Hostile attitude: The Belgian foreign ministry cited Pyongyang
MarketWrap: US stocks bounced back on Monday after the S&P 500 closed the previous session at a two-month low, in a broad rally led by recently beaten-down bank and technology shares. The DJIA rose 183.67 points, or 0.9%, to 20,636.92, the S&P 500 gained 20.06 points, or 0.86%, to 2,349.01 and the Nasdaq added 51.64 points, or 0.89%, to 5,856.79. - Reuters
Energy
Crude oil prices slipped 1% on Monday in subdued trading after a long Easter holiday weekend, on news of rising US shale production and profit-taking following three straight weeks of gains. Benchmark Brent crude futures ended the session 53 cents lower at US$55.36. - Reuters
Forex summary
*The ringgit lost 0.14% to 4.4105 per US$
*It lost 0.41% to 4.6974 versus euro
*Down 0.39% to 5.5417 per pound sterling
*Flat at 3.1550 per Singapore dollar
*0.20% higher to 3.3351 per Aussie
*0.07% lower to 4.0464 per 100 yen
Boeing plans more layoffs affecting hundreds of engineers: Boeing Co warned employees on Monday that it plans another round of involuntary layoffs that will affect hundreds of engineers, according to a source and a memo seen by Reuters. The layoffs are set to start June 23. - Reuters
Brazil court suspends sale of Petrobras stake in oilfield to Statoil: A Brazilian court has ordered state-controlled oil company Petróleo Brasileiro SA to suspend the sale of its stake in an exploratory block to Norway's Statoil ASA. Petrobras said on Monday that the deal for its stake in the BM-S-8 region known as the Campo de Carcara was approved by regulators and closed in November. Half of the US$2.5 billion in proceeds have been used to repay debts, the company said, adding that it would take legal measures to defend its interests. - Reuters
SWIFT warns on vendor security after documents leaked by hackers: SWIFT, the global bank messaging system, on Monday advised clients to pay close attention to security when selecting firms to help them access the network following the release of data that suggested the US government sought to spy on their clients. - Reuters
Buffett's Berkshire, Chinese property website Juwai.com team up: A real estate brokerage controlled by Warren Buffett's Berkshire Hathaway Inc on Monday announced a marketing agreement with Juwai.com, China's largest international property website, to attract wealthy Chinese citizens hoping to buy homes in the United States. - Reuters
Top local stories
SP Setia to lead PNB charge: SP Setia Bhd’s proposed acquisition of I&P Group Sdn Bhd puts it in the lead to realise parent Permodalan Nasional Bhd (PNB’s) vision of becoming a regional property player. The new SP Setia will have a combined land bank of nearly 10,000 acres and a global branding with projects in Britain, Australia and Vietnam. SP Setia is now slated to become Malaysia’s third-largest land owner following this acquisition. - StarBiz
Investors seek safe-haven assets: Investors sought safe haven in gold and US Treasuries, as stock markets in the region took a breather due to jitters arising from geopolitical concerns in North Korea and Syria. Gold traded higher on Monday at US$1,290 per ounce, while 10-year US Treasuries yields hit their lowest level since mid-November. - StarBiz
mTouche: Thai telecoms contract worth RM175.5m: The contract to build, install and operate the SMART4 public phone and WiFi hub terminals for Thailand’s state-owned TOT Public Co Ltd is worth RM175.5mil, mTouche Technology Bhd said in a filing with Bursa Malaysia. - StarBiz
Ekovest gets RM79mil Blue River job: Ekovest Bhd subsidiary EkoRiver Construction Sdn Bhd has secured a RM79mil job in the “Blue River Project” in River of Life Precinct 7-Masjid Jamek Kuala Lumpur zone. The company was appointed the design and build contractor by Kuala Lumpur City Hall. - StarBiz
BTM to set up joint waste-to-energy plant in Malacca: BTM Resources Bhd has inked a memorandum of understanding with Singapore-based China Western Power International Pte Ltd and China-based Sichuan No. 2 Electric Power Construction Co to set up a municipal waste-to-energy plant in Malacca at an estimated cost of RM435mil. - StarBiz
MMHE unit wins RM1b job: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd has bagged an engineering contract worth RM1bil from Petronas Carigali Sdn Bhd for the Bokor Phase 3 redevelopment project off Sarawak. - StarBiz
Prasarana eyes development of Brunei metro system: Prasarana Malaysia Bhd says it is making a proposal to develop a metro network system in Brunei on the invitation of the government, says president and group chief executive officer Datuk Seri Azmi Abdul Aziz. - StarBiz
Petronas Gas to gain from new leasing deals: Petronas Gas Bhd (PetGas) hopes to gain from leasing agreements once the contracts under the new Gas Supply (amendment) Act 2016 come into effect. The Act, gazetted in September last year, provides for third party access to Petronas’ regasification and transmission infrastructure in an effort to liberalise the country’s gas supply segment. - StarBiz
GFM proposes dividend for FY16: GFM Services Bhd has proposed a single-tier final dividend of 1.445 sen per share for the financial year ended Dec 31, 2016. The integrated facilities management services provider said the proposed dividend payout would amount to RM6.2mil, or 47% of the group’s profit after tax and minority interests of RM13mil last year. - StarBiz
Kellington unit wins job in Singapore: Kellington Group Bhd subsidiary Kelington Engineering (S) Pte Ltd has secured a new contract worth S$7.67mil (RM24.2mil) for the construction of a process piping system for a client in Singapore. The contract was awarded by Givaudan Singapore Pte Ltd. - StarBiz
AmBank: 30% chance Bank Negara will raise rates in fourth quarter: AmBank Research says there’s a 30% chance Bank Negara will raise the overnight policy rate by 25 basis points to 3.25% in the fourth quarter this year on rising costs and fewer global uncertainties. - StarBiz
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