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1MDB situation won't have immediate negative impact on sovereign ratings: Fitch

1MDB situation won't have immediate negative impact on sovereign ratings: Fitch

KUALA LUMPUR: The situation surrounding 1Malaysia Development Bhd is not expected to have an immediate negative impact on Malaysia’s sovereign ratings, says Fitch Ratings. It believes there is an increasing likelihood that some of 1MDB’s debt will be formally assumed by the Malaysian government. Sagarika Chandra, who is associate director, sovereign ratings, said 1MDB has […]

April 27, 2016 | By | Reply More
Muhammad Ibrahim appointed new Bank Negara governor

Muhammad Ibrahim appointed new Bank Negara governor

KUALA LUMPUR: Senior deputy Bank Negara Malaysia governor Datuk Muhammad Ibrahim has been appointed the new head of the central bank. The Prime Minister’s Office today announced that Muhammad’s appointment takes effect from May 1. The Harvard University graduate has been the deputy governor since 2010. The government also thanked outgoing governor Tan Sri Dr […]

April 27, 2016 | By | Reply More
1MDB payment default  increases contingent liabilities, credit negative for rating: Moody's

1MDB payment default increases contingent liabilities, credit negative for rating: Moody's

KUALA LUMPUR: 1Malaysia Development Bhd’s default on its bond coupon payment has raised the probability that the government will have to assume debt servicing obligations related to these 1MDB liabilities. This would lead to a credit negative for Malaysia’s sovereign rating, said Moody’s. The sovereign rating agency, which affirmed Malaysia as A3 stable early this […]

April 27, 2016 | By | Reply More
TNB inks RM2.3b coal shipment deals

TNB inks RM2.3b coal shipment deals

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has awarded RM2.3 billion coal shipment contracts to four Malaysian companies, including PNSL Bhd with two jobs worth nearly US$200 million (RM780 million) and Malaysian Bulk Carriers Bhd (Maybulk) with a US$143.1 million job. The long-term contracts reflect TNB’s commitment to promoting and nurturing the growth of Malaysian-owned shipping […]

April 27, 2016 | By | Reply More
Ringgit rebounds to open higher against US dollar

Ringgit rebounds to open higher against US dollar

KUALA LUMPUR: The ringgit rebounded to open higher against the US dollar, after yesterday’s losses, on renewed buying interest for emerging currencies, including the ringgit, dealers said. At 9.05 am, the local note stood at 3.9100/9160 against the US dollar from 3.9200/9330 on Tuesday. Against other major currencies, the ringgit was traded mostly higher. The […]

April 27, 2016 | By | Reply More
Apple's nine-year iPhone juggernaut stops with first sales decline

Apple's nine-year iPhone juggernaut stops with first sales decline

Apple Inc on Tuesday posted its first-ever decline in iPhone sales and its first revenue drop in 13 years as the company credited with inventing the smartphone struggles with an increasingly saturated market. The company’s sales dropped by more than a quarter in China, its most important market after the United States, and it also […]

April 27, 2016 | By | Reply More
Bursa Malaysia ends lower on persistent selling

Bursa Malaysia ends lower on persistent selling

KUALA LUMPUR: Bursa Malaysia ended lower across the board on persistent selling by foreign institutional funds, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 22.01 points to close at an intraday low of 1,692.50 from Monday’s 1,714.51. It opened 0.61 of a point weaker at 1,713.90 and moved between 1,692.50 and 1,714.10 […]

April 26, 2016 | By | Reply More
Reach Energy buys Kazakhstan assets for long term potential

Reach Energy buys Kazakhstan assets for long term potential

KUALA LUMPUR: Reach Energy Bhd says it is buying a good asset in Kazakhstan and asks its investors to see the long-term value of the asset. The special purpose acquisition company is finalising the submission of its maiden qualifying asset (QA), involving onshore oil and gas-producing fields in Kazakhstan three times the size of Penang, […]

April 26, 2016 | By | Reply More
Sovereign credit constraints rising in Asia Pacific: Moody's

Sovereign credit constraints rising in Asia Pacific: Moody's

KUALA LUMPUR: Government debt levels are high for Asia Pacific countries like India, Japan, Malaysia, Pakistan and Sri Lanka, posing a sovereign credit constraint, warns Moody’s. Government debt ratios have also risen in Australia, Mongolia, Papua New Guinea and Vietnam, it said in its latest report “Sovereigns-Asia-Pacific: High public, private sector leverage poses credit risks […]

April 26, 2016 | By | Reply More
Local players hold key to continued growth of electrical and electronics industry

Local players hold key to continued growth of electrical and electronics industry

GEORGE TOWN: The continued growth of Malaysia’s electrical and electronics (E&E) industry hinges on the ability of its local players to embrace automation and smart manufacturing. International Trade and Industry Minister Datuk Seri Mustapa Mohamed today said while the return on investments (ROI) in automation may not be apparent in the short term, companies will […]

April 26, 2016 | By | Reply More