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Sundaily (Asia) 08/17/2019 01:11
KUALA LUMPUR : The ringgit is expected to trade in a cautious mood next week, while moving in a tight range of between 4.17 and 4.19 against the US dollar as sentiment for USD/MYR remained fragile. Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit gained some strength against the US dollar on Friday amidst external uncertainties, and due to the better-than-expected second quarter 2019 (2Q19) gross domestic product result, which came in at 4.9% against consensus estimates of 4.7%. The GDP posting was mainly due to private consumption, while investments and government spending were largely tepid, he added. "Net exports grew at double-digit pace, but, largely driven by a contraction in imports.
Sundaily (Asia) 08/16/2019 23:39
KUALA LIMPUR : Bursa Malaysia is expected to trade range bound next week against the backdrop of global volatility and despite a stronger than expected second quarter gross domestic product (GDP) announcement. Phillip Capital Management Senior Vice President (Investment) Datuk Dr Nazri Khan Adam Khan said the market barometer is expected to decline towards the 1580 points support level next week, driven by global weakness. "The benchmark FTSE Bursa Malaysia (FBM KLCI) joined the global equities rout as recession fears begin to appear.
Sundaily (Asia) 08/16/2019 08:13
KUALA LUMPUR: The ringgit rebounded sharply against the US dollar today as sentiment in the local market turned positive following stronger second-quarter gross domestic product (GDP) results amidst external uncertainties. At 6pm, the ringgit finished at 4.1760/1810 against the greenback from 4.1920/1950 yesterday. “Despite some external uncertainties, with the US-China trade war still raging and political instability in Hong Kong, positive news from the local front like this (GDP results) is a boost to the market. “Investors are cheering up the results,” a senior banker told Bernama . Malaysia’s economy grew by 4.9% in the second quarter of 2019 from 4.5% in the first quarter on the back of higher household spending and private investment.
Sundaily (Asia) 08/16/2019 08:04
KUALA LUMPUR: Bursa Malaysia wrapped up the week mixed on the back of the better than expected second quarter gross domestic product (GDP) announcement by Bank Negara Malaysia, today. The benchmark FTSE Bursa Malaysia (FBM KLCI) almost recouped earlier losses following the GDP announcement, as it briefly breached the 1,600 resistance level, before sliding back to 1.599.22 at close. However, on the broader market, sentiment remained strong as gainers outpaced losers 390 to 325, while 420 counters remained unchanged, 795 untraded and 14 others suspended. The market barometer opened 2.23 points lower at 1,598.06 from yesterday’s close of 1,600.29 and moved between 1,590.18 and 1,600.17 throughout the day. Turnover was lower at 1.78 billion uni.
Sundaily (Asia) 08/16/2019 07:05
PETALING JAYA: AirAsia Bhd has unveiled a leadership reorganisation to support its transformation into a travel and financial platform company and to build airasia.com into a lifestyle brand. The reorganisation will see its CEO Tony Fernandes (pix) taking up the role of airasia.com CEO. According to the group’s press statement, Fernandes took the role at the e-commerce platform, with an eye to appoint a new CEO who will report to him in due course. He is joined by AirAsia Bhd chief commercial officer Karen Chan, who will serve the same in airasia.com and COO Spencer Lee who is tasked with managing the e-commerce platform’s online business portfolio. Meanwhile, a chief product officer for airasia.com will also be appointed to head up the pro.
Sundaily (Asia) 08/16/2019 03:38
LONDON: Government bond yields in the euro area hovered near record lows on Friday, reflecting heightened expectations for European Central Bank easing soon and concern about global recession risks. Ten-year bond yields in Germany and Italy were poised to record their biggest weekly falls since mid-2018, while Spanish 10-year yields, down 23 basis points this week, are on track for their biggest weekly fall since 2016. ECB policymaker Olli Rehn on Thursday flagged the need for a significant easing package in September, sending yields across the bloc to new lows. Alongside increasing concern about global recession risks, fuelled after the U.S. bond yield curve on Wednesday inverted for the first time in 12 years, this has meant another stell.
Sundaily (Asia) 08/16/2019 02:24
KUALA LUMPUR: Bank Negara Malaysia has had "positive engagements" with global index provider FTSE Russell, said BNM governor Datuk Nor Shamsiah Mohd Yunus. "They (FTSE Russell) were appreciative of the measures we’ve put in place to deepen the onshore market," she told a press conference after announcing the second quarter’s gross domestic product growth here today. She added that the new measures announced seeks to deepen the onshore foreign exchange market so that investors have the flexibility to undertake hedging requirements. In April, FTSE Russell said it may drop Malaysian debt from the FTSE World Government Bond Index due to concern about market liquidity. The review is due in September.
Sundaily (Asia) 08/16/2019 02:14
KUALA LUMPUR: Bank Negara Malaysia (BNM) has announced further liberalisation of the foreign exchange administration (FEA) policy with new measures effective Aug 30, 2019 aimed at providing greater flexibility and efficiency for businesses to manage their foreign exchange risk and conduct their daily operations. Firstly, residents can hedge their foreign currency current account obligations up to their underlying tenure, compared with up to 12 months previously. Secondly, resident treasury centres can hedge on behalf of their related entities, while non-resident treasury centres can hedge on behalf of their related entities upon a one-time registration with BNM, compared with required approval previously. ‌Thirdly, non-residents can hedge o.
Sundaily (Asia) 08/16/2019 02:11
PETALING JAYA: HSS Engineers Bhd has entered into a memorandum of understanding (MoU) with Sapura Secured Technologies Sdn Bhd, Synergy Generated Sdn Bhd and Penor Renewable Energy Sdn Bhd to bid for a large scale solar photovoltaic power plant in Peninsular Malaysia. An unincorporated consortium under the name of SHS Consortium will be formed. According to HSS’ filing with Bursa Malaysia, the sole purpose SHS Consortium is to submit a joint proposal in response to a request for proposal by Suruhanjaya Tenaga Malaysia to develop, finance, design, supply, install, operate and maintain a large scale solar photovoltaic power plant for Peninsular Malaysia. In the event of a successful bid, the parties agree to incorporate a special purpose vehi.
Sundaily (Asia) 08/16/2019 00:35
KUALA LUMPUR: Bank Negara Malaysia (BNM) sees lower downside risks for Malaysia this year in its latest assessment of the US-China trade war due mainly to the delay in the implementation of selected tariffs. Governor Datuk Nor Shamsiah Mohd Yunus (pix) said Malaysia’s 2019 gross domestic product (GDP) may be lower by 0.1 percentage point (ppt) if there is a further escalation in the US-China trade war that may see global GDP drop by 0.1 ppt. The further escalation of trade tensions will weigh on growth outlook, with the central bank also estimating that Malaysia’s exports may be lower by 0.2 ppt this year, as global trade is projected to shrink by 0.2 ppt. In its Q318 Quarterly Bulletin, BNM warned that Malaysia’s 2019 GDP could be much low.
Sundaily (Asia) 08/16/2019 00:14
KUALA LUMPUR: The Malaysian economy grew at a stronger pace of 4.9% in the second quarter of 2019, from 4.5% in the first quarter, supported by higher household spending and private investment. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 1%. On the supply side, the mining sector rebounded, driven mainly by the recovery in natural gas output. Growth in the manufacturing sector improved marginally, supported by better performance of the domestic-oriented industries. Services sector continued to expand amid sustained growth in the wholesale and retail trade subsector. For the quarter, headline inflation averaged higher mainly reflecting the lapse in the impact of the Goods and Services Tax zerorisation that was imple.
Sundaily (Asia) 08/15/2019 23:10
KUALA LUMPUR : The ringgit opened slightly higher against the US dollar on Friday morning due to mild buying support, amid cautious market sentiment, a dealer said. At 9am, the ringgit stood at 4.1900/1940 against the greenback from 4.1920/1950 recorded at Thursday’s close. Investors according to the dealer, were waiting for the release of the second-quarter and first-half economic performance by Bank Negara Malaysia this afternoon. "There is not a great deal of focus on the ringgit now as the volatility in the Chinese yuan has very much dissipated.
Sundaily (Asia) 08/15/2019 23:05
KUALA LUMPUR: Bursa Malaysia opened lower today as investors await second-quarter and first-half gross domestic product (GDP) announcement by Bank Negara Malaysia this afternoon. The broader market was, however, positive with gainers edged losers 104 to 66, while 126 counters were unchanged, 1,634 untraded and 14 others suspended. Turnover stood at 50.60 million units worth RM25.61 million. At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 3.83 points to 1,596.46, below the psychological support level of 1,590 from yesterday’s close of 1,600.29. The index opened 2.23 points lower at 1,598.06. Malacca Securities Sdn Bhd said the announcement of second-quarter growth will influence the direction of market barometer today. “
Sundaily (Asia) 08/15/2019 22:50
TOKYO: Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world's biggest economy. Brent crude was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude was up 43 cents, or 0.8%, at $54.90 a barrel, having fallen 1.4% the previous session and 3.3% on Wednesday. U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil. An inv.
Sundaily (Asia) 08/15/2019 22:47
MORRISTOWN: U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding "productive" trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept 1. "September, the meeting is still on as I understand it, but I think more importantly than September, we're talking by phone, and we're having very productive talks," Trump told reporters in New Jersey. He said U.S. and Chinese officials had "a very good conversation" earlier this week, before his administration delayed until Dec. 15 tariffs on over $150 billion in Chinese imports, including toys, cell phones, and laptop and tablet computers. Nonetheless, China on Thursday vowed to counter.
Sundaily (Asia) 08/15/2019 09:43
PUTRAJAYA:. Malaysia will host the prestigious biennial International Statistical Institute World Statistics Congress (ISI WSC) 2019 for the first time at the Kuala Lumpur Convention Centre from Aug 18-23, 2019. The congress is organised by the International Statistical Institute (ISI), in collaboration with the Department of Statistics Malaysia, Bank Negara Malaysia and Malaysia Institute of Statistics, supported by the Malaysia Convention & Exhibition Bureau. This flagship event of ISI, in its 62nd edition, will see thousands of professionals and experts from the industry, academia and policy makers from around the world converge in Kuala Lumpur to exchange and explore new ideas in statistics.
Sundaily (Asia) 08/15/2019 09:41
PETALING JAYA:. Genting Malaysia Bhd (GenM) has given an assurance that the present liquidity challenges faced by loss-making Empire Resorts can be resolved following news that the latter may file for bankruptcy. GenM has come under fire after it announced the acquisition of a 46% stake in Empire from Tan Sri Lim Kok Thay’s Kien Huat Realty Ltd (KH) for RM538.8 million. “Empire stated that it believes that its current cash, cash equivalents, cash generated from operations and available funding pursuant to KH’s current commitments will provide sufficient liquidity to fund debt service requirements, Empire’s operations and the expected costs of developing the golf course adjacent to its casino, Resorts World Catskills (RWC), until the first qu.
Sundaily (Asia) 08/15/2019 09:21
PUTRAJAYA:. The Department of Statistics Malaysia (DOSM) aims to become a leading international statistical organisation by 2020 by enhancing its statistical delivery to be at par with statistical organisations of developed countries. Through its Strategic Plan 2015-2020, DOSM has identified various programmes to enhance its statistical management and information technology so that data collection activities, interpretation and data delivery to all users, be it the government, private sector or international organisations are effectively implemented. Chief statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin ( pix ) said Malaysia is seen as the leader in statistics in Asia Pacific and has become a reference country in many areas of statisti.
Sundaily (Asia) 08/15/2019 09:18
PETALING JAYA:. IOI Corp Bhd reported a 30.2% jump in net profit to RM46.6 million for the fourth quarter ended June 30, 2019 against RM35.8 million recorded in the previous corresponding period, attributed to lower net foreign currency translation loss on foreign currency denominated borrowings and deposits. However, its revenue declined 3.5% to RM1.74 billion from RM1.8 billion. IOI told Bursa Malaysia that its plantation segment profit contracted 33% to RM84.5 million from RM125.3 million, mainly due to lower crude palm oil (CPO) and palm kernel (PK) prices realised. Average CPO and PK prices realised for Q4 were RM1,988/metric ton (mt) and RM1,127/mt, respectively. Meanwhile, the resource-based manufacturing segment registered a profit o.

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