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Asia shares subdued, US$ pins hopes on US GDP

SYDNEY: Asian shares got off to a subdued start on Friday, while the dollar held near two-year highs against the euro on speculation that data later in the day will show the U.S. economy outperforming the rest of the developed world.

The rise in the yen and some mixed Japanese economic data nudged the Nikkei down 0.7 percent. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent.

Petrobras sells rights to two fields to Petronas for US$1.29b

RIO DE JANEIRO: Brazil's state-run oil company Petroleo Brasileiro said on Thursday it had closed a $1.29 billion deal with Malaysia's Petronas to sell 50 percent of Petrobas' exploration and production rights in two of its offshore fields

The deal related to the Tartaruga Verde field and Module 3 of the Espadarte field. The Tartaruga Verde field began operations on June 22 and currently produces about 103,000 barrels per day of oil and 1.2 million cubic meters per day of gas.  Module 3 is an area of the Espadarte field to be developed in an integrated way with the Tartaruga Verde and is expected to begin producing oil in 2021.

World stocks slip as growth fears linger; US$ rises, euro slides

NEW YORK: The dollar rose to almost a two-year high against the euro on Thursday on an upbeat U.S. capital goods report, while world equities slid as weak economic data from South Korea and a profit warning from 3M Co renewed concerns about global growth.

The Dow Jones Industrial Average fell 134.97 points, or 0.51%, to 26,462.08, the S&P 500 lost 1.08 points, or 0.04%, to 2,926.17, and the Nasdaq Composite added 16.67 points, or 0.21%, to 8,118.68.

Warren Buffett says Berkshire could buy back US$100bil stock

LONDON: Warren Buffett said his conglomerate Berkshire Hathaway Inc could repurchase as much as $100 billion of its stock, the Financial Times said on Thursday without providing a time frame, citing a recent interview with the billionaire.

Buffett(pic) had said in his February annual letter to shareholders that over time Berkshire would likely be a "significant" buyer of its own stock, when it traded below the Omaha, Nebraska-based company's estimate of its intrinsic value

CIMB Niaga Q1 net profit 7.6% higher

PETALING JAYA: PT Bank CIMB Niaga Tbk’s (CIMB Niaga) net profit grew 7.6% year-on-year (y-o-y) to 944 billion rupiah (RM274.9mil) for the first quarter ended March 31, 2019, on higher non-interest income (NOII) and improvement in credit charges.

In a statement, CIMB Niaga president director Tigor M Siahaan(pic) said the group’s operating income grew 1.1% y-o-y, thanks to a stronger contribution from NOII. Provisions were 16.2% y-o-y lower, reflecting the gradual improvement in the economic environment, he added.

Aeon Credit posts higher net profit

KUALA LUMPUR: Aeon Credit Service (M) Bhd’s net profit rose 6.4% to RM87.6mil in its fourth quarter (4Q) of its financial year ended Feb 28, 2019, from RM82.3mil a year ago on higher revenue and other income.

During the quarter in review, Aeon Credit’s revenue grew 16.3% to RM359.5mil from RM309.2mil previously. Its earnings per share (EPS) fell to 33.04 sen from 38.44 sen previously

Leong Hup allocates RM207.7mil for capex

PETALING JAYA: Leong Hup International Bhd, which derives 70% of its revenue from overseas, will build its first feedmill and new chicken farms in the Philippines starting from the third quarter of this year as the company accelerates expansion in its newest market.

Leong Hup executive director and Group CEO Tan Sri Francis Lau Tuang Nguang (6th form right) and executive chairman Lau Chia Nguang (7th from right) with the company's directors, senior management and bankers at Leong Hup's prospectus launching ceremony on Apr 25, 2019