Tesla's Musk bashes media, proposes credibility check with website

PALO ALTO, May 25 — Tesla Inc Chief Executive Elon Musk gained the support yesterday of more than half a million people on Twitter for plans to create a website evaluating journalists' credibility, spurred by his frustration at media reports about…

HSL sees strong quarter as market uncertainties only temporary

KUCHING: Sarawak-based infrastructure specialist Hock Seng Lee Bhd (HSL) saw an increase of 39 per cent and 24 per cent respectively over the RM94.92 million in revenue and RM14.91 million in profit before tax (PBT) for the first three months of 2017. On political events in the nation, HSL viewed that there would likely be […]

Tariff fears hit car shares, lira back on the rack

LONDON, May 24 ― World shares crept higher today as cars become the latest focus of US protectionism worries, while Turkey's lira slumped back after a huge emergency interest rate hike failed to stem its problems. Markets had plenty coming up…

Sterling gains hold FTSE 100 back while mid-cap earnings boost shares

LONDON, May 24 ― Gains in sterling sparked by better retail sales data bruised Britain's internationally-exposed FTSE 100 index, while a recovery in commodities helped limit losses, and earnings updates drove sharp single-stock moves. Retail sales…

Cathay Pacific revamps loyalty programme with focus on customer spending

SINGAPORE, May 24 ― Hong Kong's Cathay Pacific Airways has made the biggest overhaul to its loyalty programme in a decade, with airfares paid now playing a larger part in determining customer rewards, the head of the business said today. The move…

China is said to plan tariff cut on wide range of consumer goods

BEIJING, May 24 ― China is planning to reduce import duties on consumer goods ranging from food to cosmetics, people familiar with the matter said. The tariff cuts, which would be effective as early as July 1, would apply to significantly more…

Dollar loses steam on Fed minutes, Trump tariff warning, euro pressured


TOKYO: The dollar lost momentum on Thursday after the double-whammy of dovish-looking minutes of the Federal Reserve’s last policy meeting and the threat by U.S. President Donald Trump of imposing new tariffs on imported cars. The euro was hampered by concerns over an economic slowdown in the currency bloc and political risks in Italy, staying near a six-month low against the dollar and a nine-month nadir versus the yen. Measured against a basket of six major currencies , the dollar stepped back to 98.865 from its five-month high of 94.195Read More

Perak Corp slumps 16.48% after auditors doubt ability as going concern


KUALA LUMPUR (May 24): Perak Corp Bhd shares slumped 16.48% after its external auditors have issued a statement of material uncertainty over the company’s ability to function as a going concern. At 10.34am, Perak Corp lost 14.5 sen to 73.5 sen with 206,500 shares done. “The group incurred a net loss of RM340.6 million during FY17 and, as of end-2017, the group’s current liabilities exceeded its current assets by RM158.5 million,” Ernst & Young said, adding a material uncertainty exists that could cast significant doubt over the group’s ability toRead More

KL shares drop after higher opening

KUALA LUMPUR, May 24 — Bursa Malaysia opened higher, but retreated thereafter on continued selling in selected heavyweights, and amid mixed sentiment among regional peers, dealers said. At 9.34am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI)…

EU doubts offer can prevent Trump tariffs or steel caps

BRUSSELS: European Union proposals to open its markets wider to US products appear not to have persuaded Washington to lift the threat of measures to curb imports of EU steel and aluminium, the bloc’s trade chief said. US President Donald Trump has granted EU producers an exemption from import tariffs of 25 per cent on […]