Employees walk past a building of Samsung Electronics in Seoul, South Korea, November 8, 2016. - Reuters
Energy
Brent crude was 0.76% higher to US$54.58 per barrel at 3.37pm.
Forex
The ringgit was flat at 4.4310 versus the US dollar at 3.33pm.
Top foreign news
Japan’s Daishi, Hokuetsu to merge in latest bank consolidation: Daishi Bank Ltd and Hokuetsu Bank Ltd, two small Japanese lenders, said on Wednesday they had agreed to merge their operations, the latest consolidation in regional banks amid a decline in population. — Reuters
Samsung to ride soaring chip profits in Q1, Galaxy S8 aura in 2017: Record earnings at Samsung Electronics Co Ltd’s chip division are set to propel the tech giant’s first-quarter profit to a three-and-a-half-year high, and the quarters ahead could be even better if its newest smartphone, Galaxy S8, is a success. — Reuters
Toshiba’s Westinghouse replaced chairman two days before bankruptcy filing: Westinghouse Electric Co replaced its chairman two days before the US nuclear construction unit of Japan’s Toshiba Corp filed for bankruptcy last week, as it tries to draw a line under the travails of a business that has cost it billions. — Reuters
Global sales of semiconds at US$30.4b in February: Global sales of semiconductors rose 16.5% in February 2017 to US$30.4bil from a year ago, the internationall market’s largest year-to-year growth since October 2010. The figure was 0.8% lower than January’s total of US$30.6bil, exceeding normal seasonal market performance. — StarBiz
Top local news
Malaysia denies being a ‘trade cheat’: International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia’s international trade activities are conducted in a free and fair manner, refuting US President Donald Trump’s labelling of the country as a “trade cheat”. — Bernama
Malaysia’s February exports jump 26.5% as China imports grow: Malaysia’s exports in February jumped 26.5% to RM71.77bil – the fourth consecutive month where the exports exceeded RM70bil – exceeding Bloomberg’s survey of 15.1% growth – as demand from China grew at a faster pace. — StarBiz
Country Garden pledges refund for Forest City buyer: Country Garden Holdings, whose Forest City project in Malaysia is the biggest overseas project by a Chinese property developer, said it will refund money to mainland investors caught up in Beijing’s escalating crackdown on capital outflows. — South China Morning Post
South Korea’s Lotte Group aims to list Malaysian petrochemical unit in Q3: South Korean conglomerate Lotte Group plans to list its Malaysian petrochemical unit in the third quarter, company filings show, in an initial public offering that sources say could raise as much as US$1.5 billion. The listing could be one of the biggest IPOs in years in Malaysia, which has not seen any listing of US$1 billion and above since the US$1.5 billion IPO of Astro Malaysia Holdings in 2012. — Reuters
Boustead Plantation sets 2017 capex at RM58m: Boustead Plantation Bhd has allocated RM58 million for capital expenditure (capex) this year, the bulk of it of which will go towards its replanting programme. — Bernama
Pos Malaysia and Tigers Global Logistics team up: Pos Malaysia Bhd and Tigers Global Logistics (M) Sdn Bhd have signed a collaboration agreement to offer Malaysia’s first cross-border e-fulfilment business solutions within the Asia-Pacific. — Bernama
MQ Reit eyes 98% occupancy rate: MRCB-Quill Real Estate Investment Trust (MQ Reit) eyes to maintain 98% occupancy rate this year despite the challenging economic environment. Chairman Tan Sri Saw Choo Boon said the company currently had 17% tenancy which was up for renewal this year. — Bernama
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