International benchmark Brent crude futures managed to defend $40 per barrel in early trading on Tuesday, standing at $40.51 at 0154 GMT, down 33 cents from their last settlement. On Monday, the contract had surged over 5.5 percent in intra-day trading and remains 50 percent above 2016 lows from Jan. 20
Energy
Brent crude was 0.80% higher to US$49.36 per barrel at 3.23pm.
Forex
Ringgit was up 0.23% to 4.0180 per US dollar at 3.49pm.
Top foreign stories
Faltering Thailand lures Chinese money: As China’s economy slows, its investors are looking abroad for growth and Thailand, home to one of the world’s largest ethnic Chinese minorities and a gateway to South-East Asia’s 600 million consumers, is a hot investment destination in everything from industry to condominiums. — Reuters
Oil rally suggests supply worries wane: A rally in US crude oil prices recently has put the market on its firmest footing since the rout started in 2014, with the spread between prices for near-term delivery and future delivery narrowing, suggesting the worst of the supply glut may be over. — Reuters
As Brexit vote looms, US banks review their European commitments: If Britain votes to leave the European Union in June, some US banks could give up parts of their business in the bloc altogether. The option is an extreme scenario under consideration by some Wall Street firms if the terms of an exit, currently a matter of speculation, leave financial services companies in Britain unable under their current set-ups to do business inside the EU. — Reuters
Top local stories
MoF looking to tax online business: The Finance Ministry (MOF) is looking to tax online businesses next year, given the growing Internet-based sector. “We need to tax these people who are also earning an income which is taxable. Otherwise, it will be revenue lost for the Government,” Treasury secretary-general Tan Sri Dr Mohd Serigar Abdullah said. - StarBiz
UMW Oil and Gas plans more cost cuts, bids for 22 tenders: UMW Oil and Gas plans to further reduce costs this year and in line with that it recently cut 300 jobs, president Rohaizad Darus told Bloomberg. The company is also bidding for 22 tenders in the Middle East and Vietnam, he said. — StarBiz
Icon Offshore bidding for long-term jobs in Brunei: Icon Offshore Bhd
is aggressively bidding for long-term contracts in Brunei as part of its regionalisation strategy this year. The company hopes to secure more contracts in the country after the group’s recent RM51mil contract from Borneo Seaoffshore Sdn Bhd. — StarBiz
Economy and job security remain Malaysians top concerns: Malaysian consumers’ confidence remained stable at the start of the first quarter of 2016 with 79 percentage points, the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions showed. — StarBiz
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