Market wrap: Asian shares are expected to consolidate gains on Tuesday as the Chinese currency and shares show signs of stability, oil prices rebound, and solid US consumption data suggest last week's sell-off was overdone. US financial markets were closed for a national holiday. - Reuters
Forex summary
*The ringgit rises 0.34% to 4.1170 per US$
*It jumps 0.47% to 4.6021 per euro
*Up 0.67% to 5.9466 to the pound sterling
*0.18% higher to 2.9482 per Singapore dollar
*0.12% lower to 2.9557 per Aussie
*Up 0.23% to 3.5962 per 100 yen
Energy
US oil prices jumped back above US$30 a barrel on Tuesday as news of a rare private meeting of top officials from the world's biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut. London Brent crude for April delivery LCOc1 settled 3 cents higher at US$33.39 on Monday and had risen above US$34 a barrel after the news before trading hours ended. - Reuters
Top foreign stories
Toshiba says it is not considering ending PC production: A Toshiba Corp said on Tuesday it was not considering withdrawing from personal-computer production and selling its Hangzhou factory in China. The comment by a Toshiba spokesman followed a report by the Sankei newspaper that said the Japanese conglomerate is planning to pull out of PCs as it restructures its business following a massive accounting scandal. The Sankei said Toshiba, Fujitsu Ltd and VAIO are in talks to merge their PC businesses. - Reuters
ECB ready to act, keeps eye on bank stocks, oil prices: Draghi: The European Central Bank is ready to ease policy further in March, president Mario Draghi said on Monday, highlighting risks from financial market volatility, a global slowdown in growth and low oil prices. The ECB will examine risks emanating from weaker emerging market growth and look at whether plunging crude prices along with market turbulence could derail its efforts to boost inflation, Draghi told lawmakers in the European Parliament. - Reuters
Australia's Asciano bins US$6.4b Brookfield bid it had endorsed: Australian ports and rail giant Asciano Ltd formally dumped an A$8.9 billion (US$6.4 billion) buyout from Canada's Brookfield Asset Management Inc after it failed to match a higher offer from local rival Qube Holdings Ltd. - StarBiz
Top local stories
Ringgit among best performing Asian currencies: A combination of yuan appreciation, crude oil prices coming off their lows and shrinking likelihood of US interest rate hike this year contributed to the rise of the ringgit as one of the best performing Asian currencies. - StarBiz
Mah Sing to but back bonds for RM337mil: Property developer Mah Sing Group Bhd
will be repurchasing its RM315mil nominal value of redeemable convertible secured bonds (CBs) for RM337.1mil. The company said its board of directors had entered into an agreement to repurchase the CBs, following from which these CBs would be cancelled. - StarBiz
Repco Low to know his fate on Feb 29: Following a tension-filled two-hour mitigation process, the Kuala Lumpur Sessions Court will preside one final time on Feb 29 to decide on the fate of Low Thiam Hock, who was found guilty last month of manipulating Repco Holdings Bhd shares. - StarBiz
Tek Seng’s profit surges 76% on solar panels: PVC-related flooring and packaging product maker Tek Seng Holdings Bhd received a strong boost from the sale of photovoltaic products in the final quarter of 2015, posting a 76.1% jump in net profit to RM21.27mil. Revenue for the quarter grew a whopping 150% to RM122.36mil. - StarBiz
Sime’s legal tussle drags on: Sime Darby Bhd told Bursa Malaysia that its unit Sime Darby Engineering Sdn Bhd (SDE) had on Feb 5 received a notice from the Dubai International Arbitration Centre that Abu Dhabi-based energy firm, Emirates International Energy Services (EMAS), had submitted a request for arbitration against SDE which was filed on Jan 24, 2016. The amount that EMAS is seeking from the arbitration proceedings is AED41.04mil (about RM46.37mil). - StarBiz
Prasarana more concerned about weak ringgit: Light rail transit (LRT) operator Prasarana Malaysia Bhd is more concerned about the impact of the weak ringgit than the recently revised foreign worker levy on the cost of the upcoming RM9bil LRT 3. President and CEO Datuk Azmi Abdul Aziz brought this issue up as the LRT 3’s costing was done in 2013 when the ringgit was stronger. - StarBiz
Pharmaniaga posts lower net earnings for fourth quarter: Pharmaceutical firm Pharmaniaga Bhd posted a 56.23% drop in net earnings to RM16.06mil for the fourth quarter ended Dec 31, 2015 on expenses related to promotional activities, research and development expenses, higher selling and distribution as well as amortisation for the pharmacy information sys- tem. Revenue was up 8.45% to RM680.15mil mainly as a result of higher demand from government hospitals as well as increased contributions from its Indonesian operations. - StarBiz
MAS set to return to profitability: Malaysia Airlines Bhd (MAS) is on track to return to profitability by 2018, helped by job cuts and route changes, chief executive officer Christoph Mueller said. The airline’s restructuring effort was proceeding as planned and the company has finished laying off employees, Mueller said in an interview with Bloomberg Television in Singapore. The carrier wanted to buy and own some aircraft once its targets were met, as its existing fleet structure was skewed toward leased planes, he said. - Reuters
Commercial aviation industry sales to grow 10.3%: Malaysian commercial aviation industry sales are forecast to grow at 10.3% per year over the next five years, boosted by growing middle class, scrapping of the visa for China citizens and open skies policy. IHS Global Insight Asia Pacific chief economist Rajiv Biswas forecast the Malaysian commercial aviation industry sales should grow at 10.3% per year in nominal US dollar terms over 2016-2020. - StarBiz
TSR bags RM240m condominium job: Construction company TSR Capital Bhd has been awarded a RM240mil contract by Putrajaya Homes Sdn Bhd for the construction of two blocks of 19-storey and 18-storey condominiums, two blocks of multi-level carparks, common facilities, drainage and retention pond, piling works, associated infrastructure and landscape works in Putrajaya. - StarBiz
DNeX front runner for contract to handle VEPs: Dagang Nexchange Bhd (DNeX), in which Censof Holdings Bhd owns a 45% stake, is close to being awarded the contract to handle vehicle entry permits (VEPs) from Singapore to Malaysia, according to sources. “The award of the contract should be announced soon, and it could be implemented sometime this year,” they said. - Edge FD
Integrax’s Azman Shah tipped to take the helm at NCB: Azman Shah Mohd Yusof, a former chief executive officer of Integrax Bhd, is tipped to be the next group managing director of NCB Holdings Bhd, sources said. The position was left vacant by Abi Sofian Abdul Hamid, who resigned on Jan 21. - Edge FD
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