Author Archive: New Straits Times

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Renminbi is now a global story: Zeti

Renminbi is now a global story: Zeti

KUALA LUMPUR: The renminbi is on the road to becoming an international currency and countries in Asia, including Malaysia must be ready for this transition, warned Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz. Its potential role as a global reserve currency will have significant global implications. “The renminbi is no longer an […]

August 17, 2015 | By | Reply More
Currency war not likely, S&P’s

Currency war not likely, S&P’s

KUALA LUMPUR: China’s decision to devalue its yuan last week is not likely to spur a currency war, says Standard & Poor’s chief economist for Asia-Pacific Paul Gruenwald. Asian currencies are more likely to complement the yuan than compete with it. In Asia, exports are underpinned by foreign demand rather than currency effects, he said. […]

August 17, 2015 | By | Reply More
Ringgit starts the week at 4.11

Ringgit starts the week at 4.11

KUALA LUMPUR: The ringgit started the week on a weaker note against the US dollar today as foreign banks continued to offload the local unit, a currency trader said. At 9.20 am, the ringgit was quoted at 4.1110/1190 to the greenback from 4.0750/0800 at 5pm on Friday. “Players continued to trade for long dollars and […]

August 17, 2015 | By | Reply More
Bursa Malaysia opens lower

Bursa Malaysia opens lower

KUALA LUMPUR: Bursa Malaysia opened lower today, extending last week’s sell-off on the back of various external and internal developments, a dealer said. At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.72 points down at 1,663.56, after opening 6.01 points easier at 1,590.81. A dealer said market sentiment was still poor amid […]

August 17, 2015 | By | Reply More
Political noise, so be it

Political noise, so be it

KUALA LUMPUR: Political noise is inevitable and it is no different in an emerging market like Malaysia, a senior World Bank economist said. In this age of social media, political issues around the world revolve to give rise to noise and volatility before the noise settles. To Dr Frederico Gil Sander, who has been overseeing […]

August 15, 2015 | By | Reply More
Eurogroup must decide Greek debt deal today: France

Eurogroup must decide Greek debt deal today: France

BRUSSELS: French Finance Minister Michel Sapin said a meeting of his eurozone peers Friday had to make up its mind about approving a third debt bailout for Greece. “If there is a need for details to be clarified, if we need to discuss the process, then let us discuss that but we are here today […]

August 14, 2015 | By | Reply More
Dollar struggles in Asia after lift from US retail sales

Dollar struggles in Asia after lift from US retail sales

TOKYO: The dollar dipped against the yen and euro Friday after getting a lift from a solid US retail sales report that boosted expectations for a Federal Reserve rate hike as early as next month. In Tokyo, the greenback changed hands at 124.38 yen, easing from 124.43 yen in US trading, while the euro fell […]

August 14, 2015 | By | Reply More
Nine banks agree to pay US$2 billion to settle forex rigging suit

Nine banks agree to pay US$2 billion to settle forex rigging suit

NEW YORK: Nine major banks accused of foreign-exchange rigging have agreed to pay more than US$2 billion to investors in settlements, a law firm involved in the process said Thursday. Plaintiffs have “reached settlements totalling more than US$2 billion with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS and UBS,” legal […]

August 14, 2015 | By | Reply More
Petronas records lower net profit

Petronas records lower net profit

KUALA LUMPUR: The gloomy outlook for national oil and gas company Petroliam Nasional Bhd (Petronas) is expected to linger on for quite some time as crude oil prices continue to remain less than favourable. Petroliam Nasional Bhd (Petronas) recorded 47 per cent lower net profit of RM11.1 billion for its second quarter ended June 30, […]

August 14, 2015 | By | Reply More
Mah Sing rescinds acquisition of Seremban land

Mah Sing rescinds acquisition of Seremban land

KUALA LUMPUR: – Mah Sing Bhd’s wholly-owned subsidiary, Grand Prestige Development Sdn Bhd, today rescinded its proposed acquisition of a piece of prime freehold land located in Rantau, Seremban for RM359.56 million. In a filing to Bursa Malaysia today, Mah Sing said the sales and purchase agreement is void due to, among others, misrepresentation and/or […]

August 14, 2015 | By | Reply More