Business News

Tuesday, 25 July 2017 | MYT 3:47 PM

Top foreign and local stories at 4pm

Energy

Brent crude was 0.53% higher to US$48.86 per barrel at 3.34pm.

Forex

Ringgit down 0.09% to 4.2818 versus the US dollar 3.43pm.

Top foreign stories

S. Korea Q2 GDP growth seen slowing from 1st quarter as consumption lags: South Korea’s economy was expected to grow at a much slower pace in the second quarter of 2017 after marking a six-quarter high three months earlier, a poll showed, as tepid private consumption dragged on economic recovery. The economy was expected to have grown 0.6% in sequential terms, down sharply from a 1.1% gain in the first quarter. — Reuters

SIA shifts routes to budget arm Scoot amid strategic review: Singapore Airlines Ltd (SIA)’s budget arm Scoot on Tuesday said it would take over two routes from sister carrier SilkAir as the parent company conducts a wide-ranging strategic review designed to cut its cost base. SilkAir, SIA’s premium narrowbody arm, said it would transfer to Scoot its services from Singapore to Kuching, Malaysia, and from the city-state to Palembang, Indonesia, from October and November, respectively. — Reuters

Shell, SoftBank among potential suitors for US$5b renewable energy firm Equis: Royal Dutch Shell and SoftBank are among several global groups considering bidding for Equis Energy, Asia’s largest independent renewable energy producer valued at up to US$5 billion, sources familiar with the matter said. — Reuters

LG Display to invest US$7b in OLED production, Q2 profit jumps: South Korea’s LG Display Co Ltd said on Tuesday it will invest 7.8 trillion won (US$7 billion) in production facilities to make both large and small organic light-emitting diode (OLED) panels. It also said second-quarter operating profit soared to 804 billion won (US$721 million) from 44.4 billion won a year earlier. — Reuters

Toyota set to sell long-range, fast-charging electric cars in 2022: Toyota Motor Corp is working on an electric car powered by a new type of battery that significantly increases driving range and reduces charging time, aiming to begin sales in 2022, the Chunichi Shimbun daily reported on Tuesday. — Reuters

SK Hynix Q2 profit sets record on soaring memory chip sales: South Korea’s SK Hynix Inc on Tuesday said second-quarter operating profit rose 574% from a year earlier to set a record, matching market expectations, on strong demand for memory chips. The world’s second-biggest memory chip maker said April-June profit was 3.1 trillion won (US$2.78 billion). — Reuters

Michael Kors to buy shoemaker Jimmy Choo for US$1.2b: Michael Kors Holdings Ltd. agreed to buy Jimmy Choo Plc for about 896 million pounds (US$1.2bil), clinching the London-based maker of strappy stilettos, handbags and perfume. The handbag maker will pay 230 pence a share for the luxury shoemaker, a premium of 18 percent over Monday’s close,

Top local stories

Mier raises Malaysia’s 2017 GDP growth to 4.8%: The Malaysian Institute of Economic Research (Mier) revised up its gross domestic product (GDP) growth forecast for Malaysia to 4.8% this year from 4.5% previously. Executive director Dr Zakariah Abdul Rashid said the forecast was driven primarily by domestic demand and reinforced by stronger external demand. — StarBiz

Public Bank earnings rise 6%, to pay RM1b in dividends: Public Bank Bhd’s net profit rose 6% to RM1.33bil in the second quarter and declared an interim dividend of 27 sen, amounting to a payout of RM1.04bil. Its evenue incresaed 3.75% to RM5.17bil, while earnings per share rose to 34.49 sen from 32.53 sen from a year ago. For the first six months, Public Bank posted a net profit of RM2.58bil on revenue of RM9.98bil. — StarBiz

Najib: LEAP Market to take SME growth to next level: Bursa Malaysia Bhd’s new Leading Entrepreneur Accelerator Platform (LEAP) Market will help take the growth of small medium enterprises (SMEs) to the next level, says Prime Minister Datuk Seri Najib Tun Razak. Through LEAP, which was officially launched by Najib on Tuesday at the Invest Malaysia 2017, wealthy investors can lend money via the capital market to the SMEs. — Bernama

Linde investing RM150m in new plant in Shah Alam: Linde Malaysia will invest 30mil euros (RM150mil) to expand its gas and liquid production capacities at its site in Shah Alam. It will build and commission a new gas and liquid producing air separation unit at its site in Hicom Industrial Estate. — StarBiz

Malaysia making right progress towards high-income nation, says PM: Malaysia is making the right progress towards a high-income nation, as the economy continues to go through reforms and grow strongly, Datuk Seri Najib Tun Razak said. “We are stronger than ever as a result of the reforms and the programmes the Government has put in place,” the Prime Minister said. — Bernama

Bank Negara governor says US exiting TPP unfortunate: Bank Negara governor Datuk Muhammad Ibrahim said the US’ move to exit the Trans-Pacific Partnership (TPP) trade agreement was an unfortunate turn around for the global economy, adding the withdrawal has left many things unclear. — Bernama

Serba Dinamik group bags 6 new contracts totalling RM522.9m: Serba Dinamik Holdings Bhd subsidiaries have secured six operations and maintenance (O&M) contracts in the oil and gas industry valued at RM522.92mil. It said Serba Dinamik International Ltd was awarded two new projects by Agility Energy FZE to be undertaken in the United Arab Emirates. The combined contract value was RM420.42mil. Also, Serba Dinamik Sdn Bhd secured one new project from Malaysia LNG Sdn Bhd and three extension projects from PRPC Utilities and Facilities Sdn Bhd, Petronas Gas Bhd, and Murphy Sarawak Oil Co with an estimated total value of RM102.50mil. — StarBiz

Malaysia’s capital market grew 9% to RM3.1tril in first 6 months: Malaysia’s capital market increased 9% to RM3.1 trillion in the first six months of this year and is now ranked fifth in Asia, relative to the gross domestic product (GDP), Prime Minster Datuk Seri Najib Tun Razak said. Malaysia is also home to the largest number of listed companies in Asean and at US$29 billion, Bursa Malaysia also recorded the highest in funds raised in the last five years among the 10-member regional bloc, he said. — Bernama

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