| The ringgit fell for a fourth day in its longest stretch of losses since November and stocks dropped to a six-week low as troubled state investment company 1Malaysia Development Bhd. confirmed it’s in default after missing an interest payment on bonds.
The company is withholding a $50 million payment on $1.75 billion of dollar notes amid a dispute with International Petroleum Investment Co., Abu Dhabi’s sovereign wealth fund that is the co-guarantor of the bonds maturing in 2022, according to an e-mailed statement. The deadline was on Monday...............................................Full Article: Source
|