Energy
Brent crude was 1.31% lower at US$57.09 per barrel at 2.18pm.
Forex
The ringgit was down 0.11% at 3.8073 versus the US dollar at 2.44pm.
Top foreign news
China stock suspensions open can of derivatives worms: The suspension of hundreds of mainland China stocks during a market plunge from mid-June could lead to disputes between banks and their clients over the valuation of billions of dollars of equity derivatives. Banks dealing in derivatives are concerned that valuation terms covering market disruptions in other Asian markets, such as trading halts when stocks move up or down by the exchange’s daily range limits, might not apply to the wave of stock suspensions in China. — Reuters
Singapore economy contracts in second quarter: Singapore’s economy shrank in the second quarter of the year, official data showed today, as slowing demand from key export markets China and Europe hit manufacturing. The 4.6% quarter-on-quarter contraction in April-June reversed a growth rate of 4.2% in the previous three months, according to advance estimates from the trade ministry based largely on two months’ data. And despite the figures showing the economy expanded 1.7% year-on-year in the second quarter, private economists immediately downgraded their forecasts for the full year. — AFP
China’s Tsinghua Unigroup prepares US$23bil bid for Micron: State-backed Chinese technology conglomerate Tsinghua Unigroup Ltd is preparing a US$23bil bid for US memory chip maker Micron Technology Inc, The Wall Street Journal reported, in what would be the biggest Chinese takeover of a US company. The Chinese firm is prepared to bid US$21 per share for Micron, which is at a 19.3% premium to the stock’s close on Monday, the Journal reported, citing people familiar with the matter. A Micron spokesman however said while the company did not comment on rumours or speculation, it had not received an offer. - Reuters
China June bank lending, money supply growth quicken: China’s banks made 1.27 trillion yuan (US$204.57bil) in new loans in June, according to Reuters calculations based on fresh central bank data, handily beating market expectations, while broad money supply growth quickened last month. Banks made a total of 6.56 trillion yuan in new loans in the first six months of 2015, said the People’s Bank of China, which did not release loan data for June alone. The central bank said the broad M2 money supply grew at 11.8%, beating forecasts. Economists polled by Reuters had expected new local-currency loans of 1.05 trillion yuan in June, compared with 900.8 billion yuan in May, a rise of 14%, and predicted money supply would rise by 11%. — Reuters
Britain to resist contributing to Greek bailout: British Finance Minister George Osborne is to seek to block any move by the European Union to include British money in a new bailout programme for Greece, according to reports. Osborne held a series of telephone conversations with his counterparts ahead of a meeting in Brussels today to underline Britain’s opposition to participating in a bailout, the Financial Times and other media reported. — AFP
Nokia confirms may re-enter mobile phones via licensing: Nokia confirmed late on Monday that it may start designing and licensing mobile phone handsets under its brand name in 2016. The Finnish telecoms network maker said it was looking for a partner who would take on the manufacturing, sales, marketing and customer support for the products. — Reuters
Top local news
FGV confident of strengthening position: Felda Global Ventures Holdings Bhd (FGV) is confident of strengthening its market position as the leader in the palm-based downstream sector in Asia. It aims to achieve this by further diversifying products and integrating with the group’s upstream oil-palm plantation division. FGV head of palm downstream cluster Datuk Zakaria Arshad said that by collaborating with leading industry giants in the downstream and upstream sector, the company can better control supply and diversify into new products. — Bernama
Icon bags RM55mil tugs supply contracts: Icon Offshore Bhd
has received two letters of award from an oil major to provide two anchor handling tug/supply vessels. It said the contracts were for two years effective July 2015, with an extension of one year, valued at RM55mil. — StarBiz
Nielsen to launch digital ad ratings in Malaysia, 6 other markets: Nielsen will launch its flagship digital advertising measurement solution, Digital Ad Ratings, in seven markets including Malaysia. The global performance management company said today that besides Malaysia, the other markets were Singapore, Japan and Indonesia, which are now commercially available, in addition to Philippines, Thailand and Mexico, bringing the total to 16 markets globally. - StarBiz
AFB focuses on financing GLCs, listed firms: Asian Finance Bank (AFB) hopes to sustain its performance in financial year 2015 by focusing on providing financing to government-linked and public-listed companies. Chief executive officer Datuk Mohamed Azahari Kamil said the two segments make up 94% of the bank’s portfolio and have proven to be a successful business model, with financing assets 5.38% higher at RM1.74bil in 2014. — Bernama
Nasim opens body And paint hub In Puchong: Nasim Sdn Bhd, the official distributor of the Peugeot brand in Malaysia, has opened a body and paint hub in Puchong, Selangor, at an investment of RM2mil. The Peugeot Puchong Body and Paint hub is part of a nationwide network expansion drive for 2015. The company said the hub is the fifth new outlet launched by Nasim this year and the 19th Peugeot outlet in the Klang Valley. — Bernama
Limited time offer:
Just RM5 per month.
