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KUALA LUMPUR, Aug 23 — The ringgit closed lower against the US dollar today as market players await more clues on the global monetary policy direction from the highly-anticipated Jackson Hole symposium. At 6pm, the ringgit finished at 4.1900/1930…
MOSCOW, Aug 23 ― Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching US…
KUALA LUMPUR, Aug 23 ― The ringgit opened slightly higher against the US dollar as investors squared off their position from holding the greenback ahead of US Federal Reserve chairman Jerome Powell speech at the Jackson Hole later today. At…
WASHINGTON, Aug 22 — When the leader of the Federal Reserve speaks, the world listens. But the relentless attacks by US President Donald Trump ensure Fed Chair Jerome Powell’s speech tomorrow will be subjected to an even more intense spotlight….
PETALING JAYA: AirAsia X Bhd’s (AAX) net loss for the second quarter ended June 30, 2019 widened to RM207.11 million from RM57.46 million a year ago, mainly due to loss of disposal of three aircraft under sale and leaseback during the current quarter and weakening of the ringgit against the US dollar.
Its revenue fell 4.46% to RM1.01 billion versus RM1.06 billion previously.
For the six-month period, the long-haul low-cost carrier’s net loss also widened to RM163.78 million from RM15.96 million, while revenue dropped 6.45% to RM2.18 billion from RM2.33 billion in the previous year.
AAX said it recognises the challenges posed by the weakening of ringgit against the US dollar. The company will continue to drive revenue and sale of ancillary services to mitigate higher operational cost. Demand and load factors are expected to remain at a reasonably healthy level.
“However, it is worthwhile to note that average base fare is under pressure due to the increase in capacity on core established routes, in addition to new routes,“ it said.
AAX also noted it is aware of the slowdown of growth in tourism sector, especially coming from the China and Korea market segments. Efforts have been made to mitigate this risk by shifting some of future capacity into other core markets.
On the fleet planning front, while AAX Thailand is adding up to five aircraft through operating leases in 2019, AAX Malaysia is expected to remain with 24 aircraft as it focuses on maximising aircraft utilisation and realigning business model to ensure continued sustainability and commercial viability in the coming quarters.
“Going into the second half of 2019, the company foresees operational environment to remain challenging against global economy backdrop and pressure on the ringgit.”
Meanwhile, AAX is concerned on the implementation of departure levy with effective from Sept 1, which may potentially impact the demand for air travel especially when the third quarter is usually the leaner quarter for mid-to-long haul segment.
The group, however, expects Q4 2019 to remain reasonably healthy as the management continues to push for efforts to mitigate cost pressures and remains committed to ensure sustainable growth amid these challenging circumstances.
KUALA LUMPUR: The ringgit closed lower against the US dollar today following tepid trading ahead of the highly-anticipated Jackson Hole symposium.
At 6pm, the ringgit finished at 4.1880/1910 against the greenback from 4.1750/1800 on Wednesday.
VM Markets Pte Ltd managing partner Stephen Innes said it was a very quiet day in for the ringgit as the market sits tight awaiting the Federal Reserve’s (Fed) annual Jackson Hole outcome on future US interest rate cuts and the direction the US-China trade discussions will take.
Fed chairman Jerome Powell will deliver a speech at the annual central banking symposium in Jackson Hole, Wyoming, tomorrow.
“A dovish Fed at Jackson Hole should provide a boost to the ringgit from a carry trade and risk-on sentiment.
“But for the ringgit to make significant gains below 4.15, a discernible improvement on the trade war front is needed,“ he told Bernama.
The ringgit was traded lower against other major currencies.
It was traded weaker against the Singapore dollar at 3.0197/0221 from 3.0186/0226 and fell against the yen at 3.9365/9404 from 3.9202/9264 yesterday.
The ringgit also dropped vis-a-vis the British pound to 5.0813/0854 from 5.0634/0703 and versus the euro at 4.6407/6449 from 4.6317/637 previously. — Bernama
KUALA LUMPUR: The ringgit opened flat against the US dollar on lack of catalysts.
At 9.22am, the ringgit was unchanged at Wednesday’s close of 4.1750/1800 against the greenback.
A dealer said the ringgit and other Asian currencies were likely to trade on a tight band ahead of the US Federal Reserve chairman Jerome Powell’s speech at Jackson Hole tomorrow on the back of expectations of a further interest rate cut.
The ringgit rose against the euro to 4.6284/6344 against Wednesday’s close at 4.6317/6377 but almost flat against the British pound at 5.0634/0712 from 5.0634/0703 yesterday.
The domestic units strengthened against the yen to 3.9176/9234 from 3.9202/9264 and increased against the Singapore dollar to 3.0173/0213 from 3.0186/0226. – Bernama
WASHINGTON, Aug 21 —US tariffs on China will not fix the trade deficit, and neitherts, Internationa will weakening the US dollar through interest rate cul Monetary Fund economists said today. In unusually blunt language, the IMF warned that…
KUALA LUMPUR, Aug 21 — The ringgit rebounded to open higher against the US dollar amid renewed buying interest for the local unit. At 9.12am, the ringgit was pegged at 4.1740/1790 against the greenback from 4.1810/1860 recorded yesterday. A dealer…