Energy
Brent crude was 0.61% lower at US$50.19 per barrel at 2.24pm.
Forex
Ringgit down 0.34% to 4.2250 versus the US dollar at 2.49pm.
Top foreign news
Japan services sector expand at fastest pace in two years: Activity in Japan's services sector expanded at the fastest pace in almost two years in August, a survey showed on Thursday, as companies turned more optimistic on business conditions in a sign the economy may be bouncing back. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.7 from 51.2 in July to reach the highest since October 2013. - Reuters
BoJ's Kiuchi warns Japan won't hit inflation goal for another 2-1/2 years: Japan is unlikely to see inflation hit the central bank's 2% target over the next 2-1/2 years as consumer spending remains weak and China's slowdown hurts exports, Bank of Japan board (BoJ) member Takahide Kiuchi said on Thursday. The former market economist also warned that Asian economies may see growth slow significantly as China suffers from huge slack and US consumer spending remains soft, keeping any rebound in Japan's economy modest. - Reuters
Online advertising shines in sputtering Thai economy: Unfazed by Thailand's faltering economy, businesses are penciling in bigger budgets for digital advertising as they target Thai consumers via smartphone apps, social networking forums and video-sharing websites. Digital advertising spending this year is forecast to jump by two-thirds to a record 9.9 billion baht (US$277.47 million) in South-East Asia's second-largest economy, according to the Digital Advertising Association (Thailand). - Reuters
Huawei takes aim at Apple, Samsung with new phone: China's Huawei Technologies has unveiled a new smartphone, taking aim at the high end of the market, which is dominated by Apple and Samsung Electronics. The Mate S, launched on the sidelines of Europe's biggest consumer electronics show, IFA, in Berlin, has a 5.5-inch display, a 13 mega pixel rear camera and fingerprint security. Huawei says it is one of the first smartphones to include a Force Touch display, which can distinguish between a light tap and deep press, enabling access to more functions just by pressing harder. - Reuters
Top local stories
Bina Puri gets RM95mil Pengerang job: Bina Puri Holdings Bhd
has secured a RM94.94mil contract for the civil works in a steam cracker complex at Petronas' RM60bil Refinery and Petrochemical Integrated Development project in Pengerang, Johor. Bina Puri Sdn Bhd accepted a letter of award from Toyo Engineering & Construction Sdn Bhd on Aug 12. - StarBiz
Retail Group again cuts retail sales growth: Retail Group Malaysia has once again cut its 2015 retail sales growth projection for Malaysia after second-quarter sales plunged 11.9% from a year ago, the worst quarterly retail growth rate since the 1997/98 Asian financial crisis. The independent retail research firm on Thursday attributed the outlook due to the weak consumer sentiment due to a softening local currency and recent political development. It now expects retail sales in the country to grow 3.1% this year, instead of the earlier forecast of 4%. - StarBiz
Economy in stronger position to meet any incoming storms, says Najib: Malaysia's economy is in a stronger position than it was during the 1997 Asian financial crisis to bear any "incoming storms", Prime Minister Datuk Seri Najib Tun Razak said. Local companies now have stronger balance sheets and governance, while structural reforms to the financial and banking sector has strengthened it against "intense bouts of volatility", Najib said on Thursday at the World Capital Markets Symposium in Kuala Lumpur. - Reuters
Banks likely to see subdued earnings growth: The banking sector in Malaysia will continue to face subdued earnings growth prospects amid slower lending, higher credit costs and ongoing net interest margin compression. - StarBiz
Catalyst for finance technology firms: The Securities Commission has launched the "Alliance of FinTech Community" (aFINity@Sc), an initiative to catalyse greater interest towards the development of financial technology. The initiative, aFINity@Sc seeks to drive a network of financial technology stakeholders to accelerate growth and innovation in this industry. - StarBiz
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