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Malaysian banks well placed to manage weakening economy

PETALING JAYA: The Malaysian banking system remains stable, as strong loss-absorbing buffers should mitigate a potential rise in credit costs and moderating profitability over the next 12-18 months, according to Moody’s Investors Service.

“The banks are well positioned to manage the challenges associated with Malaysia’s weakening economy and the vulnerable oil and gas, real estate and construction sectors, supported in particular by strong loan-loss reserves and solid capital ratios,” Moody’s vice president and senior credit officer, Alka Anbarasu, said

Malaysian banks well placed to manage weakening economy

PETALING JAYA: Malaysian banking system remains stable, as strong loss-absorbing buffers should mitigate a potential rise in credit costs and moderating profitability over the next 12-18 months, according to Moody’s Investors Service.

Nikkei rises as tech shares gain; soft yen helps mood

TOKYO: Japan's Nikkei edged up on Wednesday morning as technology shares rose tracking their U.S. counterparts, while the country's better-than-expected machinery orders aided sentiment.

China ready for further US trade talks

WASHINGTON: Chinese Ambassador to the United States Cui Tiankai said on Tuesday that Beijing was ready to resume trade talks with Washington, but blamed the U.S. side for frequently "changing its mind" on tentative deals to end U.S.-China trade disputes.

Asked about this reversal, Cui turned the tables and said it was U.S. negotiators that had abruptly backed away from some previous deals that had been tentatively agreed over the past year.

Australia to loosen mortgage rules in reprieve for banks

SYDNEY: Australia’s prudential regulator said it plans to relax some of the norms banks use to determine how much they can lend to customers, sending stocks in the sector higher on expectations the move would boost borrowing.

HSBC plans to have more tech jobs in China

HONG KONG: HSBC Holdings Plc plans to add more than a 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world’s second-largest economy.

MCMC issues M&A guidelines for telecoms sector

PETALING JAYA: The telecoms industry regulator, the Malaysian Communications and Multimedia Commission (MCMC), has issued a set of guidelines on mergers and acquisitions (M&As) that will prohibit entities from lessening the level of competition in the marketplace and it can take action against the companies if breaches are found.

MCMC chairman Al-Ishsal Ishak said: “While M&As can allow our companies to achieve efficiency through greater scale and scope, as well as gain access to new technologies and markets, they can also serve to reduce competition and result in market dominance."

UK’s Tesco to sell US$4.7bil home loan portfolio

LONDON: Britain’s biggest retailer Tesco will stop mortgage lending at its banking business due to tough market conditions, it said yesterday, as rival lender Nationwide Building Society reported a drop in profit margins.