Thu06212018

LAST_UPDATEWed, 20 Jun 2018 10pm

MSC Inspired Ma To Establish Alibaba

KUALA LUMPUR -- Alibaba’s Jack Ma was inspired to establish his company following the successful launch of Malaysia’s Multimedia Super Corridor (MSC) in 1997.

Read more: MSC Inspired Ma To Establish Alibaba

Bbazaar Malaysia Offers Free Gifts On Approval Of Credit Card And Loans Application

KUALA LUMPUR, MALAYSIA Promotional offers can make a whole lot of difference when it comes to buying any product. When you’re out shopping, a discounted product or one that offers something more than what you pay for has the potential to catch your eye right away.

Read more: Bbazaar Malaysia Offers Free Gifts On Approval Of Credit Card And Loans Application

GST: Zeti Hopes Retailers Will Pass On Benefits To Consumers

KUALA LUMPUR  -- Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).

Read more: GST: Zeti Hopes Retailers Will Pass On Benefits To Consumers

New Private Home Sales Jump 53.1% In May From April

SINGAPORE - The number of private homes sold by developers in May rose by more than half over April as the number of new units launched also saw a sizeable increase.

Read more: New Private Home Sales Jump 53.1% In May From April

Virgin Money Bought By CYBG For £1.7bn

The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.

Read more: Virgin Money Bought By CYBG For £1.7bn

Alibaba Group Launches Malaysia Office

KUCHING: Alibaba Group Holding Ltd opened a new national office, to deepen strategic cooperation with Malaysia, which is the first Electronic World Trade Platform (eWTP) hub outside of China, reported The Edge Markets.

Read more: Alibaba Group Launches Malaysia Office

Gold Futures Untraded in Early Trading

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KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives remained untraded in early trading today as the stronger US dollar curbed demand for the precious metal.

Read more: Gold Futures Untraded in Early Trading

Unilever Takes Stand Against Digital Media's Fake Followers

LONDON - Consumer goods giant Unilever (ULVR.L) (UNc.AS), the world’s second-biggest advertiser, is cutting ties with digital media “influencers” that buy followers, saying it wants to help make advertising more transparent.

Read more: Unilever Takes Stand Against Digital Media's Fake Followers

Asian Shares Fall As U.S.-China Trade Spat Escalates

TOKYO/SYDNEY (Reuters) - Asian shares fell on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.

Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen JPY=.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS skidded 0.4 percent to its lowest level since May 31.

Financial markets in China and Hong Kong were closed for Dragon Boat festival holiday. South Korea's Kospi index .KS11 slipped 0.5 percent while Australian shares eased 0.1 percent.

Japan's Nikkei .N225 sank 0.9 percent as worries over growing protectionism overshadowed stronger-than-expected export data.

U.S. E-mini S&P futures ESc1 were down 0.5 percent in early trade, suggesting a weaker start on Wall Street.

“The on-again-off-again possible global trade war is looking to be back on again as the U.S. and China announced tariffs on each other’s imports,” said Nick Twidale, Sydney-based analyst at Rakuten Securities Australia.

“This looks set to be the main theme that investors will focus on...with any further escalation in tension adding to the downside risk.”

Trump announced hefty tariffs on $50 billion of Chinese imports on Friday, laying out a list of more than 800 strategically important imports from China that would be subject to a 25 percent tariff starting on July 6, including cars.

China said it would respond with tariffs “of the same scale and strength” and that any previous trade deals with Trump were “invalid.” The official Xinhua news agency said China would impose 25 percent tariffs on 659 U.S. products, ranging from soybeans and autos to seafood.

China’s retaliation list was increased more than six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.

However, many market watchers believe there is still room for compromise, suspecting Trump’s announcement was a negotiating tactic to wring faster concessions from Beijing.

-Reuters

Moody's Has Stable Outlook For Malaysian Banks

KUALA LUMPUR – Moody's Investors Service says the outlook for Malaysia’s banking system is stable (A3 stable) over the next 12-18 months, while supported by robust macroeconomic conditions, within and outside the country.

Read more: Moody's Has Stable Outlook For Malaysian Banks