|Wednesday, May 24, 2017

Business News

DRB-Hicom sells 49 pct in Proton to China-based Geely Holding

PUTRAJAYA, May 24: DRB-HICOM Bhd (DRB-HICOM) has reached an agreement with China-based Zhejiang Geely Holding Group Co. Ltd (Geely Holding) for the Chinese car group to acquire a 49.9 per cent equity in Proton Holdings Bhd. DRB-HICOM currently owns 100 per cent of the manufacturer of the first national car. The agreement was signed today and witnessed by Second ...Full Article

Proton-Geely partnership to ensure future growth of national carmaker

KUALA LUMPUR, May 24: News that China’s Geely Automobile Holdings Ltd has emerged as the foreign strategic partner for Proton augurs well for Malaysia as the partnership will place ...Full Article

Ringgit opens easier against greenback

KUALA LUMPUR, May 24: The ringgit opened easier against the US dollar today on mild profit-taking following yesterday’s gains. At 9.02 am, the local unit was quoted at 4.3020/3050 ...Full Article

US plan to sell oil reserves undermines OPEC supply management efforts

SINGAPORE, May 24: U.S. President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday since it counters OPEC’s efforts to ...Full Article

Trump’s budget proposes deep cut to US oil stockpile

NEW YORK, May 24 President Donald Trump’s budget released on Tuesday (May 23) proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America’s shale boom has lessened the ...Full Article

Oil producers to extend output curbs at OPEC meeting

VIENNA, May 24: Oil producers inside and outside the OPEC cartel began gathering in Vienna on Tuesday (May 23) ahead of a meeting expected to agree an extension of ...Full Article

Chinese carmaker Geely to acquire ‘struggling’ Proton: Sources

BEIJING, May 24: Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, sources said on Tuesday (May 23), beating out rival bidder PSA Group. Zhejiang ...Full Article

Ringgit opens higher against greenback

KUALA LUMPUR, May 23: The ringgit opened higher, riding high on the back of Malaysia’s robust first-quarter 2017 (1Q2017) Gross Domestic Product (GDP) growth data. Dealers noted increased buying ...Full Article

Trump budget plan slashes food stamps, healthcare for poor

WASHINGTON, May 23: The White House is set to deliver President Donald Trump’s first full budget to lawmakers on Tuesday, a plan that would slash funding for healthcare and ...Full Article

US stocks rise for third straight session

NEW YORK, May 23: US stocks rose for the third straight session on Monday (May 22) as investors again focused on signs of strengthening economic growth and pushed away ...Full Article
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