China says it’s ready to deal with any fallout from trade row with US

corporatenews10 feb2017

(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

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BNM’s international reserves up 3.8% to US$107.8b as at March 30

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.

US GDP grows 2.9 per cent for 4Q

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Berjaya Corp registers RM2.17 billion revenue in Q3

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.

Astro’s share price up 2.97% after reporting 25% jump in Q4 earnings

PETALING JAYA: Astro Malaysia Holdings Bhd, which reported a 25% jump in earnings for the fourth quarter ended Jan 31, 2018, saw its share price rise 2.97% this morning.

At 11.02am, its share price rose 2.97% or 6 sen to RM2.08 with 921,000 shares traded.

Astro’s net profit jumped 25% to RM181.79 million from RM145.08 million a year ago due to lower net finance costs because of favourable unrealised forex gain arising from unhedged non-current balance sheet liabilities comprising finance lease liabilities and vendor financing.

However, its revenue was 0.7% lower at RM1.39 billion against the corresponding quarter of RM1.4 billion.

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