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Global stocks on the ropes after Trump trade war threat

LONDON, May 8 — Punch-drunk stock markets suffered through a third straight session of trade war fears today, trembling at the prospect of President Donald Trump unleashing a trade war on China. His threat to hike tariffs on US$200 billion of…


Former Abraaj executive gets bail in New York in fraud case

NEW YORK, April 30 — A US district court has granted bail to a former managing partner of collapsed private equity firm Abraaj, Mustafa Abdel-Wadood, on condition that he sign a US$10 million (RM41.4 million) bond and remain confined to a New York…


German prosecutors press charges against former VW CEO Winterkorn

FRANKFURT, April 15 — Prosecutors in the German city of Braunschweig said today they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions…


Trade mission to US attracts RM6.6b in investments

PETALING JAYA: Malaysia has attracted a total of RM6.6 billion worth of potential investments from the US, following its trade mission to the country from April 1 to 6, according to the Ministry of International Trade and Industry (Miti).

International Trade and Industry Minister Datuk Darell Leiking (pix) led the trade and investment mission, organised by Malaysian Investment Development Authority, Malaysia External Trade Development Corp and InvestKL.

“The mission was able to generate potential investments worth RM6.6 billion, mainly in key projects within the electrical and electronics, and chemical industries,” Miti said in a statement yesterday.

Covering the cities of Washington, New York, Seattle and San Jose, Darell also held several bilateral discussions with senior US government officials to strengthen trade and economic relationships between the two countries.

A series of high-level meetings were also held with potential US investors in the manufacturing and services sectors such as chemical, electrical, and electronics and aerospace, while the services sector includes tourism, support services for business aviation and centre of excellence for financial services.

There were also specific discussions on potential investments in data centres, while Microsoft Corp and Mimos Bhd – an agency under Miti – had agreed to establish a Centre of Artificial Intelligence for Future Industry in Malaysia.

In conjunction with the mission, a seminar, “Forging Stronger Economic Relationships between Malaysia and the US”, was also organised in San Jose, California which attracted over 150 participants representing the manufacturing and services sectors.

The seminar provided an update on the economic situation and highlighted investment opportunities and potential business cooperation available in Malaysia.

Miti added that Darell had the opportunity to network with successful Malaysian professionals based in Silicon Valley as well as witnessing an exchange of memorandum of understanding on collaboration and development of professional programmes in the areas of artificial intelligence, Internet of Things, robotics, blockchain and fintech.


Miti: US trade mission expected to generate RM6.6b potential investments

KUALA LUMPUR, April 8 — The trade and investment mission to the United States (US) led by International Trade and Industry Minister, Datuk Darell Leiking, is expected to generate potential investments worth RM6.6 billion. In a statement today, the…


Most Asia markets down as dealers spooked by trade, Brexit

HONG KONG: Asian markets mostly fell Wednesday with nervous investors keeping tabs on developments in the China-US trade talks and the Brexit saga, while awaiting the conclusion of a key Federal Reserve meeting.

A general optimism about the outlook for the tariffs negotiations has helped propel equities higher across the world this year — offsetting concerns about the outlook for the global economy — with both sides sounding broadly positive.

But dealers have been spooked by a report that some US officials are feeling some pushback from Beijing on a number of demands, including on the crucial issue of intellectual property.

The unnamed negotiators said the Chinese side was growing concerned at the lack of assurances that US duties would be removed, according to the Bloomberg story.

While the report also said the resistance was regarded by some as a normal part of talks, it highlighted their fragile nature, with fears already raised earlier this month by the delay of a flagged signing summit between Donald Trump and his Chinese counterpart Xi Jinping.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will return to Beijing next week to resume talks.

In early trade Hong Kong dipped 0.6 percent after a four-day rally, while Shanghai slipped 0.2 percent though Tokyo recovered in the late morning to head into the break slightly higher.

Sydney fell 0.4 percent, Seoul tumbled 1.1 percent and Singapore was off 0.7 percent, while Wellington and Manila were also in the red.

Adding to unease on trading floors is continued uncertainty surrounding Britain’s drawn-out departure from the European Union.

Prime Minister Theresa May is expected to ask the bloc for an extension of the March 29 deadline for leaving, having seen her exit proposals killed off by MPs.

However, EU top negotiator Michel Barnier said any delay would have “political and economic costs” for the bloc’s remaining 27 states.

“A long extension… should be linked to something new, a new element or new political process,” he told reporters, while reports said May could be considering another general election or even a second referendum.

Observers expect the exit date to be put back but there is a concern that it could be rejected, leaving Britain to crash out of the EU without a deal, which many warn could be devastating for the economy.

Despite the brewing crisis the pound continues to hold its own against the dollar, with a long extension considered positive for the unit.

The Fed’s March policy meeting concludes later in the day, with analysts predicting it will announce a slower pace of interest rate hikes — to one from the two previously tipped — as the economy shows signs of softening.

Bank boss Jerome Powell’s post meeting comments will be pored over for some forward guidance.

But OANDA senior market analyst Alfonso Esparza warned: “A more-dovish-than-expected (statement) could spook investors and see them headed for safe havens if growth expectations are low at the same time as uncertainty on Brexit and the US-China trade deal are on the rise.”


US SEC sues Volkswagen, ex-CEO over alleged emissions fraud on investors

WASHINGTON, March 15 — The US Securities and Exchange Commission (SEC) is suing Volkswagen (VW) and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal, alleging a “massive fraud” on US…


No Uber or Airbnb in S.Korea: Red tape, risk-aversion hobble start-ups

SEOUL, Dec 18 ― When Choi Ba-da pitched his car-sharing firm Luxi to Hyundai Motor officials in 2017, he told them there would be no future for South Korea's top automaker if it failed to embrace emerging technologies. His pitch worked: Hyundai…


Micron’s new facility to offer 1,000 high-value jobs

GEORGE TOWN: Micron Technology Inc’s new centre of excellence for solid state drive (SSD) assembly and test in Batu Kawan is expected to create 1,000 high-value jobs in the electrical and electronics (E&E) sector once it is completed in 2021. Penang Chief Minister Chow Kon Yeow said Micron would invest RM1.5 billion in Penang within […]


European markets steady on eve of US midterm vote

LONDON, Nov 5 — European stocks held steady today as cautious investors eyed the upcoming US midterm election, the resumption of Washington’s sanctions on Iran, and brewing fiscal fears in Italy. After a flat opening, Frankfurt and London each…