Lenovo Group Ltd's personal computer business will return to positive growth in its fiscal 2017/18 year. — Reuters
Energy
Brent crude was 0.55% higher to US$51.31 per barrel at 3.56pm.
Forex
Ringgit up 0.14% to 4.2895 versus the US dollar at 4.02pm.
Top foreign stories
China to promote private investment: China will take more steps to boost private investment, the state planner said on Friday, as policymakers seek to keep growth steady while reducing the economy’s reliance on state spending. A sharp slowdown in private investment last year forced Beijing to rely more heavily on fiscal spending and investment by heavily indebted state firms to hit its growth target. — Reuters
China’s Lenovo warns of cost challenges as it sinks to Q1 loss: Chinese personal computer maker Lenovo Group Ltd warned of higher costs and margin pressure due to shortages of components like memory chips, as it posted its first quarterly loss in almost two years on Friday. Lenovo lost US$72 million compared with a profit of US$173 million a year earlier — its first quarterly loss since September 2015 and lagged analysts’ average forecast of a US$5.29 million profit. — Reuters
Infosys CEO Vishal Sikka resigns, cites recent ‘drumbeat of distractions’: Infosys Ltd, in a surprise announcement, said Vishal Sikka has resigned as CEO citing a stream of distractions and disruptions in recent months, pushing down shares of the second-largest Indian IT services firm almost 8% on Friday. U.B. Pravin Rao, Infosys’ chief operating officer, was named interim managing director and chief executive. — Reuters
Chinese banks battle slowing loan growth, default risks loom: Chinese banks are set to see a slowdown in lending growth in the second half of the year, having exhausted most of their annual credit quota, raising the spectre of corporate defaults as financing costs climb further in the world’s No. 2 economy. — Reuters
Jack Ma-backed Yunfeng leads US$1.7b purchase of MassMutual Asia unit: Yunfeng Financial Group, backed by Alibaba founder Jack Ma, said it would be the main investor in a US$1.7 billion acquisition of US-based insurer MassMutual International’s Asia unit - a deal that sent Yunfeng shares surging more than 20%. — Reuters
Thai Q2 GDP growth seen cooling, weak private demand tempers export boost: Thailand’s economic growth is expected to have cooled slightly in the second quarter, as public and private investment slowed, offsetting some of the boost from stronger exports and tourism. Economic growth was projected at 1.0% in the second quarter compared with the first on a seasonally adjusted basis, a poll shows. — Reuters
Top local stories
Malaysia economy beats expectations with 5.8% growth: Malaysia’s economy grew at a faster pace of 5.8% in the second quarter ended June 2017 – the quickest since the first quarter of 2015 – exceeding economists’ forecast of a 5.4% expansion, underpinned by the services and manufacturing sectors. Bank Negara said given the 5.7% growth in the first half, the economy is expected to expand by more than 4.8% in 2017. — StarBiz
Second-quarter external debt lower at RM877b: Malaysia’s external debt declined to RM877.5bil at end-June 2017, better than end-March’s RM897bil, as the ringgit firmed up against select major and regional currencies, and also due to net repayment of interbank borrowings. Bank Negara said the external debt was equivalent to 66.9% of GDP. — StarBiz
Central bank cautions Malaysians on offshore ringgit trade: Bank Negara cautioned Malaysians that offshore trading of the ringgit is not allowed, in reference to Singapore Stock Exchange’s (SGX) recent move to introduce ringgit futures trade. “We’ll certainly take action,” governor Datuk Muhammad Ibrahim, adding that foreign banks licensed in Malaysia who helped Malaysians conduct such transactions would also be taken to task. — StarBiz
Bank Negara to issue framework to address medical insurance inflation: Bank Negara will come out with a framework as soon as possible to reduce the inflation of medical insurance, which now stands at 12%. Governor Datuk Muhammad Ibrahim said rising medical claims had increased pressure on medical insurance premiums, adding that on average, medical insurance claims rise 14% annually. — Bernama
Genting HK H1 losses widen to US$203.2m: Genting Hong Kong has reported a net loss of US$203.2mil for the six months ended June 30, compared to a loss of US$54.6mil in the first half of 2016, as operating expenses increased 38.5% to US$477.5mil. Revenue was US$532.5mil, up 22.2% fram a year ago, mainly owing to an increase in capacity days from the inclusion of the full six months’ operation of Genting Dream and Crystal Mozart. — StarBiz
RHB Islamic and CGC launch guarantee service for bumiputras: RHB Islamic Bank Bhd has teamed up with Credit Guarantee Corporation (CGC) to become the country’s first bank to provide Wholesale Guarantee Islamic (WG-i) Bumi. — StarBiz
Asia Aviation Capital sets up Dublin base: AirAsia Bhd’s Asia Aviation Capital has established a base in Dublin to target aircraft leasing customers in Europe, according to Irish news portal Independent.ie. — StarBiz
Volkswagen auto academy launched: Volkswagen Passenger Car Malaysia’s newly set up automotive academy in Glenmarie, Shah Alam, is aimed at creating technical manpower of global standards, capable of dealing with the challenges in the industry, said managing director Erik Winter. — Bernama
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