Top foreign and local stories


Brent crude was 1.24% lower to US$47.72 3.50pm.


Ringgit up 0.42% to 4.1150 versus the US dollar at 3.57%.

Top foreign stories

China Railway Corp to issue US$45b worth of construction bonds: China’s state planner has approved plans by national operator China Railway Corp (CRC) to issue 300 billion yuan (US$44.91 billion) of bonds, as the country looks to ramp up infrastructure investment to support a slowing economy. — Reuters

Indonesian textiles firm Evergreen plans US$2.3b share issue: Indonesian textile materials trader PT Evergreen Invesco Tbk plans to raise around US$2.3 billion in an equity rights issue to pay off debt and settle obligations, in what would be the country’s biggest stock offering in eight years. — Reuters

Boeing says China to buy planes worth US$1tril over next 20 years:
Chinese airlines are likely to purchase 6,810 planes worth US$1.025 trillion in the next 20 years as they expand fleets to cater to robust growth in domestic and overseas tourism, Boeing Co forecast on Tuesday. — Reuters

China August factory output beats expectations:
China’s industrial output grew the fastest in five months in August as demand for products from coal to cars rebounded thanks to higher government spending and a year-long credit and property boom. Industrial output rose 6.3% in August from a year earlier, the National Bureau of Statistics said on Tuesday, surprising analysts who had expected it to pick up only slightly to 6.1%. — Reuters

Top local stories

Kuok said seeking buyer for US$500mil Golden Screen Cinemas:
Billionaire Robert Kuok is seeking a buyer for Golden Screen Cinemas Sdn Bhd, Malaysia’s largest movie theater chain, in a deal that could fetch as much as US$500 million, sources said. PPB Group Bhd, a company controlled by the Malaysian tycoon, has received first-round bids for the cinema business, a source said. — Bloomberg

MAHB plans US$1b spending to improve congested airports:
Malaysia plans to spend about US$1 billion over the next five years to refurbish and expand its airports as the country paces infrastructure growth with a surge in passenger traffic, said Malaysia Airports Holdings Bhd managing director Datuk Badlisham Ghazali, referring to KL International Airport. — Bloomberg

LBS and unit plan RM3.4b township:
LBS Bina Group Bhd subsidiary and Worldwide Property Management Sdn Bhd will undertake a township project in Ijok, Selangor with an estimated gross development vlaue of RM3.43bil. — StarBiz

MIDF upgrades Star Media to neutral with higher target price
: MIDF Research has upgraded Star Media Group Bhd to “neutral” from “sell” previously with a higher target price of RM2.46. The research house said Star Media group was slowly shifting its business model which predominantly places heavy reliance on the print and digital segment. This is done by putting more emphasis on the exhibition segments, — StarBiz

Axiata’s edotco pusing ahaed with IoT:
Axiata Bhd unit edotco is pushing ahead with its foray into the Internet of Things (IoT) aspirations and it will provide 25 sites for low-power long-range wireless protocol (LoRa) networks in Klang Valley.

Bumi Armada’s crucial time to deliver multiple projects:
Delivery of Bumi Armada Bhd’s new projects must be executed well by fourth quarter to address investor concerns on execution and termination risks before the stock could be re-rated, says UOB Kay Hian Research. — StarBiz
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