Market Watch: Markets will be watching for China's next move as signs of a slowdown in the world's second-largest economy stack up, raising expectations it will act to stoke growth. A looming snap election in Greece and a closely watched conference hosted by the Federal Reserve in the United States are also likely to keep investors on their toes this week, in particular as they look for hints on when the US will raise interest rates. - Reuters
Top foreign news
Iran says an Opec emergency meeting may stop oil price slide: Iran's Oil Minister, Bijan Zanganeh, said on Sunday that holding an emergency Opec meeting may be "effective" in stabiliing the oil price, Iran's oil ministry news agency Shana reported. Algeria said earlier this month that the Organisation of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other Opec delegates said no meeting was planned. Opec is not due to meet until Dec 4. - Reuters
Private equity firms team up to bid for Tesco's US$6bil S. Korea unit: Private equity firms have formed three separate teams to bid for Tesco's South Korean business valued at about US$6 billion, sources said, in what is tipped as Asia's biggest ever private equity deal. Asia-based Affinity Equity Partners has linked up with US private equity firm KKR & Co, while Carlyle Group has joined hands with Singapore's GIC, the people said. And North Asia-focused private equity firm MBK Partners will seek equity funding from South Korea's National Pension Service to bid for the unit, they said. - Reuters
Japan's Sharp in LCD tie-up talks with Taiwan's Hon Hai: Japan's Sharp Corp is in talks with Taiwan's Hon Hai Precision Industry Co for a tie-up in its struggling flat-panel display business, sources say. Under the proposed plan, Sharp would spin of the display business into a separate unit ahead of investment from Hon Hai and possible cash injections from other entities, including the state-directed Innovation Network Corporation of Japan, the sources said. - Reuters
Russian PM says Russia to boost FX flows to support ruble: Russia's Prime Minister Dmitry Medvedev said the government and central bank were preparing measures to boost foreign currency sales in response to the weakening ruble. His comments suggest Russia is again putting pressure on major exporters to help buttress the ruble by selling more of their foreign currency. _ Reuters
Trump says tax code is letting hedge funds 'get away with murder': Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes. In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street. - Reuters
Top local stories
Rights issue by Sime? Sime Darby Bhd
is considering a proposal to raise up to RM6bil through a rights issue as the group seeks to reduce its RM18bil debt by a third. The fund-raising plan proposed by several banks pitching for the job comes after the diversified plantation company put on hold a plan in May to list its motor unit. Sources said if Sime Darby agreed to the plan, the exercise could be implemented by the end of the year. - StarBiz
Spotlight on IHH earnings: The steep drop in the Turkish currency lira against the US dollar has turned the spotlight on IHH Healthcare Bhd, which has a substantial interest in that country. The group, which is Asia’s largest hospital operator, will release its second-quarter results this week and observers opine that the weak lira, coupled with the strong US dollar in which a large sum of its debts are denominated, poses a double whammy for IHH. - StarBiz
Silverlake hit by short selling: Singapore-listed Silverlake Axis Ltd, a software solutions provider, found itself the target of shortsellers after a report alleged the company had engaged in third-party transactions with companies run by its founder and group executive chairman Goh Peng Ooi. Silverlake asked for an immediate halt in trading of its shares after the stock fell as much as 27% in intraday trade last Friday. It fell to a low of 61.5 Singapore cents and last traded at 63.5 cents. - StarBiz
Cypark plans RM500mil investment: Cypark Resources Bhd, one of Malaysia’s largest renewable energy company, plans to increase its investment to more than RM500mil in a number of projects over the next three years. Chief executive officer Datuk Daud Ahmad said the proposal would take Cypark’s investments in green technology and renewable energy to over RM1bil from the time of it inception in 1999. - StarBiz
JCorp finalising plans for township in Kota Tinggi: State investment firm Johor Corp (JCorp) is finalising details to develop a multi-billion ringgit township and an industrial park in Kota Tinggi district, northwest of Johor Baru, next year. JCorp president and CEO Datuk Kamaruzzaman Abu Kassim said the two projects would cater for the Pengerang Integrated Petroleum Complex. - StarBiz
Slight drop in July adex: Advertising expenditure (adex) in July fell slightly to RM1.09bil from RM1.20bil a year earlier as spending by advertisers dropped due to uncertainties within and outside the country. - StarBiz
RMAF’s Butterworth base relocation scrapped? Source said that after the federal government granted in-principle approval to TSR Capital Bhd to enter into negotiations with the former to redevelop the RMAF base via a land swap in February last year, not much had happened. TSR Capital will be biggest loser if the RM10bil redevelopment project is axed. - digitaledge
Freight Management continues to look for acquisitions: Freight Management Holdings Bhd, which is expected to report lower full-year earnings this week, continues to be on a lookout for strategic investments and joint ventures both locally and in the region to grow its business, said its managing director Chew Chong Keat. - digitaledge
Online platform for PRS as AUM yet to hit RM1b mark: When it was first launched in 2012, the private retirement scheme (PRS), administered by the Private Pension Administrator Malaysia (PPA), was expected to hit RM30.9 billion in assets under management (AUM) in 10 years — that’s an average of RM3.9 billion per year. But more than two years since, its AUM, even with eight fund providers and 47 PRS funds, stood at some RM900 million and has yet to reach the RM1 billion mark as uptakes from corporations remain low as there is no sense of urgency for them to adopt the scheme. - digitaledge
Events calendar
Japan's Cabinet Office releases the Leading Economic Index (0500 GMT).
?Speech by Federal Reserve Bank of Atlanta president Dennis P. Lockhart (1955 GMT).
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