From Jan. 4 to Jan. 11, Berkshire Hathaway Inc, which Buffett(pic) has run since 1965, paid about US$390 million for an additional 5.1 million shares of Phillips 66, according to filings with the U.S. Securities and Exchange Commission
Energy
Brent crude was down 0.36% to US$55.66 per barrel at 2.40pm.
Forex
Ringgit up 0.02% to 4.4660 versus the US dollar at 2.47pm.
Top foreign stories
Brexit worries push gold to highest in over 7 weeks: Gold prices hit their highest in more than seven weeks on Tuesday, boosted by safe-haven buying ahead of a speech in which British Prime Minister Theresa May is expected to discuss plans for a “hard Brexit”. Spot gold had risen 0.8% to US$1,212.40 per ounce by 0605 GMT, its highest since Nov 23. — Reuters
GM to announce US$1b in US investment: General Motors Co will announce as early as Tuesday long-held plans to invest about US$1 billion in its US factories, following recent criticism of the company by President-elect Donald Trump, a person briefed on the matter said on Monday. — Reuters
Scholar says free-floating yuan is nothing to fear: China should overcome the “irrational fear” of allowing the yuan currency to float freely, as markets seek clear policies in an increasingly complex financial environment, says Yu Yongding, a scholar at the China Academy of Social Sciences and former central bank adviser. — Reuters
Chinese president to defend globalisation in Davos: Chinese President Xi Jinping will defend globalisation in the face of mounting public hostility in the West on Tuesday in a speech at the World Economic Forum that will underline Beijing’s growing global role. — Reuters
Top local stories
Buffett’s Berkshire Hathaway wins reinsurance licence in Malaysia: Warren Buffett’s Berkshire Hathaway has won a licence to provide reinsurance services in Malaysia, the billionaire investor’s group said, as it expands operations in Asia. Berkshire Hathaway Specialty Insurance Co said it has established an office in Kuala Lumpur to provide the non-life reinsurance services. — Reuters
Shahrir: FIC being reorganised, board members told to resign: All members of Felda Investment Corporation Sdn Bhd (FIC)’s board have been ordered to resign to facilitate reorganisation of the company. Newly-appointed Federal Land Development Authority (Felda) chairman Tan Sri Shahrir Abdul Samad said: “FIC is critical to Felda. I’ve asked all FIC board members to resign.” — Bernama
Felda chairman: “We won’t micro manage FGV’: The Federal Land Development Authority (Felda) will not interfere and micro-manage Felda Global Ventures Holdings Bhd (FGV) despite being its major shareholder, newly-appointed Chairman Tan Sri Shahrir Abdul Samad said. — Bernama
AirAsia increases flights for Chinese New Year: AirAsia Bhd is increasing its flights for the Chinese New Year (CNY) period, offering 84 additional domestic and international trips. The special low fares would be available for booking starting from Tuesday until Jan 22, for travel up to July 31, 2017. — Bernama
EPF Simpanan Shariah hits RM59b: The Employees Provident Fund (EPF) said a total of RM59.03bil of the initial RM100bil fund allocated for Simpanan Shariah 2017 have been taken up and that 635,037 members have switched to Simpanan Shariah as at Dec 23, 2016. — StarBiz
MPOB sets up RM30m research fund for palm oil industry: The Malaysian Palm Oil Board (MPOB) has set up an Oil Palm Mechanisation Fund with an initial investment of RM30mil to facilitate further research and technology for the palm oil industry. — StarBiz
Matang makes firm debut on Bursa: Matang Bhd made a firm debut on the ACE Market of Bursa Malaysia on Tuesday, rising to an early high of 15 sen amid a cautious broader market. It opened at 14 sen, one sen above its offer price of 13 sen, with about 40.8 million shares done. — StarBiz
Perodua targets 34% market share in 2017: Perodua sold 207,100 vehicles in 2016, a marginal drop from the 213,300 units it sold in 2015. It targets to capture 34% market share or to sell 202,000 vehicles in 2017, says president/CEO Datuk Aminar Rashid Salleh. — StarBiz
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