Business News

Friday, 25 November 2016 | MYT 9:55 AM

Breakfast briefing: Friday, November 25

MarketWatch: Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05% on Friday. - Reuters

Energy

Oil trading was static early on Friday as uncertainty ahead of a planned Opec-led crude production cut and thin liquidity after the US Thanksgiving holiday kept traders from taking big new positions.
International Brent crude oil futures LCOc1 were trading at US$48.97 at 0102 GMT, down 3 cents from their last close. - Reuters

Top foreign stories

Japan October consumer prices continue slide, yen falls may help BoJ: Japan's core consumer prices marked their eighth straight month of annual declines in October, illustrating the sheer scale of the central bank's struggle to beat deflation and stagnant growth with diminishing policy options. - Reuters

EU regulator conditionally approves Abbott's purchase of St Jude: The European Commission on Wednesday said it has given its conditional approval to US medical device maker Abbott Laboratories' bid for peer St Jude Medical Inc. - Reuters

The cost of Brexit for Britain: Britain's official budget forecasters have been caught up in the rancorous Brexit debate after they predicted the vote to leave the European Union will cause a sharp rise in government borrowing. The Office for Budget Responsibility said on Wednesday Britain will need to borrow 122 billion pounds more over the next five years than it expected in March, about half of it reflecting the economic impact of June's Brexit vote. - Reuters

Top local stories

PNB unveils strategic plan: Permodalan Nasional Bhd (PNB) has unveiled a six-year strategic plan to deliver sustainable, consistent and competitive returns to its unitholders. PNB has set a target to increase total assets under management to about RM350bil by 2022 from about RM259.49bil currently. PNB also disclosed it was expecting a gross income of RM18.64bil and a net income of RM15.18bil with a return on assets of about 6.1%. - StarBiz

Soh to be charged over penny stock fiasco: John Soh Chee Wen, who along with a number of indi- viduals were under investigation for the 2013 penny stock crash on the Singapore Exchange, has been arrested by the authorities, The Straits Times reported. Soh will be charged on Friday for his role in Singapore’s biggest securities fraud case, his lawyer Tan Chee Meng told the newspaper. - StarBiz

Genting profit rises on cost-cutting initiatives: Genting Bhd's net profit for its third quarter increased to RM577.2mil from RM361.1mil a year ago, due to cost-efficiency initiatives implemented during the preceding quarter as well as lower impairment of trade receivables. Its revenue was marginally higher at RM4.68bil against RM4.64bil a year earlier. - StarBiz

Maybank Q3 net profit at RM1.8b: Malayan Banking Bhd (Maybank) posted RM1.79bil in net profit for the third quarter, down 5.4% from a year ago, on lower net interest income and Islamic banking income. Its revenue was flat at RM11.29bil. - StarBiz

IHH’s Q3 earnings up 46% on exceptional items: IHH Healthcare Bhd's earnings rose 46.2% to RM173.29mil in the third quarter, boosted by exceptional items including sharply lower foreign exchange losses. Its revenue rose 18% on-year to RM2.4bil, lifted by sustained organic growth at existing hospitals and contribution from new hospitals. - StarBiz

AirAsia to monetise leasing arm: AirAsia Bhd expects to dispose of its leasing arm, Asia Aviation Capital Ltd, next year. The carrier also announced it swung to a net profit of RM353.89mil in the third quarter from a loss of RM405.73mil a year earlier.  Its revenue rose to RM1.68bil, compared with RM1.51bil previously. - StarBiz

MBSB income continues to decline on impairment losses: Malaysia Building Society Bhd’s (MBSB) net profit fell 8.8% to RM57.93mil for the third quarter, on higher allowances for impairment losses on loans, advances and financing. Revenue was 8.1% higher at RM830.25mil due to higher income from investments in liquid assets and higher financing income from corporate segment. - StarBiz

Axiata faces rising competition in all markets: Axiata Group Bhd, the telecommunication company (telco) that has units in 10 countries, said competition is rising in almost all the markets it operates in. This is forcing the group to increase its capital expenditure, which is putting the pressure on profits. - StarBiz

Palette to gain more recurring income with acquisition: Palette Multimedia Bhd is expected to gain additional recurring income next year, following the acquisition of a 51% stake in biomedicine and herbal medicine company Genopharma Sdn Bhd for RM1.53mil. This acquisition provides a progressive recurring income over the next three financial years. - StarBiz

Tropicana sees stronger revenue in 3Q, pays 2.5 sen dividend: Tropicana Corp Bhd saw a 46% rise in its net profit to RM34.8 million for the third quarter, mainly fuelled by higher revenue recognition across key projects in the Klang Valley and northern region. Revenue was 5.7% higher at RM1 billion. - Edge FD

Proton retreats from some foreign markets: Proton Holdings Bhd is retreating from several of its existing international markets amid intense competition within the automotive industry, as the national carmaker strategises for better growth and presence in its next export markets, says chief executive officer Datuk Ahmad Fuaad Mohd Kenali. - Edge FD

Zelan to seek indemnity from Sumitomo:  Zelan Bhd said it would be seeking indemnity from partner Sumitomo Corp of Japan against Malakoff Corp Bhd’s multimillion-ringgit claim in relation to works done for the Tanjung Bin Power Plant project. It will also be seeking legal advice to defend and safeguard its subsidiary Zelan Holdings (M) Sdn Bhd’s interests in the arbitration proceedings initiated by Malakoff. - StarBiz

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