Top foreign and local stories at 4pm

Energy

Brent crude was 1.33% higher to US$39.66 per barrel at 3.22pm.

Forex

Ringgit up 1.56% to 3.9323 versus the US dollar at 3.46pm.

Top foreign stories

Japan factory output down the most since 2011, recession feared: Japan’s factory output in February fell the most since 2011 when a devastating earthquake ruptured the supply chain, stoking fears of another recession and renewing pressure on policymakers to take evasive action. — Reuters

Wells Fargo plans quiet assault on Wall Street from glass tower: As Wall Street remakes itself on a former rail yard in the far west of Midtown Manhattan, one surprising name is leading the way. Wells Fargo & Co, the lender known for its retail banking business, has picked out space for a trading operation to use as a base for a stealth attack on the investment banking world. — Reuters

Japan trust banks to start imposing negative rates on clients: Some Japanese trust banks will start to put negative interest rates, or charges, on institutional clients such as asset management firms, passing on the cost of the central bank’s negative rates, sources with knowledge of the matter said. — Reuters

Turbulence for Virgin Australia as Air NZ mulls exit: Air New Zealand Ltd, the biggest shareholder of Virgin Australia Holdings Ltd, on Wednesday said it may sell its 26% stake in a sign that backers of Australia’s No. 2 carrier are growing impatient with its slow profit turnaround. — Reuters

Foxconn to agree on Sharp takeover after slashing original offer: Taiwan’s Foxconn is set to agree on Wednesday to acquire Sharp Corp, gaining a big discount to its original offer after a month of wrangling about potential liabilities that sowed more doubt about whether the two firms will be able to work well together. The companies are due to hold separate board meetings on Wednesday in which they are expected to approve the deal, sources said. — Reuters

S. Korea policy is supportive but 2016 growth may miss forecast: South Korea’s central bank chief reiterated on Wednesday that its current monetary policy is supportive of growth but propped the door open to possible easing in future by adding the economy is recovering at a slower pace than earlier thought. — Reuters

ADB cuts growth forecast for China this year: Huge industrial overcapacity will drag on China’s growth this year, the Asian Development Bank (ADB) said on Wednesday as it cut its forecast for the world’s second-largest economy. In 2016 China’s gross domestic product (GDP) growth is expected to slow to 6.5%, the ADB said in its Asian Development Outlook, lower than its previous forecast of 6.7% in December. — AFP

Boeing says it will cut more than 4,500 jobs: Boeing Co will eliminate about 4,000 jobs in its commercial airplanes division by the middle of this year and another roughly 550 jobs in a division that conducts flight and lab tests, company spokespeople told Reuters. — Reuters

German retail giant Metro to split businesses into two listed entities: German retail giant Metro announced on Wednesday that it will spin off its different businesses into two separate units, each to be listed on the stock exchange. — AFP

China’s Shandong Ruyi to take over Sandro, Maje labels: China’s Shandong Ruyi is set to buy control of SMCP, the French firm behind fashion brands Sandro, Maje and Claudie Pierlot, for 1.3 billion euros (US$1.5 billion) including debt, two sources close to the deal said on Tuesday. — Reuters

Top local stories

AirAsia brushes off rumours of privatisation: AirAsia Bhd has dismissed speculation its major shareholders are looking to make an attempt at privatising the budget carrier. Over the weekend, a business weekly reported, citing sources, that Tune Air (AirAsia founder), in partnership with China Everbright, was planning to privatise AirAsia. However, a company official stated they have not received any formal offer and would not comment. — StarBiz

Sona Petroleum EGM adjourned: Sona Petroleum Bhd adjourned its EGM on Wednesday to give shareholders time to understand the implication of the capital repayment possibility proposed for the acquisition of the Stag Oilfield offshore Western Australia. The EGM will be held within a month to decide on the US$25 million acquisition. — Bernama

UDA secures RM500m Islamic financing for 8 projects: UDA Holdings Bhd has signed financing agreements with financial institutions for a syndicated Islamic financing facility of up to RM500 million to finance eight projects with an estimated gross development value (GDV) of RM1.62 billion. — Bernama

MMHE chief financial officer named as interim CEO: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) chief financial officer Wan Mashitah Wan Abdullah Sani has been appointed as the interim chief executive officer, with effect from May 1. The company said on Wenesday the current CEO Datuk Abu Fitri Abdul Jalil will relinquish his position as managing director and CEO on April 30. — StarBiz