MarketWatch: The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive investors should temper expectations for the breadth of expected tax cuts. - Reuters
Top foreign stories
‘Extend oil output cut by six months’: A joint committee of ministers from Opec and non-Opec oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Tuesday showed. Opec and 11 other leading oil producers, including Russia, agreed in December to cut their combined output by almost 1.8 million barrels per day in the first half of the year. - Reuters
China Southern Airlines in talks over American Airlines cooperation deal: China Southern Airlines is negotiating a potential strategic tie-up with American Airlines that could involve a share issue and other forms of business cooperation, it said, adding no binding agreement has yet been made. - Reuters
Chinese court rules in favour of Apple in local design patent disputes: A Chinese court has ruled in favour of Apple in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. - Reuters
Old Mutual sells US fund arm stake to China's HNA: Anglo-South African financial services firm Old Mutual said it has sold a 25% stake in its US fund management arm to China's HNA for US$446 million, as part of its plan to split itself into four companies. - Reuters
Top local stories
Uzma cautiously optimistic: Oil and gas-related outfit Uzma Bhd is confident its current order book of RM2.6bil gives it an earnings visibility of at least four years. The company, however, warns projects could be delayed if the price of crude oil dips to US$30 per barrel or below. - StarBiz
Salcon sees profitable year: Salcon Bhd expects its turnaround in the fourth quarter to spill into the financial year ending Dec 31, 2017 The company expects its water and waste waters egment to drive profit growth. It has a current outstanding order book of RM645mil and has tendered for new projects worth about RM2.2bil. - StarBiz
Australia’s Lendlease set to unveil showcase TRX project: Australia’s Lendlease is finally ready to unveil its showcase project in the development. The company said the development plans for the retail mall, hotels and residential towers on a 17-acre site in TRX, called the TRX Lifestyle Quarter, would be unveiled in the second half of this year. - StarBiz
TNB’s Jimah project on track for completion by December 2019: Construction of the RM12bil Jimah East Power plant in Jimah, Port Dickson, is on track and is expected to be completed as scheduled by December 2019, says .Tenaga Nasional Bhd (TNB). - Bernama
RAM sees Brent crude at US$50 this year and next: RAM Ratings has forecast an average Brent crude oil price of US$50 per barrel for 2017 and 2018. The price assumptions took into account the current tighter supply, following the Organisation of the Petroleum Exporting Countries’ (Opec) production cuts in January, said RAM’s head of consumer and industrial ratings Kevin Lim. - StarBiz
RGB eyes US$40mil deliveries: RGB International Bhd is targeting to deliver about US$40mil worth of gaming machines in 2017, with the largest deliveries to the Philippines, Vietnam, Nepal and Laos, said group managing director Datuk Chuah Kim Seah. - StarBiz
Public Bank’s Teh honoured in Vietnam: Public Bank Bhd founder and chairman Tan Sri Dr Teh Hong Piow has become the first foreign banker in Vietnam to be awarded with the “Medal for the Development of Vietnam Banking Industry”. - StarBiz
Young and jobless: The youth unemployment rate has reached more than three times the national unemployment rate of 3.1%, due to the slower growth in hiring, Bank Negara said in its 2016 annual report. In 2015, the unemployment rate among youths was estimated to have reached 10.7%. The central bank said youths with tertiary education were the highest among the unemployed at 15.3%. - StarBiz
More clarity with ‘Key Audit Matters’: The inclusion of the Key Audit Matters (KAMs) paragraph, which is a commentary on matters that were of most significance during the audit of a Malaysian listed company, will give investors more clarity, say industry experts. Malaysian Institute of Accountants CEO Dr Nurmazilah Mahzan said the inclusion of the KAMs will make it easier for investors to navigate their way around listed companies’ annual reports. - Edge FD
M&A an option for Lay Hong: Integrated poultry producer Lay Hong Bhd
is not ruling out the merger and acquisition (M&A) route in expanding its business but feels it is in the group’s best interest to focus on building its own expertise. - Edge FD
Wellcall expects up to 20% rise in FY17 revenue: Industrial rubber hose maker Wellcall Holdings Bhd is confident of about 10% to 20% increase in revenue in financial year 2017 after a decline previously, thanks to a recovery in the global demand for its products. - Edge FD
NHF eyes new manufacturing plant in Indonesia: New Hoong Fatt Bhd (NHF) is looking to open a factory in Indonesia after establishing a manufacturing subsidiary there last year. Managing director Chin Jit Sin said the Indonesian factory may have a similar capacity as the group’s existing factory in Malaysia. - Edge FD
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