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International News

International News 2022-12-21 04:40:20

As Singapore plans gig worker benefits, some fear earnings hit

SINGAPORE, Dec 21 ― Alicia quit her job at a Singapore construction firm during the pandemic and signed up to work for an app-based delivery company, then a ride-hailing platform. While she welcomed the flexibility, she worried about her pension, and falling sick.

So she was relieved when the city-state's government said last month it would soon introduce legislation to extend work-related injury insurance and pension coverage to delivery and ride-hailing workers from 2024 onwards.

“As a single mother, I sometimes worry about how uncertain this job can be, beca...

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International News 2022-12-21 04:31:29

Ringgit flat against US dollar in early trade

KUALA LUMPUR, Dec 21 — The ringgit was almost flat against the US dollar in early trade today as investors remained on the sidelines, awaiting fresh leads to move the market.

At 9.07am, the local note was traded at 4.4340/4385 against the greenback compared with 4.4315/4350 at the close on Tuesday.

SPI Asset Management managing director Stephen Innes said after getting hobbled by global higher yields and a broad risk sell-off across Asia yesterday following the Bank of Japan’s (BOJ) surprise decision to tighten financial conditions, based on the broader US do...

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International News 2022-12-21 04:28:31

Bursa Malaysia slightly lower in early trade

KUALA LUMPUR, Dec 21 — Bursa Malaysia opened slightly lower on Wednesday despite gains on Wall Street overnight amid market jitters on interest rates following Bank of Japan’s (BoJ) move to tighten its monetary policy, said an analyst.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.05 per cent, or 0.77 of-a-point to 1,466.55 from Tuesday’s closing of 1,467.32.

The market bellwether opened 0.31 of-a-point easier at 1,467.01.

On the broader market, advancers led decliners 126 versus 110, while 220 counters were unchanged, 1,...

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International News 2022-12-19 14:21:24

Miti: Malaysia’s trade expanded 15.6pc to RM238b last month

KUALA LUMPUR, Dec 19 — Malaysia’s trade continued its stellar performance and maintained an upward trajectory in November 2022 with trade expanded by 15.6 per cent to RM238.17 billion compared to November 2021 — the 22nd consecutive month of year-on-year (y-o-y) double-digit expansion.

The Ministry of International Trade and Industry (Miti) said in a statement today that exports rose by 15.6 per cent to RM130.24 billion, while imports and trade surplus increased by 15.6 per cent each to RM107.93 billion and RM22.3 billion respectively.

“The export...

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International News 2022-12-10 09:57:26

Bursa Malaysia likely to trend higher next week

KUALA LUMPUR, Dec 10 — Bursa Malaysia is likely to trend higher next week, with the key index to hover in the 1,470-1,500 range next week, said an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said buying sentiment in the local bourse would likely continue next week as buying support from local institutions had been apparent in the week just ended, coupled with improving retail participation within the domestic market.

“(The local market) trended sideways for the week due to a lack of buying interests and selling of regional...

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International News 2022-12-10 09:55:44

Ringgit likely to see range-bound trading next week ahead of FOMC meeting

KUALA LUMPUR, The ringgit is expected to trade range-bound next week as investors remained cautious ahead of the United States Federal Open Market Committee (FOMC) meeting, said an analyst.

SPI Asset Management managing director Stephen Innes believed the investors were worried about the global economic outlook and that China’s reopening might not offset global recession concerns.

“In my view, the good news is that the US inflation expectations are falling, and next week’s Consumer Price Index (CPI) could very well support that view if it comes out soft...

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International News 2022-11-29 15:24:26

Singapore homeowners worried by soaring interest rates but analysts say strong job market, strict lending rules will reduce impact

SINGAPORE, Nov 27 — When banks announced that home loan interest rates were going up, Siti (not her real name) was worried about whether the rates would continue to rise and significantly affect her family’s monthly expenses.

The 32-year-old real estate salesperson had initially taken a loan with the Housing and Development Board (HDB) for her four-room resale flat, before refinancing with a bank loan of S$260,000 (RM846,696) with a tenure of 25 years and a floating rate of 1.3 per cent with a three-month compounded Singapore Overnight Rate Average (Sora).

So...

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International News 2022-11-29 15:21:02

Terberg Tractors launches Malaysia’s first fully battery-powered electric terminal tractor

JOHOR BARU, Nov 29 — Terberg Tractors Malaysia Sdn Bhd (TTM), a joint venture between Sime Darby Industrial and the Netherlands-based Royal Terberg Group BV, has officially launched Malaysia’s first fully battery-powered electric terminal tractor, YT200EV.

TTM Chief Executive Officer (CEO) Boo Wei Ching said YT200EV, which is manufactured locally at TTM’s manufacturing and assembly facility in Pasir Gudang, here, would be made available for distribution by early next month.

“With the new terminal tractors, TTM is looking at doubling up our product...

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International News 2022-11-29 15:18:01

Malaysia, Turkey, Indonesia among top 20 halal economy exporters

ISTANBUL, Nov 29 — Turkey is one of only three member states of the Organisation of Islamic Cooperation (OIC) that are among the world’s top 20 halal economy exporters, according to a report released Tuesday by the intergovernmental organization.

Indonesia and Malaysia are the other two nations in the 57-member Muslim bloc that are in this category, said the 2022 Annual OIC Halal Economy Report.

The report was launched in Istanbul on the sidelines of the four-day 38th meeting of the Standing Committee for Economic and Commercial Cooperation, reported Anadolu...

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International News 2022-11-22 07:38:53

Singapore-based FTX investors could not be protected as crashed crypto exchange not licensed here, operated offshore: MAS

SINGAPORE — The Monetary Authority of Singapore (MAS) said on Monday (Nov 21) that it could not protect local investors from suffering losses on cryptocurrency exchange FTX, which crashed earlier this month, as the platform is not licensed here and was run offshore.

MAS said this meant that investors could not be protected from financial losses by steps such as the ring-fencing of assets or ensuring that the platform had backed its assets with reserves.

The regulator also again warned investors of the dangers of investing in cryptocurrencies as it had done rep...

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