MALAYSIA - The central bank on May 7 became the first in Southeast Asia to cut its key interest rate this year, by 25 basis points to 3.0%, moving to support its economy at a time of concern about global growth.
Energy
Brent crude was 1.50% lower to US$49.35 per barrel at 3.42pm.
Forex
Ringgit down 0.41% to 4.0130 per US dollar at 3.50pm.
Top foreign stories
Australia central bank silent on outlook as it holds rates: Australia’s central bank kept interest rates at an all-time low of 1.75% on Tuesday, a widely expected decision given political uncertainty at home and abroad and a lack of timely data on domestic inflation. - Reuters
Oil prices dip on economic concerns: Oil prices fell on Tuesday, with Brent dropping back below US$50 per barrel as economic concerns took centrestage with many analysts saying crude demand will stall later this year. — Reuters
China’s Midea buys nearly half of German robotics firm Kuka: Two of German industrial robotics firm Kuka’s biggest shareholders – technology company Voith and entrepreneur Friedhelm Loh – said they have decided to take up Chinese appliances giant Midea’s offer of 115 euros (RM512) per share and sell their stakes. — Reuters
Top local stories
Genting Plantations purchase of Indonesian land won’t impact ratings, says RAM: RAM Rating Services does not expect Genting Plantations Bhd
’s proposed purchase of 21,995ha of plantation land in Indonesia to affect its ratings.It said on Tuesday the purchase price of US$42.15mil (RM173mil) was relatively small to Genting Plantation’s balance sheet. — StarBiz
Bank Negara reserves at RM390.4b: Bank Negara’s international reserves totalled RM390.4bil or US$97.2bil as at June 30. As at June 15, the reserves were RM383.2b or US$97.4bil. — StarBiz
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