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'Bad bank' path worn by Ireland and Spain looks steep for Greece

'Bad bank' path worn by Ireland and Spain looks steep for Greece

LONDON: Greece is under growing pressure to take care of banks’ problem loans so they are free to lend again, but the depth and complexity of its crisis will make it tough to replicate the comprehensive “bad bank” models set up in Ireland and Spain. Deciding how to deal with more than 100 billion euros […]

August 26, 2015 | By | Reply More
MMC Corp profit soars with the relisting of Malakoff

MMC Corp profit soars with the relisting of Malakoff

KUALA LUMPUR: MMC Corp Bhd’s net profit soared to RM1.35 billion in the second quarter ended June 30, 2015 from RM165.45 million a year ago, boosted by an exceptional gain from the relisting of independent power producer Malakoff Bhd in May. Group revenue, however, was lower at RM1.44 billion compared to RM2.86 billion a year […]

August 26, 2015 | By | Reply More
Fed's Dudley, mum on market turmoil, talks regional US economy

Fed's Dudley, mum on market turmoil, talks regional US economy

NEW YORK: An influential Federal Reserve official did not comment on monetary policy or the U.S. economy, according to text of a speech on Wednesday that addressed the economic recovery in his region of the country. New York Fed President William Dudley said that while “pockets of weakness remain” in New York, Connecticut, northern New […]

August 26, 2015 | By | Reply More
Once a source of envy, Germany's China exports turn into a risk

Once a source of envy, Germany's China exports turn into a risk

BERLIN: Germany’s export exposure to China, for years a source of economic strength, is fast turning into a risk that raises questions about the health of other sources of growth in Europe’s largest economy. Germany has the greatest trade exposure to China of the 28 European Union nations, largely thanks to demand for its cars […]

August 26, 2015 | By | Reply More
Core capital goods orders post largest rise in year

Core capital goods orders post largest rise in year

WASHINGTON: A gauge of U.S. business investment plans posted its largest increase in just over a year in July, underscoring the durability of the economic recovery despite a slowing global economy. The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 2.2 percent last […]

August 26, 2015 | By | Reply More
NYSE invokes Rule 48 for market open in anticipation of volatility

NYSE invokes Rule 48 for market open in anticipation of volatility

NEW YORK: The New York Stock Exchange invoked Rule 48 on Wednesday in an effort to speed up and smooth trading at the market open when exceptionally high volatility is expected. S&P e-mini futures rose 43.75 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and […]

August 26, 2015 | By | Reply More
China August official factory PMI seen shrinking to three-year low

China August official factory PMI seen shrinking to three-year low

BEIJING: Activity in China’s manufacturing sector likely shrank at its fastest pace in three years in August, a Reuters poll suggested, adding to signs of deepening economic weakness which are shaking global financial markets. The official manufacturing Purchasing Managers’ Index (PMI) is forecast to edge down to 49.7, the weakest level since August 2012, from […]

August 26, 2015 | By | Reply More
China rate cuts fail to lift Asia FX; ringgit touches 17-year low

China rate cuts fail to lift Asia FX; ringgit touches 17-year low

SINGAPORE: Most emerging Asian currencies slipped on Wednesday as China’s stocks stayed on a roller coaster and failed to soothe jitters about risk, even after the central bank eased monetary policy to aid the country’s economy and shore up its battered equity markets. The Malaysian ringgit hit a pre-peg 17-year low after a media report […]

August 26, 2015 | By | Reply More
Southeast Asian companies grapple with foreign debt worries

Southeast Asian companies grapple with foreign debt worries

JAKARTA/SINGAPORE: Indonesian and Malaysian companies with foreign currency debts may be forced to raise equity funds at steep discounts and restructure debt as the rupiah and ringgit currencies have weakened to 17-year lows, bankers and company executives say. As businesses expanded overseas and took advantage of cheap debt, foreign currency borrowings of 100 large Southeast […]

August 26, 2015 | By | Reply More
Genting posts lowest quarterly earnings in 6-1/2 years

Genting posts lowest quarterly earnings in 6-1/2 years

KUALA LUMPUR: Genting Bhd, a Malaysian-based gaming-to-plantations conglomerate, on Wednesday posted a sharp drop in quarterly net profit to its lowest level in 6-1/2 years. The group, controlled by Lim Kok Thay, Malaysia’s fourth richest man according to Forbes, said net profit for the April-June period slumped 81.7% to RM67.9 million (US$16 million) from RM372.1 […]

August 26, 2015 | By | Reply More