MarketWrap: Wall Street ended lower on Monday as a bounce in Apple failed to offset concerns that the US Federal Reserve could raise interest rates sooner than later. - Reuters
DJIA declined 0.05% to end at 17,492.93 points, the S&P 500 lost 0.21% to 2,048.04 and the Nasdaq dipped 0.08% to 4,765.78.
Forex summary
*The ringgit fell 0.12% to 4.0875 per US$
*It dropped 0.11% to 4.5828 per euro
*Up 0.20% to 5.9204 to the pound sterling
*0.14% lower to 2.963 per Singapore dollar
*0.02% higher to 2.9483 per Aussie
*Down 0.10% to 3.7410 per 100 yen
Energy
Oil prices slid early on Monday as Iran vowed to ramp up output and rig reductions paused in the United States, then crude futures pared losses on data showing a stockpile drawdown at the US delivery hub. Brent's front-month was down 52 cents at US$48.20, off the day's bottom of US$47.58. - Reuters
Top foreign stories
Bayer defies critics with US$62b Monsanto offer: German drugs and crop chemicals group Bayer AG has offered to buy US seeds company Monsanto for US$62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto has said it would review the proposal. Some analysts have suggested Bayer might still have to pay more. - Reuters
Unilever, L'Oreal, Henkel vie for Vogue International: Unilever NV, Henkel & Co KgaA AG, L'Oréal SA nd other companies have submitted first-round bids in the auction for OGX shampoo maker Vogue International LLC, people familiar with the matter said on Monday. A deal could value Vogue at US$2.5 billion to US$3 billion, said the sources. - Reuters
Top local stories
Sime mulls listing of China port: Some mulls listing of China port: Sime Darby Bhd
is looking to list Weifang Port in China as part of a plan to monetise its assets and maximise returns. Sime Darby acquired the port from the local government in 2005 and has since invested RM2bil to turn the seaport into a profitable mid-sized seaport with 15 berths. - StarBiz
Hwang Capital gets voluntary takeover bid: Hwang Capital (M) Bhd has received a voluntary takeover offer from Hwang Enterprises Sdn Bhd and Hwang Lip Teik to acquire all the remaining ordinary shares which are not already owned by the joint offerors for RM2.65 cash per share or RM469.4mil. - StarBiz
Reach Energy plans to raise up to RM180m: Reach Energy Bhd is pro-posing to raise up to RM180mil from a private placement to partly finance the purchase of shares of dissenting shareholders who will vote on its maiden acquisition. The special-purpose acquisition company announced its maiden acquisition on March 5, involving a 60% stake in a producing onshore oil and gas field called Emir-Oil in Kazakhstan for US$154.9mil. - StarBiz
Multi Sports shareholder calls for special meeting: A major shareholder of sports-shoe maker Multi Sports Holdings Ltd, Paramjit Singh Gill - who owns more than 10% stake - is requisitioning the company to convene a special general meeting to appoint five new directors.Shares in Multi Sports have been suspended from trading since May 10 as the company had failed to submit the annual report for the financial year ended Dec 31, 2015. - StarBiz
Malaysia Airlines to lease two new aircraft: Malaysia Airlines Bhd (MAS) will lease two new Airbus A350-900s to complement the existing four on order, as it seeks to reach a critical fleet size, says chief executive officer Christoph Mueller. The national carrier had exercised the option for a 12-year lease agreement for the additional two new aircraft with Air Lease Corp, which will be delivered in 2018. - StarBiz
CIMB and CGC to offer RM1bil loans to SMEs :CIMB Bank Bhd and Credit Guarantee Corp Malaysia Bhd (CGC) have signed a memorandum of understanding to offer up to RM1bil in Enterprise Clean Loans to nurture and develop local small and medium enterprises. - StarBiz
MUH lodges police report against a director: Multi-Usage Holdings Bhd has lodged a police report against one of its directors, Tan Chew Hua, for possible breaches of the penal code in respect of the purchase of properties from MUH unit TF Land Sdn Bhd. - StarBiz
Cityneon poised to play a bigger role in Star Media Group: Star Media Group Bhd’s strategy to sweat its assets is paying off with Singapore-listed Cityneon Holdings Ltd poised to play a more meaningful role in the group’s bottom line this year. Star Media Group chairman Datuk Fu Ah Kiow said Cityneon’s purchase of Victory Hill Exhibitions Pte Ltd at the end of last year is bearing fruit, based on early indications and response from the market. - StarBiz
KAF IB’s offer deemed not fair but reasonable: The offer by KAF Investment Bank Bhd to buy a 76.74% stake in KAF-Seagroatt & Campbell Bhd for RM2.70 per share is perceived as not fair, but reasonable by independent adviser, Public Investment Bank Bhd. - StarBiz
MAHB kick-starts Aeropolis project with 5 partnerships: Malaysia Airports Holdings Bhd (MAHB) has formed five partnerships with several parties, including AirAsia Bhd and DRB- Hicom Bhd, to expand air cargo operations as well as aeronautical support; logistics; and maintenance, repair and overhaul services locally. - Edge FD
Tanjung Offshore’s Q1 net loss widens by 138%: Tanjung Offshore Bhd saw its net loss widen by 138.1% to RM4.69 million in the first quarter on lower revenue from its engineering packages, and and higher cost of sale and expenses. Its revenue increased 47.3% to RM11.99 million. - Edge FD
EG Industries bags RM146m smart button deal: EG Industries Bhd has clinched a two-year con- tract worth US$36 million (RM146 million) from Swedish-based Shortcut Labs AB to be the sole manufacturer of a wireless smart button, known as Flic, and to distribute the button in Asia. - Edge FD
UMW O&G posts RM65m net loss in Q1: UMW Oil and Gas Corp Bhd (UMW O&G) posted a net loss of RM65.08 million in the first quarter versus a profit of RM32.15 million a year earlier. The group’s revenue more than halved to RM87.68 million from RM312.5 million previously. - Edge FD
Genting Plantations first-quarter net profit halves to RM26.99m: Genting Plantations Bhd’s net profit almost halved to RM26.99 million in the first quarter due to lower contributions from Malaysia’s plantation and property businesses. Its revenue fell 19.58% to RM260.87 million. - Edge FD
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