theSun | MONDAY APRIL 13 2009
business
UK still looking
at car scrappage
scheme
LONDON: Britain says it is still looking
into the possibility of introducing a car
scrappage scheme to boost the reces-
sion-hit vehicle industry, despite a report
that the Treasury was blocking the idea.
Under the proposed scheme,
cars more than nine years old could
be scrapped in return for a £2,000
(RM10,600) discount on a new car.
The Times newspaper reported on
Saturday that there was a deep rift
between Business Secretary Peter
Mandelson and the finance minister,
Alistair Darling, over the proposal.
The unsourced report said Mandel-
son wanted Darling to make a scrap-
page scheme the centrepiece of his
April 22 budget but said Darling was
concerned about the cost and terms of
the programme.
“Officials from both departments are
continuing to look at the possibilities of
such a scheme. However, no decision
has yet been taken,” a spokesman for
Mandelson’s department said when
asked for comment on the report.
A Treasury spokesman could not im-
mediately be reached for comment.
The aim of the scheme would be
to boost the car industry, whose sales
have slumped due to the recession,
while replacing older vehicles with more
environmentally friendly cars.
A similar scheme in Germany helped
lift new car registrations there by 40%
last month.
British car sales were down 30%
year-on-year last month.
The scrappage scheme is top of
the wish list for Britain’s struggling car
industry which is confident it will get a
boost in the budget.
“At the moment the scrappage
(measure) is getting more purchase ...
The Chancellor (Darling) has been keen
not to have announcements made out-
side of the budget,” the chief executive
of the Society of Motor Manufacturers
and Traders, Paul Everitt, told Reuters.
13
Bursa expected to continue
uptrend this week
SHARES on Bursa Malaysia are
expected to extend its rally this
the rally overnight on Wall Street.
The KLCI touched an intra-day
the previous Friday’s 2.897 billion
shares worth RM4.259 billion.
market summary
week on continuous strong buying high of 942.4 on Friday. The Main Board turnover
momentum in key heavyweights On a Friday-to-Friday basis, the went up to 3.760 billion units APRIL 10, 2009
particularly finance and planta- KLCI closed the week higher by worth RM5.654 billion from 2.628
tion related stocks, dealers said. 34.37 points to 941.38 compared billion units valued at RM4.151 INDICES CHANGE
They said this was because the with the preceding week’s 907.01. billion previously. FBMEMAS 6192.58 +164.10
market sentiment was expected The Finance Index increased Volume on the Second Board COMPOSITE 941.38 +23.49
to be favourable as it continues to 144.28 points to 7,015.36, the increased to 137.099 million INDUSTRIAL 2227.82 59.70
be positive with the new cabinet Plantation Index gained 224.77 shares valued at RM34.675 mil- CONSUMER PROD 293.99 +4.58
INDUSTRIAL PROD 69.77 +1.40
line-up and the reinforced inves- points to 4,918.59 and the Indus- lion from 101.281 million shares CONSTRUCTION 185.05 +3.35
tors’ confidence. trial Index added 91.07 points to worth RM27.708 million last
TRADING/SERVICES 126.75 +3.61
Analysts are also predicting 2,227.82. Friday. FINANCE 7015.36 +182.92
the Composite Index to touch 950 Of the FTSE-BM series, the Turnover on the Mesdaq Mar- PROPERTIES 555.67 +14.93
level this week as the buying mo- FBMEmas rose 243.83 points to ket advanced to 116.401 million PLANTATION 4918.59 +121.37
MINING 255.33 +12.16
mentum gets stronger especially 6,192.58, the FBM30 advanced shares worth RM16.011 million
FBMSHA 6537.57 +183.84
in heavyweights. 215.81 points to 6,047.76, the FB- from 75.774 million shares valued
FBM2BRD 4040.24 +49.16
During the week just ended, M2BRD went up 130.59 points to at RM10.826 million last week.
TECHNOLOGY 12.01 +0.53
the CI closed at a six-month high 4,040.24 and the FBM-MDQ was Warrants also rose to 117.156
of 941.38 fuelled by strong buying higher by 74.34 points at 3,108.20. million units valued at RM12.655 TURNOVER VALUE
momentum as investors reacted Volume for the week increased million from 81.837 million units 1.155bil RM1.298bil
positively to the new cabinet line- to 4.164 billion shares valued at worth RM6.394 million previ-
up. The gains was coupled with RM5.728 billion compared with ously. – Bernama
China planned US$10b fund at failed summit
BEIJING: China had planned to announce a US$10 China plans to establish a US$10 billion China- impoverished countries combat the global financial
billion (RM36 billion) infrastructure investment fund Asean investment cooperation fund to promote crisis, and will inject US$50 million (RM180 million) into
and offer credit to neighbours at a cancelled week- infrastructure that connects it to Asean nations, the China-Asean cooperation fund, Yang said.
end summit of Asian leaders in Thailand, its foreign Yang said. While not an Asean member, China’s growing
minister said. China has been active in building roads from its economic clout, huge market and competitive
Anti-government protesters forced the cancel- southern border through neighbouring Myanmar, exports make it an important participant in Asean
lation of the summit in Pattaya after they swarmed Laos, and Vietnam, to ease trade. summits, although tensions persist over competing
into the summit venue. It will also offer a credit of US$15 billion (RM54 claims to the South China Sea and Chinese plans
In an interview with state media on a flight back billion) to Asean countries, including preferential for dams that are opposed by other nations along
to China, Foreign minister Yang Jiechi avoided direct loans of US$1.7 billion (RM5.95 billion) for coopera- the Mekong river.
criticism of the Thai government while detailing tion projects, Yang said. China recently appointed its first ambassador
measures that Chinese premier Wen Jiabao had It plans to offer 270 million yuan (RM138.29 million) to Asean, after the 10-member grouping formally
planned to offer at the summit. in aid to Cambodia, Laos and Myanmar to help those adopted a charter. – Reuters