Fitch forecasts fixed-line revenue to grow by a low-single-digit percentage, driven by Telekom Malaysia's (A-/Stable) deployment of high-speed broadband Phase II and sub-urban broadband projects.
Energy
Brent crude was 0.20% higher to US$54.00 per barrel at 2.50pm.
Forex
The ringgit down 0.03% to 4.4235 versus the US dollar at 2.51pm.
Top forein stories
Trump: China will have to ‘play by the rules’: US President-elect Donald Trump vowed that China would soon have to “play by the rules,” as Chinese state media issued its clearest warning yet about its bottom line on Taiwan. “China is responsible for almost half of America’s trade deficit,” Trump said at a rally in Des Moines, Iowa. “China is not a market economy... they haven’t played by the rules, and they know it’s time that they’re going to start. They’re going to start. They’re going to.” — Bloomberg
Japan ratifies TPP trade pact to fly the flag for free trade: Japan on Friday ratified the Trans-Pacific Partnership, a free-trade pact aimed at linking a dozen Pacific Rim nations, hoping it will one day take effect despite President-elect Donald Trump’s pledge that the United States will withdraw from it. — Reuters
Vietnam sees 2016 GDP growth slowing to 6.3%: Vietnam is expected to post annual economic growth of 6.3% this year, slowing from last year, but still topping a World Bank forecast of 6%. Foreign exchange reserves would reach a record US$41 billion, Prime Minister Nguyen Xuan Phuc said, noting that actual foreign direct investment inflows could reach nearly US$15 billion. — Reuters
China banks agree debt restructuring deal with Sinosteel: Bank of China and five other Chinese banks have signed a debt restructuring deal with troubled steelmaker Sinosteel, in what is among the first significant restructuring deals involving a state-owned enterprise. — Reuters
Tanker operators hope new routes will offset impact of Opec cut: Tanker owners are bracing for a volatile year ahead after enjoying some of the highest charter rates since 2008, with Opec plans to curb crude output potentially cutting rates by more than 40%. Fewer Middle East cargoes will mean lower freight rates for operators of very large crude carriers, the biggest tankers in operation. — Reuters
China economy reflating as producer prices rise at fastest pace in 5 years: China’s producer prices rose a stronger-than-expected 3.3% - at the fastest pace in more than five years - in November as prices of coal, steel and other building materials soared, boosting industrial profits and giving firms more cash flow to pay off mountains of debt. — Reuters
Top local stories
Malaysia’s October industrial output higher than forecast: Malaysia’s industrial production index (IPI) rose 4.2% in October 2016, exceeding economists’ forecast for a 3.4% expansion, underpinned by the manufacturing, mining and electricity sectors. — StarBiz
MTDC signs MoU with TH Global to penetrate Mid-East market: Malaysian Technology Development Corp (MTDC) have signed a memorandum of understanding with TH Global Services Sdn Bhd to penetrate the Middle East market, particularly Saudi Arabia. — Bernama
Celcom’s 7-pronged turnaround plan: Axiata Group Bhd
’s telco unit Celcom is undertaking a seven-pronged turnaround plan as it seeks to stabilise and regain its revenue share in 2017, says Maybank Investment Bank Research. It said Celcom’s new CEO Michael Kuehner had attributed Celcom’s current struggles to both external and internal challenges. — StarBiz
Retail industry records slower growth in Q3, department stores disappoint: Malaysia’s retail industry recorded a dismal growth of 1.9% in the the third quarter ended Sept 30 from a year ago as the department store sub-sector reporting disappointing sales. The Retail Group Malaysia said on Friday the result for the July-September 2016 quarter was 68% lower than market expectations. — StarBiz
Telekom Malaysia shares worth RM545m traded off market: A total of 91.686 million Telekom Malaysia Bhd shares was traded in an off-market transaction valued at RM545.53mil at midday on Friday. Stock market data showed the block of shares was traded at RM5.95 each. — StarBiz
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