Energy
Brent Crude was up 1.54% to US$52.72 per barrel at 2.34pm.
Forex
Ringgit up 2.22% to 4.2738 versus the US dollar at 2.59pm.
Top foreign stories
BoJ keeps policy steady: The Bank of Japan (BoJ) kept monetary policy steady on Wednesday, preferring to save its limited options while hoping that a tight job market will lift wages and consumption enough to offset the pain from China’s economic slowdown. — Reuters
Indonesia set to announce third stimulus package: Indonesia will announce a third round of stimulus measures on Wednesday aimed at supporting consumption and reviving economic growth, the chief economics minister said. The government already rolled out two sets of measures last month as part of a strategy to re-energise South-East Asia’s largest economy after growth in the second quarter slowed to the 4.67%, the slowest pace in six years. — Reuters
Moody’s: Credit quality of Asian palm oil weakening: Moody’s Investors Service says the credit quality of palm oil producers across Asia is weakening as oversupply is muting crude palm oil (CPO) prices and hampering deleveraging efforts. “We expect CPO prices to remain under pressure over the next 18 months, with vegetable oil markets oversupplied and demand soft,” Moody’s Inside ASEAN shows.
AB InBev raises bid for rival SABMiller: Anheuser-Busch InBev, the world’s largest brewer, on Wednesday increased its bid for its largest rival SABMiller to 42.15 pounds per share in cash, valuing the company at nearly 68 billion pounds (US$103.63 billion). — Reuters
China FX reserves fall US$43.3b in Sept: China’s foreign exchange reserves shrank by US$43.3 billion in September as the central bank stepped up intervention to stabilise the yuan and calm sentiment after a surprise devaluation of its currency had jolted global markets. China’s reserves, the world’s largest, dropped to US$3.514 trillion last month, central bank data showed on Wednesday, after a record slide of US$93.9 billion in August. — Reuters
Top local stories
AirAsia says no knowledge of privatisation plan: AirAsia Bhd says it has no knowledge of plans to privatise the low-cost carrier as reported in the media. It said on Wednesday it was first made aware of the privatisation rumour since it surfaced in August this year with the company’s shares being actively traded. — StarBiz
Malaysia’s August exports beat estimates, imports contract: Malaysia’s exports rose higher than expected in August, underpinned by electrical and electronics products, but imports contracted sharply, the Statistics Department said. It said on Wednesday exports for August rose 4.1% to RM66.5bil from the RM63.9bil a year ago, exceeding forecast of a 1.3% growth.Imports fell 6.1% to RM56.3bil from RM60bil, below the forecast of a 1.7% growth. — StarBiz
Global palm output to rise after short-term dip: Crude palm oil should record sizeable increases in production over the next three to five years as new plantings reach maturity, but not before a short-term decline in output growth, leading industry analyst James Fry said. Dry weather from a possible El Nino event, the failure of smallholders to use fertiliser and less sun exposure for crops due to smoke haze in leading producers Indonesia and Malaysia could all combine to lower yields over the next 18 months. “But you have another underlying cycle,” said Fry, pointing to increased yields from newer trees planted in Sarawak and Kalimantan, Indonesia. — Reuters
YTL Power gets short-term contract: Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili has confirmed that YTL Power Generation Sdn Bhd is among three power producers that have been given short-term contracts. The other two are Malakoff and Tenaga Nasional, he said on Wednesday. — StarBiz
KNM gets RM581m UK waste-to-energy job: KNM Group Bhd
’s unit has secured a £88mil (RM581mil) contract to build a waste-to-energy plant in Croydon, the United Kingdom. It said KNM Process Systems Sdn Bhd had accepted the letter of award from UK-registered Drenl Ltd to undertake the engineering, procurement, construction and commissioning contract. — StarBiz
Power integration deal expected to be sealed in 6 months: The memorandum of understanding among Laos, Thailand, Malaysia and Singapore on the Power Integration Project will not be signed during the 33rd ASEAN Ministers On Energy Meeting due to certain reservations at the Singapore level, said Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili. — Bernama
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