MarketWatch: US President Donald Trump's administration is only hours old, but already a small parade of S&P 500 companies' chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits. - Reuters
Top foreign stories
Ministers laud strong start to Opec, non-Opec oil output cuts: Opec and non-Opec countries have made a strong start to lowering their oil output under the first such pact in more than a decade, energy ministers said on Sunday as producers look to reduce oversupply and support prices. - Reuters
Foxconn CEO says investment for display plant in US would exceed US$7b: Foxconn, the world's largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed US$7 billion, company chairman and chief executive Terry Gou said. - Reuters
China sets up US$14.6b internet investment fund: China has set up a 100 billion yuan (US$14.55 billion) fund to support investment in the internet sector, said official news agency Xinhua on Sunday. The fund, backed by China's cabinet, is designed to help turn China into a major player in internet technology, said the report. - Reuters
Trump to begin renegotiating NAFTA pact soon with Mexico, Canada: US President Donald Trump said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement. "We will be starting negotiations having to do with NAFTA," Trump said. "We are going to start renegotiating on NAFTA, on immigration and on security at the border.” - Reuters
Top local stories
MAHB targets 5%-7% passenger growth: Malaysia Airports (MAHB) is targeting 5%-7% passenger growth this year while it works diligently towards closing some deals to kick-start the development of KLIA Aeropolis cargo-logistics-aerospace hub. It plans to set up its first special purpose vehicle for that purpose and is in talks with infrastructure funds from Employees Provident Fund and Permodalan Nasional Bhd to fund and develop 300-400 acres for the hub. - StarBiz
Currency weakness a challenge for MAHB’s Turkey ops: The weakness of the Turkish lira remains a challenge for Malaysia Airports Holdings Bhd (MAHB). However, the impact is mitigated because its revenue is in euro and acts as a natural hedge for its investment there, says managing director Datuk Badlisham Ghazali. - StarBiz
Dolphin ventures into biogas: Palm oil mill manufacturer Dolphin International Bhd is venturing into biogas and changing its business model to earn more recurring income, following the acquisition of a biogas company which already has a 16-year concession to sell its renewable energy (RE) to Tenaga Nasional Bhd. - StarBiz
Yen Global sees 30%-40% revenue from ICT: Yen Global Bhd expects its information and com- munications technology (ICT) segment to generate between 30% and 40% of its revenue for the financial year ending July 31, 2017, compared to about 20% in 2016. The group had allocated about RM10mil to further expand the ICT division in 2017. - StarBiz
Hock Seng Lee bids for RM2.5b worth of contracts: Construction firm Hock Seng Lee Bhd, which secured RM1.94bil worth of contracts last year, has bid for new projects worth around RM2.5bil. - StarBiz
Ekovest confident of Duke growth: Ekovest Bhd is confident that the intracity Duke Highway will continue to see healthy traffic growth despite the rise and proliferation of the public transport sector in Malaysia. - StarBiz
Maybank IB expects FBM KLCI to hit 1,780 by year-end: Maybank Investment Bank Bhd (Maybank IB) expects Bursa Malaysia to touch the 1,780 level by the end of the year, riding on the back of the recovery in global oil prices, foreign exchange, as well as easing in foreign fund outflow. The FTSE Bursa Malaysia (FBM KLCI) ended 1.62 points at 1,664.89 on Friday. - StarBiz
REITs to give an average distribution yield of 6.3% this year: Malaysian REIT Managers Association chairman Datuk Jeffrey Ng said the local REITs will give an average distribution yield this year of 6.3% despite the escalating supply of office and retail space in the country, particularly in the Klang Valley. This represents a modest increase from the 5%-6% average distribution yield last year. - StarBiz
Syarikat Takaful Malaysia finalising corporate structure: Syarikat Takaful Malaysia Bhd is in the midst of finalising its corporate structure in line with requirements under the Islamic Financial Services Act (IFSA) 2013. Under the act, composite insurers and takaful players are required to split their life and general insurance businesses under separate licences. - StarBiz
Trump backs out from TPP: New US President Donald Trump announced, on his first day in office, that the US would withdraw from the Trans-Pacific Partnership agreement (TPP) which Trump’s predecessor Barack Obama’s administration, along with 11 Asia-Pacific potential member countries, had signed in Auckland. Malaysia was one of the signatory states to the TPP. - Bernama
Mistry: Palm oil to hit RM3,300 by early March: Palm oil is headed for RM3,300 per tonne by March, sooner than forecast earlier, as stocks of the tropical oil remain tight. Prices will then fall nearly a quarter by June or July, said leading vegetable oils analyst Dorab Mistry. - Reuters
Penang property projects worth RM11.3b on hold: The Business Processing Outsourcing Prime and Penang International Technology Park projects worth a combined RM11.3 billion, which involve the Penang Development Corp and Singapore’s Temasek Holdings Private Ltd, have been deferred due to current property market conditions. - Edge FD
SYF Resources manufacturing ops remain growth driver: SYF Resources Bhd, which saw the property development segment contribute more than half of the group’s revenue in the first quarter ended Oct 31, 2016, expects the manufacturing of medium-density fibre- board and rubberwood furniture to remain as its core business. - Edge FD
Year of the Rooster to remain challenging: As the chaotic Year of the Monkey ends, feng shui experts warn that the Year of the Rooster won’t get any easier. Challenges continue to abound in 2017, particularly for earth-related industries like property. - Edge FD
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