For FY2014, AEON occupied two new malls, opened one new department store and refurbished seven existing department stores at a total cost of about RM670mil.
Energy
Brent crude was 2.31% lower to US$47.80 per barrel at 3.23pm.
Forex
The ringgit was down 0.58% to 4.0738 versus the US dollar at 3.48pm.
Top foreign stories
Bayer makes move for Monsanto in global agrichemicals shakeout: German drug and chemicals giant Bayer AG has made an unsolicited takeover offer for Monsanto Co, the world’s biggest seed company, as high inventories and low commodity prices spur consolidation in the global agrichemicals industry. Monsanto disclosed the approach on Wednesday before Bayer confirmed its move, though neither released proposed deal terms. — Reuters
Australia to stiffen underpayment fines after 7-Eleven scandal: Australia unveiled plans on Thursday for a ten-fold hike in fines for employers who underpay staff after 7-Eleven convenience store franchisees were accused of ripping off migrant workers, in what some experts believe is a widespread practice. The government also said it would boost funding for the Fair Work Ombudsman by A$20 million (US$14.4 million), boost the regulator’s evidence gathering powers and set up a taskforce to help migrant workers. — Reuters
Temasek, CIC-KKR advance to second round of Yum China stake sale: Singapore’s Temasek Holdings and a consortium that includes China Investment Corp and KKR & Co have advanced to a second round of bidding for a minority stake in Yum Brands China unit, people familiar with the matter said. — Reuters
Moody’s: China’s desire for headline growth may hide longer-term risks: China’s desire to hold up headline growth figures may increase longer-term risks for the world’s second-largest economy, ratings agency Moody’s Investor Services said on Thursday. It said headline growth continues to be supported by increasing amounts of debt which could lead to more problems down the road. — Reuters
Philippines economy grows 6.9%, beats forecasts: The Philippines’ economy grew a better-than-expected 6.9% in the first quarter, the government said on Thursday, putting it on track to meet full-year targets and making it one of Asia’s best performers for the three-month period. — AFP
Top local stories
IOI Corp’s Loders Croklaan, LCK Nutrition call off JV: IOI Corporation Bhd
unit Loders Croklaan Group B.V. and Ireland’s LCK Nutrition Ltd have called off their joint venture which would have involved the development of nutrition lipid Betapol. — StarBiz
MSM Q1 earnings slip on higher costs: Sugar refiner and distributor MSM Holdings Bhd’s earnings fell 16.4% to RM59.34mil in the first quarter due to higher raw sugar cost and a weakening ringgit. Its revenue was up 8.7% to RM553.16mil on higher to higher tonnage sold for the domestic and export markets. — StarBiz
Pelikan posts first-quarter net profit of RM3.6m: Stationery maker Pelikan International Corp Bhd posted a net profit of RM3.62mil in the first quarter compared with a net loss of RM10.7mil a year earlier. Its revenue rose marginally to RM284.7mil from RM282mil previously. Earnings per share rose to 66 sen against a loss per share 1.95 sen a year earlier. — StarBiz
HSL first-quarter earnings fall 17%: Construction company Hock Seng Lee Bhd’s net profit fell 17.17% to RM16.25mil in the first quarter, while revenue stood at RM142.25mil, down from RM186.46mil a year earlier. Earnings per share came in at 2.96 sen versus 3.57 sen last year. — StarBiz
KPJ Healthcare’s RM500m expansion plan: KPJ Healthcare Bhd is allocating about RM500mil as capital expenditure over the next two years to expand its operations. The amount would be used to build three new hospitals and upgrade existing ones in the country. — StarBiz
UEM Sunrise expects contribution from Melia Residences in Q4: Melia Residences, a freehold strata landed housing project in Gerbang Nusajaya, is expected to start contributing to the bottom line of UEM Sunrise Bhd in the fourth quarter of this year. — Bernama
Aeon allocates RM650m for capex: Aeon Co (M) Bhd is allocating RM650mil for capital expenditure for its financial year 2016, which will go towards the opening of new and refurbishment of existing stores. — StarBiz
Volkswagen aims to beat 2015 record sales: Volkswagen Group Malaysia Sdn Bhd aims to beat last year’s record sales of 7,000 units, boosted by three new sedan models, despite expectations of softer total industry volume (TIV) this year. — Bernama
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