Breakfast briefing: Friday, May 13


  • Business
  • Friday, 13 May 2016

Malaysia Airlines Bhd Chief Executive Officer Christoph Mueller:

MarketWrap: US stocks ended mixed on Thursday, with gains in telecommunications and consumer staples helping make up for a tumble in Apple to a two-year low. The S&P 500 and Dow Jones swerved between gains and losses before ending virtually flat. Up 0.90, Microsoft was the largest upward force in the S&P 500. - Reuters

The DJIA finished 0.05% higher at 17,720.5 points, the S&P 500 ended down 0.02% at 2,064.11 and the Nasdaq Composite fell 0.49% to 4,737.33.

Forex summary


*The ringgit lost 0.19% to 4.0325 per US$

*It gained 0.06% to 4.5889 per euro

*Down 0.25% to 5.8250 to the pound sterling

*0.12% higher to 2.9353 per Singapore dollar

*0.08% higher to 2.9502 per Aussie

*Down 0.37% to 3.7062 per 100 yen

Energy

Oil prices rose 1% in volatile trade on Thursday, with US crude hitting six-month highs as investors weighed a forecast for tighter global supplies against signs of another storage build at the hub for US crude futures. Worries of a major outage in Nigerian crude also boosted the market, some traders said. Brent crude futures LCOc1 settled up 48 cents at US$48.08 per barrel. - Reuters

Top foreign stories

SWIFT says second bank hit by malware attack: SWIFT, the global financial messaging network that banks use to transfer billions of dollars every day, warned on Thursday of a second case of a cyber attack similar to the one that resulted in the US$81 million cyberheist in February at the Bangladesh central bank. A SWIFT spokeswoman said the second case targeted a commercial bank, without providing the name of the bank. - Reuters

Poll: Fed to delay rate hike until September on tame inflation outlook: The US Federal Reserve will likely wait until September before raising interest rates again, stretching to nine months the time since its first hike in nearly a decade, as it waits for clear signs inflation is picking up, a Reuters poll found. - Reuters

Monsanto a possible target: A year after Monsanto Co sparked a massive consolidation race in the agrochemical industry by bidding for a rival, the world's largest seed company now finds itself in the uncomfortable role of takeover target. Bloomberg News reported Bayer was exploring a bid for Monsanto, while financial news website Street Insider reported that BASF was looking at a Monsanto acquisition. - Reuters

Top local stories

MAS returns to the black: Malaysia Airlines Bhd (MAS) has posted its first quarterly profit – a modest RM14mil – for the period between January to end-March this year, said outgoing CEO Christoph Mueller in an email to employees. Group-wide, the profit was RM51mil before exceptional cost. - StarBiz

RHB Capital rekindles interest in Indonesia: RHB Capital Bhd is still interested in pursuing a presence in the commercial banking business in Indonesia despite prevailing challenges in the industry there, says MD Datuk Khairussaleh Ramli. - StarBiz

SP Setia sales up on higher progress billings: Higher progress billings boosted SP Setia Bhd’s sales in the first quarter ended March 31, but the increase in promotional activities and early recognition of tax expenses dented its profits. The property developer recorded a revenue of RM908.5mil and a net profit of RM123.4mil during the three-month period. - StarBiz

Cityneon breaks new ground in China: Chinese media giant CMC Holdings’ strategic investment in Star Media Group’s Singapore-listed Cityneon Holdings Ltd marks a new milestone for the company and its growth aspirations in the world’s most populous country. - StarBiz

Venture capital industry draws RM7.2b: The Malaysian venture capital industry witnessed high growth, with committed funds increasing to RM7.2bil as at end-2015 from RM6.2bil in 2014, said Deputy Finance Minister Datuk Chua Tee Yong. The funds were invested in a total of 220 companies. - StarBiz

MRCB, IJM and Apex among winners of RM4.2b MRT line 2 jobs: MALAYSIAN RESOURCES CORP Bhd (MRCB), IJM Corp Bhd and Apex Communications Sdn Bhd are among the local companies which have been awarded part of the mass rapid transit (MRT) line 2 contracts. - StarBiz

UEM Edgenta to explore new business ventures: UEM Edgenta Bhd, an asset solution company, is exploring new business ventures in the healthcare industry and re-enter the Middle East market. It is also seeking to make up for the projected decline in revenue and profit this year following the extension of its public hospital concession contract, but on revised terms. - StarBiz

March factory output rises 2.8%: Malaysia’s Industrial Production Index (IPI) rose 2.8% in March 2016 from a year ago, supported by 4.4% growth in the manufacturing index, and 7.7% increase in the electricity index. The mining index, however, fell 2.5%. - StarBiz

BCB appoints Kerjaya Prospek as main contractor for Elysia Park: Property developer BCB Bhd has appointed Kerjaya Prospek Group to be its main contractor for the high- rise project Elysia Park Residence in Iskandar Puteri, Johor, with a contract worth more than RM300mil. - StarBiz

Small cap stocks appealing: Ramped-up public spending and an accommodative monetary policy are helping to support economic growth around the region, boosting the appeal of smaller capitalised stocks in the consumer and infrastructure sectors. - StarBiz

MAHB remains upbeat on annual 2.5% growth target: Malaysia Air- ports Holdings Bhd (MAHB) is upbeat about its overall annual 2.5% growth target, despite analysts’ scepticism due to the slower global economy growth and the recovery on the ringgit. - Edge FD

Media Prima Q1 net profit shrinks on lower ad revenue: Media Prima Bhd’s net profit for the quarter ended March 31 dropped 8.67% to RM17.25 million due to a fall in top line. Its revenue fell 7.68% to RM304.06 million on lower advertising revenue and newspaper sales. - Edge FD

AGMs/EGMs

Digi.com Bhd

Time: 9am

Venue: Nexus Ballroom 2 & 3 Connexion @ Nexus No. 7, Jalan Kerinchi, Bangsar South City, Kuala Lumpur

CLASSIC SCENIC BHD

Time: 10am

Venue: Kiara Room, Sri Damansara Club Berhad, Persiaran Perdana, Bandar Sri Damansara, Kuala Lumpur


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