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Energy
Brent crude was 0.29% lower to US$52.06 per barrel at 3.41pm.
Forex
Ringgit down 0.07% to 4.3265 versus the US dollar at 3.49pm.
Top foreign stories
Japan’s economy expands at fastest pace in a year in Jan-March: Japan’s economy grew in the first quarter at its fastest pace in a year to mark the longest period of expansion in a decade, thanks to robust exports and a helpful boost from private consumption. Japan’s economy expanded an annualised 2.2% in January-March, exceeding a median market forecast for a 1.7% rise to post the fastest growth rate since January-March 2016, Cabinet Office data showed. — Reuters
Philippine Q1 GDP growth weakest in a year, but rate rise on cards: The Philippine economy grew at its slowest pace in more than a year in the first quarter on weaker government spending, but strong exports and domestic consumption suggest the country remains poised to raise rates this year. Gross domestic product grew 6.4% in January-March from a year earlier, below forecasts for 6.8% growth and the slowest since the last quarter of 2015. — Reuters
EU fines Facebook 110mil euros over ‘misleading’ info in WhatsApp takeover: The European Commission on Thursday fined US social media giant Facebook 110 million euros (US$120 million) for providing incorrect and misleading information on its takeover of WhatsApp. — AFP
Qualcomm ups ante in fight with Apple, sues four Taiwanese suppliers: Chipmaker Qualcomm Inc has escalated its patent battle with Apple Inc, suing Foxconn and three other Taiwanese manufacturers that supply iPhone and iPad components for not paying royalties. — Reuters
Embattled Noble Group faces key financing test after market slump: Singapore-listed Noble Group faces a key financing test over the next few weeks as it negotiates a rollover of credit facilities against the backdrop of a surprise quarterly loss that pummelled market confidence in the commodity trader. A US$2 billion credit facility, secured on its inventories and working capital, is due to be rolled over by the end of June. — Reuters
Second US buyout firm bids for Australia’s Fairfax Media: Australia’s oldest newspaper publisher Fairfax Media Ltd on Thursday said it has received a takeover bid worth as much as A$2.87 billion (US$2.13 billion) from a second US private equity firm. The surprise offer from buyout firm Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers’ Pension Plan Board of A$1.20 a share. — Reuters
S. Korea lowers hopes for drastic reform of chaebol: South Korea’s prospective antitrust chief, Kim Sang-jo, on Thursday said there no hurry to unravel the complex and opaque structures behind the powerful family-run conglomerates that dominate Asia’s fourth-largest economy. — Reuters
Top local stories
Malaysia’s solid exports, demand likely spurred faster Q1 growth: Malaysia is expected to report on Friday that its pace of economic growth picked up in the first quarter, thanks to surging exports and resilient domestic demand. The median forecast in a Reuters poll of 12 economists was for 4.8% annual growth in January-March, up from 4.5% the previous quarter. — Reuters
Ringgit best performing currency in Asia ex-Japan in Q2: The ringgit is the best-performing currency in Asia ex-Japan so far in the second quarter, gaining 2.5% against the US dollar, says Standard Chartered Global Research. — StarBiz
Resorts World Las Vegas pushes opening date to 2020: Genting Group said its proposed Resorts World Las Vegas is expected to see full construction commencing in the third quarter of this year, aiming for opening in 2020. Genting also announced the appointment of Edward Farrell as president of Resorts World Las Vegas. — StarBiz
Moody’s: Genting Singapore’s redemption of debt notes credit positive: The move by Genting group’s Genting Singapore to redeem all of its outstanding S$2.3bil (US$1.6bil) perpetual securities on their respective call dates later this year is credit positive, says Moody’s Investors Service. The call redemption, which Genting Singapore (A3 stable) will fund using its cash and cash equivalents, will substantially improve the company’s credit metrics over the next 12 to 18 months, it said. — StarBiz
Kenanga-Rakuten online trading platform eyes 30% retail market share: Malaysia’s first fully online trading platform, iSPEED.my aims to capture up to 30% of the country’s retail market share in the next two to three years. The mobile app was launched on Thursday by Rakuten Trade Sdn Bhd, a joint venture between Kenanga Investment Bank Bhd and Japan-based Rakuten Securities Inc. — StarBiz
Celcom and Ericsson bring 5G to Malaysia: The domestic telecommunications technology is set to evolve into a whole new level after Celcom Axiata Bhd and Ericsson on Thursday conducted the country’s first 5G trial. — Bernama
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