Breakfast briefing: Tuesday, March 21 - Business News | The Star Online

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Breakfast briefing: Tuesday, March 21


MarketWatch: Wall Street drifted lower on Monday as investors worried that President Donald Trump's plan to cut taxes and boost the economy could take longer than previously expected. The DJIA inched down 0.04% to end at 20,905.86 points, the S&P 500 lost 0.20% to 2,373.47 and the Nasdaq edged up 0.01% to finish at 5,901.53 after briefly hitting an intraday record high. - Reuters

Energy

Oil prices rose early on Tuesday on expectations that an Opec-led production cut to prop up the market could be extended, and as strong demand was seen to slowly erode a global fuel supply overhang. Prices for front-month Brent crude futures were at US$51.76 per barrel at 0043 GMT, up 14 cents, or 0.3%, from their last close. - Reuters

Top foreign stories

Toshiba's Westinghouse seeks US bankruptcy financing: Westinghouse Electric Co LLC, the nuclear power plant developer owned by Japanese electronics company Toshiba Corp, is taking offers for a financing package to help it go through US bankruptcy, people familiar with the matter said on Monday. - Reuters

Buyout funds line up bids for The Body Shop: L’Oreal's sale of British retailer The Body Shop has drawn interest from a series of private equity investors who are lining up indicative bids ahead of a mid-April deadline, sources familiar with the matter said on Monday. - Reuters

Bitcoin steadies after biggest three-day tumble in over two years: Bitcoin regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the digital currency on worries about its future. Bitcoin recovered a little on Sunday and built on those gains on Monday, climbing around 2.5% to roughly US$1,050 by 1815 GMT. - Reuters

Top local stories

Foreign investors turn net buyers: Foreigners investors were net buyers last week, investing RM1.76bil on Bursa Malaysia, the highest since the 2013 election. MIDF Resarch says foreign liquidity dominated trading volumes and value in line with rising optimism over the Malaysian market. - StarBiz

Alibaba plans regional distribution hub within the KLIA Aeropolis: Alibaba Group Holding Ltd plans to set up a regional distribution hub within the KLIA Aeropolis, a 24,700-acre development led by Malaysia Airports Holdings Bhd that will generate more than RM7bil in domestic and foreign investments. - StarBiz

Boustead gets RM1.17bil defence ministry contract: Conglomerate Boustead Holdings Bhd subsidiary Boustead Naval Shipyard Sdn Bhd has bagged a RM1.17bil contract from the Defence Ministry for the supply of four units of littoral mission ships.

IJM unit to invest in India highway concessionaire: IJM Corp Bhd ’s indirect subsidiary, IJM Dewas (Mauritius) Ltd, will take a 74% interest in Dewas Bypass Tollway Pte Ltd, which will carry out a project to widen and upgrade the 19.8 km Dewas bypass road in Madhya Pradesh, India. - StarBiz

SC files suit against three for insider trading: The Securities Commission (SC) has filed a civil suit at the Kuala Lumpur High Court against Koh Tee Jin, a former director of Axis Incorporation Bhd and two other individuals – Koh Thiam Seong and Koh Hui Sim – for insider trading involving the com- pany’s shares, while in possession of material non-public information. - StarBiz

Three Chinese firms eye stakes in FGV: Three China-based companies, including China National Cereals, Oils and Foodstuffs Corp, are vying for stakes in Felda Global Ventures Holdings Bhd (FGV). The Chinese firms are looking to raise stakes in FGV via the open market, a source said. - StarBiz

Bank Negara backs innovation, fintech: Bank Negara has reiterated its support for innovation, promising new regulatory changes following its trials with start-up companies. It is understood that the central bank would soon announce financial technology companies selected to participate in its sandbox, is a test bed for selected fintech companies. - StarBiz

Maybank sees South-East Asia equity deals rising from 2016 low: Malayan Banking Bhd is anticipating equity fundraising deals in the region to rebound from a five-year low on the back of an improved economic outlook. Share sales and rights offerings are likely to come from industries including power, infrastructure and consumer products, - Bloomberg

Axiata to analyse impact of Vodafone-Idea merger: Axiata Group Bhd said it will analyse all potential impact arising from the proposed merger between Idea Cellular Ltd, in which Axiata has a 20% stake, and Vodafone Group plc. The company said its next course of action will be based on the outcome of the analysis. - StarBiz

LKL posts 48% drop in net profit on lower sales: LKL International Bhd posted a 48% decline in net profit for the third quarter to RM1.12mil on lower sales of medical beds on the back of softer market conditions. Revenue was 38% lower at RM7.34mil. The Ace Market-listed company announced a dividend of 0.35 sen a share. - StarBiz

Olympia confirms plans to dispose of Jupiter: Olympia Industries Bhd confirmed it plans to dispose of its financial services arm Jupiter Securities Sdn Bhd. It said discussions are under way with interested parties. - StarBiz

George Kent posts record net profit: George Kent (M) Bhd reported a 100% year-on-year increase in net profit to RM101.41mil for financial 2017 on record contributions from the group’s engineering and metering divisions. The group’s total revenue rose 12% to RM598.97mil. - StarBiz

E-commerce boost for Pos Malaysia: Pos Malaysia Bhd expects e-commerce to contribute about RM1bil to its revenue this year, up from RM738mil last year. - StarBiz

Breakfast Briefing

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