Friday, May 10th, 2019


In milestone, Uber makes Wall Street debut

NEW YORK, May 10 — Uber made its Wall Street debut today, starting with an eye-popping US$82 billion (RM341 billion) valuation in a milestone for the ride-hailing industry amid lingering doubts about its business model. Chief executive Dara…

US stocks dip amid China trade fight as Uber makes debut

NEW YORK, May 10 — Wall Street stocks dipped early today as the United States followed through on a threat to increase tariffs on Chinese imports, while investors awaited the market debut of Uber. About 15 minutes into trading, the Dow Jones…

Report: Beckhams take full control of brand business

LONDON, May 10 — Ex-England international footballer David Beckham and his fashion-designer wife Victoria have taken full control of his brand company after snapping up shares they did not already own, The Financial Times said today. Citing people…

India’s embattled Jet Airways gets two unsolicited bids

MUMBAI, May 10 — India’s biggest lender today said it has received two unsolicited bids for Jet Airways, raising hopes for the revival of the debt-laden carrier which was forced to ground its entire fleet last month. The State Bank of India…

US consumer prices rise; underlying inflation tame

WASHINGTON, May 10 — US consumer prices rose in April but underlying inflation remained muted, suggesting the Federal Reserve could keep interest rates unchanged for a while. The Labour Department said today its Consumer Price Index increased 0.3…

UK sees risk of serious damage from US-China trade tensions

LONDON, May 10 — British finance minister Philip Hammond said today he was hopeful the United States and China would step back from a potential trade war that risked causing very serious damage to Britain and the world economy. The United States…

Trump says in ‘no rush’ to complete China trade deal

WASHINGTON, May 10 — US President Donald Trump said today he was in “absolutely no rush” to finalise a trade agreement with China as US negotiators from both countries prepared to continue talks in Washington, in a sign that discussions could…

Celcom announces new key management appointments

PETALING JAYA: Celcom Axiata Bhd announced three new appointments to its top management, namely chief customer service and experience officer, chief enterprise business officer and head of home business.

The telco company appointed Shanti Jusnita as its new chief customer service and experience officer effective April 8, 2019.

Shanti, who previously served in Maxis Bhd as head of core convergence and vice president of marketing strategy, has 21 years of telco experience.

Prior to her stint in Maxis, she was with Telekom Malaysia in various roles including executive vice president of SME, general manager of business strategy, office of the COO and corporate and multinational sales.

Celcom has also appointed Azlan Zainal Abidin as the new chief enterprise business officer effective May 27, 2019. He was previously Celcom’s vice president of IT transformation from 2008 till 2012.

Azlan was previously the country managing partner for IBM Malaysia’s global business services. Prior to that, he was a managing director and partner for Accenture Malaysia. He also had a stint with Malaysian Airports Bhd as the head of group technology.

Meanwhile, Khazalin Ghuzal has been appointed as Celcom’s new head of home business effective May 13, 2019.

Khazalin has held various senior positions in Astro, including COO for the Pay-Tv business and most recently as the director of its NJOI (freemium and prepaid) business. She also has over 12 years of experience in financial services.

“These key appointments are the first of many, as we believe that both internal and external talents will play a key role in the company’s success, in the near future. We will continue to source for the best global talents that will complement our diverse teams with a refreshed mindset, spearheading Celcom’s journey towards greater digital frontiers,” said Celcom CEO Idham Nawawi.

Azlan Zainal Abidin

Khazalin Ghuzal

Ringgit extends downward momentum

KUALA LUMPUR: The ringgit extended its downward trend to close lower against the US dollar today, tracking most emerging currencies amid uncertainties over the US-China trade negotiations later today, dealers said.

At 6pm, the ringgit was lower at 4.1570/1600 against the greenback compared with 4.1520/1550 at Thursday’s close.

FXTM’s market analyst Han Tan said US President Donald Trump’s unexpected tweets about higher US tariffs on Chinese imports which were subsequently levied on Friday, weighed on sentiment as it would hit exporter currencies, including the ringgit.

On the local front, the weakening of ringgit was also contributed by foreign fund outflows, said Phillip Capital Management senior vice-president (Investment) Datuk Dr Nazri Khan Adam Khan.

He said year-to-date, Malaysia recorded the largest fund outflow in the region.

It was reported that Malaysia recorded the highest portfolio outflow in 10 months in April at RM11.2 billion, bucking the trend of portfolio flows into emerging markets.

“However, on the long-term perspective, Malaysia is fundamentally stable, including in the banking system. We hope Bank Negara Malaysia will come out with something attractive to ensure the ringgit stability and could trade at the 4.10 level, but this will take time.

He said the unveiling of the “Shared Properity” approach to mark the Pakatan Harapan government first anniversary, aimed at increasing the people’s purchasing power and eliminate the income and wealth gaps, could shed some light and show some positive direction for the economy and ringgit moving forward.

The ringgit was also traded lower against other major currencies.

The local note traded easier against the Singapore dollar at 3.0503/0534 from Thursday’s 3.0447/0486, and depreciated against the British pound to 5.4091/4147 from 5.3984/4040.

The local currency weakened vis-a-vis the yen to 3.7843/7880 from 3.7831/7862, and decreased against the euro to 4.6683/6733 from 4.6482/6528 yesterday. – Bernama

Thyssenkrupp abandons plans to merge with India’s Tata

FRANKFURT AM MAIN, May 10 — German industrial conglomerate Thyssenkrupp said today it had abandoned plans to merge its steel business in Europe with Indian giant Tata because of expected resistance from the European Commission. …