KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Citigroup Inc. has settled an employment lawsuit with Ian Weir, a former sales trader for its Asia-Pacific markets, following a ruling that he was unfairly dismissed by the bank. Weir, based in London, had claimed he was scapegoated for the bank's regulatory failures in executing stock trades for clients in Asia over a decade.
The case was settled before a London tribunal could determine compensation for Weir. Details of the settlement were not disclosed, but both parties agreed to withdraw the claim.
Weir’s lawyers had successfully argued that his dismissal in June 2021 for gross misconduct was unfair, while Citi denied the claims, stating it had a reasonable belief that Weir’s actions led to a serious breakdown of trust and confidence.
The lawsuit followed Citi's HK$348 million fine by Hong Kong's securities regulator in 2022 for misleading clients in stock trades between 2008 and 2018.
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