Top foreign and local stories at 4pm

- Reuters


Brent crude was 0.14% lower to US$56.78 per barrel at 3.38pm.


Ringgit up 0.11% to 4.1935 versus the US dollar at 3.46pm.

Top foreign stories

ABB buys GE business for US$2.6b in bet it can boost margins: Power grids maker ABB is buying General Electric’s Industrial Solutions business for US$2.6 billion on a bet that it can improve lacklustre margins at the unit over the next five years, the Swiss engineering company said on Monday. ABB sees potential for cost synergies of US$200 million annually after five years with the deal, which includes terms for long-term use of GE’s brand. — Reuters

Unilever to buy Carver Korea for US$2.7b: Unilever has agreed to buy cosmetics firm Carver Korea for 2.27 billion euros (US$2.71 billion) from Goldman Sachs, Bain Capital and the company’s founder as it expands its beauty and personal care business. — Reuters

Australia to push through tougher rules for bank executives: Australia’s prudential regulator should be given powers as soon as October to cap bank executives’ salaries, delay their bonuses and drive them out of the industry if they were guilty of wrongdoing, Treasurer Scott Morrison said on Monday. — Reuters

Bank of France raises 2017 French economic growth forecast to 1.7%: The head of the Bank of France said on Monday that the country’s economic growth could reach 1.7% for 2017, up from its previous estimate for growth of 1.4%. — Reuters

Thai central bank seen keeping rates steady despite calls for cut: Thailand’s central bank is expected to keep its benchmark interest rate unchanged near record lows on Wednesday, despite calls for a cut to contain the strength of the baht. All but one of 22 economists in the poll forecast the Bank of Thailand (BoT)’s one-day repurchase rate will be kept at 1.50% - where it has been since April 2015 - when its monetary policy committee meets on Sept 27. — Reuters

Top local stories

Damansara Realty JV firm secures RM27m Rapid project: A joint venture between Damansara Realty Bhd unit TMR Urusharta (M) Sdn Bhd and KPJ Healthcare Bhd‘s Kumpulan Perubatan (Johor) Sdn Bhd has secured a RM27.62mil contract to provide medical services for the Petronas Refinery and Petrochemical Integrated Development (Rapid) in Pengerang, Johor. The small medical facility project also includes an optional services contract worth RM7.8mil. — StarBiz

MARC affirms rating on Antara Steel’s RM300m sukuk as credit profile improves: Malaysian Rating Corporation Bhd (MARC) has affirmed the AAAIS(fg) rating on Antara Steel Mills Sdn Bhd’s RM300mil Sukuk Mudharabah programme with a stable outlook. — StarBiz

Kein Hing Q1 earnings dip 10% to RM1.48m: Kein Hing International Bhd’s net profit fell 10.4% to RM1.48mil in the first quarter, mainly due to the cost incurred by the new factory located in Hai Phong, Vietnam. Revenue grew 10% to RM59.7mil on stronger customer demand for parts/metal components used in TV, fridge, printer and automotive industries. — StarBiz

Moody’s: Sale of minority stake in CIMB credit positive for MUFG: Moody’s Investor Service said the sale Mitsubishi UFJ Financial Group’s 4.6% stake in CIMB Group Holdings Bhd is credit positive, as “it frees up capital, and is in line with MUFG’s strategy to improve its capital efficiency.” — StarBiz

ERL partners AirAsia to offer special fare: Express Rail Link Sdn Bhd (ERL) has partnered AirAsia to offer a special KLIA Ekspres train fare of RM48 for one-way and RM88 for a return trip for airline passengers, from Sept 21. — Bernama
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