Energy
Brent crude was 0.24% higher to US$50.89 per barrel at 3.32pm.
Forex
Ringgit was up 0.07% to 4.3455 versus the US dollar at 3.36pm.
Top foreign stories
Grab says open to more acquisitions: Singapore-headquartered Grab is open to further acquisitions after buying an Indonesian online payments startup, one of the co-founders of the South-East Asia-focused ride hailing service said. Grab, which competes aggressively with US-based Uber Technologies Inc in the region, sees its future in mobile payments as much as in transport. — Reuters
Noble Group plunges for second day, surprise loss stokes debt worries: Noble Group Ltd shares plunged for a second straight day on Friday and have now lost half their value on an unexpected quarterly loss that has raised worries about the struggling commodity trader’s ability to its finance its debt. Noble reported a quarterly loss of US$129.3 million for January-March, its latest setback in a crisis-wracked two years despite deep restructuring. — Reuters
China launches emergency probe on banks to check risky lending: China’s banking regulator this week launched emergency risk assessments of lenders’ new business practices, sources told Reuters, as Beijing deepens its crackdown on shadow banking. — Reuters
Thai Q1 GDP growth seen at fastest pace in 4 years as exports rebound: The Thai economy in the January-March period may have expanded at its fastest pace in four years from the previous three months, as stronger exports, consumption and tourist numbers more than offset weaker private investment and public spending. Gross domestic product is expected to have expanded a seasonally-adjusted 1.2% in the March quarter from the prior three months, when growth was 0.4%, a poll shows. — Reuters
China, India plans for electric cars threaten to cut gasoline demand: Demand for gasoline in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned. They said refiners should prepare for a future in which gasoline, their biggest source of revenue, will be much less of a cash cow. — Reuters
German economy expands strongly in Q1: The German economy expanded sharply in the first three months of 2017, official data showed on Friday, adding to signs that economic recovery under way in the European powerhouse is gathering pace. Gross domestic product (GDP) grew 0.6% in the first quarter compared with the previous three months, adjusted for price, seasonal and calendar effects. — AFP
Top local stories
Mega deal loss spells joy for UMW Oil & Gas: After abandoning a deal to create one of the largest oil and gas services providers in Malaysia, UMW Oil & Gas Corp Bhd expects to return to profit next year with the return of full utilisation of its drilling rigs. President Rohaizad Darus said contracts have jumped, with rig utilisation climbing to 71% from 20% in the fourth quarter as oil firms operating in South-East Asia resume spending on exploration and production. — Bloomberg
Najib confident DFTZ will be new hub of digital economy: Prime Minister Datuk Seri Najib Tun Razak is confident the Digital Free Trade Zone (DFTZ) will be the new hub of the digital economy, with more Malaysians, both in the rural and urban areas, benefiting from it. — Bernama
Bank Negara holds key rate, sees growth strengthening: Bank Negara left its key interest rate unchanged on Friday as expected, as it sees growth strengthening and the economy in better shape after a difficult 2016.All 10 economists polled by Reuters had forecast that Bank Negara would hold its overnight rate at 3%. — Reuters
Lee Kim Yew’s tax battle message goes viral: A message apparently written by businessman Tan Sri Lee Kim Yew, who is fighting a battle with the Inland Revenue Board (IRB), has gone viral. In the message, Lee expresses his frustration fighting the IRB and alleged that he was being investigated under criminal laws instead of civil action, prompting him to liquidate his assets to settle the income tax bill. When contacted by StarBiz, Lee said the message was a personal letter to his friends and not for public consumption. — StarBiz
TNB completes 50% acquisition of UK’s Vortex Solar: Tenaga Nasional Bhd has completed a deal for a 50% interest in Vortex Solar Investments S.a.r.l. for the acquisition of an operational 365-MW solar PV portfolio in the United Kingdom via Vortex Solar UK Ltd. TNB funded the purchase through the proceeds of a US$750mil sukuk issued in October last year. — StarBiz
March natural rubber output down 7.4%: Malaysia’s natural rubber (NR) production in March declined 7.4% to 79,966 tonnes, compared with the preceding month, the Statistics department said. The smallholding sector was the main contributor to the NR production, accounting for over 90%, it said. — Bernama
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