Energy
Brent Crude was 0.92% lower to US%47.14 per barrel at 2.28pm.
Forex
Ringgit was down 0.75% to 4.3455 versus the US dollar at 2.51pm.
Top foreign stories
Dell to invest US$125bil in China over five years: Computer maker Dell Inc will invest US$125 billion in China over the next five years, its CEO said on Thursday, as the firm continued to expand in the world’s second-largest economy. The world’s third-largest maker of personal computers said the investment would contribute about US$175 billion to imports and exports, sustaining more than one million jobs in China. — Reuters
Listings for Japan Post behemoths seek to raise US$11.7bil: The listings of Japan Post Holdings Co and its bank and insurance units will seek to raise a combined US$11.7 billion, a source said - critical offerings the government hopes will win over retail investors and boost the stock market. The triple IPOs represent Japan’s biggest privatisation in nearly three decades and will bring to market its largest bank, which is also one of the world’s biggest institutional investors, as well as the nation’s largest insurance company. - Reuters
China crude oil futures poised to be a global benchmark: China’s push to establish a crude derivatives contract has been met with early scepticism, but oil executives say the country’s growing economic influence means a third global crude benchmark is inevitable. A derivatives contract would give the Shanghai International Energy Exchange, known as INE, a slice of an oil futures market worth trillions of dollars, offering a rival to London’s Brent and US West Texas Intermediate. And while others have tried and failed, China brings its might as the world’s biggest oil buyer, a strong dose of political will and the alignment of its financial and banking system for a yuan-denominated contract. — Reuters
China curbs conventional gas output: China’s state energy giants are reducing output from conventional natural gas fields as demand growth for the fuel eases to a multi-year low, local media and sources said, although shale gas targets are being maintained. — Reuters
Deutsche Boerse Asia plans hit by turbulence and tech woes: Financial market turbulence in China and software problems have prompted Deutsche Boerse to delay its planned Asian derivatives exchange and clearing house by about 18 months, three people familiar with the plans said on Wednesday. The German exchange operator had said in June the Singapore-based Eurex Asia derivatives exchange and clearing house would begin operations in the second quarter of 2016. — Reuters
Fears over China deflation grow: China’s manufacturers slashed prices at the fastest rate in six years in August as commodity prices fell and demand cooled, signalling stubborn deflation risks in the economy and adding to expectations for further stimulus measures. The producer price index fell 5.9% in August from a year earlier, its 42nd consecutive month of decline and the biggest drop since the depths of the global financial crisis in late 2009, data showed on Thursday. The market had expected a decline of 5.5% after a drop of 5.4% in July. — Reuters
Australia jobless rate falls to 6.2%: Australian unemployment eased in August, official data showed on Thursday, providing a lift to the government with the economy hit by a China growth slowdown as it moves away from a massive resources investment boom. The Australian Bureau of Statistics said the jobless rate dipped to 6.2% last month from 6.3% - matching expectations - thanks to a better-than-expected jump in new posts. — Reuters
Top local stories
IOI buying oleochemicals plants in Germany: IOI Corporation Bhd
’s is buying Cremer Oleo GmbH & Co KG entire’s oleochemicals business in Germany for 89.4 million euros (RM433.3 million) as it expands its value chain. The plantation heavyweight said on Thursday the oleochemical production facilities were in Witten and Zur Hafenspitze. IOI Corp said the two plants combined had a processing capacity of about 39,200 tonnes a year. — StarBiz
KNM’s JV firm gets RM183m Petronas project: KNM Group Bhd’s 70%-owned JV company has secured a US$42mil (RM183mil) contract to undertake part of the works at Petronas Pengerang Integrated Complex project in Johor. The oil and gas services company said on Thursday CNI Engineering & Construction Malaysia Sdn Bhd secured the contract from Toyo Thai Malaysia Sdn Bhd. — StarBiz
July industrial output higher than forecast: Malaysia’s industrial production index (IPI) rose at a faster pace of 6.1% in July from a year ago, exceeding economists’ expectations for a 5% growth and underpinned by the manufacturing sector. The Statistics Department said on Thursday the expansion in July was supported by positive growth in manufacturing (4.2%) and mining (14.0%). However, the electricity index declined by 1.2%. - StarBiz
I Synergy eyes further growth after Aussie listing: I Synergy Holdings Bhd says it expects its listing on the National Stock Exchange of Australia (NSX) to bring the company to the next level of growth. The company has been experiencing exponential revenue growth in the past year, rising 500% in 2014 to RM19 million compared with the year before, it said on Thursday. — Bernama
Malaysia, China agree to activate economic working group: Malaysia and China have agreed to activate the Economic Cooperation Working Group, which was set up under the five-year programme for economic and trade cooperation signed in 2013. The group’s objective is to oversee the smooth implementation and facilitation of the ongoing projects under the five-year programme, the international trade and industry ministry (Miti) said on Thursday. — Bernama
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