Energy
Brent Crude was 0.82% higher to US$50.27 per barrel at 2.45pm.
Forex
Ringgit down 0.83% to 4.1820 versus the US dollar at 3.11pm.
Top foreign stories
China imports slump on weak commodities prices: Chinese imports slumped nearly 18% last month, official figures showed on Tuesday, highlighting the task facing the country’s leaders as commodities prices slump on the back of a slowing growth in the world’s second-largest economy. — AFP
Brewers SABMiller and AB InBev agree US$68 a share takeover: Anheuser-Busch InBev and SAB Miller said on Tuesday they had agreed terms for a takeover, with the world’s largest brewer set to pay 44 pounds (US$68) per share in cash for its smaller rival. — Reuters
ECB board member says inflation key trigger for stimulus: Falling inflation will be a key trigger in any decision by the European Central Bank (ECB) to beef up its economic stimulus package, an executive board member said on Tuesday. Yves Mersch said in a speech in Singapore that it was still too early to determine whether factors like slowing growth in emerging markets and a strong euro will affect the inflation target for the eurozone. — AFP
Argentina’s mine industry doubles down on lithium: We need it for cell phones, electric cars and just about every long-life battery gadget we use: Lithium is a key ingredient of the modern economy, but new mining concessions can be hard to find. Except, that is, in Argentina, where a lithium rush is in full swing. — AFP
Citi dials down risky block trading amid market turmoil: Over the summer, as the US stock market wobbled and then plunged 4% in a day, Citigroup made a tough choice: to dial down risk-taking in the bank’s capital markets group. — Reuters
Top local stories
Petronas CEO says 3 major projects vital to strengthen position: Petroliam Nasional Bhd (Petronas) says its investments in Canada and Pengerang, Johor, as well as in a floating liquefied natural gas project will help strengthen its position as a fully-integrated multinational oil and gas (O&G) player. — Bernama
HK’s AFC to invest in Malaysian agro firms: Private equity firm AFC (Hong Kong) Investments Ltd plans to invest between US$10 million and US$20 million in start-ups as well as medium and large agro-related Malaysian companies, including in food processing and farming. Chief executive officer Steven Fong said the investments are being made in tandem with the growing Chinese population and demand for food. — Bernama
Pintaras puts capex on hold: Pintaras Jaya Bhd
will not spend on capital expenditure in the first half of its financial year 2016 due to the continued subdued outlook for the piling industry. Managing director Chiu Hong Keong excess capacity in the industry has led to a reduction in margins and that if things pick up in the second half it will resume capex again. — StarBiz
Mida eyes RM170b investmenst in manufacturing, services: The Malaysian Investment Development Authority (Mida) is targeting for RM170 billion investments in manufacturing and services sector by the year-end. Deputy CEO Datuk Phang Ah Tong said that for the first six months of the year, the authority had approved some RM49 billion of investments in manufacturing sector and RM62 billion in services sector. — Bernama
Rabobank: Invest more in downstream agriculture: Malaysia should invest more in the downstream sector of its agriculture industry to cushion the impact of volatile commodity prices, says Rabobank Southeast Asia. Its director of food and agribusiness research and advisory, Pawan Kumar, said the downstream business tends to benefit more from the downtrend in commodity prices with its ample supplies and fixed retail prices. — Bernama
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