Energy
Brent crude was 2.48% higher to US$52.10 per barrel at 3.33pm.
Forex
Ringgit up 0.28% to 4.3335 versus the US dollar at 3.41pm.
Top foreign stories
China’s economy loses momentum as policymakers clamp down on debt risks: China’s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. Factory output was up 6.5% in April from a year earlier, down from 7.6% in March, and fixed-asset investment rose 8.9% in the first four months of the year, off the 9.2% pace in January-March. — Reuters
China’s Xi says Belt and Road needs to reject protectionism: Chinese President Xi Jinping on Monday urged major multilateral institutions to join his new Belt and Road Initiative, stressing the importance of rejecting protectionism in seeking global economic growth. — Reuters
TPG boosts offer for Australia’s Fairfax Media: US buyout firm TPG Capital Management on Monday raised its cash bid for Fairfax Media Ltd, offering A$2.76 billion (US$2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high. — Reuters
Thai Q1 GDP growth fastest in 4 years: Thailand’s economy expanded at its fastest quarterly pace in four years in the first quarter boosted by recovering exports, but monetary policy will likely remain loose to cushion still-subdued investment activity. Gross domestic product grew a seasonally adjusted 1.3% in the first quarter from the fourth, aided also by household holding and tourism. — Reuters
Top local stories
Petronas Chemicals Q1 earnings surge on higher prices: Petronas Chemicals Group Bhd’s first-quarter earnings surged 119% to RM1.295bil while revenue climbed 49.2% to RM4.695bil, boosted by higher prices, sales and a stronger US dollar. Earnings per share were 16 sen compared with seven sen a year earlier. — StarBiz
UMW-OG bags RM151m contracts from Petronas Carigali: UMW Oil & Gas Corporation Bhd (UMW-OG) has clinched two contracts from Petronas Carigali Sdn Bhd worth US$34.81mil or RM151.07mil to provide services to its firm and optional wells. UMW-OG said the contracts are for the provision of jack-up drilling rig services. — StarBiz
UMW-OG bidding for 33 jobs worth RM3.2b: UMW Oil & Gas Corp Bhd (UMW-OG) is bidding for 33 jobs worth a combined value of RM3.2bil. The oil and gas services provider said 20 of the tenders for jack-up rigs were overseas jobs and the balance 13 were within the country. — StarBiz
FGV inks MoU with China’s Sinograin: Felda Global Ventures Holdings Bhd (FGV) has signed a memorandum of understanding (MoU) with Sinograin Oils Corp to explore the feasibility of supplying and distributing palm oil products to penetrate China’s midstream and downstream markets. FGV Group president and CEO Datuk Zakaria Arshad said FGV hoped to explore the opportunity to integrate the operations of its unit FGV China Oils Ltd with Sinograin’s domestic operations to bring value and cost savings to both parties. — Bernama
Maybulk remains cautious on 2017 amid volatile dry bulk market: Despite improving conditions in the industry, Malaysian Bulk Carriers Bhd (Maybulk) remains cautious on its outlook for the year as the dry bulk index remains volatile. CEO Kuok Khoon Kuan says there is still a lot of uncertainty in the market, such as the increase in newbuild orders, which could worsen the oversupply of vessels in the market, as well as reduced scrapping. — StarBiz
StanChart Research: Manufacturing sector likely to boost Malaysia’s Q1 growth: Malaysia’s first-quarter gross domestic product (GDP) growth is likely to be boosted by the manufacturing sector, says Standard Chartered Research. It forecasts a GDP growth of 4.9% year-on-year, higher than the 4.5% in tyhe final quarter of 2016. — Bernama
Malindo Air offers 2mil promotional seats: Malindo Air is offering two million promotional seats in economy and business class during its mid-year mega sales, with travel validity from July 1, 2017 to March 31, 2018. The promotional fares, which range from RM69 to RM1,999 are available from now to May 21, 2017 and valid for all purchases made online, over the counter at all Malindo Air ticketing offices, and through travel agencies, the airline said. — Bernama
OCBC Al-Amin launches new syariah-compliant savings account: OCBC Al-Amin Bank Bhd has launched the OCBC 360-i, a syariah-compliant version of OCBC Bank (Malaysia) Bhd’s popular high interest-bearing savings account, OCBC 360. — StarBiz
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