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    Thesun 2009-04-21 Page17 Rudd Says Australian Recession Inevitable

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    The document summarizes the performance of various stock market indices in Asia. It notes that shares on the Bursa Malaysia finished on a mixed note, with the KLCI index gaining 3.20 points to close at 968.37. Gains in heavyweights like Sime Darby, Tenaga Nasional and DRB-HICOM helped push the index higher. It also reports that Australian Prime Minister Kevin Rudd has conceded that Australia is heading toward an inevitable recession due to the severity of the global economic downturn. Rudd is addressing the economic challenges through stimulus packages worth more than A$50 billion.

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    Thesun 2009-04-21 Page17 Rudd Says Australian Recession Inevitable

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    The document summarizes the performance of various stock market indices in Asia. It notes that shares on the Bursa Malaysia finished on a mixed note, with the KLCI index gaining 3.20 points to close at 968.37. Gains in heavyweights like Sime Darby, Tenaga Nasional and DRB-HICOM helped push the index higher. It also reports that Australian Prime Minister Kevin Rudd has conceded that Australia is heading toward an inevitable recession due to the severity of the global economic downturn. Rudd is addressing the economic challenges through stimulus packages worth more than A$50 billion.

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    The document summarizes the performance of various stock market indices in Asia. It notes that shares on the Bursa Malaysia finished on a mixed note, with the KLCI index gaining 3.20 points to close at 968.37. Gains in heavyweights like Sime Darby, Tenaga Nasional and DRB-HICOM helped push the index higher. It also reports that Australian Prime Minister Kevin Rudd has conceded that Australia is heading toward an inevitable recession due to the severity of the global economic downturn. Rudd is addressing the economic challenges through stimulus packages worth more than A$50 billion.

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    18 views1 page

    Thesun 2009-04-21 Page17 Rudd Says Australian Recession Inevitable

    Uploaded by

    Impulsive collector
    The document summarizes the performance of various stock market indices in Asia. It notes that shares on the Bursa Malaysia finished on a mixed note, with the KLCI index gaining 3.20 points to close at 968.37. Gains in heavyweights like Sime Darby, Tenaga Nasional and DRB-HICOM helped push the index higher. It also reports that Australian Prime Minister Kevin Rudd has conceded that Australia is heading toward an inevitable recession due to the severity of the global economic downturn. Rudd is addressing the economic challenges through stimulus packages worth more than A$50 billion.

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    of 1

    theSun | TUESDAY APRIL 21 2009  17

    business KLCI
    STI
    968.37
    1,874.85
    3.20
    21.71
    Nikkei
    TSEC
    8,924.75
    5,781.66
    17.17
    26.28
    Hang Seng 15,750.91 149.64 KOSPI 1,336.66 7.39
    SCI 2,557.46 53.52 S&P/ASX200 3,769 7.70

    market summary APRIL 20, 2009 INDICES CHANGE


    FBMEMAS 6,383.53 +20.96
    Prices end on mixed note COMPOSITE
    INDUSTRIAL
    968.37
    2,238.34
    +3.20
    +8.63
    SHARES on Bursa Malaysia points to close at 968.37. UEM Land lost 3.5 sen to CONSUMER PROD 298.25 +0.47
    finished on mixed note yester- It had opened 1.73 points 95.5 sen and Chin Well eased INDUSTRIAL PROD 72.41 +0.17
    CONSTRUCTION 1 85.12 -2.09
    day as mild gains on selected higher at 966.90. 13 sen to 80.5 sen. TRADING/SERVICES 129.98 +1.25
    heavyweights, led by Sime Losers outnumbered gain- Of heavyweights, Sime FINANCE 7,369.95 -53.23
    Darby, Tenaga Nasional and ers by 327 to 233 while 198 Darby gained five sen to PROPERTIES 584.80 -4.68
    DRB-HICOM, pushed the key counters were unchanged, RM6.45, Tenaga Nasional went PLANTATIONS 4,933.09 +18.77
    index 0.33% higher, dealers 484 untraded and 36 others up 10 sen to RM7.20, Proton MINING 267.49 UNCH
    said. suspended. rose 34 sen to RM2.99 and FBMSHA 6,685.28 +27.85
    Overall, the market breath Among the actives, KNM DRB-HICOM perked 22.5 sen FBM2BRD 4,091.29 -2.65
    was positive and the bench- Group perked 1.5 sen to 54.5 to RM1.08. Maybank lost 10 TECHNOLOGY 12.27 -0.13 Oracle to acquire Sun for US$7.4bil
    mark Kuala Lumpur Composite sen and Axiata rose eight sen sen to RM4.30 and Telekom TURNOVER VALUE WASHINGTON: Business software giant Oracle an-
    Index managed to consolidate to RM1.91 while Axiata-OR Malaysia was flat at RM3.64. 796.464mil RM883.539mil nounced plans yesterday to buy struggling tech firm Sun
    its recent gains to gain 3.20 gained 8.5 sen to 69 sen. – Bernama Microsystems for US$7.4 billion (RM26.64 billion) including
    debt and cash.
    The deal comes after Sun reportedly rejected a take-

    Rudd says Australian


    recession than protectionism. over bid from computer giant IBM. It will boost Oracle, the
    “If there’s one core lesson number two software firm, by giving it the popular Java
    to learn from the events of the programming language and Solaris operating software for
    1930s, it’s this – when you are computer servers.
    faced with a synchronised global “The acquisition of Sun transforms the IT industry,
    economic recession, don’t make combining best-in-class enterprise software and mission-
    it worse by erecting protectionist critical computing systems,” Oracle chief executive Larry

    recession ‘inevitable’
    barriers against one another, be- Ellison said in a statement.
    cause you take what is already a “Oracle will be the only company that can engineer an
    bad situation and make it much, integrated system – applications to disk – where all the
    much worse,” he said. pieces fit and work together so customers do not have to
    “You shrink the global do it themselves,” he said.
    economy even more. You Sun chairman Scott McNealy hailed the merger as “an
    MELBOURNE: Prime Minister challenge facing the economy was addressing the issue shrink jobs even more. You industry-defining event”. – AFP
    Kevin Rudd conceded for the unequivocally yesterday, say- through economic stimulus shrink those businesses which
    first time yesterday that Aus- ing seven of Australia’s top 10 packages worth more than A$50 here depend on exports for their Bank of America Q1 profit triples
    tralia was heading for a reces- trading partners were in reces- billion (RM120 billion). “The survival.”
    sion, saying it was inevitable in sion and the country could not challenge for government is to NEW YORK: Bank of America yesterday said it had
    Rudd also defended the gov-
    the current global downturn. avoid the same fate. cushion the impact of recession net profit of US$4.2 billion (RM15.12 billion) the first
    ernment’s decision to guarantee
    “The worst global economic “The severity of the global on business and jobs, through quarter, nearly triple that of a year ago, on record
    bank deposits and inter-bank
    recession in 75 years means it’s recession has made it impos- the actions we take, through revenue of US$36 billion (RM129.6 billion).
    loans, saying it ensured Aus-
    inevitable that Australia will be sible for Australia to avoid economic stimulus strategy.” The robust earnings were boosted by Bank of
    tralian banks retained lines of
    dragged into recession,” Rudd a further period of negative The stimulus includes one- America’s acquisition of Wall Street investment bank
    credit in global markets.
    told a jobs forum in Adelaide. economic growth,” he said. off cash payments of up to A$900 Merrill Lynch, which contributed more than US$3
    “If I look at the comparisons
    He has previously couched Australia’s last recession (RM2,160) to more than seven billion to the government-rescued bank’s bottom
    between the stability of our
    his language carefully when was in the early 1990s but the million taxpayers, as Rudd’s line. – AFP
    financial system in the months
    discussing how the downturn economy posted its first negative centre-left Labor government’s since then against what has
    will hit Australia, refusing to use growth figures for eight years in attempts to kickstart spending. occurred in so many economies GSK buys Stiefel in US$3.6bil deal
    the word recession in the face of the final quarter of 2008, and is It also includes spending around the world, this was the LONDON: British pharmaceutical giant GlaxoSmithKline
    repeated questioning. expected to do the same in the A$28.8 billion (RM69.12 billion) right thing to do,” he said. said yesterday that it has agreed to buy US-based Stiefel
    Instead, he had said it would first three months of 2009. on schools, housing and roads Rudd’s comments coincided Laboratories in a deal worth up to US$3.6 billion (RM12.96
    be “virtually impossible” for That would officially tip over four years and tax breaks with the release of official data billion).
    Australia’s economy to record Australia into recession, usu- for small businesses. showing the producer price in- “GSK and Stiefel Laboratories today announced that
    positive growth amid the global ally defined as two consecutive Rudd said expansionist dex – the wholesale prices paid they have signed an agreement to create a new world-
    financial crisis. quarters of negative growth. stimulus policies were a better by business – fell for the first leading specialist dermatology business,” the pair said in
    But he spelled out the Rudd said the government way of dealing with the global time in six years. – AFP a joint statement. – AFP

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