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24-year-old Oyo founder raises US$1bil to fund overseas push

BANGALORE: About US$600mil of the total will be plowed into China where Oyo began operations only 10 months ago. The funding values the startup at US$5bil.

 Ritesh Agarwal, founder and chief executive officer of Oravel Stays Ltd, doing business as Oyo Rooms, poses for a photograph at an Oyo Townhouse in Bengaluru, India. In the past two years, Oyo has expanded beyond India into China, Malaysia, Nepal and Britain.

Amlex to venture into automotive industry after listing

KUALA LUMPUR: Electronic packaging and interconnect solutions provider Amlex Holdings Bhd aims to broaden its electronic packaging and interconnect solutions for the automotive industry after listing on Bursa Malaysia’s LEAP Market.

Velesto hopes gov't will ease forex requirement for companies

KUALA LUMPUR: Velesto Energy Bhd hopes the government will loosen the foreign exchange (forex) requirement for local companies on the conversion of the US dollar to ringgit when conducting business with international companies in the upcoming 2019 Budget in November.

Chinese state-owned marine builder says to work with Singapore trader to buy fuel

SINGAPORE: The marine construction unit of the state-owned China Communications Construction Company (CCCC) on Tuesday signed an agreement to work with Singapore-based commodities trader Zenrock Group to purchase fuel.

Tune Plato acquires 50% stake in SubHome

KUALA LUMPUR: Tune Plato Ventures Sdn Bhd, a joint venture between Tune and ECM Libra, has acquired a 50% stake in Malaysian home-sharing platform SubHome Management Sdn Bhd.

EY expands through Xynapse acquisition

KUALA LUMPUR: EY has acquired Xynapse Sdn Bhd and Xynapse Asia Sdn Bhd (collectively, Xynapse), entities based in Malaysia that are in the identity and access management implementation and managed services business.

Instagram founders depart Facebook after clashes with Zuckerberg

SAN FRANCISCO: The founders of Instagram are leaving Facebook Inc. after growing tensions with Chief Executive Officer Mark Zuckerberg over the direction of the product, people familiar with the matter said.

Ringgit lower against US$ on trade war and other negative sentiments

KUALA LUMPUR: The ringgit was lower against the US dollar early Tuesday, reversing Monday's gains as the greenback's negative sentiment weighed on appetite for emerging currencies including the ringgit, a dealer said

The local currency stood at 4.1300/1340 as at 9 am, against 4.1270/1310 recorded at 6 pm Monday.

Asia stocks struggle Tuesday on trade war fears

TOKYO: Asia stocks struggled on Tuesday as the latest round of U.S.-China tariffs revived fears the trade dispute would knock global growth, while crude oil was elevated near four-year highs after Saudi Arabia and Russia ruled out immediate production increases.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1 percent.  Australian stocks lost 0.08 percent and Japan's Nikkei bucked the trend and edged up 0.2 percent.

Barrick Gold guys Randgold for US$6.5bil and creates world's biggest gold producer

LONDON: Canada's Barrick Gold Corp has agreed to buy Randgold Resources Ltd in an all-stock deal valuing the Africa-focused miner at $6.5 billion, to create the world's largest gold producer in an industry under investor pressure to put capital to good use

"Randgold has the agility and swift-footedness of a younger and smaller company, much like Barrick in its early years, while Barrick has the infrastructure and global reach of a large corporate company," Barrick Chairman John Thornton(pic) said in a conference call.