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Monday, 17 July 2017 | MYT 4:03 PM

Top foreign and local stories at 4pm


Brent crude was 0.45% higher to US$49.13 per barrel at 3.47pm.


Ringgit up 0.09% to 4.2882 versus the US dollar at 3.58pm.

Top foreign stories

S. Korea to hike minimum wage by 16%: South Korea plans to raise its minimum wage by 16% next year - the biggest jump in nearly two decades - as President Moon Jae-in looks to spur domestic spending and generate more balanced growth in Asia’s fourth-largest economy. The increase to 7,530 won (US$6.67) per hour will affect nearly one in four South Korean workers, the Minimum Wage Commision said. — Reuters

Indonesia exports and imports contract in June: Indonesia’s exports in June fell 11.82% to US$11.64 billion on an annual basis, the first contraction since September 2016, while imports declined 17.21% from last year to US$10.01 billion, due to Eid al-Fitr holidays and restrictions for trucks on toll roads. — Reuters

China’s steel, aluminium output at record as US mulls penalties: China churned out record amounts of steel and aluminium in June as producers rushed to cash-in on rallying prices in the wake of a drive by Beijing to crack down on output of low-grade metal. Chinese steel output last month rose 5.7% from the year before to a record 73.23 million tonnes, surpassing April’s all-time high of 72.78 million tonnes, Aluminium production jumped 7.4% year-on-year to 2.93 million tonnes, — Reuters

Lloyd’s: Global cyber attack could spur US$53b in losses: A major, global cyber attack could trigger an average of US$53 billion of economic losses, a figure on par with a catastrophic natural disaster such as US Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. — Reuters

Top local stories

I-Bhd Q2 earnings up 33.7% to RM19.6m: I-Bhd’s net profit surged 33.7% to RM19.62mil for the second quarter compared with RM14.7mil a year ago, mainly due to its property development division. Its revenue rose to RM127.8mil against RM86.7mil previously. Earnings per share was higher at 1.85 sen from 1.38 sen last year. — StarBiz

PRG to leverage on China gorup: PRG Holdings Bhd will leverage on China’s Jiangsu Provincial Construction Group Co Ltd to undertake infrastructure, property and construction jobs in Malaysia and internationally. — StarBiz

Malaysia chalks up 233 deals worth US$11.7bil in first half: A total of 233 mergers and acquisitions transactions took place up to June 2017 with a total announced deal value of US$11.7bil, where inbound deals accounted for about 70% of the total deal value, a Duff & Phelps report shows. — StarBiz

Foreign investors return after two weeks of withdrawal: Foreign investors have started to mop up stocks on Bursa Malaysia again after two weeks of withdrawal. “Based on preliminary data by Bursa, foreign investors acquired RM305.1mil, the highest since the week ended May 12,” MIDF Research said. — StarBiz