Public Mutual, a unit of Public Bank, is Malaysia
Energy
Brent crude was down 2.27% to US$43.03 per barrel at 3.24pm.
Forex
Ringgit up 0.22% to 3.8775 versus the US dollar at 3.51pm.
Top foreign stories
BoJ’s Kuroda signals readiness to top up ETF purchases: Bank of Japan (BoJ) governor Haruhiko Kuroda said on Wednesday the central bank’s presence in the exchange-traded fund (ETF) market is “not too big,” signalling that topping up purchases of ETFs could be a real, near-term option. — Reuters
BHP Billiton weighs getting out of Indonesian coal: BHP Billiton is considering quitting its coal assets in Indonesia, where it recently started shipping steel-making coal from a small mine, amid uncertainty over Indonesian regulations and a weak outlook for coal. BHP owns a 75% stake in the IndoMet Coal project. — Reuters
Indonesia central bank expected to hold benchmark rate steady: Indonesia’s central bank, which has cut its benchmark interest rate at all three meetings so far this year, is expected to hold it steady on Thursday. The current benchmark, a reference rate for 12-month operations, is 6.75%. — Reuters
S. Korea:’Policy mix’ needed if big downside risks occur: South Korea’s finance minister said a combination of policy measures, including a supplementary budget, would be needed if the economy faced massive downside risks.
Toshiba preparing Westinghouse writedown, CEO to step down: Japan’s Toshiba Corp is preparing to write down the value of its stake in US nuclear subsidiary Westinghouse by around 200 billion yen (US$1.83 billion), sources said on Wednesday. Separately, a company committee is meeting on Wednesday to approve the resignation of chief executive Masashi Muromachi, said one of the sources, — Reuters
Japan’s exports fall as yen rises: Japan’s exports fell for a sixth straight month in March as slowing growth in China, soft demand for electronic components for products such as the iPhone and a strengthening yen threatened to hold back the country’s economic recovery. — Reuters
Australia boosts regulator funding after bank scandals: Australia on Wednesday boosted funding to the corporate regulator by A$127.2 million (US$99 million) and appointed a special prosecutor to investigate financial crime, in sweeping reforms prompted by public outrage over numerous bank scandals. — AFP
Asian investors ink US$3.6bil deal to buy Lexmark: Lexmark International announced it has inked a deal to sell the US printer maker to a consortium of Asian investors for some US$3.6bil (RM13.93bil). If the transaction gets clearance from shareholders and regulators, it will take the publicly traded company private. The deal was expected to close in the second half of this year. — AFP
Saudi Arabia close to securing US$10b bank loan: Saudi Arabia is close to securing a US$10 billion loan from banks, sources told Reuters on Wednesday, as the world’s top oil exporter seeks to fill a record budget deficit caused by low crude prices. — Reuters
Top local stories
Public Bank Q1 earnings up 4.9% to RM1.2b: Public Bank Bhd
’s earnings rose 4.9% to RM1.229bil in the first quarter, reflecting a continued growth in retail earnings against a backdrop of economic headwinds. Revenue increased 9.5% to RM5.037b from RM4.6bil while earnings per share were 31.85 sen compared with 30.34 sen previously. — StarBiz
March inflation slower than expected: Malaysia’s inflation rate, as measured by the Consumer Price Index, rose at a slower than expected pace of 2.6% in March versus a year ago. Expectations were for a 3.4% rise. The Statistics Department said on Wednesday the March CPI increased to 113.8 compared with 110.9 a year earlier due to increases in 10 major groups. — StarBiz
Kian Joo steps up Myanmar investment: Kian Joo Can Factory Bhd is stepping up its expansion into Myanmar as it focuses on untapped markets. Group chief financial officer Ooi Teik Huat said on Wednesday Kian Joo had invested about US$40mil to build two plants in the Thilawa Special Economic Zone near Yangon to manufacture cartons and cans. — StarBiz
PetDag sees rising demand for bitumen: Petronas Dagangan Bhd (PetDag) expects its bitumen segment, which contributed significantly to profits in 2015, to see further increase in demand in FY16. PetDag CEO and managing director Mohd Ibrahimnuddin Yunus said the company estimated a 3% growth in demand for bitumen this year. — StarBiz
Malaysia and EU to resume talks on FTA in May: Malaysia and the European Union (EU) will resume technical negotiations for a Free Trade Agreement beginning May. Several meetings were postponed earlier to pave the way for Malaysia to be fully engaged with the Trans Pacific Partnership negotiations, said ambassador and head of EU delegation Luc Vandebon. — Bernama
AirAsia X to take delivery of 2 Airbus planes in 2016: Medium-haul, low-cost carrier Airasia X Bhd will take delivery of two Airbus planes this year after a deferment in 2015. “These are not new orders but rather those that we held back following our rationalisation last year,” chief executive Benyamin Ismail said on Wednesday. - StarBiz
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