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EU slaps tariffs on US as trade war erupts

BRUSSELS, June 22 — The European Union slapped revenge tariffs on iconic US products including bourbon, jeans and motorcycles today in its opening salvo in a trade war with President Donald Trump. The tariffs, which took effect at midnight (2200…


Asian bonds sell off in May as investors hunt for better yield

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BENGALURU: Asian bond markets witnessed a second consecutive month of outflows in May and will likely come under more pressure as major central banks tighten their monetary policies this year. Data from central banks and bond market associations showed foreign investors sold a total of $3.8 billion in India, Indonesia, Thailand, South Korea and Malaysian bonds in the last month. “The recent monetary policy decisions by major central banks such as the ECB announcing to end its bond buying programme soon, and the more hawkish view by the U.S. FedRead More


Opec struggles for deal to ease supply cuts as Iran resists

VIENNA, June 22 — Opec will seek agreement today to boost oil output amid calls from major consumers to prevent a supply shortage and despite opposition from group member Iran, which faces export-crippling US sanctions. Saudi Arabia, Opec’s de…


Asian traders end brutal week cautiously as trade fears simmer

HONG KONG, June 22 — Asian investors ended a tumultuous week on a cautious note today as the prospect of a debilitating global trade war hung over regional markets. As European Union tariffs on key US goods — including jeans, bourbon and…


China, Nepal to build Tibet-Kathmandu rail link

BEIJING, June 22 — China and Nepal have agreed to build a railway connecting Tibet with Kathmandu, among a raft of deals signed during the Nepali prime minister’s visit to Beijing, reports said today. Nepal is seeking closer ties and much-needed…


China stocks have worst week in nearly five months

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SHANGHAI: China stocks managed to end higher on Friday, but posted their worst weekly loss since early February, as lingering concerns over a potential full-blown trade war between China and the United States dampened investor sentiment. The blue-chip CSI300 index closed up 0.5 percent at 3,608.90, while the Shanghai Composite Index gained 0.5 percent to 2,889.76 points after hitting a fresh two-year low in early trade. For the week, SSEC tumbled 4.4 percent, while CSI300 slid 3.8 percent, both logging their worst week since early February. There were few signsRead More


Bursa Malaysia stays negative at mid-day

KUALA LUMPUR, June 22 ― Bursa Malaysia stayed in negative territory at mid-day today as investors continued to withdraw funds from the equity market, amid the bearish sentiment. At 12.30pm, the key FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.45…


Most Asian currencies set for losing week, Indian rupee gains

NEW YORK, June 22 — Most Asian currencies trod water today, and with the exception of the Indian rupee they were set to end the week lower, partly due to concerns over a brewing trade war and caution ahead an Opec meeting later in the day. The…


PM says ringgit fair value is same as Asia-crisis peg

KUALA LUMPUR, June 22 ― Prime Minister Tun Dr Mahathir Mohamad said the Malaysian ringgit’s fair value today is the same as the peg that his previous government established in 1998 in a controversial move during the Asian financial crisis. Asked…


KLCI pares loss as banking stocks advance

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KUALA LUMPUR (June 22): The FBM KLCI pared much of its loss at the midday break today as index-linked banking stocks advanced for the benchmark index to regain some lost ground. At 12.30pm, the FBM KLCI was down 2.45 points to 1,689.87. The index had earlier slipped to its intra-morning low of 1,768.03. Losers led gainers by 288 to 208, while 550 counters traded unchanged. Volume was 944.01 million shares valued at RM829.76 million. The top losers included British American Tobacco (M) Bhd, KESM Industries Bhd, Ayer Holdings Bhd, TenagaRead More