Top foreign and local stories at 4pm

On Friday, Hyundai and Kia said they "accept the administrative order," adding: "There have been no reported injuries or accidents from the cited issues."


Brent crude was 0.17% higher to US$54.58 per barrel at 3.36pm.


Ringgit up 0.31% to 4.1973 versus the US dollar at 3.40pm.

Top foreign stories

Will Saudi Aramco deliver world record profit for next year’s IPO?: When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). — Reuters

UK employers raise pay as Brexit skills shortage bites: A fall in people coming to Britain from other European Union countries has aggravated a shortage of workers and forced employers to raise starting salaries at the fastest pace in nearly two years during August, a survey showed on Friday. The monthly report from the Recruitment and Employment Confederation and accountancy firm KPMG showed companies struggled to fill their vacancies and turned increasingly to recruitment agencies. — Reuters

Fresh China worries hit Hyundai, suppliers even as plant restarts: Shares in Hyundai Motor and its suppliers slid on Friday on fresh worries over its position in China after highly critical state newspaper comments - even as it managed to get a Chinese car plant restarted. — Reuters

Chinese online insurer ZhongAn wins HK approval for US$1b IPO: ZhongAn Online Property and Casualty Insurance Co Ltd, China’s first internet-only insurer, secured Hong Kong stock exchange approval for its planned initial public offering which could raise more than US$1 billion, sources said on Friday. — Reuters

China Aug imports beat forecasts but export grow shows signs of softening: China posted stronger-than-expected import growth in August, reinforcing views that the world’s second-largest economy is still expanding at a healthy pace despite tighter policy. China’s imports grew 13.3% from a year earlier, while exports softened to 5.5% from a year earlier. — Reuters

Commodity trader Noble again extends US$2b credit line: North American lenders to Noble Group have again extended the deadline for a US$2 billion credit facility, this time by three months to Jan 15, the commodity trader said on Thursday. — Reuters

Japan’s Q2 economic growth revised down from stellar first reading: Japan’s economic growth in the second quarter expanded at an annualised rate of 2.5%, much less than an initial estimate of 4.0% growth, government data showed on Friday, confounding hopes for a long awaited pick-up in domestic demand. — Reuters

Top local stories

Apex Equity sees 23% stake traded off-market at RM2 each: Apex Equity Holdings Bhd saw 23% of its paid-up traded off-market at midday on Friday. Stock market data showed that 49.77 million shares were crossed at RM2 each, which was 21 sen or 11.7% above Thursday’s closing price of RM1.79. — StarBiz

Chubb mulls selling stake in Malaysian insurance unit: Chubb Ltd, the US-listed property and casualty insurer, is considering paring its stake in its Malaysian insurance unit Chubb Insurance Malaysia Bhd to comply with a 70% limit on foreign ownership, Bloomberg reported sources as saying. The report said Chubb has picked Maybank Investment Bank to advise on a possible stake sale or domestic IPO and that the 30% stake could fetch at least RM200mil. — StarBiz

Northport, Shin Yang and Harbour-Link form strategic alliance: Northport (Malaysia) Bhd, Shin Yang Shipping Sdn Bhd and Harbour-Link Group Bhd have signed a memorandum of understanding (MoU) to firm a strategic alliance called The East Malaysia Network or TEAM Network. — Bernama

Islamic banks to develop waqf fund: Six Malaysian Islamic banks have entered a collaboration to develop a waqf fund revolving around economic empowerment, education, health and investment, in an effort to develop the Muslim economy. The agreement was signed by Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, Bank Kerjasama Rakyat Malaysia Bhd, Maybank Islamic Bhd and RHB Islamic Bank Bhd. — StarBiz
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