A logo is pictured on a building of Swiss drug maker Novartis before its annual general meeting in Pratteln near Basel February 22, 2013. - REUTERS
Energy
Brent crude was 0.10% higher to US$51.65 per barrel at 3.37pm.
Forex
The ringgit gains 0.68% to 4.3695 versus the US dollar at 3.46pm.
Top foreign stories
Novartis Q1 profit slips as spending on Alcon, Entresto weighs: Novartis said on Tuesday its first-quarter core net income fell 4% fell to US$2.69 billion, beating a consensus estimate of US$2.67 billion, as the Swiss drugmaker’s spending to kick start sales at its eyecare unit Alcon and for its heart failure drug Entresto weighed on earnings. Sales fell 1% to US$11.54 billion, compared to the US$11.6 billion average estimate in a poll. — Reuters
HK regulator queries banks over US$200m Huishan Dairy loan: The Hong Kong Monetary Authority is questioning lenders over a US$200 million loan raised by China Huishan Dairy Holdings Co Ltd, sources involved in the matter said, as regulators try to unpick the group’s tangled finances. — Reuters
Credit Suisse investors prepare to grill chairman Rohner over pay: Credit Suisse chairman Urs Rohner faces his toughest shareholder meeting to date this week following an investor revolt over bonuses and losses totalling 5.65 billion Swiss francs (US$5.7 billion) since 2015. — Reuters
Indonesia March palm oil output likely rebounded: Crude palm oil production in Indonesia, the world’s top producer of the widely used cooking oil, likely rose to 3.08 million tonnes in March from 2.80 million tonnes in February, after falling for the previous three months, as better weather improved output, a survey showed. — Reuters
BoJ’s Iwata says conducting simulation on exit strategy from stimulus: Bank of Japan (BoJ) deputy governor Kikuo Iwata said on Tuesday the central bank was conducting a study of how it could end its massive monetary stimulus in the future, but acknowledged it was still far from achieving its inflation target. — Reuters
S. Korea’s Jin Air to list by year-end amid increase in rivals, China tension: South Korean budget airline Jin Air Co Ltd on Tuesday said it plans to list on the stock exchange by the end of the year, at a time when the number of low-cost carriers looks set to double in coming years, while a diplomatic row with China impacts tourism. — Reuters
Top local stories
Maybank sees financing to retail SMEs growing to RM16.8b by end-2017: Malayan Banking Bhd (Maybank) expects its retail small and medium enterprise loan portfolio to rise to RM16.80bil by end 2017, boosted by business property-based loans. Maybank said it expected financing to the segment to grow by 35% this year compared with about 27% last year. — StarBiz
Nestle Q1 pre-tax profit rises to RM290.7m: Nestle (M) Bhd’s pre-tax profit for the first quarter ended March 31, 2017, rose to RM290.74 million from RM275.86 million a year ago. Revenue improved to RM1.37 billion, from RM1.31 billion, previously on sales growth in both domestic and export markets. — Bernama
Foreign funds continue to flow into Bursa: Foreign buying on Bursa continued for the 11th consecutive week, the longest since the 24-week buying streak which ended in May 2013, says MIDF Research. It said foreign purchase of equity listed in the open market (excluding off-market deals) amounted to RM283mil net, compared to RM239mil the week before. — StarBiz
I-Bhd optimistic of good response to suites: I-Bhd is optimistic about the take-up for its Hill10 Residence @ i-City apartment suites, which will be officially launched in June. Comprising 200 units and starting from RM500,000 per suite, the Hill10 Residence sits on top of the DoubleTree by Hilton i-City hotel. — StarBiz
E&E industry posts 20.6% growth in first two months of 2017: The electrical and electronics (E&E) industry grew by 20.6% in the first two months of this year, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. — Bernama
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