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Oil slump forcing M’sia to cut spending, widen fiscal deficit target

Oil slump forcing M’sia to cut spending, widen fiscal deficit target

Najib continues to face economic woes, including slowing growth, a big slump in the ringgit – which was Asia’s worst-performing currency in 2015 – and a public outcry over rising costs. KUALA LUMPUR: Prime Minister Najib Razak is widely expected to cut 2016 spending and raise fiscal deficit targets on Thursday as poor oil prices […]

January 27, 2016 | By | Reply More
Foxconn details offer for troubled sharp, Gou steps in: source

Foxconn details offer for troubled sharp, Gou steps in: source

TOKYO: Taiwan’s Foxconn has detailed its offer for troubled electronics maker Sharp Corp , a person with direct knowledge of the talks said, potentially complicating a rescue bid led by a Japanese state-backed fund. Innovation Network Corporation of Japan (INCJ), still seen as a front runner, will go head-to-head with Foxconn in the bidding for […]

January 27, 2016 | By | Reply More
RBS sets aside another £2.0 bn for scandals

RBS sets aside another £2.0 bn for scandals

LONDON: Britain’s Royal Bank of Scotland has set aside another £2.0 billion to cover mortgage-backed securities litigation in the United States and compensation for credit insurance mis-selling in Britain, it said Wednesday. Fourth-quarter earnings will be reduced by the equivalent of $2.8 billion or 2.6 billion euros, the state-rescued lender warned in a statement detailing […]

January 27, 2016 | By | Reply More
Foxconn proposes detailed offer for Sharp: source

Foxconn proposes detailed offer for Sharp: source

TOKYO: Taiwan’s Foxconn has made a detailed offer to buy Sharp Corp including a promise to not cut jobs, challenging an offer by a Japanese government-backed fund, a person with direct knowledge of the talks said on Tuesday. Foxconn, formally known as Hon Hai Precision Industry, previously offered over 600 billion yen for Sharp but […]

January 27, 2016 | By | Reply More
RBS profit hit by 2.5 billion pound in extra provisions

RBS profit hit by 2.5 billion pound in extra provisions

LONDON: Royal Bank of Scotland said it would take a surprise 2.5 billion pound (US$3.58 billion) hit to its fourth-quarter profits after setting aside more cash to cover litigation costs, compensation for mis-selling loan insurance and an impairment charge at its private bank. The mass problem-fixing is the latest stage of Chief Executive Ross McEwan’s […]

January 27, 2016 | By | Reply More
US Federal Reserve will hike interest rates – just not this week

US Federal Reserve will hike interest rates – just not this week

SINGAPORE: After lifting its benchmark interest rates from near zero last month, the US Federal Reserve is likely to hold off on a second rate increase when it issues its policy statement on Jan 27. The decision, which follows December’s historic decision to raise interest rates by 25 basis points for the first time since […]

January 27, 2016 | By | Reply More
Timeline for Pengerang Integrated Petroleum Complex may be revised, with prolonged oil price slump

Timeline for Pengerang Integrated Petroleum Complex may be revised, with prolonged oil price slump

KUALA LUMPUR: The timeline for the Pengerang Integrated Petroleum Complex (PIPC) masterplan which runs until 2035 may be revised due to the slump in oil price, said Johor Petroleum Development Corp (JPDC) CEO Mohd Yazid Ja’afar. Speaking to reporters at the MIDF Luncheon Talk today, he said the masterplan will be reviewed every five years. […]

January 27, 2016 | By | Reply More
China shares trim sharp losses in late-day wild ride

China shares trim sharp losses in late-day wild ride

SINGAPORE: China’s share indexes narrowed losses in the final hour of trade on Wednesday (Jan 27), ending modestly lower following a more than 6 per cent drubbing on Tuesday In Shanghai, the benchmark composite index closed down 0.5 per cent at 2,735.56 in a roller-coaster ride. Following a slightly higher open, the Shanghai Composite tumbled deeper into […]

January 27, 2016 | By | Reply More
China shares trims sharp losses in late-day wild ride

China shares trims sharp losses in late-day wild ride

SINGAPORE: China’s share indexes narrowed losses in the final hour of trade on Wednesday (Jan 27), ending modestly lower following a more than 6 per cent drubbing on Tuesday In Shanghai, the benchmark composite index closed down 0.5 per cent at 2,735.56 in a roller-coaster ride. Following a slightly higher open, the Shanghai Composite tumbled deeper into […]

January 27, 2016 | By | Reply More
Singapore 8th least corrupt country in the world: Transparency International

Singapore 8th least corrupt country in the world: Transparency International

SINGAPORE: The Republic has been ranked eighth in terms of freedom from corruption in a 2015 index of 168 countries released on Wednesday (Jan 27).  Transparency International’s annual Corruption Perceptions Index measures the perceived levels of public sector corruption worldwide, rating countries on a scale from zero (perceived to be highly corrupt) to 100 (perceived […]

January 27, 2016 | By | Reply More