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Fitch affirms Malaysia rating at ‘A-’, outlook stable

KUALA LUMPUR: Fitch Ratings has affirmed Malaysia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A-’ with a stable outlook supported by solid economic growth and a net external creditor position built up from a record of current account surpluses.

As for GDP, Fitch said it expects GDP growth to slow to 5.2% in 2018, 4.8% in 2019 and 4.6% in 2020, from 5.9% in 2017, as the government seeks to constrain recurrent spending in line with its narrower revenue base.

Choo Bee Metal net profit climbs to RM10.2mil

PETALING JAYA: Choo Bee Metal Industries Bhd has registered a net profit of RM10.2mil for the second quarter ended June 30, bringing its first-half net profit to RM20.66mil.

“However, the rising United States-China trade tension, and probable US and European Union monetary policy changes could erode this momentum, although there is no discernible impact yet. Over the past month, new players have also been seen entering the Asean regional market, as exporting mills scour for new markets as a substitute to the US,” said Choo Bee. (Filepic shows visitors at the Choo Bee factory.)

Trade war may cut Malaysia's GDP

KUALA LUMPUR: Malaysia’s gross domestic product (GDP) growth rate could be cut by 1.3% over the next two years, if the trade war between the United States and China continues to escalate and eventually leads into a global financial shock. The growth rate is likely to be cut by 1.3% over two years

CIMB Group chief economist Donald Hanna, who warned that the worst is yet to come, pointed out that the worsening trade hostilities would be detrimental to the region and global growth in the longer run

Indonesia mulls dollar bonds as Turkey crisis deepens rout

JAKARTA: As a sell-off in Indonesian rupiah debt persists, the government is weighing a global dollar bond offering as an option to bridge the nation’s budget deficit, according to a finance ministry official.

The dollar bond sale plan “is in the government’s worst-case scenario” if domestic securities market continues to be volatile, Scenaider Siahaan, the ministry’s director of debt portfolio and strategy, said by phone on Monday. “That would be a conditional response. We will first assess the situation, whether or not things will turn for the better,” he said. (A teller counts Indonesian rupiah bank notes at a money changer in Jakarta, Indonesia August 13, 2018 - Reuters

Nestle Q2 earnings rise to RM166mil on higher revenue

PETALING JAYA: Nestle (M) Bhd’s net profit rose 3% to RM166.16mil for the second quarter ended June 30 from RM161.44mil in the previous corresponding quarter on higher revenue from new products, consumer and trade promotions

Hofbauer: "These new products and business models have enabled us to set a solid base for growth in the second half of the year."

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