Top foreign and local stories at 4pm


The carrier, a barometer of the health of Asia's competitive airline industry, has come under pressure.

Energy

Brent crude was 0.86% higher to US$52.49 per barrel at 3.45pm.

Forex

Ringgit up 0.13% to 4.2740 versus the US dollar at 3.52pm.

Top foreign stories


Samsung leader Jay Y. Lee given 5-year jail sentence for bribery: The billionaire head of South Korea’s Samsung Group, Jay Y. Lee, was jailed for five years for bribery on Friday after a six-month trial over a scandal that brought down the president. Lee had paid bribes in anticipation of favours from then president Park Geun-hye, according to a landmark ruling by a Seoul court, which also found him guilty of hiding assets abroad, embezzlement and perjury. — Reuters

China’s JD.com invests in Indonesia’s Go-Jek amid SEA Asia push: JD.com Inc has invested in Indonesian ride-hailing startup Go-Jek, sources said, in the latest move by China’s second-largest e-commerce firm to tap growth in South-East Asian mobile-based services. Go-Jek, whose investors include global private equity firms KKR & Co LP and Warburg Pincus LLC as well as venture capitalist Sequoia Capital, has raised about US$100 million from JD.com, one of the sources said. — Reuters

Surge in air cargo demand adds heft to Asian airline earnings: A resurgence in air cargo demand is bolstering earnings at Asian airlines and is set to remain particularly robust all year, a boost for many carriers as fierce competition squeezes margins in their mainstay passenger operations. — Reuters

Australia says organised crime costing US$28b a year: Organised crime is costing Australia A$36 billion (US$28.43 billion) a year, the criminal intelligence authority said on Thursday. Money laundering was the main threat amid the rise of online banking and digital currencies, the Australian Criminal Intelligence Commission said in a report on organised crime in the country. — Reuters

Top local stories

AirAsia sells 50% stake in training JV for RM429.3m: AirAsia Bhd has sold its entire 50% stake in its joint venture with aviation training provider CAE for US$100mil (RM429.3mil) in a bid to focus on its core business. - StarBiz

Q2 earnings jump; pays additional RM3bil dividend: Petroliam Nasional Bhd (Petronas) will pay an additional RM3bil dividend to the Government, on top of the RM13bil dividend commitment this year. The move follows its stellar second-quarter results, net profit where net profit more than quadrupled to RM7bil from RM1.7bil a year earleir thanks to higher oil prices, Revenue rose 10% to RM51.6bil from RM46.9bil previously. — StarBiz

Petronas CEO: Brent crude to hover below US$50 a barrel this year: Petroliam Nasional Bhd (Petronas) chief executive officer Datuk Wan Zulkiflee Wan Ariffin expects Brent crude to trade slightly below US$50 per barrel this year. “For next year, it would hover over US$45,” he said. — StarBiz

Sime Darby FY17 earnings inch up 1% to RM2.44bil: Sime Darby Bhd’s earnings were slightly higher at RM2.44bil for the financial year ended June 30, 2017, compared with RM2.42bil a year earlier. Revenue rose 8.6% to RM31.98bil. In the fourth quarter earnings fell 53% to RM571mil mainly owing to impairments following a review of its operations. Quarterly revenue increased 6.1% to RM8.20bil. It announced a dividend of 17 sen a share compared with 21 sen a year ago. — StarBiz

Bumi Armada posts Q2 earnings of RM116m: Bumi Armada Bhd’s posted second-quarter earnings of RM116.59mil, from a net loss of RM518.32mil a year ago, boosted by the floating production and operations. Revenue increased by 72.3% to RM694.42mil, while earnings per share were 1.99 sen compared with loss per share of 8.84 sen a yaer earlier. — StarBiz

1,500 SMEs to be listed on Alibaba.com by November: A total of 1,500 pilot small and medium enterprises (SMEs) will be ready for listing on the AliBaba.com e-commerce platform by early November, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. The SMEs will be selected by SME Corp Malaysia, Malaysia External Trade Development Corp and Malaysia Digital Economy Corp. — Bernama

Bursa issues UMA query to Palette Multimedia: Bursa Malaysia has queried Palette Multimedia Bhd after the sharp rise in its volume and share price, which rose the highest in recent years. — StarBiz

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