Energy

Brent crude was 0.30% higher to US$49.45 per barrel at 3.41pm.

Forex

Ringgit up 0.12% to 4.2860 versus the US dollar at 3.46pm.

Top foreign stories 

Chinese courier ZTO sued for ‘untrue statements’ in US$1.4b US IPO: Chinese courier ZTO Express and the underwriters of its New York stock market listing - Morgan Stanley and Goldman Sachs Group Inc - have been sued by a US pension fund that alleges the firm exaggerated its profit margins to lure investors into its US$1.4 billion initial public offering. — Reuters

N. Korea economy grows at fastest pace in 17 years: Despite global sanctions over its weapons programmes, North Korea’s economy grew at the fastest pace in 17 years thanks to a jump in exports and increased production in mining and other industries, South Korea’s central bank said on Friday. The North’s gross domestic product grew 3.9% last year - the fastest since 1999 when it expanded 6.1%, it said. — AFP

Vodafone reports better-than-expected 2.2% revenue growth in Q1: Vodafone, the world’s second largest mobile operator, reported better-than-expected 2.2% revenue growth in its first quarter, reflecting a robust performance in Italy and Spain and an acceleration in demand in Turkey. — Reuters

India’s Reliance launches 4G enabled low-cost phone: Reliance Industries launched a low-cost phone with 4G-enabled features on Friday in a bid to woo tens of millions of low-income users to its upstart telecoms venture Jio’s service. The handset will ”effectively cost zero” as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees (US$23.32), Reliance chairman, billionaire Mukesh Ambani said. — Reuters

Australia’s central bank in no hurry to raise rates: A top Australian central banker gave a clear signal on Friday that interest rates in the country were set to remain at record lows for a while yet, wrong-footing hawks and sending the local currency sliding from a two-year peak. — Reuters

Top local stories

UEM Sunrise launches third project in Melbourne: UEM Sunrise Bhd launched its third project in Melbourne, Australia, called Mayfair, with a gross development value (GDV) of about RM1 billion. Construction of the single-phase residential project would start in the first quarter of next year and is scheduled for completion in the second quarter of 2021. — Bernama

Bank Negara international reserves up slightly to US$99.1b: Bank Negara’s international reserves rose marginally to US$99.1bil as at July 14, 2017, from US$98.9bil on June 30, 2017. — StarBiz

UOB to expand operations in Vietnam: United Overseas Bank Ltd (UOB), the parent company of United Overseas Bank (Malaysia) Bhd, has received an in-principle foreign-owned subsidiary bank licence from the State Bank of Vietnam, enabling it to extend its branch network beyond Ho Chi Minh City and offer its products to businesses and consumers in other cities in Vietnam. — Bernama

IDC: Business process outsourcing in Malaysia to reach US$1.4b by 2021: Malaysia’s Business process outsourcing market is expected to grow at a compounded annual rate of 7.9% and reach US$1.4 billion by end-2021, said International Data Corporation (IDC). — Bernama

Bursa Malaysia adds PIVB to its Islamic POs: Bursa Malaysia Bhd has added Public Investment Bank Bhd (PIVB) to its Islamic participating organisations list, making it the 13th stockbroking house partnering with Bursa Malaysia-i. 

Kein Hing proposes one-for-10 bonus issue: Kein Hing International Bhd has proposed a bonus issue of 9.9 million new shares on a one-for-10 basis. It expects the bonus issue to be completed by the fourth quarter of 2017. — StarBiz

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