Friday, April 26th, 2019


US economy surges at the start of 2019

WASHINGTON, April 26 — The US economy got off to a roaring start in 2019, breezing past President Donald Trump’s extended government shutdown and wiping away fears of a slowdown in growth, at least for now, the government reported today. The…

Workplace messaging startup Slack to list on Wall Street

WASHINGTON, April 26 — The workplace messaging startup Slack filed documents today to list its shares on the New York Stock Exchange, the latest of a group of richly valued tech enterprises to look to Wall Street. The “direct listing” will…

US stocks dip as mixed earnings offset strong growth data

NEW YORK, April 26 — Wall Street stocks dipped early today as a batch of mixed earnings offset better-than-expected US economic growth data. About 45 minutes into trading, the Dow Jones Industrial Average dropped 0.2 per cent to 26,410.00. The…

ExxonMobil reports 49pc drop in profits to US$2.4b, shares fall

NEW YORK, Exxon Mobil’s profits plunged by half in the first quarter of the year due to weakness in its refining business and somewhat lower crude oil prices, the company said today. The US oil giant reported net earnings of just under US$2.4…

Sri Lanka fears up to US$1.5b tourism losses

COLOMBO, April 26 —Sri Lanka fears its lucrative tourism industry could see arrivals drop up to 30 per cent, with losses of US$1.5 billion this year, after deadly Easter attacks, the finance minister said today. “Tourism will be the worst…

Volatile trade, inventories boost US growth to 3.2pc in Q1

WASHINGTON, April 26 — US economic growth accelerated in the first quarter, but the burst in growth was driven by trade and the largest accumulation of unsold goods since 2015, temporary factors that are likely to reverse in the coming quarters….

Uber sets terms for IPO, posts US$1b Q1 loss

NEW YORK, April 26 — Uber Technologies Inc unveiled terms for its initial public offering today, telling investors the ride-hailing company and insiders would seek to sell as much as US$10.35 billion in stock at a valuation of up to US$91.5…

Ringgit slightly higher versus greenback

KUALA LUMPUR: The ringgit was slightly higher against the US dollar at Friday’s close, lifted by mild buying for the local note despite the lower crude oil price, a dealer said.

At 6pm, the ringgit stood at 4.1310/1340 against the greenback from 4.1340/1380 at Thursday’s close.

“Over time the ringgit could struggle on the domestic front due to Bank Negara Malaysia’s dovish expectation and the prospect of an evaporating current account surplus,” SPI Asset Management managing partner and head of trading Stephen Innes said.

He said over the short term, the ringgit is getting sold as the US dollar rally is picking up pace as the global economic divergence between the US versus the world continues to build up.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It fell against the Singapore dollar to 3.0306/0332 from 3.0288/0328 on Thursday and depreciated versus the British pound to 5.3302/3362 from 5.3200/3268.

The local currency weakened vis-a-vis the yen to 3.6966/6997 from 3.6940/6986, but improved against the euro to 4.6007/6044 from 4.6020/6077. — Bernama

Bayer boss defends Monsanto merger to grumbling shareholders

FRANKFURT AM MAIN, April 26 — Bayer chief executive Werner Baumann was on the defensive at the German chemical giant’s annual general meeting today, relitigating the decision to buy US seeds and pesticides maker Monsanto before restive…

Maxis on track to hit RM10b service revenue by 2023

KUALA LUMPUR, April 26 — Maxis Bhd is on track to achieve an annual service revenue of RM10 billion by 2023 from the current RM8 billion. Interim chief executive officer Gokhan Ogut said Maxis had started its five-year transformation journey that…