Energy
Brent crude was 0.14% higher to US$49.68 per barrel at 3.30pm.
Forex
Ringgit up 0.05% to 4.2960 versus the US dollar at 3.13pm.
Top foreign stories
Japan Inc scrambles for job-hoppers to cope with labour shortages: Japan’s labour shortage has pushed job-hopping to its highest since the global financial crisis, as companies scramble for workers with experience in the rapidly-ageing economy. The number of job-hoppers rose for the seventh straight year to 3.06 million in 2016, the highest since 2009, though it still accounts for just 4.8% of the labour market. — Reuters
BoJ to cut inflation forecasts, hold off on easing: Japan’s central bank will cut its inflation forecasts but hold off expanding stimulus this month, sources say, in another sign the bank is retreating from governor Haruhiko Kuroda’s initial pledge to do whatever it takes to achieve his ambitious inflation target. — Reuters
Indian e-commerce firm Snapdeal rejects rival Flipkart’s initial bid: India’s No. 3 e-commerce player Snapdeal, whose biggest shareholder is Japan’s Softbank, has rejected an initial takeover offer from its larger rival Flipkart this week, but the talks between the two camps that have been attempting to forge a deal for months continue, sources said. Flipkart’s initial bid for Snapdeal came in below the widely anticipated US$1 billion valuation, said one of the sources. — Reuters
China’s GSR eyes substantial stake in US$9b Chilean lithium miner SQM: Chinese private equity firm GSR Capital is looking to buy a substantial holding in Chile’s Sociedad Quimica Y Minera (SQM), one of the world’s biggest lithium producers, say sources. GSR could buy a stake of around 20% - worth just under US$1.9 billion at current market values, one of the sources said, but added there was no firm agreement. — Reuters
Geely’s Volvo to go all electric with new models from 2019: Geely-owned Volvo Car Group said on Wednesday all new models launched from 2019 will be fully electric or hybrids, spelling the eventual end to nearly a century of Volvos powered solely by the internal combustion engine. Five new models set to be launched in 2019 through 2021 - three of them Volvos and two Polestar-branded - will all be fully or partially electric. — Reuters
Renault strikes new venture deal with Brilliance China Automotive: Shares in French carmaker Renault edged up on Wednesday after Renault struck a deal to buy a 49% stake in Shenyang Brilliance JinBei Automobile company as part of its move to boost sales in China of light commercial vehicles. — Reuters
UBS Wealth recommends buying gold near US$1,200 for insurance: Gold will probably trade in a range of US$1,200 to US$1,300 an ounce in the short-term as the metal tracks US real interest rates, according to UBS Group AG’s wealth management unit. It said tactically, people should be buying it somewhere near US$1,200 and selling it again somewhere near US$1,300. — Reuters
Top local stories
MoF issues request for proposals to develop Bandar Malaysia: The Finance Ministry secretary-general Tan Sri Irwan Serigar Abdullah said on Wednesday the Government has been receiving enquiries for more details on the Bandar Malaysia project and that it is opening the request for proposal. — StarBiz
Research institute sees Malaysia GDP growing at 5% in 2017: Malaysia’s economy is expected to grow at a faster this year, driven by domestic demand and strengthening exports, says the Socio-economic Research Centre Sdn Bhd. The research institute raised its 2017 gross domestic product (GDP) growth forecast for Malaysia to 5% from 4.3% previously. The country’s GDP grew 4.2% last year. — StarBiz
Damansara Realty JV wins RM26.2m security job for Rapid project: Damansara Realty Bhd’s joint venture has bagged a RM26.21mil job to provide security management services for Petronas’ Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor. — StarBiz
EPF members can settle education loan under Account 2 from July 21: The Employees Provident Fund (EPF) has made it easier for its members to settle their outstanding education loans from July 21 and this could benefit up to 70,000 members who have yet to repay their loans. The retirement fund said the members would be able to settle their outstanding education loan from Account 2 under the education withdrawal facility irrespective of the effective date of their education loan agreement. — StarBiz
Good drivers to benefit from motor insurance liberalisation: The premiums for “good drivers and vehicle owners” would be lower with the liberalisation of motor insurance, says the Malaysian Insurance Institute (MII). It said efforts by vehicle owners to install safety features in their cars would be an added advantage to help lower their premiums, adding that drivers without any traffic offences would also benefit. — Bernama
Bina Puri power unit makes strong debut in Indonesia: Bina Puri Holdings Bhd
’s 80%-owned Indonesian power subsidiary, PT Megapower Makmur Tbk, made a strong debut on the Indonesia Stock Exchange on Wednesday, opening 70% above its offer price. — StarBiz
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