Top foreign and local stories at 4pm

Kenanga Research believes that the semiconductor industry will stay resilient with the global sales continuing to show healthy momentum.

Energy

Brent crude was 0.16% higher to US$45.04 per barrel at 3.19pm.

Forex

Ringgit down 1.30% to 3.9827 versus the US dollar at 3.49pm

Top foreign stories

Spanish banks launch new wave of job cuts, bank closures: Spanish banks, which slimmed down after a property boom went bust in 2008, are once again closing branches and slashing jobs as their profitability is hit by stiff competition. — AFP

Indonesia’s Q1 GDP grows at slower pace than forecast: Indonesia grew at a slower pace than expected in the first quarter, a disappointing start to the year as the country aims to get full-year growth back above 5%. The statistics bureau said on Wednesday Indonesia expanded an annual 4.92% in the January-March quarter, below the median expectation of 5.05%. — Reuters

Societe Generale unveils fresh cost cuts: Societe Generale SA on Wednesday announced additional cost cuts of 220 million euros (US$253 million) at its global banking and investor solutions division as it seeks to reassure investors that its diversified business could withstand a weak start to the year in investment banking. — Reuters

Brazilian prosecutors sue BHP, Vale for US$43b over mine tragedy: Brazilian prosecutors have filed a US$43.4 billion lawsuit against BHP Billiton and Vale over the Samarco mine dam burst that killed 19 and wreaked environmental havoc. — AFP

Chip industry sees slight rise in March global sales: US-based Semiconductor Industry Association reported a 0.3% increase in global sales of semiconductors in March 2016 of US$26.1bil, the first rise in five months, but it expects a tough time ahead for the sector. — StarBiz

Microsoft acquires Italian firm in IoT push: Microsoft announced it has bought an Italian firm specialising in connecting smart objects in the Internet of Things (IoT), continuing its push into cloud computing. Microsoft did not disclose how much it paid for Solair, which offers software and hardware that lets companies synch smart devices to the Internet. — StarBiz

Top local stories

R&A Telco buying Semua Shipping for RM150m: R&A Telecommunciation Group Bhd is buying Semua Shipping Sdn Bhd for RM150mil via the issuance of new shares as it seeks to regularise its financial position. R&A said on Wednesday it had signed a non-binding term sheet with Semua International Sdn Bhd to form part of its revamp plan to maintain its listing status on the ACE Market of Bursa Securities. — StarBiz

Malaysia to spearhead world’s first Islamic venture capital: Malaysia is spearheading the setting up of the world’s first Islamic Venture Capital in collaboration with the Islamic Development Bank (IDB), said Treasury secretary-seneral Tan Sri Irwan Serigar Abdullah. A memorandum of understanding is expected to be signed in Jakarta this month between Malaysia Venture Capital Management Bhd and the IDB, he said. — Bernama

MISC not buying TH Heavy’s assets: LNG shipping company MISC is not in talks to buy TH Heavy Engineering Bhd’s floating production and fabrication businesses. The company was responding to news reports that it was in talks with the oil and gas-related company for a possible purchase. — StarBiz