Top foreign and local stories at 3pm


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  • Tuesday, 01 Sep 2015

Forex

Ringgit up 0.92% to 4.1540 versus the US dollar at 2.55pm.

Top foreign stories

China manufacturing index slumps: Chinese manufacturing activity fell into contraction in August, with an official index on Tuesday slumping to a three-year low in the latest sign of a slowdown in the world’s second-largest economy. The official Purchasing Managers’ Index came in at 49.7 last month, the National Bureau of Statistics said. _ AFP

Australia central bank keeps rates steady: Australia’s central bank kept interest rates at a record low on Tuesday in a widely expected decision ahead of GDP data that is likely to show economic growth shifted a gear lower in the second quarter. The Reserve Bank of Australia left the cash rate at 2%, where it has been since May. It cemented its wait-and-see stance by repeating that it would assess upcoming economic data to judge the impact of past easings. — Reuters

China new home prices rise: New house prices in China rose in August from a year ago for the first time in 11 months, a survey showed on Tuesday, as government monetary easing policies boosted demand. The average cost of a new home in the country’s 100 major cities rose 0.15% year-on-year to 10,787 yuan (US$1,692) per square metre last month, snapping 10 straight months of decline, the China Index Academy said in a report. - AFP

7-Eleven under pressure in Australia over wage fraud claims: Convenience store giant 7-Eleven will establish an independent panel to review damaging allegations that its franchisees doctor payrolls and systematically underpay workers in Australia. A joint investigation by the Australian Broadcasting Corp and Fairfax Media uncovered evidence that many of the 620 franchisee stores nationally were involved in exploiting workers. - AFP

Macau casino revenue plunges: Gambling revenue in Macau dropped 35.5% in August from a year earlier, sliding for 15 months in a row - more evidence of a deepening downturn that prompted the territory’s government to announce on Tuesday it would tighten fiscal spending. Casino revenues in the world’s biggest gambling hub tumbled to 18.6 billion patacas (US$2.3 billion), as China’s slowing economic growth has exacerbated a gambling slump caused by a broader crackdown on conspicuous spending. - Reuters

Top local stories


12 firms send proposals for Bandar Malaysia: Twelve companies have submitted proposals for the final stage of evaluation to participate as development partners in the 486-acre Bandar Malaysia project in Sungai Besi. CH Williams Talhar and Wong, the transaction adviser for the Bandar Malaysia request for proposal, said on Tuesday the 12 final stage bidders comprised domestic private developers, government-linked companies and foreign parties either submitting independently or as a consortium. - StarBiz

LBS Bina gets RM108mil from sale of China property: LBS Bina Bhd has received the second tranche of HK$200mil (RM108mil) from the sale of its assets in China to Zhuhai Holdings Investment Group Ltd. It said on Tuesday the payment would enable the group to reduce its cost of borrowings and enhance cashflow and earnings for the financial year ending Dec 31, 2015. - StarBiz

NCIA, Fabtronic, Advantest ink Mou for maiden chip test lab: The Northern Corridor Implementation Authority (NCIA) on Tuesday inked a memorandum of understanding (MOU) with Fabtronic Sdn Bhd and Advantest (Singapore) Pte Ltd in Tokyo, paving the way for a shared services test laboratory and skills development training programme here. - Bernama

D-8 targets RM2.08 trillion trade by 2018: Trade among the Developing-8 (D-8) members - comprising Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey - is expected to reach US$500 billion (RM2.08 trillion) by 2018. - Bernama

NPC unit to sell land for RM74mil: NPC Resources Bhd (NPC) unit Transglobe Enterprise Sdn Bhd has signed an sale agreement with Ladang Sri Harapan (Sabah) Sdn Bhd to dispose of agricultural land in Sabah to the latter for RM74.05 million. The proposed disposal of the 0.81ha is expected to be completed in the fourth quarter of this year, NPC said. - Bernama

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