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PetChem cuts Rapid capex

PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) has slashed its investment in the Refinery and Petrochemicals Integrated Development (Rapid) project by one-third over concerns on the future prospects of the synthetic rubber segment.


Kawasaki Kisen to halve fleet of smaller ships

TOKYO: Kawasaki Kisen Kaisha Ltd, Japan's third- largest shipping company, plans to halve the fleet of its smaller bulk ships, a person with knowledge of the plan said.


Low prices take toll on non-Opec oil production

LONDON: Global oil markets will “move close to balance” in the second half of the year as lower prices take their toll on production outside Organisation of Petroleum Exporting Countries (Opec), the International Energy Agency (IEA) said.


Asian stocks subdued in early trade Friday before oil producers' meeting

TOKYO: Asian stocks were off to a subdued start on Friday as caution toward a weekend meeting of oil producers tempered risk sentiment, while the dollar's advance slowed in wake of soft U.S. inflation data.

Corporate News

KLCI shakes off early caution to climb nearly three points

KUALA LUMPUR: Blue chips got off on a cautious start early Friday but sentiment firmed up on fund buying of Petronas Gas, Tenaga and RHB Capital.

Corporate News

YTL Corp, RHB Cap lift KLCI as ringgit slumps

KUALA LUMPUR: YTL Corp and banks including RHB Capital lifted the FBM KLCI on Friday but the broader market showed signs of weakness as the ringgit lost ground against some major currencies.


Oil producers head for Doha counting US$315bil cost of slump

LONDON: The world’s top oil exporters are burning through their petrodollar assets at an accelerating pace, increasing the pressure to reach a deal to freeze production to bolster prices.


Citi profit slumps on weak trading, investment banking revenue

NEW YORK: Citigroup Inc’s quarterly profit plunged 27% as it earned less from trading and investment banking and incurred higher costs related to shrinking some of its businesses.

Corporate News

Cliq Energy to proceed with liquidation process

KUALA LUMPUR: Cliq Energy Bhd, which has been named a respondent along with the Securities Commission (SC) in the judicial review application filed recently by Best Oracle Sdn Bhd, will not oppose the review. It will, however, proceed with the liquidation and dissolution process.


U.S. defence secretary to visit carrier in disputed South China Sea

ABOARD THE USS JOHN C. STENNIS, SOUTH CHINA SEA/BEIJING (Reuters) - The chief U.S. defense official visited an American aircraft carrier transiting the disputed South China Sea on Friday, as China said one of its top military officers had visited islands and reefs in the region to oversee building work.