MONDAY, APRIL 4 KUALA LUMPUR: Dewan Rakyat sitting at 1000 (0200 GMT); KUALA LUMPUR- Prime Minister Najib Tun Abdul Razak officiates Mara's 50th Anniversary celebration at Premiera Hotel, Menara Mara at 1530 (0730 GMT); KUALA LUMPUR- Signing ceremony of a new Strategic Partnership Agreement between Malaysia Convention & Exhibition Bureau (MyCEB) and Malaysia Airlines Bhd (MAB), Meeting Room 409, Kuala Lumpur Convention Centre (KLCC) at 1000 (0200 GMT)
MarketWrap: US stocks jumped on Wednesday, bolstered by gains in healthcare shares after the collapse of the US$160 billion merger of Pfizer and Allergan, and by a rise in energy shares. - Reuters
The DJIA was up 112.73 points, or 0.64%, to 17,716.05, the S&P 500 gained 21.49 points, or 1.05%, to 2,066.66 and the Nasdaq added 76.78 points, or 1.59%, to 4,920.72.
Forex summary
*The ringgit rises 0.95% to 3.8815 per US$
*It rises 0.45% to 4.4267 per euro
*Up 0.77% to 5.4863 to the pound sterling
*0.25% higher to 2.8823 per Singapore dollar
*0.07% higher to 2.9571 per Aussie
*Up 0.85% to 3.5386 per 100 yen
Energy
Oil prices rose 5% on Wednesday, their biggest advance in three weeks, after the US government reported a surprise draw in domestic crude stockpiles versus market expectations for a new record high. The front-month in Brent LCOc1, the European benchmark, settled up US$1.97 at US$39.84 a barrel. Its session peak was US$39.94. - Reuters
Top foreign stories
Inversion rules will hit boutique M&A advisers hardest: Boutique advisory firms will lose out on millions of dollars in fees if the US Treasury Department's latest proposed rules on tax-avoiding corporate mergers causes more M&A deals to fall apart. Around US$750m in fees are at stake if all seven pending inversion deals are cancelled in the wake of the Treasury's plans, according to Freeman Consulting. - Reuters
US readies bank rule on shell companies amid 'Panama Papers' fury: The US Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders, after the "Panama Papers" leak provoked a global uproar over the hiding of wealth via offshore banking devices. - Reuters
Fed signals caution on rate hikes, worried by global growth: The Federal Reserve appears unlikely to raise interest rates before June amid widespread concern at the US central bank over its limited ability to counter the blow of a global economic slowdown, minutes from the Fed's March 15-16 policy meeting suggest. - Reuters
Top local stories
RHBCap transferring interests in units to RHB bank for RM3.4b; RHB Capital Bhd (RHBCap) announced a series of agreements between the financial holding company and its banking entity RHB Bank Bhd. RHBCap said it will transfer the entire equity interests in its subsidiaries to RHB Bank for a total cash consideration of RM3.41 billion. - starBiz
Sime asks S&P to withdraw ratings: Standard & Poor’s Ratings Services (S&P) has withdrawn all of Sime Darby Bhd
’s ratings with immediate effect upon the request of the latter.
The withdrawal comes shortly after S&P lowered its long-term corporate credit rating on the conglomerate in February, downgrading it to BBB+ from A- with a negative outlook. - StarBiz
Genting Malaysia seeks renewal of shareholder mandate: Genting Malaysia Bhd is seeking a renewal of the shareholders’ mandate for another year for its indirect unit, Resorts World Ltd, to sell its 16.87% stake in cruise operator Genting Hong Kong Ltd, as the validity period for the current one-year disposal mandate will expire on July 1. - StarBiz
Reach Energy: Kazakh fields cash-flow positive: The planned maiden acquisition by Reach Energy Bhd of onshore oil and gas-producing fields in Kazakhstan three times the size of Penang, is cash flow positive and in the early stages of production, said managing director and chief executive officer Shahul Hamid Mohd Ismail. - StarBiz
Airlines want clarity on new DCA fees: Local airlines, shocked by the ten-fold fee increase to be imposed by the Department of Civil Aviation (DCA) for aviation flight services from April 15, want the agency to clarify the basis of the charges as they believe it will have adverse effects on the industry. They also felt the sharp rise will make Malaysia less competitive. - StarBiz
EPF buys RM1.1b worth of assets in UK: The Employees Provident Fund (EPF) has bought a portfolio of industrial and logistics assets in the United Kingdom from IM Properties plc, one of the largest British privately owned property groups, for close to £200 million (RM1.1 billion). The Birmingham Mail reported on Tuesday that the provident fund had acquired The Hub in Witton, along with a host of other industrial and distribution sites from IM Properties. - Edge FD
Exports up 6.7% to RM56.7bil in February: Exports grew 6.7% to RM56.72bil in February year-on-year, under- pinned by a double-digit growth in manufactured products, while imports increased by 1.6% to RM49.37bil. The trade surplus rose to RM7.35bil. - StarBiz
Wahid: No need for single Asean currency: Asean’s current development model of political-security community, economic community and socio-culture community is the right fit for the region and it does not need a single currency, said Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar.
Maybank islamic sees more revenue from singapore: Maybank Islamic Bhd is confident its Islamic banking business in Singapore will contribute further to revenue going forward.
Group head, Islamic banking and chief executive officer Datuk Muzaffar Hisham said this followed the ongoing support from the Monetary Authority of Singapore in promoting the Islamic banking sphere. - Bernama
CMS plans RM1bil sukuk programme: Cahya Mata Sarawak Bhd (CMS) plans to raise RM1bil from a sukuk programme of up to RM1bil in nominal value for a period of up to 20 years. The funds will be used for its capital expenditure and working capital.
PR1MA and TNB in property tie-up: Perbadanan PR1MA Malaysia has signed a definitive agreement with Tenaga Nasional Bhd (TNB) to develop two blocks of apartments on a 3.33ha land owned by TNB in Kajang. - StarBiz
Petronas takes bribery allegations at Unaoil 'seriously': Petroliam Nasional Bhd (Petronas) says it takes the allegations that its executives were bribed to ensure a British oil services firm secured a large contract in Iraqi oilfields “very seriously”. In a short statement, Petronas said it had a zero-tolerance policy against bribery and corruption.
Malaysia Airlines saw first monthly profit in years: Malaysia Airlines Bhd recorded a profit in February, its first positive monthly result in years, and is on track to return to the black by 2018. In an interview with The Associated Press, its chief executive officer Christoph Mueller described the airline as a “ship that has many leaks”, but said the monthly profit was a sign that things are on the right track. - Edge FD
AGMs/EGMs
Multi-Usage Holdings Bhd
Time: 10am
Venue: Sri Mutiara, Level P/16, Bayview Hotel Georgetown Penang, Penang
Prolexus Bhd
Time: 11.30am
Venue: Conference Room of Honsin Apparel Sdn Bhd, 531 2½ Miles, Jalan Kluang, Batu Pahat, Johor
* Prolexus seeks shareholder approval for one-for-two renounceable rights issue with free detachable warrants and an increase in the company's authorised share capital to RM250 million
Malayan Banking Bhd
Time: 10am
Venue: Grand Ballroom, Level 1, Sime Darby Convention Centre, 1A Jalan Bukit Kiara 1, 60000 Kuala Lumpur
A-Rank Bhd
Time: 11am
Venue: Ujong Pandang Room, Staffield Country Resort, Mantin, Negri Sembilan
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