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Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today on weaker demand as faltering sentiment on the global economy continues to cloud investors’ appetite, dealers said.

AmInvest Research retains hold call on Axiata

KUALA LUMPUR: AmInvestment Research is maintaining its hold call on Axiata Group pending further progress on the group’s proposed value-enhancing merger with Telenor Asia, based on an unchanged fair value (FV) of RM4.05 a share.

IHH to reduce forex exposure

KUALA LUMPUR: IHH Healthcare Bhd is looking to further reduce its non-Turkish lira foreign currency debt for its 90%-owned subsidiary Acibadem to mitigate the overall effects of foreign currency fluctuations on the group.

Facing the media: (From left) Dr. Tan, chairman Datuk Mohammed Azlan Hashim and Low at IHH’s press conference after its AGM.IHH is the owner and operator of the Pantai and Gleneagles private hospitals in Malaysia.

Ex-Berenberg bankers raise US$2.2b, take on forex markets

HAMBURG: 7orca Asset Management AG, a Hamburg-based company set up by eight former Berenberg bankers, has raised almost 2 billion euros ($2.2 billion) in customer money in the first 18 months after its launch, Chief Executive officer Tindaro Siragusano said in an interview.

FILE PHOTO: An employee counts US dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019.- Reuters

Tenaga Q1 net profit down 26.5% to RM1.55b

KUALA LUMPUR: Tenaga Nasional Bhd posted lower net profit in the first quarter ended March 31, 2019 on higher forex translation losses and higher finance costs.

Tenaga said under its new CEO/ president  Amir Hamzah Azizan, the power giant had begun executing strategic initiatives to ensure that its business models are well poised to succeed within the pillars of future generation sources, smart grid and customer centricity.

Turkish central bank raises reserve requirements on forex deposits

ANKARA: Turkey’s central bank said it had increased commercial banks’ reserve requirement rates for foreign exchange deposits, extending policy changes aimed at discouraging locals from converting their lira savings to other currencies.

Five banks face Australia forex cartel class action

MELBOURNE: Citigroup Inc, Royal Bank of Scotland Group Plc and JPMorgan Chase & Co are among five banks named in a class action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies.