News Category

Posted On December 28, 2016By BlackbeardIn News

Falling ringgit to drive up inflation

KUALA LUMPUR: As Malaysians usher in 2017, they are set to grapple with a weak ringgit and higher food prices. Consumer spending will be reduced as imported goods become more expensive, pushing up inflation. Indeed, economists have warned that Malaysia’s inflation level, measured by the consumer price index (CPI), could go up as much as 2.8% in 2017. Recall that the October 2016 CPI increased 1.4% mainly on costlier liquor and tobacco, besides food and non-alcoholic drinks. Nomura Research has said that it expects Malaysia’s inflation to rise by 2.8%Read More

Posted On December 27, 2016By Ophir IIIn News

RM opens at 4.47 against USD

KUALA LUMPUR: The ringgit opened slightly lower against the greenback today, post the Christmas holiday, on a lack of impetus coupled with weak crude oil prices, said dealers. At 9 am, the local unit slid to trade at 4.4750/4800 against the US dollar from last Friday’s close of 4.4725/4755. A dealer said the benchmark Brent Crude oil price was on a minor downtrend at US$55.07 per barrel, while the West Texas Intermediate was on a lower note at US$53.05 per barrel. “The forex market is expected to be active asRead More
KUALA LUMPUR: Bank Negara Malaysia (BNM) has initiated enforcement actions against a financial institution for not promptly notifying the central bank of a significant audit finding in relation to its dealers’ misconduct on fixing of the USD/ringgit exchange rate. In a statement, BNM said findings indicate that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process. “In this regard, the Bank has commenced the due process as stipulated under the FSA (Financial Services Act 2013),” the central bank saidRead More

Posted On December 27, 2016By Ophir IIIn News

Firms lowering gift budgets to rein in festive spending

It has been a dreary year plagued by stock market upsets, job cuts and a slowing economy. However, the festive season has still fired up consumers to splash out on traditional items like Christmas trees and turkeys, but the corporate sector seems to be feeling the pinch. Companies have tightened their gift budgets, with the year likely to end the way it started: with firms cutting down on extravagant freebies just like they reportedly did for Chinese New Year last February. Simply Hamper managing director Alexis Tan noted pre-orders forRead More
PETALING JAYA: Petroliam Nasional Bhd (Petronas) will reduce its output on a voluntary basis beginning next year in line with an initiative taken by members and non-members of the Organisation of the Petroleum Exporting Countries (Opec) to help improve prices. The production cut is part of a collective effort by major oil producers globally to ease the current supply glut of crude oil. In a statement yesterday, Petronas said that in light of the pact made in Vienna, Austria, on Dec 10 between Opec and non-Opec producers, it would makeRead More
SINGAPORE (Dec 16): CIMB expects the affordability of Singapore homes next year to be eroded on the back of higher mortgage rate as interest rates inch up further. And this erosion, coupled with incoming new inventory, will continue to be a drag on rental and price outlook, says the research house. “We expect private residential prices to continue declining by about 5% while volume sales remain about 8,000-9,000,” says lead analyst Lock Mun Yee in a Thursday report. Property stocks have already reacted negatively to the long-awaited US Fed interestRead More

Posted On December 22, 2016By nubex_superadminIn News

Ringgit now at 1998 level against greenback

KUALA LUMPUR, 19 Dec 2016: The ringgit fell against the US dollar today to its lowest level since 1998, reacting to signals by the US Federal Reserve (Fed) of more interest rate hikes next year, said a dealer. At 6pm, the ringgit was traded at 4.4765/4795 to the greenback from last Friday’s 4.4755/4795. Historically, the ringgit hit the 4.71-level against the US dollar in January 1998. FXTM chief market strategist Hussein Sayed said the market would be on the lookout for Fed chair Janet Yellen’s next speech soon to determineRead More

Posted On September 11, 2012By adminIn News

Don’t panic, ringgit will bounce back, says minister

KUALA LUMPUR: The ringgit, which has weakened along INGREDIENT with other emerging market currencies against the a US dollar, has the strength to bounce back, said Malaysia’s Second Finance Minister Johari Abdul Ghani on Monday (Dec 19). “We should not panic,” he said when asked on the ringgit’s decline to 4.4805 against the US [ dollar earlier that day. “We have the ecosystem to make it right, ensure political stability is intact and (continuously) apply the ?????????? right policies to facilitate investors.” There was no need for capital controls orRead More