Energy
Brent crude was 0.67% higher to US$47.74 per barrel at 3.51pm.
Forex
Ringgit down 0.02% to 4.2945 versus the US dollar at 4.01pm.
Top foreign stories
Singapore malls take lead in bumping up food space to counter online hit: Singapore’s shopping centres, intent on keeping units filled and luring back patrons, are renting space to eateries far beyond industry norms in what observers say is a glimpse of how malls are coping with the online onslaught on brick-and-mortar stores. The often-billed shopping paradise has seen vacancy rates and rents near their weakest in at least six years. — Reuters
Two groups in race to buy US$10b valued Global Logistic Properties: The race to buy Global Logistic Properties is now between a Chinese consortium backed by the company’s management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the US$10 billion valued firm. The acquisition offers a chance for bidders to grab control of Asia’s biggest warehouse operator. — Reuters
China factory growth unexpectedly quickens: China’s factories grew at the quickest pace in three months in June, buoyed by strong new orders in a sign of stabilising growth, though analysts expect a further slowdown in the world’s second-biggest economy is inevitable as Beijing cracks down on debt risks. The official manufacturing Purchasing Managers’ Index (PMI) was at 51.7 in June, the 11th straight month of expansion. — Reuters
Britain says US$15b Fox bid for Sky risks giving Murdoch too much power: Britain intends to subject Rupert Murdoch’s takeover of European pay-TV group Sky to a lengthy in-depth investigation after finding the US$15 billion deal risks giving the media mogul too much power over the news agenda. — Reuters
Top local stories
KWAP sells over 9m Malakoff shares: Kumpulan Wang Persaraan (Diperbadanankan), or KWAP, has disposed of more than 9.3 million Malakoff Corp Bhd shares this month. After the sales, KWAP’s shareholding in Malakoff has been reduced to 8.145%, or 407.28 million shares. — StarBiz
Industrial output up 8% in May: The Producer Price Index (PPI) in May increased 8% to 107.5 in May versus a year earlier, said the statistics department. It said the highest increase was recorded by mining index (16.9%), followed by manufacturing (7.6%), agriculture, forestry andfishing (6.4%), electricity and gas supply (3.0%) and water supply (0.3%). — Bernama
Maybank IB positive on Aeon’s disposal: Maybank Investment Bank Research is “mildly positive” on Aeon Co
(M) Bhd’s proposed disposal of the Aeon Mahkota Cheras mall. The research maintains its FY18-19 earnings forecasts on Aeon for now due to marginal net earnings impact of less than 0.5% per yaer post the disposal. — StarBiz
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