Ringgit falls for seventh day
The Malaysian Ringgit (RM) fell for the seventh day after speculation that the Federal Reserve will raise interest rates. This is the longest stretch of losses for the Ringgit since 2013. The currency is has now weakened beyond 3.7 to the US dollar for the first time in seven weeks. The Japanese yen has also fell to a 12-year low. (Bloomberg)
150,000 affordable condo units for government servants
Bumiputera property developer RBI Land Sdn Bhd is planning to build 150,000 affordable condominium units, especially for civil servants, simultaneously in 84 locations around Malaysia, including Sabah and Sarawak. The proposed condominium units would retail between RM188,888 and RM368,888 for a built up area ranging between 950 sq ft and 1,150 sq ft. (The Rakyat Post)
Kulim to develop mixed property in Pengerang
Kulim (Malaysia) Bhd is planning a mixed development project in two of its oil palm plantation lands at Pengerang, Kota Tinggi in Johor. The company is currently in the preliminary stages of drafting a master plan to build a mixed development project with residential, commercial and industrial (components) and a percentage for conservation, on the 8,000ha land space. (The Star Online)
Hua Yang to build RM800mil high-rise mixed development in Selayang
Hua Yang Bhd is set to launch a high-rise mixed development in Selayang after shareholders approved its acquisition of a 8.09-acre piece of land there. The project’s gross development value is RM800 million, and will cater to demand for affordable-priced homes. Construction will begin in 4Q 2016, and targeted to complete between 5-7 years. (The Edge Financial Daily)
400 missing in China capsized boat incident
More than 200 divers combed a ship that capsized in the Yangtze River on Wednesday, looking for over 400 missing people. Only 7 bodies have been recovered so far, and 14 people found alive. The ship was carrying 456 people on board. The incident is said to be China’s worst shipping accident in nearly 70 years. Chinese Premier Li Keqiang has called for a transparent investigation into the incident. (Reuters)
An aerial view shows rescue workers searching on the sunken ship at Jianli section of Yangtze River, Hubei province, China, June 2, 2015. (REUTERS/Stringer)
Corporate Malaysia shows weak Q1 earnings
Corporate Malaysia’s first quarter reported weak earnings again for sixteen consecutive quarters, despite being in line with analysts expectations. The top 30 companies on Bursa Malaysia reported 6.2% lower quarter-on-quarter earnings, and 19.4% lower year-on-year earnings. (The Sun Daily)
