1 million pound note

KUALA LUMPUR: The ringgit opened lower against the US dollar in early session today as investors stayed on the sidelines for firmer policies by the government to face global economic headwinds. At 9am, the local note opened at 4.1670/1700 compared with 4.1620/1670 against the greenback. A dealer said analysts had predicted that the first quarter (Q1) GDP figures to be announced on Thursday would show a slowdown, with the unemployment rate reaching the highest since January 2017. Maybank IB research in a note today said, the jobless rate in March 2019 increased marginally to 3.4% after staying at 3.3% for six consecutive months up to Feb 2019, despite employment growth matching labour force growth “Both employment and labour force grew +2.1% year-on-year (y-o-y) in March 2019 to 15.0 million and 15.6 million respectively, maintaining the pace in February 2019, while the number of unemployed increased by +2.5% y-o-y to 521,300 in March 2019 compared with +1.6% y-o-y in February, in … [Read more...] about Ringgit opens lower against US dollar at opening

LONDON: Updates from the US Federal Reserve and the Bank of England left markets on the back foot on Thursday (May 2) as investors weighed their messages on the outlook for growth and monetary policy.A sharp drop in oil prices that followed data showing a surge in US supplies also hit energy stocks.If Asian stock markets mostly closed higher, European markets mostly moved lower as did Wall Street, after having retreated on Wednesday after the Federal Reserve dented prospects for a possible cut in US interest rates.Traders were jolted by Fed boss Jerome Powell's assessment on Wednesday of recent weak US inflation as being only "transitory".The comments came after the Fed's latest policy meeting and sank faint hopes that the US central bank would announce a rate cut later in the year.It went also against a call from US President Donald Trump to ease borrowing costs to help bolster the economy.Briefing.com analyst Patrick O'Hare said "the stock market seems to be licking its wounds … [Read more...] about US Fed Reserve, Bank of England leave markets seeing red

LONDON: A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial regulators last year did so over concerns about the purchase of more than half a billion pounds of bonds from commodities tycoon Sanjeev Gupta, according to two people familiar with the matter.The bonds related to a biodiesel-fueled power generating business, the people familiar with the matter said. But the employee who brought his concerns to regulators believed the operation was unlikely to make enough money to repay the bonds partly because of the high cost of the fuel it planned to use, these people said. A Reuters analysis of corporate filings, regulatory documents and market data supports that view.UK-based GAM fund manager Tim Haywood paid more than 550 million pounds in 2017 for the bonds that were due to repay about 1 billion pounds over 20 years, according to the people familiar with the matter and corporate filings.But the assets backing the bonds were generators and related equipment … [Read more...] about GAM whistle blower concerns focused on bonds sold by metals tycoon

LONDON: A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial regulators last year did so over concerns about the purchase of more than half a billion pounds of bonds from commodities tycoon Sanjeev Gupta, according to two people familiar with the matter.The bonds related to a biodiesel-fueled power generating business, the people familiar with the matter said. But the employee who brought his concerns to regulators believed the operation was unlikely to make enough money to repay the bonds partly because of the high cost of the fuel it planned to use, these people said. A Reuters analysis of corporate filings, regulatory documents and market data supports that view.UK-based GAM fund manager Tim Haywood paid more than 550 million pounds in 2017 for the bonds that were due to repay about 1 billion pounds over 20 years, according to the people familiar with the matter and corporate filings.But the assets backing the bonds were generators and related equipment … [Read more...] about Exclusive: GAM whistle blower concerns focused on bonds sold by metals tycoon