Energy
Brent crude was 0.33% lower to US$48.26 per barrel at 3.36pm.
Forex
Ringgit up 0.02% to 4.2915 versus the US dollar at 3.43pm.
Top foreign stories
Singapore dodges recession as Q2 GDP gets tech boost, Fed risks eyed: Singapore’s economy grew in the second quarter, dodging a recession thanks to solid global demand for its tech products, though some analysts caution that rising rates in the United States could lift local borrowing costs in a blow to household spending. The economy expanded 0.4% in the April-June period from the previous three months on an annualised and seasonally adjusted basis, the trade and industry minstry’s advance GDP estimate numbers showed. — Reuters
China June fiscal spending growth quickens to 19.1%: China’s fiscal spending jumped 19.1% in June from a year earlier, quickening sharply from a 9.2% rise in May and signalling government efforts to cushion a gradual slowdown in the world’s second-largest economy. — Reuters
Japan’s NEC considers buying British software firm Civica for US$1.2b: Japanese information technology company NEC Corp is looking at buying British software firm Civica for 900 million pounds (US$1.2 billion) and has hired advisors to work on an offer, Sky News reported. An auction for Civica began several weeks ago and has drawn initial offers from three private equity firms - London-based BC Partners, Berkshire Partners and the Swiss-based Partners Group, Sky News said, citing an industry source. — Reuters
BlackRock supports effort to boost number of women board members: BlackRock Inc voted for eight proposals pushing US and Canadian companies to adopt policies boosting their boards’ diversity during the most recent quarter, the world’s largest asset manager said. BlackRock said it supported the shareholder motions to press companies to develop or disclose policies geared to promote gender diversity. — Reuters
Neoenergia seeks US$11b valuation in dual Brazil, US listing: Neoenergia SA, whose takeover of a smaller rival will turn it into Brazil’s No. 1 power utility by customers served, is working on a dual initial public offering in Sao Paulo and New York that could value it at 35 billion reais (US$11 billion), sources said. The IPO could be launched around September. — Reuters
Top local stories
New York racetrack, Las Vegas casino fuel Genting push in the US: Genting Group is seeking to move beyond its Asian roots - not just in New York and Las Vegas, but in Miami and suburban Massachusetts as well. The group has three US projects under way - the 3,000-room Resorts World Las Vegas that is scheduled to open in 2020, upgrade of its casino at the Aqueduct Racetrack in New York to iclude a 400-room hotel with a celebrity-chef restaurant and it is breaking ground on the US$400 million project near New York’s John F. Kennedy International Airport. The company’s bet on US comes as growth prospects uncertain in Asia. — Bloomberg
Bursa orders China Automobile to reissue FY15 statement in 6 months: Bursa Malaysia has ordered China Automobile Parts Holdings Ltd to reissue its audited financial statements for financial year ended Dec 31, 2015, within six months or face de-listing. — StarBiz
Public Mutual launches new fund: Public Mutual has launched the Public e-Flexi Allocation Fund, a new fund that will invest nearly all of its net asset value in equities, of which one-third will be in foreign markets. The issue price is 25 sen per unit during the initial offer period from Friday to Aug 3. The minimum initial and additional investment amount is RM100. — StarBiz
Public Bank to fully redeem RM3b notes ahead of schedule: Public Bank Bhd will redeem its RM3bil, 4.28% subordinated notes issued in 2011, together with accrued interest, on Aug 3, ahead of their maturity in 2022. — StarBiz
MoF, Bank Negara okay Affin’s proposed reorganisation: Affin Holdings Bhd has received approval from the finance ministry and Bank Negara for the reorganisation of the Affin group of companies. Affin said it still needs to obtain approvals from the regulatory authorities. — Bernama
Perodua on track to achieve 2017 sales target: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is on track to achieve its sales target of 202,000 units this year despite the continuous challenging economic environment, said president/CEO Datuk Dr Aminar Rashid Salleh. The carmaker sold 99,700 vehicles in the first half of 2017. — Bernama
Ajiya signs MoU with SPNB to collaborate on housing projects: Ajiya Bhd has entered into a memorandum of understanding with Syarikat Perumahan Negara Bhd (SPNB) to implement Ajiya’s Green Integrated Building Solutions in the development of housing projects under the SPNB Group. — StarBiz
Lien Hoe selling Johor land for RM100m to Plato Assets: Lien Hoe Corporation Bhd’s unit is selling 36.4 acres of land within Bandar Seri Alam, Johor for RM100.53mil cash consideration to Plato Assets (M) Sdn Bhd. Of the proceeds Lion Hoe will use RM90.50mil for working capital, business expansion and new investment. — StarBiz
Bursa queries MLabs over price surge: Bursa Malaysia has queried MLABS Systems Bhd
after its share price surged to a record high of 46.5 sen on Friday in active trade. — StarBiz
Perpetual buys into Star Entertainment: Perpetual is believed to be the main buyer of a US$233 million stake in Star Entertainment Group. The block was sold by Genting and the trade was carried out by UBS and is understood to have not been widely distributed to buyers.
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