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: The S&P 500 fell to its lowest level since March on Thursday as Wall Street became more worried that the US Federal Reserve might raise interest rates as early as June. - Reuters
DJIA fell 91.42 points, or 0.52%, to 17,435.2, the S&P 500 lost 7.61 points, or 0.37%, to 2,040.02 and the Nasdaq dropped 26.59 points, or 0.56%, to 4,712.53.
Forex summary
*The ringgit rose 0.13% to 4.0260 per US$
*It gained 0.28% to 4.5690 per euro
*Up 0.48% to 5.9531 to the pound sterling
*0.16% higher to 2.9573 per Singapore dollar
*0.33% lower to 2.9543 per Aussie
*Up 0.05% to 3.7104 per 100 yen
Energy
Oil prices settled largely unchanged on Thursday as worries about Canadian and Nigerian supply outages offset the impact of a stronger dollar, which has rallied on growing expectations the Federal Reserve will raise interest rates next month. Brent's front-month contract, July LCON6, settled down 12 cents at US$48.81 a barrel. It had fallen US$1.55, or more than 3%, to US$47.38 a barrel during the session. - Reuters
Top foreign stories
US economic data point to second-quarter GDP rebound: The number of Americans filing for unemployment aid fell from a 14-month high last week, the latest sign the economy was picking up speed in the second quarter and likely would be healthy enough for the Federal Reserve to raise interest rates in June. - Reuters
Ex-Dean Foods chairman, gambler charged for insider trading: US authorities on Thursday charged a former chairman of Dean Foods Co and a professional Las Vegas gambler with engaging in an insider trading scheme that netted more than US$40 million and included a tip that benefited professional golfer Phil Mickelson. - Reuters
Top local stories
UMW battles ringgit volatility: UMW Holdings Bhd
, which went into the red due to a RM700mil from foreign exchange loss as well as RM337.7mil in impairment charges for its oil and gas (O&G) asset last year, is still battling the volatility of the ringgit. President and group chief executive officer Badrul Feisal Abdul Rahim said although the company had hedged a certain percentage of its US dollar purchases until June, it would not help much to improve its earnings as car sales were weakening. - StarBiz
IOI ends JV plan with Irish firm Kerry Group: Plantation giant IOI Corp Bhd has called off a plan to set up a joint venture with international food company Kerry Group Plc to market specialty lipid for infant nutrition. Analysts said the abandoned deal would not have a significant impact on IOI’s business, given its limited scope for expansion. - StarBiz
LTAT eyeing for 5% stake in Sanichi: The Armed Forces Fund Board (LTAT) is said to be eyeing a 5% stake in Sanichi Technology Bhd. Both parties have held a few meetings to finalise the deal, a source said. - Bernama
Tropicana Corp records higher core profit of RM15.2mil: Tropicana Corp Bhd recorded net profit of RM15.17mil in its first quarter. Its revenue dipped by 26.6% to RM286.93mil. - StarBiz
Bank Negara maintains overnight policy rate at 3.25%: Bank Negara kept its overnight policy rate at 3.25% in line with market expectations. The benchmark rate was last adjusted with a 25-basis point hike in July 2014. - StarBiz
Hap Seng eyes new assets amid slowdown: Hap Seng Consolidated Bhd, a diversified group with businesses in property, palm oil and building materials, is taking advantage of the slowdown in the economy to hunt for new assets. Managing director Datuk Edward Lee Ming Foo said the group is open for merger and acquisition deals and is looking to buy more land for its property develop- ment projects. - StarBiz
SAM Engineering Q4 earnings up 13%: Sam Engineering & Equipment (M) Bhd posted a 13.1% increase in earnings to RM17.4mil for its fourth quarter, boosted by higher profit from its aerospace segment. The aircraft component maker’s revenue rose 22.3% to RM161.9mil. - StarBiz
Tan Chong targets higher share of truck market: Tan Chong Motor Holdings Bhd, a distributor of Nissan vehicles, plans to capture a bigger market share in the heavy truck segment as its car sales slow following a price hike in April. - StarBiz
Tanjung Offshore files suit against ex-directors: Tanjung Offshore Bhd has filed a civil suit against two of its ex-directors as well as Al-Maurid Resources Sdn Bhd over their involvement in the Gas Generators (M) Sdn Bhd deal three years ago. The oil and gas service provider said it was claiming damages of RM20mil and costs plus interest while trying to recover funds owed to the company. - StarBiz
MIDF to launch RM6b syndicated loans: Malaysian Industrial Development Finance Bhd (MIDF) will launch two syndicated loans this month with a total value of RM6bil. Group managing director Datuk Mohd Najib Abdullah said the first loan of RM5bil is for the KL118 development project while the other RM1bil is for a Sarawak Corridor of Renewable Energy project. - Bernama
Aeon Q1 profit falls 42%: Aeon Co (M) Bhd posted a 42% drop in net profit to RM28.7mil in the first quarter, as the country’s biggest listed retailer was hit by higher operating cost and lower margins amid weaker consumer sentiment. The company, however, will press on with its expansion plans with a RM650mil capital expenditure budgeted for this year. - StarBiz
FGV sees RM600mil income from new seedlings: Felda Global Ventures Holdings Bhd (FGV) expects an additional income of up to RM600mil over the next three years, when it starts cultivating the new Ganoderma fungal tolerant seedlings, YangambiGT1. The seedlings can boost crude palm oil extraction rate from 20% currently to 26%. - Bernama
Mercedes-Benz Malaysia eyes new sales record: Mercedes-Benz Malaysia is looking forward to another year of record sales after a 31% year-on-year rise in deliveries to 3,703 units in the first four months. The C-Class premium sedan range was the volume seller for the luxury German marque, with sales of close to 2,000 units. - StarBiz
HSS to list in August: HSS Engineers Bhd (HSS), the project management and engineering consultancy services company that delayed its listing last year, looks set to make its debut on the ACE Market of Bursa Malaysia this year. Sources said the listing will take place around August. - Edge FD
Holding company for Malaysia Airlines: Khazanah Nasional Bhd has set up a holding company under which Malaysia Airlines Bhd and its subsidiaries such as FlyFire y Sdn Bhd, MASwings Sdn Bhd, MAB Engineering Sdn Bhd and MAB Kargo Sdn Bhd will come under its control. The new holding company structure will see Malaysia Airlines’ nine entities consolidated into four separate business segments — air transportation services, ground services, aircraft leasing and talent development. To be known as Malaysia Aviation Group (MAG), the holding company will be helmed by Malaysia Airlines’ outgoing chief executive officer Christoph Mueller. - Edge FD
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