Business

Fitch boost for Malaysia short-lived, ringgit hardest hit in Asia

PETALING JAYA: The simmering economic crisis in Greece and weakness in China continued to roil financial markets across the region, with the ringgit being the hardest hit among Asian currencies. Sentiment on the ringgit was further compounded by rising domestic political risk, lingering concerns about 1Malaysia Development Bhd’s massive debt problems and lower oil revenue.

Power pact: (from left) Goh, JAKS CEO Ang Lam Poah and CPECC assistant to president/director of international department Xue Danfeng at the JV signing ceremony.

JAKS to build RM7bil power plant in Vietnam with China partner

KUALA LUMPUR: Pipe-maker JAKS Resources Bhd will partner China Power Engineering Consulting Group Co Ltd (CPECC) in a 50:50 joint venture (JV) to build a power plant in Hai Duong province in Vietnam for US$1.87bil (RM7.05bil).

Mustapa: ‘It is quite difficult for us to achieve a 10 growth.’

Govt retains AP policy for used cars

KUALA LUMPUR: The Government still retains the approved permit (AP) policy for the import of used cars, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

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Investors look and react at the share index in Kuala Lumpur. FAIHAN GHANI/The Star

Malaysian market down on poor sentiments, foreigners continue to sell

PETALING JAYA: The stock market reacted negatively on the back of heightened political risk and the weakening ringgit, falling by nearly 1%. The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) closed 17.19 points lower at 1,717.05 points while the ringgit was sold down further, hitting a 16-year low of RM3.81 to the US dollar.

7 July 2015 | 12:00AM |

market

Moody’s says 1MDB does not pose systemic risk

HONG KONG: Malaysia’s economy, its banking system and government finances are not under systemic risk from developments at state fund 1Malaysia Development Bhd (1MDB), rating agency Moody’s said on Monday.

7 July 2015 | 12:07AM |

Economy

Ringgit opens weaker against dollar

KUALA LUMPUR: The ringgit opened weaker against the US dollar on lack of demand following negative sentiment brought about by Greece's debt crisis.

7 July 2015 | 10:20AM |

Forex

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