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Velesto hopes gov't will ease forex requirement for companies

KUALA LUMPUR: Velesto Energy Bhd hopes the government will loosen the foreign exchange (forex) requirement for local companies on the conversion of the US dollar to ringgit when conducting business with international companies in the upcoming 2019 Budget in November.

Tune Plato acquires 50% stake in SubHome

KUALA LUMPUR: Tune Plato Ventures Sdn Bhd, a joint venture between Tune and ECM Libra, has acquired a 50% stake in Malaysian home-sharing platform SubHome Management Sdn Bhd.

EY expands through Xynapse acquisition

KUALA LUMPUR: EY has acquired Xynapse Sdn Bhd and Xynapse Asia Sdn Bhd (collectively, Xynapse), entities based in Malaysia that are in the identity and access management implementation and managed services business.

Asia stocks struggle Tuesday on trade war fears

TOKYO: Asia stocks struggled on Tuesday as the latest round of U.S.-China tariffs revived fears the trade dispute would knock global growth, while crude oil was elevated near four-year highs after Saudi Arabia and Russia ruled out immediate production increases.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1 percent.  Australian stocks lost 0.08 percent and Japan's Nikkei bucked the trend and edged up 0.2 percent.

Petronas-Saudi RAPID refinery offloads first oil cargo

SINGAPORE: A supertanker carrying the first crude oil cargo to a refinery being jointly built by Malaysia's Petronas and oil giant Saudi Aramco has arrived at Pengerang, as the two companies enter the commissioning and testing phase at the plant.

Construction of the 300,000 barrels-per-day (bpd) refinery at the Pengerang Integrated complex is nearing completion, Petroliam Nasional Berhad (Petronas) said in a statement issued late on Monday. (File pic Rapid construction in Pengerang)

Oil price jumps more than 3% to a four-year high, above US$80 a barrel

NEW YORK: Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above US$80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply

Brent crude settled up $2.40 or 3.1 percent at $81.20 a barrel, after touching an intraday high of $81.39, the highest since November, 2014. U.S. light crude settled up $1.30, or 1.8 percent, higher at $72.08.