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Ringgit likely to remain under pressure next week

Ringgit likely to remain under pressure next week

KUALA LUMPUR: The ringgit is likely to remain under pressure next week and could test the 4.20 level against the US dollar, say commercial banks. Hong Leong Bank, in its weekly research report, said the ringgit will continue to be dominated by the greenback’s performance next week. “Unless there is significant weakness in the greenback, […]

August 22, 2015 | By | Reply More
Asean Economic Community will take shape end-2015: Mustapa

Asean Economic Community will take shape end-2015: Mustapa

KUALA LUMPUR: The Asean Economic Community or single market will take shape end of 2015 despite recent setbacks said Asean Economic Ministers chairman Datuk Seri Mustapa Mohamed. The vibrant Asean region, beset by the fall in oil and commodity prices, currency concerns and the external economic development, has been challenged by the dissenting views about […]

August 22, 2015 | By | Reply More
Uber seen reaching $10.8b in bookings in 2015

Uber seen reaching $10.8b in bookings in 2015

BEIJING: Uber Technologies Inc’s global bookings are projected to rise nearly threefold to $10.84 billion this year and reach $26.12 billion the next, according to a recent presentation for potential investors seen by Reuters. The ride-hailing service, which operates in over 50 countries, keeps 20 percent of booking revenue, showed a confidential slideshow prepared by […]

August 22, 2015 | By | Reply More
Asian capital controls are a real risk once again

Asian capital controls are a real risk once again

The risk isn’t immediate, but for the first time in 17 years it’s quite real. By Andy Mukherjee Asian capital controls are becoming a real risk once again. For the first time in 17 years, the notion that governments might curb money outflows is more than just a theoretical possibility. Denials reveal the anxiety. Malaysian […]

August 22, 2015 | By | Reply More
Oil ends down more than 2 percent as US drilling points to glut

Oil ends down more than 2 percent as US drilling points to glut

NEW YORK: US oil prices traded below US$40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of US oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. US crude dipped below the US$40 threshold following weekly data […]

August 22, 2015 | By | Reply More
Wall St slumps more than 2 percent as China fears continue

Wall St slumps more than 2 percent as China fears continue

NEW YORK: US stocks slumped late in the trading session on Friday as the S&P broke below the 2,000 level and the Dow slipped closer towards correction territory as fears of a China-led global slowdown continued to rattle investors. A report overnight showed China’s manufacturing sector shrank at the fastest pace since 2009, exacerbating worries […]

August 22, 2015 | By | Reply More
Expensive Shake Shack short bets may have paid off

Expensive Shake Shack short bets may have paid off

SAN FRANCISCO: Investors short-selling Shake Shack Inc may have made money over the past week, even after paying exorbitant interest rates to borrow the stock. The fast-casual burger chain’s Aug. 10 quarterly report beat Wall Street’s expectations, but that was not enough to prevent a slide in the stock, which had traded at sky-high valuations […]

August 22, 2015 | By | Reply More
Private equity firms team up to bid for Tesco’s $6b S.Korea unit

Private equity firms team up to bid for Tesco’s $6b S.Korea unit

SEOUL/HONG KONG: Private equity firms have formed three separate teams to bid for Tesco’s South Korean business valued at about $6 billion, four people with knowledge of the matter said on Friday, in what is tipped as Asia’s biggest ever private equity deal. Asia-based Affinity Equity Partners has linked up with US private equity firm […]

August 22, 2015 | By | Reply More
Global stocks rout on investors’ fears over world economy

Global stocks rout on investors’ fears over world economy

LONDON: World stock markets were hammered with heavy losses on Friday, as China’s economic woes triggered European and Wall Street equity sell-offs and stirred up fears for global growth. In Europe, London’s benchmark FTSE 100 index sank 2.83 percent to close at 6,187.65 points, falling for the ninth consecutive day and wiping £160 billion off […]

August 21, 2015 | By | Reply More
China fears hand Wall St. its worst day since 2011

China fears hand Wall St. its worst day since 2011

REUTERS: Fears of a China-led global economic slowdown drove Wall Street to its steepest one-day drop in nearly four years on Friday and left the Dow industrials more than 10 percent below a May record. Wall Street’s selloff this week suggested investors are growing nervous about paying high prices for stocks at a time of […]

August 21, 2015 | By | Reply More