The IMF is pressing Japan to raise the sales tax rate to 10% in October 2015, while also voicing support for the Bank of Japan's (HQ in pix) epic monetary injection into the economy - Reuters Photo.
Energy
Brent crude was 0.62% lower to US$40.14 per barrel at 3.26pm.
Forex
Ringgit down 0.45% to 4.1060 versus the US dollar at 3.50pm.
Top foreign stories
Fed to sit tight on rates at March meet, hint at hikes to come: The Federal Reserve won’t raise interest rates this week, but will likely make clear that as long as US inflation and jobs continue to strengthen, economic weakness overseas won’t stop rates from rising fairly soon. — Reuters
Alibaba’s logistics arm raises funds from Singapore investors, others: The logistics arm of Alibaba Group Holding Ltd has completed a funding round, China’s biggest e-commerce company said on Monday. Investors in the funding round of Cainiao include Singapore’s Temasek Holdings and GIC Pte Ltd, Malaysia’s Khazanah Nasional Bhd, and China’s Primavera Capital, Alibaba said. — Reuters
Zheshang Bank launches US$1.75b Hong Kong IPO: Commercial lender China Zheshang Bank Co Ltd launched on Monday an initial public offering worth up to US$1.75 billion in Hong Kong, the city’s first sizeable new listing this year, as companies step up efforts to raise funds. The bank is offering 3.3 billion shares in an indicative range of HK$3.92 to HK$4.12 each, IFR reported. — Reuters
BoJ scrambles to find positives in negative rates: Bank of Japan (BoJ) officials have been scurrying to commercial banks to explain and apologise for its surprise adoption of negative interest rates in January, while Prime Minister Shinzo Abe has distanced himself from a decision that is proving unpopular with the public. — Reuters
It’s payback time for emerging markets’ US$1.6 trillion debt: Recent signs of stabilisation in emerging markets may merely be the calm before the storm - a US$1.6 trillion debt mountain is due for repayment in the next five years, a steep rise in maturities that could stir fresh trouble. — Reuters
Top local stories
Amcorp Properties JV buys London properties for RM262m: Amcorp Properties Bhd has stepped up its plan to buy more properties in London and the latest being a joint venture to buy apartments in the heart of Belgravia for £45mil (RM262.35mil). The company said on Monday the property, located at Kilmuir House in Ebury Street, London comprised 49 two-bedroom apartments. — StarBiz
Protasco
contract to maintain federal roads extended 10 years: Protasco Bhd subsidiary Roadcare (M) Sdn Bhd has secured a 10-year extension to its concession to maintain federal roads in Peninsular Malaysia. The concession is expected to contribute positively towards the group’s results for the financial year ending Dec 31, 2016, it said. — StarBiz
TDA aims to achieve RM31b from offset programme: Malaysia’s offset authority, Technology Depository Agency Bhd (TDA), aims to achieve an economic value of RM31 billion until 2021 from the public procurement offset programme, started in 2010. — Bernama
TM signs Wi-Fi roaming agreement with British Telecoms: Telekom Malaysia Bhd (TM) has paired up with British Telecommunications Plc (BT) in a Wi-Fi roaming agreement. The agreement allows both parties to leverage on each other’s Wi-Fi networks in Malaysia and the United Kingdom and enables the monetising of UK-Malaysia roaming. — StarBiz
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