Remodel and reshape: The New York-based KKR wants to restructure Sharp.
Energy
Brent crude was 1.11% higher to US$39.15 per barrel at 2.21pm.
Forex
Ringgit up 0.50% to 4.0915 versus the US dollar at 2.46pm.
Top foreign stories
China’s fiscal income to slow but room for more government debt: Growth in China’s fiscal income will slow in future, but the country still has room to increase government debt, Finance Minister Lou Jiwei said. China could moderately increase its fiscal deficit ratio to gross domestic product, although not by too much, Lou said at a news conference during the annual session of parliament in Beijing on Monday. — Reuters
Fitch says Japan sales tax hike delay could be credit-negative: A delay in Japan’s planned increase to its sales tax could have negative implications for the country’s sovereign debt rating, an official at Fitch Ratings said on Monday. There have been discussions in Japan’s parliament recently over whether to delay the sales tax hike scheduled for April 2017. — Reuters
Foxconn, Sharp ‘on the right track’ in deal talks: Talks for Taiwan’s Foxconn to acquire a majority stake in Japan’s Sharp Corp are “on the right track”, sources said, after a last-minute hitch over contingent liabilities caused delays last month. Discussions are set to conclude this week, a source said, adding that most of the due diligence is done. — Reuters
Mahindra re-thinking Ssangyong plan, wants to make cars in China: Indian conglomerate Mahindra & Mahindra is re-thinking the strategy for its loss-making Korean automaker Ssangyong Motor Co, tapping the brakes on its planned push into the United States to focus instead on China. — Reuters
Top local stories
Reach Energy
buying into Kazakh oil field operator: Reach Energy Bhd will acquire a 60% interest in Palaeontol BV for US$154.9 million (RM633 million) through a tripartite conditional agreement with Palaeontol Cooperatief UA and MIE Holdings Corp. Reach Energy said Palaeontol BV is an investment holding company and is the sole interest holder in Emir-Oil LLP, which owns the entire working interest over 850.3 sq km in an onshore contracted area in Kazakhstan. — Bernama
Petronas floating LNG unit to tap into Kanowait field off Sarawak: Petroliam Nasional Bhd (Petronas)’s first floating LNG facility will have the capacity to produce 1.2 million tonnes of liquefied natural gas (LNG) per year at the Kanowit gas field, 180km offshore Sarawak. It said on Monday the LNG facility would play a significant role in Petronas’ efforts to unlock the gas reserves in Malaysia’s remote and stranded fields. — StarBiz
Sunzen Biotech rights issue oversubscribed 14%: Sunzen Biotech Bhd’s renounceable rights issue was oversubscribed by 14.06% at the close of acceptance on Feb 22. The animal health specialist said on Monday it raised RM44.8mil from the rights issue which would be used to expand its business. — StarBiz
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