Energy
Brent crude was 0.65% lower at US$50.08 per barrel at 2.31pm.
Forex
The riggint was down 1.09% to 3.9795 versus the US dollar at 2.59pm.
Top foreign stories
China weakens yuan amid economic and reform boost: China’s central bank on Tuesday devalued its yuan currency by nearly 2% against the US dollar, as authorities seek to push market reforms and bolster the world’s second-largest economy. The surprise move marked the biggest drop since China reformed its currency system in 2005 by unpegging the yuan from the greenback. - AFP
China bank lending up in July on stock market rescue: China’s bank lending rose in July, the central bank said on Tuesday, as money poured into a massive rescue for the country’s stock market. The People’s Bank of China said domestic banks extended new loans of 1.48 trillion yuan (US$238bil), up from 1.27 trillion yuan in June. — AFP
Greece and lenders agree on bailout terms: Greece and international creditors agreed on a new multi-billion euro bailout deal on Tuesday, a finance ministry official said, in an accord which will keep the country in the eurozone and avert bankruptcy. “An agreement has been reached. Some minor details are being discussed right now,” a Finance Ministry official told reporters after marathon overnight talks between Greece and lenders in Athens. - Reuters
Top local stories
Major Kronologi shareholder seeks to appoint 4 directors: Kronologi Asia Bhd
’s single largest shareholder Piti Pramotedham has served a notice of EGM to be convened for the appointment of four directors. He is seeking an EGM to be convened on Aug 26 for the appointments of Dr Chew Seng Poh, Anand Padmanabhan, Edward Khor Yew Heng and Tan Bee Keng as directors. — StarBiz
Ge-Shen gets takeover offer: Ge-Shen Corporation Bhd has received a takeover offer from Pelita Niagamas Sdn Bhd at 81 sen a share – which is sharply lower than the closing price of 92.5 sen at midday on Tuesday. Pelita Niagamas also offered 81 sen for the remaining redeemable convertible preference shares. — StarBiz
Syabas: RM2.42bil needed to revamp water sector: Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) would have to invest RM2.42bil under a five-year master plan to revamp the Klang Valley water industry. It said on Tuesday that based on its survey this would be the amount it would have to invest if the takeover by the state and federal governments do not materialise on Sept 13. - StarBiz
Matrade generates RM119.53mil export sales: Three recent sourcing visits organised by the Malaysia External Trade Development Corp (Matrade) for Malaysian companies with international buyers have generated RM119.53mil worth of export sales. — Bernama
Customs reminder on filing of GST-03 statement: Royal Malaysian Customs Department director-general Datuk Seri Khazali Ahmad has issued a reminder that Aug 14 is the last day for filing the GST-03 statement for the three-month taxable period of April 1 to June 30. - StarBiz
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