Top foreign and local stories at 4pm


The price hit an unprecedented US$3,108, three times the US$985 it was worth early this year.

Energy

Brent crude was 0.24% lower to US$53.65 per barrel at 3.53pm.

Forex

Ringgit down 0.12% to 4.2007 versus the US dollar at 3.59pm.

Top foreign stories 

Lucky 8? US$1,000 price tag dampens iPhone enthusiasm in China: Apple Inc will launch an expected ”iPhone 8” on Tuesday, hoping the number’s auspicious connotations in China will help turn around fortunes in the world’s biggest smartphone market after six quarters of falling sales. Chinese shoppers, however, are already counting the cost, with the latest model tipped to have a price tag upward of US$1,000 - roughly double the average Chinese monthly salary. — Reuters

Japan govt launches US$12b follow-up sale of Japan Post shares: The Japanese government will sell an additional stake in Japan Post Holdings Co Ltd worth around US$12 billion, a regulatory filing showed on Monday, the first sale since the company’s mammoth 2015 listing. — Reuters

Chinese bitcoin exchanges say awaiting clarification on closure reports: China’s largest bitcoin exchanges said on Monday they were still awaiting clarification from the government following more media reports that Beijing was planning to ban trading of virtual currencies on domestic exchanges. — Reuters

CBS paying at least US$162m cash for Australia’s Ten Network: CBS Corp will pay at least A$201.1 million (US$162 million) in cash to buy Australian broadcaster Ten Network Holdings, according to documents released on Monday by Ten’s administrator. — Reuters

Global insurance capital rule snared in transatlantic divide: The first global standard for investors to compare how much capital insurers from different countries hold to keep policies safe is caught in a transatlantic tussle, casting doubt on whether it is practical, industry and regulatory officials say. — Reuters

Top local stories

Sime Darby submits applications to list plantation, property units: Sime Darby Bhd has submitted applications for the proposed listing of the plantation and property units to the Securities Commission. The conglomerate, which is demerging the plantation and property units, on Monday also announced the new boards and senior leadership for Sime Darby Plantation Bhd and Sime Darby Property Bhd. — StarBiz

Affin expects stronger loan growth in second half: Affin Holdings Bhd expects a stronger loan growth in the second half, 2.5% in the first, and predicts full-year growth to be at least 6%. On another note, chief executive officer Kamarul Ariffin Mohd Jamil said the bank was still awaiting regulatory approval to acquire FGV’s stake in AXA-Affin General. — StarBiz

Palm oil stocks rise 8.8% in August: Malaysia’s total palm oil stocks in August 2017 rose 8.79% to 1.94 million tonnes from 1.78 million tonnes in July, while crude palm oil stocks increased by 12.58% to 1.06 million tonnes from 938,502 tonnes the month before. — Bernama

July’s industrial output exceeds forecast at 6.1%: Malaysia’s industrial output, as measured by the industrial production index (IPI), increased by 6.1% in July 2017, exceeding a private sector forecast for a 5.1% rise. The statistics department said the growth was driven mainly by manufacturing, electricity and mining. — StarBiz

AmInvestment Bank wins ‘Best Sukuk House of the Year 2017’ award: AmBank Group’s investment banking arm, AmInvestment Bank Bhd, won the ‘Best Sukuk House of the Year 2017’ award at the seventh Global Islamic Finance Awards 2017 (GIFA) in Astana, Kazakhstan. — Bernama
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