Oil rises as International Energy Agency boosts demand forecast
NEW YORK: Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption.
Time to restrategise
Hit hard by the pandemic, service industries in Asia-Pacific countries explore novel models for survival under the ‘new normal’
Hotel sector on path to recovery
THE Malaysian hotel sector, which was on the brink of collapse as a result of the Covid-19 pandemic, is slowly making inroads to recovery.
Global Forex Market
THE US dollar depreciated by 0.49% to 97.60 due to resurgent coronavirus infections in the US, and the prospect of improving growth abroad, souring investors’ appeal on the dollar.
Labour concerns in a digital age
COMPANIES are forced to adapt to the new norm of conducting business, expediting the use of digital at a rate faster than before to address the challenges of revenue declines and shrinking profits.
Accelerating digital transformation
ONE of the jokes that made the rounds back in March was a multiple-choice question asking, who’s the leading force in workplace digital transformation? The punchline was that it was neither the CEO or the CTO, but a third ‘C’ – Covid-19.
Odds slowly turning in favour of Genting
THE reopening of Genting Malaysia Bhd’s flagship Resorts World Genting (RWG) some three weeks ago has received good response from patrons, a sign that the gaming company is on the road to recovery, albeit early days.
US$ slides as vaccine news offsets surge in virus cases
NEW YORK: The US dollar slipped on Friday, as its safe-haven allure diminished, on hopes of a potential vaccine for the novel coronavirus that outweighed concerns about the surge in infections in the United States and around the world.
Wall Street jumps with financials
NEW YORK: U.S. stocks rose on Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States, and as financial shares surged.
Adib's death: Police to set up review team, says IGP
KUALA LUMPUR (July 10): The Royal Malaysia Police (PDRM) plans to form a review team to probe into all aspects regarding the death of fireman Muhammad Adib Mohd Kassim, said Inspector-General of Polic...
Sibu to host Malaysia Day 2020 celebration
KUCHING (July 10): Sibu town will be host of the Malaysia Day celebration on Sept 16 this year, Communications and Multimedia Minister Datuk Saifuddin Abdullah said today.
Ringgit eases against US dollar at close
KUALA LUMPUR, July 10 — The ringgit ended lower against the US dollar on lack of buying interest amidst a surge in Covid-19 cases in the United States (US), said an analyst.
Another record US virus count curbs risk appetite
LONDON: World stocks and oil prices were faltering on Friday as record-setting new coronavirus cases in several U.S. states led to worries that more lockdowns may be necessary, making a quick economic recovery unlikely.
Bursa Malaysia remains negative at mid-afternoon
KUALA LUMPUR, July 10 ― Bursa Malaysia remained in the negative zone at mid-afternoon today, weighed by profit-taking in selected heavyweights led by Tenaga and Petronas Chemicals (PChem). Tenaga an...
China stock rally pauses on stake cuts, US sanctions
SHANGHAI: Mainland China shares fell on Friday for the first time since June 29 on signs of renewed US-China tensions and after the country's state funds announced stake cuts in companies, a move that comes following a torrid bull run in the stock market.
China Bohai Bank raises $1.78b in Hong Kong IPO
HONG KONG: China Bohai Bank has raised $1.78 billion after pricing its shares at HK$4.80 as it carried out the largest initial public offering in Hong Kong so far in 2020, two sources with direct knowledge of the matter said.
my Say: Holding due process accountable
Amid the Black Lives Matter (BLM) protests in the US a few weeks ago, in the academia section of the Economics universe, University of Chicago professor Harald Uhlig set off a firestorm.
Schonfeld raises US$1bil for flagship hedge fund
NEW YORK: Schonfeld Strategic Advisors raised more than US$1bil for its flagship hedge fund, double expectations, attracting fresh money from new and existing investors following the March selloff, according to a person with knowledge of the matter.
Tesla close to making autonomous vehicles
SHANGHAI: Elon Musk’s Tesla Inc is “very close” to developing fully autonomous vehicles and could work out the basics of that technology as soon as this year, he said in a pre-recorded video played during the World AI Conference in Shanghai.
Ringgit opens lower against US dollar
KUALA LUMPUR (July 10): The ringgit opened lower against the US dollar today, owing to sliding oil prices as a surge in new Covid-19 cases in the US dampened investors’ mood, said an analyst.
CGS-CIMB Research retains overweight on tech manufacturers
KUALA LUMPUR: CGS-CIMB Equities Research reiterated its Overweight call on the tech manufacturing services sector as it still sees upside to valuations which have not fully priced in the steady recovery in sales and margins in CY20-21F.
Itochu makes US$5.4bil bid for rest of FamilyMart
TOKYO: Itochu Corp is seeking to take full control of convenience-store chain FamilyMart Co through a tender offer valued at as much as 580.9 billion yen (US$5.4bil). The Japanese trading company, w...
Tokyo stocks open lower on falls in US indices
TOKYO, July 10 ― Tokyo stocks opened lower today, with investors disheartened by falls in key US indices as markets weighed the impact from the spike in coronavirus cases in many US states.
Bleakest view on Japan’s regions in over a decade
TOKYO: The Bank of Japan (BoJ) cut its economic view for all of the country’s nine regions for the second straight quarter, the first such downgrade since Lehman Brothers collapsed in 2008, backing signs the economy could fall deeper into recession.
Manila airport upgrade lures two groups
MANILA: Two groups are interested in upgrading the Philippines’ main airport in Manila after a consortium of tycoons said its 102 billion-peso (US$2.1bil) proposal was no longer bankable amid the pandemic.
World top producer to rethink coconut trade
BANGKOK: Thailand, the world’s top producer of coconut milk, says it will enable retailers and consumers to trace coconuts back to their source to show whether monkeys have been used for harvesting.
Supportline - Foundpac, Koronologi, Omesti,
Digital transformation from a holistic perspective
KUALA LUMPUR: Digital transformation is frequently misconstrued in the eyes of some business leaders in the country in a bid to hoard complex technologies to be more advanced without solving operation...
Lenders face US$9bil credit hit
SINGAPORE: When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a US$76.5mil fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than US$9bil in potential losses for global lenders.
Petronas to continue fine growth strategies
PETALING JAYA: Petroliam Nasional Bhd (Petronas) is determined to continue delivering operational excellence and growth strategies for 2020, despite projecting the year ahead to be fraught with numerous challenges arising from the Covid-19 outbreak.
SSM’s decision on Omesti unit remains
PETALING JAYA: Suruhanjaya Syarikat Malaysia (SSM) has decided to maintain its decision to terminate the outsourcing agreement with Omesti Bhd’s subsidiary Formis Network Services Sdn Bhd for the supply, implementation, training, support and maintenance of the SSM’s core digital registry solution
Industrial output rebounds in May as more industries resume
KUALA LUMPUR: The industrial production index (IPI) rebounded by 18.2% in May from a month ago as the government allowed more industries to resume operations under the movement control order, according to the Statistics Department, while economists expect further recovery in the months ahead.
‘Stay nimble in O&G trading’ advice
KUALA LUMPUR: When it comes to oil and gas stocks, Kenanga Investment Bank Research is not in favour of a bargain-hunting strategy, especially for long-term investors.
OPR cut seen having little impact on Public Bank
KUALA LUMPUR: Maybank Investment Bank Research expects the recent overnight policy rate (OPR) cut to have minimal impact on Public Bank’s earnings while it also decides to retain its forecasts.
Sustainable aviation fuel for recovery
KUALA LUMPUR: The International Air Transport Association (IATA) has called for the International Energy Agency (IEA) to prioritise investments in sustainable aviation fuel (SAF) to help power aviation’s contribution to the post-Covid-19 recovery.
The week that was - rate cut
BANK Negara on Tuesday slashed its overnight policy rate (OPR) by 25 basis points to 1.75%, the lowest since the current interest rate framework was introduced in 2004
Sin Line Tek to become Ta Win subsidiary
KUALA LUMPUR: Ta Win Holdings Bhd has proposed to acquire 1.74 million ordinary shares in Sin Line Tek Electronic Co Sdn Bhd (Sin Line Tek), which would add value and penetrate into the downstream segment of the copper rod and wire supply chain.
Asian shares set to slip as Covid-19 concerns weigh
NEW YORK, July 10 ― Asian shares were set to open mostly lower today as record-breaking new coronavirus cases and deaths in several US states stoked concerns that new lockdowns could derail the econ...