Top foreign and local stories at 4pm


  • Business
  • Wednesday, 10 Aug 2016

Rolling out the red carpet: Widodo wants US tech giants Apple, Google and Microsoft to invest in Indonesia.

Energy 

Brent crude was 0.69% lower to US$44.67 per barrel at 3.39pm.

Forex

Ringgit down 0.81% to 3.9950 versus the US dollar at 3.48pm.

Top foreign stories

Indonesia president considers cutting corporate tax rate to 17%: Indonesia’s President Joko Widodo is considering cutting the corporate tax rate to 17% from 25% to match Singapore’s tax rate, he was quoted as saying on the cabinet secretary’s website on Wednesday. — Reuters

Australia’s CBA defends record profit amid calls for inquiry: Commonwealth Bank of Australia CEO Ian Narev on Wednesday hit back at criticism of the banking sector as the nation’s No. 2 lender posted its seventh straight record profit, saying strong banks were good for the economy as a whole. CBA’s cash profit of A$9.45 billion (US$7.27 billion) for the year to June 30, up 3% from the previous year, came days after it refused to pass on a full cut in official interest rates and triggered fresh calls for the banks to be reined in. — Reuters

Australia’s Fairfax Media books loss: Australian publisher Fairfax Media reported a loss of close to A$900 million (US$692 million) on Wednesday but remained upbeat on signs that its digital and non-print businesses were performing strongly. — AFP

Venezuela tries to rally support for oil producer meeting: Venezuela on Tuesday said it was trying to rally support for a meeting of oil producers to agree measures to prop up oil prices, the struggling Latin American country’s biggest source of income. — Reuters

Central banks can’t just dial up growth: Central bankers can’t just “dial up growth” to stimulate economies, outgoing Reserve Bank of Australia governor Glenn Stevens said on Wednesday, expressing serious reservations about the world’s reliance on monetary policy. — AFP

Top local stories

Yong Tai gets nod for EGM over Sino Haijing entry:
Yong Tai said on Wednesday it had received Bursa Malaysia Securities Bhd and the Securities Commission’s (SC) approvals to hold an EGM to seek shareholders’ approval for Hong Kong-listed Sino Haijing Holdings Ltd to take a 34.5% stake in the company. — StarBiz

Maybank sells 99.99% stake in Thai asset management firm:
Malayan Banking Bhd subsidiary Maybank Asset Management Group Bhd has sold a 99.99% stake in Maybank Asset Management Thailand Co Ltd to Capital Link Holding Ltd of Thailand. - StarBiz

HSS Engineers opens at 58 sen amid cautious market:
HSS Engineers Bhd made a firm debut on the Ace Market of Bursa Malaysia on Wednesday, opening at 58 sen or eight sen above its offer price of 50 sen. — StarBiz

ABM urges first-time home buyers to consider govt schemes: The Association of Banks in Malaysia (ABM) has urged first-time home buyers to consider applying for government schemes such as My First Home Scheme (SRP) for assistance in property purchase. — Bernama
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