SURF'S UP: Satellites that offer the Internet will be launched into orbit around Earth in 2018.
Marketwrap: Declines in energy and financial stocks weighed on the S&P 500 on Monday and helped stall the Dow's pursuit of the 20,000 milestone ahead of earnings season and expected US policy changes under the Donald Trump presidency. - Reuters
The DJIA was down 76.42 points, or 0.38%, to 19,887.38, the S&P 500 lost 8.08 points, or 0.35%, to 2,268.9 and the Nasdaq added 10.76 points, or 0.19%, to 5,531.82.
Forex summary
*The ringgit gained 0.04% to 4.4750 per US$
*It was 0.39% lower at 4.7406 per euro
*Up 0.25% to 5.4391 per pound sterling
*Down 0.35% to 3.1177 per Singapore dollar
*0.26% lower to 3.2860 per Aussie
*0.07% lower at 3.8604 per 100 yen
Energy
Oil prices tumbled by 4% on Monday on concern that record Iraqi crude exports and rising US output would undermine Opec's efforts to curb global oversupply. Brent futures LCOc1 settled down US$2.16 at US$54.94 a barrel. - Reuters
Top foreign stories
Airbus may post 8% rise in 2016 deliveries, narrow gap with Boeing: Airbus is set to post an 8% rise in deliveries for 2016, beating expectations, after a sprint to the finish line that narrowed the gap with arch-rival Boeing, according to industry experts and records of aircraft movements. - Reuters
Mars to buy pet healthcare provider VCA for US$7.7b: Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc for US$7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the US$4 billion global pet healthcare market. - Reuters
Japan's Takeda to buy US cancer drug maker Ariad in US$5.2b deal: Japan's Takeda Pharmaceutical Co Ltd said it would buy cancer drug maker Ariad Pharmaceuticals Inc in a deal valued at US$5.20 billion, to beef up its oncology pipeline. - Reuters
Top local stories
Felda needs a capable partner to privatise FGV, say analysts: Felda, the parent company of Felda Global Ventures Holdings Bhd (FGV), will need a capable partner to share the burden of financing should the listed plantation entity be taken private, analysts say. “A takeover offer is not palatable at current prices given that FGV was listed at RM4.55 a share four years ago,” an analyst said. - StarBiz
Hovid’s manufacturing licences revoked: Generic drug maker Hovid Bhd has halted all activities at its two factories in Ipoh after the company’s manufacturing licences were revoked by the Health Ministry. The company said it is taking “corrective actions” and will ask for a fresh audit by the National Pharmaceutical Regulatory Department. - StarBiz
CIMB Group mulls expanding to the Philippines: CIMB Group has applied to the central bank of the Philippines to start banking operations there in the third quarter of this year, said group chief executive Tengku Datuk Seri Zafrul Aziz. - StarBiz
MHIL makes official buyout offer for Shell Refining: Shell Refining Company (SRC) has officially received an unconditional takeover offer from Malaysia Hengyuan International Ltd to acquire the remaining 49% stake in SRC. - StarBiz
MCKIPSB eyes RM10bil investments: The Malaysia-China Kuantan Industrial Park Sdn Bhd (MCKIPSB), which secured investments of RM5.6bil last year, is eyeing to increase the amount to about RM8bil to RM10bil this year, says chairman Datuk Soam Heng Choon. - StarBiz
Poh Kong targeting faster revenue growth: Poh Kong Holdings Bhd is targeting faster revenue growth this year on stronger demand for gold bullion. The company is also seeing brisk sales online. - StarBiz
GFM debuts on Ace Market at 46 sen: GFM Services Bhd made its debut on the Ace Market of Bursa Malaysia at 46 sen, an eight sen premium above its issue price of 38 sen. - Bernama
SapKen wins jobs worth RM1.34b: SapuraKencana Petroleum Bhd (SapKen) has been awarded contracts with a combined value of about RM1.34bil (US$300mil). The company said it obtained four contracts under the engineering and construction segment and a contract in the drilling business. - StarBiz
A century of growth: As the palm oil sector marks its 100 years of commercial cultivation this year, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong says his ministry will be stepping up efforts to resolve the decade-old issue of stagnating palm fruit yields, while pushing hard to evolve mechanisation in plantations within the next 10 years to mitigate the labour shortage. - StarBiz
Levy may incur construction players extra RM2bil in cost: The new foreign worker levy could see local construction players being hit with an additional annual cost of around RM2bil, says Master Builders Association Malaysia. - StarBiz
Govt to collect RM42b in GST this year: The government expects to collect RM42 billion in goods and services tax (GST) this year compared with RM41 billion last year, says Deputy Finance Minister Datuk Othman Aziz. - Bernama
Sumatec creditors demand settlement of RM72m by next week: Sumatec Resources Bhd’s bondholders have terminated three collateralised loans extended to the company, and are demanding that it pay up RM72.33 million within 14 days from the date the termination. The demand notice were issued on Jan 5. - Edge FD
PNB sticks to domestic investment in 2017: Permodalan Nasional Bhd (PNB) will continue to fo- cus on domestic investment in 2017 particularly in equities, on the back of expectation of stability returning to the market this year, says chairman Tan Sri Abdul Wahid Omar. - Edge FD
EKA Noodles board gives nod to convene EGM: EKA Noodles Bhd said its board of directors has agreed to convene an EGM on Feb 6, 2017. - Edge FD
Suasa Airlines fined RM380,000: Suasa Airlines Sdn Bhd, the private operator of Monspace Airline, was fined RM380,000 after pleading guilty in the Sepang Sessions Court on Monday to operating without a valid air service permit. - StarBiz
iPay88 sees online payment double in 2017: iPay88 Sdn Bhd, an online payment gateway provid- er, expects online payment trans- actions and sales value to double this year on the back of higher smartphone adoption and rise of electronic wallets (e-wallets). iPay88 recorded RM3 billion in sales value in 2016. - Edge FD
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