Business

KUALA LUMPUR: Last minute buying momentum in index-linked counters helped push Bursa Malaysia to close firmer today despite the weaker sentiment across regional markets and renewed concern over global economic growth, dealer said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed at the day’s high of 1,702.12, up 9.90 points, against Friday’s close of 1,692.22 and before touching a low of 1,688.19 points around 4pm. The index opened 6.66 points better at 1,698.88 at 9am. The overall market breadth, however, remained bearish as losers continued to outnumber gainers 486 to 369 while 365 counters were unchanged, 672 untraded and 26 others suspended. Total volume rose to 3.32 billion shares, worth RM2.12 billion, from Friday’s 3.05 billion shares valued at RM2.12 billion. The International Monetary Fund (IMF) on Monday revised downwards its estimate for global growth, signalling that the economic momentum, seen in recent years, was slowing down. The fund … [Read more...] about Last minute buying lifts Bursa Malaysia at close

Business Credit Suisse is seeing market conditions improve after a tough fourth quarter, Chief Executive Tidjane Thiam said on Tuesday as rival UBS reported disappointing fourth-quarter results. 22 Jan 2019 05:25PM Bookmark ZURICH: Credit Suisse is seeing market conditions improve after a tough fourth quarter, Chief Executive Tidjane Thiam said on Tuesday as rival UBS reported disappointing fourth-quarter results."It was a really difficult Q4, you can see the results of our peers who have announced (amid) volatile markets," Thiam told Bloomberg Television in an interview from Davos. "Overall things have gotten better since the beginning of the year, 2019 has started better," he added.Asked whether he was worried about client outflows amid market volatility, he said: "We have seen deleveraging, it was visible a bit in Q3 and Q4, but overall our assets under management have been very resilient."(Reporting by Michael Shields; Editing by Oliver Hirt) … [Read more...] about Credit Suisse CEO sees conditions improving after tough fourth quarter

TAIPEI: Taiwan's Foxconn, assembler of Apple Inc's iPhones, on Tuesday (Jan 22) said it was trying to recruit for more than 50,000 positions across its China campuses for the January-March quarter, amid reports of mass lay-offs.The world's largest contract manufacturer, formally known as Hon Hai Precision Industry Co Ltd, said in a stock exchange filing that changes in employee numbers were part of its usual adjustments based on global strategy and clients' needs.Last week, the Nikkei reported that Foxconn had let go around 50,000 contract workers in China since October, months earlier than normal."Efforts are in progress to recruit for more than 50,000 positions across our China campuses in Q1 2019," the company told Reuters in an email when asked whether it was actively hiring.The Nikkei report came weeks after Apple cut current-quarter production for new iPhones by 10 percent in the face of slowing demand in China, the world's largest smartphone market.Chipmaker Samsung Electronics … [Read more...] about Foxconn says trying to hire 50,000 people in Q1 after job cut reports

MANILA - Rice traders in the Philippines are set to import about 1.2 million tonnes of the staple food, a state grains agency spokeswoman told Reuters on Tuesday, as the Southeast Asian country lifts a two-decade-old cap on purchases. Bigger rice purchases by the Philippines, already one of the world's top importers and consumers of the grain, could underpin export prices in Vietnam and Thailand, traditionally its key suppliers. Prices in Vietnam fell last week ahead of the country's largest harvest this month, while the Thai market is likely to see additional supply towards the end of January from the seasonal harvest.  President Rodrigo Duterte in October ordered the "unimpeded" importation of rice after the country's inflation shot up to 6.7 percent in September and October, the highest in nearly a decade, partly due to food prices.  The National Food Authority (NFA) has approved initial applications from 180 rice traders for permits to import a total of 1.186 million … [Read more...] about News Philippines set to import 1.2-M tons of rice as caps removed

HONG KONG: Asian markets fell Tuesday as profit-takers stepped in following a recent run-up, while a report fuelled worries about the progress of China-US trade talks.While there were few catalysts to drive business and Wall Street was closed for a holiday investors are keeping tabs on developments in various issues including the US government shutdown, Brexit and China's stuttering economy.The optimism surrounding the trade talks was jolted by a Bloomberg News report that said the two sides were struggling to reach agreement on the crucial matter of intellectual property, which is a key source of anger in Washington.Also, China's Xinhua news agency reported that President Xi Jinping had told top provincial leaders the Communist party "is facing long-term and complex tests in terms of maintaining long-term rule, reform and opening-up". The comments suggest he is growing worried about the effects of slowing economic growth.While headlines regarding talks earlier this month were … [Read more...] about Asian markets turn lower as trade worries seep back