Thursday, October 10th, 2019

 

Trump to meet China envoy, lifting hopes for trade talks

WASHINGTON, Oct 10 ― President Donald Trump announced today he will meet with China's top trade envoy as the two sides pursue fraught negotiations that this week appeared headed for a dead end. In a tweet, Trump said he will meet tomorrow with…


Weak fuel prices keep US consumer inflation steady September

WASHINGTON, Oct 10 ― Tumbling energy costs kept US consumer inflation in check last month, blunting upward pressures in prices for housing and medical care, according to government data released today. As a result, the Consumer Price Index held…


Wall Street opens flat with focus on US-China trade talks

NEW YORK, Oct 10 ― US stocks opened flat today, as top negotiators from the United States and China meet for the first time since late July to try to hammer out a deal to end the 15-month long trade war. The Dow Jones Industrial Average fell 28.66…


Saudi Arabia: Oil output fell 660,000 bpd in Sept after attacks

LONDON, Oct 10 ― Saudi Arabia, the world's largest oil exporter, told Opec that the kingdom's oil production in September fell by 660,000 barrels per day (bpd) compared with August to 9.13 million bpd in the wake of attacks on its energy…


India pursues China-led trade deal despite domestic opposition

NEW DELHI, Oct 10 ― India is pressing ahead with talks to join a China-led free trade pact, officials said today, despite some domestic producers' concerns that the country could be flooded with cheaper Chinese imports. Negotiators for the…


S’gor set to achieve RM10b manufacturing target

KUALA LUMPUR: Selangor is on track to hit its manufacturing sector investment target of RM10 billion for this year, according to Mentri Besar Amirudin Shari.

“The previous business summits have been pivotal in recording nearly RM6 billion in investments in the manufacturing sector for the first half of 2019 alone,” he said in his keynote address for the third Selangor International Business Summit 2019 (SIBS).

Last year, Selangor achieved an investment performance of RM19 billion for the manufacturing sector, a 285% improvement from its achievement in 2017.

“These records go to show that in Selangor, business leaders can reap the rewards of the strong economic fundamentals we have to offer from our excellent infrastructure to the vibrant and dynamic talent pool graduating from the many universities in Selangor,” said Amirudin.

He highlighted that Selangor’s vision to become a smart state by 2025 will ensure that the state’s economic policy is aligned to its infrastructure development in transport and city management.

Amirudin said the state has the best transport network in the country with connectivity through a mix of railways, highways, ports and airports.

“The Kuala Lumpur International Airport and Port Klang are the 12th busiest airport in Asia and 12th busiest seaport in the world respectively, and due to our strategic location, we have over 200 industrial parks mushrooming throughout the state.”

With regards to the summit, Selangor executive councillor and investment, industry & commerce, SME and transportation committee chairman Datuk Teng Chang Khim stated that the event has welcomed more than 60,000 visitors from more than 33 countries since its inception.

“This in turn, has resulted in accumulated trade value of RM680 million,” he said.

For SIBS 2019, Teng is hoping for a transaction value of US$60 million (RM251.58 million) for the event.

The four-day event is expected to welcome 30,000 domestic and international visitors with 24 participating countries and 800 booths.

In addition, this year’s summit also marks the debut of Selangor Research & Development and Innovation Expo with 120 exhibitors occupying 328 booths from major research institutions and universities in Malaysia.

“R&D and innovation are important components to all sectors, and we can look forward to seeing great advances that will benefit businesses and other sectors in this expo,” Teng said.

He added that an estimated 100 R&D patent and innovation products will be showcased at the exhibition.

SIBS 2019 is being held at Malaysia International Trade & Exhibition Centre, Kuala Lumpur till this Sunday.


Falling exports deal blow to German trade surplus

FRANKFURT, Oct 10 ― Germany's trade surplus fell sharply in August, official data released today showed, undermined by a plunge in exports as trade conflicts and business uncertainty persisted. Exports outweighed imports by €18.1 billion (RM83.6…


Nissan to start building new Juke car at UK plant as Brexit looms

SUNDERLAND (England), Oct 10 ― Nissan said it will begin making the next-generation Juke vehicle at Britain’s biggest car plant on Monday, just over two weeks before a possible no-deal Brexit which the industry has warned could bring production…


DIS Technology former MD charged with insider trading

PETALING JAYA: The Securities Commission Malaysia (SC) today charged DIS Technology Holdings Bhd (DISTECH) former managing director Cheah Yew Keat with five counts of insider trading in the company’s shares.

The regulator said in a statement that Cheah was alleged to have disposed of 2.88 million DISTECH shares via the accounts belonging to one Chuah Ni whilst in possession of non-public information between March 1, 2010 and March 4, 2010.

“The non-public information referred to in all charges relate to the alleged misstatement of DISTECH’s quarterly financial reports between Q3 of 2008 and Q4 of 2009 which had a significant impact on DISTECH’s financial results.”

DISTECH was delisted on August 19, 2010.

Cheah claimed trial to the charges. Sessions Court Judge Tuan Hasbullah Adam, who set bail at RM200,000 with one surety, also required Cheah to surrender his international passport to the court.

All five charges were for insider trading offences under section 188(2)(a) of the Capital Markets and Services Act 2007.

Insider trading is an offence punishable with imprisonment term not exceeding 10 years and a fine of not less than RM1 million.


Top-level US-China trade talks resume as irritants sour atmosphere

WASHINGTON, Oct 10 ― The United States' and China's top trade negotiators were set to meet today for the first time since late July to try to find a way out of a 15-month trade war as new irritants between the world's two largest economies…