Top foreign and local stories at 4pm


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  • Tuesday, 30 May 2017

Energy

Brent crude was 0.63% lower to US$51.96 per barrel at 3.31pm.

Forex

Ringgit down 0.27% to 4.2838 versus the US dollar at 3.39pm.

Top foreign stories 

BAT to expand ‘glo’ smokeless tobacco sales in Japan from July: British American Tobacco (BAT) will expand sales of its “glo” tobacco-heating device to Tokyo and Osaka from July and roll it out nationwide by year-end, intensifying a battle with Philip Morris International for a share of Japan’s vaping market. — Reuters

Japan’s tight labour market offers hope for consumer spending: Labour demand in Japan rose to its strongest in more than 40 years while the unemployment rate held steady at a two-decade low in April, offering hope that a tight labour market will eventually spark a turnaround in weak consumer spending. — Reuters

China to launch cybersecurity law despite concerns: China will implement a controversial cybersecurity law on Thursday despite concerns from foreign firms worried about its impact on their ability to do business in the world’s second largest economy. Passed last November, the law is largely aimed at protecting China’s networks and private user information at a time when the recent WannaCry ransomware attack showed any country can be vulnerable to cyber threats. — AFP

LSE to buy Citi’s Yield Book bonds analysis business for US$685m: London Stock Exchange (LSE) has agreed to buy The Yield Book, Citigroup’s fixed-income analytics and indexing business, for US$685 million in cash, the companies said on Tuesday. LSE said the deal would boost the data and analytics capabilities of its information services and FTSE Russell franchise businesses, including an increase in benchmark assets under management to about US$15 trillion. — Reuters

Top local stories

EPF first-quarter investment income up 74% to RM11.8b: The Employees Provident Fund (EPF) registered strong financial performance in the first quarter ended March 31, 2017 with investment income of nearly RM11.8bil, aided by sharply lower impairments. It said its income was up 73.9% from RM6.78bil in the previous corresponding quarter. The value of EPF’s investment assets reached RM747.17bil, up 2.2% or RM16.06bil from Dec 31, 2016. — StarBiz

Supermax posts Q3 earnings of nearly RM20m: Supermax Corporation Bhd posted earnings of RM19.75mil on a revenue of RM308.22mil for the third quarter. The company said it was upbeat on the outlook for global demand for both natural rubber and nitrile gloves, citing developments in the healthcare sector such as rising awareness, increasing regulation and higher spending in both the public and private sectors. The company declared an interim dividend of 2.5 sen a share. — StarBiz

Celcom sets aside RM1.5b as capex to expand network: Celcom Axiata Bhd has projected a guided capital expenditure (capex) of RM1.5bil in 2017 to expand its network. Chief financial officer Jennifer Wong said as of the first quarter of this year, Celcom has spent close to RM167mil and would ramp this up progressively from the third quarter. — StarBiz

TRC to tender for MRT, LRT projects this year: TRC Synergy Bhd will tender for Mass Rapid Transit Corp (MRT) and Light Rail Transit (LRT) packages this year to boost contribution from its property segment, says managing director Tan Sri Sufri Mohd Zin. TRC is targeting contribution 80:20 contribution from property and construction segments. The ratio now stands at 90:10. — Bernama

Mclean seeks RM1.26m from Decor after profit shortfall: MClean Technologies Bhd is seeking RM1.26mil from Decor Industries Pte Ltd after its subsidiary failed to meet its profit guarantee of RM4.64mil. It said Decor unit DWZ Industries Sdn Bhd recorded an audited profit after tax for the financial year ended Dec 31, 2016 of only RM2.34mil. — StarBiz

Barakah Offshore posts Q1 pre-tax loss of RM3.15m: Barakah Offshore Petroleum Bhd posted pre-tax loss of RM3.15 million for the first quarter, against a pre-tax profit of RM1.66 million a year earlier. Revenue fell to RM76.84 million from RM103.34 million previously. The company attributed the weaker performance to lower revenue generated by its installation and construction services segment. — Bernama

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