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2017-10-17 16:27 | Report Abuse
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WORLD
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Currency
Indonesia's central bank allows ringgit, baht in trade
Reuters
/
Reuters
October 16, 2017 23:58 pm MYT
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JAKARTA (Oct 16): Indonesia's central bank said on Monday it will allow transaction settlement for bilateral trade between Indonesia, Malaysia and Thailand to be conducted in local currencies.
The new regulation is aimed at reducing dependency on the US dollar and limiting exposure to volatile foreign exchange rates.
The rule, which goes into effect on Jan. 2 next year, allows Indonesian exporters or importers to settle payments with their Malaysian or Thai counterparts using rupiah, ringgit or baht.
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The three currencies are among the most volatile in the region.
Bank Indonesia, Bank of Thailand and Bank Negara Malaysia, will select banks that will be able to carry out such transactions, Indonesia's central bank said in a statement.
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2017-10-17 16:25 | Report Abuse
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WORLD
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Currency
Indonesia's central bank allows ringgit, baht in trade
Reuters
/
Reuters
October 16, 2017 23:58 pm MYT
-A+A
JAKARTA (Oct 16): Indonesia's central bank said on Monday it will allow transaction settlement for bilateral trade between Indonesia, Malaysia and Thailand to be conducted in local currencies.
The new regulation is aimed at reducing dependency on the US dollar and limiting exposure to volatile foreign exchange rates.
The rule, which goes into effect on Jan. 2 next year, allows Indonesian exporters or importers to settle payments with their Malaysian or Thai counterparts using rupiah, ringgit or baht.
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The three currencies are among the most volatile in the region.
Bank Indonesia, Bank of Thailand and Bank Negara Malaysia, will select banks that will be able to carry out such transactions, Indonesia's central bank said in a statement.
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2017-10-15 07:04 | Report Abuse
The decline of US diplomacy could threaten the dollar’s global-reserve status
Eshe Nelson October 13, 2017
Bank notes of different currencies, including euro and US dollar,
Trying to stay on top (Reuters/Kai Pfaffenbach)
Barry Eichengreen, an economics professor at the University of California, Berkeley and expert in global currency systems, warns that the US dollar’s future as the all-mighty global-reserve currency is in danger. A deterioration in US relationships with other countries could lead central banks internationally to reconsider their reliance on the dollar, he wrote in a column for Project Syndicate this week.
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2017-10-15 07:02 | Report Abuse
The decline of US diplomacy could threaten the dollar’s global-reserve status
Eshe Nelson October 13, 2017
Bank notes of different currencies, including euro and US dollar,
Trying to stay on top (Reuters/Kai Pfaffenbach)
Barry Eichengreen, an economics professor at the University of California, Berkeley and expert in global currency systems, warns that the US dollar’s future as the all-mighty global-reserve currency is in danger. A deterioration in US relationships with other countries could lead central banks internationally to reconsider their reliance on the dollar, he wrote in a column for Project Syndicate this week.
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2017-10-13 10:13 | Report Abuse
The U.S. stands to save more than $500 million that the government owes to the United Nations by withdrawing from the organization’s cultural heritage arm.
The Department of State announced Thursday that it will officially pull back from the U.N. Educational, Scientific and Cultural Organization (UNESCO) by the end of 2018, taking an inactive observer role rather than that of a contributing member.
Most of Secretary of State Rex Tillerson’s rational for withdrawing stems from the “anti-Israel bias” at UNESCO, but the government is also concerned about about the U.S.’s growing debt to the organization.
“This decision was not taken lightly,” the State Department said in a press release, citing “concerns with mounting arrears at UNESCO, the need for fundamental reform in the organization, and continuing anti-Israel bias at UNESCO.”
The U.S. currently owes the international body $542 million in dues that former President Barack Obama refused to pay starting in 2011 when UNESCO voted to include Palestine as a member. UNESCO is best known for maintaining a list of world heritage sites around the globe, including Stonehenge in the U.K., the Grand Canyon in Arizona, and the historic district of Florence, Italy, but the group also funds international literacy and scientific programs.
When the U.S. government declined to pay its annual dues of more than $80 million out of protest in 2011, UNESCO lost about 22 percent of its yearly budget.
“This is a loss to UNESCO,” Irina Bokova, director general of UNESCO, said in a statement following notification of the U.S.’s withdrawal. “This is a loss for multilateralism.”
America’s involvement in UNESCO is of the utmost importance today, Bokova said, “when the rise of violent extremism and terrorism calls for new long-term responses for peace and security, to counter racism and antisemitism, to fight ignorance and discrimination.”
“In 2011, when payment of membership contributions was suspended at the 36th session of the UNESCO General Conference, I said I was convinced UNESCO had never mattered as much for the United States, or the United States for UNESCO,” Bokova added. “Despite the withholding of funding, since 2011, we have deepened the partnership between the United States and UNESCO, which has never been so meaningful.”
Even without the funding to UNESCO, the U.S. pays $3.3 billion to the U.N. and its various organizations and missions annually, and President Donald Trump has proposed a 40 percent cut to funding.
Stock
2017-10-13 10:10 | Report Abuse
The U.S. stands to save more than $500 million that the government owes to the United Nations by withdrawing from the organization’s cultural heritage arm.
The Department of State announced Thursday that it will officially pull back from the U.N. Educational, Scientific and Cultural Organization (UNESCO) by the end of 2018, taking an inactive observer role rather than that of a contributing member.
Most of Secretary of State Rex Tillerson’s rational for withdrawing stems from the “anti-Israel bias” at UNESCO, but the government is also concerned about about the U.S.’s growing debt to the organization.
“This decision was not taken lightly,” the State Department said in a press release, citing “concerns with mounting arrears at UNESCO, the need for fundamental reform in the organization, and continuing anti-Israel bias at UNESCO.”
The U.S. currently owes the international body $542 million in dues that former President Barack Obama refused to pay starting in 2011 when UNESCO voted to include Palestine as a member. UNESCO is best known for maintaining a list of world heritage sites around the globe, including Stonehenge in the U.K., the Grand Canyon in Arizona, and the historic district of Florence, Italy, but the group also funds international literacy and scientific programs.
When the U.S. government declined to pay its annual dues of more than $80 million out of protest in 2011, UNESCO lost about 22 percent of its yearly budget.
“This is a loss to UNESCO,” Irina Bokova, director general of UNESCO, said in a statement following notification of the U.S.’s withdrawal. “This is a loss for multilateralism.”
America’s involvement in UNESCO is of the utmost importance today, Bokova said, “when the rise of violent extremism and terrorism calls for new long-term responses for peace and security, to counter racism and antisemitism, to fight ignorance and discrimination.”
“In 2011, when payment of membership contributions was suspended at the 36th session of the UNESCO General Conference, I said I was convinced UNESCO had never mattered as much for the United States, or the United States for UNESCO,” Bokova added. “Despite the withholding of funding, since 2011, we have deepened the partnership between the United States and UNESCO, which has never been so meaningful.”
Even without the funding to UNESCO, the U.S. pays $3.3 billion to the U.N. and its various organizations and missions annually, and President Donald Trump has proposed a 40 percent cut to funding.
Stock
2017-10-13 10:10 | Report Abuse
The U.S. stands to save more than $500 million that the government owes to the United Nations by withdrawing from the organization’s cultural heritage arm.
The Department of State announced Thursday that it will officially pull back from the U.N. Educational, Scientific and Cultural Organization (UNESCO) by the end of 2018, taking an inactive observer role rather than that of a contributing member.
Most of Secretary of State Rex Tillerson’s rational for withdrawing stems from the “anti-Israel bias” at UNESCO, but the government is also concerned about about the U.S.’s growing debt to the organization.
“This decision was not taken lightly,” the State Department said in a press release, citing “concerns with mounting arrears at UNESCO, the need for fundamental reform in the organization, and continuing anti-Israel bias at UNESCO.”
The U.S. currently owes the international body $542 million in dues that former President Barack Obama refused to pay starting in 2011 when UNESCO voted to include Palestine as a member. UNESCO is best known for maintaining a list of world heritage sites around the globe, including Stonehenge in the U.K., the Grand Canyon in Arizona, and the historic district of Florence, Italy, but the group also funds international literacy and scientific programs.
When the U.S. government declined to pay its annual dues of more than $80 million out of protest in 2011, UNESCO lost about 22 percent of its yearly budget.
“This is a loss to UNESCO,” Irina Bokova, director general of UNESCO, said in a statement following notification of the U.S.’s withdrawal. “This is a loss for multilateralism.”
America’s involvement in UNESCO is of the utmost importance today, Bokova said, “when the rise of violent extremism and terrorism calls for new long-term responses for peace and security, to counter racism and antisemitism, to fight ignorance and discrimination.”
“In 2011, when payment of membership contributions was suspended at the 36th session of the UNESCO General Conference, I said I was convinced UNESCO had never mattered as much for the United States, or the United States for UNESCO,” Bokova added. “Despite the withholding of funding, since 2011, we have deepened the partnership between the United States and UNESCO, which has never been so meaningful.”
Even without the funding to UNESCO, the U.S. pays $3.3 billion to the U.N. and its various organizations and missions annually, and President Donald Trump has proposed a 40 percent cut to funding.
Stock
2017-10-12 14:15 | Report Abuse
PROPERTY locations such as Kuala Lumpur city centre (KLCC) have long been favoured by foreign investors. But because of global economic uncertainties, many investors held back from buying in Malaysia and other countries.
With the ringgit’s current value, Malaysia is seen as an attractive market where there is a value proposition with major developments and infrastructure projects in the works.
“If you are a foreigner and looking for a luxury property in Kuala Lumpur... in KLCC there are many residential units which you can buy for below RM2.5 million.
“KLCC has among the cheapest luxury residential units versus other countries in Southeast Asia,” said Alpine Return Sdn Bhd chief operating officer Alan Koh.
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“I believe that prices are still quite reasonable in the KLCC area. You can still buy a RM2,000 per sq ft (psf) development on the specs that you put in, but I think in the future we are looking at RM3,000,” he said.
Koh said the KLCC area, for the longest time, has lacked in terms of pricing compared to the suburb areas.
Prices of properties in suburb areas like Damansara are averaging between RM1,200 psf and RM1,300 psf while in KLCC, it is about RM1,600 psf, he said.
“But because of land scarcity in the area, coupled with higher construction cost, this is sure to increase especially when the MRT Line 3 comes up,” he said, adding that prices will definitely move up to between RM2,500 and RM3,000 psf.
Koh was speaking to NST Property after the launching ceremony of Ascott Star KLCC service apartments and the official signing with The Ascott Ltd recently.
Alpine Return inked a deal with The Ascott Ltd to manage Ascott Star KLCC, which has a gross development value of RM1 billion.
Ascott Star KLCC will have 471 fully-fitted service apartments with sizes from a 700 sq ft (one-bedroom) to 2,972 sq ft (four-bedroom units).
Under the terms of agreement with The Ascott Ltd, it would manage a minimum of 353 fully-furnished units and provide amenities and conveniences of a hotel concierge, room service, broadband connectivity, daily housekeeping and laundry facilities.
Ascott Star KLCC will be developed on a 1.6ha piece of commercial land in Jalan Yap Kwan Seng in Kuala Lumpur.
The 58-storey tower will complement Star Residences Tower One and Tower Two.
Koh said the price tag for the serviced apartments in Ascott Star KLCC starts from RM1.7 million or between RM2,400 psf and RM2,500 psf.
He added that key markets for Ascott Star KLCC include China, Hong Kong, South Korea and Japan.
The first two towers of Star Residences sold for between RM1,600 and RM2,200 psf on average. Tower One and Tower Two have successfully achieved 100 per cent and 90 per cent sales rates, respectively.
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2017-10-12 12:28 | Report Abuse
China will 'compel' Saudi Arabia to trade oil in yuan — and that's going to affect the US dollar
"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC
In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it
OPEC kingpin Saudi Arabia is at the crux of the petrodollar
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2017-10-12 12:26 | Report Abuse
China will 'compel' Saudi Arabia to trade oil in yuan — and that's going to affect the US dollar
"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC
In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it
OPEC kingpin Saudi Arabia is at the crux of the petrodollar.
Stock
2017-10-12 12:25 | Report Abuse
China will 'compel' Saudi Arabia to trade oil in yuan — and that's going to affect the US dollar
"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC
In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it
OPEC kingpin Saudi Arabia is at the crux of the petrodollar
Stock
2017-10-12 07:11 | Report Abuse
NEW YORK, Oct. 11 (Xinhua) -- The U.S. dollar continued to decline against most major currencies on Wednesday, as investors mainly digested the newly-released minutes from U.S. Federal Reserve.
"Many participants continued to believe that the cyclical pressures associated with a tightening labor market or an economy operating above its potential were likely to show through to higher inflation over the medium term," according to the minutes on Wednesday.
In addition, many Fed officials judged that at least part of the softening in inflation this year was the result of idiosyncratic or one-time factors, and, thus, their effects were likely to fade over time.
However, other developments, such as the effects of earlier changes to government health-care programs that had been holding down health-care costs, might continue to do so for some time.
Analysts said the minutes showed that policymakers are open to a December interest-rate hike despite concerns about low inflation levels.
The dollar index, which measures the greenback against six major peers, was down 0.30 percent at 93.008 in late trading.
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2017-10-12 07:10 | Report Abuse
NEW YORK, Oct. 11 (Xinhua) -- The U.S. dollar continued to decline against most major currencies on Wednesday, as investors mainly digested the newly-released minutes from U.S. Federal Reserve.
"Many participants continued to believe that the cyclical pressures associated with a tightening labor market or an economy operating above its potential were likely to show through to higher inflation over the medium term," according to the minutes on Wednesday.
In addition, many Fed officials judged that at least part of the softening in inflation this year was the result of idiosyncratic or one-time factors, and, thus, their effects were likely to fade over time.
However, other developments, such as the effects of earlier changes to government health-care programs that had been holding down health-care costs, might continue to do so for some time.
Analysts said the minutes showed that policymakers are open to a December interest-rate hike despite concerns about low inflation levels.
The dollar index, which measures the greenback against six major peers, was down 0.30 percent at 93.008 in late trading.
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2017-10-11 16:49 | Report Abuse
The Chinese government announced plans Wednesday to raise $2 billion from international debt markets, its first such sale in over a decade.
China’s Ministry of Finance said it intends to launch an offering of U.S. dollar sovereign bonds in Hong Kong in coming days.
Stock
2017-10-11 16:44 | Report Abuse
The Chinese government announced plans Wednesday to raise $2 billion from international debt markets, its first such sale in over a decade.
China’s Ministry of Finance said it intends to launch an offering of U.S. dollar sovereign bonds in Hong Kong in coming days.
Stock
2017-10-11 16:43 | Report Abuse
The Chinese government announced plans Wednesday to raise $2 billion from international debt markets, its first such sale in over a decade.
China’s Ministry of Finance said it intends to launch an offering of U.S. dollar sovereign bonds in Hong Kong in coming days.
Stock
2017-10-11 11:51 | Report Abuse
image: https://bcp.crwdcntrl.net/5/c=5593/b=45463407
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TOPICS Star Golden Hearts Award | Stop the Bullying | True or Not | Moderate Malaysia
Rail boost for construction
CORPORATE NEWS
Monday, 9 Oct 2017
By Gurmeet Kaur
image: http://www.thestar.com.my/~/media/online/2017/10/08/18/49/p2_bizd_mm_0910_p2a_mm_1.ashx/?w=620&h=413&crop=1&hash=3539266E270EC401867357F7E000CC3BC3812444
Next phase: A MRT train heading towards Kajang from Kuala Lumpur. MRT3, which is being touted as the rail story for 2018, has not been granted Cabinet approval.
Next phase: A MRT train heading towards Kajang from Kuala Lumpur. MRT3, which is being touted as the rail story for 2018, has not been granted Cabinet approval.
PETALING JAYA: Contract awards related to rail works continue to boost the construction sector with more to come.
This week alone, some RM4bil worth of Light Rail Transit Line 3 (LRT3) contracts were dished out to three companies, which brings to a total of RM7.4bil worth of LRT3 contracts awarded so far.
CIMB Research said it understood that Prasarana Malaysia Bhd, the project owner of LRT3, still has seven major civil work packages to be awarded for LRT3, which is expected to be concluded by year-end.
Besides the recently launched East Coast Railway Link (ECRL), the next big series of awards are said to be coming from Mass Rapid Transit 3 (MRT3) in the Klang Valley.
It was recently reported that the Government may consider expediting the construction of MRT3 (Circle Line).
This proposed rail link is estimated to cost RM35bil-RM40bil and expected to be completed two years earlier than the original 2027 target, CIMB Research said in a report.
MRT3, which is being touted as the rail story for 2018, has not been granted Cabinet approval.
CIMB Research said it understood that this approval is targeted to be achieved by mid next year. It will then take at least another six months from Cabinet approval to project awards.
So, it is little surprise that the construction sector index on Bursa Malaysia has been on the uptrend, having risen 15.39% as compared to the broad market’s 7.45%.
A key question though is whether these contracts will translate into hefty profits for the winners.
One concern is that construction companies don’t necessarily earn as much as investors hope they do because it is not known the actual cost they have incurred in securing these projects. Large players also have a much higher cost base.
Macquarie Research said that based on its checks with the contract winners, it expected LRT3 to bring a gross margin of between 8% and 11%.
Based on this, Gabungan AQRS Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
, which last week secured a RM1.2bil GS04 package to build guideways and three stations over a 4.2km stretch of the LRT3 alignment, is estimated to see its financial year 2018 (FY18) and FY19 earnings grow by 8% to 12% in tandem with the project timeline.
Its larger-than-expected order win brought the company’s order book to RM2.81bil – a jump of 86% from RM1.4bil as at end of last year.
Notably, the LRT3 award is Gabungan AQRS’ first major rail contract and put it in a better position to bid for other rail-related projects in the future such as East Cost Rail Link and KL-Singapore High-Speed Railway, said analysts.
Analysts have also upgraded the stock and raised their target prices. Shares of the mid-cap construction player rose 101.11% year-to-date to hit an all-time high of 1.82 on Friday.
In the case of Sunway Construction Group Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
(SunCon), the RM2.2bil LRT3 contract won has brought the value of jobs secured so far this year to a whopping RM3.8bil.
The contract bumps up its outstanding order book by more than half from RM4.3bil as at end of second quarter 2017 to RM6.5bil, closing in to the order books of big-cap IJM Corp Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
’s RM8.7bil and Gamuda Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
’s RM7.8bil, said CIMB Research.
SunCon’s order book also comprised mostly rail works related to MRT2 and LRT3, it added.
Assuming a pre-tax profit margin of 6%, TA Research expects the construction giant’s FY18 and FY19 earnings to grow by 12.9% and 15.5% respectively, contributing a net profit of about RM96.7mil throughout the contract period.
It has upgraded the stock from a “sell” to “buy” on the back of stronger earnings visibility over the next three years.
WCT Holdings Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png
is a big beneficiary of LRT3, having won three packages worth RM1.7bil.
The company’s outstanding order book has hit RM5.5bil, providing steady earnings for its construction division for the next three years, but its dwindling property sales and high gearing levels are areas of concern.
Stock
2017-10-11 11:40 | Report Abuse
Budget 2018 Preview
Civil service, construction sector to benefit from Budget 2018 — analysts
Anette Appaduray
/
theedgemarkets.com
October 06, 2017 11:50 am MYT
-A+A
KUALA LUMPUR (Oct 6): Budget 2018 is expected to benefit the civil service, lower income households, and the construction and building sector, according to analysts.
"Bread-and-butter issues continue to rank at the top of Malaysians' concerns and, against the backdrop of a looming GE14, we expect Budget 2018 to lift social assistance and cash transfers to the civil service, lower income households, households employed in the agriculture sector, Felda settlers and army veterans, among others," said CIMB Research in an Economic Update today.
"Bantuan Rakyat 1Malaysia (BR1M) payments may be raised by 10% from RM6.8 billion in 2017 to RM7.5 billion in 2018, with amounts for each threshold of eligible household and individual incomes lifted by RM50 to RM150," the research house said.
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CIMB added that the Budget will address key concerns of the population, dubbing it a "rakyat-friendly" budget that will not ignore fiscal probity.
"We expect the budget deficit to narrow to 2.9% of gross domestic product (GDP) in 2018F (versus 3.0% of GDP in 2017F) as increased operating expenditure is sufficiently funded from improved fiscal revenue, driven by a higher GDP growth target (versus 4.0-5.0% in Budget 2017) and enhanced efficiency of tax collection," it added.
Meanwhile, TA Securities said in a Budget Preview today that next year's budget will be positive for the construction sector, which is expected to continue to be a "bright spot" due to the large infrastructure projects in the country such as the East Coast Rail Link, Mass Rapid Transit (MRT) and Light Rail Transit (LRT) lines.
"Much of the news about big ticket items like the East Coast Railway, MRT 2 and 3, LRT Line 3, Pan Borneo Highway, Gemas-Johor Double Track and KL-Singapore High Speed Rail have been known for some time but we expect greater progress and awards involving these contracts to materialise in 2018," TA Securities said.
It cited its top direct and indirect beneficiaries of the budget as being Gamuda Bhd, Gadang Holdings Bhd, and Chin Hin Group Bhd, among others.
"While property players may not see any relaxation in cooling measures, the brewers and tobacco companies may be spared from higher sin taxes next year," it added.
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2017-10-11 11:35 | Report Abuse
Run run. Enter level 0.60. Sell off now at 0.70 and above and buy back at 0.60.
Stock
2017-10-10 13:33 | Report Abuse
Until 0.60 than follow this counter. Company of the shit.
Stock
2017-10-10 13:30 | Report Abuse
Until now no movement in share price. That why , avoid the right issue and this share and its warrant. Not profitable at all. LonDon bridge is falling down to hell.
Stock
2017-10-10 09:26 | Report Abuse
South Korea threatens to drop blackout bombs on North Korea
SOUTH Korea’s military is ready to deploy a powerful weapon that can totally paralyse North Korea in the event of a nuclear war.
Stock
2017-10-10 09:26 | Report Abuse
South Korea threatens to drop blackout bombs on North Korea
SOUTH Korea’s military is ready to deploy a powerful weapon that can totally paralyse North Korea in the event of a nuclear war.
Stock
2017-10-10 09:23 | Report Abuse
HomeNewsWorldWorld War 3 fears: North Korea could launch nuclear bomb TODAY to hit US west coast
NORTH Korea could detonate its largest ever nuclear “city-busting” bomb today as it ramps up its fight against the United States on Columbus Day.
...
North Korea sends chilling threat to Japan amid World War 3 fears
The North Koreans claimed to have technology which would allow them to bring a nuclear warhead down to earth intact, he added
Kim usually uses national holidays, in the North and the US, to show off his military might and send out warning signals to the world.
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2017-10-10 09:22 | Report Abuse
HomeNewsWorldWorld War 3 fears: North Korea could launch nuclear bomb TODAY to hit US west coast
NORTH Korea could detonate its largest ever nuclear “city-busting” bomb today as it ramps up its fight against the United States on Columbus Day.
...
North Korea sends chilling threat to Japan amid World War 3 fears
The North Koreans claimed to have technology which would allow them to bring a nuclear warhead down to earth intact, he added
Kim usually uses national holidays, in the North and the US, to show off his military might and send out warning signals to the world.
Stock
2017-10-09 09:56 | Report Abuse
#BUSINESS NEWS
OCTOBER 9, 2017 / 8:38 AM / UPDATED AN HOUR AGO
Dollar down from 12-week high vs yen as North Korea fears weigh
Masayuki Kitano
FILE PHOTO: U.S. Dollar and Japan Yen notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo
SINGAPORE (Reuters) - The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test.
North Korea is preparing to test a long-range missile, which it believes can reach the west coast of the United States, a Russian lawmaker who had returned from a visit to Pyongyang was quoted by Russia’s RIA news agency as saying on Friday.
The renewed focus on geopolitical tensions helped lend support to the safe haven yen, and helped pull the dollar down from its post-U.S. jobs data highs.
On Friday, the dollar was already in retreat due to profit-taking, when the North Korea-related headlines reached the market, exacerbating the greenback’s drop, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
Stock
2017-10-09 09:56 | Report Abuse
#BUSINESS NEWS
OCTOBER 9, 2017 / 8:38 AM / UPDATED AN HOUR AGO
Dollar down from 12-week high vs yen as North Korea fears weigh
Masayuki Kitano
FILE PHOTO: U.S. Dollar and Japan Yen notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo
SINGAPORE (Reuters) - The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test.
North Korea is preparing to test a long-range missile, which it believes can reach the west coast of the United States, a Russian lawmaker who had returned from a visit to Pyongyang was quoted by Russia’s RIA news agency as saying on Friday.
The renewed focus on geopolitical tensions helped lend support to the safe haven yen, and helped pull the dollar down from its post-U.S. jobs data highs.
On Friday, the dollar was already in retreat due to profit-taking, when the North Korea-related headlines reached the market, exacerbating the greenback’s drop, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
Stock
2017-10-09 09:53 | Report Abuse
Market wrap: US dollar index closed down 0.2% - Westpac
By Ross J Burland
Analysts at Westpac offered a market wrap fro Friday's close.
Key Quotes:
"Global market sentiment: US bond yields and the US dollar rose after the jobs data, but later reversed on North Korea headlines.
The monthly US payrolls report disappointed regarding jobs growth but contained surprisingly strong details. Russian media reported that North Korea is planning to test a long range missile capable of reaching the US west coast.
Interest rates: US 10yr yields rose from 2.35% to 2.40% (a three-month high) after the payrolls data, but later completely retraced amid headlines about the Russian report on North Korea. 2yr yields rose from 1.49% to 1.53% before retracing to 1.50%. Fed fund futures yields firmed slightly to price the chance of a December rate hike at 89%.
Currencies: The US dollar index closed down 0.2% on Friday, although it did make a two-month high in response to the payrolls data. EUR initially fell to 1.1670 before retracing to 1.1738. USD/JPY initially rose to 113.44 before retracing to 112.61. AUD made a three-month low at 0.7733 after the US data, but later retraced to 0.7777. NZD similarly fell to 0.7059 – a four-month low – before retracing to 0.7096. It is opening this morning slightly weaker at 0.7060, possibly in response to Saturday’s final election results which remained inconclusive. AUD/NZD rose from 1.0920 to 1.0973.
Economic Wrap
US non-farm payrolls fell 33k in September (vs +80k expected), suggesting an even larger hurricane impact than widely assumed. Beyond hurricane impacts the underlying detail is very constructive, particularly in household survey where the BLS says that storms had no “discernible effect”.
The participation rate rose a very strong +0.2ppts to 63.1%, the employment to population ratio rose from 60.1% to 60.4% - a post-recession high, and the unemployment rate fell from 4.4% to 4.2%. These are positive trends but some of the details warrant caution – the household survey shows an incredibly large 906k gain in employment (hence the big fall in the unemployment rate and the jump in the employment to population ratio). This unusually large monthly gain may result in a sharp correction next month.
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2017-10-09 09:53 | Report Abuse
Market wrap: US dollar index closed down 0.2% - Westpac
By Ross J Burland
Analysts at Westpac offered a market wrap fro Friday's close.
Key Quotes:
"Global market sentiment: US bond yields and the US dollar rose after the jobs data, but later reversed on North Korea headlines.
The monthly US payrolls report disappointed regarding jobs growth but contained surprisingly strong details. Russian media reported that North Korea is planning to test a long range missile capable of reaching the US west coast.
Interest rates: US 10yr yields rose from 2.35% to 2.40% (a three-month high) after the payrolls data, but later completely retraced amid headlines about the Russian report on North Korea. 2yr yields rose from 1.49% to 1.53% before retracing to 1.50%. Fed fund futures yields firmed slightly to price the chance of a December rate hike at 89%.
Currencies: The US dollar index closed down 0.2% on Friday, although it did make a two-month high in response to the payrolls data. EUR initially fell to 1.1670 before retracing to 1.1738. USD/JPY initially rose to 113.44 before retracing to 112.61. AUD made a three-month low at 0.7733 after the US data, but later retraced to 0.7777. NZD similarly fell to 0.7059 – a four-month low – before retracing to 0.7096. It is opening this morning slightly weaker at 0.7060, possibly in response to Saturday’s final election results which remained inconclusive. AUD/NZD rose from 1.0920 to 1.0973.
Economic Wrap
US non-farm payrolls fell 33k in September (vs +80k expected), suggesting an even larger hurricane impact than widely assumed. Beyond hurricane impacts the underlying detail is very constructive, particularly in household survey where the BLS says that storms had no “discernible effect”.
The participation rate rose a very strong +0.2ppts to 63.1%, the employment to population ratio rose from 60.1% to 60.4% - a post-recession high, and the unemployment rate fell from 4.4% to 4.2%. These are positive trends but some of the details warrant caution – the household survey shows an incredibly large 906k gain in employment (hence the big fall in the unemployment rate and the jump in the employment to population ratio). This unusually large monthly gain may result in a sharp correction next month.
Stock
2017-10-09 09:51 | Report Abuse
Asian shares edge up ahead of China services data as the Turkish lira tumbles
U.S. September nonfarm payrolls declined by 33,000
The Turkish lira fell against the dollar after the U.S. suspended some visa services
China Caixin services PMI and forex reserves expected in the day
Cheang Ming | @cheangming
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2017-10-09 09:45 | Report Abuse
Asian shares edge up ahead of China services data as the Turkish lira tumbles
U.S. September nonfarm payrolls declined by 33,000
The Turkish lira fell against the dollar after the U.S. suspended some visa services
China Caixin services PMI and forex reserves expected in the day
Cheang Ming | @cheangming
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2017-10-08 05:37 | Report Abuse
The Kurdish Referendum Could Reshape Oil Markets
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2017-10-08 05:37 | Report Abuse
Oil is at the center of it all. Kurdistan itself is rich in oil, possessing reserves equal to 45 billion barrels, and could potentially become a larger producer than Nigeria. According to figures from the KRG, Kurdistan currently exports about 600,000 barrels a day, though that number is difficult to account for. Other reports indicated it exports something closer to 430,000 or around ten percent of Iraq’s total oil exports.
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2017-10-08 05:30 | Report Abuse
Turkey, Iran, and Iraq join forces against emergence of Kurdistanbrian wang | October 6, 2017 |
Turkey, Iran, and Iraq adopted a coordinated, aggressive force posture in retaliation for the Kurdistan Regional Government’s (KRG) independence referendum on September 25, 2017. The Iraqi Security Forces (ISF) conducted military exercises on the borders of Iraqi Kurdistan with the Turkish Armed Forces, the Islamic Revolutionary Guards Corps, and Iranian Artesh. Turkey and Iran implemented a ban on direct flights from Northern Iraq on September 29. The ISF has also begun to establish security checkpoints at border crossings from Iraqi Kurdistan to Turkey and Iran. The tripartite has yet to enact economic embargos, although the three states threatened to block crude oil exports from the KRG following a temporary ban by Iran. Turkey, Iran, and Iraq nonetheless remain unlikely to escalate militarily in the near term. The U.S. has opposed the KRG’s unilateral campaign on the grounds that it will harm the prospects for a unified, independent, and representative Iraq. The tripartite response and Iran’s growing role also threaten that goal.
The tripartite cooperation between Turkey, Iran, and Iraq builds upon preexisting multilateral frameworks that ultimately expand Iran’s regional influence and undercut American influence. Russia, Iran, and Syria have begun coopting elements of the Iraqi government into a ‘Quartet’ for operations along the Syrian-Iraqi Border. Russia and Iran have also drawn Turkey into a diplomatic process that favors their own interests through the Astana Talks on the Syrian Civil War. Iran will exploit these overlapping forums to expand and legitimize its destabilizing involvement in Iraq, Syria, and the wider Middle East. Russia also sees opportunity in these forums.It has set conditions to engage more deeply in Iraq amidst the uncertainty surrounding the KRG’s drive for independence. These forums will undermine the prospects for establishing independent, representative, and unitary states in Iraq and Syria – a requirement for achieving broader U.S. objectives.
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2017-10-07 08:53 | Report Abuse
Malaysia's August export growth at 21.5 pct y/y, above f'cast
Reuters Staff
* August exports +21.5 pct y/y vs Reuters poll +19.2 pct
* August imports +22.6 pct y/y vs poll forecast +21.0 pct
* Trade surplus 9.9 bln rgt vs poll forecast of 9.6 bln rgt
* Exports to China +21.2 pct y/y, U.S. +14.5 pct, EU +21.6 pct
KUALA LUMPUR, Oct 6 (Reuters) - Malaysia's exports in August grew to 21.5
percent from a year earlier, beating expectations on the back of manufacturing
sector and liquefied natural gas (LNG) exports, but were slower than the
previous month.
The export growth exceeded the 19.2 percent forecast by a Reuters poll but
was down from July's 30.9 percent growth.
The upward trend of manufactured goods exports continued in August with an
expansion of 22.3 percent year-on-year. Growth was also driven by increased
exports of liquefied natural gas (LNG), government data showed on Friday.
Exports of mining goods grew 38.8 percent, accounting for 8.4 percent of
Malaysia's total exports, the data showed.
August imports grew 22.6 percent from a year earlier to 72.4 billion
ringgit, up from the 21.8 percent growth in July and the 21.0 percent growth
projected in the poll.
The trade surplus in August widened to 9.9 billion ringgit ($2.3
billion)from July's 8.0 billion ringgit.
Malaysia reports trade data in ringgit. The currency has been one of
Asia's best-performing ones this year, strengthening about 6 percent this year.
Exports to China remained robust, rising 21.2 percent from a year earlier,
while those to the European Union grew 21.6 percent.
Shipments to the United States rose 14.5 percent.
Stock
2017-10-07 08:52 | Report Abuse
Malaysia's August export growth at 21.5 pct y/y, above f'cast
Reuters Staff
* August exports +21.5 pct y/y vs Reuters poll +19.2 pct
* August imports +22.6 pct y/y vs poll forecast +21.0 pct
* Trade surplus 9.9 bln rgt vs poll forecast of 9.6 bln rgt
* Exports to China +21.2 pct y/y, U.S. +14.5 pct, EU +21.6 pct
KUALA LUMPUR, Oct 6 (Reuters) - Malaysia's exports in August grew to 21.5
percent from a year earlier, beating expectations on the back of manufacturing
sector and liquefied natural gas (LNG) exports, but were slower than the
previous month.
The export growth exceeded the 19.2 percent forecast by a Reuters poll but
was down from July's 30.9 percent growth.
The upward trend of manufactured goods exports continued in August with an
expansion of 22.3 percent year-on-year. Growth was also driven by increased
exports of liquefied natural gas (LNG), government data showed on Friday.
Exports of mining goods grew 38.8 percent, accounting for 8.4 percent of
Malaysia's total exports, the data showed.
August imports grew 22.6 percent from a year earlier to 72.4 billion
ringgit, up from the 21.8 percent growth in July and the 21.0 percent growth
projected in the poll.
The trade surplus in August widened to 9.9 billion ringgit ($2.3
billion)from July's 8.0 billion ringgit.
Malaysia reports trade data in ringgit. The currency has been one of
Asia's best-performing ones this year, strengthening about 6 percent this year.
Exports to China remained robust, rising 21.2 percent from a year earlier,
while those to the European Union grew 21.6 percent.
Shipments to the United States rose 14.5 percent.
Stock
2017-10-07 08:52 | Report Abuse
Malaysia's August export growth at 21.5 pct y/y, above f'cast
Reuters Staff
* August exports +21.5 pct y/y vs Reuters poll +19.2 pct
* August imports +22.6 pct y/y vs poll forecast +21.0 pct
* Trade surplus 9.9 bln rgt vs poll forecast of 9.6 bln rgt
* Exports to China +21.2 pct y/y, U.S. +14.5 pct, EU +21.6 pct
KUALA LUMPUR, Oct 6 (Reuters) - Malaysia's exports in August grew to 21.5
percent from a year earlier, beating expectations on the back of manufacturing
sector and liquefied natural gas (LNG) exports, but were slower than the
previous month.
The export growth exceeded the 19.2 percent forecast by a Reuters poll but
was down from July's 30.9 percent growth.
The upward trend of manufactured goods exports continued in August with an
expansion of 22.3 percent year-on-year. Growth was also driven by increased
exports of liquefied natural gas (LNG), government data showed on Friday.
Exports of mining goods grew 38.8 percent, accounting for 8.4 percent of
Malaysia's total exports, the data showed.
August imports grew 22.6 percent from a year earlier to 72.4 billion
ringgit, up from the 21.8 percent growth in July and the 21.0 percent growth
projected in the poll.
The trade surplus in August widened to 9.9 billion ringgit ($2.3
billion)from July's 8.0 billion ringgit.
Malaysia reports trade data in ringgit. The currency has been one of
Asia's best-performing ones this year, strengthening about 6 percent this year.
Exports to China remained robust, rising 21.2 percent from a year earlier,
while those to the European Union grew 21.6 percent.
Shipments to the United States rose 14.5 percent.
Stock
2017-10-07 08:38 | Report Abuse
8 HOURS AGO by Mamta Badkar
The US dollar gave up its gains on Friday after a report that North Korea was preparing to test a long-range missile that could reach the US west coast.
The DXY dollar index, which gauges the buck against a basket of six global peers, was trading roughly flat at 93.86, after state-owned news agency RIA reported the news citing a Russian lawmaker following a trip to Pyongyang.
According to Reuters, a member of the Russian Duma’s international affairs committee quoted in the RIA report said that North Korea was preparing for new tests of a long-range missile, that the regime is in a “belligerent mood” and that a launch could come in the near future.
Stock
2017-10-07 08:37 | Report Abuse
8 HOURS AGO by Mamta Badkar
The US dollar gave up its gains on Friday after a report that North Korea was preparing to test a long-range missile that could reach the US west coast.
The DXY dollar index, which gauges the buck against a basket of six global peers, was trading roughly flat at 93.86, after state-owned news agency RIA reported the news citing a Russian lawmaker following a trip to Pyongyang.
According to Reuters, a member of the Russian Duma’s international affairs committee quoted in the RIA report said that North Korea was preparing for new tests of a long-range missile, that the regime is in a “belligerent mood” and that a launch could come in the near future.
Stock
2017-10-07 08:36 | Report Abuse
8 HOURS AGO by Mamta Badkar
The US dollar gave up its gains on Friday after a report that North Korea was preparing to test a long-range missile that could reach the US west coast.
The DXY dollar index, which gauges the buck against a basket of six global peers, was trading roughly flat at 93.86, after state-owned news agency RIA reported the news citing a Russian lawmaker following a trip to Pyongyang.
According to Reuters, a member of the Russian Duma’s international affairs committee quoted in the RIA report said that North Korea was preparing for new tests of a long-range missile, that the regime is in a “belligerent mood” and that a launch could come in the near future.
Stock
2017-10-03 10:27 | Report Abuse
5 Reasons the U.S. Dollar Could Plunge in October
What will get the dollar moving back downward? Factors that I see include:
A Stronger European Economy
French President Emmanuel Macron is looking to make the European economy stronger, but is waiting for his neighbor Angela Merkel to form a coalition government in Germany.
The market remains wary of what concessions Merkel might offer to achieve this, but will likely forget such misgivings once she succeeds in forming a working coalition.
A Merkel/Macron partnership should strengthen the European economy -- and the euro should rise on the increased confidence that follows.
The U.S. dollar is due for a fall.
The U.S. dollar is due for a fall.
A Softening U.S. Economy
Expect a renewed focus on the weakening U.S. housing and auto sectors once the news cycle moves past the NFL national-anthem controversy. That will create greater skepticism that the Fed will raise rates at its December monetary-policy meeting.
While the Fed has publicly made a December hike one of its goals, the market has yet to concur. Futures markets are only pricing in a 65% chance of a December boost. If market doubts rise, so will dollar weakness.
Little Real Hope for U.S. Tax Reform
Growing excitement over a workable U.S. tax-reform bill has gained much attention in recent days, but I believe that enthusiasm will likely die as quickly as it arose.
After all, there's little consensus about tax reform on Capitol Hill, and Republican interparty bickering will likely send the idea the way of currently defunct Obamacare-repeal plans. If tax reform moves to the backburner, the dollar will weaken as well.
North Korea
North Korea-related jitters continue to permeate, but the vast majority of market watchers believe there's minimal chance of a U.S./North Korean military conflict occurring.
However, I see a growing probability of a military incident arising as U.S. bombers more or less share airspace with North Korean fighters. Any shootout would serve as an immediate negative for the dollar, prompting a flight-to-safety boost for the euro and dollar/yen to drop below 110.
China
China last month relaxed a number of rules that had dissuaded people from selling the yuan, helping to strengthen the Chinese currency against the dollar in the process. These rules had also resulted in Beijing boosting its U.S. Treasury exposure as officials intervened to slow the yuan's appreciation.
But it's my view that relaxing these rules isn't a signal for yuan weakness, but rather a move toward further CNY flexibility. Yuan weakness was likely just a passing phase, with further strengthening just around the corner. That should result in additional dollar weakness.
Stock
2017-10-03 10:25 | Report Abuse
5 Reasons the U.S. Dollar Could Plunge in October
What will get the dollar moving back downward? Factors that I see include:
A Stronger European Economy
French President Emmanuel Macron is looking to make the European economy stronger, but is waiting for his neighbor Angela Merkel to form a coalition government in Germany.
The market remains wary of what concessions Merkel might offer to achieve this, but will likely forget such misgivings once she succeeds in forming a working coalition.
A Merkel/Macron partnership should strengthen the European economy -- and the euro should rise on the increased confidence that follows.
The U.S. dollar is due for a fall.
The U.S. dollar is due for a fall.
A Softening U.S. Economy
Expect a renewed focus on the weakening U.S. housing and auto sectors once the news cycle moves past the NFL national-anthem controversy. That will create greater skepticism that the Fed will raise rates at its December monetary-policy meeting.
While the Fed has publicly made a December hike one of its goals, the market has yet to concur. Futures markets are only pricing in a 65% chance of a December boost. If market doubts rise, so will dollar weakness.
Little Real Hope for U.S. Tax Reform
Growing excitement over a workable U.S. tax-reform bill has gained much attention in recent days, but I believe that enthusiasm will likely die as quickly as it arose.
After all, there's little consensus about tax reform on Capitol Hill, and Republican interparty bickering will likely send the idea the way of currently defunct Obamacare-repeal plans. If tax reform moves to the backburner, the dollar will weaken as well.
North Korea
North Korea-related jitters continue to permeate, but the vast majority of market watchers believe there's minimal chance of a U.S./North Korean military conflict occurring.
However, I see a growing probability of a military incident arising as U.S. bombers more or less share airspace with North Korean fighters. Any shootout would serve as an immediate negative for the dollar, prompting a flight-to-safety boost for the euro and dollar/yen to drop below 110.
China
China last month relaxed a number of rules that had dissuaded people from selling the yuan, helping to strengthen the Chinese currency against the dollar in the process. These rules had also resulted in Beijing boosting its U.S. Treasury exposure as officials intervened to slow the yuan's appreciation.
But it's my view that relaxing these rules isn't a signal for yuan weakness, but rather a move toward further CNY flexibility. Yuan weakness was likely just a passing phase, with further strengthening just around the corner. That should result in additional dollar weakness.
Stock
2017-10-03 10:22 | Report Abuse
5 Reasons the U.S. Dollar Could Plunge in October
What will get the dollar moving back downward? Factors that I see include:
A Stronger European Economy
French President Emmanuel Macron is looking to make the European economy stronger, but is waiting for his neighbor Angela Merkel to form a coalition government in Germany.
The market remains wary of what concessions Merkel might offer to achieve this, but will likely forget such misgivings once she succeeds in forming a working coalition.
A Merkel/Macron partnership should strengthen the European economy -- and the euro should rise on the increased confidence that follows.
The U.S. dollar is due for a fall.
The U.S. dollar is due for a fall.
A Softening U.S. Economy
Expect a renewed focus on the weakening U.S. housing and auto sectors once the news cycle moves past the NFL national-anthem controversy. That will create greater skepticism that the Fed will raise rates at its December monetary-policy meeting.
While the Fed has publicly made a December hike one of its goals, the market has yet to concur. Futures markets are only pricing in a 65% chance of a December boost. If market doubts rise, so will dollar weakness.
Little Real Hope for U.S. Tax Reform
Growing excitement over a workable U.S. tax-reform bill has gained much attention in recent days, but I believe that enthusiasm will likely die as quickly as it arose.
After all, there's little consensus about tax reform on Capitol Hill, and Republican interparty bickering will likely send the idea the way of currently defunct Obamacare-repeal plans. If tax reform moves to the backburner, the dollar will weaken as well.
North Korea
North Korea-related jitters continue to permeate, but the vast majority of market watchers believe there's minimal chance of a U.S./North Korean military conflict occurring.
However, I see a growing probability of a military incident arising as U.S. bombers more or less share airspace with North Korean fighters. Any shootout would serve as an immediate negative for the dollar, prompting a flight-to-safety boost for the euro and dollar/yen to drop below 110.
China
China last month relaxed a number of rules that had dissuaded people from selling the yuan, helping to strengthen the Chinese currency against the dollar in the process. These rules had also resulted in Beijing boosting its U.S. Treasury exposure as officials intervened to slow the yuan's appreciation.
But it's my view that relaxing these rules isn't a signal for yuan weakness, but rather a move toward further CNY flexibility. Yuan weakness was likely just a passing phase, with further strengthening just around the corner. That should result in additional dollar weakness.
Stock
2017-09-29 16:00 | Report Abuse
Malaysia's PNB looks to sell two British properties
Reuters Reuters
Friday September 29, 2017 3:10 AM
Kitco NewsShare this article:
KUALA LUMPUR, Sept 29 (Reuters) - Malaysia's largest government-linked fund management firm, Permodalan Nasional Bhd (PNB), is considering selling two properties in Britain in what would be its first divestment of foreign real estate assets.
PNB said the commercial properties at 1 Silk Street and 90 High Holborn in London had matured and it wanted to maximise returns while demand for British real estate was strong.
It bought the properties in 2012 for a reported 350 million pounds ($469.53 million) and 140 million pounds, respectively.
Malaysian state-owned funds such as PNB, the Employees Provident Fund and Retirement Fund Inc forayed into Britain's property market in 2010-2013, before the Malaysian economy and ringgit weakened.
Any sales of their foreign properties could suggest a redeployment of funds to Malaysia.
Stock
2017-09-29 15:59 | Report Abuse
Malaysia's PNB looks to sell two British properties
Reuters Reuters
Friday September 29, 2017 3:10 AM
Kitco NewsShare this article:
KUALA LUMPUR, Sept 29 (Reuters) - Malaysia's largest government-linked fund management firm, Permodalan Nasional Bhd (PNB), is considering selling two properties in Britain in what would be its first divestment of foreign real estate assets.
PNB said the commercial properties at 1 Silk Street and 90 High Holborn in London had matured and it wanted to maximise returns while demand for British real estate was strong.
It bought the properties in 2012 for a reported 350 million pounds ($469.53 million) and 140 million pounds, respectively.
Malaysian state-owned funds such as PNB, the Employees Provident Fund and Retirement Fund Inc forayed into Britain's property market in 2010-2013, before the Malaysian economy and ringgit weakened.
Any sales of their foreign properties could suggest a redeployment of funds to Malaysia.
Stock
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2017-09-26 10:47 | Report Abuse
Brent uptrend to $59 and above
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2017-09-25 23:39 | Report Abuse
Brent crude hits new 2017 high above $58 as bulls see more oil gains ahead
Brent crude oil hit a new 2017 high, as U.S. crude topped $51 a barrel for the first time in four months.
The market expects oil producers to extend a deal to limit output as demand forecasts rise.
Hedge funds raised their bets that oil prices will rise, figures from the CFTC show.
Stock: [PETGAS]: PETRONAS GAS BHD
2017-10-17 16:28 | Report Abuse
POLITICS & GOVERNMENT
Currency
Indonesia's central bank allows ringgit, baht in trade
Reuters
/
Reuters
October 16, 2017 23:58 pm MYT
-A+A
JAKARTA (Oct 16): Indonesia's central bank said on Monday it will allow transaction settlement for bilateral trade between Indonesia, Malaysia and Thailand to be conducted in local currencies.
The new regulation is aimed at reducing dependency on the US dollar and limiting exposure to volatile foreign exchange rates.
The rule, which goes into effect on Jan. 2 next year, allows Indonesian exporters or importers to settle payments with their Malaysian or Thai counterparts using rupiah, ringgit or baht.
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The three currencies are among the most volatile in the region.
Bank Indonesia, Bank of Thailand and Bank Negara Malaysia, will select banks that will be able to carry out such transactions, Indonesia's central bank said in a statement.