Tuesday, May 23rd, 2017

 

AirAsia X feels impact of weak ringgit, higher fuel cost

KUALA LUMPUR, May 23 — Profit at Malaysia’s AirAsia X fell sharply in the first quarter, with a weak ringgit and higher fuel costs overshadowing higher revenue at the long-haul budget airline. AirAsia X’s fuel and aircraft operating lease…


Pos Malaysia’s pre-tax profit up 42pc

KUALA LUMPUR, May 23 — Pos Malaysia Bhd’s pre-tax profit rose 42 per cent to RM131.4 million for the financial year ended March 31, 2017, from RM92.5 million recorded in the same period last year. The company’s revenue increased 23 per…


Wall Street edges up at open ahead Trump’s budget plan

WASHINGTON, May 23 — Trump is set to propose a raft of politically sensitive cuts, including to healthcare and food assistance programs for the poor, with the aim of chopping government spending by US$3.6 trillion (RM15.4 trillion) and balancing…


Ringgit ends higher on strong Q1 growth

KUALA LUMPUR, May 23 — The ringgit closed higher against the US dollar today due to the positive spillover of the robust economic growth recorded in the first quarter of this year against a backdrop of an alarming external geo-political…


Malaysia’s Lotte Chemical sets ceiling price for US$1.4b IPO

SINGAPORE, May 23 — Malaysia’s Lotte Chemical Titan Holding has set a ceiling price of RM8 a share for its planned IPO, giving it a total size of up to RM5.9 billion, IFR Asia reported, citing three sources with knowledge of the deal. The…


Ringgit ends higher versus the dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar today due to the positive spillover of the robust economic growth recorded in the first quarter of this year against a backdrop of an alarming external geo-political environment, said dealers.

At 6pm, the local unit was quoted at 4.2920/2950 against the greenback from Monday's close of 4.3030/3060.

Malaysia's first-quarter 2017 Gross Domestic Product of 5.6% contributed to the upbeat sentiment for the local note.

Externally, all eyes were on the aftermath of an allegedly suicide bombing which killed more than 20 people injured 59 others at a concert in London, earlier today, sending tremors to investors at the foreign exchange market.

Meanwhile, the greenback's performance deteriorated after US President Donald Trump sacked FBI Director James Comey, which did not go down well with selected quarters in Washington.

Against other major currencies, the ringgit traded mostly higher.

The ringgit rose against the Singapore dollar to 3.0938/0971 from 3.1013/1054 on Monday and strengthened versus the Japanese yen to 3.8611/8641 from 3.8627/8671 yesterday.

The local unit appreciated against the British pound to 5.5770/5814 from 5.5917/5974 and contracted vis-a-vis the euro to 4.8319/8357 from 4.8189/8240 on Monday. — Bernama


Trump’s budget proposes converting some military grants to loans

WASHINGTON, May 23 — The Trump administration’s budget proposal would convert some of the United States’ foreign military grants to loans, part of a larger effort to slash spending on diplomacy, aid and programs abroad by more than 29 per…


TM posts lower pre-tax profit in Q1 2017

KUALA LUMPUR, May 23 — Telekom Malaysia Bhd’s pre-tax profit fell to RM263.74 million in the first quarter ended March 31, 2017 from RM393.22 million recorded in the same quarter last year. Revenue, however, rose 3.8 per cent to RM2.96…


RHB Q1 pre-tax profit trimmed to RM658.27m

KUALA LUMPUR, May 23 — RHB Bank Bhd’s pre-tax profit for the first quarter (Q1) ended March 31, 2017 was reduced at RM658.27 million from RM755.27 million recorded in the same quarter in 2016. Revenue decreased to RM2.61 billion from RM2.71…


Oil prices fall on White House proposal to sell US oil reserves

LONDON, May 23 — Oil prices fell today, weighed down by US President Donald Trump’s plan to sell off half the country’s huge oil stockpile, threatening a future glut even as Opec and its allies cut output to try and tighten the market….