Alphabet unit Google is drawing on the expertise of at least five top law firms in Brussels to help it deal with its EU regulatory troubles. — Reuters
Energy
Brent crude was 0.88% lower to US$56.29 per barrel at 3.35pm.
Forex
Ringgit down 0.33% to 4.2343 versus the US dollar at 3.44pm.
Top foreign stories
UK’s Monarch Airlines ceases operations, thousands stranded: Britain’s Monarch Airlines ceased operations on Monday, forcing the authorities to initiate their biggest-ever peacetime repatriation effort to bring back tens of thousands of travellers stranded overseas. Monarch became the UK’s largest carrier to go into administration, cancelling about 300,000 future bookings. — Reuters
India RCom’s debt-repayment plan hit as unit’s merger deal with Aircel collapses: Embattled Indian telecom company Reliance Communications Ltd faced another setback on Sunday after a deal to merge its wireless business with smaller rival Aircel was called off, raising fresh doubts about its debt-repayment plans. The company, widely known as RCom, said it had agreed with Aircel, a subsidiary of Malaysia’s Maxis Communications, to call off the proposed deal due to regulatory delays and legal uncertainties. — Reuters
Bank watchdogs in final reform effort as fatigue sets in: Reforms aimed at preventing a repeat of the financial crisis a decade ago face a critical test this week when global regulators try to put the finishing touches to one of their main pillars. Watchdogs from the world’s leading financial centres have been trying for more than a year to finalise Basel III, their central response to the 2007-09 crisis that forced taxpayers into multi-billion dollar bailouts of undercapitalised banks. — Reuters
Google relaxes rules on free news stories, plans subscription tools: Google announced on Sunday that subscription news websites would no longer have to provide users three free articles per day or face less prominence in search results, relaxing its rules following complaints from media giants like News Corp that their sales were suffering. — Reuters
Singapore Q3 private home prices rise for first time in 4 years: Singapore’s private home prices rose for the first time in four years in the third quarter, marking a possible turning point for the sector, with analysts expecting clearer signs of a property market recovery in 2018. The private residential property index rose 0.5% to 137.3 in the third quarter, after easing 0.1% in the second quarter, the Urban Redevelopment Authority said. — Reuters
Global Logistic Properties buys European logistics firm for US$2.8b: Asia’s biggest warehouse operator, Global Logistic Properties (GLP), agreed to acquire European logistics platform Gazeley for about US$2.8 billion, marking its first push into Europe and underscoring consolidation in the buoyant sector. — Reuters
Top local stories
Petronas Chemicals sells 50% stake in PRPC Polymers to Saudi Aramco for RM3.8b: Petronas Chemicals Bhd has disposed of a 50% stake in its unit PRPC Polymers Sdn Bhd to Saudi Arabian Oil Co (Saudi Aramco) for US$900mil or RM3.8bil. The deal eventually will lead to the sustainability of feedstock supply to PRPC Polymers. — StarBiz
Johan expects nearly RM70m profit from Puchong project: Johan Holdings Bhd expects gross development profit of RM69.5mil from phase one of its proposed mixed development project in Puching, Selangor. The company also said it is winding up the operations of Prestige Ceramics Sdn Bhd which is located on the site. — StarBiz
MRCB rights shares go ex on Monday: Malaysian Resources Corp Bhd (MRCB)’s renounceable rights issue to raise at least RM2.2bil went ex on Monday, with the entitlement date for shareholders on Oct 4. The rights shares, priced at 79 sen each, will be listed on Bursa Malaysia on Nov 3. — StarBiz
Zafrul: EPF, PNB among buyers of Mitsubishi’s stake in CIMB: CIMB Group Holding Bhd chief Tengku Datuk Seri Zafrul Abdul Aziz said local Institutional investors, including Employees Provident Fund and Permodalan Nasional Bhd, as well as overseas investors had taken up Mitsubishi UFJ Financial Group (MUFG)’s 4.56% stake in the lender.
Ranhill buys 26.7% stake in Tawau Green Energy for RM18.7m: Ranhill Holdings Bhd has acquired a 26.7% stake, or 18.7 million shares, in Tawau Green Energy Sdn Bhd (TGE) for RM18.7mil or RM1 each. TGE has received requisite approvals to develop a 37-MW geothermal power plant in Apas Kiri, Tawau, Sabah. — StarBiz
MAHB courting five new airlines for KLIA: Malaysia Airports Holdings Bhd (MAHB) is in the midst of wooing five new airlines, a mix of full and budget carriers, to fly to the KL International Airport (KLIA). If all goes well, the new airlines would be joining KLIA’s operations next year, said managing director Datuk Badlisham Ghazali. — Bernama
Carimin secures MCM contract from Petronas Carigali: Carimin Petroleum Bhd has secured a five-year contract contract for the provision of maintenance, construction and modification (MCM) services from Petronas Carigali Sdn Bhd. — StarBiz
Foreign funds sell nearly RM1bil of Malaysian shares: Foreign investors sold RM967.3mil worth of Bursa-listed shares last week, versus RM477.7mil the week before, based on transactions on the open market which excluded off-market deals, says MIDF Research. — StarBiz
AirAsia offers year-end grand sale: AirAsia has launched its year-end grand sale promotion with fares of as low as RM39 for selected destinations within the country and the region and from RM279 for selected international destinations on AsirAsia X. The promotion runs from Monday to Oct 15 for immediate travels up to March 31, 2018. — Bernama
Stop-work order for Lotte Chemical facility: The Environmental Department has ordered Lotte Chemical Titan Holding Bhd
stop work at its KBR Catalytic Olefins Technology catalytic cracking reactor within its TE3 project for the company to mitigate and reduce odour emission and eliminate surface oil sheen/film discharge. — StarBiz
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