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83% of South Africa’s SMEs are self-funded, free guide to fundraising for entrepreneurs launched – report

83% of South Africa’s SMEs are self-funded, free guide to fundraising for entrepreneurs launched – report

South Africa, Aug 11: A survey of small and medium-scale enterprises (SMEs) in South Africa showed that about 83% of SMEs in the country are self-funded by the entrepreneurs. This according to the report of the survey highlights the need for SMEs to be armed with information on how to get funding.   It is […]

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Ringgit hits 3.96 against US dollar

Ringgit hits 3.96 against US dollar

KUALA LUMPUR: The ringgit closed 0.7% lower against the US dollar today, hitting the 3.96 level per dollar for the first time since the Asian financial crisis 17 years ago. At 5pm, the local note was quoted at 3.9600/9630 against the greenback from 3.9270/9300 yesterday. “Apart from the pressures of the falling crude oil price […]

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Bursa Malaysia closes lower

Bursa Malaysia closes lower

KUALA LUMPUR: Bursa Malaysia closed lower today on the back of the weakening ringgit and tracking the regional peers after China’s Central Bank devalued its yuan by two per cent, dealers said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 17.66 points to 1,636.71 after moving between 1,635.77 and 1,661.62 throughout the day. […]

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District of Columbia receives National Small Business Award

District of Columbia receives National Small Business Award

Washington, Aug 11: On Wednesday, Aug 5, the White House selected the District of Columbia as a winner in the 2015 Startup in a Day – Start Small Model prize competition. The District received a US$50,000 prize to help build a portal that will streamline the business licensing process.   The winners are located in […]

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Yuan slides drive Asia currencies to multi-year lows on China devaluation

Yuan slides drive Asia currencies to multi-year lows on China devaluation

SINGAPORE: China’s yuan headed for its largest daily loss and drove emerging Asian currencies to multi-year lows on Tuesday after Beijing surprisingly devalued the currency, building up expectations that its neighbours may follow a similar path to prop up exports. The People’s Bank of China weakened the yuan, guiding the currency to its lowest point […]

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ASEAN banks can absorb impact of weaker asset quality: S&P’s

ASEAN banks can absorb impact of weaker asset quality: S&P’s

KUALA LUMPUR: Credit risks have risen for banks in Malaysia and five other key ASEAN markets in recent years and their asset quality could weaken over the next 12 to 18 months. Standard & Poor’s however said their strong performance over the past few years should enable them to absorb the impact. “”The profits and […]

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FGV shortlists five bidders for Canada's asset

FGV shortlists five bidders for Canada's asset

KUALA LUMPUR: Felda Global Ventures Holdings Bhd has shortlisted five bidders for the disposal of its non-profitable canola and soybean crushing and refinery business in Canada. CEO Datuk Mohd Emir Mavani Abdullah said the company is in final talks with five international firms. “We’re still in discussions, we’ll announce the update end of this month. […]

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Indonesia raises cattle imports as beef prices soar

Indonesia raises cattle imports as beef prices soar

JAKARTA: Indonesia will issue permits to import another 50,000 cattle, the government said, after beef prices soared and butchers went on strike following a decision to dramatically reduce shipments from Australia. Chief Economics Minister Sofyan Djalil announced the increase late Monday, although he did not say over what period the cattle would be imported. “I […]

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China yuan devaluation pressures Asian currencies

China yuan devaluation pressures Asian currencies

TOKYO: Asia’s currencies came under pressure on Tuesday after China unexpectedly devalued its yuan currency in the face of weakening growth, driving the dollar higher. China’s central bank announced a near two percent drop in the value of its yuan against the US dollar, the biggest fall since the currency was unpegged from the greenback […]

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Restrictions lifted on invoice finance to help small firms grow

Restrictions lifted on invoice finance to help small firms grow

Ban on anti-invoice finance terms in contracts will come into force early next year   United Kingdom, Aug 11: Businesses will be freed from restrictive clauses in contracts that prevent them from gaining invoice finance when new measures come into force early next year. The move will open up more funding opportunities and specifically benefit […]

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