Uber has come in for criticism from lawmakers, workers' rights activists and traditional taxi drivers.
Energy
Brent crude was 0.08% lower to US$51.97 per barrel at 3.41pm.
Forex
Ringgit up 0.06% to 4.2762 versus the US dollar at 3.50pm.
Top foreign stories
Uber knowingly rented out faulty cars, WSJ says; firm says it’s fixed the problem: Uber Technologies Inc knowingly rented its drivers defective cars at risk of catching fire, the Wall Street Journal reported on Friday, and the ride-hailing firm said it moved to fix the problem after one of the vehicles suffered a fire. — Reuters
Weak Indonesia consumption signals marginal rise in Q2 growth rate: Indonesia on Monday is expected to announce slightly higher economic growth in the second quarter, as weak consumption is crimping the country’s ability to get the pace well above 5%. The median forecast in a Reuters poll is for second-quarter growth of 5.10%, a touch stronger than January-March’s pace of 5.01%. — Reuters
Australia’s Crown Resorts misses profit forecast after China arrests: Australian casino giant Crown Resorts Ltd said its underlying annual profit fell by nearly a sixth, as a mass arrest of marketing staff in China led to a slump in high rollers visiting from the mainland. Normalised net profit before one-off items was A$343.1 million (US$272.9 million) for the year to June 30, down from A$406.2 million the prior year and below analyst forecast of A$369.1 million. — Reuters
Toyota to build US$1.6b US plant with rival Mazda: Toyota Motor Corp and rival Mazda Motor Corp are expected to announce plans on Friday to build a US$1.6 billion US assembly plant as part of a new joint venture, a source said. The plant will be capable of producing 300,000 vehicles a year, with production divided between the two automakers, and will employ about 4,000 people when it opens in 2021, the person said. — Reuters
RBS turns around, picks Amsterdam as post-Brexit base: Britain’s state-rescued Royal Bank of Scotland rebounded into profit in the second quarter and is preparing to use Amsterdam as a post-Brexit EU base. Earnings after taxation hit 680 million pounds (US$900 million) in the three months to the end of June, the lender said, which contrasts with a net loss of 1.077 billion pounds a year earlier. — AFP
Struggling Singapore Airlines offers crew unpaid leave: Singapore Airlines said on Friday it is offering cabin crew unpaid leave in a cost-cutting measure as it struggles to keep up in an increasingly tough market.
The airline, which posted a net loss in the fourth quarter of the last financial year, has launched a wide-ranging review and refused to rule out job cuts. — AFP
Japan’s GDP seen expanding for 6th straight quarter on domestic demand: Japan’s economy was expected to grow for a sixth straight quarter in April-June, buoyed by domestic demand as consumer spending recovered and firms increased their capital investment. Gross domestic product (GDP) was seen expanding at an annualised rate of 2.5% in the second quarter, a poll showed, — Reuters
Top local stories
Malakoff settles dispute over Tanjung Bin plant: Malakoff Bhd’s 90%-owned Tanjung Bin Power Sdn Bhd has signed an agreement to resolve the legal suit over its power plant which was affected by boiler tube failures and the inability to meet output conditions. The company said the signing of the agreement is expected to contribute positively to the earnings and net assets of Malakoff Group for the financial year ending Dec 31, 2017. — StarBiz
Malaysia’s June exports up 10% to RM73.1b: Malaysia’s exports rose 10% to RM73.1bil in June versus a year ago, below economists’ expectations for a 18.3% rise, boosted by electrical and electronic products. Imports increased to RM63.2bil, resulting in a trade surplus of RM9.9bil for the month. — StarBiz
Forest City launches RM470m IBS plant: Forest City has launched its first Industrialised Building System (IBS) manufacturing plant, costing RM470mil, in the mega development in Gelang Patah, Johor. It is the first of three factories to be built in the first phase of the IBS base under the smart and green flagship Forest City. — StarBiz
Malaysia July palm oil stocks likely to see first growth in 3 months: Malaysian palm oil stockpiles likely grew to 1.63 million tonnes in July, up 6.5% from the previous month, for the first time in three months as production gains outpaced export demand, a poll showed. That would be the highest volume so far this year, but the lowest July level since 2010. A rise in both inventories and output could pressure benchmark prices for the commodity. Palm prices have slid nearly 2% so far this week. — Reuters
MARC affirms Maybank ratings: Malaysian Rating Corp Bhd (MARC) has affirmed its financial institution ratings of AAA/MARC-1 on Malayan Banking Bhd
(Maybank). The ratings agency also affirmed the AAA rating on Maybank’s RM10bil senior medium-term note programme. It said the outlook on the ratings was stable. — StarBiz
Limited time offer:
Just RM5 per month.
