Business News

Monday, 19 June 2017 | MYT 8:32 AM

Breakfast briefing: Monday, June 19 (Update)

MarketWatch: The large-cap technology sector is expected to see a bump in its growth weighting when index provider FTSE Russell completes the annual refresh of its benchmarks next Friday, a move that could lift tech shares targeted in the rejig. The increased significance of tech comes on the heels of an around 20% gain in the sector this year which led to a pullback over the last week. - Reuters

 

Forex summary

*The ringgit gained 0.23% to 4.2665 per US$

*It was up 0.02% to 4.7779 versus euro

*Up 0.25% to 5.4480 per pound sterling

*Up 0.06% to 3.0880 per Singapore dollar

*0.06% lower to 3.2556 per Aussie

*Up 0.31% at 3.8453 per 100 yen

 

Top foreign stories

 

European Commission approves Shell's US$3.8b North Sea sale: The European Commission approved Royal Dutch Shell's US$3.8 billion sale of North Sea oil and gas assets to private equity-backed Chrysaor. "The Commission concluded that the proposed acquisition would not raise competition concerns, because of its limited impact on the market structure," it said. - Reuters

 

Celanese, Blackstone to form acetate tow joint venture: Specialty material company Celanese Corp said it agreed with private equity firm Blackstone Group LP to combine their cellulose acetate tow units to form a bigger supplier of the material used in cigarette filters. Dallas-based Celanese will receive US$1.6 billion in cash on completion of the deal. - Reuters

 

Boeing sees strong interest in potential new 737 model: Boeing has received strong interest in a potential new member of its best-selling 737 aircraft range, Boeing Commercial Airplanes chief executive Kevin McAllister. Boeing is expected to launch the 190-230 seat 737 MAX 10 with more seats and a modified landing gear at the opening of the Paris Airshow on Monday, adding a larger, new version to its narrow-body medium-haul family to plug a gap against Airbus. - Reuters

 

Top local stories

 

A LEAP for SMEs: The stage is set for the setting up of a “feeder” market for SMEs seeking to list. The Leading Entrepreneur Accelerator Platform (LEAP) will benefit about 19,000 small and medium enterprises (SMEs), who will now have a new avenue to raise funds via the capital market. Currently, 96% of SME funding comes from the banking sector. - StarBiz

 

Power play for Bina Puri: Bina Puri Holdings Bhd group executive director Datuk Matthew Tee confirms the company will float its Indonesian power firm PT Megapower Makmur Tbk on the Indonesia Stock Exchange on July 5 after a delay of almost a year. - StarBiz

 

Preparing for jobs of the future: Youth and Sports Minister Khairy Jamaluddin says the younger generation must be equipped wth the right skill set to prepare them for the jobs of the future. He said at the National Transformation 2050 dialogue that almost 65% of current jobs are likely to become redundant or disappear in 30 years or so, referring to construction, manufacturing and administration jobs where robots are replacing manual labour. - StarBiz

 

Premium outlet to contribute more to Genting Plantations: Genting Plantations Bhd’s joint-venture entity, Genting Simon Sdn Bhd, could double its profit contribution to the former following the opening of Genting Highlands Premium Outlet, says CIMB Research. It is the group’s second premium outlet via its 50:50 JV with Simon Property Group, after Johor Premium Outlet, which opened in 2011. - StarBiz

 

Sarawak Cable’s Sumatra plant set to begin ops in Q3: Sarawak Cable Bhd’s maiden mini hydropower plant in northern Sumatra, Indonesia, is poised to start operations in the third quarter this year. Sarawak Cable’s 78%-owned Indonesian unit, PT Inpola Mitra Elektrindo, is developing the RM80mil plant, with a generation capacity of 10 MW. - StarBiz

 

The lure of Sapphire By The Gardens: Setia Melbourne Development chief executive officer Choong Ka Wai says one of the pull factors for SP Setia’s latest project in Melbourne, Sapphire By The Gardens, would be a burgeoning and booming student population. The A$478mil (RM1.56bil) project is located in a prime location in Melbourne city, which is at the edge of the central business district. - StarBiz

 

Malaysia Airlines nears A330Neo deal although price is a sticking point: Malaysia Airlines Bhd has held discussions with Airbus SE about the purchase of A330neo wide-body jets but has so far been unable to agree a price for the planes. The carrier is also seeking clarity regarding other aspects of the transaction, including delivery schedules, chief executive Officer Peter Bellew said. There’s no likelihood of an order being placed at this week’s Paris Air Show, and one could take until September at least, he said. - Bloomberg

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