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US to pursue extradition of Huawei CFO from Canada

WASHINGTON, Jan 23 — The US Justice Department said yesterday that it will pursue the extradition of Huawei Technologies Co Ltd’s chief financial officer, arrested in Canada in December on allegations that she participated in a conspiracy to…


As China’s economy falters, fund managers look to bonds

HONG KONG/SHANGHAI: Despite mounting signs of a Chinese economic slowdown, 2019 is off to a good start for fund manager Du Zhenye. His Shanghai-based ChangAn Xinyi Enhanced Mixed Fund has increased its assets over the past two weeks by shunning Chinese stocks for bonds. And it was the best-performing of nearly 3,000 mixed funds ranked by […]


China to remain Malaysia’s largest trading partner: Miti

KUALA LUMPUR: China will likely remain as Malaysia’s largest trading partner, looking at the current trend, said Deputy International Trade and Industry Minister Dr Ong Kian Ming.

He said even with the spectre of the US-China trade war looming, Malaysia-China trade continued to grow at a higher rate compared with other trading partners.

In a statement today, Ong said from January to November 2018, Malaysia’s total trade rose 6.2% as compared with the same period in 2017, contributed by 6.9% growth in exports and 5.3% rise in imports.

During the period, Malaysia-China total trade expanded by 8.5%, with an 11.3% increase in exports and 6.3% growth in imports.

He said Malaysia was also poised to attract more investments and benefit from import substitution as a result of the US-China trade war.

Ong said there were about 300 out of the top 500 Chinese companies listed by Fortune Magazine which had yet to invest in Malaysia.

“These are the companies that we want to entice to Malaysia by showing off our natural and strategic advantages as an investment location,“ he said.

From January to September 2018, approved manufacturing foreign direct investment (FDI) from China had already reached RM15.62 billion.

“More than 50% of the approved manufacturing FDI from Chinese companies came after the 14th General Election (in May 2018), showing that companies from China continue to demonstrate confidence in the Malaysian economy under the new government,“ he added.

He said a recent study by Nomura Global Economics ranked Malaysia as the top country, based on its aggregated Nomura Import Substitution Index scores, that could benefit in particular from the exports of electronic integrated circuits, liquefied natural gas and communication apparatus.

Meanwhile, the Economist Intelligence Unit projected Malaysia to be a beneficiary in diverted production and investment in the automotive, as well as information and communications technology products.

“While a prolonged US-China trade war would not be welcomed by a small and open economy like Malaysia, there are mitigating factors that will somewhat cushion the impact for us,“ Ong added.


Foreign buying on Bursa gathers steam

PETALING JAYA: International funds cquired RM417.3 million net of local equities last week, the highest inflow recorded since September 2018 and about 16 times the net inflow in the previous week.

MIDF Research said foreign investors turned buyers starting in the last two weeks, after nine consecutive weeks as sellers.

“Foreign investors continued hitting the buy button, for equities listed on Bursa. They turned buyers after a short-selling mode on Monday, ending the week with net positive,“ the research house said in its fund flow report today.

Foreign investors first bought RM51.7 million net on Tuesday followed by a net total of RM378 million for the rest of the week. The net buying quantum peaked on Friday, on renewed trade optimism.

It was reported that the US is considering measures to roll back tariffs on Chinese products, which helped to offset the fears of a global economic slowdown after disappointing Chinese trade data. Notably, Chinese exports and imports recorded a drop in December, stemmed from the trade war impact.

So far in 2019, MIDF Research said foreign funds bought RM424.5 million net or US$103.4 million net of local equities.

“In comparison to the other three Asean peers we monitor, namely the Philippines, Indonesia and Thailand, Malaysia has the lowest foreign net inflow on a year-to-date basis,“ MIDF said.

Despite the inflows into Bursa, participation rate among the various group of investors recorded a decline across the board. Foreign average daily traded volume (ADTV) dipped 20.7% to settle below the RM1 billion level.

Meanwhile, retail market and local institutions ADTV followed suit, down by 14.9% and 17% respectively.

MIDF Research said positively, retail market’s ADTV still remain above its healthy level of RM800 million.

Stock-wise, Public Bank Bhd registered the highest net money inflow of RM18.04 million last week. Its share price appreciated by 0.16% for the week, underperforming the FBM KLCI which inched 0.53% on a weekly basis.

Malaysia Airports Holdings Bhd, however, recorded the highest net money outflow of RM13.32 million last week. Its share price advanced by 1.38% for the week to close at RM8.10.


Malaysia well-positioned to benefit from US-China trade dispute, says economist

KUALA LUMPUR, Jan 22 — Malaysia is in a good position to benefit from the US-China trade war in 2019, observed Standard Chartered Asean and South Asia chief economist Edward Lee. In a media briefing today, Lee pointed out that Malaysia is the…


Pre-book your Angpow notes with OCBC’s online booking system

KUALA LUMPUR, Jan 22 — This Chinese New Year, OCBC bank is introducing a pre-booking system for customers to book bank notes in advance to skip the hassle of rushing to banks to exchange notes for the festive season. Current and savings account…


Asian shares, oil skid on global growth worries

SYDNEY, Jan 22 — Asian shares stumbled and oil prices fell today as pessimism about world growth drove investors away from risky assets, while sterling ticked lower in the face of the latest twists and turns in the Brexit saga. China got the week…


Dollar steady, global growth concerns support safe-havens

SINGAPORE, Jan 22 — The dollar hovered near two-week highs against its peers today as a slowdown in China’s economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies. Overnight, the International…


Huawei in unprecedented media blitz as it battles heightened scrutiny

HONG KONG, Jan 22 — China’s Huawei has launched an unprecedented public relations blitz, thrusting its low-key founder in front of international media as the telecoms firm seeks to ease concern among Western nations bent on shutting it out of…


Asia keeps calm as China cools, Brexit news awaited

SYDNEY: Asian markets kept their nerve yesterday as data showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade. Investors are also waiting to hear British Prime Minister Theresa May’s ‘Plan B’ for Brexit which is due to […]