CYS Global Remit? Ok TMR I will ring them. Thank you very much
better stay clear from them. They did some dubious transactions in the past. a few friends kena..
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
better stay clear from them. They did some dubious transactions in the past. a few friends kena..
UAE's IPIC takes Malaysia fund 1MDB dispute to London court, seeks US$6.5 billion
Wonder will this court case eventually affect the RM because MY's Ministry of Finance (MOF) is the guarantor for 1MDB!
http://www.channelnewsasia.com/news/asiapacific/uae-s-ipic-takes-malaysia/2871278.html?cid=fbcna
Wonder will this court case eventually affect the RM because MY's Ministry of Finance (MOF) is the guarantor for 1MDB!
http://www.channelnewsasia.com/news/asiapacific/uae-s-ipic-takes-malaysia/2871278.html?cid=fbcna
As usual can expect long Q at money changer towards the weekend.
Heng ah! I never change rm over the past few months. Huat Ah! I will change all my reserve today at RM 3.
Abu Dhabi sovereign fund International Petroleum Investment Co (IPIC) and Aabar Investments PJS (Aabar) have submitted a request for arbitration (RFA) to the London Court of International Arbitration (LCIA) to claim US$6.5 billion (RM26.7 billion) from Malaysia.
Gosh! A whooping RM26.7 billion. Do we (think I rather say 1MDB) have the money?
And what if we lose and fail to comply?
The RFA is in regards to IPIC's claim that 1Malaysia Development Bhd (1MDB) and Minister of Finance Inc (MoF Inc) have failed to perform their contractual obligations under the Binding Term Sheet (BTS).
"The failure of 1MDB and MoF Inc to perform their obligations, cure their defaults or put forward acceptable proposals, has left IPIC in the position where it must pursue its claims in arbitration.
"The total amount claimed by IPIC/Aabar is approximately US$6.5 billion," IPIC said in a filing to the London Stock Exchange on Tuesday.
It added that the claim will be determined by an arbitral tribunal that will comprise three arbitrators in accordance with the BTS and the LCIA Rules.
The dispute between IPIC and 1MDB arises after the Abu Dhabi sovereignty fund said it has never received US$3.5 billion payment from 1MDB. It revealed that British Virgin Island-registered Aabar Investment PJS Ltd, to whom 1MDB said it had paid the sum, is not related to the group.
Subsequently 1MDB defaulted on two interest payments of US$3.5 billion for two 1MDB's bonds due in April and May, and IPIC has assumed the US$3.5 billion payment for the two interest payments, as a co-guarantor of the bonds.
Despite 1MDB defaulting on the interest payments, the strategic investment fund has repeatedly said it has sufficient liquidity to meet its financial obligation.
In response, 1MDB issued a statement saying that the fund and its legal counsel will review the request for arbitration, once it has been served with a copy.
Please, could someone provide us with some 'pencerahan' (I really hate this Malay word, dunno why)?
But as usual, all eyes are on PM Najib again...
Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=616431:malaysia-sued-for-us$-65bil-where-will-we-find-rm267-bil-can-najib-return-1mdbs-stolen-billions&Itemid=2#ixzz4BetQILd9
Follow us: @MsiaChronicle on Twitter
Gosh! A whooping RM26.7 billion. Do we (think I rather say 1MDB) have the money?
And what if we lose and fail to comply?
The RFA is in regards to IPIC's claim that 1Malaysia Development Bhd (1MDB) and Minister of Finance Inc (MoF Inc) have failed to perform their contractual obligations under the Binding Term Sheet (BTS).
"The failure of 1MDB and MoF Inc to perform their obligations, cure their defaults or put forward acceptable proposals, has left IPIC in the position where it must pursue its claims in arbitration.
"The total amount claimed by IPIC/Aabar is approximately US$6.5 billion," IPIC said in a filing to the London Stock Exchange on Tuesday.
It added that the claim will be determined by an arbitral tribunal that will comprise three arbitrators in accordance with the BTS and the LCIA Rules.
The dispute between IPIC and 1MDB arises after the Abu Dhabi sovereignty fund said it has never received US$3.5 billion payment from 1MDB. It revealed that British Virgin Island-registered Aabar Investment PJS Ltd, to whom 1MDB said it had paid the sum, is not related to the group.
Subsequently 1MDB defaulted on two interest payments of US$3.5 billion for two 1MDB's bonds due in April and May, and IPIC has assumed the US$3.5 billion payment for the two interest payments, as a co-guarantor of the bonds.
Despite 1MDB defaulting on the interest payments, the strategic investment fund has repeatedly said it has sufficient liquidity to meet its financial obligation.
In response, 1MDB issued a statement saying that the fund and its legal counsel will review the request for arbitration, once it has been served with a copy.
Please, could someone provide us with some 'pencerahan' (I really hate this Malay word, dunno why)?
But as usual, all eyes are on PM Najib again...
Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=616431:malaysia-sued-for-us$-65bil-where-will-we-find-rm267-bil-can-najib-return-1mdbs-stolen-billions&Itemid=2#ixzz4BetQILd9
Follow us: @MsiaChronicle on Twitter
Hold on. I think you may get more in the next few days.
Recently, the exchange rate has some correlations with the crude oil price. The exchange rate surged on 13 to 14 Jun, which roughly corresponded to the plunge in crude oil price around the same period. From the crude oil price chart and gradual recovery of supply, the crude oil price does appear bearish in the short term. Hence IMHO the exchange rate may hover around the 3.02 range or go up slightly further.
Forget about crude oil prices fluctuations that will affect the RM.
According to Reuters, Bank Negara announced yesterday that a new spot fixing methodology for US$/RM trade with effective on July 18, which will be based on the weighted average volume of transactions by domestic financial institutions.
The new methodology reflects underlying trades during the day while currently, the US$/RM Reference Rate was based on quotations from selected banks.
Wonder how the RM will move from 18.07.2016.
So heaving buying or selling of the RM will then directly reflect its movement.
http://www.reuters.com/article/malaysia-cenbank-idUSL4N1973AN
Today's best rate is RM302 at kiosk near railway line/taxi stand.
Brexit is coming, based on initial results. Going to be a wild ride ahead.
Very close fight indeed. Latest result is marginally Brexit. Exchange rate has spiked to 2.98 now.
Surely a Brexit and global recession is on the way, based on today's results and market fluctuations. Interest rates are set to remain low.
thanhthuy9xx
New Member
thanks you 4 share ^^ i liked
All the market reaction to the Brexit result are usual initial knee-jerk reactions.
The brexit decision is purely a political one but why the upheaval in the international financial and economical situation?
Now is only the referendum result for UK to exit EU, there are still so many details later to be straightened out, those treaties, agreements, etc and also who will be UK's new PM come this October that will matters more.
UK leaving the EU may not be totally a bad thing.
Actually, all the while, UK has been very much "independent" from the EU.
Just like when UK decided not to be included in the Euro$, there were also much concern and negativities on the British pound's future.
Just like when SG was out of Malaysia, there were also concern and negativities from many of the locals and outsiders whether SG will survive.
Well, 50 years later, aren't we all glad and pleased that it happened?
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