Thu05052016

LAST_UPDATEThu, 05 May 2016 12pm

Oil Rises Above $45 After Slide, Canada Wildfire Supports

LONDON: Oil rose above $45 a barrel on Wednesday as reduced production in Canada’s oil sands region due to a wildfire pushed aside concern about excess global supplies and expectations of rising US crude inventories.

Read more: Oil Rises Above $45 After Slide, Canada Wildfire Supports

Fines And Bad Loans Big Drag On Bank Profitability – EU Watchdog

LONDON: Bad loans and fines for misconduct will hold back European banks’ profitability for longer than originally expected, the European Union’s banking watchdog said on Wednesday.

Read more: Fines And Bad Loans Big Drag On Bank Profitability – EU Watchdog

ECB Scraps 500-Euro Note

FRANKFURT: The European Central Bank on Wednesday said it would stop producing and issuing 500-euro banknotes, amid fears that the violet-coloured bills were favoured by criminals for money laundering and even terrorist financing.

Read more: ECB Scraps 500-Euro Note

1MDB Assets To Be Transferred To Mof Inc, Board To Resign And Arul Remains President

PETALING JAYA: The Ministry of Finance today announced that the assets and subsidiaries of 1Malaysia Development Bhd (1MDB) will be transferred to The Minister of Finance Incorporated (MoF Inc), its board of advisors dissolved and a new board of directors appointed in keeping with recommendations by the Public Accounts Committee (PAC) report.

Read more: 1MDB Assets To Be Transferred To Mof Inc, Board To Resign And Arul Remains President

Tesla Puts Pedal To The Metal, 500,000 Cars Planned In 2018

Pic: ReutersTesla Motors Inc said it was stepping up production plans for its upcoming Model 3 mass-market sedan and would build a total of 500,000 all-electric vehicles in 2018, two years ahead of schedule, but warned that spending will ramp up in tandem.

Read more: Tesla Puts Pedal To The Metal, 500,000 Cars Planned In 2018

Judge Convicts Head Of Mitsubishi Motors Representative In Brazil

Pic: ReutersThe president of MMC Automotores, Mitsubishi Motors's distributor and assembler in Brazil, was convicted on Wednesday for fomenting corruption and money laundering in a bribery scheme meant to help pass legislation benefiting the auto sector.

Read more: Judge Convicts Head Of Mitsubishi Motors Representative In Brazil

AirAsia Indonesia To End Bali-Kota Kinabalu Services

KUALA LUMPUR: AirAsia Indonesia will end its thrice weekly Bali-Kota Kinabalu (KK) services, effective June 23, 2016.

Read more: AirAsia Indonesia To End Bali-Kota Kinabalu Services

F&N’s Q2 Profit Up 28% On Higher Sales

PETALING JAYA: Fraser & Neave Holdings Bhd (F&N) saw its net profit rise 28.49% to RM90.57 million for the second quarter ended March 31, 2016 against RM70.49 million in the previous corresponding period, underpinned by higher product sales.

Read more: F&N’s Q2 Profit Up 28% On Higher Sales

Exclusive - Big Data Breaches Found At Major Email Services: Expert

Mail.ru logo is seen in front of a displayed binary code in this illustration taken, May 4, 2016. REUTERS/DADO RUVIC/ILLUSTRATION

Hundreds of millions of hacked usernames and passwords for email accounts and other websites are being traded in Russia's criminal underworld, a security expert told Reuters.

Read more: Exclusive - Big Data Breaches Found At Major Email Services: Expert

Stocks Retreat A Second Day On Growth Worries, Copper Slips

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/SUZANNE PLUNKETT/FILE PHOTO

Global equity markets fell for a second straight day on Wednesday on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth.

Read more: Stocks Retreat A Second Day On Growth Worries, Copper Slips