People talk outside a Wal-Mart Pickup-Grocery test store in Bentonville, Arkansas, June 4, 2015. REUTERS/Rick Wilking
MarketWrap: Wall Street rose on Monday, though indexes ended far from the highs of the day, in a relief advance after indications that British voters later this week will choose to remain in the European Union. - Reuters
The DJIA rose 129.71 points, or 0.73%, to 17,804.87, the S&P 500 gained 12.03 points, or 0.58%, to 2,083.25 and the Nasdaq added 36.88 points, or 0.77%, to 4,837.21.
Forex summary
*The ringgit gained 0.04% to 4.0610 per US$
*It was 0.24% higher to 4.5993 per euro
*Down 0.05% to 5.9555 to the pound sterling
*0.05% higher to 3.0255 per Singapore dollar
*0.03% up to 3.0330 per Aussie
*Down 0.17% to 3.9106 per 100 yen
Energy
Oil prices rose 3% on Monday, settling higher for a second straight day, after polls showing a lower likelihood of Britain leaving the European Union while US petroleum surged 5% in anticipation of peak summer driving demand. Brent crude futures' front-month contract, August, settled up US$1.48, or 3%, at US$50.65 a barrel. - Reuters
Top foreign stories
India eases investment rules for airlines: India will allow foreign entities such as funds and portfolio investors to fully own local airlines, raising from an earlier cap of 49%, in a bid to lure investment into Asia’s third-biggest economy. Foreign investment limits in commercial airlines will be increased to 100%, with anything above 49% needing approvals, the government said. - Bloomberg
Wal-Mart to sell China online unit to JD.com for a 5% stake: Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5% equity stake in JD.com, a strategic alliance that aims to expand WalMart's reach in China to more customers. - Reuters
Fed internal watchdog to study oversight of cybersecurity at banks: The Federal Reserve's internal watchdog plans to study how well the central bank is overseeing cybersecurity practices at financial institutions, the US central bank said on Monday. The Office of Inspector General at the Fed's Board of Governors plans to release the audit in the fourth quarter, the OIG said in a report on current and upcoming projects. - Reuters
Top local stories
EPF’s new RM100bil syariah fund: The Employees Provident Fund’s (EPF) syariah-compliant investment product, called “Simpanan Syariah”, will have an initial size of RM100bil and be open for registration from Aug 8. Contributors can start registering with the pension fund to shift their savings to Simpanan Syariah and it is open to all members. The registration will close on Dec 23. - StarBiz
Gamuda plans two multi-billion projects in Selangor: Construction firm Gamuda Bhd
’s property arm, Gamuda Land, is planning two multi-billion-ringgit projects in Kuang, Selangor.
Gamuda Land said the two projects - a mixed-use development called Gamuda Gardens and a boutique residential estate named Kundang Estates on 900 acres - would have an expected gross development value of RM11bil. - StarBiz
BToto posts 35% rise in Q4 net profit: Berjaya Sports Toto Bhd (BToto) posted a 35% jump in net profit for the fourth quarter to RM104.71mil mainly due to the results of Sports Toto and Philippine Gaming Management Corp. BToto’s revenue for the quarter was flat at RM1.48bil versus RM1.46bil a year earlier. - StarBiz
Sanichi in tie-up to bid for Petronas contracts: Sanichi Technology Bhd is tying up with Petrowangsa Sdn Bhd to tender for Petroliam Nasional Bhd’s (Petronas) oil storage tank terminal contracts in Malaysia and around the region. - StarBiz
Adviser: Offer to take ECM Libra private ‘not fair but reasonble’: The offer to take ECM Libra Financial Group Bhd private at 37 sen a share by Lim Kian Onn, a major shareholder of the finan- cial services firm, is deemed not fair but reasonable by the independent adviser, BDO Capital Consultants Sdn Bhd. - StarBiz
Manufacturing and education on MAA’s mind: MAA Group Bhd is looking to venture into manufacturing and education sectors to diversify its earnings. MAA chief executive officer Datuk Muhamad Umar Swift said the company had earmarked RM290mil from the proceeds of the disposal of MAA Takaful Bhd for the ventures. - StarBiz
Ikhmas Jaya eyes strong growth: Ikhmas Jaya Group Bhd is eyeing an almost 50% growth in the revenue for the financial year ending Dec 31, 2016. “Our margins will more or less be maintained while we are hoping that our turnover …will be about RM400mil,” Ikhmas Jaya group managing director Datuk Ang Cheng Siong said. - StarBiz
B10 biodiesel programme postponed again: The plantation industries and commodities ministry an- nounced on Moday the B10 biodiesel programme, which is the blending of 10% palm methyl ester with 90% petroleum diesel, for diesel vehicles has been postponed again by one month to July. The ministry did not give a reason for the delay. - Edge FD
Subcontractor seeks RM143.87m from Puncak Niaga: Puncak Niaga Holdings Bhd said its wholly owned unit Puncak Niaga Construction Sdn Bhd has received two separate notices of arbitration, seeking payment of RM143.87 million together with damages, interests, costs and other relief, from a subcontractor that the latter terminated for the sewerage pipe network project in the Bunus catchment area in Kuala Lumpur. - Edge FD
AGMs/EGMs
Sona Petroleum
Time: 10am
Venue: Sauna Hotel KL, Jalan Lapangan Terbang SAAS
Limited time offer:
Just RM5 per month.
