Monday, January 30

Tag: corporate

Ringgit opens higher on improving risk appetite
Business, Finance, Innovation/ Technology, News

Ringgit opens higher on improving risk appetite

The ringgit opened higher against the US dollar today, as the greenback resumed its retracement amid dovish Federal Reserve (Fed) officials in the United States (US) and rising risk appetite, according to an analyst. The local currency gained to 4.3750/3830 versus the US dollar at 9.06 a.m., up from 4.3835/3925 last Friday. According to Stephen Innes, managing director of SPI Asset Management, the ringgit opened firmer this morning despite a more robust US jobs report, implying that traders are ignoring one good data point and deferring to the weaker run of US economic data as a signal that the Fed will be forced to cut rates in 2023. "Crude oil prices are also doing well post-Organisation of the Petroleum Exporting Countries (OPEC) meeting, which helps the ringgit in terms of trade p...
Bursa Malaysia CEO takes over as chairperson of CEO Action Network
Business, Finance, Innovation/ Technology, News

Bursa Malaysia CEO takes over as chairperson of CEO Action Network

As chairperson of the steering committee, Bursa Malaysia Bhd CEO Datuk Muhamad Umar Swift now leads the CEO Action Network (CAN), Malaysia's first sustainability-focused informal coalition of leading CEOs and senior business decision-makers. Datuk Tengku Muhammad Taufik, a founding member of CAN and the president and group CEO of Petroliam Nasional Bhd (PETRONAS), passed over the leadership baton to Muhammad Umar recently at a CEO luncheon debate held at the Malaysia Petroleum Club. Tengku Muhammad Taufik, who served a two-year term, stated that CAN has emerged as a credible voice of Corporate Malaysia on sustainable business and sustainable development since its formation in late 2020. "As a coalition of leaders with a purpose, our efforts continue to be focused on building capacity ...
70,000 millionaires in UAE
Business, Finance, Innovation/ Technology, News

70,000 millionaires in UAE

According to Unique Properties, Dubai is seeing an increase in the number of luxury branded properties. With over 70,000 millionaires, the UAE is expected to see a 22% increase in high-net-worth families by 2027. Dubai's property market has capitalised on luxury and lifestyle living to become a lucrative destination for high-net-worth individuals. These features, according to Unique Properties, have contributed to Dubai's rise as the world's greatest site for branded properties. “The rise of Dubai’s branded residence segment started with Armani Residences in Burj Khalifa in 2010. Luxury brands and developers have gradually realised the concept’s mutual benefit – but there has been a significant uptick as of late,” said Arash Jalili, Founder and Chief Executive Officer of Unique Propert...
Businesses in England and Wales collapse at fastest pace since 2009 as energy costs bite
Business, Innovation/ Technology, News

Businesses in England and Wales collapse at fastest pace since 2009 as energy costs bite

Thousands of UK businesses are going out of business at the quickest rate since the height of the global financial crisis, as rising energy costs, dwindling demand, and rising borrowing charges drive them out. According to the Office for National Statistics, there were 5,629 insolvencies in England and Wales in the second quarter, the highest number since 2009. (ONS). The increase is the most since the third quarter of 2009. According to the ONS, insolvencies fell in 2020 as the government provided assistance to businesses throughout the epidemic. However, the frequency of failures has now increased as businesses face new obstacles even after lockdowns have ended. More here: UK building resumes growth, although optimism is at a 26-month low. Businesses indicated a dramatic increase ...
Google and Microsoft hit by slowing economy
Business, Innovation/ Technology, News

Google and Microsoft hit by slowing economy

Sales at Alphabet and Microsoft have fallen substantially, adding to concerns about an economic slowdown. Alphabet, which controls Google and YouTube, reported a 6% increase in sales to $69 billion in the three months to September as companies slashed their advertising budgets. Outside of the onset of the epidemic, it was the US firm's worst quarterly increase in nearly a decade. Meanwhile, Microsoft reported a drop in demand for its laptops and other equipment. Its revenues increased by 11% to $50.1 billion, the weakest rate in five years. Globally, consumers and businesses are cutting back as prices and interest rates increase, fueling fears of a worldwide recession.Alphabet's profits fell nearly 30% to $13.9 billion in the third quarter, as YouTube ad sales fell for the first time ...
Jack Ma found living in Japan
Business, News

Jack Ma found living in Japan

The Financial Times reported on Wednesday (Nov 30) that Alibaba founder Jack Ma has been residing in Tokyo for over six months after withdrawing from public view following China's crackdown on the tech sector. The tycoon has kept a quiet profile since the crackdown, which has included Chinese regulators cancelling Ma's Ant Group's IPO and fining Alibaba unprecedented amounts. However, according to the Financial Times, he has spent much of the last six months with his family in Tokyo and other regions of Japan, as well as travels to the United States and Israel. According to the British newspaper, Ma has visited many exclusive members' clubs in Tokyo and has become a "enthusiastic collector" of Japanese modern art, in addition to considering expanding his business interests into sustai...
Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession
Business, Leadership, News

Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession

Elon Musk believes a recession is on the way and is concerned that the Federal Reserve's efforts to reduce inflation would exacerbate the situation. In a tweet early Wednesday, the Tesla CEO and Twitter owner called on the Fed “to cut interest rates immediately” or risk “amplifying the probability of a severe recession.” The remarks happened during a discussion with Tesmanian co-founder Vincent Yu, in which several others took part. Later in the thread, NorthmanTrader founder Sven Henrich observes that the Fed “stayed too easy for too long totally misreading inflation and now they’ve tightened aggressively into the highest debt construct ever without accounting for the lag effects of these rate hikes risking they’ll be again late to realize the damage done.” This isn't the first time...
Anwar Ibrahim To Introduce 25 Cabinet Members By 2 December
Business, Leadership, Lifestyle, News, Politics, The IKON

Anwar Ibrahim To Introduce 25 Cabinet Members By 2 December

According to a source quoted by Free Malaysia Today, Prime Minister Datuk Seri Anwar Ibrahim's Cabinet will consist of 25 members. The premier's initial press conference hinted at the appointment of two deputy prime ministers. According to a source close to Free Malaysia Today, the deputy prime ministers will represent Barisan Nasional (BN), particularly UMNO, and Gabungan Parti Sarawak (GPS). Meanwhile, the PKR, UMNO, DAP, and GPS are expected to take the majority of cabinet slots. Warisan, Amanah, and UPKO are also anticipated to serve in the Pakatan Harapan (PH) chairman's Cabinet. If the information is correct, Anwar's Cabinet is around 65% smaller than Datuk Seri Ismail Sabri Yaakob's Cabinet and 55% smaller than the Cabinet of the previous PH administration. Anwar is expected t...