Elon Musk. Photo source: www.forbes.com
Energy
Brent crude was 0.51% higher to US$49.02 per barrel at 3.35pm.
Forex
Ringgit down 0.13% to 4.2983 versus the US dollar at 3.43pm.
Top foreign stories
Okada sues family in bid to regain control of gambling empire: Japanese casino and slot machine tycoon Kazuo Okada has filed a lawsuit against his son, daughter and wife in Hong Kong in an attempt to regain control of his sprawling business empire, according to a court filing and Okada. — Reuters
Airbus unveils leaner structure, confirms sales shake-up: Airbus on Monday formally kicked off a leaner corporate structure under chief executive Tom Enders, following a recent merger between its parent company and its dominant planemaking arm, and confirmed a reorganisation of its commercial sales. The reorganisation involves a single corporate headquarters in Toulouse, France, with Fabrice Bregier as group-wide chief operating officer and president of commercial aircraft. — Reuters
Tesla’s Musk says Model 3 gets regulatory nod for production: Tesla Inc’s high-volume Model 3 sedan passed all regulatory requirements for production two weeks ahead of schedule, chief executive Elon Musk tweeted on Sunday night. “(Model 3) Production grows exponentially, so Aug should be 100 cars and Sept above 1,500,” Musk said on Twitter. ”Looks like we can reach 20,000 Model 3 cars per month in Dec.” — Reuters
Asia manufacturing picks up in June but momentum seen slowing into second half: Manufacturing activity in Asia’s tech producing economies expanded in June, helped by growing global demand for electronics products, but headwinds in external markets could mean a moderation in growth in the second half of the year. — Reuters
Top local stories
Lotte Chemical scales back institutional IPO offer by a quarter to 524m: Lotte Chemical Titan Holding Bhd, which is seeking to list on the Main Board of Bursa Malaysia, has reduced the number of new shares offered to institutions to 524.21 million, or nearly a quarter, due to lack of strong response for the shares at RM8 each. — StarBiz
UOB: Women’s usage of credit cards incresaed 129% in last 5 years: Credit card expenditure among Malaysian women has jumped 129% in the last five years, while men’s credit card spend has grown by 71% over the same period. UOB Malaysia noted that women were increasingly using their credit cards to pay for basic necessities such as insurance, groceries and utilities; as well as other items such as travel and lifestyle shopping. — StarBiz
OCBC revises up Malaysia’s 2017 GDP growth to 4.8%: OCBC Bank has revise up Malaysia’s gross domestic product (GDP) growth to 4.8% for 2017, from 4.2% earlier, given the robust trade flows and stronger Q1 export growth. — Bernama
TA Investment declares 3.5 sen distribution for TA Growth Fund: TA Investment Management Bhd has declared a gross income distribution of 3.5 sen per unit for TA Growth Fund unit holders as at June 30, 2017. — Bernama
Limited time offer:
Just RM5 per month.
