theSun | WEDNESDAY JUNE 3 2009 15

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Asean and South Korea

sign free trade agreement
SEOGWIPO (South Korea): Asean and cooperation in the energy sector “in the istry expects the agreement will go into EXCHANGE RATES JUNE 2, 2009
South Korea yesterday completed a free light of volatile energy prices, climate effect within a year.
trade agreement covering almost 650 change and the need for environmental Bernama reports that Minister of Foreign currency Bank sell Bank buy Bank buy
million people and vowing to fight pro- protection”. International Trade and Industry Datuk TT/OD TT OD
tectionism and work to tackle the global South Korea is pushing to further in- Mustapa Mohamed signed the agreement 1 US DOLLAR 3.5130 3.4480 3.4380
economic crisis. crease its presence and influence in Asean, on behalf of Malaysia. Najib being
1 AUSTRALIAN DOLLAR 2.8710 2.7460 2.7300
Leaders of the group of 10 Southeast which has a combined population of almost The signing of the agreement at the briefed by
Asian nations and South Korea ended a 600 million and gross domestic product of Jeju International Convention Centre on Berjaya 1 BRUNEI DOLLAR 2.4440 2.3850 2.3770
two-day summit pledging further coop- around US$1.3 trillion (RM4.55 trillion). Jeju was witnessed by Prime Minister Corporation 1 CANADIAN DOLLAR 3.2250 3.1460 3.1340
eration to boost Asia’s financial sector by Analysts said Seoul’s neighbours China Datuk Seri Najib Abdul Razak, all the other Berhad 1 EURO 4.9830 4.8620 4.8420
supporting the development of a stronger and Japan are already ahead in engaging Asean leaders and Korean president Lee chairman 1 NEW ZEALAND DOLLAR 2.3020 2.2000 2.1840
regional bond market. the regional bloc. Myung Bak. and chief 1 PAPUA N GUINEA KINA 1.4120 1.1670 1.1510
In an end-of-summit statement, they South Korea’s finance ministry said the The Ministry of International Trade and executive
1 SINGAPORE DOLLAR 2.4435 2.3850 2.3770
called for the speedy implementation of country sees Asean “as an export market Industry (MITI) said in a statement yesterday officer Tan
a US$120-billion (RM420 billion) emer- which can offset sluggish markets in the agreement will facilitate and encourage Sri Vincent 1 STERLING POUND 5.7880 5.6470 5.6270
gency currency pool agreed last month developed countries,” especially after the investments between Malaysia and South Tan Chee 1 SWISS FRANC 3.2900 3.2100 3.1950
with China and Japan to help East Asian global financial crisis. Korea, promote Malaysian outward invest- Yioun on the 100 ARAB EMIRATES DIRHAM 97.3900 92.1400 91.9400
economies fight financial stress. Apart from exports, Asean officials say ment to the region and further facilitate the Berjaya Jeju 100 BANGLADESH TAKA 5.5200 5.2000 5.0000
They also called for the setting up of an South Korean companies are expected integration of Malaysian companies into Resort being 100 CHINESE RENMINBI N/A N/A N/A
“independent surveillance unit” to detect to benefit from infrastructure spending, the regional economy. developed
100 DANISH KRONE 68.9200 63.3300 63.1300
signs of future financial crises before they which is a major part of government stim- According to MITI, Korean investments at Yerae-
hit the region and to assess countries ulus packages in Southeast Asia. Seoul will in Malaysia in the manufacturing sector Dong on 100 HONGKONG DOLLAR 46.1300 43.6800 43.4800
wanting to draw from the currency pool. also have better access to the region’s amounted to US$55.5 million (RM184.8 Jeju island 100 INDIAN RUPEE 7.7900 7.1500 6.9500
In an immediate move to strengthen massive wealth in natural resources million) last year and US$325.2 million on Monday. 100 INDONESIAN RUPIAH 0.0359 0.0310 0.0260
economic ties, Asean and Seoul signed including timber, rubber, oil and gas. (RM1.2 billion) in 2007. The project, 100 JAPANESE YEN 3.6620 3.5730 3.5630
an agreement to complete a free trade “The investment deal aims to provide Malaysia’s investments as in Korea, as located 100 NEW TAIWAN DOLLAR N/A N/A N/A
pact they hope will nearly double trade to protection for investments and investors,” reported by Bank Negara Malaysia, was on 73.2ha,
100 NORWEGIAN KRONE 58.7800 53.9900 53.7900
US$150 billion (RM535 billion) by 2015. South Korea’s Ministry of Foreign Affairs US$16.7 million (RM55.6 million) last year will be the
The Asean-Korea Investment Agree- and Trade said compared with US$6.9 million (RM23.7 biggest 100 PAKISTAN RUPEE 4.4600 4.1400 3.9400
ment is the final plank of the Framework in a state- million) in 2007. – Bernama holiday 100 PHILIPPINE PESO 7.6400 7.1700 6.9700
Agreement on Comprehensive Economic ment. resort in 100 QATAR RIYAL 97.9900 93.2100 93.0100
Cooperation that also covers trade in goods The min- Asia. 100 SAUDI RIYAL 95.1300 90.4900 90.2900
and services. The trade in goods pact went 100 SOUTH AFRICAN RAND 45.5100 41.8700 41.6700
into effect in 2007 and the services agree-
100 SRI LANKA RUPEE 3.1600 2.9000 2.7000
ment last month after talks began in 2005.
Last year two-way trade was worth 100 SWEDISH KRONA 49.0300 44.5800 44.3800
US$90.2 billion (RM315.7 billion), com- 100 THAI BAHT 11.0400 9.3600 8.9600
pared with US$46.4 billion (RM162.4 Source: Malayan Banking Berhad/Bernama
billion) in 2004.
In response to the global economic
downturn, they reaffirmed their “com- New CIMB fund to tap
mitment to do our outmost to stimulate
economic growth in the region and stand China’s high-growth sectors
firm against protectionism”.
“We agreed to take proactive and KUALA LUMPUR: CIMB-Principal Asset Management
decisive policy actions to restore market Bhd’s new fund, CIMB Islamic Greater China Equity Fund,
confidence and ensure continued financial will tap high-growth sectors in China which will benefit
stability to promote sustainable regional from the economic powerhouse’s stimulus package.
economic growth.” Its chief executive officer J. Campbell Tupling said as
They said strengthening the Asian bond investors were keen to invest in China for potential higher
gains, the company wanted to offer the opportunity for a
BERNAMAPIX

market will allow the region’s massive

savings to be used to fund development different type of investment.
projects and spur growth. This is the second fund that featured China team of-
There was also a pledge to expand fered by the company this year. – Bernama

briefs pressway (DUKE) which was completed

and opened in May this year. – Bernama

MRCB eyes projects worth MAS told to pay

RM4bil this year
KUALA LUMPUR: Malaysian Resources
Corporation Bhd (MRCB) aims to secure
RM4 billion worth of projects this year,
group managing director Shahril Ridza
Ridzuan said yesterday.
Shahril said the group, which recorded
a pre-tax loss of RM42.155 million last
year, also hoped to make a turnaround
this year.
“The group will focus on new commercial
property projects, especially in KL Sentral,”
he said at the company’s annual general
meeting here.
According to Shahril, the new projects
lined up to start in 2009 will transform KL
Sentral into one of the largest commercial
property developments in the country.
He said the KL Sentral project,
comprising offices, hotels and a retail mall,
will continue with its development up to
2016.
“This is the good time to roll out con-
struction projects as the prices of materials
have come down from the peak of last
year,” he added.
MRCB is also involved in infrastructure
projects, including the Duta-Ulu Kelang Ex-
compensation
KUALA LUMPUR: Malaysia Airlines (MAS)
said it has been ordered to pay US$9.8
million (RM34.3 million) in compensation
by the European Union after breaking a
contract with a German ground-handling
firm.
Proceedings were brought against
MAS by Advanced Cargo Logistic (ACL) in
September 2004 after the national carrier
breached an agreement to maintain its
European cargo hub at Germany’s Frankfurt-
Hahn airport for 10 years from 1999.
ACL had sought €62.7 million (RM307.23
million) at the arbitration panel.
But MAS said in a statement late Monday
it “is taking further advice on challenging
the award and resisting its enforcement”.
It added: “Due to prudent provisioning
in previous years, and given that the award
orders MAS to pay only about 10% of the
sum originally claimed by ACL in 2004, the
award was not expected to have a material
adverse impact on the financial position of
MAS.”
It was reported that the carrier had
RM3.57 billion ringgit in cash as of Dec 31
last year. – AFP