Energy
Brent Crude was up 0.18% to US$49.34 per barrel at 2.35pm.
Forex
Ringgit down 0.06% to 4.3715 versus the US dollar at 3pm.
Top foreign stories
Australia holds interest rates at record low: Australia’s central bank on Tuesday kept interest rates at a record low of 2%, opting against a further cut that would put more downward pressure on the country’s dollar. — AFP
Saudi Aramco in talks to buy some of China’s CNPC assets: Saudi Aramco, the world’s biggest oil producer, is in talks with China National Petroleum Corp (CNPC) to buy some of the Chinese oil company’s marketing, retail and refining assets, sources said. The deal value is currently estimated around US$1 billion to US$1.5 billion, although final valuations and assets are subject to change, they said. — Reuters
Study: Big US firms hold US$2.1 trillion overseas to avoid taxes: The 500 largest American companies hold more than US$2.1 trillion in accumulated profits offshore to avoid US taxes and would collectively owe an estimated US$620 billion in US taxes if they repatriated the funds, according to a study released on Tuesday. The study found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands. — Reuters
Global chip sales down on currency woes: Global semiconductor sales fell in August as demand was impacted by weaker demand, currency devaluation and marker cyclicality, says the US-based Semiconductor Industry Association (SIA). The association said on Tuesday worldwide sales reached US$27.7bil in August 2015, down 0.5% from July’s US$27.9bil. — StarBiz
Samsung Elec struggles to find fix for smartphone woes: More than a year into the overhaul of its smartphone lineup, Samsung Electronics Co Ltd has yet to find a way to reverse a slide in market share or margins, clouding its growth outlook and fuelling investor impatience. The world’s largest handset maker is forecast on Wednesday to guide for its first annual increase in quarterly profit in two years following a dismal third quarter in 2014, but profits and mobile margins are expected to contract on a sequential basis. — Reuters
Card payments boom across the world: Payments made with debit and credit cards and other non-cash methods jumped 9% last year to 390 billion transactions, according to a study published on Tuesday. — Reuters
Top local stories
Johan reaps RM25.5m net gain from Jacks International sale: Johan Holdings Bhd
expects to recognise a net gain of RM25.54mil from the sale of 66.08% of Singapore-listed Jacks International Ltd. The company said on Tuesday it was selling 19.82 million shares at 80 Singapore cents each, or a total S$15.86mil (RM48.72mil), to Creative Elite Holdings Ltd. — StarBiz
Templeton bets on multi decade opportunity in ringgit, Mexican peso: The recent selloff in emerging-market assets, including Mexico and Malaysia’s currencies, has opened up investment opportunities not seen for decades, according to Franklin Templeton’s Michael Hasenstab, who’s well known for making contrarian bets. The money manager said he’s buying the Mexican peso, ringgit and rupiah, while avoiding assets in Turkey, South Africa and Russia. He’s also betting on an increase in US Treasury yields and sees the dollar strengthening against the euro, yen and the Aussie. — Bloomberg
Malaysia slashing CPO imports: Malaysia has begun slashing crude palm oil (CPO) imports to manage its stock levels and prevent prices from falling. Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said on Tuesday it was been projected that CPO stocks in Malaysia would hit three million tonnes if no measures were taken. He said the move to cut imports was among the measures to keep stocks at a “comfortable level” of about two million tonnes. — StarBiz
China’s Country Garden plans debut sukuk in Malaysia: Chinese property developer Country Garden Holdings Co Ltd plans a debut sale of Islamic bonds, or sukuk, from a RM1.5 billion programme set up by its Malaysian subsidiary. It said Country Garden Real Estate Sdn Bhd planned to start marketing the first tranche of sukuk to qualified investors, after hiring CIMB Investment Bank as lead arranger and lead manager of the deal. The size and tenor of the unlisted sukuk has yet to be determined, it said in a statement. — Reuters
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