Saturday, March 23rd, 2019


Italy, China sign new ‘Silk Road’ protocol

ROME, March 23 — Italy today signed a “non-binding” protocol with China to take part in Beijing’s new “Silk Road” of transport and trade links stretching from Asia to Europe. In doing so, Italy became the first G7 country to sign up for…

CIMB is Malaysia’s Best Digital Bank 2018, best retail bank

KUALA LUMPUR, March 23 — CIMB Bank Bhd (CIMB) was named as “Malaysia’s Best Digital Bank 2018” and the “Best Retail Bank in Malaysia” for the third consecutive year at the recent Asian Banker’s International Excellence in Retail…

Apple’s Tim Cook urges China to continue to open up its economy

BEIJING, March 23 — Apple chief executive Tim Cook today urged China to keep opening up its economy as local rivals bit into the profits of the US tech giant caught in the crosshairs of a trade spat between Beijing and Washington. “We have…

Perodua targets 50pc share of Sabah auto market

TAWAU, March 23 — Perodua Sales Sdn Bhd is targeting to capture a 50 per cent share of the automotive market in Sabah this year, said its managing director Datuk Dr Zahari Husin. He said there was good demand for its vehicles in Sabah, with…

Rafidah: Asia a dynamo for global development, economic growth

KUALA LUMPUR, March 23 — Asian countries can be a ‘dynamo’ for the world and contribute to global development and economic growth in the future, said Tan Sri Rafidah Aziz. The former international trade and industry minister said Asia had a…

Russian firms eye wider cooperation with Malaysian counterparts

KUALA LUMPUR, March 23 — Russian business entities are exploring opportunities to intensify their interaction with Malaysian businesses and go beyond primarily military-technical cooperation relations. Russian Rostec State Corporation deputy chief…

Malaysia hopes Pakistan will buy more palm oil, remove trade barriers

ISLAMABAD, March 23 — Malaysia has expressed hope that Pakistan will continue to import more Malaysian palm oil and palm oil-based products as well as remove any non-tariff barriers on Malaysian goods. Malaysia is also ready to share its…

Bursa likely to be volatile next week

KUALA LUMPUR, March 23 — Trading on Bursa Malaysia is expected to be volatile next week due to the quarter-end window-dressing activities. Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said the anticipated window-dressing…

Ringgit to continue upward momentum next week

KUALA LUMPUR: The ringgit is expected to continue its upward momentum next week amid the likelihood of a US dollar weakness, supported by a rebound in market sentiment following confirmation of a pause in the US Federal Reserve’s (Fed) policy tightening.

FXTM’s global head of currency strategy, Jameel Ahmad, said given the Fed’s dovish outlook this past week, the ringgit might start contemplating a path towards the 4.00 psychological level.

“The ringgit has been provided with a helping hand by the weaker dollar following the Fed’s extra-dovish pivot during its monetary policy meeting this week by ruling out expectations for a US interest rate hike this year.

“Crude oil prices, which have recorded a new year-to-date high, could also lend support to the ringgit,” he told Bernama.

Jameel said the Malaysian economic calendar was light next week, leaving the spotlight mostly on external factors to influence the ringgit’s performance.

Gains in the emerging currencies including the ringgit could be capped by shifting tones in the ongoing US-China trade negotiations, slowing global growth, and persistent Brexit uncertainties, which are still expected to feed into emerging market sentiment in the week ahead.

During the week just ended, the ringgit was traded on the upside bias as the US dollar generally weakened on the back of expectations of the Fed’s dovish stance.

The Fed’s move to halt interest hikes for the year further supported the emerging Asian currencies, including the ringgit.

For the week just ended, Hong Leong Bank Bhd said in a note that the ringgit strengthened about 0.71 per cent week-on-week against a weak greenback but ended mixed against the Group of Ten (G10) countries.

“The US dollar is now tilted to the downside after losing 4.0900 but remains supported while holding above 4.0500. Breaking below this level will likely trigger a drop to 4.0300; otherwise, it is still inclined towards 4.1030 in the coming weeks,” it added.

On a Friday-to-Friday basis, the ringgit rose to 4.0600/0650 from 4.0890/0940 against the US dollar.

The ringgit was also traded higher against other major currencies last week, except the Japanese yen.

It gained against the Singapore dollar to 3.0047/0096 from 3.0197/0245 a week earlier and increased against the euro to 4.5882/5959 from 4.6287/6360.

The local currency appreciated versus the British pound to 5.3178/3260 from 5.4220/4307 in the previous week, but fell against the Japanese yen to 3.6735/6784 from 3.6623/6671. — Bernama

China’s Xi insists new Silk Road runs both ways as Italy signs up

ROME, March 23 — Chinese President Xi Jinping sought yesterday to allay Western unease over his new Silk Road initiative by emphasising the vast infrastructure project’s two-way nature as he kicked off a whistlestop European tour in…