At 9am(0100gmt), the local unit was quoted at 4.1970/2000 against the greenback from Thursday's close of 4.2040/2070.
Energy
Brent crude was 0.82% higher to US$47.70 per barrel at 4.03pm.
Forex
The ringgit was 0.04% higher to 4.2958 versus the US dollar at 4.08pm.
Top foreign stories
Share buybacks by Japanese firms plunge even as profits rise: Share buybacks by Japanese companies are sharply down from last year despite rising profits, suggesting that Japan Inc’s commitment to raising shareholder returns could be waning. The combined value of buybacks in January through May was around 2 trillion yen (us$17.83 billion), down 50% from the year-ago period, says Goldman Sachs Japan. — Reuters
MAS: Singapore, global economy will be able adjust to Fed hikes: The global economy should be able to adjust to rising US interest rates but vigilance will be required as financial markets have been accustomed to ultra-loose monetary conditions, the Monetary Authority of Singapore managing director Ravi Menon said. — Reuters
Moody’s gives China-backed AIIB a triple-A credit rating: Moody’s Investors Service gave the Asian Infrastructure Investment Bank (AIIB) its highest possible rating, with a stable outlook. The triple-A rating was given because of ”the strength of AIIB’s governance frameworks, including its policies on risk management, capital adequacy and liquidity,” Moody’s said. — Reuters
Top local stories
Ringgit is Asia’s strongest currency: The ringgit is easily the strongest major Asian currency this quarter, climbing more than twice as much as the next best, the Chinese yuan. Global funds have bought the most Malaysian stocks year-to-date since the identical period in 2013, and net inflows to the bond market surged in April and May. — Bloomberg
Jetson bags RM919m project from China firm: Kumpulan Jetson Bhd announced it has clinched a RM919.32mil sub-contract from MCC Overseas (M) Sdn Bhd, a subsidiary of China Metallurgical Group Corp, to build high-rise serviced apartments and a hotel in Jalan Conlay, Kuala Lumpur. — StarBiz
Suspended FGV CEO Zakaria replies to show-cause letter: Felda Global Ventures Holdings Bhd’s (FGV) suspended president and chief executive officer Datuk Zakaria Arshad has sent his reply to a show-cause letter before noon Thursday. — StarBiz
Reach Energy to raise production up to 5,000 barrels by year-end: Oil and gas exploration and production company Reach Energy Bhd intends to increase oil production at its Emir-Oil concession block to between 4,000 and 5,000 barrels of per day by the end of the year. — StarBiz
Court dismisses Hock Seng Lee shareholder’s bid to remove 4 directors: The High Court in Kuching dismissed the application by a shareholder of construction, marine and civil engineering company Hock Seng Lee Bhd, Yii Chee Ming, to remove four current directors. — StarBiz
Poser over Genting Malaysia’s casino on tribal land in the US: Genting Malaysia’s proposed First Light Resort & Casino on tribal land in the US may have faced another setback after the Mashpee Wampanoag tribe unexpectedly withdrew its request for Category 1 review, says Maybank Investment Bank Research. — StarBiz
Power rebate or surcharge in July?: Consumers are expecting an announcement by the government on whether there will be a power rebate or surcharge for the next six months before the current term ends on June 30. For the first half of this year, the Government kept the electricity tariff rebate at 1.52 sen/kWh in the peninsula and 1.20 sen/kWh in Sabah and Labuan. — StarBiz
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