Sat06232018

LAST_UPDATESat, 23 Jun 2018 9pm

GST: Zeti Hopes Retailers Will Pass On Benefits To Consumers

KUALA LUMPUR  -- Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).

Read more: GST: Zeti Hopes Retailers Will Pass On Benefits To Consumers

New Private Home Sales Jump 53.1% In May From April

SINGAPORE - The number of private homes sold by developers in May rose by more than half over April as the number of new units launched also saw a sizeable increase.

Read more: New Private Home Sales Jump 53.1% In May From April

Virgin Money Bought By CYBG For £1.7bn

The owner of Clydesdale Bank and Yorkshire Bank, CYBG, has agreed to buy Virgin Money for £1.7bn.

Read more: Virgin Money Bought By CYBG For £1.7bn

Alibaba Group Launches Malaysia Office

KUCHING: Alibaba Group Holding Ltd opened a new national office, to deepen strategic cooperation with Malaysia, which is the first Electronic World Trade Platform (eWTP) hub outside of China, reported The Edge Markets.

Read more: Alibaba Group Launches Malaysia Office

Gold Futures Untraded in Early Trading

.

KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives remained untraded in early trading today as the stronger US dollar curbed demand for the precious metal.

Read more: Gold Futures Untraded in Early Trading

Unilever Takes Stand Against Digital Media's Fake Followers

LONDON - Consumer goods giant Unilever (ULVR.L) (UNc.AS), the world’s second-biggest advertiser, is cutting ties with digital media “influencers” that buy followers, saying it wants to help make advertising more transparent.

Read more: Unilever Takes Stand Against Digital Media's Fake Followers

Asian Shares Fall As U.S.-China Trade Spat Escalates

TOKYO/SYDNEY (Reuters) - Asian shares fell on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.

Fears of a global trade war added to pressure on oil prices, which extended Friday's big fall, while the dollar retreated from near 3-week highs against the safe haven yen JPY=.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS skidded 0.4 percent to its lowest level since May 31.

Financial markets in China and Hong Kong were closed for Dragon Boat festival holiday. South Korea's Kospi index .KS11 slipped 0.5 percent while Australian shares eased 0.1 percent.

Japan's Nikkei .N225 sank 0.9 percent as worries over growing protectionism overshadowed stronger-than-expected export data.

U.S. E-mini S&P futures ESc1 were down 0.5 percent in early trade, suggesting a weaker start on Wall Street.

“The on-again-off-again possible global trade war is looking to be back on again as the U.S. and China announced tariffs on each other’s imports,” said Nick Twidale, Sydney-based analyst at Rakuten Securities Australia.

“This looks set to be the main theme that investors will focus on...with any further escalation in tension adding to the downside risk.”

Trump announced hefty tariffs on $50 billion of Chinese imports on Friday, laying out a list of more than 800 strategically important imports from China that would be subject to a 25 percent tariff starting on July 6, including cars.

China said it would respond with tariffs “of the same scale and strength” and that any previous trade deals with Trump were “invalid.” The official Xinhua news agency said China would impose 25 percent tariffs on 659 U.S. products, ranging from soybeans and autos to seafood.

China’s retaliation list was increased more than six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.

However, many market watchers believe there is still room for compromise, suspecting Trump’s announcement was a negotiating tactic to wring faster concessions from Beijing.

-Reuters

Moody's Has Stable Outlook For Malaysian Banks

KUALA LUMPUR – Moody's Investors Service says the outlook for Malaysia’s banking system is stable (A3 stable) over the next 12-18 months, while supported by robust macroeconomic conditions, within and outside the country.

Read more: Moody's Has Stable Outlook For Malaysian Banks

Ultraviolette Automotive Develops Electric Motorcycles In India

KUALA LUMPUR:Ultraviolette Automotive Pvt Ltd is developing India’s first ecosystem of high performance electric motorcycles and battery-swap energy infrastructure to accelerate the adoption of electric vehicles across India.

“We are in conversations with global strategic partners and investors to ramp up manufacturing and charging infrastructure. We will unveil the motorcycle and battery swap infrastructure in Q4, 2018,” said founder and CTO of Ultraviolette Automotive Pvt. Ltd, Niraj Rajmohan.

As part of its comprehensive EV roadmap, the company is currently building a motorcycle that is driven by progressive design and energy efficient technology that will outperform traditional ICE motorcycles in the 200-250CC segment, a statement said.

Ultraviolette is also setting-up a first-of-its-kind battery swap infrastructure that will enable availability of energy–on-the-go and allow users to instantly exchange the battery at a charging station in less than a minute.

Ultraviolette Automotive is an innovator in sustainable mobility and energy infrastructure. The company’s vision is to create top-of-the-line mobility solutions, driven by progressive design and energy efficient technology. More information at http://www.ultraviolette.com.

-Front Desk

‘Selling Crypto Now Is Like Selling Apple In 2001’: eToro CEO

Ever since the arrival of Bitcoin, many people have predicted that “soon” all of the cryptocurrencies will crash. The trends in cryptocurrencies have been compared to global events such as tulipmania, the 1929 stock market crash and the dotcom bubble. However, even after the recent fall in crypto prices, the industry continues to attract new investors.

Read more: ‘Selling Crypto Now Is Like Selling Apple In 2001’: eToro CEO