The bank
MarketWatch: Wall Street fell sharply on Tuesday as investors worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote. The DJIA dropped 1.14% to end at 20,668.01 points, the S&P 500 lost 1.24% to 2,344.02, the Nasdaq fell 1.83% to 5,793.83. - Reuters
Energy
Oil prices fell on Tuesday, with US crude dropping to its lowest since November, as concerns about new supplies overshadowed the latest talk by Opec that it was looking to extend output cuts beyond June. Brent futures for May delivery fell 66 cents, or 1.3%, to settle at US$50.96 a barrel, its lowest since March 14. - Reuters
Top foreign stories
Goldman to move hundreds of staff from London pre-Brexit: Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm's Europe CEO said. - Reuters
Nike revenue misses estimates: Nike Inc reported lower-than-expected quarterly revenue on Tuesday as the world's largest footwear maker battles for market share in North America with a resurgent Adidas AG and a fast-growing Under Armour Inc. Its revenue rose 5% to US$8.43 billion in the quarter, versus the average estimate of US$8.47 billion, according to Thomson Reuters I/B/E/S. - Reuters
Top local stories
Cyber scheme alert: In a circular to the heads of dealing and compliance of stockbroking companies, Bursa Malaysia said it has discovered certain groups using the social media and Internet trading to manipulate the market, which included pump and dump schemes, meaning enticing or recommending unsuspecting investors to buy stocks which are touted as “hot” picks. - StarBiz
Foreign shareholding rises in local banks: Foreign investors are investing more in Malaysian banks on expectations of an earnings recovery for the sector, say analysts. Four of five biggest public-listed banking groups saw an increase in shareholding by foreign investors as of the end of February. - StarBiz
Aerospace industry poised for 7% growth: The domestic aerospace industry is expected to grow by 7% this year with the manufacturing component contributing 55% to industry revenue, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. - StarBiz
Shazalli to take over the helm at TM: Datuk Seri Mohammed Shazalli Ramly will take over as Telekom Malaysia Bhd
managing director and group CEO from May 1, 2017. This follows the retirement of Tan Sri Zamzamzairani Mohd Isa as group CEO of TM on April 30. - StarBiz
Silk to boost marine logistics ops: Silk Holdings Bhd intends to use more than 50% or about RM200mil of the proceeds from the sale of its unit Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd, the concession holder of Silk Highway, to strengthen its marine logistics business. - StarBiz
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