Thursday, May 25th, 2017

 

Lenovo returns to profit as PC market stabilises

HONG KONG, May 25 — Chinese technology giant Lenovo today said its net profit for the fiscal year was back in the black, helped by stabilisation in its core personal computer market. The Beijing-based company, which has traditionally…


Saudi Telecom to form US$500m venture capital fund

RIYADH, May 25 — Saudi Arabia’s largest telecommunications firm said today it will set up a US$500-million (RM2.1 billion) venture capital fund to invest in start-up companies. As part of a wideranging economic diversification plan launched…


Oil slips as OPEC prepares to extend output cuts

LONDON, May 25 — Oil prices fell today as Opec prepared to extend limits to production by nine months to March 2018 in an attempt to drain a glut that has depressed markets for almost three years. The cuts are likely to be shared again by a…


S&P, Nasdaq open at record levels after Fed minutes

NEW YORK, May 25 — The S&P 500 and Nasdaq Composite opened at record highs today after minutes of the Federal Reserve’s latest meeting showed policymakers expected the economy to pick up momentum. While policymakers expected they would raise…


BNM to unveil new regulatory measures to strengthen banking system, says governor

KUALA LUMPUR, May 25 — Bank Negara Malaysia (BNM) will introduce three regulatory measures to strengthen the foundations for a strong and resilient banking system in the next seven months which include employment reference check. Governor…


Commodity currencies dip as OPEC underwhelms

LONDON, May 25 — The Canadian, Australian and New Zealand dollars all fell solidly on Thursday, tracking a drop in oil prices as Opec countries meeting in Vienna looked like they would go no further with production cuts than previously expected…


Central banks launch forex market code of conduct

LONDON, May 25 — Regulators and leading financial firms launched a new code of conduct for global currency trading today, including measures aimed at ensuring its universal adoption by the world’s major financial institutions. The code is a…


Meet Li Shufu, the man who dared buy Proton

KUALA LUMPUR, May 25 ― Chinese entrepreneur and founder of Geely Automobile, Li Shufu, is the man who dared to buy loss-making national car maker Proton. After years of dwindling sales and financial losses, it is hoped that finally now, Shufu…


Ringgit ends higher on positive sentiment

KUALA LUMPUR, May 25 ― The ringgit closed higher against the US dollar today, on better sentiment boosted by the encouraging economic growth recorded in the first quarter amid subdued demand for the dollar, said dealers. At 6 pm, the local…


China blue-chips leap most in 9 months, some sense state support

SHANGHAI, May 25 — China stocks rose sharply today, as the blue-chip CSI300 index posted its best day in more than nine months despite the surprise decision by Moody’s to downgrade the country’s sovereign credit rating a day earlier. Traders…