Top foreign and local stories at 4pm


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  • Wednesday, 19 Oct 2016

Energy

Brent crude was 1.06% higher to US$52.23 per barrel at 3.40pm.

Forex


Ringgit down 0.03% to 4.1937 versus the US dollar at 3.50pm.

Top foreign stories

Sharp says expects significant profit improvement: Japan’s Sharp Corp on Wednesday said it expects significant improvement in annual profit due to restructuring and synergies with new owner Foxconn, sending shares in the display maker soaring more than 10%. The statement came after the Nikkei business daily reported that Sharp forecasts operating profit of about 40 billion yen (US$385 million) for the business year through March. — Reuters

China Q3 GDP grows 6.7%, in line with expectations: China’s economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter and in line with market expectations, as increased government spending and a property boom offset stubbornly weak exports. - Reuters

Japan to tighten regulations on high-frequency traders: Japan plans to tighten regulations on high-frequency trading, whose growing presence in the Tokyo Stock Exchange has raised concerns such trades could destabilise the market and put retail investors at a disadvantage. — Reuters

China Sept property investment and sales quicken: September’s investment in Chinese real estate showed its strongest growth since May as booming construction, sales and prices contributed handsomely to third-quarter economic expansion of 6.7% - offsetting stubbornly weak exports. Property investment rose 7.8% in September from a year earlier, according to Reuters calculations based on data issued by the National Bureau of Statistics. — Reuters

Tabcorp to buy Tatts for US$4.9b, creating Australian betting powerhouse: Australia’s Tabcorp Holdings has agreed to acquire rival Tatts Group for around A$6.4 billion (US$4.9 billion), forming a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals. — Reuters

All aboard! Singapore now to try out self-driving buses: Singapore signed an agreement on Wednesday to start testing self-driving buses, as the city-state pushes ahead with its vision of using autonomous technology to help deal with the challenges posed by its limited land and labour. — Reuters

Indonesia central bank seen taking a pause after multiple rate cuts: Indonesia’s central bank, which has cut rates aggressively this year, is expected to hold its benchmark steady on Thursday as it assesses the impact of earlier policy easing on the sluggish economy. — Reuters

Report: Nissan chief Ghosn to head Mitsubishi Motors: Nissan chief Carlos Ghosn will become chairman of Mitsubishi Motors after Japan’s number two automaker announced a major investment in its scandal-hit rival, a report said on Wednesday. — AFP

Robust Brazil, improving France lift Carrefour Q3 sales growth: World number-two retailer Carrefour said on Wednesday sales growth accelerated in the third quarter, reflecting robust sales in Brazil and an improving performance in its biggest market, France, despite a difficult environment there. Carrefour said third-quarter sales were 21.78 billion euros (US$23.91 billion), above the median analyst estimates for 21.71 billion in a Thomson Reuters poll. — Reuters

DHL Express bolsters regional trade with 85mil euros South Asia Hub: DHL Express has launched the 85 million euros (RM391mil) DHL South Asia Hub, a 24-hour express hub facility located at Singapore Changi Airport to increase its cargo handling capacity and for faster shipment processes. — StarBiz

IATA forecasts passenger demand to double over next 20 years: The International Air Transport Association (IATA) expects 7.2 billion passengers to travel in 2035, a near doubling of the 3.8 billion air travelers this year. The prediction is based on a 3.7% annual compounded average growth rate, it said. — Bernama

Top local stories

Digi Q3 earnings rise 10.3%, declares 5.6 sen dividend: Digi.com Bhd’s third-quarter earnings climbed 10.3% to RM438.38mil, underpinned by strong growth in postpaid revenue and improved prepaid sustainability. Its revenue fell 3.32% to RM1.619bil from RM1.674bil a year ago. The telco announced declared an interim dividend of 5.6 sen per share, totalling RM435mil. — StarBiz

Maxis posts strong earnings in Q3, declares 5 sen dividend: Maxis Bhd posted a strong set of earnings in the third quarter and declared a dividend of five sen a share. It announced on Wednesday earnings were up 19.7% to RM503mil from RM420mil a year ago. Its earnings per share were 6.7 sen compared with 5.6 sen a year ago. Maxis’ revenue, however, dipped 0.46% to RM2.156bil. — StarBiz

SC files civil suit against Sreesanthan for insider trading: The Securities Commission has filed a civil suit at the Kuala Lumpur High Court against Datuk Sreesanthan Eliathamby for insider trading involving the shares of Worldwide Holdings Bhd. — StarBiz

Property managers propose progressive loan repayment plan: The Malaysian Institute of Professional Property Managers (MIPPM) is proposing a progressive loan repayment system to ease property financing for house buyers. MIPPM president Sarkunan Subramaniam said on Wednesday such a scheme would allow home buyers to increase their monthly repayments in tandem with the higher salaries they would earn over a progressive period of time. — StarBiz

Mercedes-Benz targets sales of 12,000 units this year: Mercedes-Benz Malaysia Sdn Bhd is optimistic of achieving sales of 12,000 cars in 2016, surpassing last year’s 10,845 cars, based on the positive growth seen in the nine-month period this year. — Bernama

Federal Furniture to buy 60% stake in builder for RM33m: Federal Furniture Holdings Bhd has proposed to diversify into construction by acquiring a 60% stake in Pembinaan Masteron Sdn Bhd for RM33 million. Federal Furniture said the proposed deal will help the group diversify its revenue stream and reduce dependency on the current core businesses. — Bernama

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