china

 
 

PetChem monitors impact of US-China trade war

KUALA LUMPUR: Petronas Chemicals Group Bhd is currently monitoring the impact of the escalating trade war between the United States and China on the petrochemical industry. Managing director/chief executive officer Datuk Sazali Hamzah pointed out that there is no serious threat to the industry at the moment. “Our business is still as usual. But we […]


Analysts downgrade Malaysia’s GDP forecasts after slow 1H18

KUCHING: Analysts are lowering their growth forecasts for Malaysia’s Gross Domestic Product (GDP) following a lower-than-expected slowdown in the second quarter of 2018 (2Q18) to 4.5 per cent year on year (y-o-y) from 5.4 in 1Q18. Kenanga Investment Bank Bhd (Kenanga Research) saw that the lower GDP in 2Q18 was below both consensus and house […]


Dow, S&P higher on trade talk optimism, Nasdaq slips on tech weakness

NEW YORK, Aug 20 — The S&P 500 and Dow Industrials rose today on optimism around the upcoming Sino-US trade talks, but the Nasdaq fell as technology stocks retreated. The planned lower-level trade talks between the United States and China…


China defies US pressure as EU parts ways with Iranian oil

BEIJING, Aug 20 — China, seeking to skirt US sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of…


Wall St higher on US-China trade talk optimism

NEW YORK, Aug 20 — US stock index opened higher today as reports of planned trade talks between the United States and China raised hopes of a potential resolution to their trade spat. Lower-level trade talks will be held on August 22 and 23,…


DRB-Hicom shares gain on Proton-Geely China JV pact

PETALING JAYA: DRB-Hicom Bhd's share price gained 3.81% or 9 sen to close at RM2.45 with 22.73 million shares done today, on news of a joint venture in China which will enable subsidiary Proton Holdings Bhd to assemble and market cars there.

This is DRB-Hicom's highest gain since Aug 13, having closed at RM2.32 last Monday. The stock has been fluctuating since.

Proton Holdings and Zhejiang Geely Holding Group entered into a heads of agreement to set up an equal stake joint venture (JV) company which will enable Proton to assemble and market its cars in China.

DRB-Hicom said in a statement yetoday that the partnership via the yet to be named JV entity includes the setting up of a production facility in China which will assemble vehicles, and the development of a network of dealers to market the Proton range in China.

The portfolio of cars for China will primarily come from existing Geely platforms, although the external design of the vehicles will be undertaken by Proton. However, the agreement also provides for existing Proton platforms that are found suitable to be developed into models for the Chinese market.

DRB-Hicom Group managing director Datuk Seri Syed Faisal Albar said Geely's entry as a strategic partner of Proton has paved an easier route for Proton's entry into the lucrative Chinese market.

“Clearly with Geely on board, Proton's route into China has become more tenable. Part of Geely's role is to secure the manufacturing licences and regulatory approvals required for such a venture under China's regulations. Geely will also identify a suitable location where the manufacturing facility is to be based”, he added.

Existing Proton component vendors that have quality and a competitive edge may also be considered as suppliers for the JV company. This, Syed Faisal said, should sit well with the Malaysian government which has often prodded Malaysian component makers to venture into the Chinese market.

China's passenger car sales have grown tremendously over the last 10 years—from the sale of 6.76 million passenger cars in 2008 to 24 million units in 2017. Geely is seen as the clear leader in the segment, as the first privately-owned Chinese carmaker to sell over one million units.


China’s MoF, Securities Commission Malaysia sign MoU on regulatory cooperation

KUALA LUMPUR, Aug 20 — The Securities Commission Malaysia (SC) and China’s Ministry of Finance (MOF China) today signed a memorandum of understanding (MoU) for cross-border regulatory cooperation on accounting and audit matters under their…


China, M’sia should enter digital economy era together: Dr M

BEIJING: China and Malaysia should join hands in entering the digital economy era now said Prime Minister Tun Dr.Mahathir Mohamad said in a forum hosted by Chinese tycoon Jack Ma.

Mahathir who is on a working visit in the country said at the China Entrepreneur Club (CEC) hosted by Ma, the club’s chairman, said Malaysia has become an important economic and trade partner for China, hence the two countries should join hands to enter the digital economy era now. This, he said will also provide a huge opportunity for enterprises in China and Malaysia.

In his speech, Mahathir emphasised that the past Maritime Silk Road and the current bilateral economic and trade relations brought new development opportunities to the enterprises in both countries and developing more job opportunities and quality goods to the people.

He hoped that more Chinese entrepreneurs can invest in Malaysia which will continue to maintain friendly relations with China.

The 40-minute question-and-answer session in the forum attended by 400 delegates saw the premier engaging in lively communication with Chinese entrepreneurs on investment opportunities, market development, cultural exchanges, the One Belt and One Road Initiative, as well as socially and economically sustainable development.

China which maintains close economic and trade ties with Malaysia has been its largest trading partner for nine consecutive years. It has also been Malaysia’s largest manufacturing investor for two consecutive years, and its largest source of tourism for six years in a row.


China and Malaysia should enter digital economy era together: Dr M

BEIJING: China and Malaysia should join hands in entering the digital economy era now said Prime Minister Tun Dr.Mahathir Mohamad said in a forum hosted by Chinese tycoon Jack Ma.

Mahathir who is on a working visit in the country said at the China Entrepreneur Club (CEC) hosted by Ma, the club’s chairman, said Malaysia has become an important economic and trade partner for China, hence the two countries should join hands to enter the digital economy era now. This, he said will also provide a huge opportunity for enterprises in China and Malaysia.

In his speech, Mahathir emphasised that the past Maritime Silk Road and the current bilateral economic and trade relations brought new development opportunities to the enterprises in both countries and developing more job opportunities and quality goods to the people.

He hoped that more Chinese entrepreneurs can invest in Malaysia which will continue to maintain friendly relations with China.

The 40-minute question-and-answer session in the forum attended by 400 delegates saw the premier engaging in lively communication with Chinese entrepreneurs on investment opportunities, market development, cultural exchanges, the One Belt and One Road Initiative, as well as socially and economically sustainable development.

China which maintains close economic and trade ties with Malaysia has been its largest trading partner for nine consecutive years. It has also been Malaysia’s largest manufacturing investor for two consecutive years, and its largest source of tourism for six years in a row.


Bursa Malaysia ends higher, led by Petronas Chemicals

KUALA LUMPUR, Aug 20 — Bursa Malaysia closed higher today on continued buying in selected heavyweights led by Petronas Chemicals, as well as mid and small-cap stocks, in sync with most regional peers, dealers said. At 5pm, the benchmark FTSE Bursa…