Energy
Brent crude was 0.58% higher to US$50.24 per barrel at 3.57pm.
Forex
Ringgit up 0.36% to 4.2648 versus the US dollar at 4.06pm.
Top foreign stories
Oil jumps as Qatar ditched, London attacks hurt sterling: Oil jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar on Monday while sterling slipped after the weekend attacks in London that killed at least seven people and wounded 48, just days before Britain’s general national election. — Reuters
Guangzhou Rural Bank launches Hong Kong IPO worth up to US$1.1b: Guangzhou Rural Commercial Bank Co Ltd launched a Hong Kong initial public offering worth as much as US$1.1 billion on Monday, seeking funds for potential merger and aquisition (M&A) and to open new branches as it expands its lending and investment businesses. The deal, which could value China’s fifth-largest rural commercial bank by assets at some US$6.7 billion, is relying on cornerstone investors to take up 40% of the offering. — Reuters
Foxconn says Apple, Amazon to join its bid for Toshiba chip business: Apple Inc and Amazon.com Inc will join Foxconn’s bid for Toshiba Corp’s semiconductor business, the Nikkei business daily quoted Foxconn chairman Terry Gou as saying on Monday. The two US technology giants plan to “chip in funds”, Gou said. — Reuters
GM shareholders to decide on Greenlight stock plan, board challenge: Greenlight Capital’s plan to split up General Motors Co’s stock, as well as its challenge to the company’s board of directors, will come to a head on Tuesday, as the US automaker’s shareholders cast their votes on the hedge fund’s proposals. — Reuters
Top local stories
Malaysia Airlines close to deal for more widebody Airbus planes: Malaysia Airlines is close to signing deals for six or seven second-hand widebody A330 planes for its fleet this year as it seeks to grow on international routes amid good demand for summer bookings, chief executive Peter Bellew said. — Reuters
Malaysia’s April exports surge 20.6% to RM74b: Malaysia’s exports rose 20.6% to RM73.79bil in April from the RM61.34bil a year ago, in line with expectations. The statistics department said on Monday imports rose 24.7% to RM65.21bil, below the 31.3% forecast by economists. Trade surplus for the month stood at RM8.8bil versus RM9.1bil a year ago. — StarBiz
Axiata’s Ncell makes advance deposit of RM563m to Nepal taxman: Axiata Group Bhd’s Ncell Pvt Ltd has made a further advance deposit of 13.6bil Nepalese rupees (RM563mil) to Nepal’s Large Tax Payer Office on behalf of the previous owner TeliaSonera Norway Nepal Holdings AS. The latest development confirmed Ncell had concluded its tax matters over the indirect sale by TeliaSonera and cleared it of the capital gains tax. — StarBiz
Fama, TH Global to market agro-based halal produce to Mideast: The Federal Agricultural Marketing Authority (Fama) is collaborating with TH Global Sdn Bhd to market halal agro-based food produce made by Malaysian firms to the Middle East, and subsequently use it as a launching pad for the Muslim community in Europe. — Bernama
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