Top foreign and local stories at 4pm

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, August 25, 2017. REUTERS/Kim Hong-Ji


Brent crude was 1.46% higher to US$57.07 per barrel at 3.45pm.


Ringgit up 0.09% to 4.2198 versus the US dollar at 3.56pm.

Top foreign stories

Samsung Elec CEO announces shock resignation as profits surge: Samsung Electronics Co Ltd said on Friday its CEO and vice-chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery. The move came on the same day the South Korean smartphone maker forecast record third-quarter operating profit on the back of the memory chip business which Kwon was instrumental in building into the world leader. — Reuters

BASF to buy seeds, herbicide businesses from Bayer for US$7b: BASF has agreed to buy significant parts of Bayer’s seed and non-selective herbicide businesses for 5.9 billion euros (US$7 billion) in cash, the two companies said on Friday. — Reuters

ThaiBev buys Myanmar distilleries for US$742m: Thai Beverage Public Co has acquired a combined 75% stake in two Myanmar distilleries, Myanmar Supply Chain and Services Go and Myanmar Distillery Co, in a deal worth US$742 million, hoping to tap into growth in the country’s nascent spirits market. — Reuters

Toshiba discussing joint investment in chips with Western Digital: Toshiba Corp said it is discussing joint investment in a new chip production line with Western Digital Corp - its estranged business partner after the Japanese firm chose a different suitor to buy its US$18 billion semiconductor business. — Reuters

Oil rises on tighter US market, strong China imports: Oil prices rose on Friday as both US crude production and inventories declined, pointing towards a tightening market. US West Texas Intermediate (WTI) crude was at US$51.01 per barrel at 0647 GMT, up 41 cents, or 0.8%, from its last settlement. Brent was at US$56.58, up 33 cents, or 0.6%. — Reuters

Top local stories

Top Glove Q4 earnings up 51% to RM98m, to raise output: Top Glove Corporation Bhd’s earnings for the fourth quarter increased 51% to RM98.62mil on revenue that rose 24.9% to RM902.42mil. It declared a final dividend of 8.5 sen. The company said it intends to increase production and also announced it is buying Eastern Press Sdn Bhd, a printing and packaging material maker, for RM47.25mil. — StarBiz

August wholesale, retail trade sales value rises to RM97.7b: Malaysia’s wholesale and retail trade sales value improved 9.8% to RM97.7 billion in August 2017 versus a year earlier. The statistics department said the sales value consisted of wholesale trade valued at RM47.4 billion, retail trade (RM38.0 billion) and motor vehicles (RM12.3 billion). — StarBiz

Malaysians need financial planning to navigate turbulent times: Malaysians should have some form of financial planning to help them navigate through turbulent times, said Financial Planning Association of Malaysia CEO Linnet Lee. The uninitiated can seek free guidance from various government agencies or get professional advice from licensed financial planners for a fee, she said. — Bernama

Xin Hwa wins contracts worth RM13.7m: Integrated logistics provider Xin Hwa Holdings Bhd has won six contracts with an estimated value of RM13.7mil for the transport of construction materials for the Mass Rapid Transit Route II Sungai Buloh-Serdang-Putrajaya line. — StarBiz

RAM reaffirms rating on Sarawak Hidro’s RM5.54b sukuk: RAM Ratings has reaffirmed the AAA/Stable rating on Sarawak Hidro Sdn Bhd’s RM5.54bil Sukuk Murabahah (2016/2031), premised on the Government’s commitment to top up any shortfall in cashflow throughout its lifespan to ensure the AAA rating. — StarBiz
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