Monday, July 2nd, 2018


UMW, Komatsu to form JV for heavy equipment business

KUALA LUMPUR, July 2 — UMW Corporation Sdn Bhd (UMWC), a wholly-owned subsidiary of UMW Holdings Berhad (UMWH), today agreed to form a strategic partnership through a joint venture (JV) with Komatsu Ltd of Japan (Komatsu) for its…

Dell to return to public markets with tracking stock buyout

SAN FRANCISCO, July 2 — Dell Technologies Inc, the world’s largest private technology company, announced plans to trade publicly again, entering a new stage of a multi-year turnaround plan. The tech giant will return to public markets by…

EU delivers stark warning to US over auto tariffs

BRUSSELS, July 2 — The EU has warned Washington that a threat to slap Europe with major auto tariffs could inflict serious damage to the US economy and would prompt strong retaliation. The admonishment, written in a letter to US authorities dated…

Trade war fears continue to weigh on KLCI


KUALA LUMPUR (July 2): Malaysian shares started the week lower, along with its regional peers as concerns about the potential for a trade war between the US and China continue to drag down the FBM KLCI. At 5pm, the benchmark index fell by 6.45 points or 0.38% to close at 1,685.05 points, after hitting an intra-day high of 1,697.15 points. The index fell to an intraday low of 1,677.33 points. When contacted, Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told that despite the KLCI opening higher atRead More

Bursa Malaysia ends lower on cautious sentiment

KUALA LUMPUR, July 2 — Bursa Malaysia ended lower today on cautious sentiment amid looming concerns over trade tension between the US and its trading partners, most notably China. At 5pm, the key FTSE Bursa Malaysia KLCI (FBM KLCI) closed…

China stocks sink in worst start to second half in three years

SHANGHAI, July 2 — Chinese stocks took another battering today in the worst start to a second half of a year since 2015, as selling resumed amid worries over a falling currency, housing curbs and the impact of US trade tariffs. The Shanghai…

Petronas chairman Tan Sri Sidek Hassan contract ends

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has not renewed the contract of chairman Tan Sri Sidek Hassan after the fulfillment of his extended three-year contract, which ended on June 30, 2018.

Sidek was first appointed as chairman of the board on July 1, 2012. Prior to assuming this role, he spent 38 years in the civil service and retired as the twelfth Chief Secretary to the Government of Malaysia.

Petronas did not name a new chairman in the statement, which thanked Sidek for his contributions and commitment in providing guidance and stewardship to the board, over the last six years.

Indonesia c. bank expects higher GDP growth from looser mortgage rules, despite rate hikes

JAKARTA, July 2 — The Indonesian central bank’s plan to ease mortgage rules would add marginally to economic growth this year, despite higher interest rates, a senior official said today. “The property sector has a large multiplier effect,”…

Start data-heavy week on back foot; trade war fears linger


(July 2): Most Southeast Asian stock markets fell on Monday on caution ahead of a raft of economic data this week, while sentiment remained weak as the July 6 deadline when the U.S. is due to impose US$34 billion of tariffs on Chinese exports is fast approaching. Asian shares excluding Japan were about 0.4% lower, after losing 2% last week, as trade concerns clouded the outlook for Chinese growth. In regional markets, Vietnam’s Ho-Chi-Minh index declined as much as 2.4%, despite strong June manufacturing figures, as financials and real estateRead More

Trade war winner is who loses least as US duties loom

WASHINGTON, July 2 — US President Donald Trump’s assertion that trade wars are “good, and easy to win” is fake news if economists are to be believed. The victor in an economic war of attrition will instead be which nation loses least. The…