Energy
Brent crude was 0.06% higher to US$49.13 per barrel at 3.33pm.
Forex
Ringgit up 0.05% to 4.3365 versus the US dollar at 3.42pm.
Top foreign stories
Saudi energy minister says may extend oil output cuts beyond 2017: Saudi Arabia’s energy minister Khalid Al-Falih said on Monday that oil markets were rebalancing after years of oversupply, but that he still expected an Opec-led deal to cut output during the first half of the year to be extended to all of 2017. — Reuters
Westpac logs record first-half profit but headwinds abound: Westpac Banking Corp, Australia’s No. 2 lender, posted a 3% rise in first-half cash profit to a record A$4 billion (US$3 billion), helped by a drop in bad debt but flagged slowing growth in home loans as regulators seek to cool a red-hot property market. — Reuters
Study: Chinese bank payment networks surge as Western lenders cut ties: Chinese banks have dramatically expanded their overseas payment and trade networks since the global financial crisis, exploiting a growing vacuum created by Western lenders which are retreating from higher-risk jurisdictions, new data show. The number of so-called “correspondent” or bank-to-bank relationships operated by Chinese banks surged more than 3,300% - from 65 in 2009 to 2,246 in 2016 - according to data from US-based payment and compliance technology company Accuity. — Reuters
China’s April trade growth slows as commodities, electronics demand cools: China’s import growth slowed faster than expected in April, as inbound shipments of commodities such as iron ore and copper weakened, while export growth more than halved, in line with a general cooling in demand for electronic gadgets. China’s April imports rose 11.9%, while exports increased 8.0% from a year earlier. — Reuters
Top local stories
Petronas: No final investment decision yet on Canada LNG project: Petroliam Nasional Bhd (Petronas) on Monday said it has yet to make a final investment decision on its Pacific NorthWest liquefied natural gas (LNG) export terminal project planned in northern British Columbia, Canada. — Bernama
PM sees economy growing up to 4.8% this year: Datuk Seri Najib Tun Razak said Malaysia’s economy is expected to grow between 4.3% and 4.8% this year supported by healthy domestic demand and robust private sector investment. He also said a rebound in exports of commodities and the electronics & electrical products will help spur the manufacturing sector. — Bernama
SC chairman: Capital market remains open to all foreign firms: Malaysia’s capital market remains open to all foreign companies wanting to list on Bursa Malaysia, said Securities Commission (SC) chairman Tan Sri Ranjit Ajit Singh. He also said around 61% of infrastructure projects in Malaysia used sukuk Islamic bonds as the preferred method of financing public-private partnership projects, — Bernama
Bank Simpanan debunks viral message on Entrepreneurs Fund: Bank Simpanan Nasional (BSN) has clarified that it has not created an “Entrepreneurs Fund”, offering between RM200,000 and RM400,000 to selected entrepreneurs. BSN said it had lodged a report with the authorities on March 1 about the fake news. — Bernama
RHB: Ringgit to recover gradually over time: The ringgit is expected to recover gradually over time as economic fundamentals remain intact and the Malaysian economy is still expected to grow at a steady pace, says RHB Research. The research firm said the local currency would also get a boost from the commodities sector’s recovery. — Bernama
Nor Fadhilah makes history as first woman group CFO at Telekom: Telekom Malaysia has appointed Nor Fadhilah Mohd Ali as its group chief financial officer (CFO) with effect from May 15, making her the first woman group CFO as the telco made several key management appointments. — StarBiz
Hovid gets back manufacturing licence for Ipoh plant: Perak-based Hovid Bhd has received the manufacturing licence for its Ipoh plant from the National Pharmaceutical Control Bureau. “The licence is valid from May 5, 2017, to be renewed three months prior to the expiry date on Dec 31, 2017,” it said, enabling it to resume full operations. — StarBiz
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