Top foreign and local stories at 4pm

Energy

Brent crude was up 0.38% to US$50.07 per barrel at 3.40pm.

Forex

Ringgit up 0.49% to 4.0155 per US dollar at 3.50pm.

Top foreign stories

China concerned about protectionism in US steel sector: China’s Commerce Ministry said on Thursday it was deeply concerned about protectionism in the US steel sector and urged the United States to strictly abide by World Trade Organisation rules. – Reuters

Indonesia considers onshore financial centre after tax amnesty: Indonesia is considering forming a special region that will serve as an onshore financial centre in which domestic firms can create shell companies without having to go to tax haven countries, Finance Minister Bambang Brodjonegoro said late on Wednesday. — Reuters

EU faces big changes, with or without Britain: The atmosphere in Brussels has been surreal for weeks – business goes on as usual, officials are barred from using the word “Brexit” and life proceeds as if Britain’s EU referendum does not exist. But this phoney calm belies the fact that, whether Britons vote to leave or remain on Thursday, the European Union will have to make some of the biggest changes in its history in order to survive. — AFP

SGX, Asian brokers hike trading margins on Brexit volatility fears: Singapore Exchange Ltd said it has raised the amount of cash firms must pledge to cover trading positions due to an expected rise in market volatility linked to Britain’s vote on whether to exit the European Union. — Reuters

Top local stories

Sime Darby exits Hotel Equatorial Melaka for RM55.35m: Sime Darby Bhd unit Sime Darby Property Bhd has sold its entire stake in Syarikat Malacca Straits Inn Sdn Bhd, which owns and operates Hotel Equatorial Melaka, to Permodalan Nasional Bhd for RM55.35mil. — StarBiz

MDEC, TM team up with LoRa Alliance for Internet of Things ecosystem: Malaysia Digital Economy Corp (MDEC) and Telekom Malaysia Bhd (TM), via its unit VADS Lyfe Sdn Bhd, have joined LoRa Alliance to beef up the Internet of Things (IoT) ecosystem in the country. — Bernama

Gabungan AQRS gets RM314m contract from PR1MA:
Gabungan AQRS Bhd has secured a RM314 million contract from PR1MA Corporation Malaysia to build 1,140 units in four blocks of 19-storey apartments in Dengkil, Selangor. — StarBiz

Farlim expects improved profit in FY16: Farlim Group Bhd expects its financial year ending Dec 31, 2016 (FY16) to be better with an increase in profit, driven by cash-based investments, ongoing projects which are nearing completion and new ventures, as well as fresh launches in the pipeline. — Bernama

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