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Oil settles 1% higher on hopes of market rebalance, trade deal

HOUSTON: Crude prices rose more than 1 percent on Wednesday to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.

Brent futures rose 63 cents, or 0.95 percent, to settle at $67.08 a barrel. U.S. West Texas Intermediate crude (WTI) for delivery in March settled at $56.92 a barrel, up 83 cents, or 1.48 percent, ahead of the contract's expiry. The more active April contract settled at $57.16, up 71 cents, or 1.38 percent.

Samsung announces folding phone with 5G - at US$1,980

SAN FRANCISCO: Samsung Electronics Co Ltd on said on Wednesday it will release a folding smartphone in April that works with the next-generation 5G networks and will cost almost $2,000, a move to entice consumers to upgrade their phones.

The Galaxy Fold will go on sale on April 26, Samsung officials said at an event in San Francisco. The device will have a 4.6-inch (11.7 cm) display while folded and a 7.3-inch (18.5 cm) display when unfolded

Malaysian stocks stage strongest rise in Asia

PETALING JAYA: The FBM KLCI put up strong gains in yesterday’s trading session, rising 19.62 points or 1.15% to 1,726.18 points by the end of the day, recording its third day of gains. All Asian markets with the exception of Australia’s ASX rose, with gains in Malaysia being the strongest compared to other Asian markets

Asian markets’ peformance on Feb 20

KPRJ aims to diversify

JOHOR BARU: Kumpulan Prasarana Rakyat Johor (KPRJ) Sdn Bhd is looking to diversify its business ventures in the face of the challenging global economy.

Tiger lifts Heineken Q4 earnings

KUALA LUMPUR: Heineken Malaysia Bhd posted higher earnings in the last quarter ended Dec 31 on increased sales volume driven by its flagship Tiger brand.