(April 19): If this trade fight escalates, China could fire back by selling a large chunk of the $1.17 trillion of U.S. treasury bonds it holds. China is well-prepared to deal with any negative effect from its trade spat with the United States, and hopes the U.S. will not underestimate China’s resolve to fight back, the Chinese commerce ministry said on Thursday. The U.S. would be making a miscalculation if it is determined to contain China’s rise, Gao Feng, spokesman at the Ministry of Commerce, said at a regular mediaRead More
TOKYO, April 16 ― The dollar firmed today, hovering near a two-month high against the yen, after the market gained some clarity following military strikes on Syria by the United States and its allies at the weekend. The United States, France…
KUCHING: Growth in the plastics and packaging sector is expected by analysts to be driven by resilient demand for niche plastic products and stretch film. According to the research arm of Kenanga Investment Bank Bhd (Kenanga Research), with plastic packagers continuously tapping into new markets such as China, US, Canada and Africa, and working on […]
Fundamental outlook IN response to US’ threats to impose heavy tariffs on China’s products imported into US, China raised its import tariffs on American goods. US weekly claims grew to highest in 12 weeks. Non-farm payroll grew 103,000 below forecast which shocked market. UK recorded a slowdown in its building and services index. The US […]
PETALING JAYA: Bank Negara's international reserves increased 3.8% to US$107.8 billion (RM416.7 billion) as at March 30, 2018 against US$103.9 billion (RM401.7 billion) as at March 15, 2018.
The central bank said in a statement that the reserves level has taken into account the adjustment for forex revaluation changes.
“The reserves position is sufficient to finance 7.4 months of retained imports and is 1.1 times the short-term external debt,” it added.
Fundamental outlook US gross domestic product (GDP) grew 2.9 per cent for the fourth quarter of 2017 (4Q17). The market was quiet throughout last week due to the Good Friday holiday. US weekly claims for jobless benefits fell to a four-week low. UK trade deficits narrowed while GDP grew in line with expectations. The US […]
PETALING JAYA: Berjaya Corp Bhd (BCorp) saw a slight dip of 2.25% in revenue to RM2.17 billion for the third quarter ended January 31, 2018 from RM2.22 billion a year ago, mainly due to lower revenue achieved by the property investment and development segment.
In the quarter under review, the group recorded a pre-tax profit of RM6.35 million against the RM83.86 million reported in the previous year's corresponding quarter due to the lower net investment related income.
For the cumulative period of nine months, BCorp recorded a pre-tax loss of RM84.86 million against a pre-tax profit of RM563.95 million, due to the provision for impairment on a portion of the balance of Berjaya (China) Great Mall Co Ltd (GMOC) project sales proceeds, unrealised forex loss, higher pre-tax loss of the retail distribution business as well as lower pre-tax profit reported by the property investment and development business.
Revenue for the period fell 5% to RM6.56 billion from RM6.9 billion on the back of lower contribution from the property investment and development segment and marketing of consumer products and services segment.
The retail distribution business also reported lower revenue due to weak consumer spending sentiment as a result of unfavourable economic conditions in China, Malaysia and Hong Kong, as well as the intense competition in China.
Given the prevailing economic conditions and global financial outlook, BCorp is of the view that the operating environment will be challenging going forward.
WASHINGTON/SEOUL: The United States and South Korea agreed to revise their six-year-old trade pact with a side deal to deter competitive currency devaluation by Seoul and with concessions for US autos and pharmaceutical companies, Trump administration officials said. They told reporters that the deal includes provisions outlined by South Korean officials on Monday, including a […]
NEW YORK, March 28 — The dollar stalled this morning as lingering global trade tensions curbed its capacity to bounce back from recent lows. The dollar index, which measures the greenback versus a group of six major currencies, was 0.1 per…