Saturday, September 2nd, 2017


6 big banks join blockchain digital cash settlement project

ZURICH: Six new banks have joined a UBS-led effort to create a digital cash system that would allow financial markets to make payments and settle transactions quickly via blockchain technology. The group aims to launch the system late next year. Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined […]

Malaysia gazettes order on income tax exemption for modernising manufacturing activities

KUALA LUMPUR (Sept 2): The Malaysian Official Gazette Aug. 30 published an order providing an income tax exemption for companies making capital expenditures to modernise…

Opel lost around US$250m in Q2, says report

BERLIN, Sept 2 — German carmaker Opel, which has been bought by France’s PSA Group from General Motors , widened its losses in the second quarter to around US$250 million (RM1 billion) , auto trade weekly Automobilwoche reported today….

DRB-Hicom’s losses narrows, but outlook still challenging

KUCHING: DRB-Hicom Bhd’s (DRB) losses narrowed in the first quarter of the financial year 2018 (1QFY18) but analysts believe that the group is still not out of the woods yet, despite its partnership with China-based Geely. In a report, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) said, “While Geely is more popularly […]

[UPDATE] Petronas says not interested in equity stake in Daewoo E&C

KUALA LUMPUR, Sept 2 ― Malaysian state energy firm Petroliam Nasional Berhad today denied a media report that it was interested in buying a controlling stake in South Korea’s Daewoo Engineering & Construction Co. Petronas, as the company is…

Ringgit likely to trade firmer at 4.25 against greenback next week

KUALA LUMPUR: The ringgit is expected to trade firmer at the level of 4.25 against the US dollar next week, in view of improving commodity prices and easing geopolitical tensions in North Korea.

Affin Hwang Investment Bank Vice-President and Head of Retail Research, Datuk Dr Nazri Khan Adam Khan said the supply disruption in Texas, Colombia and Libya recently, would lift global crude oil prices to a higher level last week.

“The increase has supported the ringgit, as Malaysia, being a net exporter of crude oil and petroleum products, is heavily reliant on the price movement of this commodity,” he told Bernama.

Meanwhile, Nazri Khan said subsiding missile launch fears by North Korea would also affect the local note's performance.

“Demand for currencies, including the ringgit will increase, as investors' risk appetite improves as their worries over a missile launch fades,” he added.

Nazri Khan also revealed that a greater foreign money inflow to the emerging markets, including Malaysia was seen since last week, after the Jackson Hole symposium in the United States concluded on Aug 26.

“Investors remained clueless on the US Federal Reserve (Fed) interest rate direction as Chair, Janet Yellen did not talk about the issue at the annual event,” he said.

For the holiday shortened week, the ringgit traded higher at 4.2690/2720 against the US dollar from 4.2710/2740 in the previous week.

The local note, however, was quoted mostly lower against other major currencies.

It weakened versus the Singapore dollar to 3.1482/1514 from 3.1397/1426, fell against the British pound to 5.5168/5220 from 5.4801/4844, depreciated against the euro to 5.1010/1063 from 5.0411/0455, but appreciated against the yen to 3.8837/8882 from 3.8980/8011.

The market was closed for the Merdeka Day and Hari Raya Aidiladha celebrations on Thursday and Friday. — Bernama

Dollar rises, US jobs data not expected to derail Fed

NEW YORK, Sept 2 ― The US dollar edged higher against a basket of major rivals yesterday after US jobs data was seen as decent enough to support the possibility of another interest rate increase from the Federal Reserve this year. Traders…

Ringgit likely to trade firmer against US dollar next week

KUALA LUMPUR, Sept 2 ― The ringgit is expected to trade firmer at the level of 4.25 against the US dollar next week, in view of improving commodity prices and easing geopolitical tensions in North Korea. Affin Hwang Investment Bank…

HSP’s Sabah estates to record decent yield from good weather, labour

KUCHING: Hap Seng Plantations Holdings Bhd’s (HSP) prospects have been viewed positively by analysts, driven by better prospects from its Sabah estates. Following a recent visit, Kenanga Investment Bank Bhd’s research arm (Kenanga Research) said it came away with a slightly better production outlook on the company thanks thanks to the good pace of yield […]

Etiqa Takaful appoints Zafri Ab Halim as new CEO

KUALA LUMPUR: Etiqa Takaful Bhd has appointed Zafri Ab Halim as its new Chief Executive Officer (CEO), effective yesterday. In a statement, it said Zafri would report directly to Maybank Ageas Holding Bhd’s CEO, Kamaludin Ahmad, and would be responsible for driving the takaful business and overseeing the performance of Etiqa Takaful in Malaysia. “Zafri […]