Energy
Brent crude was 0.34% lower at US$49.42 per barrel at 2.34pm
Forex
The ringgit was down 0.43% to 3.8945 versus the US dollar at 3.03pm.
Top foreign stories
Robust US services sector keeps Fed rate hike in play: US private job growth slowed in July, but a surge in services industry activity to a near-decade high suggested solid economic momentum that strengthens the case for a Federal Reserve interest rate hike this year. The firm domestic fundamentals were underscored by another report on Wednesday showing an increase in imports of food, vehicles, industrial supplies and consumer goods in June. — Reuters
China July economic data seen downbeat after signs of hope in June: China’s economy likely showed renewed signs of weakness in July after a brief pick-up in June, Reuters polls showed, reinforcing expectations that Beijing will need to roll out more policy support to meet its full-year growth target. — Reuters
Lifeline for Japan’s steel mills: Japanese steelmakers are a lone bright spot in a global industry weighed down by a prolonged slowdown as a weaker yen spurs the country’s automakers, big buyers of steel, to shift some production back home. A 60% plunge in the yen in the past three years is prompting automakers and other manufacturers to heed Prime Minister Shinzo Abe’s call to build at home and help revive Japan’s sluggish economy, lifting demand for steel that is used in cars and for construction. — Reuters
ANZ unveils US$2.2bil share sale: Australia and New Zealand Banking Group (ANZ) said it will raise A$3 billion (US$2.2 billion) in a share sale to meet tougher capital ratio rules - a smaller-than-expected offering that analysts believe only marks the start of further fundraising efforts. - Reuters
Thai consumer mood worsens: Thai consumer confidence fell to a 14-month low in July, dented by slow economic growth, contracting exports and low commodity prices, a university survey showed on Thursday. The consumer confidence index of the University of the Thai Chamber of Commerce dropped to 73.4 in July from 74.4 in June, its seventh consecutive monthly decline. The reading was the lowest since May 2014. - Reuters
Gates richest in tech, as Bezos’ fortune surges: Microsoft’s Bill Gates was the unsurprising leader of the first Forbes list of the richest global tech billionaires, while Amazon founder Jeff Bezos saw his personal fortune surge. Gates led the group with an estimated worth of US$79.6bil (RM309.34bil), trailed by Oracle founder Larry Ellison at US$50bil (RM194.31bil). The surprising number three was Bezos, who saw a gain of some US$13bil (RM50.52bil) in his fortune this year with the rise of Amazon shares, and is now worth US$47.8bil (RM185.76bil). — Reuters
Top local stories
Westports gets nod to raise container tariffs: Westports Holdings Bhd
has obtained the Government’s approval to raise the tariffs for containers in two phases. Phase one entailed an average approximate increase of 15% on key container tariff items, particularly terminal handling charges, which will take effect on Sept 1, 2015. Another average approximate increase of 15% would be implemented in Phase Two on Sept 1, 2018. — StarBiz
Higher earnings seen for PPB Group: MIDF Research expects PPB Group Bhd’s core net profit for the first half to June 30 to grow between 20% and 25% year-on-year in line with Wilmar International Ltd’s 21% core net profit growth. The research house said on Thursday Wilmar’s earnings contribution to PPB Group at the pre-tax profit level was 68% although PPB holds only 18.3% stake in Wilmar. MIDF is leaving PBB’s earnings forecast for both FY15 and FY16 unchanged. — StarBiz
Little earnings risk for PetGas: Petronas Gas Bhd (PetGas) faces little earnings risk as the company’s operational trends are inherently stable, according to Maybank Investment Bank Research. It is maintaining its “hold” call on PetGas with an unchanged target price of RM24. — StarBiz
IATA: Disappointing first half for global air cargo demand: The International Air Transport Association (IATA) says the remainder of 2015 holds mixed signals for air cargo demand after a “disappointing” first half. With growth of only 1.2% year-on-year in June, global air freight markets were stagnating, it said on Thursday. — StarBiz
Asean CEO confidence down but remains positive: The YPO Global Pulse Confidence Index for the Asean sub-region fell 4.9 points from 65.0 to 60.1 in the second quarter of 2015. But despite this decline, chief executive officers in the Asean region remained relatively positive. The most significant declines in confidence was in Indonesia, Malaysia and Singapore. Confidence increased among CEOs in Vietnam and Thailand. — Bernama
Mosti plans firm to commercialise local innovations: Science Technology and Innovation Ministry (Mosti) plans to form its own company or plant to commercialise local innovations to gain acceptance. Deputy Minister Datuk Dr Abu Bakar Mohamad Diah said he would be tabling a paper for this purpose as many innovations had not received support locally although commercialised. — Bernama
June trade balance boosted by higher exports, lower imports: Malaysia’s June trade balance of RM8bil in June was the highest in five months, underpinned by higher exports and lower imports from a year ago, said MIDF Equities Research. The research house said on Thursday the country’s trade statistics experienced a “positive surprise” with the trade balance improving from RM5.5bil in May to RM8bil in June. - StarBiz
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