Energy
Brent crude was 0.16% higher to US$56.27 per barrel at 2.28pm.
Forex
Ringgit up 0.03% to 4.4575 versus the US dollar at 2.36pm.
Top foreign stories
HSBC’s 2016 pre-tax profit slumps 62%; sets new US$1b share buyback: HSBC Holdings reported a 62% slump in annual pre-tax profit to US$7.1 billion from US$18.87 billion a year earlier - way short of analysts’ estimates - due to one-time charges related to some businesses. It also announced a new US$1 billion share buyback. — Reuters
China offers banks lure of lower reserves to get more money to ailing sectors: China’s central bank said on Tuesday that it will extend a preferential scheme for some banks that will free up additional funds for lending, as long as they channel money to weaker, cash-starved sectors of the economy. — Reuters
Prospects for more BoJ stimulus fading, economists split on next move: The likelihood of more monetary stimulus in Japan is diminishing, according to a Reuters poll of economists who were largely split on the central bank’s next policy move, signalling a possible turning point in expectations for its easing cycle. — Reuters
S. Korea central bank seen on hold as political crisis outweighs upswing: South Korea’s central bank is expected to leave interest rates on hold at its meeting on Thursday as an upswing in inflation and exports fails to offset declining consumer sentiment in the face of an influence-peddling scandal involving President Park Geun-hye. The Bank of Korea (BoK) is expected to leave its key policy rate at a record low 1.25% for an eighth straight month. — Reuters
Las Vegas Sands CEO says Japan casino resort could cost up to US$10b: A resort hosting casinos in Japan could cost up to US$10 billion to build, Las Vegas Sands chairman and CEO Sheldon Adelson said, as the casino operator looks to win operating rights in what is widely expected to become the world’s second-biggest casino market. — Reuters
Toshiba seeking US$8.8b for majority stake in chip unit: Toshiba Corp wants to raise at least 1 trillion yen (US$8.8 billion) from the sale of a majority stake in its flash memory chip business as a buffer against any fresh financial problems, a source with direct knowledge of the matter said. — Reuters
Top local stories
Serba Dinamik takes stake in Terengganu’s RM1.3b water supply job: Serba Dinamik Holdings Bhd is taking a stake in a Konsortium Amanie JV Sdn Bhd which was awarded a RM1.306bil contract for the Kuala Terengganu Utara water supply scheme. Serba Dinamik said its unit was buying a 40% stake in Konsortium Amanie for RM34mil cash from FCA Capital Sdn Bhd and Mirmas Holdings Sdn Bhd. — StarBiz
Hong Leong Bank posts strong Q2 earnings: Hong Leong Bank Bhd posted a strong set of results for the second quarter, with earnings up 60% to RM550mil, underpinned by strong revenue growth, healthy margins, higher gross loans and financing. Revenue rose 9.8% to RM1.178bil, while earnings per share were 26.89 sen compared with 19.43 sen before. It declared an interim dividend of 15 sen. — StarBiz
Pharmaniaga posts lower FY16 earnings: Pharmaniaga Bhd’s earnings fell 45.7% to RM45.60mil in the financial year ended Dec 31, 2016, as it was impacted by higher operating expenses and finance costs. Its revenue was flat at RM2.19bil. For the fourth quarter, it posted net losses of RM836,000 compared with net profit of RM16.06mil a year ago. — StarBiz
Asset quality could impact Maybank and CIMB’s operations in Indonesia: Although Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd’s earnings via their subsidiaries improved in Indonesia last year, analysts are still concerned the asset quality in the republic may impact earnings of the two banking groups this year. — StarBiz
Weak ringgit to impact Padini’s profit margin in second half 2017: Padini Holdings Bhd, which saw its net profit for the second quarter rising by 65%, could see its profit margin coming under pressure in the second half of the year due to the weak ringgit, says AllianceDBS Research. It is upgrading the stock to a buy with an unchanged target price of RM2.95. — StarBiz
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