Latest News
Mar 2017 21

'Tidal wave' at M'sian exchange, foreigners buy RM1.67bil last week

PETALING JAYA: Foreigners who had shied away from Bursa Malaysia in the last two years, have been steadily buying for more than a month now. They hit a high last week, signalling their firm re-entry into the stock exchange....

PETALING JAYA: Foreigners who had shied away from Bursa Malaysia in the last two years, have been steadily buying for more than a month now. They hit a high last week, signalling their firm re-entry into the stock exchange.

Last week, foreign investors were net buyers, investing RM1.76bil in the exchange, the highest since after the 13th general election (GE13) in May 2013.

Calling it a “tidal wave” on Bursa Malaysia, MIDF Resarch noted that foreign liquidity dominated trading volumes and value in line with rising optimism towards the Malaysian market.

The last time the net amount had even exceeded RM1bil was in March last year.

 

Bursa Malaysia also saw overall turnover hit a staggering 6.01 billion shares yesterday – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

The benchmark index closed at 1,749.41 points, representing a 0.24% increase. It is the highest closing since August 2015.

The broader market remains in a positive mood with 546 gainers versus 421 losers while 355 counters were untraded.

Among Bursa Malaysia’s top traded stocks by volume, five counters broke the 200 million shares mark in total intraday turnover. The penny stocks that have seen renewed buying interest recently include PUC Founder (MSC) BhdDataprep Holdings Bhd and Olympia Industries Bhd.

“We are seeing improved investor confidence in the markets over the past two weeks. After the first wave of indiscriminate buying of blue chip counters, now we are seeing a flow of funds into mid-caps and penny stocks,” said one remisier of a local investment brokerage.

While blue chip stocks seem to have taken a breather following a strong performance throughout last week, yesterday logistics players and penny stocks were the clear winners (see story on page 2).

On the flow of foreign funds, MIDF Research said in a fund flow report that foreign investors had been net buyers on the local stock exchange for six consecutive weeks.

As of last Friday, it noted, foreigners were net buyers on the Bursa Malaysia for six consecutive days. At the same time, local institutions realised some profits after offloading RM1.58bil worth of shares last week.

“On Friday, the buying turned into a frenzy. Foreigners acquired a massive RM816mil, the highest since May 7, 2013, two days after the GE13,” it said.

The research house said the average amount taken up per day during the six days was RM305mil.

“In March 2016, when trading on Bursa Malaysia was this intense, the average amount mopped up was only RM264mil,” it added.

As a percentage of total volume traded, foreigners dominated the market with average daily trade value (ADTV) rising to RM1.69bil last week. It was a 71% increase compared with the preceding week.

“The return of foreign investors has accorded a much needed breathing space for local investors to lighten their position and realise profits,” MIDF Research said.

The research house said the retail market remained vibrant as retailers took advantage of the foreign liquidity to offload RM180mil last week.

“Retailers and local institutions who have been buying when the market was weak for more than a year now obviously took advantage of the buying spree by foreigners,” said a dealer.

Retail ADTV climbed to RM1.2bil last week, exceeding RM1bil for the second consecutive week. Foreigners have been net sellers of Bursa Malaysia for the past two years. Last year the net foreigner outflow of funds from Bursa Malaysia was RM3.2bil, a considerable reduction compared to RM19.7bil in 2015.

Source: The Star

Language English
Mar 2017 15

IOSCO picks Kuala Lumpur as its hub in Asia-Pacific

PETALING JAYA: The International Organisation of Securities Commissions (IOSCO) has launched its Asia-Pacific hub in Malaysia to further develop capital markets and strengthen regulatory capabilities in the region. The...
PETALING JAYA: The International Organisation of Securities Commissions (IOSCO) has launched its Asia-Pacific hub in Malaysia to further develop capital markets and strengthen regulatory capabilities in the region.
 
The Asia-Pacific hub is located at the Securities Commission (SC) building in Kuala Lumpur, and it will be IOSCO’s first presence outside of its headquarters in Madrid, Spain.
 
The hub would play an instrumental role in building the regulatory capabilities of developed and emerging jurisdictions in the Asia-Pacific region, which includes six of the G20 members, the SC said in statement. 
 
It added that the hub would promote the transfer of knowledge, expertise and best practices from across IOSCO’s wide membership, and would contribute to ongoing efforts to develop and strengthen the resiliency of capital markets.
 
“The selection of Malaysia as the host of the first ever regional hub reinforces the country’s efforts in building a high quality and well-regulated capital market. 
 
“The hub in Malaysia will foster greater connectivity and inclusiveness within the Asia-Pacific region, and is a reflection of the SC’s commitment in facilitating greater cross-border collaboration,” SC chairman and vice-chairman of the IOSCO board, Tan Sri Ranjit Ajit Singh, said in the statement.
 
“The launch of the IOSCO Asia-Pacific hub in Kuala Lumpur marks an important milestone for IOSCO, delivering quality capacity building for all IOSCO members, particularly for developing and emerging markets in the Asian region,” IOSCO board chairman and Hong Kong Securities and Futures Commission chief executive officer Ashley Alder said.
 
The IOSCO is the world’s leading body of capital market regulators which oversee markets of over US$140 trillion and is the global standard maker for capital market regulation. It was established in 1983 and has members from over 115 jurisdictions collectively regulating more than 95% of markets worldwide. 
 
The body develops and promotes the implementation of global standards for capital market regulation. 

Source: The Star 15/3/2017
Language English
Feb 2017 13

Asia remains vibrant

Moody’s says it’s still among fastest-growing regionsKUALA LUMPUR: Moody’s Investors Service says Asia will remain among the fastest-growing regions globally in 2017, but it faces several challenges that could weigh on...

Stabilising industries: A woman works at a textile factory in Nantong, China. Asian industrial activity and merchandise exports have shown signs of stabilisation, following a mild contraction in 2016. — AFP
Moody’s says it’s still among fastest-growing regions


KUALA LUMPUR: Moody’s Investors Service says Asia will remain among the fastest-growing regions globally in 2017, but it faces several challenges that could weigh on credit conditions for Asian debt issuers.
 

“Challenges surrounding China’s structural reforms, higher interest rates in the US, rising protectionist sentiment in advanced economies, potential political shifts in the EU, and elevated leverage in Asian economies – all pose risks in the year ahead,” said Michael Taylor, a Moody’s managing director and chief credit officer for Asia-Pacific, in a statement.

“Nevertheless, Asian sovereigns, companies and banking systems demonstrate inherent strengths that will help them withstand these challenges,” added Taylor.

 

Moody’s analysis is contained in its just-released report titled “Asia Credit – 2017 Outlook: Challenging Global Environment to Test Asia’s Robust Credit Fundamentals”.
 

Moody’s report said that China’s (Aa3 negative) multi-pronged fiscal and monetary policies kept its gross domestic product (GDP) growth at 6.7% in 2016, which reduces downside risks to the regional growth outlook in the near term.

However, investment-led growth could be difficult to sustain, as it leads to higher debt levels in the state-owned enterprises and private corporate sector, exacerbating long-term structural challenges.
 

In the absence of effective reforms to maintain productivity and address high leverage in the economy, structural imbalances will continue to weigh on China’s outlook and erode corporate and bank credit quality over time.
 

As for India (Baa3 positive), Moody’s said the country demonstrated relatively robust growth prospects in the medium term – owing to its favourable demographics, immense potential for productivity catch-up and encouraging progress on structural reforms, despite a short-term economic disruption from the implementation of demonetisation measures in late 2016. 

Asian industrial activity and merchandise exports have shown signs of stabilisation, following a mild contraction in 2016, which bodes well for future economic growth.

 

Although GDP in some Asian economies, such as Mongolia (Caa1 stable), Malaysia (A3 stable) and Papua New Guinea (B2 stable), have fallen short of Moody’s previous forecasts, Moody’s expects the near-term growth outlook in the region will improve.
 

With non-financial corporates in Asia, the report says that for Moody’s-rated non-financial companies in Asia, stabilising economic growth and a mild recovery in global commodity prices will support revenues and cashflow for many sectors.


In particular, Asian companies should see a slight improvement in leverage metrics in 2017, owing to moderate earnings growth.

Moody’s estimates that debt/EBITDA (earnings before interest, taxation, depreciation and amortisation) for Moody’s-rated corporates remained elevated at 5.1 times at end-2016, on a trimmed average basis.

 

Moody’s expects leverage on the same basis to improve slightly to 4.9 times in 2017. This result will mark a turning point, because leverage has deteriorated steadily from 3.8 times in 2011.
 

For the banking sector, Moody’s holds negative outlooks on six of 16 banking systems in the Asia-Pacific.

In terms of individual bank outlooks, one-quarter of Asian banks carry negative outlooks compared to 6% at year-end 2015. This result mainly reflects Moody’s expectation that a more challenging operating environment for the banks in the region could lead to a deterioration in their asset quality and profitability.
 

The divergence in Moody’s outlooks for Asian banks (negative) and corporates (stable) is explained by the banks’ much higher exposure to unrated companies, and to overleveraged households in some countries.


Further downside risks for the banks come from the build-up of corporate and household indebtedness in some Asian economies, downward pressures on domestic currencies, amid volatile capital flows, and elevated housing prices in parts of the region.
 

Nevertheless, these risks are partly contained by the banks’ solid and growing capital buffers, with Indian, Vietnamese and Sri Lankan banks representing negative outliers.


Moreover, the vast majority of Asian banks are deposit-funded, a credit strength. Another buffer is the banks’ good level of reserves against problem loans, with an average 120% ratio for Moody’s-rated banks.


Source: The Star

Language English
Feb 2017 2

Phase one of Companies Act 2016 comes into effect

 KUALA LUMPUR: The Companies Act 2016 (CA 2016) will be implemented over several stages, starting with phase one which came into effect on Jan 31.The Companies Commission of Malaysia (SSM) said on Wednesday that with...


 

KUALA LUMPUR: The Companies Act 2016 (CA 2016) will be implemented over several stages, starting with phase one which came into effect on Jan 31.

The Companies Commission of Malaysia (SSM) said on Wednesday that with the enforcement of the first phase, the Companies Act 1965 is hereby repealed.

However, it pointed out that several provisions in the CA 2016 which have yet to be effective are:

Section 241 – provision relating to the requirement for company secretaries to register with Registrar; and

 

Division 8 of Part III – provisions relating to corporate rescue mechanisms on corporate voluntary arrangement and judicial management.

SSM said a company may be incorporated by or have only one member and that single member can also be the sole director of the company. However, for public companies, the CA 2016 still retains the minimum requirement of two directors.

The CA 16 also sees the change of “certificate of registration” to “notice of registration”

SSM will issue a notice of registration for the incorporation of a new company to confirm that provisions relating to the requirements for registration have been complied with in line with the requirement of the law. 

Under the CA 2016, a company does not have to state its authorized capital. Instead, a company is required to notify its issued share capital and paid-up capital and the related changes through the return of allotments.

It said from Jan 31, 2017, any newly issued share will no longer be tied with the nominal value when the company was incorporated. A company may issue shares at a price depending on the factors affecting the current circumstances and needs of the company.

SSM also pointed out that a company incorporated from Jan 31, 2017, has the option whether to adopt a constitution or otherwise. 

For a company which was incorporated before the CA 2016 came into effect, the existing constitution (memorandum & articles of association) will continue to be applicable to such companies until the companies resolve otherwise. However, it is still mandatory for a company limited by guarantee to have a constitution.

Effective from Jan 31,  2017, a company has the option to have a common seal. Execution of documents must comply with the procedures outlined under Division 9 of Part II including situations when a company decides to have a common seal.

Beginning from Jan 31, 2017, all private companies are no longer required to hold annual general meetings. Instead all decisions of private companies can be fully made through circular resolutions.

Under the CA 2016, the requirement to lodge Annual Returns is based on the anniversary of the incorporation of a company, and the date for the lodgement of Financial Statements is no later than seven months from the financial year end of the company.

SSM advised the owners of the company to take into account of the changes when reviewing, formulating or implementing policies and procedures which may affect companies when dealing with the ministry/department/agency/organisation. 

It also said this was to ensure that the business friendly policies which are contained in the CA 2016 can be implemented efficiently and the benefits could be enjoyed by the business community in general.

Apart from the CA 2016, SSM will also enforce the Interest Schemes Act 2016 from Jan 31, 2017. 

The Interest Schemes Act regulates the offering of interest schemes as an alternative to fund raising activities for companies. The provisions in the Interest Schemes Act were previously contained in the Companies Act 1965.

 

Source: The Star

Language English
Jan 2017 27

BNM now stronger, more transparent, accountable

KUALA LUMPUR: Bank Negara Malaysia (BNM) says recent media coverage on foreign exchange (forex) losses referred to events that occurred nearly 25 years ago. In a statement issued on Friday, the central bank said it has...

KUALA LUMPUR: Bank Negara Malaysia (BNM) says recent media coverage on foreign exchange (forex) losses referred to events that occurred nearly 25 years ago. 

In a statement issued on Friday, the central bank said it has moved forward, stronger, more transparent and accountable. 

“Under the current challenging and uncertain global environment, it is important that we focus on ensuring our financial system and the economy remain resilient and stable,” BNM added.

 

Source: The Star

Language English
Jan 2017 25

EPF signs Malaysian code for institutional investors

PETALING JAYA: The Employees Provident Fund (EPF) has become a signatory to the Malaysian Code for Institutional Investors as part of its aim to promote good corporate governance in Malaysia. In a statement yesterday,...
PETALING JAYA: The Employees Provident Fund (EPF) has become a signatory to the Malaysian Code for Institutional Investors as part of its aim to promote good corporate governance in Malaysia.
 
In a statement yesterday, the EPF said it had been actively involved in the development of the code, which was officially launched on June 27, 2014 by the Securities Commission (SC).
 
The SC launched the code to create transparency and accountability among institutional investors.
 
In the same statement, EPF chief executive officer Datuk Shahril Ridza Ridzuan said signing the code reinforced the EPF’s commitment as a responsible investor in ensuring a high level of accountability and transparency.
 
He added that it was also part of the EPF’s aim of promoting best practices of corporate governance among investee companies in Malaysia.
 
“As one of the largest institutional investors and major players in the local financial market with over 34% of total assets of RM713bil (as at the third quarter of 2016) invested in the equity market, the adoption of the code will exert significant influence over our investee companies due to the substantial stake that we hold,” said Shahril.
 
The industry-driven code, which consists of six principles, aims to promote effective stewardship by institutional investors such as the disclosure of stewardship policy, monitoring and engagement with investee companies and managing conflict of interest.
 
It encourages institutional investors to practise corporate disclosure and transparency, which, in turn, would lead to sustainable long-term value-creation to shareholders.
 
Shahril said since the launch of the code in 2014, the EPF has already taken measures to fully embrace and adopt all six principles under the code.
 
Source: The Star
Language English
Jan 2017 24

Dollar falls further in Asia amid trade jitters

SYDNEY: The dollar hit the skids in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.The talk of...

SYDNEY: The dollar hit the skids in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.

The talk of trade wars favoured safe-haven Treasuries and the Japanese yen while subduing stocks, particularly as Asian companies have much to lose from U.S. tariffs. Nikkei futures pointed to more losses for Tokyo shares.

Sentiment took a fresh blow when U.S. Treasury Secretary nominee Steven Mnuchin told senators that he would work to combat currency manipulation but would not give a clear answer on whether he views China as manipulating its yuan.

In written answers to a Senate Finance Committee, Mnuchin also reportedly said an excessively strong dollar could be negative in the short term.

 

The dollar duly skidded as far as 112.52, breaking last week's 112.67 trough and the lowest since late November. Its 1.7 percent loss on Monday was the largest since July 29.


Against a basket of currencies, the dollar index was down 0.8 percent at 99.963, while the euro hopped up to $1.0764 . Both were levels last seen in early December.

While Trump promised "massive" cuts in taxes and regulations on Monday, he also formally withdrew from the Trans-Pacific Partnership trade deal and talked of big border taxes.

"It's interesting that markets did not respond positively to a reaffirmation of lower taxes and looser regulation, reinforcing the impression that all the good news is discounted for now," wrote analysts at ANZ in a note.

"As week one in office gets underway, there is a growing sense of scepticism, not helped by the tone of Friday's inaugural address and subsequent spat with the media."

Doubts about exactly how much fiscal stimulus might be forthcoming helped Treasuries rally. Yields on 10-year notes dropped 6 basis points to 2.401 percent, the steepest single-day drop since Jan. 5.

Two-year yields fell 5 basis points to 1.147 percent, narrowing the dollar's premium over the euro to 183 basis points from a recent top of 207 basis points.

Wall Street lost just a little of its recent gains. The Dow Jones fell 0.14 percent, while the S&P 500 .SPX lost 0.27 percent and the Nasdaq 0.04 percent.

Shares in Qualcomm Inc dived almost 13 percent after it was sued by Apple on Friday.

The drop in the dollar boosted gold to a two-month high and the precious metal was last trading at $1,217.75 an ounce .

Oil prices went the other way as signs of a strong recovery in U.S. drilling largely overshadowed news that OPEC and non-OPEC producers were on track to meet output reduction goals.

Brent crude was quoted down 14 cents at $55.35 a barrel, while U.S. crude futures eased 47 cents to $52.75. 

 

Source: The Star

Language English
Jan 2017 23

Malaysia regulator updates rules for MOG listings

Securities Commission Malaysia has come out with a new framework for the listing of mineral, oil and gas (MOG) firms, the regulator said. The move follows a consultation paper released last October, when SC sought to...
Securities Commission Malaysia has come out with a new framework for the listing of mineral, oil and gas (MOG) firms, the regulator said.
 
The move follows a consultation paper released last October, when SC sought to refine the criteria for IPOs of companies in the MOG sector. The regulator said at the time that it saw increasing interest in the listing of MOG companies, both directly through IPOs and indirectly through acquisitions by listed companies.
 
The new framework, effective March 20, amends the guidelines for equity, prospectus and asset valuation.
 
The amended guidelines aim to provide clarity on the types of MOG businesses considered suitable and eligible for listing on the main market of Bursa Malaysia, particularly those engaged in early stage exploration and extraction of MOG resources, SC said.
 
These include additional requirements for MOG corporations to be eligible for listing on the local bourse, such as demonstrating adequate MOG assets under their portfolio. The new framework covers listings of MOG firms either directly through IPOs, indirectly through acquisition by listed companies, or qualifying acquisition by special purpose acquisition companies.
 
The regulator said it believes the new rules will enable investors to make better informed decisions on the merits and risks of investing in MOG businesses, while providing additional fundraising avenues for these companies.
 
Source: Global Capital
Language English
Jan 2017 20

Bank Negara holds rate on expectation of higher inflation

PETALING JAYA: Bank Negara is maintaining the benchmark overnight policy rate (OPR) at 3% on expectation that inflation will average higher this year due to stronger oil prices.Inflation as measured through the consumer...

PETALING JAYA: Bank Negara is maintaining the benchmark overnight policy rate (OPR) at 3% on expectation that inflation will average higher this year due to stronger oil prices.

Inflation as measured through the consumer price index was up 1.8% in December from the same month a year ago and slightly lower than economists’ expectations. Headline inflation averaged 2.1% last year.

However, the central bank said despite the higher oil prices, there would be no significant spillovers to the broader price trends, given the stable domestic demand conditions. It cut the OPR by 25 basis points to the current level last July.

“Underlying inflation, as measured by the core inflation index, is therefore expected to remain stable,” it said in a statement following a meeting of the monetary policy committee.

 

It added that the ringgit, along with other emerging-market currencies, has seen a reduction in volatility since the sharp adjustments experienced towards the end of 2016. “The implementation of financial market development measures have provided stability to the domestic foreign exchange market,” it said.

Bank Negara cautioned that uncertainties in the global economy, the policy environment and geopolitical developments may result in bouts of volatility in the regional financial and foreign exchange markets.

“These risks could also lead to episodes of increased financial market volatility,” it said, adding that economic activity in the major advanced economies has improved while in Asia domestic demand continues to support growth amid some recovery in external demand.

Bank Negara expects the global economy to expand at a slightly faster pace with more emphasis on the use of fiscal policy in the developed economies leading to a more balanced policy environment supporting growth.

“For Malaysia, latest indicators point to continued expansion in the fourth quarter of 2016. Going forward, private-sector activity will remain the key driver of growth. Private consumption is expected to be sustained by continued wage and employment growth, with support from various policy measures to raise disposable income.

“Investment activity, although moderating, will be supported by ongoing infrastructure development projects and capital spending in the manufacturing and services sectors. On the external front, the expected improvement in exports will provide some support to growth. Overall, the economy remains on track to expand as projected,” it said.

Source: The Star

Language English
Jan 2017 19

Emerging powers can be saviours of the global liberal order

Brexit and Trump’s victory do not put China, Russia and India in the driving seatPresident Xi Jinping © ReutersChinese president Xi Jinping’s speech at the World Economic Forum in Davos, in which he denounced protectionism...

Brexit and Trump’s victory do not put China, Russia and India in the driving seat

President Xi Jinping © Reuters

Chinese president Xi Jinping’s speech at the World Economic Forum in Davos, in which he denounced protectionism and defended globalisation, suggests that China is positioning itself to fill the void in global leadership likely to be left by the Trump administration.

Since the election of Donald Trump as US president, there has been great concern about the future of the liberal international order. Mr Trump’s victory in November raises an important question: will the emerging powers defend the existing arrangements or will they give them one final shove over the edge? The waning of the international system has been on the cards for a while. The rate of global trade expansion has been slowing for some time. Another key element of the liberal order, the postwar network of multilateral institutions built and maintained by the US, was fragmenting before the advent of Mr Trump. And the global democratic revolution, which had seen the number of democracies nearly double after the end of the cold war, had peaked by 2000. Until now, it was widely assumed that the main challenge to the liberal order would come chiefly from rising powers such as China, India and Russia. But Mr Trump’s victory and the Brexit vote in the UK suggest that it is collapsing from within. Does this put the emerging powers in the driving seat? Not necessarily. First, Russia, China and India have different interests. President Vladimir Putin clearly stands to gain if Mr Trump’s policies undermine Nato and other US-led alliances. With Brexit weakening the EU, this is Mr Putin’s moment in international affairs.

But there is far less interest on China’s part in undermining the liberal order. Some sections of the Chinese elite have cheered Mr Trump’s victory. They see the death of the Trans-Pacific Partnership (TPP) as opening the door to alternative regional arrangements, such as the Regional Comprehensive Economic Partnership (RCEP). But the situation is not that simple. The RCEP is a multilateral initiative. Here the chief obstacle has not been TPP, but India’s difficult negotiating stance, which is unlikely to change. Japan will also push against Chinese dominance of RCEP. There are also costs to China from any weakening of the US alliances in Asia. This could lead Japan and South Korea to seek nuclear weapons, which cannot be in China’s interest. While Prime Minister Narendra Modi was quick to congratulate Mr Trump, India has little interest in disrupting the liberal dispensation if the alternative is the further empowerment of China. Recent tensions over India’s entry into the Nuclear Suppliers Group and terrorism show that China and India do not share a common vision of an alternative world order. India is a key member of the China-initiated multilateral Asian Infrastructure Investment Bank, but is opposed to the mainly bilateral One Belt, One Road initiative because it undercuts Indian influence in South Asia (especially with the China-Pakistan economic corridor). Another factor undercutting the challenge posed by the emerging powers to the existing international order is that Mr Trump’s victory comes at a time when those powers are themselves in considerable economic and political distress. The growth of the five so-called Brics nations (Brazil, Russia, India, South Africa and China) slowed from an average of 9 per cent in 2010 to about 4 per cent in 2015. Investment growth slowed from 16 per cent in 2010 to 5 per cent in 2014. In 2015, Goldman Sachs closed its Brics investment fund, which had lost 88 per cent of its value since its 2010 peak.

Part of the reason for the slowdown was the decline in commodity prices (affecting especially Russia, Brazil and South Africa), and tightening global financial conditions following the 2008 global financial crisis. The structural transformation of China from an export driven economy to one relying on domestic consumption is also a contributing factor. Other factors, as the World Bank pointed out last January, include declining productivity, stock market and currency volatility, and increasing debt burdens. In South Africa, for instance, the ratio of government debt to gross domestic product grew from just under 28 per cent in 2008 to over 50 per cent in 2015. Debt levels in Brazil and India are in excess of 60 per cent of GDP. It is unlikely, therefore, that the emerging powers will be able to exploit the crisis in the global liberal order through concerted action. Instead, these putative challengers to it may hold back, if not, in fact, provide greater support. While China’s approach to globalism rejects liberal political values, it may nevertheless help to ease international uncertainty as the Trump administration takes over in Washington. The writer is author of ‘The End of American World Order’

https://www.ft.com/content/f175b378-dd79-11e6-86ac-f253db7791c6

 

Source: Financial Times

Language English