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Business News

Business News


Opec officials yet to agree after 11 hours of talks

Sat, 29 Oct 2016 03:21:17 +08:00

VIENNA/DUBAI: Opec officials meeting in Vienna on Friday to work out the details of their plan to reduce oil production had yet to reach agreement after hours of talks, amid objections by Iran which has been reluctant to even freeze its output, Opec sources said. Opec's proposed plan faces potential setbacks from Iraq’s call for it to be exempt and from countries including Iran, Libya and Nigeria whose output has been hit by sanctions or conflict and want to raise their output.- Reuters pic

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Wall St stumbles as FBI to review more Clinton emails (Update 1)

Sat, 29 Oct 2016 03:10:34 +08:00

NEW YORK: US stocks erased early gains and turned negative on Friday after the head of the FBI said it will review more emails related to Democratic presidential candidate Hillary Clinton’s private email use. The Dow Jones industrial average fell 37.49 points, or 0.21%, to 18,132.19 on Friday afternoon. The Reuters photo shows traders working on the floor of the New York Stock Exchange.

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CIMB’s Indonesian subsidiary records strong profit growth

Sat, 29 Oct 2016 02:51:44 +08:00

KUALA LUMPUR: CIMB Group’s Indonesian operation, represented by 92.5% owned indirect subsidiary PT Bank CIMB Niaga Tbk, recorded a 390% year-on-year growth in consolidated net profit for the first nine months of 2016.CIMB Niaga's total gross loans were lower year-on-year as the bank maintained a conservative loan growth strategy.

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No-go for proposed power supply scheme for Tg Piai petroleum park - Benalec

Sat, 29 Oct 2016 01:38:35 +08:00

KUALA LUMPUR: Benalec Holdings Bhd has decided not to go ahead with the power supply infrastructure plan for the 1,410ha Tanjung Piai Integrated Petroleum and Maritime Industrial Park (TPIPMIP) that it had been exploring with Pestech International Bhd’s unit Pestech Sdn Bhd.The Tanjung Piai man-made island will hold an integrated petroleum hub and maritime industrial park.

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PNB working on mechanism for investing in SMEs

Sat, 29 Oct 2016 00:51:18 +08:00

LABUAN: Permodalan Nasional Bhd (PNB) is reviewing asset allocation and working on detail mechanism for investment coverage in small- and medium-sized enterprises (SMEs).PNB supports more investments being made in SMEs, says Abdul Wahid.

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China limits bond issuance by property firms - newspaper

Sat, 29 Oct 2016 00:35:45 +08:00

BEIJING: China’s property developers will not be allowed to issue bonds to raise money for land purchases, a Chinese newspaper reported on Friday, in an attempt to cool a property frenzy in the world’s second-largest economy.Bond issuers will have to agree in writing they will not use funds to purchase land. The AFP photo shows condominiums in Zhengzhou

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Exxon Mobil profit drops 38% but beats estimates

Sat, 29 Oct 2016 00:00:37 +08:00

HOUSTON: Exxon Mobil Corp, the world’s largest publicly traded oil company, on Friday reported a 38% drop in quarterly profit that still beat Wall Street’s expectations as cost cuts partly offset declining crude oil prices.The logo of Exxon Mobil is seen in Encinitas, California. - Reuters pic

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US economy grew at 2.9% pace in Q3, fastest in 2 years

Fri, 28 Oct 2016 23:58:46 +08:00

WASHINGTON: US economic growth accelerated to a 2.9% annual rate in the third quarter boosted by a big jump in exports and solid consumer spending, the Commerce Department reported Friday.Personal consumption helped growth, as consumer spending rose 2.1% in the period. The AFP photo shows US consumers holding shopping bags as they walk along Michigan Avenue in Chicago.

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Wall St rises amid robust GDP data, mixed earnings

Fri, 28 Oct 2016 23:30:00 +08:00

NEW YORK: Wall Street rose on Friday as robust economic data shone light on the strength of the US economy, while upbeat results from Alphabet and Chevron offset the decline in health stocks and Amazon. At 11:02am ET (Friday), the Dow Jones industrial average was up 56.94 points, or 0.31%, at 18,226.62. The Reuters photo shows traders working on the floor of the New York Stock Exchange.

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Allianz M'sia eyes possible takeover of HSBC Amanah Takaful

Fri, 28 Oct 2016 23:25:52 +08:00

KUALA LUMPUR: Allianz Malaysia Bhd, which has been looking to secure an Islamic insurance or takaful business for several years, will begin negotiations to acquire up to 100% equity interest HSBC Amanah Takaful (M) Bhd.European insurance giant Allianz SE's Malaysian subsidiary will negotiate to buy into HSBC Amanah Takaful. The Reuters' photo shows Allianz's company tower at La Defense business and financial district in Courbevoie near Paris.

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