FBM KLCI 1649.36 4.27 KLCI FUTURES 1641.00 1.00 STI 2730.80 37.01 RM/USD 4.0060 CPO RM2632.00 3.00 OIL US$45.37 0.36 GOLD US$1294.00 21.70 PP 9974/08/2013 (032820) PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST) MONDAY MAY 9, 2016 ISSUE 2162/2016 Unhappy with DTT FINANCIAL fee, Media Prima says it may exit FTA MAKE BETTER space DAILY DECISIONS 5 HOME BUSINESS www.theedgemarkets.com 3 HOME BUSINESS ANZ’s exit a game changer for AMMB? 5 HOMEHOME BUSINESSBUSINESS F&BF&B stocksstocks shineshine amidamid depresseddepressed milkmilk pricesprices 7 HOMEHOME BUSINESSBUSINESS Seriously, it's the EPF’sEPF’s investment assets moremore thanthan tripletriple over 15 yearsyears ONLY property portal 144 COMMENTCCOOMMMEENT you need HousingHousing is jobjob smart! NoNo 1 for London’sGet @ newnew mayormayor Find your next home 16171617 FOCUS .com Th is is where bad bankersbankers Property Thgo to prisonpreEdgeison 20 WORLD Australia’s PM Turnbull calls July 2 election FBM KLCI 1649.36 4.27 KLCI FUTURES 1641.00 1.00 STI 2730.80 37.01 RM/USD 4.0060 CPO RM2632.00 3.00 OIL US$45.37 0.36 GOLD US$1294.00 21.70 PP 9974/08/2013 (032820) PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST) MONDAY MAY 9, 2016 ISSUE 2162/2016 Unhappy with DTT FFINANCIALINANCIAL fee, Media Prima says it may exit FTA MAKE BETTER space DDAILYAILY DECISIONS 5 HOME BUSINESS www.theedgemarkets.com 3 HOME BUSINESS ANZ’s exit a game changer for AMMB? 5 HOME BUSINESS F&B stocks shine amid depressed milk prices 7 HOME BUSINESS EPF’s investment assets more than triple over 15 years 14 COMMENT Housing is job No 1 for London’s new mayor 1617 FOCUS Th is is where bad bankers go to prison 20 WORLD Australia’s PM Turnbull calls July 2 election 2 MONDAY MAY 9, 2016 • THEEDGE FINANCIAL DAILY For breaking news updates go to www.theedgemarkets.com ON EDGE TV IN BRIEF www.theedgemarkets.com IMF urges action as ‘Saudi to maintain negative rates infect Danish property market COPENHAGEN: After almost four years of negative inter- est rates, Danish policymak- stable oil policies’ ers need to act now to prevent a housing bubble, according The Donald to the International Monetary Drumpfs All Fund (IMF). “We strongly en- After a major government overhaul courage the authorities to take early action to lean against the wind on house price increases,” RIYADH: Th e new energy minister to head an expanded energy, indus- developers of US shale oil. David Hofman, IMF mission of Saudi Arabia, the world’s biggest try and mineral resources portfolio. Major oil producers failed to chief to Denmark, said in an oil exporter, yesterday pledged con- His predecessor Naimi had led reach an agreement on freezing interview. “We see a need for tinuity in the kingdom’s oil policy, the now-defunct ministry of pe- output in Doha last month as Saudi action on a number of points.” after being named in a major gov- troleum and mineral resources for Arabia insisted any deal must in- No country has experienced ernment overhaul. about two decades. clude all Opec members, including negative rates longer than Den- “Saudi Arabia will maintain its rival Iran which boycotted the talks. mark and the way the policy stable petroleum policies,” Khalid See related story on Page 19 Th e price collapse, from above plays out will hold lessons for al-Falih said in a statement a day US$100 in early 2014 to less than other economies, Hofman said. after King Salman appointed him to Naimi oversaw a major change US$45 (RM180) last Friday, has in- — Bloomberg replace long-time former oil min- in policy towards the end of his tensifi ed Saudi eff orts to diversify The Edge Communications Sdn Bhd ister Ali al-Naimi. tenure when the Organization of the economy away from oil which Zimbabwe suspends (266980-X) tax chief, managers Level 3, Menara KLK, No 1 Jalan PJU 7/6, “We remain committed to main- the Petroleum Exporting Countries makes up the majority of its revenue. Mutiara Damansara, 47810 Petaling Jaya, taining our role in international en- (Opec) refused to cut production Falih was appointed as part of HARARE: Zimbabwe’s tax au- Selangor, Malaysia ergy markets and strengthening our despite a price plunge. a government shake-up that saw thority, Zimra, has suspended position as the world’s most reliable Instead, Opec kingpin Saudi several ministries merged in what its chief and fi ve managers in supplier of energy,” Falih added. Arabia focused on protecting its analysts said refl ected the govern- connection with the purchase Publisher and Group CEO Ho Kay Tat Salman placed Falih, the chair- market share and driving out less ment’s determination to diversify of luxury cars which were un- man of state oil giant Saudi Aramco, competitive players, including the the economy. — AFP dervalued by a local dealer in EDITORIAL order to pay lower import duty, For News Tips/Press Releases Tel: 03-7721 8219 Fax: 03-7721 8038 it said yesterday. Critics and Email: [email protected] the opposition accuse Presi- dent Robert Mugabe, in power Senior Managing Editor Azam Aris since independence in 1980, of Executive Editors Kathy Fong, Pro-EU Osborne rips plan to quit Jenny Ng, Siow Chen Ming, failing to tackle high-level graft, Surinder Jessy, Ooi Inn Leong and say endemic corruption is Associate Editors R B Bhattacharjee, single market as ‘catastrophic’ one reason that foreign com- Joyce Goh, Jose Barrock, panies are hesitant to invest. Vasantha Ganesan Editors Cindy Yeap, Kang Siew Li Many Zimbabweans perceive Assistant Editors Adeline Paul Raj, BY ALEX MORALES movement of people, goods and offi cials at Zimra to be corrupt Tan Choe Choe services within a single market that and the suspension will only Chief Copy Editor Halim Yaacob LONDON: United Kingdom (UK) also grants access to Iceland, Liech- reinforce their views. — Reuters Senior Copy Editor Melanie Proctor Copy Editors Evelyn Chan, Chancellor of the Exchequer tenstein, Norway and Switzerland George Osborne said the plan by through separate agreements. ‘Gupta family buys Tham Yek Lee, Tham Kid Cheng US$30m mansion in Dubai’ Art Director Sharon Khoh Brexit campaigners to also quit With last Th ursday’s local and re- Design Team Cheryl Loh, Europe’s single market would be gional elections completed, the UK’s JOHANNESBURG: Th e Gupta Valerie Chin, Aaron Boudville, Aminullah Abdul Karim, “catastrophic” for the economy, political focus will shift to June 23’s family, friends of South African Yong Yik Sheng, Tun Mohd Zafi an as the two sides ratcheted up the referendum, which Prime Minister President Jacob Zuma, bought a Mohd Za’abah, Noorain Duasa rhetoric with less than seven weeks David Cameron agreed to hold in 445 million rand or US$30 million until a referendum on Britain’s Eu- part to pacify lawmakers within his (RM120 million) residence in the EDITORIAL ADMINISTRATION Manager Katherine Tan ropean Union (EU) membership. Conservative party. Th e campaign Emirates Hills section of Dubai, Assistant Manager Madeline Tan “Th at would be catastrophic for Osborne: That would be catastrophic has exposed divisions among the the City Press newspaper report- Senior Coordinator Maryani Hassan people’s jobs and their incomes and for people’s jobs and their incomes and Tories, with Gove among a handful ed, citing two unidentifi ed peo- their livelihoods,” Osborne said on their livelihoods. Photo by Bloomberg of cabinet ministers campaigning ple. Th e home has 10 bedrooms, CORPORATE Managing Director Au Foong Yee ITV television’s Peston on Sunday in opposition to their leader, who 13 bathrooms, nine reception Deputy Managing Director programme. “Some people might “We should be outside the sin- supports remaining in the bloc. rooms and space for 11 cars, the Lim Shiew Yuin think that wrecking the economy is gle market,” Gove said. “We should Two former UK intelligence chiefs Johannesburg-based newspaper a price worth paying. I absolutely have access to the single market yesterday said the nation would be reported yesterday. Gupta fami- ADVERTISING & MARKETING To advertise contact reject that.” but we should not be governed by safer by remaining in the EU, because ly spokesman Gary Naidoo told GL: (03) 7721 8000 He was referring to a comment the rules that the European Court cooperating with 27 other member City Press he won’t be providing Fax: (03) 7721 8288 made an hour earlier on the BBC’s of Justice imposes on us, which nations means Britain is better placed “running commentary on the Chief Marketing Offi cer Andrew Marr Show by Justice Secre- cost business and restrict freedom.” to tackle threats ranging from Islam- Gupta family. Th ey, like any fam- Sharon Teh (012) 313 9056 General Manager, Digital Media tary Michael Gove, a leading Brexit Th e EU is a 28-nation bloc, all ic State terrorism to cyberattacks by ily, have a right to privacy and a Kingston Low (012) 278 5540 campaigner. of whose members allow the free hostile governments. — Bloomberg family life.” — Bloomberg Senior Sales Managers Fong Lai Kuan (012) 386 2831 Peter Hoe (019) 221 5351 Gregory Thu (012) 376 0614 Creative Marketing Trump’s Fed position befi ts a banana republic Chris Wong (016) 687 6577 Head of Marketing Support & Ad Traffi c Lorraine Chan (03) 7721 8001 BY ROB COX Email: [email protected] strong dollar,” he said, but it cre- Th is autonomy separates the Fed Republican Ronald Reagan kept ates havoc in markets and trade, from, say, its counterparts in Ven- Paul Volcker, a Democrat named OPERATIONS NEW YORK: Donald Trump is making while higher rates would make it ezuela or the People’s Republic of by Jimmy Carter, for a second term.