Top foreign and local stories at 4pm

An Apple iPhone is pictured next to the logo of Apple in Bordeaux, southwestern France, February 26, 2016. REUTERS

Energy

Brent crude was 0.59% lower to US$47.35 per barrel at 3.36pm.

Forex

Ringgit down 0.17% to 4.0807 versus the US dollar at 3.46pm.

Top foreign stories

Barclays to cut more than 100 Singapore back office jobs: Barclays is cutting over 100 technology and back office jobs from its offices in Singapore, a source with direct knowledge of the matter said on Monday, as it seeks to reduce costs by relocating those roles elsewhere. — Reuters

Apple event has world watching for new iPhone: Apple is expected to unveil a new iPhone and maybe even a second-generation smartwatch at a special event in San Francisco on Wednesday. The rumour mill has been grinding away with talk of iPhone 7 models that will boast faster chips, more sophisticated cameras, and improved software while doing away with jacks for plugging in wired headphones. — AFP

Hanjin Shipping’s parent to raise funds to unload stranded cargo: Hanjin Shipping Co’s parent firm plans to raise 100 billion won (US$90.46 million) to fund the unloading of billions of dollars worth of cargo aboard vessels stranded around the world in the wake of its court receivership filing last week. — Reuters

Hong Kong to launch fintech ‘sandbox’ as rivals pull ahead: Hong Kong on Tuesday said it would establish a regulatory regime known as a “sandbox” for financial technology innovation in the banking sector, amid fears the city is losing ground to China, Australia and Singapore in the fintech race. — Reuters

Banks pump billions into deforestation-linked firms in South-East Asia: Banks have financed companies responsible for rainforest destruction in South-East Asia to the tune of billions of dollars, a study showed on Tuesday, and called on lenders to stop “fuelling forest crime”. — Reuters

Australia leaves interest rates on hold: Australia’s central bank on Tuesday held interest rates steady at a record low 1.50%, as it waits for more information on inflation pressures before signalling its next move. — AFP

Top local stories

Bank Negara seen keeping key rate at 3%: Bank Negara is expected to keep its benchmark rate unchanged on Wednesday, as the country’s economy is seen to be coping with global market volatility in the wake of Britain’s June Brexit vote. — Reuters

Companies Bill 2015 to take effect next year: The Companies Bill 2015, which will replace the Companies Act 1965, will be implemented in stages from next year. Companies Commission of Malaysia chief executive officer Datuk Zahrah Abd Wahab Fenner said companies would see some changes in the enforcement as early as in the first quarter. — Bernama

BAT shareholders okay land sale: Nearly all the shareholders of British American Tobacco (M) Bhd have approved the disposal of two parcels of leasehold lands to LGB Properties (M) Sdn Bhd for RM218mil. However, some worried about the outlook for the company. — StarBiz

Life insurance industry sees 20.8% growth in first half: The life insurance industry registered a 20.8% growth in new business weighted premium to RM2.44bil in the first half of 2016 compared with RM2.02bil a year earlier, said the Life Insurance Association of Malaysia. — StarBiz

Glove industry expects RM14.3b exports this year: The rubber gloves industry is expected to record RM14.3bil in export revenue for 2016 with stronger growth seen in the second half due to rising health awareness and outbreak of diseases. — StarBiz

Sime’s new 316m shares to be placed out at 5% discount: Sime Darby Bhd’s new 316.35 million new shares to be placed out would be at no more than 5% below the volume weighted average price for the preceding five market days. It said the issue price would be determined via book-building and fixed by the board. — StarBiz

Genting’s TauRX prospects remain uncertain: The prospect of Genting Bhd’s TauRx Pharmaceuticals Ltd being a catalyst for the group is fading away, according to Maybank Investment Bank Research. — StarBiz