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CIMB obtains approval to open in Vietnam

CIMB obtains approval to open in Vietnam

PETALING JAYA: CIMB Group has obtained, in-principle, approval to offer banking services in Vietnam from the State Bank of Vietnam. The approval allows CIMB to establish and operate a 100%-owned subsidiary, offering a comprehensive range of wholesale, commercial and consumer banking products and services to the over 90 million people in Vietnam and its clients […]

August 9, 2015 | By | Reply More
BNM likely to reduce forex intervention

BNM likely to reduce forex intervention

PETALING JAYA: Bank Negara Malaysia (BNM) will likely reduce its intervention in the foreign exchange market to support the ringgit and allow it to move lower in tandem with regional currencies, said AffinHwang Capital. “We guided that the ringgit will likely depreciate from the current RM3.85 against the US dollar to RM3.90-3.95 towards end Q3’15 […]

August 9, 2015 | By | Reply More
EG Industries eyes higher margin on box build assembly

EG Industries eyes higher margin on box build assembly

SUNGAI PETANI: EG Industries Bhd, which bagged a new contract last Friday with an expected revenue of US$50 million (RM196 million) for the next two years, expects to achieve higher margin of 10% in two years’ time from the current 5%. This is on the back of more orders for box build assembly. Despite having […]

August 9, 2015 | By | Reply More
G20 market cap hit historic high of RM431b

G20 market cap hit historic high of RM431b

KUALA LUMPUR: The market capitalisation of G20 or the top 20 government-linked companies (GLCs) almost trebled to RM386 billion from RM134 billion for the period May 2004 to July 2015, hitting an all-time high of RM431 billion on April 7, 2015, said Prime Minister Datuk Seri Najib Razak. Over the same period, he said, the […]

August 9, 2015 | By | Reply More
Axiata unit buys Komli for US$11.25m

Axiata unit buys Komli for US$11.25m

PETALING JAYA: Adknowledge Asia Pacific Pte Ltd, a unit of Axiata Group Bhd is acquiring the entire issued share capital of Komli Asia Holding Pte Ltd, a digital media technology platform company, for US$11.25 million cash. Adknowledge is an 80% subsidiary of Axiata Digital Advertising Sdn Bhd, a wholly owned subsidiary of Axiata Digital Services […]

August 9, 2015 | By | Reply More
Underperforming GLCs told to make changes

Underperforming GLCs told to make changes

KUALA LUMPUR: Government-linked companies (GLCs) that failed to measure up in the GLC Transformation (GLCT) Programme this time around need to make some changes in order to improve their performance.

August 9, 2015 | By | Reply More
Ringgit's fall not due to M'sia's dependence on oil and gas, says Mustapa

Ringgit's fall not due to M'sia's dependence on oil and gas, says Mustapa

KOTA BARU: The weakening of the ringgit is not due to Malaysia’s economy being overly dependent on the oil and gas industry as claimed, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. On the contrary, he said the devaluation of the ringgit to 3.92 against the US dollar (on Friday) was due to […]

August 9, 2015 | By | Reply More
‘Sharing economy’ surge creates labor conundrum

‘Sharing economy’ surge creates labor conundrum

Politicians are taking notice. Democratic presidential front-runner Hillary Clinton said recently she would “crack down on bosses who exploit employees by misclassifying them as contractors.” WASHINGTON: They drive for Uber, deliver groceries for Instacart, run errands for TaskRabbit, and rent spare rooms on Airbnb. Are these the new, empowered participants in the “sharing economy,” or […]

August 9, 2015 | By | Reply More
Athens in ‘intense’ talks to avoid another loan default

Athens in ‘intense’ talks to avoid another loan default

BRUSSELS: Greece and its creditors were involved in “intense talks” over the weekend to agree a new bailout before the debt-ridden country must repay 3.4 billion euros ($3.7 billion) to the European Central Bank on August 20. European officials said sticking points still remain despite the progress being made, with a “generally positive reception… towards […]

August 8, 2015 | By | Reply More
China’s July exports, imports plunge, causing more worry for economy

China’s July exports, imports plunge, causing more worry for economy

SHANGHAI, Aug 8 ― China’s foreign trade performance worsened in July with both exports and imports falling on an annual basis, customs said today, spelling more worry for the world’s second largest economy. Exports plunged 8.3 per cent year-on-year to US$195.10 billion (RM766.9 billion) while imports dropped 8.1 per cent to US$152.07 billion, it said […]

August 8, 2015 | By | Reply More