Energy
Brent crude was 0.28% lower to US$56.84 per barrel at 3.35pm.
Forex
Ringgit up 0.15% to 4.2347 versus the US dollar at 3.45pm.
Top foreign stories
Singapore Airlines plans wide-ranging cost cuts to offset stiff competition: Singapore Airlines Ltd is pursuing more than 50 cost-cutting initiatives including reducing fuel burn and reviewing its relationship with key suppliers as part of a three-year plan to make the airline more competitive, a newsletter to staff shows. — Reuters
China approves HP’s US$1.1b buy of Samsung’s printer business with curbs: China said on Thursday it has approved HP Inc’s US$1.1 billion purchase of Samsung Electronics’ printer business with certain restrictions, citing concerns about the US firm’s dominance of the domestic laser printer market. — Reuters
Japan’s MS&AD to invest US$1b in UK’s ReAssure Jersey: Japan’s MS&AD Insurance Group Holdings Inc said on Friday it had agreed with Swiss Re AG to invest 800 million pounds (US$1.05 billion) to take a stake of up to 15% in UK-based ReAssure Jersey One Ltd. ReAssure is the latest deal for MS&AD, which announced two overseas transactions in August, including the US$1.6 billion acquisition of Singapore’s First Capital Insurance. — Reuters
Citigroup considering onshore cash equities business in China: Citigroup Inc is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stocks, to boost its share of the business in Asia, said the head of its regional equities unit. — Reuters
Asian currencies to stay steady, Fed tightening seen curbing gains: Asian currencies, on an upswing since the start of the year, are unlikely to trade higher than they are now in a year, held back as the US Federal Reserve presses on with further interest rate rises, a Reuters poll found. — Reuters
Sovereign funds target healthcare: Sovereign funds are increasingly tapping private markets, hoping that early investments in small firms will at some stage yield outsize returns. Their direct investments in healthcare totalled US$5.58 billion in the year to mid-September, Sovereign Wealth Fund Institute data show, up from US$2.15 billion in the first three quarters of 2016. — Reuters
Top local stories
Houses priced over RM250,000 make up 80% of new launches in Q1: The high-end property market remains in a glut as 80% of new launches in the first quarter this year were units priced above RM250,000, which were considered affordable to only 58% of Malaysian households, said Second Finance Minister Datuk Seri Johari Abdul Ghani. — Bernama
August exports higher than expected at RM82.2b: Malaysia’s exports rose 21.5% to RM82.2bil in August, above economists’ expectations of a 20% growth, driven electrical and electronic products. Month-on-month, exports rose RM3.6bil from RM78.6bil in July. — StarBiz
Go Auto to launch electric buses by end-2017: Go Auto, the official distributor for Haval vehicles in Malaysia, will launch electric vehicles (EV) and its components by end-2017, in line with efforts to transform Malaysia into a regional manufacturing hub. Executive director Datuk SM Azli SM Nasimuddin Kamil the company has been tasked with supplying electric buses, worth RM30 million, to the Melaka government. — Bernama
Danajamin issues RM500m tier-2 subordinated sukuk: Danajamin Nasional Bhd, the country’s first financial guarantee insurer, has issued its inaugural RM500 million, tier-2 subordinated sukuk, part of a RM2 billion of senior and subordinated Sukuk Murabahah. — Bernama
DoE lifts stop-work order on Lotte Chemical reactor: Lotte Chemical Titan Holding Bhd said the Department of Environment had on Thursday lifted the stop-work order on the company’s catalytic cracking reactor in Pengerang, Johor, as it had “satisfactorily completed the requested remedial actions”. — StarBiz
Maybank incorporates new unit in India: Malayan Banking Bhd
(Maybank) has incorporated a new subsidiary in India, MBB Labs Pvt Ltd, which will provide information technology development services to the Maybank group. — Bernama
Brent crude was 0.28% lower to US$56.84 per barrel at 3.35pm.
Forex
Ringgit up 0.15% to 4.2347 versus the US dollar at 3.45pm.
Top foreign stories
Singapore Airlines plans wide-ranging cost cuts to offset stiff competition: Singapore Airlines Ltd is pursuing more than 50 cost-cutting initiatives including reducing fuel burn and reviewing its relationship with key suppliers as part of a three-year plan to make the airline more competitive, a newsletter to staff shows. — Reuters
China approves HP’s US$1.1b buy of Samsung’s printer business with curbs: China said on Thursday it has approved HP Inc’s US$1.1 billion purchase of Samsung Electronics’ printer business with certain restrictions, citing concerns about the US firm’s dominance of the domestic laser printer market. — Reuters
Japan’s MS&AD to invest US$1b in UK’s ReAssure Jersey: Japan’s MS&AD Insurance Group Holdings Inc said on Friday it had agreed with Swiss Re AG to invest 800 million pounds (US$1.05 billion) to take a stake of up to 15% in UK-based ReAssure Jersey One Ltd. ReAssure is the latest deal for MS&AD, which announced two overseas transactions in August, including the US$1.6 billion acquisition of Singapore’s First Capital Insurance. — Reuters
Citigroup considering onshore cash equities business in China: Citigroup Inc is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stocks, to boost its share of the business in Asia, said the head of its regional equities unit. — Reuters
Asian currencies to stay steady, Fed tightening seen curbing gains: Asian currencies, on an upswing since the start of the year, are unlikely to trade higher than they are now in a year, held back as the US Federal Reserve presses on with further interest rate rises, a Reuters poll found. — Reuters
Sovereign funds target healthcare: Sovereign funds are increasingly tapping private markets, hoping that early investments in small firms will at some stage yield outsize returns. Their direct investments in healthcare totalled US$5.58 billion in the year to mid-September, Sovereign Wealth Fund Institute data show, up from US$2.15 billion in the first three quarters of 2016. — Reuters
Top local stories
Houses priced over RM250,000 make up 80% of new launches in Q1: The high-end property market remains in a glut as 80% of new launches in the first quarter this year were units priced above RM250,000, which were considered affordable to only 58% of Malaysian households, said Second Finance Minister Datuk Seri Johari Abdul Ghani. — Bernama
August exports higher than expected at RM82.2b: Malaysia’s exports rose 21.5% to RM82.2bil in August, above economists’ expectations of a 20% growth, driven electrical and electronic products. Month-on-month, exports rose RM3.6bil from RM78.6bil in July. — StarBiz
Go Auto to launch electric buses by end-2017: Go Auto, the official distributor for Haval vehicles in Malaysia, will launch electric vehicles (EV) and its components by end-2017, in line with efforts to transform Malaysia into a regional manufacturing hub. Executive director Datuk SM Azli SM Nasimuddin Kamil the company has been tasked with supplying electric buses, worth RM30 million, to the Melaka government. — Bernama
Danajamin issues RM500m tier-2 subordinated sukuk: Danajamin Nasional Bhd, the country’s first financial guarantee insurer, has issued its inaugural RM500 million, tier-2 subordinated sukuk, part of a RM2 billion of senior and subordinated Sukuk Murabahah. — Bernama
DoE lifts stop-work order on Lotte Chemical reactor: Lotte Chemical Titan Holding Bhd said the Department of Environment had on Thursday lifted the stop-work order on the company’s catalytic cracking reactor in Pengerang, Johor, as it had “satisfactorily completed the requested remedial actions”. — StarBiz
Maybank incorporates new unit in India: Malayan Banking Bhd
(Maybank) has incorporated a new subsidiary in India, MBB Labs Pvt Ltd, which will provide information technology development services to the Maybank group. — Bernama
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