Top foreign and local stories at 4pm

  • Business Premium
  • Tuesday, 05 Jul 2016

MALAYSIA - The central bank on May 7 became the first in Southeast Asia to cut its key interest rate this year, by 25 basis points to 3.0%, moving to support its economy at a time of concern about global growth.


Brent crude was 1.50% lower to US$49.35 per barrel at 3.42pm.


Ringgit down 0.41% to 4.0130 per US dollar at 3.50pm.

Top foreign stories

Australia central bank silent on outlook as it holds rates: Australia’s central bank kept interest rates at an all-time low of 1.75% on Tuesday, a widely expected decision given political uncertainty at home and abroad and a lack of timely data on domestic inflation. - Reuters

Oil prices dip on economic concerns:
Oil prices fell on Tuesday, with Brent dropping back below US$50 per barrel as economic concerns took centrestage with many analysts saying crude demand will stall later this year. — Reuters

China’s Midea buys nearly half of German robotics firm Kuka:
Two of German industrial robotics firm Kuka’s biggest shareholders – technology company Voith and entrepreneur Friedhelm Loh – said they have decided to take up Chinese appliances giant Midea’s offer of 115 euros (RM512) per share and sell their stakes. — Reuters

Top local stories

Genting Plantations purchase of Indonesian land won’t impact ratings, says RAM:
RAM Rating Services does not expect Genting Plantations Bhd’s proposed purchase of 21,995ha of plantation land in Indonesia to affect its ratings.It said on Tuesday the purchase price of US$42.15mil (RM173mil) was relatively small to Genting Plantation’s balance sheet. — StarBiz

Bank Negara reserves at RM390.4b:
Bank Negara’s international reserves totalled RM390.4bil or US$97.2bil as at June 30. As at June 15, the reserves were RM383.2b or US$97.4bil. — StarBiz

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