MORE ACTION NEEDED: Worried by the increasing rate of attacks on banks by Internet hacks, the BoE surveyed 36 financial firms and banks in Britain and found no immediate critical shortcomings in their defences but did list some areas that need improvement.
Energy
Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5% in the previous session, partly on forecasts from the US government and Opec that demand would increase next year. Brent futures LCOc1 fell 55 cents to US$47.92 a barrel as of 0655 GMT after settling up US$2.22, or 4.8, in the previous session. — Reuters
Forex
Ringgit up 0.18% to 3.9735 versus the US dollar at 3.47pm.
Top foreign stories
Bank of England mulls rate cut after vote for Brexit: The Bank of England is mulling whether to cut interest rates for the first time in over seven years to curb economic fallout from Britain’s vote to exit the EU. The BoE on Thursday concludes its first interest-rate meeting since Britain voted on June 23 to exit the European Union and subsequent comments by governor Mark Carney that “some monetary policy easing will likely be required over the summer”. — AFP
Big brewers see strong potential for weak beer: Anheuser-Busch InBev, which will soon make almost 30% of the world’s beer, wants to serve more low and alcohol-free brews to drinkers trying to live a healthier lifestyle. The Belgium-based brewer has forecast lower and zero strength beer will grow from a small base to make up 20% of its sales by the end of 2025. — Reuters
Nissan launches auto drive features, stresses difference from hands-free driving: Nissan Motor Co Ltd launched a suite of semi-autonomous driving functions on Wednesday stressing they were intended to assist and not replace drivers, just two weeks after similar technology in another maker’s car was involved in a fatal crash. — Reuters
Top local stories
Bank Negara cuts OPR to 3%: Bank Negara decided to reduce the overnight policy rate (OPR) to 3% at its Monetary Policy Committee meeting on Wednesday on rising risks from Britain’s exit from the European Union. It said the ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25% and 2.75% respectively. — StarBiz
Berjaya Assets
, Foshan City plan duty free trade city in JB: Berjaya Assets Bhd unit Berjaya Waterfront Sdn Bhd and Foshan City Bureau of Commerce - which oversees commerce development and management of the government of Foshan City, Guangdong province in China - plan to undertake a South East Asia Duty Free Trade City project at Berjaya Waterfront, Johor Baru. — StarBiz
Investors cool to Genting’s foray into UK gaming: Genting Malaysia Bhd, among the Asian companies most exposed to the UK, is finding some investors aren’t prepared to take a chance on its foray into the country’s gaming market after the surprise vote to leave the European Union. — Bloomberg
AirAsia bags Skytrax World Airline Awards for eighth year: AirAsia has been named the World’s Best Low-Cost Airline and Asia’s Best Low-Cost Airline for the eighth year running. It won the 2016 Skytrax World Airline Awards, dubbed the “Oscars of the Aviation Industry”, at the Farnborough International Airshow in the United Kingdom. — Bernama
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