Energy
Brent Crude was 0.49% lower to US$48.56 per barrel at 2.50pm.
Forex
Ringgit down 0.03% to 4.3005 versus the US dollar at 3.22pm.
Top foreign stories
BoJ holds fire on fresh stimulus despite sinking economy: The Bank of Japan (BoJ) on Friday held fire on expanding its massive stimulus programme despite more weak data as the world’s number three economy teeters on the edge of recession. In a short statement following a closely watched meeting, the BoJ said it would hold steady on its record 80 trillion yen (US$665 billion) annual asset-buying scheme. — AFP
Small EU team leads tax battle against corporate goliaths: A small team of European Union officials is spearheading an investigation that could force some of the world’s biggest companies to pay billions of euros in avoided taxes. — Reuters
Taiwan economy shrinks for first time in six years: Taiwan’s economy suffered its first quarterly shrinkage since the height of the global financial crisis, hit by worse-than-forecast exports as key trading partner China suffers a painful growth slowdown. - AFP
China search giant Baidu sees lift from travel deal: Chinese search giant Baidu said on Thursday it expects a new travel services partnership to help drive future revenue as the country’s middle class grows, after it reported better-than-expected third-quarter earnings. Net profit slumped 26.7% year-on-year to US$447 million for the quarter ending in September, according to a statement. But adjusted earnings per share came in at US$1.43, beating the median forecast of US$1.28 in a poll of analysts by Bloomberg News. - AFP
European energy execs see bleak market outlook persisting: The outlook for oil and natural gas markets remains bleak for the rest of the year and much of 2016, meaning there will be no let up in pressure to control costs, executives from two European energy majors said. — Reuters
India eyes bankruptcy reform to ease decades of gridlock: A group of government-appointed advisers has recommended sweeping changes to India’s outdated and overburdened bankruptcy system, aiming to modernise a process that takes several years and costs investors and taxpayers billions. — Reuters
China developer Kaisa says it has made progress in debt restructuring talks: Debt-laden property developer Kaisa Group Holdings, the first Chinese developer to default on offshore bond coupon payments, has pushed ahead with a possible deal with offshore bondholders, a spokesman said. — Reuters
Top local stories
CIMB Niaga posts higher Q3 earnings: PT Bank CIMB Niaga Tbk posted net profit of 442 billion rupiah in the third quarter ended Sept 30, 2015 – which was 375.3% higher from the 193 billion rupiah in the second quarter. CIMB Niaga said its operating income grew 4.8% in 9M15 as its net interest income expanded by 4.8%. — StarBiz
Titijaya eyes KL property development via JV with Amona, Metrogale: Titijaya Land Bhd
is teaming up with Amona Development Sdn Bhd and Metrogale Development Sdn Bhd to look into property development opportunities in Kuala Lumpur region. Titijaya said on Friday its unit Titijaya Resources Sdn Bhd had formed a strategic collaboration for the joint venture, business and management of the JV company. — StarBiz
New date for FGV’s Eagle High purchase no later than Nov 30: Felda Global Ventures Holdings Bhd (FGV) says the signing of the definitive documents for the purchase of Indonesia-based PT Eagle High Plantations Tbk has been extended. FGV said on Friday the company and the vendors “are still in the midst of negotiating the terms of the definitive documentation and aim to sign the definitive documents no later than Nov 30”. The earlier deadline was Oct 31. — StarBiz
Sunway Construction deputy MD to take over the reins: Sunway Construction Group Bhd’s (SunCon) deputy managing director Chung Soo Kiong will take over as the managing director with effect from Nov 1. SunCon said on Friday this followed the plans by Kwan Foh Kwai, 63, to retire as senior managing director upon completion of his employment contract on Dec 31. — StarBiz
JAKS Vietnam unit achieves financial close of power deal: JAKS Resources Bhd’s Vietnam unit has achieved the financial close of the build-operate-transfer contract for the US$1.87bil coal-fired thermal power plant project in Vietnam. It said on Friday its unit Jaks Hai Duong Power Company Ltd had informed Vietnam’s Ministry of Industry and Trade about the financial close but this also hinged on fulfilling several requirements. — StarBiz
Malaysian SMEs need to do more to meet overseas demand: Malaysian small and medium enterprises (SMEs) should have enough capacity for their products to serve the overseas market, said the vice-president of the Malay Businessman and Industrialist Association of Malaysia, Datuk Naim Mohamad. - Bernama
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