Energy
Brent Crude was 0.43% higher to US$46.32per barrel at 2.02pm.
Forex
Ringgit yp 0.82% to 4.2077 versus the US dollar at 2.30pm.
Top foreign stories
Singapore lowers 2015 growth forecast to ‘close to 2%’: Singapore’s economic growth will dip to “close to 2%” this year after the city-state avoided a technical recession, the government said on Wednesday, with a potential further slowdown seen in 2016. — AFP
Opec to stay the course despite fears of $20 oil: Opec is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards US$20. — Reuters
BoJ can stand pat now as more firms raising prices, says Shirai: Bank of Japan (BoJ) board member Sayuri Shirai said the central bank can hold off on expanding stimulus to reach its inflation target as robust consumption makes firms more confident about raising prices, and will help offset the drag caused by weak oil prices. — Reuters
Gulf braces for austerity as oil income slump bites: Faced with heavy losses from low oil prices, Gulf states have embarked on belt-tightening measures to cut spending and boost non-crude revenues, but analysts warn much more needs to be done. — AFP
Australia-led group wins US$7b electricity deal over China bid: An Australia-led consortium of investment funds from Canada and the Middle East won the bid for electricity transmission network TransGrid on Wednesday, beating a Chinese challenger in a deal worth A$10 billion (US$7.3 billion). — AFP
UK’s Osborne sharpens axe for austerity spending plan: Britain’s finance minister will on Wednesday unveil budgets for government departments over the next five years, in a spending review expected to herald further austerity measures and bitter recriminations. — AFP
Chinese milk producer targets baby formula with Australian IPO: A privately owned Chinese milk producer is planning a A$20 million (US$14.5 million) partial listing in Australia, using the funds raised to buy a local dairy processor to produce and export infant baby formula. — Reuters
Developing nation climate adaptation bill to hit US$790b a year: report: Developing countries could face a bill of US$790 billion per year by 2050 for adapting to climate change, anti-poverty agency Oxfam said on Wednesday. — AFP
Top local stories
Kim Teck Cheong makes strong debut on ACE Market: Kim Teck Cheong Consolidated Bhd
(KTC) made a strong debut on the ACE Market on Wednesday as its share price rose to a high of 34.5 sen. It opened at 30 sen, or double its initial public offering price of 15 sen. — StarBiz
MMC Corp gets shareholder approval for NCB takeover: MMC Corporation Bhd has received shareholders’ approval for the acquisition of port and logistics operator NCB Holdings Bhd. At its EGM on Wednesday, the company said it secured 99.99% of acceptances for the corporate exercise for which it offered RM4.40 per NCB share. — StarBiz
Tomypak Q3 earnings jump to RM6m: Tomypak Holdings Bhd saw its earnings surge 170% to RM6.03mil in the third quarter as the flexible packaging materials company benefited from better sales mix and gain on foreign exchange. It said on Wednesday its revenue increased at a slower pace of 8.1% to RM55.76mil. Tomypak declared a dividend of three sen. — StarBiz
More impetus for Masteel-KUB inter-city rail: Malaysia Steel Works (KL) Bhd and KUB Malaysia Bhd’s proposed inter-city rail transit project received an added impetus when the joint venture presented the plan for the proposed train depot and other assets as required by the Transport Ministry. — StarBiz
Barakah gets RM12m Petronas Gas job: Barakah Offshore Petroleum Bhd has secured a RM12.3mil contract from Petronas Gas Bhd to build an export terminal scraper station on Kemaman, Terengganu. _ StarBiz
Axiata-linked Idea Cellular in RM2.14b deal: India’s Idea Cellular, in which Axiata Group has a stake of about 19.8%, is set to acquire radio spectrum in two service areas from Videocon Telecommunications Ltd for 3,310 crore rupees (RM2.14 billion). — Bernama
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