Wednesday, March 13th, 2019

 

Wall Street opens higher, disregarding global turbulence

NEW YORK, March 13 — Wall Street forged higher at the open today, casting aside worries about Brexit chaos in Britain and Boeing’s mounting international crisis. Shares in the aviation giant gained 0.3 per cent just after the open, rising for…


Philip Morris says Indian partner charges machinery costs; calls it ‘business expense’

NEW DELHI, March 13 — Philip Morris International Inc’s Indian partner charges machinery-related costs for manufacturing its Marlboro cigarettes in India, the company said today, following a Reuters article that showed it may have circumvented…


Minister: Form synergy between players of large and small industries

KUALA LUMPUR, March 13 — Large-scale agricultural enterprises are urged to form synergies with small entrepreneurs to open up more opportunities for small businesses to succeed. Agriculture and Agro-based Industry Minister Datuk Salahuddin Ayub…


Norwegian Air to seek compensation from Boeing for MAX groundings

OSLO, March 13 — Norwegian Air said today it will seek compensation from plane maker Boeing for costs and lost revenue after grounding its fleet of 737 MAX 8 aircraft in the wake of the Ethiopian Airlines crash. “We expect Boeing to take this…


US aircraft, equipment sales lift US durable goods in January

WASHINGTON, March 13 — Rising aircraft sales unexpectedly drove orders for US durable goods higher in January, the third monthly increase amid a recovery in business investment, according to government data released today. But the increase masked…


Budget: UK slashes 2019 economic growth forecast

LONDON, March 13 — Britain today slashed its 2019 economic growth forecast, as finance minister Philip Hammond said lifting Brexit’s “cloud of uncertainty” was parliament’s “most urgent task”. The UK economy is forecast to grow by 1.2…


Ministry targets RM350m durian export to China this year

RAWANG, March 13 — The Ministry of Agriculture and Agro-Based Industry aims to export 223,716 tonnes of frozen durian in the form of cloves and paste valued at RM350 million to China this year. Its minister Datuk Salahuddin Ayub said the amount…


Alliance Bank plans up to RM2.5b sukuk programme

KUALA LUMPUR, March 13 — Alliance Islamic Bank Bhd, a wholly-owned unit of Alliance Bank Malaysia Bhd (Alliance Bank), plans to undertake a perpetual sukuk programme of up to RM2.5 billion in nominal value and a RM300 million Islamic commercial…


Invest Malaysia 2019 to kick off on March 19

PETALING JAYA: The annual Invest Malaysia Kuala Lumpur conference enters its 15th edition this year, to be co-hosted by Bursa Malaysia and Malayan Banking Bhd, from March 19 to 20.

The forum, the largest annual capital market event in Malaysia, will showcase 63 of Malaysia’s listed companies, ranging from large to mid cap listed companies with a total market capitalisation of RM913 billion.

Invest Malaysia 2019 (IM2019) is expected to attract over 1,000 local and regional fund managers from Thailand, Japan, Singapore, Hong Kong, the US and the UK, with a total estimated assets under management of US$20.16 trillion (RM82.3 trillion).

This year’s forum will discuss Malaysia’s ambition and purpose for the nation, and provide clarity on the programmes designed to deliver on Malaysia’s new agenda for growth.

“Malaysia’s growth story is intact, despite potential challenges in the short run. The economy is resilient and dynamic, making the country a strong investment choice in a world of uncertainty. Beyond that, Malaysia’s institutional frameworks are robust and flexible enough to respond to changing times and needs. Our vibrancy and attractiveness were evidenced through the high participation and contribution from the foreign investors,” said Bursa Malaysia CEO Datuk Muhamad Umar Swift.

“Despite all the headwinds last year, foreign outflow from our capital market was the second lowest among our Asean emerging market peers and our foreign shareholdings remained intact at 23.4% of total market capitalisation. This is a real testament to the international confidence in our marketplace,” he said in a statement.

Notable conversationalists at IM2019 include Finance Minister Lim Guan Eng as well as heads of government-linked investment companies namely Datuk Shahril Ridza Ridzuan and Tunku Alizakri Raja Muhammad Alias.


Lufthansa orders 40 long-haul jets from Airbus, Boeing

FRANKFURT, March 13 — German airline giant Lufthansa said today it had ordered 40 long-haul jets, 20 each from rivals Airbus and Boeing, as it replaces its older four-engined fleet with more modern aircraft. Boeing will supply 787-9 planes and…