Energy
Brent Crude down 1.93% US$43.80 pre barrel at 2.03pm.
Forex
Ringgit down 0.32% to 4.2990 versus the US dollar at 2.32pm.
Top foreign stories
Japan govt plans to raise minimum wage in stimulus package to revive economy: Japan’s government plans to raise the minimum wage and introduce other steps to revitalise the economy, but the draft of stimulus measures seen by Reuters on Monday appeared to break no new ground on reforms that analysts say are needed to end decades of stagnation. — Reuters
Bank of Jinzhou halves Hanergy exposure ahead of US$943m HK IPO: Bank of Jinzhou Co Ltd launched an up to US$943 million Hong Kong IPO on Monday to bolster its balance sheet after the Chinese lender halved its exposure to Hanergy Group, the parent of troubled solar equipment maker Hanergy Thin Film Power Group Ltd. — REuters
New high-tech OTC board to launch in Shanghai this year: The Shanghai Equity Exchange (SEE), operator of the city’s over-the-counter equity market, said on Monday it has received regulatory approval to launch a high-tech board for innovative start-ups, and plans to list the first firms by the end of this year. — Reuters
UAE channels oil money into alternative energy: Rising from the desert outside Abu Dhabi, Masdar city is laying the groundwork for when the United Arab Emirates’ oil wells run dry.
Top local stories
PNB confirms RM3.4b Menara KL118 contract awarded: Permodalan Nasional Bhd (PNB) has awarded the contract to build the Menara Wawasan or also known as Menara KL118 to the joint venture of South Korea’s Samsung C&T and UEM Group Bhd. PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman said on Monday “the contract is worth about RM3.4bil”. — StarBiz
China Construction Bank to list Silk Road yuan bonds on Bursa Malaysia: China Construction Bank (Asia) Corporation Ltd has received the go-ahead to list the world’s first ever 21st Century Maritime Silk Road bond of 1 bil yuan on Bursa Malaysia. The notes, due on in 2017, are part of the bank’s plans to support China’s “The Land & Maritime Silk Road” initiative. The notes, priced at 4% on Nov 19, 2015 and to be issued on Nov 26, are rated “A2” by Moody’s Investors Service Pty Ltd and will be dual-listed on the Stock Exchange of Hong Kong. — StarBiz
Petronas Chemicals awards RM2bil contract for Rapid: Petronas Chemicals Group Bhd
has awarded a RM2bil engineering, procurement, construction and commissioning (EPCC) contract within the Rapid petrochemical project to a consortium. In its filing with Bursa Malaysia on Monday, the group said its unit PRPC Polymers Sdn Bhd awarded the US$482mil (RM2bil) EPCC contract for a 900,000 tonnes per year polypropylene plant within the Rapid project to a consortium based on competitive bidding. — StarBiz
Eversendai bags contracts worth RM316mil: Eversendai Corp Bhd has bagged new contracts worth RM316mil through its subsidiary companies in Qatar, India and Malaysia. This brings its year-to-date contract wins to RM1.5bil. — StarBiz
Ni Hsin ties up with MyAngkasa: Ni Hsin Resources Bhd has tied up with MyAngkasa Holdings Bhd to market and distribute a new brand of stainless steel cookware called Pentoli. In a statement released on Monday, Ni Hsin said the venture will be carried out through MyAngkasa Ni Hsin Sdn Bhd, in which Ni Hsin will have a 70% stake while the remainder 30% will be held by My Angkasa. — StarBiz
India seeks G2G deal with Malaysia on convention centre: Malaysia and India will collaborate at the government-to-government (G2G) level to jointly build a new convention centre in New Delhi, India. — Bernama
China to invest more in Malaysia Treasury bonds: China will invest more in Malaysia’s treasury bonds in a move to help stabilise the financial market, Premier Li Keqiang said on Monday. He also said under the renminbi qualified foreign institutional investor (RQFII) programme, China would allocate a 50 billion yuan quota to Malaysian investors to invest in its capital market without any barriers. — Bernama
ICBC expands network with Labuan branch: Industrial and Commercial Bank of China (Malaysia) Bhd has expanded its operations with the opening of its Labuan branch, its fifth in the country. It said the Labuan international branch would enable the bank to offer financial services not only to Labuan customers but to Asean countries as well as Islamic financial and global offshore financing businesses. — StarBiz
ASNB declares 6.2 sen dividend for ASN 3: Amanah Saham Nasional Bhd (ASNB) will distribute a dividend of 6.2 sen per share for the Amanah Saham Nasional 3 Imbang (ASN 3) for the financial year ending Nov 30. Permodalan Nasional Bhd chairman Tun Ahmad Sarji Abdul Hamid said on Monday the dividend distribution would be at the same rate as last year. However, total payment was higher at RM67.28mil, an increase of 31.3% from the RM51.24mil distributed last year. — StarBiz
2014 Govt revenue at RM220.63bil: The Federal government collected RM220.63 billion in revenue last year, up RM7.256 billion or 3.4% over the R213.370 billion in 2013, according to the Third Series of the 2014 Auditor-General’s Report. — Bernama
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