Energy
Brent crude rose 1.91% to US$43.73 per barrel at 3.24pm.
Forex
Ringgit up 1.18% to 3.8833 versus the US dollar at 3.49pm.
Top foreign stories
Major steel producers fail to reach deal on overcapacity: China and other major steel-producing countries failed to agree on measures to tackle a global steel crisis as the sides argued over the causes of overcapacity, prompting US criticism of Beijing’s approach and an angry response from Chinese officials. — Reuters
Founder of China’s Tencent to give US$2b in shares to charity: The founder of China’s Tencent Holdings Ltd, Pony Ma, said he plans to donate 100 million company shares, worth more than US$2 billion, to the firm’s charity foundation in one of China’s biggest philanthropic pledges ever. — Reuters
Chinese firms delay or cancel US$10b bond issuance in April: Chinese firms have delayed or cancelled at least 68.8 billion yuan (US$10.63 billion) of bond and other fixed income issuance so far in April, bond market data sources showed on Tuesday. Around 70 firms have delayed or cancelled issues, many in excess capacity industries including cement and mining, the data sources show. - Reuters
China launches yuan gold fix to boost power in global bullion market: The world’s top gold consumer China launched a yuan-denominated gold benchmark on Tuesday, as the country took an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market. — Reuters
Bank of Korea holds rates, lowers GDP forecast: South Korea’s central bank kept interest rates untouched on Tuesday for a 10th straight month, and its governor stressed that the current rate level supports economic growth, although a lowered growth forecast for this year kept expectations of a rate cut alive. — Reuters
Japan govt taps Shinsei Bank executive Masai for BoJ board: Japan’s government has nominated Takako Masai, an executive at Shinsei Bank Ltd and an advocate of aggressive monetary easing, to join the Bank of Japan (BoJ)’s policy board. — Reuters
China said to seek control of US$8b Yum! Brands unit: A consortium backed by sovereign fund China Investment Corp has expressed interest in buying a majority stake in Yum! Brands Inc’s China business, which runs more than 7,100 KFC and Pizza Hut eateries across the nation, sources said. A deal could value Yum! China at US$7 billion to US$8 billion, the people said. — Reuters
Busy skies a tailwind for Asian jet fuel demand: Asian skies are getting busier and the impact is set to be felt in the jet fuel market as brisk demand for air travel, due to rising incomes and more flights, cuts the region’s aviation fuel surplus in 2017 by the most in at least five years. — Reuters
Danone quarterly sales beat forecasts: Danone beat first-quarter sales growth expectations on Tuesday on the back of robust baby food sales in Asia, stronger demand for dairy products in North America and a better-than-expected performance at its water division. — Reuters
Top local stories
MISC seeks distressed oil and gas assets: MISC Bhd is looking to acquire ‘distressed’ oil and gas assets as part of its growth trajectory targets, said president and CEO Yew Yang Chien. MISC was interested in acquiring assets which are already in operation such as floating production storage offshore vessels or petroleum tankers, Yew said. - StarBiz
Pecca makes firm debut amid cautious market: Car leather upholstery maker Pecca Group Bhd made a firm debut on the Main Market of Bursa Malaysia on Tuesday, opening at RM1.71, or 29 sen above its initial public offering price of RM1.42. — StarBiz
BHIC Shipbuilding wins RM55m contract: Boustead Heavy Industries Corp unit BHIC Shipbuilding and Engineering Sdn Bhd has secured a RM54.9 million contract from KFS Support Services Sdn Bhd for three 45-tonne Bollard Pull ASD Harbour Tugs. — Bernama
More uncertainties expected in Malaysia’s property market: The residential property sub-sector is expected to experience further softening in 2016 in view of the various internal and external uncertainties, while issues on affordable housing and affordability of home purchasers will continue to top the national agenda this year, said Deputy Finance Minister Datuk Chua Tee Yong. — StarBiz
Already a subscriber? Log in.
Limited time offer:
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!