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Swiss law aims to return foreign funds stashed by erstwhile leaders

Swiss law aims to return foreign funds stashed by erstwhile leaders

ZURICH: Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds stashed in the Alpine country, where thousands of ‘politically exposed persons’ are believed to hold bank accounts, a top Swiss official said on Monday. Swiss authorities are cooperating with a number of countries, among […]

August 24, 2015 | By | Reply More
Dollar weakens as China woes rattle global markets

Dollar weakens as China woes rattle global markets

NEW YORK: The dollar weakened against other major currencies on Monday (Aug 24) after a Chinese equities meltdown spread into a global market rout on fears about China’s faltering economy. The dollar had made big gains as the Federal Reserve plans its first interest rate hike since 2006 this year, lifting the benchmark federal funds rate off the zero […]

August 24, 2015 | By | Reply More
Nod for Asia Media oil palm venture

Nod for Asia Media oil palm venture

KUALA LUMPUR: Transit-TV network operator Asia Media Group Bhd yesterday received shareholders’ approval for its proposed diversification into the oil palm plantation sector and it expects the new venture’s contribution to exceed that of its multimedia advertising business in five years. Group CEO Datuk Ricky Wong Shee Kai told reporters this after Asia Media’s EGM […]

August 24, 2015 | By | Reply More
Boustead Holdings Q2 net profit falls 25%

Boustead Holdings Q2 net profit falls 25%

PETALING JAYA: Boustead Holdings Bhd’s second quarter net profit ended June 30, 2015 dropped 25% to RM50.8 million, from RM67.7 million a year ago, largely due to the decline in its palm products and fuel-trading revenue. The group’s profit attributable to shareholders stood at RM2.9 million, compared with RM34.6 million previously. Revenue in the three […]

August 24, 2015 | By | Reply More
Pelaburan Hartanah Bhd buys Kuala Terengganu land for RM106m

Pelaburan Hartanah Bhd buys Kuala Terengganu land for RM106m

KUALA LUMPUR: Real estate investment firm Pelaburan Hartanah Bhd (PHB) is buying a parcel of commercial land measuring 10.8 acres in Kuala Terengganu for RM106 million to embark on a mixed development project. This marks PHB’s maiden venture into the Terengganu real estate market. PHB today inked a sale and purchase agreement with the state […]

August 24, 2015 | By | Reply More
Palm oil futures on Bursa tumble to 6½-year low

Palm oil futures on Bursa tumble to 6½-year low

JAKARTA: Malaysian palm oil futures extended earlier losses to fall more than 4% yesterday as the tropical oil tracked other global markets lower on concerns about the Chinese economy. At the close, the benchmark palm oil contract for November on Bursa Malaysia Derivatives ended 3.6% lower at RM1,915 a tonne. Palm oil has sunk 10% […]

August 24, 2015 | By | Reply More
China dive sends global markets reeling

China dive sends global markets reeling

NEW YORK: World stock markets plunged yesterday, after a near 9% dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exits.After dropping more than 1,000 points, or almost 7%, at Wall Street’s open, the Dow Jones Industrial Average eased losses but was still off more […]

August 24, 2015 | By | Reply More
MRCB Q2 earnings plunge to RM60.10m

MRCB Q2 earnings plunge to RM60.10m

PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) net profit for the second quarter ended June 30, 2015 almost halved to RM60.10 million from RM118.53 million a year ago due to higher expenses and lower profit from operations. In a filing with Bursa Malaysia yesterday, MRCB reported higher expenses of RM444.54 million in 2Q compared with […]

August 24, 2015 | By | Reply More
No end in sight for ringgit, stocks rout

No end in sight for ringgit, stocks rout

PETALING JAYA: It was a black Monday for the ringgit and the local stock market yesterday, with both tumbling to record lows, amid fears over China’s slowing economy and falling crude oil prices. The ringgit fell 1.79% to 4.263 to a dollar yesterday, setting another 17-year low. That took its drop this month to 10.94%, […]

August 24, 2015 | By | Reply More
Sime Darby mulls ways to strengthen balance sheet

Sime Darby mulls ways to strengthen balance sheet

KUALA LUMPUR: Plantations-to-motoring conglomerate Sime Darby Bhd said it is weighing options to strengthen its balance sheet after its acquisition of New Britain Palm Oil (NBPO). “Sime Darby Bhd has been reviewing possible capital management options towards strengthening its balance sheet following the New Britain Palm Oil acquisition and to prepare for any opportunities that […]

August 24, 2015 | By | Reply More