KUALA LUMPUR- Prime Minister Najib Tun Razak launches "Sabah and Sarawak Biomass Industry Development Plan: Launchpad for Malaysia as the Premier Biomass Processing Hub in South East Asia" at Banquet Hall, Level 3, Prime Minister's Office at 1230 (0430 GMT)
Energy
Brent crude was 0.75% higher to US$34.76 per barrel at 2.25pm
Forex
Ringgit up 1.23% to 4.1710 versus the US dollar at 2.49pm.
Top foreign stories
China Jan inflation data show deflationary pressure persists: China’s consumer inflation quickened to a five-month high in January due to rising food prices but producer prices shrank for a 47th straight month as falling commodity markets and weak demand add to deflationary pressure in the world’s second-largest economy. — Reuters
S&P cuts Saudi Arabia, Brazil, Oman, Kazakhstan, Bahrain, spares Russia: Rating agency Standard & Poor’s downgraded Saudi Arabia, Brazil, Kazakhstan, Bahrain and Oman’s credit ratings on Wednesday, in its second mass cut of large oil producers in almost exactly a year. S&P cited the pressures being created by the drop in oil prices for the moves. One country that was spared this time was Russia. S&P said Moscow’s fiscal buffers gave it more leeway. — Reuters
China COSCO Shipping says merger key to riding out downturn: The shipping industry is experiencing its worst downturn since the 2008 financial crisis, making mergers key to riding out this tough period, the chairman of China Cosco Shipping Corp said on Thursday. — Reuters
BoJ’s Kuroda defends negative rates, says not aimed at weakening yen: Japan’s central bank governor on Thursday said the bank’s adoption of negative interest rates was not directly aimed at weakening the yen, dismissing wider criticism that the policy was a failure amid a surge in the local currency. — Reuters
South Korea fin min says ready to intervene if forex moves become disorderly: South Korea’s finance minister said on Thursday recent movements in the dollar-won exchange rate warrant close observation by the government and officials are ready to step in if price moves become too exaggerated. — Reuters
KKR bets on Indian life insurance with 10% stake in Max Financial: KKR & Co LP bought a 10% stake in India’s Max Financial Services for about US$140 million, the latest foreign investor to bet on the country’s booming life insurance market. — Reuters
Top local stories
Malaysia’s economy grew 5% in 2015: Malaysia’s economy expanded by 5% in 2015, slightly faster than the economists’ forecast of 4.9% and 6% in 2014, underpinned by the manufacturing sector. The Statistics Department said on Thursday fourth-quarter GDP grew at a slower pace of 4.5% compared with 4.7% in the third quarter. - StarBiz
InvestKL to attract 13 MNCs this year: InvestKL, which has attracted 51 multinational companies (MNCs) and investments of RM5.88bil since 2011, targets to get 13 MNCs this year amid a tough year ahead. — StarBiz
PM: Govt to decide soon on succession plan for new Bank Negara governor: The government will decide soon on the succession plan for a new Bank Negara governor, said Prime Minister Datuk Seri Najib Tun Razak. He said the decision was for the Government to make, in response to a news report quoting Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz as saying she did not want any politician to take over the position at the central bank. — Bernama
Hup Seng pre-tax profit rises to RM73m: Biscuits manufacturer, Hup Seng Industries Bhd
, posted a higher pre-tax profit of RM72.95 million for 2015 compared with RM51.72 million in the previous year on improved sales margins. — Bernama
Axiata earnings forecast trimmed: PublicInvest Research has trimmed Axiata Group Bhd’s earnings forecast for FY16-FY17 by 7%-8% and cut its discounted cash flow-based target price to RM6 from RM6.50. — StarBiz
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