Wall St slips on trade worries, Hong Kong unrest

NEW YORK, Nov 13 — Wall Street edged lower today as President Donald Trump’s threat to “substantially” raise tariffs if China did not make a trade deal with the United States as well as escalating tensions in Hong Kong kept investors away…

Asian markets hit by trade uncertainty, Hong Kong flares up again

HONG KONG, Nov 13 — Asian markets sank today after Donald Trump failed to give investors enough reassurance over the progress of China trade talks and as violent Hong Kong protests show no sign of letting up. In a much-anticipated speech…

MISC Q3 net profit dips 22pc to RM266m, remains upbeat on the outlook

KUALA LUMPUR, Nov 13 — MISC Bhd, which saw its net profit dip by 22 per cent to RM266.10 million as compared with RM341 million due to losses in heavy engineering and petroleum segment remains upbeat on the outlook as it eyes for more successful…

Indications show 15 RCEP countries likely to proceed without India: Ong

KUALA LUMPUR: Indications have shown that the 15 Regional Comprehensive Economic Partnership (RCEP) countries are likely to proceed with the trade deal despite India opted to sit out, said Deputy International Trade and Industry Minister Ong Kian Ming.

The recent ASEAN plus 5 (excluding India) meeting showed that New Delhi still has major reservations about RCEP, he said.

“At this point in time, chances for India to sign the deal seem to be quite low.

“Nevertheless, the fact that we can have substantive conclusion at the ASEAN + 5 countries meeting shows that we are able to send a very possible message to international trading system, that we are still very much pushing ahead with the multilateral arrangement to include more countries into higher standard free trade agreement, such as RCEP, “ he said.

Ong told reporters after delivering the keynote address at “Listing on Bursa: Unlock Your Business Potential through Listing” here, today.

Since the launch of RCEP in 2012, officials have conducted close to 30 rounds of negotiations over the past seven years.

“I think it is better to get something on the table.

“Let say if India feels that they can agree to the terms at a later stage, I am sure they are welcome to come on board,” added Ong.

India has decided to pull out from RCEP for now over concerns on terms in the deal including protection of its domestic industry and influx of cheaper made-in-China goods in its market.

According to a joint leaders’ statement released in conjunction with the RCEP Summit in Bangkok on Nov 4, 2019, ASEAN plus five (China, Japan, South Korea, Australia and New Zealand) has concluded the “text-based” negotiations for all 20 chapters and essentially all their market access issues.

Formal signing of the trade deal is expected to take place in 2020.

Co-organised by Malaysian Investment Development Authority (MIDA) and Bursa Malaysia Bhd, the event aims at encouraging local companies with an excellent track record to list their companies in Bursa Malaysia to spur more private sector-led domestic investment growth within the country. — Bernama

15 RCEP countries likely to proceed without India, says deputy minister

KUALA LUMPUR, Oct 13 — Indications have shown the 15 Regional Comprehensive Economic Partnership (RCEP) countries are likely to proceed with the trade deal without India, said Deputy International Trade and Industry Minister Ong Kian Ming. He…

Asian stocks fall on fears US-China trade stalling

TOKYO, Nov 13 — Asian stocks and Wall Street futures fell today on growing worries US-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal. MSCI’s…

BRICS nations to study adding countries to development bank

BRASILIA, Nov 13 — Leaders of the BRICS group of leading emerging economy nations meeting this week will discuss opening their development bank to other countries to increase its capital to fund infrastructure and other projects, diplomats and the…

US stocks end mostly higher as Nasdaq hits new record

NEW YORK, Nov 13 — US stocks ended mixed yesterday but the Nasdaq posted a new record even though investors still have not received clarity on an agreement to end the US-China trade war. Attention now will shift to back-to-back testimony today and…

Trump hails economic boom, says China trade deal is ‘close’

WASHINGTON, Nov 13 — President Donald Trump yesterday took credit for an American economic renaissance but was greeted by another salvo from US industries that blame his trade wars for jeopardising employment, wounding business and burdening…

MUI Properties to take 40.7% stake in Australian gold explorer Nex Metals

PETALING JAYA: MUI Properties Bhd’s wholly owned subsidiary Cesuco Trading Ltd, will be taking up a 40.73% stake in ASX-listed gold exploration company Nex Metals Explorations Ltd, following the conversion of a A$1.5 million secured convertible note.

In a statement, MUI said Cesuco Trading, its Hong Kong-based investment company, had advised Nex Metals Explorations Ltd of its decision to exercise the share conversion.

“We are excited to take a significant position in the gold exploration industry in Australia. Having taken into account all underlying factors, we feel the time is right to invest in this sector, which has vast potential,” said MUI group chairman and CEO Andrew Khoo.

Since August 2018, gold prices have climbed from US$$1,180 per ounce to US$$1,529 in September this year. It is currently trading at above US$$1,450.

Based in Perth, Nex Metals’ gold projects include the Yundamindera and the Kookynie mining leases covering a total area of 6,746 hectares in the north-eastern goldfields of Western Australia.

This year, Nex Metals entered into a farm-in agreement with Metalicity Limited, another listed mineral exploration company in Australia, to undertake exploratory drilling on nine separate gold mining sites in the Kookynie area.