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Top foreign and local stories at 4pm

by September 29, 2017 General


Brent crude was 0.16% higher to US$57.50 per barrel at 4.02pm.


Ringgit up 0.19% to 4.2235 versus the US dollar at 4.13pm.

Top foreign stories 

China’s bitcoin market alive and well as traders defy crackdown: Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead. While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. — Reuters

Mideast Opec producers fret oil price rally may burn out: Middle East Opec producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30% higher since June, Opec and industry sources said. — Reuters

China outbound M&As seen picking up on hopes of eased capital outflow curbs: The value of Chinese overseas merger and acquisition (M&A) deals jumped in the third quarter after several large transactions, and dealmakers expect continued momentum as recovering economic fundamentals damp the need for restrictions on capital outflows. Overseas deals this year by Asia-Pacific’s most active buyers reached US$118 billion at September-end, nearly half of which were announced in the past three months, Thomson Reuters data show. — Reuters

VW takes new US$3b hit over diesel emissions scandal: Volkswagen added provisions of around 2.5 billion euros (US$3 billion) on Friday to the mounting total from its diesel emissions scandal, which has already cost the company around 20 billion euros. — Reuters

Top local stories

Proton targets to be profitable by 2020, eyes EV cars: Proton Holdings Bhd targets to be profitable by 2020 following its tie-up with Chinese carmaker Zhejiang Geely Holding Group and there are plans for the latter to introduce its Euro 6 engines. Proton Holdings Bhd chairman Datuk Seri Syed Faisal the joint venture would also look at electric vehicles. — StarBiz

Auto veteran appointed CEO of Proton manufacturing division: Proton Group has nominated Dr Li Chunrong as CEO of Perusahaan Otomobil National Sdn Bhd, following the departure of Datuk Ahmad Fuaad Kenali, which takes effect on Sept 30.  — StarBiz

Selangor Dredging to launch RM1.45b projects next year: Selangor Dredging Bhd (SDB) plans to launch several projects with a total gross development value (GDV) of RM1.45 billion in Singapore and Malaysia next year. The projects comprise residential projects in Serangoon Road and Draycott Park Singapore, as well as the third phase of the SqWhere serviced apartment and retail offices in Kota Damansara. — Bernama

HSS Engineers buying SMHB Engineering for RM270m: Engineering and project management consultant HSS Engineers Bhd (HEB), will acquire the entire stake in water infrastructure specialist, SMHB Engineering Sdn Bhd, for RM270 million. — Bernama

Cabnet wins RM17.4m contract: Cabnet Holdings Bhd has secured a RM17.4mil contract from Axventure M&E Sdn Bhd for the provision of extra low voltage and information and communications technology services. – StarBiz

Govt has no plans to raise taxes in 2018 Budget: The Government is not planning to raise taxes in the 2018 Budget as it will burden the people currently dealing with the higher cost of living, said Second Finance Minister, Datuk Seri Johari Abdul Ghani. Prime Minister Datuk Seri Najib Tun Razak would be looking at ways to mitigate the effects from the higher cost of living in next year’s budget, he said. — StarBiz

Maybank’s Etiqa completes 75% purchase of Indonesian insurance firm: Malayan Banking Bhd Etiqa International Holdings Sdn Bhd has completed the acquisition of 75% shareholding in PT Asuransi Asoka Mas for IDR207.2bil (about RM64.92mil). — StarBiz

August producer price index rises 6.7%: The Producer Price Index (PPI) rose 6.7% to 106.9 in August 2017 from 100.2 a year earlierr, but was 0.4 point lower compared to the 7.1% increase in July 2017, the Statistics Department said. — Bernama