Friday, May 17th, 2019


Tough talk from China leaves trade talks with US in limbo

WASHINGTON, May 17 — China struck a more aggressive tone in its trade war with the United States today, suggesting a resumption of talks between the world’s two largest economies would be meaningless unless Washington changed course. The tough…

Facebook forms Swiss fintech firm with payments focus

ZURICH, May 17 — Facebook has set up a new financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva’s commercial register shows. Libra Networks, with Facebook Global Holdings…

Sterling set for worst week of 2019 as Brexit talks collapse

LONDON, May 17 — Sterling dived to a four-month low today after cross-party Brexit talks collapsed and concern grew about the impact Prime Minister Theresa May’s likely resignation would have on Britain’s EU divorce. The pound has traded in a…

Drivers use GPS spoofing, fake apps to defraud Grab, says ride-sharing firm

SINGAPORE, May 17 — Some drivers have been using spoof global position system (GPS) tools to try to defraud Grab, the ride-hailing firm said at a media briefing today. Such drivers would use spoof GPS tools to pretend they are in a particular…

Alibaba faces consumer complaints in Europe

PARIS, May 17 — Six European consumer rights associations said today they have asked national authorities to look into illegal practices by firms using the AliExpress site of Chinese e-commerce giant Alibaba. Buyers in European countries enjoy the…

Perangsang Selangor buys Toyoplas mManufacturing for RM311.25m

KUALA LUMPUR, May 17 — Kumpulan Perangsang Selangor Bhd’s (Perangsang Selangor) unit, Perangsang Dinamik Sdn Bhd, is acquiring a 100 per cent stake in integrated plastic injection moulding firm, Toyoplas Manufacturing (Malaysia) Sdn…

Huawei: Rags to riches story, or Chinese Trojan horse?

SHANGHAI, May 17 — Chinese army technician Ren Zhengfei founded Huawei with just US$5,000 (RM20,885) in seed money, according to company lore, but 32 years later it is at the centre of a titanic tug-of-war between the United States and China for…

Maybank reduces BR, BLR further by 5bps

KUALA LUMPUR: Malayan Banking Bhd (Maybank) today reduced its base rate (BR) and base lending rate (BLR) by an additional 5 basis points (bps) to 3.00% and 6.65% respectively.

Similarly, its Islamic BR and base financing rate (BFR) will be reduced by another 5 bps to 3.00% and 6.65% respectively.

Last week, Maybank lowered its BR by 20 basis points from 3.25% to 3.05% while its BLR was revised from 6.9% to 6.7%, in line with Bank Negara Malaysia’s Overnight Policy Rate cut.

The Islamic BR and base financing rate was also reduced by 20 basis points from 3.25% to 3.05% and from 6.9% to 6.7% respectively.

In addition, Maybank’s fixed deposit rates was also adjusted downwards by 20 basis points.

Standard Chartered Malaysia lowers BR by 25bps

PETALING JAYA: Standard Chartered Malaysia has cut its Base Rate (BR) by 25 basis points (bps) effective May 14, 2019.

With the cut, the bank’s BR will be lowered from 3.77% per annum to 3.52% per annum, while its Base Lending Rate (BLR) will also be revised from 6.95% to 6.70% per annum.

Its fixed deposits and term deposit-i interest rates have also been lowered by 0.25% taking effect from May 15, 2019.

For the adjustment, Standard Chartered has passed the entire benefit of the cut to all its existing home loan customers who will receive the benefit with immediate effect.

In addition, the bank has also lowered its Islamic BR and base financing rate by 25bps to 3.52% per annum and 6.70% per annum respectively from 3.77% and 6.95% previously.

The revision follows Bank Negara Malaysia’s decision to reduce the Overnight Policy Rate by 25 bps to 3% at its Monetary Policy Committee meeting held recently.

Standard Chartered managing director and CEO Abrar A. Anwar (pix) said that the bank is supportive of the accommodative policy as it encourages investments and is favourable to borrowers.

“This revision will help our existing and potential borrowers contend with the current environment and help spur economic growth in the country. We believe it will also support the government’s efforts to ensure that the domestic economy can continue on a steady growth path,” he said.

Tall chip tale? Huawei’s backup plans leave experts unconvinced

HONG KONG, May 17 — Chip experts are calling out Huawei for its claims that it could ensure a steady supply chain without US help, saying the technology the Chinese telecoms network gear maker buys from American companies would be “hard to…