Top foreign and local stories at 4pm

  • News
  • Friday, 24 Nov 2017


Brent crude was 0.11% higher to US$63.62 per barrel at 2:48.


Ringgit down 0.32% to 4.1205 versus the US dollar at 2.53pm.

Top foreign stories

Australia’s Myer billionaire shareholder leads revolt against board: Shareholders of struggling Australian retailer Myer Holdings Ltd voted down its executive pay proposals on Friday, in a revolt led by billionaire investor Solomon Lew that put the board on notice to start delivering on its turnaround strategy. — Reuters

Mitsubishi Materials shares drop after units falsify product data: Mitsubishi Materials Corp saw its stock fall as much as 11% on Friday after it said three subsidiaries had falsified product data, marking the latest in a series of quality assurance scandals involving Japanese manufacturers. Mitsubishi Materials said inspection data was falsified on parts used in aircraft, automobiles and industrial machinery, with potentially more than 250 customers affected. — Reuters

Chinese airlines court Cathay pilots facing pay squeeze: Chinese airlines are circling disaffected pilots at Hong Kong’s Cathay Pacific Airways, offering sky-high salaries to fill a shortage of experienced captains in a rapidly expanding aviation industry. Chinese carriers will need more than 100,000 new pilots over the next two decades, according to forecasts by Boeing Co, as air travel takes off with increased prosperity in the world’s second-largest economy. — Reuters

Japan’s factory output seen rebounding in October: Japanese factory output is expected to have rebounded while consumer inflation ticked higher in October, a Reuters poll showed on Friday, providing upbeat signs for the economy at the start of the fourth quarter. Industrial output probably rose 1.9% compared with September, when it fell 1.0%, according to the median forecast of 19 economists. — Reuters

Top local stories

Eco World International buys land in Sydney for RM435m project: Eco World International Bhd has secured access to a prime development land in Sydney with plans to develop an A$139mil (RM435.35mil) gross development value (GDV) project there. The company plans to develop 125 apartments unit with a small component of retail. — StarBiz

Inflation rate in October climbs at slower pace: Malaysia’s consumer price index (CPI) rose by a lower-than-expected 3.7% in October, compared with expectations for a 4.1% jump, due to higher transport costs, the statistics department said. Core inflation, which excludes food and fuel, rose 2.3% year-on-year in October. — StarBiz

HNA gets Bank Negara nod for Deutsche Bank stake: China’s HNA Group Co has received clearance from Bank Negara for its indirect stake in Deutsche Bank AG’s subsidiary in Malaysia, sources said. The central bank had no objections that HNA now indirectly owns just under 10% of Deutsche Bank Malaysia Bhd, a fully-owned subsidiary of the German bank, through the Chinese conglomerate’s stake in Deutsche Bank AG. they said. — Bloomberg

CIMB first to get regulatory sandbox approval: CIMB Bank Bhd has moved ahead of the digital banking curve after it became the first bank in Malaysia to receive regulatory sandbox approval for electronic Know-Your-Customer to enhance its consumer banking proposition. — Bernama

Datasonic Q2 earnings up 26% to RM20m: Datasonic Group Bhd ‘s earnings rose 26% to RM20.06mil in the second quarter as it benefited from lower operational costs due to tighter control measures. Revenue fell 4% to RM73.56mil, while earnings per share were 1.49 sen compared with 1.18 sen a year earlier. It declared an interim dividend of one sen a share. — StarBiz

Top Glove signs MoU on Aspion buy: Top Glove Corp Bhd has entered into a memorandum of understanding for the acquisition of Adventa unit Aspion Sdn Bhd, with a potential deal funded by a combination of cash and shares. According to the term sheet, the purchase consideration will be based on a profit after tax of RM80mil for Aspion in FY2018. — StarBiz

Damansara Realty receives EPU nod for land in Johor: Damansara Realty Bhd (DBhd) has obtained the Economic Planning Unit (EPU)’s approval for a land acquisition as part of its RM141.5mil settlement agreement with Johor Corp. DBhd said its associate company DAC Properties has completed the ourchase of 53.14 acres for RM130.3mil. The transaction will reduce the group’s net current liabilities by RM132mil. — StarBiz