Top foreign and local stories at 4pm

Energy

Brent crude was down 3.95% to US$48.90 per barrel at 3.38pm

Forex

Ringgit dowm 2.03% to 4.0982 versus the US dollar at 3.47pm.

Top foreign stories

Gold soars, oil slumps after shock British vote to exit EU: Gold rallied the most since the 2008 global financial crisis and oil and copper tumbled on Friday, as Britain’s vote to leave the European Union rattled commodities markets, forcing a selloff in risky assets and a rush to safe havens. — Reuters

Britain votes to leave EU, unleashing global turmoil: Britain has voted to leave the European Union, results from Thursday’s referendum showed, a stunning repudiation of the nation’s elites that deals the biggest blow to the European project of greater unity since World War II. World financial markets plunged as complete results showed a near 52-48% split for leaving. The vote created the biggest global financial shock since the 2008 economic crisis, — Reuters

From beer to drugs to cars: Global business laments EU vote: Shocked chief executives from Mumbai to Denver woke up on Friday to face tough decisions over how to respond to Britain’s vote to leave the European Union. In Britain itself, businesses as diverse as engineering group Rolls-Royce, drugs giant AstraZeneca, housebuilders and makers of Scotch whisky were braced for disruption in the short and long term as the pound plunged to its lowest level since 1985. — Reuters

Top local stories

RHB Bank to assume the listing status of RHB Capital: Following the approval of RHB Capital Bhd’s shareholders to wind up the company at an EGM on Friday, RHB Banking Group is now able to obtain the approval of Bursa Securities and list RHB Bank Bhd on the Main Market of Bursa Malaysia. — Bernama

Privasia confident of consistent growth: Privasia Technology Bhd is confident of recording consistent growth this year as in previous years on the back of its solid order book. Group chief executive officer Puvanesan Subenthiran said the group’s total order book currently stood at RM120 million. —  Bernama