Energy
Brent crude was declined 0.34% to US$53.12 per barrel 2.26pm.
Forex
The ringgit was down 0.03% to 3.8160 versus the US dollar at 2.54pm.
Top foreign news
Fed expected to push ahead with rate hike plan: The US Federal Reserve is expected on Wednesday to point to a growing US economy and stronger job market as it sets the stage for a possible interest rate hike in September. The US central bank is scheduled to issue its latest policy statement at 1800 GMT following a two-day meeting, spelling out how policymakers feel the economy has progressed since they last met in June. — Reuters
Toshiba to cut interim CEO pay by 90% on accounting scandal: Toshiba Corp said it would slash its interim chief executive’s monthly salary for the next two months by 90%, including previously announced cuts, following revelations of improper accounting at the Japanese conglomerate. The company said on Wednesday it would reduce Masashi Muromachi’s monthly salary by 50% on top of the 40% cut already in place. It said it would also dock the pay of other senior executives, and that an EGM in September would consider any additional measures. — Reuters
Turbulent China drives 36% jump in H1 global equity trading: The bull run in China’s share markets that collapsed last month drove a 36% rise in global equity trading volumes during the first half of 2015, according to data released on Wednesday. Share trading on the Shanghai and Shenzhen exchanges jumped 166% during the first half from a year earlier, the World Federation of Exchanges said. This boosted the total value of share trading to US$59 trillion during the first half. Excluding mainland China, global equity turnover rose just 5%, the WFE said. — Reuters
Proposed 2016 Indonesia budget will lift spending about 10%: Indonesia’s budget for 2016 will propose spending about 10% more than this year, but the bulk of expenditures will be for fixed items such as civil service salaries and interest payments, Vice-President Jusuf Kalla said on Wednesday. He told a meeting proposed spending will be 2,095 trillion rupiah (US$155.8bil). The 2015 revised budget approved early this year called for spending 1,984 trillion rupiah. — Reuters
Top local news
Cepatwawasan quarterly net profit falls: Cepatwawasan Group Bhd’s net profit fell 60.4% to RM3.26mil in the second quarter dragged down by falling crude palm oil and palm kernel prices. Its revenue slipped 20.9% to RM53.97mil. — StarBiz
MARC affirms Maybank ratings with stable outlook: Malaysian Rating Corporation Bhd (MARC) has affirmed Malaysian Banking Bhd’s (Maybank) long-term and short-term financial institution ratings of AAA and MARC-1 with a stable outlook. It said the affirmed ratings reflected Maybank’s strong domestic banking franchise and resilient earnings generation, underpinned by a stable funding structure and strong capital position. — StarBiz
Mustapa: Keep open mind on TPPA: The International Trade and Industry Minister has urged Malaysians to keep an open mind on the Trans Pacific Partnership Agreement (TPPA). “While there are costs, there are also benefits to Malaysia,” Datuk Seri Mustapa Mohamed said in a statement as Malaysia takes part in the four-day TPP Ministerial Meeting in Hawaii which started on Tuesday. — StarBiz
AmFIRST REIT gets unitholders’ nod to up fund size: AmFIRST Real Estate Investment Trust (AmFIRST REIT) has obtained the nod from unitholders to increase the approved fund size to 823.68 million units from 686.40 million units. AmFIRST REIT alos said it has received the approval from the relevant authorities for the 20% increase in the fund size. - Bernama
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