Energy
Brent Crude was 0,91% lower to US$46.28 per barrel at 2.26pm
Forex
Ringgit was down 0.11% to 4.3147 versus the US dollar at 2.51pm.
Top foreign stories
Emerging economies plea for end to US rates agony: Some of the world’s biggest emerging economies are pleading for the United States to end their drawn-out agony and raise interest rates now. Already hit by a commodities crash sparked by the slowing of China’s once-booming economy, the mere prospect of the US Federal Reserve raising interest rates — perhaps as soon as Thursday — has battered the emerging giants that were once the world’s top performers. — Reuters
Indonesian August trade data shows persisting economic woes: Indonesia’s exports and imports performed better than expected in August, but the trade numbers show persistently weak growth for South-East Asia’s biggest economy. Exports fell 12.3% from a year earlier, while Imports declined 17.1%. The trade surplus narrowed to US$430 million from July’s US$1.38 billion. — Reuters
Thai central bank to keep rates steady: Thailand’s central bank is widely expected to leave its policy interest rate unchanged at 1.5% for a third straight meeting even as the economy continues to struggle more than a year after a military coup ended months of political unrest. - Reuters
China cracks down on ‘illegal’ stock trading accounts: China said it is cracking down on thousands of stock accounts linked to illegal trading, in its latest bid to restore order to markets pummelled by a rout that has wiped trillions off valuations in the country since June. The China Securities Regulatory Commission (CSRC) has so far targeted 3,255 accounts, shutting some and forcing others to trade through legal channels, it said late on Monday. — AFP
Vietnam eyes growth of 6.5% to 7% for 2016-2020: Vietnam aims to lift its growth rate over the next five years to an annual average of 6.5%-7% by capitalising on multilateral trade deals, modernising agriculture and boosting investments, its communist party said on Tuesday. The ruling party, which rarely details its economic strategy, is set for a shakeup in January 2016 after a five-yearly congress that will decide who leads a low-cost manufacturing hub with high-tech ambitions. — Reuters
New BMW CEO open to tie-ups with tech firms: BMW’s new chief executive Harald Krueger is open to exploring deeper partnerships with software and computer companies such as Apple, according to German newspaper Sueddeutsche Zeitung. BMW has realised next-generation vehicles cannot be built without more input from telecoms and software experts while Apple has been studying how to make a self-driving electric car. Krueger is honing BMW’s strategy. — Reuters
Top local stories
SKP Resources contract with Dyson worth RM3bil: SKP Resources has disclosed the five-year contract which it clinched from its existing customer Dyson Ltd was worth RM600 million a year and had a tenure of five years, bringing the total contract amout to RM3 billion. - StarBiz
SapuraKencana Q2 earnings shrink 76%: SapuraKencana Petroleum earnings fell 76.6% to RM104.08mil in the second quarter due to provisions for impairment on oil and gas properties totalling RM539.9mil. The company said excluding the provisions, the group recorded a pre-tax profit of RM601.0mil, or up 14.1% from a year earlier. — StarBiz
Tabung Haji to bring back RM1bil from overseas: As part of efforts to boost Malaysia’s economy, Lembaga Tabung Haji (TH) expects to bring back RM1 billion from its foreign property investments, besides allocating about RM3.5 billion for local property investments. - Bernama
Malaysia ranked 58th in economic freedom: Malaysia has been ranked 58th out of 157 countries and territories in the Economic Freedom of the World: 2015 Annual Report by Canada’s Fraser Institute, released on Tuesday by the Institute for Democracy and Economic Affairs (IDEAS). In 2014, Malaysia was ranked 74th. — Bernama
MPOB to step up promotions in China: The Malaysian Palm Oil Board (MPOB) is focusing on promoting palm oil application in non-food products and health benefits in China to further support the growth of Malaysia’s palm oil industry. — Bernama
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