Room To Adjust Government’s Opex, Says HSBC

KUALA LUMPUR, Jan 20 – There is room to adjust the government’s operating expenditure (opex) in line with its commitment to achieve the three per cent fiscal deficit target this year. HSBC Economist for Southeast Asia, Lim Su Sian, said the adjustment was on the backdrop of the impact of falling oil

Thailand To Buy 50,000 Tonnes Of Palm Oil In February

BANGKOK, Jan 20 – Thailand plans to import 50,000 tonnes of semi-refined palm oil in February in anticipation of a shortage of the commodity due to drought. Deputy Prime Minister Gen. Prawit Wongsuwarn said the National Palm Oil Committee had agreed to the move while related agencies and farmers’ representatives had supported

Really Rich Have More Than Others Combined

PARIS, Jan 19 – Wealth accumulated by the richest 1% will exceed that of the other 99% in 2016, the Oxfam charity said today, ahead of the annual meeting of the world’s most powerful at Davos, Switzerland. “The scale of global inequality is quite simply staggering and despite the issues shooting up the

Big Swing Forecast For Ringgit

KUALA LUMPUR, Jan 17 – The ringgit, which ended the week on a weaker note, is expected to trade between 3.51 and 3.59 against the US dollar next week, a dealer said. The direction of crude oil prices coupled with the US dollar’s performance and Switzerland’s surprising move to scrap its cap on the

Lufthansa To Introduce Daily Flights To KL On March 29

KUALA LUMPUR, Jan 17 – German airline Lufthansa will introduce daily flights from Frankfurt to Kuala Lumpur from March 29. For the new summer schedule, Lufthansa will increase the capacity on the Frankfurt-Kuala Lumpur route from five weekly connections to a daily service, the airline said in a statement. The route will continue to be

Economist: Malaysia On Right Track With GST

SINGAPORE, Jan 17 – Despite facing criticism from various quarters, the Malaysian government’s decision to implement the Goods and Services Tax (GST) will benefit the nation as it gears towards becoming a developed nation, says Dr Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors. “I think it is

Genting Unit Completes US$24m Purchase Of Nanomr Inc

KUALA LUMPUR, Jan 17 – Genting Bhd today announced that DNA Electronics Limited (DNAe), its indirect 82.1 per cent-owned subsidiary, has completed the acquisition of the entire issued share capital of NanoMR, Inc (NanoMR) for a total cash consideration of about US$24.0 million (US$1= RM3.57). In a filing to Bursa

Sony, Target Closing Canada Stores

TORONTO, Jan 16 – Sony Corp says it is closing all 14 of its retail stores in Canada as it refocuses its business. The Japanese electronics company yesterday said the closures will result in 90 layoffs. Spokesman Ved Khan says the stores will be closed over the next six to eight weeks.

Ringgit Lower Against US Dollar

KUALA LUMPUR, Jan 16 –  The ringgit opened marginally lower against the greenback this morning due to lack of buying support, a dealer said. At 9.00 am, the ringgit was quoted at 3.5740/5770 against 3.5590/5620 at 5.00 pm on Thursday. The ringgit pulled up yesterday from a near six-year low earlier

2015 Budget may be restructured: PM

KUALA LUMPUR, Jan 15 – There is a possibility the 2015 Budget will be restructured, said Prime Minister Datuk Seri Najib Razak. “I will come out with a statement (on this) next week,” he told reporters after receiving the flood relief assistance from China here today. Najib was asked whether the

Khazanah Records Steady Performance

KUALA LUMPUR, Jan 14 – Khazanah Nasional Bhd has reported a steady performance in 2014, with its net worth adjusted (NWA) up 9.2 per cent to RM110.8 billion as at Dec 31, 2014 compared with RM101.5 billion a year ago. Its managing director, Tan Sri Azman Mokhtar, said since the start of

World Bank Sees Growth Pick-Up For Developing Countries

WASHINGTON, Jan 14 – The World Bank on Tuesday predicted a pick-up in economic growth for developing countries, spurred by falling oil prices and despite a slight slowdown in global engine China. Developing countries’ growth in gross domestic product (GDP) — the broad measure of a country’s output of goods and services

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