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Green Rubber Global inks US$8.3m machinery deal

Green Rubber Global inks US$8.3m machinery deal

PETALING JAYA: Green Rubber Global, a subsidiary of conglomerate Petra Group has signed a US$8.3 million (RM32.62 million) agreement with YMS Process Engineering Pte Ltd for the purchase of machinery for its new plant in Putra Industrial Park, Selangor. The machinery will support Green Rubber’s patented DeLink elastomer recycling process. Green Rubber processes and develops […]

August 10, 2015 | By | Reply More
Bloodbath at KLCI as foreign exchange reserves and ringgit continue to free fall

Bloodbath at KLCI as foreign exchange reserves and ringgit continue to free fall

PETALING JAYA: Malaysia’s stock market tumbled 28.28 points or 1.68% to more than a two-year low yesterday on concerns over the continued slump in the ringgit and political uncertainties. The FBM KLCI nose dived as much as 33.53 points or 1.99% to an intra-day low of 1,649.12 points, before closing at 1,654.37 points. Almost all […]

August 10, 2015 | By | Reply More
Bank Negara caught in a Catch-22 situation

Bank Negara caught in a Catch-22 situation

PETALING JAYA: Malaysia’s international reserves, which fell below the US$100 billion (RM393 billion) level for the first time since September 2010 recently, has put Bank Negara Malaysia (BNM) between a rock and hard place, with the ringgit continuing its free fall. “Given the sharp ringgit depreciation, we see BNM in a policy dilemma. On one […]

August 10, 2015 | By | Reply More
Affin Bank buys TRX land for RM255m

Affin Bank buys TRX land for RM255m

PETALING JAYA: Affin Bank Bhd is acquiring 54,266 sq ft of land within the financial quarter of the Tun Razak Exchange (TRX) international financial district for RM255 million to house its new headquarters. 1MDB Real Estate, the master developer of TRX, said the sale and purchase agreement (SPA) with Affin Bank was signed after extensive […]

August 10, 2015 | By | Reply More
Indonesia AirAsia licensing dangling by the thread

Indonesia AirAsia licensing dangling by the thread

PETALING JAYA: The Indonesian Ministry of Transportation has extended the deadline for airlines to have positive shareholder equity by end of September but chances of Indonesia AirAsia (IAA) complying is dicey. IAA, the Indonesian affiliate of AirAsia Bhd, could be banned from flying if it fails to comply. IAA is one of 12 airlines affected […]

August 10, 2015 | By | Reply More
Ringgit closes lower against dollar

Ringgit closes lower against dollar

KUALA LUMPUR: The ringgit continued its downtrend to close lower today, dealers said. At 5pm, the ringgit was quoted at 3.9270/9300 against the US dollar from 3.9220/9250 on Friday. The local unit, a dealer said, was dragged down by falling commodity prices and on expectations of the US Federal Reserve hiking interest rates next month. […]

August 10, 2015 | By | Reply More
Persistent selling in heavyweights drags Bursa lower

Persistent selling in heavyweights drags Bursa lower

KUALA LUMPUR: Persistent selling across the board particularly in heavyweight counters dragged Bursa Malaysia to close sharply lower today, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 28.28 points to close at 1,654.37, after fluctuating between 1,649.12 and 1,672.57 throughout the day. A dealer said the market confidence remained fragile amid weak internal […]

August 10, 2015 | By | Reply More
Asian stocks near 1-1/2 year lows on China data; dollar steady

Asian stocks near 1-1/2 year lows on China data; dollar steady

HONG KONG/TOKYO: Asian shares fell within sight of a fresh 1-1/2 year low while commodity currencies such as the Malaysian ringgit fell further on Monday after Chinese data highlighted a deepening slowdown in demand in the world’s industrial powerhouse. News of another monthly decline in Chinese exports – its biggest fall in four months – […]

August 10, 2015 | By | Reply More
Ringgit near 17-year low as Malaysia foreign exchange reserves fall below US$100b

Ringgit near 17-year low as Malaysia foreign exchange reserves fall below US$100b

SINGAPORE: The ringgit stayed near a pre-peg 17-year low on Monday after news Malaysia’ foreign exchange reserves fell below US$100 billion threshold, raising doubts over the currency’s ability to withstand further political fallout and low commodity prices. The ringgit stood at 3.9245 per dollar as of 0109 GMT, compared to the previous close of 3.9220. […]

August 10, 2015 | By | Reply More
June factory output up 4.3% y-o-y, slightly below forecast

June factory output up 4.3% y-o-y, slightly below forecast

KUALA LUMPUR: Malaysia’s June industrial production rose 4.3% from a year earlier, slightly short of market predictions due to lower electricity demand, data from the Statistics Department showed on Monday. A Reuters poll of economists had forecast annual factory output would expand 4.4%, compared with May’s 4.5% which surpassed expectations. Government data earlier indicated that […]

August 10, 2015 | By | Reply More