Business

Bursa Malaysia closed higher on Wednesday with the FBM KLCI rising 3.08 points to 1,491.35. The local market saw mixed performance with losers slightly outpacing gainers. The ringgit weakened to a 24-year low against the US dollar, trading at 4.5028, while maintaining strength against other currencies like the pound sterling and Euro.

Sarawak will experience better internet connectivity with the launch of a new submarine cable system connecting to Singapore via Batam. The Batam Sarawak Internet cable system (Basics) and accompanying data center, developed by PP Telecommunication Sdn Bhd, aim to resolve latency issues and improve digital access, especially in rural areas.

OPEC and allied oil producers, including Russia, made a modest supply cut for October, rolling back September's increase. Growing economic concerns have driven oil prices down from June's $120 per barrel peak, benefiting consumers with lower gasoline costs while challenging oil-producing nations' revenues.

SK Hynix will invest 15 trillion won ($10.9 billion) to build a new chip manufacturing plant called M15X in Cheongju, South Korea. Construction begins in October and is set to complete in early 2025. This investment follows the company's global chip production strategy, with existing facilities in South Korea and China.

Malaysia's palm oil stocks reached 2.03 million tonnes in end-August, a 14.5% increase from the previous month. Production climbed 8% to 1.7 million tonnes, driven by favorable rainfall and soil conditions. Experts predict a potential slowdown in September production as yields stabilize.

Maybank Investment Bank has been added as a user and supplier under Bursa Malaysia's Islamic Securities Selling and Buying Negotiated Transaction (ISSBNT) framework. This development enables Shariah-compliant securities trading, supporting risk management and hedging activities while maintaining Islamic financial principles.

Indonesia implements significant fuel price hike, increasing gasoline from 51 to 67 cents per liter and diesel from 35 to 46 cents, marking first price increase in eight years and prompting long lines at gas stations nationwide.

EcoWorld Development Group has signed an MoU with Public Bank to provide special end-financing packages for green-certified properties. The Green 5Home and Green Swift Plans offer preferential pricing and fast approval for residential and commercial properties with sustainability certifications.

Asian stock markets show mixed performance before critical US jobs report. Investors anticipate Federal Reserve's potential interest rate strategy based on employment figures. Shanghai and Seoul advance while Tokyo and Hong Kong retreat, with oil prices rising as market awaits economic indicators.[100 words]

Standard Chartered Malaysia introduces SmartStocks, a revolutionary online trading platform allowing investors to access 12 exchanges across seven global markets. The innovative service addresses retail investors' challenges by offering convenient, low-cost trading options with a single brokerage account.