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Scomi records RM6.17m net loss

Scomi records RM6.17m net loss

KUALA LUMPUR: Scomi Group Bhd has recorded its third consecutive quarter in the red, with a net loss of RM6.17 million for the quarter ended December 31, 2017 on falling revenue and profit. The company was in the red mainly due to the almost 90 per cent reduction in profit from its oilfied services segment, […]

February 24, 2017 | By | Reply More
Opel works council to seek contact with PSA labor bosses

Opel works council to seek contact with PSA labor bosses

FRANKFURT: Opel’s European works council said it had agreed to open a line of communication with its counterpart at PSA Group as the French carmaker holds talks over a tie-up with the company. PSA, the Paris-based maker of Peugeot and Citroen cars, and General Motors confirmed on Feb. 14 they were in talks over a […]

February 24, 2017 | By | Reply More
Ringgit ends higher against US dollar

Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit ended higher against the US dollar today as investors’ interest shifted away from the greenback, following the release of the US Federal Reserve’s (Fed) meeting minutes yesterday. At 6pm, the local unit was traded at 4.4370/4440 against the US dollar versus 4.4470/4510 yesterday. A dealer said most Asian currencies would likely […]

February 24, 2017 | By | Reply More
VW's controlling clan backs brand boss despite criticism: sources

VW's controlling clan backs brand boss despite criticism: sources

HAMBURG: Volkswagen’s embattled VW brand chief Herbert Diess still has the backing of the clan that controls the carmaker, despite his recurring clashes with labor leaders over cost-cutting plans, sources said. Volkswagen’s (VW) labor bosses earlier this month had accused Diess of breaking promises made under a turnaround plan agreed in November and halted cooperation […]

February 24, 2017 | By | Reply More
Mercedes-Benz mulls North American potential for pick-up trucks

Mercedes-Benz mulls North American potential for pick-up trucks

STUTTGART: Daimler’s Mercedes-Benz Vans division is looking closely at a growing demand in the United States for mid-sized pick-up trucks to see whether there is market potential to launch its X-Class model there, divisional head Volker Mornhinweg said on Friday. Mercedes-Benz Vans has already developed a mid-sized pick-up truck to be sold in South America […]

February 24, 2017 | By | Reply More
VW's Porsche-Piech clan backs brand chief despite criticism: sources

VW's Porsche-Piech clan backs brand chief despite criticism: sources

HAMBURG: Volkswagen’s embattled VW brand chief Herbert Diess still has the backing of the clan that controls the carmaker, despite his recurring clashes with labor leaders over cost-cutting plans, sources said. Volkswagen’s (VW) labor bosses earlier this month had accused Diess of breaking promises made under a turnaround plan agreed in November and halted cooperation […]

February 24, 2017 | By | Reply More
Dollar slips as ‘Trumpflation trade’ fades

Dollar slips as ‘Trumpflation trade’ fades

The dollar fell on the comments and was trading down 0.2 percent against a basket of other major currencies LONDON: The dollar slipped on Friday and was set for its first week of falls in three, after the new US finance chief poured a little cold water on the “Trumpflation trade” that had taken the […]

February 24, 2017 | By | Reply More
China says no intention of using currency devaluation to its advantage

China says no intention of using currency devaluation to its advantage

BEIJING: China said on Friday it has no intention of using currency devaluation to its advantage in trade, responding to an assertion from U.S. President Donald Trump that China is the “grand champions” of currency manipulation. Trump said in an interview with Reuters on Thursday he had not “held back” in his assessment that China […]

February 24, 2017 | By | Reply More
Trump calls Chinese ‘grand champions’ of currency manipulation

Trump calls Chinese ‘grand champions’ of currency manipulation

A formal declaration that China or any other country manipulates its currency requires the US Treasury to seek negotiations to resolve the situation, a process that could end in punitive tariffs on the offender’s goods. WASHINGTON: President Donald Trump declared China the “grand champions” of currency manipulation on Thursday, just hours after his new Treasury […]

February 24, 2017 | By | Reply More
China overtakes US, France as Germany’s biggest trading partner

China overtakes US, France as Germany’s biggest trading partner

German Vice Chancellor Sigmar Gabriel has even suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism. BERLIN: China for the first time became Germany’s most important trading partner in 2016, overtaking the United States, which fell back to third place behind France, data showed on Friday. […]

February 24, 2017 | By | Reply More