWARD* 1 T j AAlfl ♦ # the 11 remaining member countries«««>%■ i w n i m n w t -i— l .j. ' / * " * * * 1 ' 1 to amend the clause requiring sixr o m a i n i n f r r n i i n t r i o c ■***- i ; 1 : — -■ •# nations, which make up 85 per centr e m a i n i n g c o u n t r i e s . j . j r ! * \ collective approval for TPP, to carryc a n a m e n d c l a u s e I ' on without the U ^ ’ Ong said after

M r ,c - v.,'.: officiating at the Sustainable Con-t O S a l v a g e t r a d e i solidation in Malaysia’s Iron and

a g r e e m e n t | f jK K K j j jm ' I E B a . Reshaping and facillitatinq teiday.^ : i a M M B E W m am r : The seminar was organised by

1 f ^ D H V k H K B M ^ the environment for a , , , i T 4.- *.e sm m H n o M . j . S B B H V # . ^ j g ^ Malaysia Steel Institute, an agencyOOI TEE CHINC ;. T K ^ m L f2 -~ ~ jB E K B & S m A ' <9® ^ under the purview of the Interna-KUALA LUMPUR ft|. -Crv' von a n d lH M M M H | k tional Trade and Industry Ministry,

newstanst.com.my ■ Ong’s view echoes that of Singa-K g H r j j g t , ■' i i y n I F -• ' pore Prim e M inister Lee Hsien

ALAYSIA and 10 other Loong at the recent Asia-Pacific Eco-m em ber nations in the J B H S L nomic Cooperation talks held in Pe-Trans-Pacific Partnership m.

(TPP) can carry on without the Unit- Singapore’s Lee said TPP, withouted States if a requirement clause - ^ | P 5 r - ' t h e US, would mean a completelyamended, said Second Internation- new agreement,al Trade and Industry M inister This leaves the 11 remaining coun-Datuk Seri Ong Ka Chuan. v B h H I I B H k '% H | ■ tries to renegotiate at least one

“I think US President-elect Donald ^ B B H B B H B P r . f l S B H B f l f l f t r - r B B i B clause of the TPP to allow the pact toTram p’s intention to withdraw from becond In tern ation al T rade an d In du stiy M inister Datuk Seri Ong Ka Chuan sp eak in g a t t h e ‘Sustainable be salvaged, without the US’ par- TPP is a temporary vision. Consolidation in M alaysia’s Iron a n d Steel Industry’ sem in ar in K u ala Lum pur yesterday. Pic by Mohamad ticipation.

"Perhaps later, he may realise the Shahril Badri Saali “Indeed, new negotiations of TPPtangible benefits of TPP and change would have to take into consider-hism ind.” Malaysia remained committed to boost ties with US allies in the re- nomic output. ation new global developments.

Ong was responding to a question boosting its ties with the US and the gion. In effect, the deal will be dead “That means, the 12 minus oneon Trump’s announcement to quit other 10 TPP signatory countries. Signed by its initiator, the US, and w ithout ratification by the US, will have to get together and sign anthe TPP trade deal on his first day in The 12-member TPP consists of 11 other participating members in whose US$18 trillion (RM79 trillion) agreement with a different coming- the White House. the US, Japan, Malaysia, Vietnam, February, TPP covers 40 per cent of economy make up 60 per cent of the into-effect clause,” Lee reportedly

Trum p had consistently cam- Singapore, Brunei, Australia, New the world’s economy. It has not yet TPP economic worth. said,paigned on a protectionist and anti- Zealand, Canada, Mexico, Chile and been ratified. Asked on the way forward for “And that is fresh negotiation...trade platform. Peru. It must be highlighted TPP can Malaysia, Ong highlighted a possible and that is not so easy to do.

Prime Minister Datuk Seri Najib The landmark deal aims to cut only come into force if it is approved option was to amend a requirement “TPP, as an agreement, has gothad reportedly said it was unlikely trade barriers in some of Asia’s by six countries that account for at clause in TPP. rules as to when it comes into ef-that TPP would come into effect, but fastest-grow ing econom ies and least 85 per cent of the group’s eco- “It is up to the determination of feet.”

With TPP likely stalled, other trade pacts may riseTOKYO: United States president- “The US isn’t an island. It can’t just terests and values,” Obama said in about what role it wanted to play in He said renegotiating the agree-elect Donald Trump’s announce- sit there and say it’s not going to Lima. Asia and how it would access fast- ment would “disturb the fundamen-ment that he plans to quit the Trans- trade with the rest of the world,” Key Under the terms of the TPP agree- growing markets there, he said. • tal balance of benefits”.Pacific Partnership (TPP) trade deal said. “At some point, they’re going m ent signed th is year in New Australian Prime Minister Mai- As Japan’s most powerful leader may spell the end of the dozen-na- to have to give some con- _ ^ ___ Zealand, the vast free trade colm Turnbull said while Trump in a decade, Abe invested politicaltion trade pact — at least in its orig- sideration to that. But, nat- ‘ agreement could be only and other members of his admin- capital in overcoming strong domes-inalform. urally, we’re a bit disap- ' .;JS j implemented, in its current istration would have to decide for tic opposition to the TPP, especially

But other Pacific Rim leaders are pointed.” : / form, if it is ratified by at themselves, the other 11 members of ’ from farmers and the medical lob-vowing to pursue market-opening Trump described the 12- least six countries that ac- the TPP were unanimous in wanting by.efforts they view as vital for their nation trade pact as a "po- count for 85 per cent of the to ratify it and see it come into His ruling Liberal Democratic Par-countries’ growth. Meanwhile, Chi- ten tia l disaster for ou r. icH combined gross domestic force. ty pushed the TPP ratificationna is also moving ahead with rival country (the US)”. product (GDP) of the 12 sig- From "Australia’s point through the lower house offree-trade initiatives. He also said he wanted I ' natories. o f view, getting access, Parliament and had been

Trump’s message, in a short video to renegotiate the. North ■ H i Since the US. accounted greater access for Aus- set to seek final approval inon his future administration’s plans, A m erica n F re e T ra d e B H i for 60 per cent of the com- tralian exports, whether it Hjjr the upper house,was issued just after leaders of.the Agreement. Jo h n Key bined .GDP of the group, is goods or services, to Wm—"' The TPP member coun-Asia-Pacific Economic Cooperation US P resid en t B arack and Japan less than 20 per those big markets is man- tries also include Chile,(Apec) group ended their annual O b a m a r e c e n t l y an- cent, those conditions can- ifestly in our in terest”, f t c _/?--* Jm M exico, Canada, Peru,summit with a unified call to fight nounced that his adminis- IIH j not be met without US’s Turnbull said. wksgK*~~ J H Brunei, Malaysia, Singa-the backlash against free trade high- tration was giving up seek- ■ I B participation. “It is manifestly deliver- SB pore, Vietnam and Aus-lighted by Trum p’s victory and ing congressional approval During their weekend ing more jobs, better jobs 9 H SB tralia.Britain’s vote to leave the European for the Pacific Rim trade J r m eeting in Peru, som e and stronger econom ic i H « W ith the TPP like lyUnion. pact, which he had chain- ' ^ 1 0 ? Asia-Pacific leaders said .growth in Australia.” Shiitzo Abe stalled, other trade initia­

te an annex to their summit state- pioned as a strategy to en- H | ^ +■ . they might try to modify But after Trum p’s an- fives might gain traction,ment, Apec leaders gathered in Li- sure the US could lead the fS K k the trade pact to make it nouncement, Japanese Prime Min- That includes the less well-knownma, Peru, voiced support for TPP, process of devising a “gold S H k ■>. jETf more appealing to Trump, ister Shinzo Abe, who last week be- Regional Comprehensive Economicwhich has been envisioned as a step standard” set of rules for H S B i v mm or push ahead w ithout came the first foreign leader to meet Partnership, or RCEP.towards building a wider, pan-Pa- 21st Century trade. M alcolm the US. the US president-elect since his Nov It includes many Asia-Pacificcificfree trade zone. “I think not moving for- Turnbull Key said he was not sur- 8 election victory, was less.opti- countries, including China, India,

Speaking after his return home, ward would undermine our p rised 'a t the com m ents mistic. Indonesia and South Korea, whichNew Zealand Prime Minister John position across the region and our Trump made after he campaigned . “TPP is meaningless without the are not part of TPP.Key yesterday said there were al- ability to shape the rules o f global strongly against the agreement. US,” Abe said during an official visit So far, no countries from theternatives. trade in a way that reflects our in- But the US would need to think to Argentina. Americas have joined. AP

NST2 3 NOV 2016*TPP exit a thre^^o global ti ule’

Bhd chief economist Dr Kamarud- would cushion the impact of the ■ ' ~ th e U S. Ip picdin Mohd Nor said although it US’s withdrawal from TPP.would be "business as usual” for Sunway University econom ics “To counter.a more inward-look- “We will have to step up both bi- in terms of trade, investments as.Malaysia, at least in the short term, professor Dr Yeah Kim Leng said ihg US, we will have to look at both lateral and regional trade, and in- well as geopolitics,the global trend in trade was the rise Malaysia could look at regional com- intraregional and interregional (co- vestment opportunities.” "Ifthisisawholenewballgam eforin protectionism and shrinking prehensive economic partnerships operation), especially with Euro- CIMB Group chairman Datuk Seri the world, there will be a lot of un- global value chain. to boost regional trade and invest- pean, Middle Eastern and African Nazir Razak said the US’s withdraw- certainty and volatility to come as

“The slowdown in global trade is ment under less stringent condi- countries, as well as South American al from TPP signalled a change in its governments and markets figure itevident in the current growth in tions than the TPP. nations. attitude about the rest of the world out.”

N8T

Trump vows to pull US out of TPP ‘on day one’AMERICA FIRST: ^ "f-, ' I ' 1 ,President-elect says ~-;|jwill negotiate fair : - rbilateral trade deals 4j/j£ . i:

for 10 days has been^souiiding out Prwident-«/e« Donald Trum p w/^Ftrst findy-e/ecr Melania Trum p and Senate Majority Leader Mitch Mc-cabinet picks at his Trump Tower Connell. Trump says he is seeking to ‘reform Washington and rebuild our m iddle class'. Bloomberg pic offices in New York — made thepledge in a short video message. lateral trade deals that bring jobs Tramp’s pledge to pull out of the and it would destabilise the basic

The 70-year-old property tycoon and industry back onto American deal was one of six points on which balance of interests.” outlined a list of priorities for his shores,” he said. he promised immediate executive The US and Japan are the biggestfirst 100 days and executive actions Both the 12-nation TPP and the action — which he can take without members of the massive trade deal, to be taken “on day one” — on half a North American Free Trade Agree- Congressional approval — all of which would encompass some 40 dozen issues from trade to immi- ment (Nafta) featured heavily in the which broadly echoed his campaign per cent of the global economy if it gration, national security and ethics brutal White House race — accused positions. goes into force.— in a push to “reform Washington ofharmingthe US economy and jobs He promised to “cancel job-killing It also includes Australia, Brunei,and rebuild our middle class”. — and many see Trump’s victory as restrictions on the production of Canada, Chile, Malaysia, Mexico,

"My agenda will be based on a a repudiation of ever-deeper com- American energy — including shale New Zealand, Peru, Singapore and simple core principle: putting Amer- mercialties. energy and clean coal — creating Vietnam.ica first,” said the president-elect, Trump’s populist election plat- many millions of high-paying jobs”. The deal, which has been years in whose victorious campaign tapped form called for scuttling the TPP — Meanwhile, in Buenos Aires, the making, cannot be impiemented the anger of working-class Ameri- President Barack Obama’s signature Japanese Prime Minister Shinzo Abe in its current form without the US. cans who feel left behind by glob- trade initiative which still needs ap- said the TPP would be “meaning- "The fact that Tramp has made it alisation, singling out trade deals proval from the Republican-domi- less” without the US. is his first priority (out of six) tosuch as the TPP as key culprits. nated Congress — as well as for rene- Abe. who attended an Asia-Pacific withdraw from TPP demonstrates

“On trade, I am going to issue our gotiating Nafta. Economic Cooperation (Apec) sum- his strong determination to kill (it),”notification of intent to withdraw Asian leaders have been scram- mit in Peru at the weekend, said said Matthias Helble, a research from the'Trans-Pacific Partnership, bling to save the TPP, and US Trade there had been no discussion there economist at the Asian Develop- a potential disaster for our country,” Representative Michael Froman among other TPP members about ment Bank Institute in Tokyo, said Tramp, who takes office Jan- warned last week that scrapping it pressing on with a deal that did not “Abe’s charm offensive to be theuary20. would have “serious” strategic and include the US. first foreign head of state to visit

“Instead, we will negotiate fair, bi- economic costs. “It is impossible to renegotiate it, Trump has failed.” AFP

‘Trump’s decision will not affect economic outlook’KUALA LUMPUR: P resid en t-elect backed TPP agreement, which in- Donald Trump’s calls to pull the volves four Asean states but not Chi- United States- out of the Trans-Pa-, na. Negotiations for RCEP involved cific Partnership (TPP) trade pact all 10 Asean member nations, in­will not change the Malaysian eco- eluding Australia, China, India, nomic outlook over the short or long' Ja p a n , Sou th K orea and New term, says Moody’s Analytics. Zealand.

The sovereign rating agency said The economies’ combined output Tramp’s move cam e as no surprise would account to almost 30 per cent as it was one of the promises he had of the world’s gross domestic prod- been campaigning on during the US uct (GDP).presidential election. However, Chambers said if this

When contacted by the Business was indeed the end of TPP, it might T i m e s y e s t e r d a y , A s s o c ia t e put the focus back on negotiating a economist Jack Chambers said: “In bilateral trade deal with the US, ne- our view, this doesn’t significantly gotiations for which began about a. alter the Malaysian economic out- decade ago, but were jettisoned in look over the short or long term.” favour of TPP.

Part of the reasons for this was Signed in February, TPP seeks to that he said Malaysia, as a member establish a free-trade zone between of Association of Southeast Asian the US and 11 other states 6f the Nations (Asean), was in the midst of Pacific Rim — Australia, Brunei, negotiating an even larger trade pact Canada, Chile, Jap an , Malaysia, — the Regional Com prehensive Mexico, New Zealand, Peru, Singa- Economic Partnership (RCEP). pore and Vietnam.

“As a result, there is a clear path The economies of TPP signatoriesforward for Malaysia in terms of make up 40 per cent of global trade, multilateral trade agreements.” with a combined GDP of US$28.3

The China-backed RCEP has been trillion (RM12S trillion) representing viewed as a rival deal to the US- 38 per cent of the global total.

2 3 NOV 2016TPP's fate hinges on remaining 11 nations, says OngKUALA LUMPUR: The Govern- and reconsider his decision when The countries involved are the Monday laying out actions he would ment says that the fate of the he assumes office. United States, Japan, Mexico, take on his first day in office onTrans-Pacific Partnership (TPP1 will “In the meantime, we will carry Canada, Australia, Malaysia, Chile, Jan 20.hinge on the remaining 11 coun- on with the domestic ratification Singapore, Peru, Vietnam, New These included withdrawing thetries following news that the United process, with 26 amendments to 17 Zealand and Brunei, which repre- United States from the TPP, which States will withdraw from the trade laws to be tabled in Parliament,” sent more than 40% of the world’s has gone through more than seven pact. Ong said after delivering a keynote gross domestic product. . years of negotiations.

Second International Trade and address at the Iron and Steel Ong said even if the United States Outgoing US president BarackIndustry Minister Datuk Seri Ong Conference: Sustainable Effort for quit the pact, it could still forge a Obama originally mooted the pact Ka Chuan, who disclosed this, said Malaysia’s Iron and Steel Industry bilateral trade agreement with to mitigate China’s rising influence certain clauses would need to be here yesterday. Malaysia because the volume . in the Pacific economies.amended. On Feb 4, trade ministers from 12 between the two countries was quite ____ __

“I still have hope for the TPP. countries inked the TPP in New substantial. I a j k Trump all set toI hope US President-elect Donald Zealand, paving the path for freer Trump, who campaigned for the I I Db |eave ppp eaiTrump will have a clearer viewtlf movement of goods and services US presidency on a promise to pull | J j | gee page 24the importance of the agreement between member economies. out of the TPP, released a video on Inn.....1

2 3 NOV 2016

Trump all set to leave TPP dealIt will happen on day one, says president-elect as he outlines prioritiesWASHINGTON: Donald Trump on Jan 20. the oil and gas sector and bring'said the United States would signal “Instead, we will negotiate fair M v a g e n d a Mill] back coal.its withdrawal from the Trans- bilateral trade deals that bring jobs i w i y a g c i i u a Trump also said he would askPacific Partnership (TPP) trade pact and industry back onto American b e b a s e d o n a s i m p l e defence officials to create plans to on his first day in the White House, shores,” he said. . . . ” protect the United States “fromone of six immediate steps aimed at Both the 12-nation TPP - signed COFS p r i n c i p l e ! cyber-attacks and all other form of“putting America first”. in February but not yet in force - n u t t i n p O m p r i r a attacks”.

The Republican billionaire - who and the 1994 North American Free H l l l c I lU a Sticking to his central pledge tofor 10 days has been sounding out Trade Agreement featured heavily f i r s t . cut government red tape, he prom-Cabinet picks at his Trump Tower in the brutal White House race. " ised “a rule which says that foroffices in New York - made the Trump said they harmed the US Donald Trump every one new regulation, two oldpledge in a short video message. economy and jobs and many see his ------------------------------:— -----:— regulations must be eliminated”.

The 70-year-old property tycoon victory as a repudiation of Though his own transition teamoutlined a list of priorities for his ever-deeper commercial ties. omist at the Asian Development includes several lobbyists, thefirst 100 days and executive actions Trump’s populist election plat- Bank Institute in Tokyo, said Republican also promised “a five-to be taken “on day one” - on half a form called for scuttling the TPP - Trump’s announcement that bilat- year ban on executive officials dozen issues from trade to immigra- President Barack Obama’s signa- eral trade deals would replace TPP becoming lobbyists after they leave tion, national security and ethics - ture trade initiative which still “comes at a high cost”. ' the administration”,in a push to “reform Washington needs approval from the “The outcome of 10 years of hard- There was no mention in the and rebuild our middle class”. Republican-dominated Congress - fought negotiations has been jetti- message of some of Trump’s biggest

“My agenda wifi be based on a as well as for renegotiating Nafta. soned,” Helble said. campaign, promises - notably hissimple core principle: putting Asian leaders have been scram- “The only glimmer of hope is that pledge to build a wall along theAmerica first,” said the presi- bling to save the trade pact.. Trump is not fully abandoning the Mexican border, deport millions ofdent-elect, whose campaign tapped Japanese Prime Minister Shinzo idea of trade opening.” immigrants, restrict Muslim immi-the anger of working-class Abe said that “TPP without the Trump’s pledge to pull out of the gration and repeal the Obamacare Americans who feel left behind by United States would be meaning- deal was one of six points on which healthcare law. globalisation. less”. he promised immediate executive The video was issued as the

It singled out trade deals such as The Japanese leader told report- action - which he can take without stream of would-be appointees con-the TPP as key culprits. ers in Buenos Aires that the 12 TPP Congressional approval. tinued at his New York headquar-

“On trade, I am going to issue our leaders who met in Lima on Trump said he would direct the ters. notification of intent to withdraw Saturday did not discuss putting the Department of Labor to investigate The day’s talk focused on the pos- from the Trans-Pacific Partnership, deal into effect without the United abuses of visa programmes “that sible nomination of retired general a potential disaster for our coun- States. undercut the American worker”. James “Mad Dog” Mattis as secre-try,” said Trump, who takes office Matthias Helble, a research econ- On energy, he pledged to boost tary of defence. — AFP

San

W ork done on TPPcan be put to good use% Ml-ssJ-a-.w-Ss 5* W " 1 rirsrln#*! irl-sa spent on the TPP and now, because of> I V i a a / S i d .i nj w. c , Trump, everything cannot move. If they|3f*0 C€IS.h ifltO ICS 'qTICI f!€ C|0 were to engage in FTAs, it will take timet o r o t h e r tr ? ;d s d e a l s : S c o n o e n is t e again,” he added.

Sunway University Business SchoolBY EVA YEONC the ongoing Regional Comprehensive Professor of Economics Prof Dr Yeahsuribiz@thesundaily.com Economic Partnership (RCEP) Kim Leng said fresh negotiations with

negotiations. the US will be tougher as they will takePETALINS JAVA: US President-elect SERC Sdn Bhd executive director off from a different starting point, givenDonald Trump may have sealed the fate Lee Heng Guie instead believes the that the US has hardened its position inof the much-debated Trans-Pacific government should continue with the terms of creation of jobs for Americans.Partnership (TPP), but economists ratification process regardless of the “The conditions will likely be tougherinsist that die work done in preparing outcome of the TPP. as it will be less open and less beneficialfor the TPP can be put to good use. “The government has already started to emerging countries because under

Institute for Democracy & Economic to ratify some of the laws. I think that Trump they want to protect jobs and Affairs (Ideas) chief executive Wan should continue, because some of the keep their companies onshore. It will beSaiful Wan Jan said with the expected regulations could be outdated. It is good more difficult,” he said, announcement of the US quitting the for us to continue ratifying all these so Yeah said with a more insular US,TPP once Trump takes office on Jan 20, that we are ready if any new trade Malaysia will have to explore otherit is important for Malaysia to “react” to initiatives come in,” he said. regional initiatives, particularly withinit in the right way. Since the signing of the TPP the free trade area of Asia Pacific while

“Thanks to the TPP negotiations, we agreement on Feb 4,2016, Malaysia has RCEP and the Asean-EU FTA have identified many issues that are identified 18 laws concerned and is in negotiations will become more urgenthurdles to our own liberalisation. We the process of amending them. upon the demise of the TPP.don’t have to ignore all these findings According to Lee, there are other He said the key thing is to developbecause we can still pursue the avenues that Malaysia can look into other bilateral trade and investmentliberalisation unilaterally,” he told such as free trade agreements (FTAs) agreements and regional initiatives.SunBiz in an email interview. with some of the members within the Yeah said the benefits of

“It depends on whether the TPP, including the US. globalisation can be pursued via othergovernment still remembers the “If you look at what Trump said, regional agreements but, with the UScommitment to liberalisation made in even though he said the first thing when likely to step aside, China and other our own NEM (New Economic Model), he is in office he will take off the TPP, he countries that are equally big are likely or has the government completely also mentioned that he will be to be the anchor economies. “Theforgotten them. If the NEM is still worth encouraging free trade. So, at this European Union is another trading blocthe paper it was written on, then we can moment, we are not too sure what he is that can provide a lot of market access, pursue the reforms as part of our own thinking about, but hopefully he is still a Not to forget, Asia as a whole is liberalisation process without the TPP.” believer of free trade,” he said. still very important for Malaysia”

Wan Saiful said Malaysia can push “Of course there will be protest,for the high standards set in the TPP for because so much time and effort were

Page 1 of 1 © 2016 Factiva, Inc. All rights reserved.

RUBBER-TOCOM extends gain to hit 17-month high on Shanghai rally

449 words22 November 201616:55Reuters NewsLBAEnglishCopyright 2016 Thomson Reuters. All Rights Reserved.TOKYO, Nov 22 (Reuters) - Benchmark Tokyo rubber futures rose to 17-month highs on Tuesday, extendinggains into a second session, led by a surge in Shanghai futures on speculative buying while firmer oil pricesalso lent support.

"It was another day of speculative trade," said Jiong Gu, an analyst with Yutaka Shoji Co.

"Shanghai rubber futures have been attracting lots of new funds from speculators amid some concerns overslower output in Thailand and higher demand in China," he said, adding that the Tokyo market had been justfollowing Shanghai.

The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery <0#2JRU:> finished 5.4 yen, or2.4 percent, higher at 229.5 yen ($2.07) per kg. Earlier in the session, it hit its highest since June 25, 2015 at233.4 yen.

Helped by a recovery in some commodity markets such as coal and steel and encouraging signals from topbuyer China, along with Beijing's tighter trucking rules that have boosted expectations of higher demand fortrucks, rubber prices have soared more than 50 percent since the end of August.

The most-active rubber contract on the Shanghai futures exchange for January delivery jumped 970 yuan tofinish 17,575 yuan ($2,551.91) per tonne after rising to as high as 17,940 yuan, the highest since July 2014.

"After the government issued regulations curbing trades of other commodities, hot money flew into rubberfutures and pushed up the price," said Quan Shuwen, a senior analyst with China's Dongwu Futures.

"In the short term, the downstream demand for rubber is quite good, like demand for tyres," she said, addingthat rubber price would rise further as there is no obvious sign that capital is flowing out.

Higher oil prices were also behind the bullish trend, dealers said. Oil prices rose to their highest since lateOctober as the market priced in an expected output cut led by producer cartel OPEC, but analysts warnedthat a failure to agree a cut could lead to a deepening supply glut by early 2017.

"Since Wednesday is a national holiday in Japan, we may see some profit-taking in overnight trade as it isdifficult to predict where the market is headed from here," Gu said.

The front-month rubber contract on Singapore's SICOM exchange for December delivery last traded at 174.5U.S. cents per kg, up 0.8 cents. ($1 = 110.9100 yen) ($1 = 6.8870 Chinese yuan) (Reporting by YukaObayashi in Tokyo and Hallie Gu in Beijing; Editing by Subhranshu Sahu)

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Latest China Commodity to See Huge Bounce: Rubber

554 words22 November 201611:58Dow Jones Newswires Chinese (English)RTNWEnglishCopyright © 2016, Dow Jones & Company, Inc.China's rubber-futures contracts are seeing more than a little speculative bounce.

Turnover in natural-rubber futures on the Shanghai Futures Exchange has risen 50% since November lastyear, while prices of the most widely traded contract are almost 50% higher since Oct. 10.

The move is the latest in a number of bubbles to appear in Chinese commodity prices. Prices for severalcommodities, including iron ore, rocketed in China as investors piled in after being chased out of stocks bybig price declines and a state crackdown on investment activities.

But even recent efforts by the Shanghai exchange to dampen enthusiasm for the commodity used in goodssuch as condoms and tires has done little to slow the rally in prices as investors chase returns in one of thebest-performing commodities so far in the fourth quarter.

"The current price of rubber futures is beyond what could be explained from a fundamental perspective," saidChen Li, an analyst at Huatai Futures Co., after it moved 6% to the highest level since January 2014. "Thisresembles the frenzied rally in coke a while ago."

The Shanghai Futures Exchange tried to temper enthusiasm for rubber, doubling intraday trading fees for thecommodity on Nov. 9. Prices have risen a further 29% since then. The Tokyo six-month rubber contract, theglobal benchmark that often takes its lead from the more liquid Shanghai contract, has also risen 20% sincethen.

Similar moves in steel-related commodities were more successfully quashed by new fees and restrictions onintraday open positions introduced by Chinese exchanges, with prices for the likes of coal starting tomoderate.

Yet there are some fundamentals behind the rally. Primarily, the glut of rubber that has weighed on themarket for several years and saw prices hit a near seven-year low in February has started to reverse.

The Association of Natural Rubber Producing Countries, which accounts for 90% of global output, reportedearlier in November that production was expected to grow just 0.4% in 2016, while demand was growing at amore rapid pace.

The "global natural-rubber industry is currently driven by favorable supply-demand fundamentals," saidSheela Thomas, Secretary General of the ANRPC.

Helping the demand picture is a sharp rise in car sales in China since October 2015, when the centralgovernment halved the 10% purchase tax on vehicles with 1.6-liter engines or smaller. So far this year,new-car sales in the world's largest car market have rebounded 15% from a year earlier, to 19 millionvehicles.

"Clearly the investors--be they retail or institutional--feel that the economy is getting better, which means inpart it's fundamentally driven," said Daniel Hynes, senior commodity strategist at Australia New ZealandBank. "Those markets where liquidity is quite small, it's not surprising that we've seen these types of gains,"he added.

Furthermore, weakness in both the Chinese yuan and Japanese yen has provided support for rubber-futurescontracts. As the global rubber trade is largely undertaken in U.S. dollars, prices in Shanghai and Tokyohave to move higher to account for the change in currency rates.

Page 2 of 2 © 2016 Factiva, Inc. All rights reserved.

Lucy Craymer and Yifan Xie contributed to this article

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22-11-16 0358GMT

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Asian Rubber Prices End Mostly Higher

By Vibhuti Agarwal217 words22 November 201619:08Dow Jones Institutional NewsDJDNEnglishCopyright © 2016, Dow Jones & Company, Inc.

Asian rubber prices ended higher on Tuesday, tracking a sharp rise in Shanghai rubber futures.

A surge in Shanghai rubber prices "spurred investors into action with a flood of buys," said Kaname Gokon atTokyo-based Okato Shoji brokerage.

A rally in crude-oil prices on hopes of a production cut at next week's meeting of the Organization of thePetroleum Exporting Countries also led to optimism among investors, he said.

The Tokyo Commodity Exchange rubber contract for April delivery ended 5.4 yen higher at Y229.50 ($2.07) akilogram.

The most-active rubber contract on the Shanghai futures exchange for January delivery rose 965 yuan tosettle at CNY17,570 ($2,549) a metric ton.

Asian Rubber FuturesNov 22 Change from previous close

Tocom Apr RSS3 Y229.5/Kg Up Y5.4Shanghai Jan SCR5 CNY17,570/ton Up CNY965Sicom Apr RSS3 203.0 US cents/Kg Up 1.6 US cents/KgSicom Mar TSR20 176.9 US cents/Kg Down 1.4 US cents/Kg

USS Nov THB62.55-THB63.21/Kg THB61.18-THB61.78/Kg

Write to Vibhuti Agarwal at vibhuti.agarwal@wsj.com

(END) Dow Jones Newswires

November 22, 2016 06:08 ET (11:08 GMT)

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