Energy
Brent crude was 0.48% higher to US$63.41 per barrel at 3.11pm.
Forex
Ringgit was down 0.15% to 4.0880 versus the US dollar at 3.21pm.
Top foreign stories
Economists: ECB to shut the door on easy money by end-2018: The European Central Bank should shut the door on its monthly asset purchases next September, according to a majority of economists in a Reuters poll, but they were split on whether it would. Most believe it will stop by the end of next year with a small number saying mid-2019. — Reuters
Europe draws in nearly half of funds raised via ICOs: Nearly half of the cash that has poured into newly issued cryptocurrencies in recent years has been raised in Europe, a report says. The report by Atomico, one of Europe’s leading venture capital firms, found European-based entities have raised US$1.76 billion through so-called initial coin offerings, or ICOs, since 2014, representing 46% of funds raised globally. — Reuters
S. Korea central bank raises interest rate for first time in six years: South Korea’s central bank raised interest rates to 1.50%, the first time in more than six years, signalling a vote of confidence that the economy is growing well above trend and no longer needs crisis-level monetary settings. — Reuters
ADB head sees Asia resilient to US interest rate hikes: Asian countries can cope with interest rate hikes in the United States as long as the moves are gradual and reflect US economic fundamentals, Asian Development Bank (ADB) president Takehiko Nakao said on Thursday. — Reuters
Top local stories
Maybank Q3 earnings higher at RM2b: Malayan Banking Bhd (Maybank)’s earnings rose 12.9% to RM2.02bil in the third quarter and it is seeing a pick-up in business and loan growth as well as market sentiments. Revenue increased 2.7% to RM11.59bil while earnings per share were 19.86 sen compared with 17.97 sen a year earlier. — StarBiz
Hong Leong Q1 earnings rise 17.8% to RM542m: Hong Leong Bank Bhd’s net profit increased 17.8% to RM638.97mil in the first quarter, as topline grew from improved contributions from overseas associates. Total income was 7.5% higher at RM1.8 bil on expansion in net interest income and sustained strong non-interest income contribution. — StarBiz
Boustead Holdings Q3 earnings surge to RM312m: Boustead Holdings Bhd‘s earnings surged to RM312.40mil in the third quarter boosted by a one-off gain of RM554.9mil from the sale of plantation land. Revenue increased by 22.2% to RM2.47bil while earnings per share stood at 15.41 sen compared with 2.17 sen year earlier. It declared an interim dividend of three sen a share. — StarBiz
Shares in glove-making firms under pressure: Shares in rubber glovemakers are under pressure on fresh earnings worries after the Government gave the green light for Gas Malaysia Bhd to raise gas prices next year. Analysts said gas constitutes about a tenth of glovemakers’ production cost. Alliance Research, however, is not “overly concerned” about the gas tariff revision, as it assumes glovemakers would be able to pass the higher cost to buyers. — StarBiz
HLFG Q1 earnings rise 18% to RM455m: Hong Leong Financial Group reported a net profit of RM455.25mil compared to RM386.12mil a year earlier on stronger contribution from both commercial banking and insurance bsinesses. The group’s commecial banking division, Hong Leong Bank, saw 15.7% growth in profit before tax to RM780mil due to higher net interest income and a 65% surge in associate contribution to RM147.8mil from the Bank of Chengdu. — Reuters
Hong Leong Q1 earnings rise 17.8% to RM542m: Hong Leong Bank Bhd recorded a net profit of RM638.97mil for the first quarter, 17.8% higher compared to RM542.63mil a year ago on improved income contributions. Total income came in at RM1.8 bil, 7.5% higher than the previous corresponding quarter, on expansion in net interest income and sustained strong non-interest income contribution. — StarBiz
Higher passenger service charges for ex-Asean trips from klia2: Travellers using the klia2 to head for destinations beyond Asean will have to pay RM73 as passenger service charge (PSC), from RM50 currently, with effect from Jan 1, 2018. — StarBiz
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