Saturday, May 6th, 2017

 

Buffett says now is time for losses on asset sales for tax edge

NEW YORK, May 6 — Billionaire Warren Buffett said he’s more inclined than usual this year to sell some assets because the tax advantage could soon diminish for divesting securities at a loss. “We would rather take losses than gains because…


Alitalia had debts of US$3.3b at the end of Feb, says government

MILAN — Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around €3 billion (approx. RM14.3 billion) as of Feb. 28, Italy’s government said. In a document marking the opening of the…


Germany proposed charging Britain for EU single market access, says magazine

BERLIN, May 6 — German government officials have proposed giving Britain access to the European Union’s single market in return for a fee, Focus magazine said today citing a Finance Ministry report. The 35-page report on the potential costs…


Japan to provide US$40m to ADB to back high-level technology

YOKOHAMA, Japan, May 6 — Japan will provide US$40 million (approx. RM173.5 million) to the Asian Development Bank to promote high-level technology as part of efforts to boost quality infrastructure in Asia, Finance Minister Taro Aso said today….


Japan, China to hold finance talks amid concerns on protectionism, North Korea

YOKOHAMA, May 6 — Japan and China will hold their first bilateral financial dialogue in two years today to discuss risks to Asia’s economic outlook, such as the protectionist policies advocated by US President Donald Trump and tension over…


Payallz enters partnership with China-based E-Do

Tags: cambodia, china, malaysia, ubs


Australia delays tapping world’s seventh-largest sovereign fund for six years, report says

SYDNEY, May 6 — Australia will delay tapping its US$130 billion (RM563.8 billion) Future Fund, the world’s seventh-largest sovereign fund, for at least six years to ensure it has sufficient assets to cover mounting public service pension…


Bank Rakyat posted slightly lower net profit

Bank Rakyat posted a lower net profit RM1.16 billion for the year after statutory appropriations to RM 1.3 billion the year before. Topline revenue climbed 5.58 per cent or RM317.05 million to RM6 billion compared to RM5.69 billion previously mainly driven by strong financing and treasury-related activities. Total assets grew 7.38 per cent year-on-year to RM99.22 billion compared to RM92.4 billion previously in line with the average growth in the financial industry. The bank also announced a dividend of 15 per cent a share to about 950,000 of its cooperativeRead More


Bursa to trend higher towards 1,770 points level next week

KUALA LUMPUR, May 6 —  Bursa Malaysia is likely to trend higher next week with the benchmark index inching towards the 1,770-level, thanks to positive local economic headlines and strong Wall Street performance. Affin Hwang Investment Bank…


Positive exports data to lift ringgit next week

KUALA LUMPUR: The ringgit will likely be on an uptrend next week, supported by the country's better-than-expected exports data.

Forextime Ltd Vice-President for Corporate Development and Market Research Jameel Ahmad said the 24 per cent higher exports for March 2017, over the same month earlier, would provide more encouragement to support the view that the ringgit was oversold, given the country's economic standpoint.

“What this data represents is an excellent economic performance and the Malaysian economy is displaying its robust nature,” he said in a note.

The Ministry of International Trade and Industry (Miti) announced on Friday that the country's exports surged to a record high in March, up 24 per cent, from a year earlier, to RM82.63 billion, underpinned by higher demand for manufactured goods, which accounted for 81% of total exports.

While heightened expectations of further interest rates hikes by the Federal Reserve would dampen demand for the local note, another dealer said it would not be as bad as envisaged as the factor would have already been 'priced in' by now.

For the week just-ended, the ringgit moved between 4.3350 and 4.3170 against the US dollar.

On a Friday-to-Friday basis, the ringgit was traded higher at 4.3350/3400 against the greenback from 4.3390/3430 last week. It ended mostly higher against other major currencies.

The local note improved against the Singapore dollar to 3.0856/0896 from 3.1088/1121 last week and advanced against the yen to 3.8616/8671 from 3.8911/8958 last Friday.

It rose against the British pound to 5.6052/6129 from 5.6129/6198 previously but was marginally lower against the euro at 4.7490/7562 from 4.7456/7508 recorded last week. — Bernama