Reuters in February reported Grab's plan to buy Kudo for over US$100mil (RM443mil).
Energy
Brent crude was 0.21% lower to US$47.96 per barrel at 3.39pm.
Forex
Ringgit up 0.05% to 4.2818 versus the US dollar at 3.47pm.
Top foreign stories
IMF maintains global growth forecasts: The International Monetary Fund (IMF) kept its growth forecasts for the world economy unchanged for this year and next, although it revised up growth expectations for the eurozone and China. The IMF said global gross domestic product would grow 3.5% in 2017 and 3.6% in 2018, unchanged from estimates issued in April. — Reuters
Australia, NZ dollars near multi-month peaks as US dollar struggles: The Australian dollar stood near two-year highs on Monday while its New Zealand counterpart was within kissing distance of an almost 11-month peak against an unloved greenback. The Australian dollar was up 0.1% at US$0.7919, not far from Thursday’s peak of US$0.7992 - a level last seen in May 2015. The New Zealand dollar held at US$0.7439, not far from high of US$0.7460 touched on Friday, which was its highest level since Sept 8, 2016. — Reuters
Grab to get US$2.5b extra firepower in battle with Uber: South-East Asian ride-hailing service Grab expects to raise US$2.5 billion in a record round of fundraising to cement its lead over Uber Technolgies Inc in the region and grow its payments platform. Grab’s Chinese peer Didi Chuxing and Japan’s SoftBank Group Corp, both of which are existing investors, will contribute up to US$2 billion to lead the current financing round, it said, while an additional US$500 million will come from elsewhere. — Reuters
Australia’s Westpac in talks with Charter Hall for Hastings funds unit sale: Westpac Banking Corp said on Monday it is in exclusive talks with Charter Hall Group for the sale of its Hastings Funds Management unit, in the latest move by a big Australian bank to offload a capital intensive division. Three analysts contacted by Reuters put the potential price between A$250 million and A$600 million. — Reuters
Philips profit plunges 32.9% in second quarter: Dutch electronics giant Philips posted a 32.9% fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year. Net income dropped to 289 million euros from 431 million euros over the same period in 2016, while sales grew some 4.0% to 4.3 billion euros, — Reuters
Top local stories
CIMB’s Touch ‘n Go teams up with Ant Financial on mobile wallet: CIMB Group Holdings Bhd said its subsidiary Touch ‘n Go Sdn Bhd will form an equity joint venture with Ant Financial Services Group, the parent of Alipay, to provide mobile wallet and related financial services. Touch ‘n Go and Ant Financial on Monday signed definitive agreement for the venture, where Touch ‘n Go will be the majority shareholder and Ant Financial a minority shareholder. This is Ant Financial’s first investment in Malaysia. — StarBiz
IMF upgrades forecast for Malaysia’s 2017 growth to 4.8%: The International Monetary Fund has upgraded its 2017 growth forecast for Malaysia to 4.8% from 4.5%. Maurice Obstfeld, economic counsellor and director of the IMF Research Department, said there is “a very steady hand in monetary policy for Malaysia... we are optimistic here in Malaysia”. — Reuters
Wah Seong selling Gebeng property to Axis REIT for RM155m: Wah Seong Corporation Bhd is selling several pieces of land with the building in Gebeng, Pahang, to Axis Real Estate Investment Trust (REIT) for RM155mil cash consideration. The company expects a one-off net gain of about RM98mil from the disposal. — StarBiz
ManagePay associate Trustgate to seek listing on Bursa’s LEAP: ManagePay Systems Bhd associate Trustgate Bhd plans to seek a listing on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia. M&A Securities Sdn Bhd has been appointed the adviser for the proposed flotation. — StarBiz
Rakuten Trade advises focus on small, midcap stocks: Rakuten Trade continues to be optimistic on the FBM KLCI in the near term and advises investors to focus on the small and midcap stocks. The house’s target for the KLCI is at 1,850 points.
Seminars on new economic model: The Malaysian Economic Association (MEA) and the Jefferey Cheah Institute on Southeast Asia at Sunway University will jointly organise four seminars on the New Economic Model from Aug 1-Oct 31. The seminars are aimed at creating a forum to discuss awareness on the state of Malaysia’s economy and policy reforms required to reinvigorate investor confidence in the country. — Bernama
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