Energy
Brent crude was 0.12% higher to US$51.55 per barrel at 4.02pm.
Forex
Ringgit down 0.07% to 4.2797 versus the US dollar at 4.09pm.
Top foreign stories
Glencore signs deals to buy 49% of Hunter Valley coal: Glencore said on Thursday it had signed agreements to buy a 49% stake in coal mines in Australia’s Hunter Valley for just over US$1.1 billion, getting a share of assets it was expected to miss out on to China’s Yancoal. — Reuters
Barclays suffers US$1.6b first-half loss from Africa sale: Barclays reported a 1.2 billion pound (US$1.57 billion) attributable loss for the first half of the year, as it took a 2.5 billion pound hit from the sale of its Africa business. The lender on Friday reported a 1.4 billion pound loss on the sale of 33% of Barclays Africa Group, and a further 1.1 billion pound impairment charge on the sale. — Reuters
China bike-sharing firm Ofo in talks to raise US$1b, led by SoftBank: Chinese startup Ofo is in talks to raise US$1 billion in a new funding round led by Japan’s SoftBank Group, sources said, in what would be the largest fund-raising in the nation’s bike-sharing business. Ofo could reach a valuation of close to US$3 billion after the funding, one of the sources said. — Reuters
Low inflation to encourage India central bank to cut rates next week: The Reserve Bank of India is expected to cut interest rates when it meets on Aug 2, responding to an inflation rate running well below target, but an improving economy is likely to keep it on the sidelines for a long time thereafter, a poll shows. — Reuters
China says will persist with crackdown on forex irregularities: China will maintain a crack down on foreign exchange irregularities to ensure stability in the currency market and the broader economy, the country’s forex regulator said on Friday, in a sign Beijing will continue to keep a tight leash on capital outflows. — Reuters
China Eastern buying 10% of Air France KLM as part of airline JVs’ rejig: China Eastern Airlines Corp Ltd said on Friday it is buying a 10% stake in Europe’s Air France KLM SA, in what will be the first investment by one of China’s three largest state-owned airlines in a Western carrier. — Reuters
Top local stories
1MDB bonds steady before deadline for US$603m debt payment: 1Malaysia Development Bhd.’s bonds were steady ahead of a US$603 million arbitration payment to Abu Dhabi’s sovereign wealth fund next week. The obligation is half the amount 1MDB and Malaysia finance ministry agreed to make to International Petroleum Investment Co as settlement, with a second payment due at the end of 2017. — Bloomberg
Sime Darby unveils senior leaderships for units, listing by year-end: Conglomerate Sime Darby Bhd announced Friday it is on track for the listing of its plantations and property units by year-end and also unveiled the new chairman and senior leadership for the three units. — StarBiz
Malaysia, China auto parts makers team up: Globaltec Formation Bhd subsidiary AutoV Corporation Sdn Bhd has formed an alliance with China’s Ningbo Auto Components Industry Association - a government body that represents over 200 enterprises - to merge the latter’s research and development capabilities and financial strength with AutoV’s manufacturing capabilities, — Bernama
Growth in core retail ops to sustain Public Bank’s profitability: Public Bank Group aims to sustain continued profitability through its organic growth strategy in the core retail business for the financial year 2017. Public Bank founder and chairman Tan Sri Dr Teh Hong Piow said this was also premised on the group’s strong fundamentals and market position. — Bernama
IATA: Airlines to report higher Q2 profits: More than three-quarters of airline chief financial officers and heads of cargo indicated that profitability increased in the second quarter of 2017 versus a year earlier, according to a quarterly airline business confidence index survey conducted by the International Air Transport Association (IATA). — Bernama
Petronas installs biggest crude distillation column at PIC: Petroliam Nasional Bhd (Petronas) has installed the biggest crude distillation column for its Refinery and Petrochemical Integrated Development, currently under construction within the Pengerang Integrated Complex. — StarBiz
Already a subscriber? Log in.
Limited time offer:
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!