Energy
Brent crude was 0.62% higher to US$53.94 per barrel at 3.53pm.
Forex
Ringgit up 0.33% to 4.3073 versus the US dollar at 4.02pm.
Top foreign stories
Loss-making Cathay Pacific makes biggest job cuts in 20 years: Cathay Pacific Airways Ltd said on Monday it was cutting 600 jobs, its biggest headcount reduction in almost two decades, as it seeks to return to profitability in an industry battered by falling ticket prices. The job cuts are the first step in a three-year reorganisation plan announced this year by Hong Kong’s flagship carrier. — Reuters
China tells US trade representative stronger cooperation needed: China’s Commerce Minister Zhong Shan told new US Trade Representative Robert Lighthizer the two sides should strengthen cooperation and manage disputes in trade, according to a statement on the website of China’s commerce ministry. Lighthizer said in the meeting with Zhong Shan that trade wars are not in the interest of either country, China’s commerce ministry said. — Reuters
Japan April exports rise again: Japan’s exports rose in April to mark their fifth straight month of gains, as shipments of semiconductors and steel expanded, signalling that more robust overseas demand could underpin a steady economic recovery. Exports rose 7.5% in April from a year ago, below the median estimate of 7.8% annual growth, finance ministry data showed on Monday.
China’s Hainan Airlines to buy 19 Boeing jets for US$4.2b: China’s Hainan Airlines, which has poured billions of dollars into overseas acquisitions, announced plans on Monday to buy 19 Boeing aircraft for US$4.2 billion to help meet skyrocketing travel demand by Chinese consumers. — AFP
HNA said in talks to buy stake in Hong Kong’s Value Partners: Chinese conglomerate HNA Group Co is in talks to purchase a stake in Hong Kong fund house Value Partners Group Ltd, sources said, in what would be at least its fourth investment in an asset manager in half a year. HNA is in discussions to buy at least part of chairman Cheah Cheng Hye’s holding in Value Partners, they said, adding it may then seek to increase its stake further. — Bloomberg
Top local stories
Nazir Razak steps down from EPF panel: Datuk Seri Nazir Razak is leaving his post as an Employees Provident Fund (EPF) panel member when his tenure ends this month. In a recent Instagram post, the CIMB Group Holdings chairman said he had decided, after 15 years in the panel, not to be considered for renewal at the end of his tenure. — StarBiz
IHH Healthcare expects to maintain its edge, sees challenging year: IHH Healthcare Bhd expects a challenging year ahead, but is optimistic of maintaining its competitive advantage both in the local and global healthcare arena. “We expect 2017 to be a challenging operating environment but we are already executing on our differentiated strategy successfully,” said CEO Dr Tan See Leng. - StarBiz
Tune Protect optimistic of FY18 premiums: Tune Protect Group Bhd expects to return to double-digit growth in gross written premiums from financial year 2018, driven by its recent digital transformation in collaboration with AirAsia. Group CEO Razman Hafidz Abu Zarim said for 2017, the group still expected a single-digit growth in gross underwritten premiums. — StarBiz
TSR Capital enters MoU to develop high-end properties at PD Waterfront: TSR Capital Bhd unit TSR Ocean Park Sdn Bhd has inked a memorandum of understanding with Globe Venture Holdings Inc on a mixed development project spanning 52.2 acres in PD Waterfront, Port Dickson. — StarBiz
Foreign buying on Bursa lowest in 11 weeks: Foreign buying on Bursa Malaysia fell to RM192.4mil in the week ended May 19, the lowest in 11 weeks, said MIDF Research. It said foreign buying was at a tapered rate last week amid the political turmoil in the US and Brazil. — StarBiz
7-Eleven first Malaysian retailer to accept Alipay: 7-Eleven Malaysia
Bhd is the first retailer in Malaysia to accept the Alipay mobile wallet payment, and looks to attract more Chinese tourists to shop at the convenience store chain. — Bernama
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