Top foreign and local stories at 4pm

The logo of Hyundai Motor is seen on the glass door at its branch in Seoul on January 2014. Hyundai launched the new Sonata sedan in South Korea on Monday in the model's first makeover in nearly five years - AFP Photo.


Brent crude was down 0.27% to US$52.20 per barrel at 3.46pm.


Ringgit up 0.11% to 4.2665 versus the US dollar at 3.49pm.

Top foreign stories

Australia’s Commonwealth Bank slapped with class-action suit: Commonwealth Bank of Australia was hit on Tuesday with potentially Australia’s biggest class-action lawsuit over a money-laundering scandal that has already smashed its share price and exposed it to billions of dollars in fines. — Reuters

China’s virtual coin fundraising ban just the start of tighter regulations: China is poised to further tighten rules on virtual currencies after regulators on Monday banned virtual coin fundraising schemes, Chinese financial news outlet Yicai reported, citing sources. Yicai said the announcement on the ban was just the start of further follow-up regulations of virtual currencies. — Reuters

Hyundai hit again by supply disruption in China, one plant halted: South Korea’s Hyundai Motor said it had suspended production at one of its China factories on Tuesday after a supplier refused to provide parts due to delays in payment - its second such incident in as many weeks. — Reuters

Australia’s central bank holds fire as economy on the rebound: Australia’s economy likely rebounded sharply last quarter as exports and public spending proved surprisingly upbeat, an outcome that would cheer the country’s central bank which left interest rates at record lows on Tuesday. The Reserve Bank of Australia has kept rates at 1.50% since last easing in August 2016 as it bets on a pick up in economic growth this year and next. — Reuters

Top local stories

Bank Negara to regulate e-KYC remittances: Bank Negara is planning to regulate electronic Know-Your-Customer, or e-KYC, processes for remittances. The new standard is expected to be finalised by October this year. — StarBiz

Telekom seeks RM112,790 from R&A for damaged cables: Telekom Malaysia Bhd has filed a statement of claim against R&A Telecommunication Group Bhd for RM112,790 for damaging its cables in Sri Petaling, near Endah Parade in 2013. — StarBiz

TRC Synergy bags RM760m contract from Prasarana: TRC Synergy Bhd, via subsidiary subsidiary, Trans Resources Corporation Sdn Bhd, has secured a RM760.55mil contract from Prasarana Malaysia Bhd for package TD2 of light rail transit line 3 (LRT3) from Bandar Utama to Johan Setia. — StarBiz

Foreign funds turn net buyers on Bursa after three weeks: Foreign funds acquired RM36.2mil net last week based on transactions on the open market, excluding off market deals, after three successive weeks of attrition, albeit only marginally, despite a holiday shortened trading week, said  MIDF Research said. — StarBiz

MDV to finance over 300 firms with RM1b fund: Malaysia Debt Ventures Bhd (MDV) aims to finance operations of more than 300 companies over the next 20 years via potential disbursements of RM4 billion raised through its third RM1 billion fund. — Bernama

Maybank Islamic expects 8% growth for its financing assets: Maybank Islamic Bhd expects its financing growth to achieve 8% this year, backed by improved customer sentiment and momentum in the country’s economy. — Bernama

Domestic money services business to grow 10%: Malaysia’s money services business (MSB) industry is expected to grow by 10% to RM130.35 billion this year, up from RM118.5 billion in 2016, mainly lifted by growth in the wholesale currency business. — Bernama
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