Top foreign and local stories at 4pm


Energy

Brent crude was down 0.26% to US$53.70 per barrel 3.56pm.

Forex

Ringgit down 0.18% to 4.2055 versus the US dollar at 4.02pm.

Top foreign stories

Leader of China’s US$9b Ezubao online scam gets life jail term: A Beijing court on Tuesday sentenced the architect of the US$9 billion Ezubao online financial scam to life imprisonment, and handed down jail time to 26 others, marking the close to one of the biggest Ponzi schemes in modern Chinese history. — Reuters

Lotte founder’s eldest son to sell most of stakes in 4 units: Shin Dong-joo, the elder son of Lotte Group’s founder, has decided to sell most of his stakes in Lotte Shopping and three other units of South Korea’s No.5 conglomerate, his company said without providing the value of the sale. Shin raised ”serious concerns” about the planned merger of Lotte Shopping with the three other affiliates - Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food. — Reuters

Apple set to unveil anniversary iPhone in major product launch: A decade after then-CEO Steve Jobs unveiled the first iPhone, Apple Inc on Tuesday is set to introduce a completely redesigned top-of-the-line iPhone along with two other new phones, as well as a big upgrade to the Apple Watch and a higher-definition Apple TV. — Reuters

Australian regulator takes aim at powerful banks: Australia’s corporate regulator on Tuesday took aim at the nation’s four major banks, saying they suffer from ”a lot of hubris” and are not used to being taken on by regulators who have recently stepped up scrutiny of the scandal-hit sector. — Reuters

Rupert Murdoch’s Fox joins court challenge to CBS’ Australian TV buyout: Rupert Murdoch’s Twenty-First Century Fox Inc joined a court challenge on Tuesday against rival US cable network CBS Corp’s proposed buyout of struggling Australian television broadcaster Ten Network Holdings Ltd. — Reuters

Samsung says Galaxy Note 8 pre-orders highest among Note series: Samsung Electronics Co Ltd on Tuesday said pre-orders for its Galaxy Note 8 premium smartphone have hit the highest-ever for the Note series, beating its predecessor Note 7 over five days by about 2.5 times. — Reuters

Top local stories

Bids for Singapore-KL High Speed Rail project wide open: The proposed Kuala Lumpur-Singapore high speed rail project is still “wide open” to all and both countries will choose the builder based on merits from tender expected to be opened in December. MyHSR Corpo CEO Mohd Nur Ismal Mohamed Kamal said it’s not true when some countries had claimed the project is already in the bag. — Bloomberg

Celcom Axiata Q2 net profit higher at RM331m: Celcom Axiata Bhd posted a 3.4% increase in normalised profit after tax, amortisation and minority interests to RM331mil for the second quarter against a year earlier on higher service revenue and total revenue of RM1.5bil and RM1.62bil, respectively. — StarBiz

Malaysia Airlines to announce deal to buy 8 Boeing 787 jets: Malaysia Airlines will announce a deal, worth more than US$1.8 billion at list prices, to buy eight widebody Boeing 787 jets during the visit of Prime Minister Datuk Seri Najib Tun Razak to the United States, two industry sources said on Tuesday. — Reuters

Sunway eyes land for transit-oriented development projects: Sunway Bhd is looking to acquire more land with good connectivity to new public infrastructure for transit-oriented development, said managing director of property division for Malaysia and Singapore, Sarena Cheah. — Bernama

Rubber glove prices may spike up, says trade body: Consumers will have to brace for higher prices of rubber gloves due to the distruption in a base material for producing nitrile latex and also higher latex prices. Malaysian Rubber Glove Manufacturers Association president Denis Low Jau Foo estimated glove prices could increase by as much as 9% to 12%. — StarBiz

Celcom Axiata confident of increasing LTE coverage to 85%: Celcom Axiata Bhd is confident of increasing its LTE (4G mobile network) population coverage to 85% by the year-end from 77% now, said chief executive officer Michael Kuehner. — Bernama
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