THE Institute of Engineering and Technology (IET) Brunei yesterday conducted a technical visit to a fish farm operated by Syarikat Hajah Rosni binti Haji Kassim dan Anak-Anak at Kaingaran Island near Kampong Pengkalan Sibabau.
They were welcomed and briefed by the owner of the fish farm, Haji Bakar bin Haji Chuchu.
The business operates 117 fish cages over a one-hectare area. The different types of fish farmed there include sea bass,
grouper, red snapper, yellow-spotted trevally and green mussels. Last year, the company produced 13 metric tonnes of barramundi, grouper, and other types of fish, as well as green clams, for the local market.
The aim of the visit was to give the delegation an insight on how the different types of fish in the local industry are being farmed and produced before being made available in the local market and even for export purposes.
According to the Ministry of Primary Resources and Tourism, the company has the potential to produce up to 536 metric tonnes of fish in a year in 2020.
The delegation was briefed and given the opportunity to witness how operations at the fish farm were conducted, giving them valuable insights and a memorable experience.
Several members said the visit gave them the opportunity to be acquainted with the development achieved by the country in the fisheries sector.
Market and consumer sector’s performance last week
The second quarter earnings season ended on a productive note. The S&P 500 Index (SPY) (SPX-INDEX) finished the week ending September 1 on a positive note with a 1.4% gain. Brown-Forman stock rose last week and benefited the consumer staples sector with its strong 1Q18 results. On the other hand, Campbell Soup stock (CPB) pulled down the staples sector. Its earnings and revenues missed its fiscal 4Q17 results. Overall, the S&P 500 Consumer Staples Index rose 0.51% last week.
In the consumer discretionary sector, Best Buy (BBY), H&R Block (HRB), and Dollar General (DG) fell last week after their earnings results. However, automakers General Motors (GM) and Ford (F) rose. Their August sales results benefited the sector. The S&P 500 Consumer Discretionary Index rose 1.6% last week.
Other events last week that impacted the market included the US August jobs report on Friday. The United States Department of Labor said that the US economy added 156,000 jobs in August—lower than economists’ expectations of 180,000 jobs. The unemployment rate in the US rose to 4.4% from 4.3%. Average hourly wages rose 2.5% in the past 12 months. The disappointing jobs report might reduce the chances of another Fed rate hike this year. The jobs report had a subdued impact on the S&P 500 because automakers’ stock rose.
Consumer ETFs were productive last week. The Consumer Discretionary Select Sector SPDR Fund (XLY) rose 1.6% on a weekly basis—the highest among consumer ETFs. The SPDR S&P Retail ETF (XRT) rose 1.0% and the Consumer Staples Select Sector SPDR ETF (XLP) rose 0.55% last week.
Consumer Sector Overview: August 28–September 1, 2017 PART 2 OF 6
Analyzing the Consumer Sector’s Performance Last Week
By Sue Miller | Sep 5, 2017 7:58 am EDT
Index performance last week
As of September 1, the S&P 500 Index (10.6%) (SPY) (SPX-Index) has outperformed the S&P 500 Consumer Discretionary Index (10.4%) (XLY) and the S&P 500 Consumer Staples Index (6.1%) (XLP) on a YTD (year-to-date) basis.
Receive e-mail alerts for new research on GM
On September 1, General Motors (GM) released its August sales report. In August, US retail sales recorded 275,552 vehicles—7.5% higher YoY (year-over-year). The company’s commercial sales have risen 19% YoY. General Motors gained domestic commercial market share for 13 consecutive months. Its commercial market share was driven by strong crossover sales at all four of the company’s brands. General Motors stock rose ~5.0% last week.
On September 1, Ford (F) released its sales results for August. The company’s overall sales fell 2.1% to 209,897 vehicles in August. It was mainly impacted by lower fleet sales, which fell 0.2%. Ford’s retail sales for August fell 2.7% to 164,067 vehicles. Its stock rose ~5.0% in the week ending September 1.
L Brands (LB) released its August 2017 sales report on August 31. Its net sales for the four weeks ending August 26, 2017, fell 1.0% YoY to $842.1 million. Its comparable sales also fell 4.0% in August. The company’s exit from the swim and apparel categories impacted comparable store sales for Victoria’s Secret by three percentage points and overall sales by two percentage points. As of September 1, the stock rose 2.4% last week.
NEW DELHI: The government won’t offer any special concessions to Apple but is reviewing its entire policy on mobile phone manufacturing as part of an effort to promote the ‘Make in India’ initiative, officials said. This could meet some of the demands that Apple has made apart from benefitting other phone makers as well.
Apple had sought the concessions to set up plants in the country. The issue will be examined in depth at a high-level meeting with Apple executives next week. On Apple’s wish list is said to be a 15-year customs duty holiday on the import of iPhone kits, new and used capital equipment, and consumables. Apple’s requests are being considered by three government departments — revenue, industry and information technology.
India needs to support an iconic brand like Apple for the success of the Make in India campaign, officials said. “Our import duty is high,” one of them said. “As long as they are getting into exports, our objective should be to give them lowest duty so as to ensure that their product is competitive. Hence we may even relook at the policy as a whole.” Another official said no decision had been taken but that concessions cannot be given to just one company. “Normally, similar dispensation has to be given to others similarly placed,” he said.
The Make in India programme is aimed at encouraging investment in manufacturing to drive job creation in the country and thereby boost growth and raise incomes to lift people out of poverty.
Apple had earlier sought permission to set up fully owned retail outlets by forgoing the compulsory 30% local sourcing rule on the ground that it was bringing cutting-edge technology to India. The finance ministry didn’t allow the exemption.
Explaining the rationale behind a fresh look at the trade policy, the first official said India cannot be isolated from the rest of the world. “India has to follow same set of principles prevalent elsewhere which has helped players to become global manufacturers,” the official said.
Play rummy for free and win big!
Say no to boring walls with Asian Paints
Recommended By Colombia
In its application submitted to the Department of Industrial Policy and Promotion under the commerce ministry, Apple has sought full duty exemption on manufacturing and repair inputs (raw materials), yield loss on inputs, components, capital equipment (including parts), and consumables for smartphone manufacturing and services/repair for a period of 15 years for both domestic and export markets. Currently, 12% duty is levied on fully imported phones while 12.5% countervailing duty is charged on the import of mobile phone equipment, discouraging global manufacturers from setting up production bases in India.
Apple is betting big on the India market where it currently holds a market share of just 2% as growth slows in developed markets like the US and China.
Apple’s products are manufactured in six countries — mostly in China but also in South Korea, Japan and the US.
As many as 42 companies make mobile phones in India, including Chinese firms Huawei and Xiaomi. No other company has approached the government for any incentives, people with knowledge of the matter said.
During his visit to the country last year, Apple Chief Executive Officer Tim Cook had said India was the next big market for the company. Prime Minister Narendra Modi had urged Cook to set up factories in India when they met during that trip.
Interested in increasing research and innovation
Linkedin is focusing on making products in India and for India
Launched a Lite version of its website for mobile browsing in India
With the Indian HRD ministry exploring the possibilities of utilising the reach of social media in education sector to boost innovation and placements, Union Minister Prakash Javadekar on Tuesday discussed a range of issues with Linkedin CEO Jeff Weiner.
Emerging from the meeting, Javadekar said it was a fruitful discussion, and added that the ministry is open to good ideas.
“We had very fruitful discussion and we are sure there are many things which we can do jointly and we are interested in increasing research and innovation and relevant teaching and placements thereafter to happen in all college campuses and all our technical institutes,” Javadekar said.
(Also see: LinkedIn Crosses 100 Million Members in Asia-Pacific; 37 Million in India)
“We have more than 10,000 engineering colleges, therefore we have discussed many things and our AICTE and our department ministry will definitely work with good ideas,” he added.
Linkedin CEO Weiner said he was excited to meet the HRD minister and said that Linkedin is focusing on making products in India and for India.
Earlier this week, LinkedIn launched a Lite version of its website for mobile browsing in India. The company, which is being acquired by Microsoft, said on Monday the version was aimed at helping users browse its website faster on their smartphones in areas with slow or poor Internet connectivity.
LinkedIn Lite loads four times faster and provides a better experience to users in urban and rural areas with patchy networks, Akshay Kothari, the company’s country manager and head of product for India, said at an event in Bengaluru.