Energy
Brent Crude roes 0.47% to US$44.82 per barrel at 1.53pm.
Forex
Ringgit up 0.48% to 4.2395 versus the US dollar 1t 2.23pm.
Top foreign stories
China manufacturing slows in November: Activity in China’s manufacturing sector contracted more than expected in November, an official survey showed on Tuesday. The official Purchasing Managers’ Index stood at 49.6 in November, compared with the previous month’s reading of 49.8. — Reuters
Yuan success hinges on reform despite IMF move: The International Monetary Fund (IMF)’s recognition of China’s currency is a step towards encouraging its global use, but banks will remain reluctant to hold yuan unless Beijing pushes deeper financial reforms, analysts say. — AFP
Australia’s central bank holds rates as exports lift economy: Australia’s central bank kept interest rates steady for a seventh month on Tuesday as data showed exports provided a huge lift to the economy last quarter and helped fill a gaping hole left by business investment. — Reuters
Report: Morgan Stanley plans hundreds of layoffs: Morgan Stanley plans to cut hundreds of jobs in its debt and currencies division because of a drop in revenue, the Wall Street Journal reported late Monday. — AFP
S. Korea Nov exports fall less than expected: South Korean exports fell for an 11th consecutive month in November although increased ship deliveries and resilient domestic demand kept the economy afloat. — Reuters
Indonesia’s inflation pace falls, but rates seen on hold: Indonesian inflation fell inside the central bank’s 3%-5% target range for the first time this year in November, but many said it will not be reason enough for Bank Indonesia to cut its key rate from 7.5%. — Reuters
Samsung replaces mobile chief: Samsung on Tuesday replaced the head of its mobile business and promoted the chairman’s daughter as the South Korean giant seeks to reassert its smartphone dominance amid a generational power transfer in the founding Lee family. — AFP
Zurich Insurance boss resigns: The chief executive of Switzerland’s biggest insurer, Zurich Insurance, has resigned, the company said on Tuesday, a month after it announced sharply reduced profits linked to an industrial disaster in China. - AFP
Blank spaces replace NYT article on flagging Thai economy: The International New York Times said its printer in Thailand removed a piece on the moribund state of the kingdom’s economy on Tuesday, forcing the edition to carry blank spaces including on the cover. — AFP
Top local stories
Protasco
wins RM300m job to build houses in Putrajaya: Protasco Bhd has secured a RM300.50mil contract to build 1,100 houses in Putrajaya. It said on Tuesday it had received a letter of award from Perbadanan Putrajaya to build the houses under the 1Malaysia civil servants housing programme. The average cost of the house would be RM273,000. — StarBiz
WCT, Sunrise in Selangor property project, GDV RM3b: WCT Bhd unit Jubilant Courtyard Sdn Bhd, which owns 608. 63 acres of land in Serendah, Selangor, is teaming up with Sunrise Bhd for a property project with an estimated gross development value of RM3bil. WCT said on Tuesday Sunrise would subscribe to one million new shares in Jubilant Courtyard, or 50% of the enlarged paid-up capital, for RM214.88mil. — StarBiz
Daya sells 16.9% stake in unit: Daya Materials Bhd has agreed to dispose of a 16.9% stake in unit Daya Oci Sdn Bhd to Rancak Nikmat Sdn Bhd for RM9.2mil. Daya said proceeds from the disposal will be used for working capital. — StarBiz
Envoy: AEC to further boost Malaysia-German ties: The Malaysian ambassador to Germany Datuk Zulkifli Adnan said the creation of the ASEAN Economic Community (AEC) was a milestone and would provide a further boost to bilateral relations. — Bernama
Limited time offer:
Just RM5 per month.
