Business

Top foreign and local stories at 4pm

Energy

Brent crude was 0.49% higher to US$55.75 per barrel at 3.55pm.

Forex

The ringgit was down 0.11% to 4.1932 versus the US dollar at 3.56pm.

Top foreign stories

US dollar depreciation could be bad news for world markets: While the depreciation of the US dollar is expected to provide a boost to domestic economic activity and provide support to financial markets, it may also hamper growth efforts in world markets. The greenback’s decline is a result of the “narrowing of the differential in market expectations for economic growth and monetary policy”, Mohamed El-Erian, chief economic adviser to Allianz, wrote in a Financial Times column. — StarBiz

China’s COMAC signs 130 orders for C919 passenger jet: China’s Commercial Aircraft Corp of China Ltd (COMAC) on Tuesday signed 130 new orders for its C919 passenger jet with four Chinese leasing firms, after the plane took its maiden flight in May this year. The deals take total orders for the C919 single-aisle aircraft to 730 planes from 27 customers. — Reuters

CBS wins battle for Australia’s Ten Network: Creditors of Australia’s embattled Ten Network Holdings Ltd on Tuesday agreed to a A$209.7mil (US$167mil) buyout from CBS Corp, effectively ending a battle for control between the US broadcasting giant and Lachlan Murdoch. Creditors chose CBS after the US company sweetened its offer by A$8.6mil late on Monday, — Reuters

China’s rubber appetite fails to boost prices amid oversupply: Despite strong Chinese demand, rubber prices are likely to struggle, with demand-led gains an extremely slow process, until the major producers can convince the market that they are serious about lowering output. — Reuters

Indonesia to trace and tax assets kept hidden during amnesty: Indonesia’s government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March. Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (US$368.07 billion). About 24% of that was held offshore, mostly in Singapore, and only a small percentage of it was pledged to be brought back home. — Reuters

Toyota president says will continue to make variety of vehicle types: Toyota Motor Corp president Akio Toyoda on Tuesday said his company would continue to make a variety of vehicle types available to customers, even as tighter global regulations are prompting automakers to develop more electric vehicles. — Reuters

Toys ‘R’ Us files for bankruptcy ahead of holiday season: Toys ‘R’ Us Inc, the largest US toy store chain, filed for bankruptcy protection late Monday, the latest sign of turmoil in the retail industry that is caught in a viselike grip of online shopping and discount chains. Its Canadian unit intends to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice, Toys ‘R’ Us said. — Reuters

Thai coal miner Banpu takes 25.7% stake in Singaporean green energy company: Thai coal miner Banpu Pcl is buying a 25.7% stake in Singaporean green energy firm, Sunseap Group Pte Ltd for US$55.7 million, the company said on Tuesday. — Reuters

Top local stories

Bank Negara to issue rules on cryptocurrencies by year-end: Bank Negara will issue guidelines on cryptocurrencies by the end of the year, said governor Tan Sri Muhammad Ibrahim. “We hope that before the end of the year to come out with guidelines on cryptocurrency, in particular those relating to anti money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector,” he said. — StarBiz

EPF to boost investments in syariah-compliant PE funds: The Employees Provident Fund (EPF) is prepared to increase its investments in syariah-compliant private equity (PE) funds, said investment deputy chief executive officer Datuk Mohamad Nasir Ab Latif. The pension fund has not met its full asset allocation target for its PE segment, he added. — Bernama

Scientex Q4 earnings up by a third to RM72.1m: Scientex Bhd ‘s earnings rose by 33.2% to RM72.13mil in the fourth quarter, boosted by its consumer and industrial packaging products and also its property business. Revenue was up 15.1% to RM646.06mil, while earnings per share stood at 15.02 sen from 11.77 sen a year earlier. The company declared a dividend of 10 sen a share.

Bunge issues US$1b debt notes for purchase of IOI Loders Croklaan: Bunge Ltd unit Bunge Limited Finance Corp has issued US$1bil of debt notes for the purchase of a 70% stake in IOI Loders Croklaan fron IOI Corporation Bhd . Bunge Ltd had priced a public offering of US$400mil aggregate principal amount of 3% senior notes due 2022 and US$600mil aggregate principal amount of 3.75% senior notes due 2027. — StarBiz

E&O sees strong earnings in FY18: Eastern & Oriental Bhd expects a strong financial performance this year from the ongoing sale of its properties and the planned disposal of several major non-core assets. The property developer has RM840.6mil in unbilled sales, which will be recognised progressively over the next two years. — StarBiz

O&G to see better performance from improved crude prices: The oil and gas (O&G) sector is poised to chart better performance for the year on the back of improved crude oil prices, stronger sector contract flows and Petronas’ commitment to raise dividend payment for FY2017. Analysts said the sector is on a cyclical recovery after bottoming and expect contract flows to pick up in the fourth quarter. — StarBiz

MaGIC Activate goes regional: Malaysian Global Innovation & Creativity Centre (MaGIC) has partnered 17 South-East Asian entrepreneurship community builders to form Asean Activate, a regional extension of the MaGIC Activate platform. — StarBiz