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Markets
Wall St set for lower open as some big bank earnings disappoint
WALL Street's main stock indexes were on track for a lower open on Friday as most megacap growth stocks and chipmakers receded, while some big banks dipped after dour quarterly results.
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Banking
Citi profit drops as costs rise for employee severance, deposit insurance
CITIGROUP's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund.
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Energy
Asia spot LNG at 3-month peak on steady demand, supply disruption
SINGAPORE: Asian spot liquefied natural gas (LNG) prices edged up this week, reaching the highest levels in three months, as they remained supported by steady demand and supply disruption concerns.
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Technology
Global spotlight on Malaysia as it emerges as semiconductor powerhouse
KUALA LUMPUR: Malaysia’s vibrant semiconductor industry has been the talk of the town of late as the country emerges as a new semiconductor powerhouse with the global spotlight on Penang.
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Forex
Ringgit ends easier versus US dollar on higher-than-expected US inflation data
KUALA LUMPUR: The ringgit ended easier against the US dollar on Friday as the greenback strengthened following higher-than-expected United States inflation data.
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Corporate News
Nextgreen IOI Pulp inks MoU with Xiamen C&D for pulp production facility
KUALA LUMPUR: Nextgreen Global Bhd’s 55%-owned subsidiary, Nextgreen IOI Pulp Sdn Bhd (NIP) has signed a memorandum of understanding (MoU) with Xiamen C&D Paper & Pulp Group Co. Ltd to establish a joint venture company (JVC) for a paper pulp production facility in Green Technology Park, Pekan, Pahang.
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Business
Mosti to launch Single Window Initiative to strengthen Malaysia's startup ecosystem
KUALA LUMPUR: The Ministry of Science, Technology and Innovation (MOSTI) will be launching the Single Window Initiative to strengthen Malaysia’s startup ecosystem by streamlining processes and consolidating resources under one platform.
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Markets
China strengthens company delisting rules to improve markets
SHANGHAI: China's securities regulator issued draft rules on strengthening company delistings on Friday in a move to improve the quality of the stock market and protect investor interests.
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Business
Gamuda Land collaborates with Kiddypedia for Discovery Centres at Gamuda Gardens, twentyfive7
PETALING JAYA: Gamuda Land is partnering with Kiddypedia, a prominent advocate for children's education and development to introduce Kiddypedia Discovery Centres at its townships.
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Markets
FBM KLCI ends lower in line with regional peers
KUALA LUMPUR: Bursa Malaysia ended Friday on a lower note, with no notable market-moving factors in play.
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Banking
Singapore keeps monetary policy unchanged as inflation risks linger
SINGAPORE: Singapore's central bank left its monetary policy unchanged on Friday, in line with expectations, as authorities looked for signs inflation in the city-state was moderating before they consider loosening settings.
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Auto
XPENG expands into Hong Kong, Macau via Sime Darby Motors partnership
KUALA LUMPUR: XPENG Motors (XPENG), a Chinese smart electric vehicle (Smart EV) company, has expanded its footprint through a dealer partnership with Sime Darby Motors in Hong Kong.
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Commodities
Safe-haven gold snaps record highs, heads for fourth weekly gain
GOLD prices climbed on Friday to hit a historic peak as central bank purchases amid geopolitical tensions sustained the momentum for the yellow metal, while strong U.S. economic data failed to dampen bullion's allure.
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Economy
China's economy on stable footing, experts say
CHINA's economy has started 2024 on a stable footing, indicating a sustained trajectory of robust recovery throughout the year, despite pressures and challenges both at home and abroad, officials and analysts said on Thursday.
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Energy
Oil rebounds on Mideast tensions but set for weekly loss
SINGAPORE: Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year.
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Banking
China c.bank set to leave policy rate unchanged, drain some liquidity
CHINA"s central bank is set to leave a key policy rate unchanged when rolling over maturing medium-term loans on Monday, a Reuters survey showed, while a vast majority of respondents also expect some liquidity to be drained via the bond instrument.
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Banking
South Korea's central bank turns more cautious, indicates no rush to cut
SEOUL: South Korea's central bank said on Friday greater uncertainty on the inflation outlook and the strength of exports argued against a near term push to cut interest rates after the bank left the policy rate steady at a 15-year high.
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Markets
Stocks muted, gold at new peak as markets weigh Fed cut timing
TOKYO: Asian equities were in a subdued mood on Friday as investors pondered the path for Federal Reserve interest rate cuts amid a murky U.S. inflation outlook.
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Forex
Most Asian currencies slip on Fed uncertainty; stocks mixed
THE Malaysian ringgit led declines among weak Asian currencies on Friday due to a buoyant dollar while regional share markets were mixed, as investors refrained from taking fresh bets on when the Federal Reserve will start to cut rates.
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Markets
FBM KLCI steps back 0.19% at midday
KUALA LUMPUR: Despite opening marginally higher at the start of the opening bell, the FBM KLCI succumbed to mild profit-taking activities at midday.