Top foreign news
Japan to earmark US$100bil for Asian infrastructure: Japan is set to
announce a US$100bil plan to invest in roads, bridges, railways and
other building projects in Asia, weeks after China outlined its vision
for a new infrastructure development bank in the region. — AFP
IMF: Global energy subsidies to hit US$5.3 trillion this year: The
International Monetary Fund has voiced alarm about energy subsidies
across the world, saying they were expected to reach US$5.3 trillion
in 2015, more than government health spending. — AFP
Investors stick to bets: The dollar’s four-week decline and a slump in
bond prices has upset some assumptions about where global financial
markets are heading, but haven’t deterred most investors from staying
faithful to their bets. — Reuters
Bond rout spares Asia’s more developed economies: The global bond rout
is sparing Asia’s more developed economies as central banks fight
deflation risks and pension savings swell among rapidly ageing
populations. While eurozone and US sovereign debt lost 3.6% and 2%,
respectively, in the past month, similar notes in China and Taiwan
returned 1.1% and 0.3%, repectively. — Bloomberg
Boeing wins US$6bil order from China carrier, lessors: Boeing Co won a
commitment from China’s Ruili Airlines and two aircraft-leasing
companies for single-aisle jets valued at 38 billion yuan (US$6.1bil)
as carriers in the country expand their fleet amid a surge in travel
demand. — Bloomberg
Price cutting threatens automakers’ rich margins in China:
International automakers are slashing prices - by as much as a fifth -
for vehicles they sell in China in response to a slowdown in demand
that threatens the industry’s rich profit margins. — Reuters
US$11bil may be spent to bring rural India online: India is
considering doubling spending on a high-speed Internet grid to connect
villages across the country to 700 billion rupees (US$11bil). The
higher spending could potentially expand opportunities for companies
such as Sterlite Technologies Ltd, Aksh Optifibre Ltd, Cisco Systems
Inc and Huawei Technologies Co. — Bloomberg
AIIB meeting in Singapore: Founding members of the China-backed Asian
Infrastructure Investment Bank (AIIB) will hold a three-day meeting in
Singapore this week to discuss operational policies for the
establishment of the institution. A total of 57 countries have joined
AIIB as its founding members. — Reuters
Top local news
AirAsia looks to sell stake in loyalty programme: AirAsia Bhd is in
talks to sell a minority stake in its loyalty programme joint venture
to private equity firms. AirAsia BIG, owned by the carrier and Tune
Group, could raise about US$100mil by selling about a 30% stake,
sources said. — Reuters
Bargains seen in small stocks: Malaysia’s top-performing fund manager,
Kenanga Investors Bhd, is adding to holdings of domestic small-cap
stocks, betting that a bull-market rally will continue as earnings
improve and valuations trail larger peers. The FTSE Bursa Malaysia
Small Cap Index is valued at 10.2 times estimated earnings, a 39%
discount versus the FTSE Bursa Malaysia KLCI Index of the biggest
stocks. — Bloomberg
Ringgit falls as investors eye Fed minutes: The ringgit fell the most
in almost two weeks as the dollar rallied before the Federal Reserve
issues the minutes of its April meeting, which may shed more light on
when it will raise interest rates. As of 10am in Kuala Lumpur, the
ringgit was down 0.6% to 3.5890 a dollar. — Bloomberg
PM says US$1.5bil global sukuk a boost for Malaysia: The successful
pricing of Malaysia’s US$1.5bil global sukuk has strengthened the
country’s position as an international centre for Islamic finance,
says Prime Minister Datuk Seri Najib Tun Razak. — Bernama
Consumer confidence improves: Malaysian consumer confidence index for
the first quarter this year improved to 94% due to falling petrol
prices.
Bursa queries Kanger: Bursa Malaysia Securities has queried Kanger
International Bhd over the recent fall in its share price accompanied
by high trading volume.
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