DRB-Hicom Bhd, which owns Proton, said in a filing with Bursa Malaysia that the latest proposed redeemable convertible cumulative preference shares (RCCPS) to be subscribed by Minister of Finance Inc
MarketWatch: Consumers are flocking to discount apparel retailers, but investors are faced with nothing close to a bargain as stocks in the sector rally. Few expect shares of off-price retailer TJX Companies' or its peer, Ross Stores, to go on a fire sale this week when they report earnings, as the trends that have favoured them over their higher-priced competitors are expected to persist. - Reuters
Energy
Oil prices edged up early on Monday and have risen more than 10% since the start of the month as speculation intensifies about potential producer action to support prices in an oversupplied market. International Brent crude oil futures were trading at US$47.10 per barrel at 0018 GMT, up 13 cents from their last settlement, and over 10% above the last close in July. - Reuters
Top foreign stories
Japan's economy stalls in April-June, casts doubts on Abe's policies: Japan's economic growth ground to a halt in April-June after a stellar expansion in the previous quarter on weak exports and capital expenditure, putting even more pressure on premier Shinzo Abe to come up with policies that produce more sustainable growth. The world's third-largest economy expanded by an annualised 0.2% in the second quarter. - Reuters
Survey: UK employers scale back hiring plans after Brexit vote: British employers have turned more cautious about hiring and are less likely to invest in training for their workers following the decision in June by voters to leave the European Union, a survey showed on Monday. The proportion of employers expecting to increase staffing over the next three months dropped from 40% before the referendum to 36% after it. - Reuters
MAA close to buying Post Properties in US$4b deal: Mid-America Apartment Communities Inc is close to finalising a US$4 billion deal to acquire Post Properties Inc, a source said on Sunday.
The acquisition is expected to be announced Monday and would create the largest publicly traded multifamily apartment real estate investment trust by number of units, said the source. - Reuters
Top local stories
HSR prospects for Sime: Sime Darby Bhd
, which owns large tracts of land in Negri Sembilan and Johor, is looking to catch a ride on the high speed rail (HSR) network. It is in talks with MyHSR Corp – the project delivery company – about the development potential of its land along the proposed stations in Labu, Seremban and Pagoh. - StarBiz
Proton poser for DRB-Hicom: A number of industry observers think DRB-Hicom would be better off exiting loss-making national carmaker Proton Holdings Bhd by selling its stake to foreign parties. But its a tough drive going that path. - StarBiz
Jag shareholders inject land: JAG Bhd’s main shareholders plan to inject industrial land into the company. Executive director Datuk Nigel Ng said the company has obtained the development order on the land from the authorities. - StarBiz
CAB Cakaran on track to achieve RM1bil revenue this year: CAB Cakaran Corp Bhd is on track to achieve RM1bil in revenue this fiscal year ending Sept 30, 2016.The group posted RM521mil in revenue in the first six months of its fiscal year. - StarBiz
Finance ministry mulls taxing Uber and Grabcar platforms: The finance ministry has no plans to tax Uber and Grabcar drivers but is looking at taxation on the service platforms, says Second Finance Minister Datuk Johari Abdul Ghani. - Bernama
Iskandar Malaysia records RM208b in investments: Iskandar Malaysia recorded RM208 billion in committed investments from 2006 until June 30 this year, says Prime Minister Datuk Seri Najib Razak. - Bernama
Renaissance KL deal likely to be sealed this week: After more than a decade of seeking, property developer cum hotel owner and operator, IGB Corp Bhd, has finally found a buyer for its 910-room Renaissance Kuala Lumpur, and an agreement for the biggest ever hotel deal is expected to be inked as early as Aug 15, sources say. - Edge FD
Tex Cycle sees better earnings on growing customer base: Tex Cycle Technology (M) Bhd, which last week obtained feed-in-tariff approval for its renewable electrical energy power plant in Klang, expects the group’s earnings this year to be much better than last year with growing customer base in the recycling and recovery business. - Edge FD
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