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  KUALA LUMPUR: The ringgit finished the week with a rally, surging 1.59 per cent against the greenback as a softer US inflation reading and relaxation of China's COVID-19 curbs bolstered the local currency. At 6 pm, the local note jumped to 4.6200/6250 against the US dollar from Thursday’s close of 4.6950/6990. SPI Asset Management managing director Stephen Innes said the ringgit's ascent can continue if China adopts a less hardline position on rising COVID-19 cases there. "Initial signals are encouraging, with China reducing quarantine times for entering travellers, a significant signal that contradicts prior (reaction) to the COVID-19 waves. "Investors are growing more sensitive to the reopening news (in China) than the lockdowns, so hope springs eternal that there is finally some room for fine-tuning Covid controls in China,” he told Bernama. US consumer prices cooled in October, with the consumer price index slowing to 7.7 per cent compared to the 8.0 per cent an...

Carlsberg Malaysia managing director Stefano Clini KUALA LUMPUR:  Carlsberg Brewery Malaysia Bhd  managing director Stefano Clini says the group will have to contend with challenges ahead despite announcing a stellar net profit in its recent quarter. "We expect the outlook to remain challenging, given the global inflationary pressures, supply chain disruption and further costs pressures on the Group. "This is coupled with the impact from the one-off prosperity tax (Cukai Makmur) on the Group’s earnings, which will continue to affect the earnings for the final quarter of the year," he said in a statement. The brewer posted a net profit of RM76.39mil in the third quarter ended Sept 30, 2022, triple the net profit of the previous corresponding quarter as it rebounded from a low base caused by Covid restrictions. Earnings per share in the quarter under review soared to 24.98 sen from 8.5 sen in the comparative quarter. Revenue rose to RM571.63mil, 63.65% higher from a year a...