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China Minsheng Investment aims to double planned SEA investment

China Minsheng Investment aims to double planned SEA investment

SINGAPORE: China Minsheng Investment Corp (CMI), the country’s biggest private investment group, and partners aim to double planned investment in Southeast Asian infrastructure to $10 billion, a senior executive said on Friday. Beijing-based CMI said in March it and 10 partners would invest $5 billion to develop an industrial park in Indonesia. It is now […]

August 16, 2015 | By | Reply More
Ringgit volatility tests foreign bond investors’ faith in M’sia

Ringgit volatility tests foreign bond investors’ faith in M’sia

They sold some assets in July as the ringgit’s losses mounted, cutting holdings to 206.8 billion ringgit ($50.7 billion), the lowest since August 2012. SINGAPORE: Foreign investors in Malaysia’s bond markets have stayed put through months of economic and political uncertainty but a sudden spurt in currency volatility appears to be testing that allegiance. Foreign […]

August 16, 2015 | By | Reply More
Argentine’s Scioli defends central bank currency controls

Argentine’s Scioli defends central bank currency controls

August 16, 2015 BUENOS AIRES: Argentine ruling party presidential candidate Daniel Scioli defended the central bank’s control of the exchange rate on Saturday, saying it was necessary to avoid foreign exchange volatility. Scioli’s comments came two days after his main rival said he would allow the peso to float freely and would welcome the resignation […]

August 16, 2015 | By | Reply More
Euro ministers give blessing to Greek bailout, wooing IMF on debt

Euro ministers give blessing to Greek bailout, wooing IMF on debt

BRUSSELS/ATHENS: Euro zone finance ministers agreed on Friday to lend Greece up to 86 billion euros ($96 billion) after Greek lawmakers accepted their stiff conditions despite a revolt by supporters of leftist Prime Minister Alexis Tsipras. Assuming approval by the German and other parliaments, 13 billion euros should be in Athens next Thursday to pay […]

August 15, 2015 | By | Reply More
Petronas says operations won’t cover 2015 dividend, capex demands

Petronas says operations won’t cover 2015 dividend, capex demands

KUALA LUMPUR: Malaysia’s Petroliam Nasional Bhd (Petronas) on Friday said cash from operations will cover neither capital expenses nor committed dividends for 2015, forcing the state-owned oil firm to draw on reserves and further cost savings. Petronas contributes almost half of Malaysia’s oil revenue. But weak global prices have depressed income, leaving the country with […]

August 15, 2015 | By | Reply More
Encouraging US data support dollar, euro slips

Encouraging US data support dollar, euro slips

NEW YORK: The dollar inched up on Friday against a basket of currencies on encouraging data on US producer prices and industrial output, while the euro ended a good week on a weak note even as the Greek parliament approved a new bailout agreement. The greenback stabilized after weakening earlier this week when China devalued […]

August 15, 2015 | By | Reply More
Wall St edges up after upbeat data, Greek bailout agreement

Wall St edges up after upbeat data, Greek bailout agreement

NEW YORK: US stocks ended a volatile week higher on Friday after upbeat US economic data and as euro zone finance ministers agreed to launch a third bailout program for Greece. All three major indexes also ended the week with slight gains, bouncing back from losses earlier in the week set off by worries over […]

August 15, 2015 | By | Reply More
Malaysian ringgit at 17-year low on oil, politics, yuan

Malaysian ringgit at 17-year low on oil, politics, yuan

It had lost nearly three percent of its value earlier in the day — its biggest drops in almost 20 years — after oil prices tumbled to fresh six-year lows. KUALA LUMPUR: Malaysia’s ringgit currency suffered one of its worst one-day declines on Friday, falling to a fresh 17-year low in a protracted slide blamed […]

August 14, 2015 | By | Reply More
Asia shares set to end week lower; crude oil slumps

Asia shares set to end week lower; crude oil slumps

SINGAPORE: Asian shares were mostly higher on Friday, but still on track for a steep weekly loss in the wake of China’s surprise currency devaluation earlier in the week. Crude oil futures remained under pressure, plunging to 6-1/2-year lows after data revealed a big rise in U.S. stockpiles, fuelling fears of a growing global glut. […]

August 14, 2015 | By | Reply More
India’s economic reform agenda hits roadblocks

India’s economic reform agenda hits roadblocks

NEW DELHI: Indian Prime Minister Narendra Modi’s ambitious reform agenda has stalled with crucial bills stuck in India’s parliament, which ended its latest session this week in bitter uproar. After sweeping to power 15 months ago in a landslide election victory, Modi’s right-wing government promised a string of business-friendly reforms to attract foreign investment and […]

August 14, 2015 | By | Reply More