Top Glove executive chairman Tan Sri Lim Wee Chai (pic) said the group
Energy
Brent crude was 1.06% lower to US$49.30 per barrel at 3.36pm.
Forex
Ringgit was up 0.19% to 4.0992 per US dollar at 3.45pm.
Top foreign stories
Fed expected to hold rates steady as Brexit vote clouds outlook: The Federal Reserve is expected to keep interest rates unchanged on Wednesday and signal if it still plans to raise rates twice in 2016 amid concerns about a US hiring slowdown and Britain’s possible exit from the European Union. — Reuters
Subjective US bank forecasts to figure in loan loss reserves: The US Financial Accounting Standards Board plans to release new rules on Thursday that will change how banks set aside money for bad loans, raising fresh questions about the role of forecasts in their financial reports. The new standard will require banks to start setting aside reserves for losses as soon as they make a loan, estimating costs that are “expected.” Currently, they only set aside reserves when credit quality deteriorates to the point where losses are “probable.” — Reuters
London traders brace for biggest night since ‘Black Wednesday’: The world’s biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain’s referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century. — Reuters
Indonesia central bank seen holding rates despite dovish tone: Most analysts expect Indonesia’s central bank to keep all rates unchanged on Thursday, but a significant minority sees a cut following comments by the governor that there could be an easing before the country’s benchmark rate is changed in August. — Reuters
Govt economist: China’s debt risks are manageable but steps needed: China’s debt risks are under control given its high savings rate, but steps are needed to tackle exceptionally high corporate liabilities, an influential government economist said on Wednesday. — Reuters
Oil price in sticky situation: Oil’s battle to reclaim US$50 a barrel may have left it in a sticky situation, where the price is too low to lure fresh investor bulls and too high to force more production offline. — Reuters
Virgin Australia seeks US$628m in cash call to cut debt: Virgin Australia, the country’s second-biggest airline, is tapping investors in a cash call worth more than 80% of its market value, aiming to cut debt and cover restructuring costs as it targets lucrative Chinese tourist traffic. — Reuters
Economists trim 2016, 2017 Singapore growth forecasts: Economists trimmed their forecasts for Singapore’s 2016 growth to 1.8%, from 1.9% previously, while growth for 2017 was lowered to 2.1%, from 2.5%. They also downgraded their views on exports as well as private consumption for this year, a central bank survey showed on Wednesday. — Reuters
Top local stories
May inflation up 2% on higher food cost: Malaysia’s inflation rose 2% in May, in line with economists’ forecast, due to rising cost of food including vegetables, fish and seafood. The Statistics Department said on Wednesday the consumer price index for May increased 0.3% versus April. For the first five months inflation was up 2.9% against a year earlier. — StarBiz
Prasarana to announce tenders for LRT3 advanced works soon: Prasarana Malaysia Bhd will announce the first set of tenders for advanced works on the 37km Bandar Utama-Klang Light Rail Transit line 3 project (LRT3) in the next two to three months. — Bernama
Sapura Resources focuses on property project to drive growth: Sapura Resources Bhd
is banking on its latest Lot 91, KLCC project to be the key driver of the group’s earnings after selling its education business for RM246.99mil. — StarBiz
Top Glove sees better Q4 as rinngit, raw materials stablise: Top Glove Bhd’s earnings fell 13.5% to RM62.45mil in the third quarter on stronger ringgit and higher cost of raw materials but it expects to do better in the current quarter. Its revenue rose rose 1.7% to RM672.27mil. The compny declared an interim dividend of six sen compared with four sen a year ago. — StarBiz
Grand-Flo sees higher revenue from property division: Tracking solutions provider and property developer Grand-Flo Bhd is eyeing higher revenue from its property division for the financial year ending Dec 31, 2016. The company currently has two ongoing projects, Vortex Business Park and The Glades, on mainland Penang. — Bernama
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