Energy
Brent Crude was 0.20% higher to US$44.65 per barrel at 1.55pm.
Forex
Ringgit up 0.03% to 4.3815 versus the US dollar at 2.23pm.
Top foreign stories
Singapore Oct exports down less than expected: Singapore exports fell less than expected in October as sales to Europe rebounded modestly, but underlying shipments remained weak amid sluggish global demand and look set to drag on the trade-dependent economy. — Reuters
Indonesia considers new tax incentives for employees: Indonesia is considering offering tax incentives for employees as part of the country’s current efforts to spur economic growth through changes to its tax regime, Coordinating Minister for Economics Darmin Nasution said on Tuesday. — Reuters
China Merchants in talks to buy Sinotrans & CSC: Chinese transport conglomerate China Merchants Group is in talks to acquire logistics group Sinotrans & CSC in the latest deal in the country’s state sector, financial magazine Caixin reported late on Monday. — Reuters
Australian antitrust boss flags concerns over Qube bid for Asciano: Australia’s competition chief said he would “no doubt” investigate a US$6.3 billion offer for port and rail giant Asciano Ltd from rival Qube Holdings Ltd, undermining Qube’s assurances of an easy ride with regulators. — Reuters
CITIC Capital to list unit on Beijing’s New Third Board: China’s CITIC Capital Holdings, an alternative investment management firm, plans to list a subsidiary on the country’s most active over-the-counter equity exchange, the company said on Monday. The company said it will list subsidiary CITIC Capital Equity Investment (Tianjin) Corp Ltd on Beijing’s New Third Board exchange to build an exclusive platform for its yuan-denominated private equity business. — Reuters
Australia’s Civmec buys rival’s defence shipbuilding assets: Australian heavy engineering firm Civmec Ltd said it plans to buy the shipbuilding assets of domestic rival Forgacs Engineering Pty Ltd, aiming to benefit from an expected rush of government defence contracts. — REuters
Top local stories
HLFG Q1 earnings dip to RM386.8m: Hong Leong Financial Group Bhd
(HLFG) posted slightly lower earnings in the first quarter due to lower contributions from its banking and investment banking division but it rewarded shareholders with an interim dividend of 13 sen a share. HLFG said on Tuesday its earnings were at RM386.88mil, down just 1.3% from RM392.15mil a year ago. Its revenue was higher at RM1.146bil, up 5.8% from RM1.083bil. — Reuters
Hong Leong Bank Q1 earnings lower on higher allowance for impairments: Hong Leong Bank Bhd posted lower earnings of RM502.92mil in the first quarter due to higher allowance for impairments during the period. The bank said on Tuesday its earnings were down 8.1% from the RM547.56mil a year ago. Its revenue was slightly higher at RM1.023bil from RM1.014bil. It has made an allowance for impairment losses totalling RM23.97mil in the quarter compared with the writeback of RM14.90mil a year ago. — Reuters
Palm oil prices seen range-bound until year-end: Malaysian palm oil futures are expected to hold around current levels until the year-end, as slowing demand and an abundant supply of rival soyoil cap any gains, a Reuters poll showed. — Reuters
Banks: Eligible first-time home buyers will get financing: The Association of Banks in Malaysia says first-time home buyers who are eligible will continue to be able to obtain financing. It explained that it was crucial for these buyers to also recognise the need to make sound decisions of their own affordability based on their financial circumstances. — StarBiz
TH Properties JV developing RM1.55b apartment project in Sydney: TH Properties Sdn Bhd and its Australian joint venture partner, Piety Group, is developing the A$500 million (RM1.55 billion) ONE The Waterfront, a residential development project at Wentworth Point, about 13km from the Sydney Central Business District. — Bernama
Wahid: Malaysia to continue pro-investment approaches: Malaysia plans to continue with its pro-investment approaches to attract more foreign direct investment (FDI) into the country amid the stronger US economy. Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said there would be a reversal of funds away from emerging markets, including Malaysia, back into the United States when the Federal Reserve raises interest rates. — Bernama
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