Top foreign and local stories at 4pm


  • Business
  • Friday, 08 Jul 2016

Energy 

Brent crude was 0.99% higher to US$46.86 per barrel at 3.35pm.

Forex

Ringgit down 0.65% to 4.0398 versus the US dollar at 4.43pm.

Top foreign stories

Brexit prompts biggest drop in UK consumer morale in five years: British consumer morale suffered its biggest drop in more than five years after last month’s decision by voters to leave the European Union, and surveys of recruitment firms and retailers also signalled a slowdown ahead. — Reuters

Microsoft leadership shake-up as veteran exec departs: Microsoft announced a shake-up in its top ranks, including the departure of longtime chief operating officer Kevin Turner for a new job. Microsoft chief executive Satya Nadella said five executives will divide the duties held by Turner, who played a pivotal role over the past decade as Microsoft shifted from packaged software to programs offered as services in the internet cloud to a gamut of connected devices. — AFP

China June forex reserves unexpectedly rise but outflow fears persist: China reported a surprise increase in June foreign exchange reserves on Thursday, but analysts said they could fall again in coming months if the weakening yuan triggers more capital outflows. China’s foreign exchange reserves rose US$13.4 billion in June to US$3.21 trillion, recovering from a five-year low in May, central bank data showed on Thursday. June’s increase was the biggest in 14 months. — Reuters

Vietnam’s 2016 economy seen slowing to 6.2%-6.3%: Vietnam’s economic growth in 2016 is expected to slow to 6.2%-6.3%, after expanding last year at the fastest pace in eight years, as export and industrial production growth is projected to fall short of target, a government official said on Friday. — Reuters

Top local stories


Crude palm oil prices skid to October 2015 low: Crude palm oil for third month delivery fell to a low of RM2,223 per tonne on Friday, the biggest intra-day drop since October 2012 , tracking the tumble of soybean oil and soymeal prices. At midday, CPO was down RM115 to RM2,240 per tonne, the lowest since Oct 12, 2015. — StarBiz

French sports equipment store Decathlon making big foray in Malaysia:
French sports equipment chain store, Decathlon, is embarking on an aggressive expansion in Malaysia by targeting to open up to 60 stores within the next decade. It launched its maiden Malaysian store in Kuala Lumpur recently. — Bernama

Scomi Engineering disputes PSI Incontrol’s RM1m claim:
Scomi Engineering Bhd’s major subsidiary Scomi Rail Bhd has been served with a winding-up petition over a RM1.01mil claim by PSI Incontrol Sdn Bhd. “Scomi Rail will take steps to apply to strike off the petition because the debt is disputed for reasons, amongst others, due to PSI’s failure to rectify its poor performance of its obligations under the contract,” it said. — StarBiz
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