MarketWatch: With markets reeling after Britain's vote to leave the European Union, some on Wall Street expect cooler heads to prevail over the next several sessions as investors focus domestically on the outlook for the US economy and company earnings. As US stock index futures opened for trading late on Sunday, they suggested that a moderate decline for Monday morning. - Reuters
Energy
Oil prices dropped around half a per cent on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday amid concerns over risk aversion. London Brent crude for August delivery LCOc1 was down 24 cents at US$48.17 a barrel by 2250 GMT on Sunday, after settling down US$2.50, or 4.9%, at US$48.41 on Friday. - Reuters
Top foreign stories
China's Alipay could take stake in Germany's Wirecard: report: Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba, about it taking a stake of up to 25% in the German banking software company, Germany’s Bild am Sonntag weekly reported on Sunday. - Reuters
Hollande, Merkel discuss Brexit, agree on strategy: French President Francois Hollande and German Chancellor Angela Merkel agreed in a half-hour phone conversation on Sunday how to handle the aftermath of Britain's vote to leave the European Union, an aide to Hollande said. - Reuters
Pound remains under siege, jittery start to week after Brexit: The pound sterling remained under siege on Monday, sliding back toward a 31-year low as sentiment towards the currency remained in tatters after Britain opted to exit the European Union, triggering shockwaves across global markets. Sterling was down 1.8% at US$1.3460, within shot of US$1.3228 plumbed on Friday, its lowest since 1985. - Reuters
Top local stories
Benalec
maps out strategy in Johor: Marine engineering firm Benalec Holdings Bhd, which has the rights to reclaim land equivalent to half the size of Jurong, Singapore off the south-west coast of Johor, is going into the oil storage business through a joint venture with a large international logistics company. Benalec has inked a memorandum of understanding with the company that it didn’t name to conduct a feasibility study with the view of building and operating a greenfield oil
storage terminal at Tanjung Piai Maritime Industrial Park in Johor. - StarBiz
Malindo eyes seven interline deals this year: Malindo Air is hoping to land at least six more deals with global carri- ers for interline services in a bid to fill the vacuum left by Malaysia Airlines Bhd.
Last week, it sealed a deal with Turkish Airlines to fly its passengers to its destinations and soon will draft a code share with the airline for its own passengers to fly beyond Asia. - StarBiz
Value of construction jobs higher at RM150bil: The value of construction jobs to be given out in the country this year is expected to hit about RM150bil compared with RM124bil in 2015. Penang Master Builders and Building Materials Dealers’ Association immediate past president Datuk Lim Kai Seng said more than 7,000 jobs were expected to be created this year. - StarBiz
Prasarana to contest court injunction: Prasarana Malaysia Bhd, the asset and project owner for the Kuala Lumpur Monorail Fleet Expansion Project, said it would be contesting the ex parte injunction order that Scomi Transit Projects Sdn Bhd had obtained against the company. - Bernama
Sarawak sees big jump in condos: There is a big shift to high-rise apartment and condomin- ium living in Sarawak, especially Kuching, as reflected by a big jump in demand for such housing lately.
This is in contrast to the landed residential homes which were the preferred choice among Sarawakians previously. - StarBiz
Online shopping getting more popular: Online shopping in Malaysia is poised for significant growth, given its rising popularity and relatively new adoption rate among local customers. - StarBiz
Fewer auctions despite softer property market: Auctioneers are seeing a decline in the number of properties being auctioned off, despite the expectation of more houses or shoplots going under the hammer in the current challenging economic environment. - Edge FD
EcoWorld sees ‘silver lining’ for savvy investors: Eco World International Bhd sees a “silver lining” for savvy investors in the UK referendum’s surprising “Leave” outcome, as it marks the end of pro- tracted uncertainty, while the consequent weakening of the pound sterling will encourage foreign investment in the property market. - Edge FD
‘Brexit won’t have any material long-term impact on IJM Land’: The UK’s decision to leave the European Union (Brexit) may have some impact in the near term, but IJM Corp Bhd chief executive offcer and managing director Datuk Soam Heng Choon said it will not have any material long-term impact on subsidiary IJM Land Bhd. - Edge FD
Sime: Brexit will not impact Battersea project’s viability: Sime Darby Bhd says the results of the UK’s referendum to exit the European Union will not impact the viability of the Battersea Power Station project. Reiterating its long-term commitment as a shareholder of the Battersea Power Station project, the conglomerate said the project will continue to generate interest in the longer term. - Edge FD
Knee-jerk Brexit reaction or market crash coming?: All eyes will be on the stock market when it reo- pens today after investors took time o over the weekend to digest the UK’s exit from the European Union following a hair-raising ride last Friday. For many, the question will be whether the fall was just a knee-jerk reaction to the UK’s decision to quit the bloc or a severe market meltdown is taking place. While most analysts are not expecting Malaysia’s economic fundamentals to be significantly impacted by Brexit, there are concerns about the spillover of uncertainty into the financial markets. - Edge FD
Hovid in ‘expansion mode,’ to reap fruits of investments by FY18: Ipoh-based phar- maceutical company Hovid Bhd is in “expansion mode” now. It is investing up to RM60 million for a new research and development (R&D) centre and to e
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