Energy
Brent Crude was 0.75% lower at US$49.24 per barrel at 2.43pm
Forex
Ringgit was down 1.26% to 4.3138 versus the US dollar at 3.08pm.
Top foreign stories
China cuts 2014 GDP growth: China on Monday lowered its gross domestic product (GDP) growth figure for last year by 10 basis points to 7.3%, authorities said, as concerns mount over slowing expansion in the world’s second-largest economy. The National Bureau of Statistics said on its website that it lowered the figure from the 7.4% announced in January after a “preliminary confirmation”. - AFP
Tesco sells S. Korean unit to MBK-led group for US$6bil: Britain’s Tesco has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for US$6.1 billion, it said on Monday, in its first major disposal since it hit financial difficulties. Tesco said it would sell Homeplus, its biggest overseas unit, to a group of investors led by MBK and including the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings. — Reuters
BlackBerry to buy rival Good Technology for US$425mil: Canada’s BlackBerry Ltd said it will buy rival mobile software provider Good Technology Corp for US$425mil (RM1.82bil), to boost its ability to help corporate clients manage smartphones running on different operating systems. BlackBerry said it expects to realise about US$160mil in revenue from the acquisition in the first year after the deal closes, expected by late November. - Reuters
Toshiba posts net loss, revamps board: Japan’s Toshiba Corp booked a net loss for the past financial year and pledged to improve governance with a revamped board of directors, raising hopes it was finally moving beyond a US$1.3 billion accounting scandal. The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if it had missed its latest filing deadline. - Reuters
Investors buckle up for expected drop in China’s forex reserves: Global investors are bracing for data this week that could show a big drop in China’s foreign exchange reserves as the central bank steps up its intervention to stabilise the yuan currency after its shock devaluation last month. — Reuters
Top local stories
CIMB Thai rights issue credit positive, says Moody’s: CIMB Thai Bank pcl’s plans to raise 3.7 billion baht (RM1.64bil) through a rights issue is credit positive as it will help it withstand slower economic growth. Moody’s Investors Service said the rights will increase the bank’s common equity Tier 1 ratio to 10.7% from 9.1%, which was closer to the Thai banking sector’s average ratio of 13.1%. - Bernama
Malaysia’s chip exports strong despite global slowdown: MIDF Equities Research said Malaysia’s exports of semiconductor products remain healthy, despite the slowdown in global semiconductor sales. Based on three-month moving average sales figures, it said semiconductor exports amounted to RM11.5bil, an increase of 12.3% on-year in July 2015. Between January and July 2015, exports increased by 8.8% on-year to RM77.4bil compared with RM71.1bil in 2014. - StarBiz
Fitch sees stable outlook for Malaysia, Singapore gaming sectors: The outlook for the gaming industry in Singapore and Malaysia continues to be stable, said Fitch Ratings. It said this was despite declining visitor arrivals in Singapore and lower win rates for Genting Singapore plc and Genting Malaysia Bhd
, especially in the very important player segment. - Bernama
Malaysia to conduct R&D of new palm-based products: Malaysia will continue to undertake research and development (R&D) to come out with new palm-based products, including nutraceutical and pharmaceutical, for the global markets. Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said the Malaysian Palm Oil Board’s (MPOB) overseas offices will assist the industry by continually working with the authorities and industry players to increase the uptake of palm oil for food and non-food sectors. — Bernama
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