The EPF bought nearly 20 million IOI Corp shares in early March
Energy
Brent crude was 0.52% lower to US$55.18 per barrel at 3.40pm.
Forex
Ringgit up 0.33% to 4.1915 versus the US dollar at 3.46pm.
Top foreign stories
China body calls digital tokens risky: A senior executive at China’s state-backed internet finance body said on Friday ”stateless” digital tokens such as bitcoin posed risks as they could be used for illegal actions, and rules are needed to support the development of ”legal” digital currencies. — Reuters
Japan exports seen rising for a ninth straight month in August: Japan’s exports were expected to rise for a ninth straight month in August, a poll showed on Friday, underscoring the important role of foreign demand in driving economic recovery. Analysts also expect the Bank of Japan to keep policy rates unchanged at its meeting on Sept 20 and 21. — Reuters
China’s JD.com unit eyes US$1.5b stake in First Capital: JD Finance, a unit of China’s No. 2 e-commerce firm JD.com, is in talks to buy a 24% stake worth about US$1.5 billion in domestic brokerage First Capital Securities Co Ltd, sources said. If the deal goes through, it would be a precursor to JD Finance venturing into financial sectors such as securities, banking and insurance. Currently, it mainly offers online financial services and products in China. — Reuters
Mazda to make all models hybrid, electric by early 2030s: Mazda Motor Corp plans to make all of its vehicles electric-based, including petrol hybrids, by the early 2030s, Japanese media reported on Friday, as more automakers shift strategies to meet tightening global emission regulations. — Reuters
Bain says Dell, other tech firms join its bid for Toshiba chip unit: Bain Capital, now in the lead to buy Toshiba Corp’s prized memory chip unit, said on Friday it has brought in Dell Inc and other tech firms as new members of its consortium to bolster its bid. — Reuters
Lachlan Murdoch makes fresh bid for Australia’s Ten Network: Lachlan Murdoch’s private company on Friday revised its takeover offer for Australia’s struggling Ten Network Holdings Ltd, bid documents show. The fresh offer, which does not give a total value, escalates the battle for the broadcaster from a legal challenge to an already-agreed buyout from US cable network CBS Corp to a full-scale bidding war. — Reuters
Top local stories
EPF second-quarter income up more than a third to RM11.51b: The Employees Provident Fund’s (EPF) quarterly income increased more than a third to RM11.51bil in the second quarter, from RM8.44bil a year ago, due to better performance of the equities market. The results contrasts with the first quarter figure of RM11.79bil. EPF chief executive officer Datuk Shahril Ridza Ridzuan said he expects a moderation in income growth for the coming quarters. — StarBiz
Pension fund assures 14m members all proposals scrutinised: The Employees Provident Fund board has assured its 14 million members that all investment proposals are thoroughly scrutinised and that the pension fund only invested in assets that fit its risk-return profile. The EPF was responding to news report that it is expected to invest between US$3bil and US$4bil in the United States. — StarBiz
Khazanah invested RM1.72b in US, especially tech sector: Khazanah Nasional Bhd has made a total of 15 investments worth about US$410mil (RM1.72bil) in the United States, principally in the technology sector. The sovereign fund said on Friday its investments in the US represented 1.3% of its portfolio realisable asset value of RM145.3bil as at Dec 31, 2016. — StarBiz
Sunway Construction upgraded to Buy by AmInvest Research: AmInvestment Research has upgraded Sunway Construction from Hold to Buy and it also raised the earnings outlook for FY17 to FY18 as it expects the company to secure new jobs this year and sees a firm order book. — StarBiz
Eco World Development 9M core earnings above forecast, says CIMB Research: Eco World Development Group’s nine-month core net profit made up 90% of CIMB Equities Research and 69% of Bloomberg consensus full-year forecasts. The research house said on Friday the results were above expectations due to lower-than-expected selling and marketing expenses, and lower losses at Eco World International. — StarBiz
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