MarketWatch: The global market volatility of the past month that sent US stocks to their worst quarter in four years shows no signs of letting up just because the calendar turned to October. Investors say they are bracing for another leg down in the S&P 500 stock index despite its positive showing last week by increasing cash and other defensive positions in their portfolios. - Reuters
Top foreign news
Pacific trade talks near deal: A dozen Pacific nations closed in on a sweeping free trade pact on Sunday in Atlanta after a breakthrough over how long a monopoly pharmaceutical companies should be given on new biotech drugs. - Reuters
World Bank's Kim to ask members for capital injection: World Bank Group president Jim Yong Kim will ask world leaders for a capital injection as an emerging markets slowdown coinciding with new development goals leave the bank strapped for cash, the Financial Times reported on Sunday. Kim will lobby members to boost capital for the International Bank for Reconstruction and Development during an annual meeting to be held in Peru this week, said the FT. - Reuters
US a long way from 'macroprudential' safeguards: Fed's Dudley: The United States is a long way from putting in place rules that will protect the financial system and economy from broad risks, due in part to regulatory structure and to the difficulties of predicting the next crisis, a top Federal Reserve official said on Saturday. New York Fed President William Dudley warned against hastily putting in place so-called macroprudential tools, which would go beyond regulating specific banks and firms and focus on the broader financial sector. - Reuters
Top local stories
Weighing options: Permodalan Nasional Bhd (PNB), the parent of Sime Darby Bhd
, is scrutinising the latter’s fund-raising plans with the view of exploring options other than a rights issue, according to sources close to PNB. It is learnt that the fund prefers an exercise that would ensure that Sime’s management “sweats” its assets better and brings higher returns than currently. - StarBiz
Demand for debt financing resilient: Demand for debt financing remained resilient, especially in communications, construction and infrastructure sectors, despite weak market conditions. CIMB Group head of treasury and markets Chu Kok Wei said that in the short term, volatility in foreign exchange would continue to drive sentiment in Malaysian bonds, mainly from the concerns of foreign holding of ringgit debts. But the real risk is smaller than what the market volatility is pricing in, he said. - StarBiz
CIMB Bank boosts ties with MAB: CIMB Bank Bhd has teamed up with Malaysia Airlines’ (MAB) loyalty programme Enrich to introduce the new co-branded credit card, CIMB Enrich World Elite MasterCard. This latest addition to the collection of CIMB Enrich credit cards, makes it the fourth under the co-brands, cementing the collaboration between CIMB Bank and Enrich, the bank said in a joint statement. - Bernama
Suria Capital eyes property expansion: Suria Capital Holdings Bhd is looking to expand its property venture, as the main port operator in Sabah seeks a new income stream to mitigate the impact of weaker port business. Group chief executive officer Ng Kiat Min said the company would be more inclined to invest in a real estate development that could boost the state’s tourism industry and economic environment. - StarBiz
Selangor in favour of dialogue to solve RM1.18b land deal: The Selangor government is in favour of finding amicable solutions to the RM1.18 billion land deal in Ijok, Kuala Selangor, which has hit a snag, through dialogue, Menteri Besar Incorporated Selangor (MBI) chief executive officer Raja Shahreen Raja Othman said. The investment holding arm of the Selangor government is confident that the issues will be ironed out if all parties to the dispute comprising Eco World Development Group Bhd (EcoWorld), MBI and the vendors were to sit down and talk. - Edge FD
KYS Education Group eyes IPO to fund expansion: KYS Education Group is aiming for an initial public offering (IPO) to support its expansion plans, said sources familiar with the group’s plans. However, the group had yet to decide when to launch the IPO, they said. - Edge FD
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