MarketWatch: The overwhelming Greek rejection of a bailout is likely to boost market uncertainly, weaken the euro and trigger a stocks selloff in the near term as investors assess how the European Central Bank works to stop contagion spreading from Greece. The reaction on financial markets is poised to be more severe than a week ago on June 29, when euro zone stocks fell as much as 4% and Wall Street slid 2%, said David Joy, chief market strategist at Ameriprise Financial. - Reuters
Top foreign stories
Greeks defy Europe with overwhelming referendum 'No': Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country's euro zone membership into further doubt and deepening a standoff with lenders. As the euro slid more than 1% against the dollar and European stock and bond markets were poised to take a sharp hit with the resumption of trade today, stunned European leaders called a summit for Tuesday to discuss their next move. - Reuters
Aetna to buy Humana for US$37bil in largest insurance deal: Health insurer Aetna Inc said it would buy smaller rival Humana Inc for about US$37 billion in cash and stock, in the largest ever deal in the insurance industry. The combination will push Aetna close to Anthem Inc's No. 2 insurer spot by membership, and would nearly triple Aetna's Medicare Advantage business. - Reuters
Top local stories
Building an icon: The Government wants to promote the National Sports Complex (NSC) in Bukit Jalil, Kuala Lumpur as a tourist destination not only during major sporting events. In this respect, it has been working with the private sector to build new infrastructure and put up an iconic feature at the NSC to attract more visitors. Sources said 11 companies have participated in a competitive tender for the construction and refurbishment works worth more than RM1bil at the NSC. - StarBiz
Borneo Oil to invest more in Pahang: Borneo Oil Bhd, which is expected to commence gold mining activities soon in a second area in Pahang, plans to invest an additional RM40mil to step up its mining operations in the state. Executive director Raymond Teo Kiew Leong says land clearing is under way and mining equipment is being mobilised to facilitate the mining of alluvial gold and tailings at Bukit Ibam, Rompin district, in the current quarter. - StarBiz
Chin Well aims to raise DIY fasteners output: Chin Well Holdings Bhd is ready to increase production of do-it-yourself fasteners in Vietnam to spearhead the growth of the group’s business in 2016. Executive director Tsai Chia Ling told StarBiz that the group could raise its produc- tion in Vietnam to 4,000 tonnes monthly from 3,800 tonnes to meet rising orders from Europe. - StarBiz
GUH bids for RM1.6bil water jobs: GUH Holdings Bhd is tendering for about RM1.6bil worth of water and waste water treatment plant projects this year. Group managing director Datuk Kenneth H’ng said the tenders were for about 10 projects located in the central and northern regions. - StarBiz
Alkhair Islamic Bank eyes deals in S-E Asia: Alkhair International Islamic Bank Bhd, which had previously eyed a stake in Bank Islam Bhd, is looking at potential acquisitions in South-East Asia to expand its banking footprint in the region. The new chief executive officer of the Bahrain-based bank, Datuk Adissadikin Ali, said as a niche bank and with transactions conducted in non-ringgit, it made sense for the bank to expand regionally due to its market size. - StarBiz
Not so rosy outlook for banking sector: Although the banking sector loan growth inched up in May despite the implementation of the goods and services tax on April 1, analysts on the whole are not bullish of the attractiveness of the sector. While some of them are maintaining their loan growth projections at between 7.5% and 8% this year after revising them downwards, they told StarBiz that the outlook for this year would not be rosy as some of the glaring challenges would continue to rear its ugly head on the industry. - StarBiz
Trumer spearheads e-barter trading: The basics of barter is at the heart of TrumerX, Malaysia’s unique trade exchange that is spearheading the use of cashless transactions for business growth and better profits. TrumerX or Trumer Exchange is managed by Trumer Shoppe Sdn Bhd, a subsidiary of Trumer International Bhd, which held its AGM on June 29. - StarBiz
NCB awaits synergy with MMC-owned ports: NCB Holdings Bhd, whose prized assets include Northport in Port Klang, Selangor, said it had yet to capitalise on product and market synergies with Johor Port, Port of Tanjung Pelepas (PTP) and Penang Port, even though they share a common shareholder in MMC Corp Bhd. NCB managing director Abi Sofian Abdul Hamid doesn’t see this bridging happening anytime soon. About 21.05% of the port and logistics operator is now owned by MMC, which owns 100% of Johor Port and Penang Port, and 70% of PTP. - Edge FD
Passenger traffic expected to be lower: As the country’s two major carriers make capacity cuts, deploy smaller planes and postpone the delivery of new aircraft with a view to cut costs amid intense competition from rivals in the region, analysts expect Malaysian airports to handle a lower number of passengers this year. - Edge FD
Kamdar MD considers appeal to recover RM8.8mil: Kamdar Group (M) Bhd managing director Kamal Kumar Kishorchandra is contemplating an appeal against the High Court’s decision on dismissing Kamdar Sdn Bhd’s claim against its largest shareholder Bipinchandra Balvantrai, former chief executive officer Jayesh Kamdar and contractor Eric Yap Kim Hong on the alleged withdrawal of RM8.8 million in cash. - Edge FD
Chin Hin sees AAC blocks business breaking even: Chin Hin Group Bhd, a building materials player which will be making its debut on the Main Market of Bursa Malaysia this year, expects its loss-making autoclaved aerated concrete (AAC) blocks business to break even within the year. Group managing director Chiau Haw Choon said the group had in- vested about RM83 million in the AAC business since 2012. The business, operated under its subsidiary Starken AAC Sdn Bhd, commenced operations in 2014. - Edge FD
Events calendar
The European Central Bank will hold a conference call today.
German Chancellor Angela Merkel and French President Francois Hollande are scheduled to meet on Greece in Paris.
AGMs/EGMs
OSK Holdings Bhd
Time: 10am
Venue: The Auditorium, 11th Floor, Plaza OSK, Jalan Ampang, Kuala Lumpur
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